Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerney Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it. She's on the Money. She's on
Speaker 2: the Money. Hello, and welcome to She's on the Money,
Speaker 2: the book for millennials who want financial freedom. Now, my friends,
Speaker 2: it is just me Victoria hanging out solo today to
Speaker 2: introduce a little bonus episode to you. And the reason
Speaker 2: I'm doing that is because everybody's got this new year
Speaker 2: you me vibe going about them, and from the feedback
Speaker 2: I got about my first book, I felt like it
Speaker 2: would be a really good New Year's gift for everybody
Speaker 2: to give you the first chapter of my very first book,
Speaker 2: She's on the Money. So I'm hoping that this gives
Speaker 2: you the motivation that you absolutely deserve to kick start
Speaker 2: this year. Twenty twenty three is going to be a
Speaker 2: massive one for all of us. I have so many
Speaker 2: plans for She's on the Money, and I just want
Speaker 2: our community to be on exactly the same page. So
Speaker 2: as a little gift, little bonus episode, I'm dropping this
Speaker 2: in here so that hopefully you can find the motivation
Speaker 2: and if you haven't found it yet, hopefully this helps.
Speaker 2: So Happy New Year, my loves, I hope you enjoy it.
Speaker 2: Chapter one, Everybody's Got a story. Money stories are the
Speaker 2: subconscious and conscious beliefs and values about money and prosperity
Speaker 2: that we develop early in our lives, whether we like
Speaker 2: it or not. They contribute to what we feel is
Speaker 2: financially possible, and they dictate our behavior. They form the
Speaker 2: foundation of how we think and communicate or react to money.
Speaker 2: If conflict around money was a central theme in your upbringing,
Speaker 2: any conversation about money might start with a stomach ache.
Speaker 2: If money was in abundance, conversations about money might allow
Speaker 2: you to feel invincible or sometimes even a little bit reckless.
Speaker 2: If money was something your parents took care of and
Speaker 2: didn't speak about. Any conversation about money might make you
Speaker 2: feel unqualified, lost, or uninterested. In my mind, the most
Speaker 2: empowering use of money is as a way to transform
Speaker 2: our lives and the lives of others. Money, after all,
Speaker 2: is the tool we need to live a comfortable life,
Speaker 2: both in the present and the future. Money is intended
Speaker 2: for spending, sharing, and investing, nothing more. For something with
Speaker 2: such a simple and pure purpose, the reality is that
Speaker 2: money can feel wildly complicated and cause an enormous amount
Speaker 2: of stress. The term money anxiety has been coined non
Speaker 2: money intended for a reason. Worrying about where your next
Speaker 2: meal is coming from, how you're going to pay off
Speaker 2: your credit card debt, or if you can make a
Speaker 2: quarter of a tank of fuel last until payday can
Speaker 2: and will keep you up at night. When it comes
Speaker 2: to even bigger things like trying to imagine how you're
Speaker 2: supposed to survive after retirement, the task can seem so
Speaker 2: herculean that you avoid the thought of it altogether and
Speaker 2: shove it so far into the back of your mind
Speaker 2: it doesn't even get acknowledged. Whatever your money story, positive
Speaker 2: or negative, dealing with the mysteries of money as an
Speaker 2: adult can be a struggle, especially if you're a woman. Today,
Speaker 2: women are increasingly out earning men, but in many cases
Speaker 2: we still don't have the resources and tools available to
Speaker 2: avoid being disadvantaged. I see it, I feel it, and
Speaker 2: I hear it all the time. Young women feeling disempowered
Speaker 2: around money conversations because finance isn't a topic we've been
Speaker 2: taught to focus on. We don't learn about it in school,
Speaker 2: and most of the time, we don't learn about it
Speaker 2: from our families. Gender stereotypes are still wreaking havoc on
Speaker 2: our ability to be financially secure and contributing to negative
Speaker 2: money stories. It's something I'm here to change. Young women
Speaker 2: need to know how to be financially free. The impact
Speaker 2: of this will be felt thirty, forty, even fifty years
Speaker 2: down the track. If you start now, creating a secure
Speaker 2: financial future will involve tiny baby steps instead of unrealistic leaps.
Speaker 2: If you can set good money habits up front, you
Speaker 2: can look at your finances holistically and increase your savings
Speaker 2: as you increase your earnings, instead of experiencing the dreaded
Speaker 2: lifestyle creep. What do I mean by lifestyle creep? I
Speaker 2: mean that more often than not. The more razors and
Speaker 2: bonuses you earn, the more you will spend. It could
Speaker 2: be brunching with friends, booking a holiday, buying a luxury car,
Speaker 2: getting every streaming service under the sun, or simply treating
Speaker 2: yourself to a good coffee every morning. All of these
Speaker 2: things are fine if they're what you truly value, but
Speaker 2: they're not going to help you build an investment portfolio
Speaker 2: that will provide you with financial freedom. The fact of
Speaker 2: the matter is you cannot save without sacrifice. Something is
Speaker 2: going to have to give an understanding just how beneficial
Speaker 2: choosing to go without can be is the first step
Speaker 2: to having a healthy relationship with money. Have you previously
Speaker 2: tried setting goals to create more abundance but didn't make
Speaker 2: any progress. I strongly believe that your money story can
Speaker 2: sabotage your plans for prosperity. Now, you can't change your
Speaker 2: money story, but you can reinvent it. Together, we are
Speaker 2: going to map out how you can free yourself to
Speaker 2: create a more balanced, enlightened, and positive outlook on money.
Speaker 2: The truth is personal finance is just that personal. And
Speaker 2: remember this is a no judgment zone. I'm here to
Speaker 2: work with you on your own story. And values. We
Speaker 2: all have a money story, and it's not the product
Speaker 2: of our own doing. It's important to say this is
Speaker 2: my starting position. Now, where can I go from here?
Speaker 2: Understanding exactly where you are right now with your money
Speaker 2: and knowing where it is that you want to be
Speaker 2: will give you the clarity and confidence to make wise
Speaker 2: choices that will set you up for life, both personally
Speaker 2: and professionally. Let's get started, shall we connecting with your
Speaker 2: money story? What's the first thing that came to mind
Speaker 2: when the topic of money stories came up? How were
Speaker 2: finances handled in your family when you were growing up.
Speaker 2: Were financial expectations different from men and women? If so,
Speaker 2: what were those differences. What is your earliest memory about money?
Speaker 2: Was money spoken about as a family, If so, do
Speaker 2: you think those conversations impacted you in a positive way?
Speaker 2: Did anyone influence your money story in a positive way?
Speaker 2: What are your money beliefs? Beliefs are assumptions we hold
Speaker 2: to be true. When we use our beliefs to make decisions,
Speaker 2: we're assuming that the causal relationships of the past which
Speaker 2: led to those beliefs being formed, will also apply in
Speaker 2: the future. In a rapidly changing world where complexity is
Speaker 2: increasing day by day. Using information from the past to
Speaker 2: make decisions about the future may not be the best approach.
Speaker 2: Beliefs are contextual. They arise from learned experiences resulting from
Speaker 2: the cultural and environmental situations we're faced. I want you
Speaker 2: to start thinking about your money beliefs and answer the
Speaker 2: following questions. Do you believe money is good or bad?
Speaker 2: Or is it just an evil necessity? Do you think
Speaker 2: money should be spent or saved? What would you consider
Speaker 2: a luxury purchase? Do you think money is hard or
Speaker 2: easy to obtain? Do you think money should be your responsibility,
Speaker 2: your partners or both. Do you think both parties in
Speaker 2: a relationship should be empowered to make financial decisions. Do
Speaker 2: you think money in a marriage should be separate or shared?
Speaker 2: Where do you think these beliefs came from. What are
Speaker 2: your money values? Your money values are different from your
Speaker 2: money beliefs. Values are not based on any information from
Speaker 2: the past, and they're not contextual. Values are intimately related
Speaker 2: to our needs. Whatever we need, whatever is important to us,
Speaker 2: or whenever we are missing from our lives. That's what
Speaker 2: we value. A good way to check what your values
Speaker 2: are is to check your bank statement and highlight what
Speaker 2: you spend most of your disposable income on. It's basically
Speaker 2: a bank account audit, which we're going to do together
Speaker 2: in the next chapter. While you may think you value
Speaker 2: paying off your mortgage, your spending habits might reveal that
Speaker 2: you actually value nights out with your friends more, and
Speaker 2: that's why you have so many pub and wine bar charges.
Speaker 2: As our life conditions change and we mature and grow,
Speaker 2: our values change. When we use our values to make decisions,
Speaker 2: we focus on what is important to us or what
Speaker 2: we need in order to feel a sense of well being.
Speaker 2: What do you currently think you value and would you
Speaker 2: be willing to cut back on any of those activities
Speaker 2: or purchases? If yes, why, and if no, why not?
Speaker 2: Beliefs versus values. Being able to differentiate between your beliefs
Speaker 2: and your values will help you get your head in
Speaker 2: the right space to adjust your behavior with money. Neuroplasticity
Speaker 2: refers to the ability to retrain your brain and change
Speaker 2: your habits. As much as your money story is defining
Speaker 2: your habits right now, you can absolutely change your trajectory.
Speaker 2: To do this, you can ask yourself the following questions,
Speaker 2: reflecting on your values and beliefs, How do they make
Speaker 2: you feel? Are they aligned with creating the life you
Speaker 2: want for your future? Are your beliefs getting in the
Speaker 2: way of your goals? Reframe your thoughts. Most purchases are
Speaker 2: a motive. Have you ever had a really crappy day
Speaker 2: and thought, I deserve my favorite gelato right now? Or
Speaker 2: if I go and get that facial, I'll feel much
Speaker 2: more confident at my work Christmas party, which will then
Speaker 2: help me network better and ultimately get me that new account.
Speaker 2: This is called retail therapy. It's your mind literally trying
Speaker 2: to soothe itself through shopping, and while it may hit
Speaker 2: the spot in that moment, it is detrimental to your
Speaker 2: bank account in the long run. Another major cause of
Speaker 2: money anxiety is the unintentional practice of comparing yourself to others.
Speaker 2: When you talk to colleagues, friends, or family members about salaries, savings, holidays,
Speaker 2: homes and the latest smart watch your phone, you can
Speaker 2: often end up feeling like you're not where you're supposed
Speaker 2: to be in life, which damages your sense of self worth.
Speaker 2: It's important to know that the world is not a
Speaker 2: level playing field and that we did not all start
Speaker 2: at the same point. Don't compare your start to somebody
Speaker 2: else's middle. Our minds are constantly giving us chatter and feedback,
Speaker 2: but sometimes these voices in our heads can be negative
Speaker 2: and unhelpful. By learning to tune into this chatter and
Speaker 2: reframe the messaging, you can consciously shift the tone to
Speaker 2: neutral or even to positive, which can lead to better
Speaker 2: decision making in every area of your life. Over the years,
Speaker 2: I've learned that people have excuses for everything. When people
Speaker 2: say I can't, they usually mean I won't make that
Speaker 2: a priority right now. It doesn't matter what salary you're on.
Speaker 2: When you say you can't save you would if it
Speaker 2: meant a lot to you. You're choosing not to achieve it,
Speaker 2: even if you don't realize it. Financial independence is about
Speaker 2: mindset and approach. Since your emotions are guiding your purchasing decisions,
Speaker 2: you need to be able to reframe your reactions to
Speaker 2: your thoughts so that they can align with your values.
Speaker 2: Take one of the money beliefs you came up with
Speaker 2: earlier that has an associated negative emotion for you. It
Speaker 2: might be a belief that makes you feel mad, sad, frustrated, stressed, trapped,
Speaker 2: or even worried in your pdf workbook. Write down the
Speaker 2: thought that created this feeling and how you usually act
Speaker 2: upon this belief. How can you reframe this event in
Speaker 2: a way that will bring more positive emotions and less
Speaker 2: negative ones. I am here to help you build a bigger,
Speaker 2: better version of yourself. Money is really important, but it's
Speaker 2: not what matters the most in life. Not making a
Speaker 2: choice is actually still making a choice. If you're not
Speaker 2: ready to face your money story, that's fine, but be
Speaker 2: aware that it's also a choice that you are making.
Speaker 2: I know changes on comfortable, but your thoughts, behaviors, and
Speaker 2: beliefs are guided by your money story, and it's up
Speaker 2: to you to change yours. Stephanie's money story. She's twenty
Speaker 2: four from South Australia. My parents immigrated to Australia from
Speaker 2: Poland when I was four. Growing up, my siblings and
Speaker 2: I could sense that money was tight. We shared a bedroom,
Speaker 2: ate the same things for dinner every week, didn't go
Speaker 2: on holidays, and always had hammy down clothing. My parents
Speaker 2: often talked about the importance of saving, so even when
Speaker 2: they wanted to treat us to an ice cream at
Speaker 2: the pool or offered to take us to the movies,
Speaker 2: would say no, because we wanted to be on their
Speaker 2: savings team. Fast forward to today, I'm twenty four and
Speaker 2: in my first year of working as a vet nurse.
Speaker 2: While most of my friends don't have much in their
Speaker 2: savings account, I have nineteen thousand dollars because I grew
Speaker 2: up always thinking I needed a safety blanket. Watching my
Speaker 2: parents struggle made me hyper aware of not spending money
Speaker 2: on unnecessary things. While I know this is an amazing
Speaker 2: position to be in, I feel like my money's still
Speaker 2: is holding me back from investing and making my money
Speaker 2: really work for me. This year, my goal is to
Speaker 2: loosen my grip on my savings account balance so that
Speaker 2: I can allocate more to investments. Kathy's money story. She's
Speaker 2: thirty three from New South Wales. I struggled through my parents'
Speaker 2: messy divorce where my mom had terrible money handling skills.
Speaker 2: I ended up working after school to help support us
Speaker 2: and was paying bills in rent at fifteen. In the
Speaker 2: early years, I followed my mom's lead and went into
Speaker 2: debt overspend and didn't value saving. I've now turned things
Speaker 2: around with my husband's help. We've bought our own home,
Speaker 2: done a bit of traveling, and saved for our first
Speaker 2: baby so that I can take maternity leave. Still not
Speaker 2: as set up as I'd like, but proud of my change.
Speaker 2: Aeron's money story. She's twenty five from Victoria. Growing up,
Speaker 2: I had divorced parents. My single mom was never poor,
Speaker 2: but I remember as a teenager always being conscious of
Speaker 2: how much things cost. For example, my sister and I
Speaker 2: knew to try and pick the ch heapest things or
Speaker 2: opt for the less expensive recreational sport or hobby. It
Speaker 2: sucked not for us, but I could sense that Mum
Speaker 2: almost felt embarrassed about it, which made me sad to see.
Speaker 2: Years later, she is remarried and earning a higher end,
Speaker 2: middle bracket salary. However, she is a spender under stress.
Speaker 2: Whenever she is stressed, usually about money, she buys a
Speaker 2: new plan to or the most random things on eBay,
Speaker 2: which then sit in a cupboard. My mom and stepdad
Speaker 2: pretty much live paycheck to paycheck. They've dipped into their
Speaker 2: super funds. My stepdad was seriously ill a few years
Speaker 2: ago and needed slash still need some time off work.
Speaker 2: They still owe about four hundred thousand dollars on their
Speaker 2: mortgage and are both in their mid to late fifties.
Speaker 2: I honestly worried that they will never be able to
Speaker 2: retire early or comfortably, which is stressful. My dad passed
Speaker 2: away when I was seventeen. He lived into State and
Speaker 2: we would fly over in the school holidays at his expense.
Speaker 2: We knew he earned well. We later found out he
Speaker 2: earned in the six figures. However, we never knew much
Speaker 2: about the details, except that he could afford to send
Speaker 2: us to a private school for VC and would fly
Speaker 2: to holiday destinations without much worry. He lived in a
Speaker 2: nice townhouse and had investment properties, but when he died
Speaker 2: we found out that he was also in a lot
Speaker 2: of debt. My sister and I ended up inheriting quite
Speaker 2: a small amount, under three hundred thousand dollars, despite the
Speaker 2: combined millions tied up in housing and shares, the risky types.
Speaker 2: Of course, we didn't care about the money because we
Speaker 2: were so grief stricken. Nonetheless, I wondered to this day
Speaker 2: how he got himself in this situation. Obviously he was
Speaker 2: not overly responsible with money. Finally, my granddad, who also
Speaker 2: used to earn in the six figures back when he
Speaker 2: was working in the financial industry, ironically now lives at
Speaker 2: home with my mum and stepdad because he became unable
Speaker 2: to pay his rent after my grandmother passed away. My
Speaker 2: granddad lost a lot of money on the stock market
Speaker 2: multiple times over his lifetime. After my grandmother died, he
Speaker 2: said that he got depressed and so he spent the
Speaker 2: rest of his money because nothing mattered anymore. This was,
Speaker 2: of course very sad Here, however, he has more than
Speaker 2: once told me that even when he earned all that money,
Speaker 2: he never saved because he didn't really think he needed to.
Speaker 2: So here, he is approaching ninety years old having to
Speaker 2: be so mindful with how he spends his small government pension.
Speaker 2: My family supports him, but I still see how much
Speaker 2: his life is affected by this. The fact that he
Speaker 2: feels embarrassed that we pay most of the time when
Speaker 2: we take him out for lunch is upsetting. We have
Speaker 2: tried to tell him it doesn't matter, but it has
Speaker 2: impacted him greatly that he feels he can't leave an inheritance.
Speaker 2: The worst part is if he had saved back then,
Speaker 2: he could have set himself up for such a care
Speaker 2: free retirement. I've been influenced by all of these stories.
Speaker 2: I'm also a big stress spender working on it. I
Speaker 2: started my first real job, part time salary last year,
Speaker 2: moved out of home into a sharehouse, and spent way
Speaker 2: too much on disposable items, boths to celebrate my newfound
Speaker 2: independence and also to cheer myself up during a very
Speaker 2: hard graduate year. I remember having about ten dollars collectively
Speaker 2: across all my bank accounts as twenty twenty yearrolled in
Speaker 2: and act having to borrow money from my mum to
Speaker 2: get me through to my next paycheck. Since then, I've
Speaker 2: made it my goal to use this year to get
Speaker 2: my emergency savings into action, and I've cut back and
Speaker 2: budgeted so much that I've saved my first thousand dollars
Speaker 2: basically ever in just over a month because I was
Speaker 2: sick of being broke. I find that my family's money
Speaker 2: stories have motivated me. I don't want to have to
Speaker 2: rely on anyone else, especially as I get older. I
Speaker 2: also know I need to be in a good financial
Speaker 2: position because it is likely my sister and I will
Speaker 2: one day need to step in and help my parents financially.
Speaker 2: Take note one, money stories are the subconscious and conscious
Speaker 2: beliefs and values about money and prosperity that we develop
Speaker 2: early in our lives.
Speaker 1: Two.
Speaker 2: As much as your money story is defining your habits
Speaker 2: right now, you absolutely have the capacity to change your trajectory. Three.
Speaker 2: When we use our values to make decisions, we focus
Speaker 2: on what is important to us or what we need
Speaker 2: to feel a sense of well being. The advice shared
Speaker 2: on She's on the Money is general in nature and
Speaker 2: does not consider your individual circumstances. She's on the Money
Speaker 2: exists purely for educational purposes and should not be relied
Speaker 2: upon to make an investment or financial decision. If you
Speaker 2: do choose to buy a financial product, read the PDS
Speaker 2: TMD and obtain appropriate financial advice tailored towards your needs.
Speaker 2: Victoria Divine and She's on the Money are authorized representatives
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