July 23, 2024 • 42 mins
Its so easy to get caught up in the day to day, and before you know it a year has passed and you’ve forgotten to check in with your goals. That’s why today we talk about investing in your future self. We give you a list of things to focus on which will take the anxiety out of getting proactive about financial planning, personal development, and long-term goal setting.
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Speaker 1 (00:00):
Hello.
Speaker 2 (00:01):
My name's Satasha Nabananga Bamblet. I'm a proud Order Order
Kerni Whoalbury and a waddery woman. And before we get
started on She's on the Money podcast, I would like
to acknowledge the traditional custodians of the land of which
this podcast is recorded on a wondery country, acknowledging the elders,
the ancestors and the next generation coming through as this
(00:23):
podcast is about connecting, empowering, knowledge sharing and the storytelling
of you to make a difference for today and lasting
impact for tomorrow.
Speaker 1 (00:33):
Let's get into it.
Speaker 3 (00:34):
She's on the Money, She's on the Money.
Speaker 1 (00:57):
Hello, and welcome to She's on the Money the podcast
Millennials who want Financial Freedom. My name is Becksided, and
today we're talking about investing in your future self with
Victoria Divide. Oh my gosh, how surprising I'm here. Hets Wednesday.
Who knows? Who knows it's going to happen? Actually, honestly,
every single episode, who knows what's going to happen?
Speaker 2 (01:18):
Oh?
Speaker 1 (01:18):
Well, it does often go off the rails, but that's okay.
We try our best and that's all that matters. Exactly.
We're human. Beck I want to know how do you
feel about investing in yourself. I'm really excited for this topic,
but I'm putting like a spin on it. That's like
self care, pamper meditation retreat. You're probably thinking finance. I
feel like caring about your financial life is one of
(01:41):
the biggest forms of self care. Oh yeah, okay, I
see where you're coming from. I genuinely think that to
care about your financial life is caring about yourself and
your future deeply. Like we can get a facial, we
can have a spa moment, but like that's fleeting, investing
for your future and putting yourself in a position where
you're never going to worry about money slay. True, Actually
(02:05):
that's longer term. Like I would much prefer to be
mentally at peace than to be physically at peace. WHOA,
That's where we differ, except I really like massages, so
I'm not sure I would give up one or the other.
I think that's why, you know, when we talked a
little while ago about the fire movement, financial independence, retire
early and how people like save like eighty percent of
(02:27):
their income or invest eighty percent of their income and
then retire really early because they like, forgo all of
the nice things in life. That's not what you and
I are for No, we are more in the moment, girlies.
We and enjoy the journey, girly kind of thing. I
respect it, but I can't do it. Yeah, like it's nice,
it's not for me, and that's fine, completely agree. But
(02:48):
let's get back to the topic and talk about investing
in your future self. I want to know, huh, do
you know where you want to be in ten years?
I have not a single clue. I want to maintain
my friendship, I want to have a healthy social circle,
and I want to be happy. And I want to
be in Melbourne. That's all I do. And you want
to be in Melbourne. That's very specific. I know the
(03:10):
street I want to be on as well, but I
know that street. We're not going to say it, though,
because maybe if someone's listening to this in ten years,
they'll know where to find you and you're going to
be like really famous by then as a convenian or something. Yeah,
one hundred percent. Sweet, Well, you're the funniest person I know. Well,
I'm running your coach howls baby, keeping on say kind
(03:31):
of short so you don't know where you want to
be in ten years. I feel like I don't either,
and I hate these questions. Do you know what I
hate the most? Again? Side note, when people in interviews
go back, where do you see yourself in two years?
Where do you see yourself in five years? I don't know, Sharon.
Where you do see yourself still in this HR role
in ten years? Who knows? I don't know. Anyway, I
(03:52):
never ask that in interviews because I feel like people
just give generic answers and it's not a one on
one where we're actually trying to better ourselves. Like in
that moment, I'm trying to sell myself, so I'll be like, oh,
definitely working for your energy corporation totally, and you want
to box yourself in mentally, But I get it. I
don't know where I want to be in ten years either.
In fact, if you told me ten years ago that
(04:14):
this is where I would be, I wouldn't have believed you.
Are you the same? Yeah? Definitely, you're like, oh, this
is brogue. I didn't even know podcasting was a thing
ten years ago, truly, even like one second ago, Like
what I have a recording now? I feel like, oh,
thanks for showing up. But I feel like it's really
easy to get caught up in the day to day,
and before you know it, then a year has passed
(04:36):
and you've completely forgotten to zoom out and focus on
the bigger picture, and the next minute, two or three
years have completely flown by, and you're just in a
pattern of responding to events as opposed to shaping your
own future. And that doesn't mean you need to know
where you're going. It doesn't mean that you know who
you want to marry, or even if you want to
get married, or it doesn't mean that you know what
job you want to do. But I want to talk
(04:58):
about investing in your future self today because I feel
like this idea of investing in your future self makes
us feel like we have to have clarity on where
we want to go, when the reality of this is
we actually just want to make sure that we've got
our finances in order so that when we do decide
where we want to go, we can afford it, and
that when we do get to that point, we're in
(05:19):
a good financial position, or we're in a good position
in general to have choice, because so many people don't
have the freedom of choice, and a lot of the time,
it's actually about good structuring. It's not about having the
biggest income. It's not about going well. Beck in ten
years time, I better be earning more than double what
I earn today. Like, okay, cool. But even if that's
(05:41):
your goal, if you invest consistently and we focus on
your bad debts and paying those off and focus on
having a good mindset, ten years from now, you're going
to have so much more freedom than just earning double right,
Like it sounds sexy. But even if in ten years
you're earning double Beck and you don't, I don't have
a good mentality when it comes to saving and investing.
(06:03):
That doesn't make you more financially free. That's powerful, and
it's hard to swallow because I think so many of
us say, we'll do it tomorrow, doesn't matter. I will
start investing when I get a pay rise. I'll start,
you know, saving once you know I get my bonus
or I do my tax return. How many of us
are guilty of those things. It's actually about pulling our
(06:24):
finger out and going well, actually investing in my future self.
Future me deserves that. Yes, like future me deserves a
few extra dollars. Future me deserves the clarity of knowing
that I'm going to be cared for. And I don't
think there's anything sexier. And it's only starting to come
to fruition for me now that when I look at
my investment portfolio and I'm like, yeah, I did that,
(06:45):
Like that's cleah, that's for me. It's starting to pay
dividends that aren't one cent, Like when it was paying
dividends of like one and two cents, I was like,
what is this for? Like obviously I fully comprehended it,
but it doesn't feel that sexy. Yeah, but now it's
starting to pay for future self, I'm like, oh, thanks,
pass b, you kind of smart. You did a good thing, definitely,
And I imagine, like even if you can't physically put
(07:07):
money aside right now, even just like getting your mentality right.
But no, I am really looking forward to like being motivated,
and my whole employment and financial situation basically depend on this.
So we have had many twists and turns this year,
already talking about myself through a redundancy, a brand new
job like you've gone to Japan, like you've had You've
had a turn, created a whole new baby like I
(07:29):
made a whole human. So many things have happened this
past year, isn't it wild? So where do we start?
I don't know, so I'm glad that you're here to
tell us. I am so right down everyone. So we
start at the very end, and I think that that
is not what you expected to hear. And no, you
don't need to know what your career is going to be, like,
you don't need to know who you're going to marry.
You don't even need to have the answer of whether
(07:51):
you want to get married answered here. But we start
at the end when it comes to investing for your retirement.
And it's I've been talking about retirement a lot recently
because this is so bougie. Are you ready? I'm on
a working group with a sick to talk about how
to get more millennials invested and more millennials engaged with
(08:13):
their superannuation, which is really hard, right because like, who
wants to talk about super? I really thought you were
about to say that you're retiring it right now. I'm not. Well,
you will soon, I'm sure, Yeah, you're on your way.
I don't think I want to retire, so I've got
stuff to do. I've got places to be people to
see any like podcasts to make. But I'm on this
working group and we've been talking about this concept of
(08:35):
language around superannuation and how we don't really care about
the idea of retirement because it feels like so far off.
And I've been putting forward this concept of changing the
language to just talking about creating financial freedom and the
idea of talking about, you know, having financial freedom. If
I said to you, do you want to retire? You go, oh,
(08:56):
one day, I don't care. But if I go, do
you want to create more financial security financial freedom, You'll
be like, sounds pretty good to be Actually, sounds like
something I'm interested in. It doesn't sound so far off
in the distance that you shouldn't care about it. Yeah,
it seems a little bit more within reach. Yes. So
what we're going to do is actually start at the
end and we're going to look at what your biggest
investment of your entire lifetime is arguably going to be,
(09:19):
and that's your superranuation. So it's not a sexy thing
to talk about because I think so many times we
just go, oh, you're talking about super again. But it's
going to be arguably the biggest investment of your entire life,
and your superranuation is your money, like you're contributing to
it each and every single month. Start caring about your cash, babe,
like you've never had so much in savings. I can
(09:41):
almost guarantee that. Start caring about where it's invested. The
first thing you're going to do is you're going to
check and consolidate your supranuation accounts if that is available
to you. It is so easy to do that nowadays.
You don't even have to know what super fun you're with.
You just have to log into my gove and it
will tell you what super fun you have open, and
you know what, you don't even have to leave that
(10:03):
website to consolidate your super It's one button, pick easy, Easy.
It's actually one button, which is scary because that doesn't
take into consideration any of your insurances on those super policies.
So I need you to check that before you click
that button, because if you click that button, there's no
going back, And that sounds kind of scary, but I
also don't want you to miss that when it comes
(10:24):
to insurances. But most of us accumulate multiple super accounts
over our lifetime, and I've told you before on the pod,
I made a really ugly graphic because I'm not a
graphic designer. That's why we hired one. But I made
a really ugly graphic a couple of years ago showing
how my SUPER accounts. I had more than five accounts
that when I consolidated them over the entire time I
(10:45):
would have had those Super accounts if I had them
to retirement. It saved me seventy thousand dollars in face,
whoa seventy grand that's like, that's somebody's whole house deposit.
That's like a whole someone super. That's actually so much money.
And I calculated that by consolidating my SUPER and not
paying fees and not paying insurances across all of those
(11:07):
because they were all default, I saved myself seventy grand
by doing that. That's incredible. You don't even have to
have any cash in your bank account right now to
save yourself seventy grand. Like that's a good deal. Yeah, Anyway,
I can almost guarantee that you're not contributing as much
to Savings as you are to Super, and right now, Beck,
you're contributing eleven and a half percent to Super. That's
(11:29):
so many dollarus so many. We're going to start caring
about that because over your lifetime, by making sure that
your super contributions are being made. We don't just trust
our employers, Beck, we triple check. We just go in
and we log in and we check because it's so
hard to recover that if years passed, but it's really
easy to nip it in the bud. If you haven't
(11:49):
been paid in the last six months, we can triple check.
But what we're going to do is make sure that
we're in the right fund because making sure that we
are in a fund that performs for us is going
to mean that we're arguably almost hundreds of thousands of
dollars better off in retirement. Right that's free money just
by doing your checks right now, Like I love free money.
(12:09):
You love free money. Who doesn't love free money? Why
aren't we caring about it? Because it might not be
free money today, That's why you don't care about it,
but it's free money in retirement. True future, you's gonna
thank you. We're also going to look into whether you
can make extra super contributions.
Speaker 2 (12:24):
Yeah.
Speaker 1 (12:25):
Right now, we're in a cost of living crisis. We're
in the COZI leaves babes, So you probably not right. So,
like lots of you are gonna roll your eyes and
be like, be that's unobtainable. Yeah, but we're going to
check and if it makes sense to you and it's
something that you want to do, you could potentially do that.
It could potentially reduce your taxable income, which might be
really sexy. So just check. If you can, you can,
(12:48):
If you can't, I get it, you know this already.
But if you make like after tax contributions, yeah you
can claim it on tax but I don't really know
how to do that. I just know that's a thing. Yeah,
I'll help you. If you ever do that, you let
me know and I do it for you. The next
is we're going to look into government co contributions because,
like again, we love free money, and that's a very
(13:08):
complex way of saying the government's going to give you
free cash. I love taking money from the government. Like,
if I'm going to take it from anybody, the government
is who I want to borrow it from. Totally borrow
in quotation marks, right, But for low to middle income
earners who make personal after tax contributions to their superannuation,
the Australian government offers what they call their co contribution scheme,
(13:30):
aka they give you free money for doing something good
for your future. Scheme and if you earn less than
forty five four hundred dollars in the twenty twenty four
to twenty twenty five financial year and are eligible to
make a personal after tax contribution, you could receive a
maximum of five hundred bucks in addition to your contribution.
That's not bad. Five hundred dollar reduce. That's a lot
(13:52):
of money. The government is going to contribute fifty cents
for every dollar you contribute up to five hundred dollars.
How kind. Oh my god, gosh, that's such a good
saving strategy. I feel like that's something that my dad
might have implemented when I was younger, Like if you
save a dollar for every dollar, I'll match it with
fifty cents. Like that's motivating. Yeah right, I mean I
(14:12):
save up for something. So I feel like having a
look at that, because again, free cash. If you're eligible
and you earn between forty five four hundred dollars and
sixty thousand and four hundred dollars in the twenty twenty
four to twenty twenty five financial year, you might still
receive a partial co contribution. However, the more you earn,
the less co contribution you'll leave. Because obviously, if you're
(14:33):
well off, like, it doesn't make a lot of sense
to give you free money, like you just don't need
it as much as everybody else. And I feel like
that's how the tax system should work in general, but
las it does not. And that's a conversation for another day.
I know that's really outrageous. I mean, the more you earn,
the more you're taxed. But like I feel like there
should be less tax at one end and more tax
(14:54):
at another end. But again, conversation for another day. And
we can't really clarify what end, but it's unspoken specs
like yeah, tax the poor, tax all tax the poor.
Sure they could get away with the feel like there's
a lot of things that we could learn. Oh yeah,
just in case anyone is wondering, we are joking. Now
(15:16):
that was a joke. That was a joke. What is next?
All right? So next we're going to look at your
most precious asset. Do you know what that is? Beck
the heart? No, it's you making investments in yourself, investing
in personal growth. And development I think is absolutely crucial
for enhancing not just your future opportunities, but your overall
(15:37):
well being. I've said this time and time again. You
can't just expect to be given a pay rise if
you are not putting in the time and the energy
and the effort. Like, don't get me wrong, there are
a lot of people that you would look at and
be like, fire out. They've had a free ride. But
that's luck, and luck doesn't often come into your career,
doesn't often come into your earning potential. So is their
(16:00):
inability to educate yourself further upskill or you know, create
career development opportunities for yourself. If you're furthering your education
or deciding to acquire new skills, that can significantly enhance
your earning potential, and it can also open up at
the door for a whole heap of different career opportunities.
Is there something that you could upskill in? It doesn't
(16:21):
have to be going back to university, but could you
like do an online short course or you know, do
some online tutorials to bridge a skill gap, thus increasing
your earning capacity. So something I love and like you
guys already know this is YouTube. The amount of stuff
I've learned on YouTube, Like even when I was in university,
the amount of stuff I learned about how to use Excel,
(16:43):
like just for free. And now I'd say I'm an
EXL wizard, Like I build complex spreadsheets that are bordering
on software, which you know, very impressive. It's not impressive
when you know how to do it, you'll be sure,
oh this is easy. But the amount of money I
could have earned in addition because I had that skill,
But also what that does for me. So I remember
(17:06):
building a macro, which if you don't know what that is,
that's absolutely fine, but it's just a term INXL for
a repetitive task, right right. I basically made myself redundant
in one part of my role because it was such
a manual process. But I built a macro so it
could do it. And then my boss thought I was
a genius because you know, I was so good and
so quick at this, and they were often saying like,
(17:29):
oh my god, and she's always right. Do you know
why I was always right? Because I took out the
human error. Oh, like this computer software was doing it
perfectly every time, whereas historically when I was doing it manually,
i'd sometimes like cut and paste the numbers incorrectly. Sure,
I guaranteed that wouldn't happen, And I also saved myself
a heap more time, thus creating more opportunities for career development.
(17:51):
So I feel like so many of us think that
career development is actually just us having to go back
to UNI or getting a whole last new degree. Yeah,
to put our in a better position. But is there
something you can just learn on YouTube that would help you?
Like if you are in podcasting like us, can you
learn about a new software? Can you learn about how
to become quicker at editing? Can you learn about, you know,
(18:13):
different ways to do something that you're already doing in
a more efficient manner. If you're not sure, can you
ask your boss? You know, what would be helpful? What
would mean that I am upskilling? What would get me
to the next step in my career? Ask these questions?
And I mean, we've done a heap of episodes about
furthering your career, so go have a look at those.
(18:33):
But when it comes to further in your career, sometimes
just putting your hand up and saying that you're interested
in it can be a sign that you are interested
in it, and you're going to be more considered than
the next person. True, So have these conversations. Another free
resource I adore is Courserah. You saying, Sarah, course Sarah
about this. I've never heard of Coursera. She sounds beautiful.
(18:55):
I will send you a link our podcast producers passing
becka pen right now Courserah, cour Sarah. How do I
spell that? Please? Ce O, you are s eer A.
Thank you so much. That's great. Do you know what
it is you're writing a town searing Ah? I know
what that is. No, go ahead. University's online put units
on Coursera for you to do for free. So it's
(19:18):
like a university course, but it is for free, and
you could do literally any unit from thousands of universities
across the world. You could go to Harvard for a unit.
You could go to Yale free unit. You could do
all of these fancy things. I have used them a
couple of times to upskill in a finance capacity. So
(19:40):
when I was like, oh, far out, I'd love to
know a bit more about you know this, this or this,
I did a mini course in it or a mini
unit in it, and the only time I had to
pay was if I wanted the certificate. At the end,
I didn't want the certificate, okay, and so I didn't
pay for it. Was it like the same price as
like a whole way. No, it was like two hundred dollars,
So it was like a lot of money for a certificate.
(20:01):
But if you really want the certificate and you want
to add it to like you know, you'll linked in
or something, sure you can definitely download it and add it.
But I just did it and I enjoyed it, and
it was really really integrated. It was literally like a
university course online like it was for twelve weeks. You
turn up to class, you have assignments, you do all
of these things, and you come out with a new
(20:21):
skill and it was free. Isn't that cool? So cool.
There's a few options online, but Courserah is the one
that I used, and I think that upskilling yourself. I
think that's really sexy. Yeah, there's something motivating about it
as well. Absolutely. The other thing on the flip side
is making sure that you're doing the best thing for
your health and well being. I feel like you're really
good at this beck you're like frowning as though you're
(20:42):
not but you are, thank you, so really good at
putting yourself first. And I'm not here to guild anybody
into signing up for the gym. I mean, Beck is
already a little gym rat. Do you know what she
came in with? Beck? What's in that mug? My protein
mug cake? Yeah, sexy, it looks rank. I'm sure it
tasted good. It tastes a bit rig too, but it's
actually to invest in my future self. I like that,
(21:05):
but it's so important to support your own well being.
There's no chance you could get me to try that mugcake.
And I'm not going to the gym. But it's about
knowing ourselves and whether we're willing to take time out
for a walk, but making sure that we're getting away
from our screens and continuing to connect with friends and
focus on our mindfulness. I know that that sounds really flippant,
(21:26):
but it actually has a massive impact. The next thing
I want to talk about is health insurance. So we
are so lucky to have a very sexy medicare system
in Australia, Like we are so looked after, but you
can't really put a price on health, and like I say,
the best kind of insurance is one you never need,
(21:47):
so I do want it to be a bit of
a waste of money. I do understand at this point
in time, lots of us are relooking at our health
insurance and going is it worth it? I don't think
it is. Let's get rid of it. But if you
don't have health insurance and you are using seeing lots
of additional services, like you're going and getting lots of
remedial massages, or you're going and seeing the physio because
it is best for you, please have a look because
(22:09):
you could be getting some money back and it could
actually put you in a better financial position, like so
many times. And I know, Beck, you're one of these
people that you're like, I don't need private health insurance,
and I'm like, I get it. You've told me your
reasons and it makes sense. But if you'd started to
go to the physio or heat because you're going to
the gym a lot, I'd be like, they have a
look at it because it could actually put you in
a better financial position. And that makes sense. Yeah, you're
(22:31):
not there yet though, so it makes much sense for you.
The next thing I wanted to talk about is really
prioritizing your physical and mental health today, because if you
can't get on top of it, it's going to build
up and cost you a lot in the future. This
is some words of wisdom from my dad. He like
in stress because I was having a pretty stressful period
(22:53):
earlier this year and I was saying, it's so stressful,
but that's okay, like, you know, I'll get through this,
I'll do this. And he said to me, Victoria, you
need to be really careful of stress, because stress is
like beastings. You can have a beasting you once and
it's fine. You could even have a beasting you twice
and it's fine. But every single time a beastings you,
(23:13):
it gets harder to get over, and at some point
you have an anaphylactic reaction and it's something that you
need to go to hospital for. And stress can be
like that. It kind of compounds over time. It's like investing.
You kind of just start to see it tick away
and it doesn't make sense, and it might be a
little bit more stressful than it was before, but over
the long period of time, it has a significant impact
(23:36):
on your mental and your physical health. So if something
is stressing you out, getting on it now is going
to save future you from essentially burnout and putting yourself
in the worst possible position. And I think that that
is honestly some pretty good dad advice. Oh yeah, yeah, yeah.
Stress is very bad for the health. It is, but
like long term, long term stress. But I understand this
(23:56):
obviously does not apply to people who have clinical mental
health illnesses. Is more just for people who are stressed
in their day to day lives and can maybe get
on the top of that. Meditation. Try meditation, love meditation.
If you're going through a serious mental health issue and
someone mentions meditation to you, like you've got my permission
to just knock around a little bit totally. Have you
(24:18):
tried meditation back? I got one of them. Fortunately, No,
But you're not saying it once you've heard that they've
been diagnosed with something. Oh yeah, so seeing my cych
and I got diagnosed with X, Y and Z, and
you'll be like, oh my gosh, that's so bad. Have
you tried meditation over a wall just get outside the sun?
(24:39):
Oh my gosh. I never. I would never either, But like,
these people deserve a little bit of a smacky smack.
Oh absolutely, I think let's go for a really quick break.
Let's keep venting about those people, and I'm going to
make you try my mud cake. Okay, don't go anywhere, guys.
Welcome back everyone. We are talking about investing in your
future self. See what is next? Financial planning, Ah, the
(25:04):
good stuff. I think this is really important to touch
on because I think so many people think that financial
planning is for the rich, and it is not. It
is for everybody so that they get ahead. You could
be someone who has a solid financial plan and you
are currently jobless. You could be someone who has a
solid financial plan and earned five hundred grand a year.
(25:24):
You could also be someone who has five hundred grand
a year coming in and have absolutely no financial plan
and you're backing yourself into a corner so that when
you retire you have zero dollars. I think there is
this misconception that high income equals high output, and that's
not the case. The amount of people when I was
working as a financial advisor that I saw free to
or away more money than I had even been able
(25:47):
to fathom at that point in my life is mind blowing.
Like the amount of people I met that literally had
four hundred thousand dollars incomes and worse, naughting it up
their noses is wild, right right, Like, I kid you not,
and I'm not saying that that's always the issue, but
it is so easy to experience lifestyle creep at any
income level, and I think that it is naive of
(26:09):
us to assume that we'll be better at it when
we have more income. Like I know that you might
be in the middle of a really shitty personal debt
bubble and you might not feel like you're getting ahead,
but having a good idea of what's coming into your account,
what's going out of your account, and what your expenses
are is going to put you in the control seat.
It's going to put you in the best possible position
(26:30):
to be successful long term. So the first thing we're
going to do beck irrespective of whether you have debt
or not, is established an emergency fund. You and I
have talked about this before. I think that every single
person should have access to an emergency fund, even when
they're in significant personal debt. And the reason I believe
that is because if an emergency arises, you don't have
(26:54):
to go further into debt to cover that, even if
you've paid off a significant amount of your debt. Having
money to the side, even if it's a couple of
one hundred dollars and you paid your speeding fine in
cash and didn't go further into debt, it reinforces that
you are on the right track and you are doing
the right thing. There is nothing worse than being in debt.
(27:16):
Something popping up and you're going, it was really trying
to pay off my zip pay, I'm gonna have to
go further into zip pay debt and you've just been
working so hard. It feels like you're taking a step back.
I mean, there's not one thing that is gratifying about
getting a speeding fine, right, Like, no one likes that.
But Beck, if you got that and then you had
the cash for that, you're going to go I'm different,
(27:38):
I'm changing. I'm not who I used to be when
it comes to money. And yeah, I've still got debt,
but I am on the right track. I'm on the
right path. I am doing the right thing for future me. Yes, Like,
it feels so liberating to have some cash to pay
for something that you didn't expect to have to pay for.
It really does. It's so nice. So that for me
is really important. If you do have an emergency fund,
(27:59):
please make sure it is in a high interest savings
account and working as hard as you do for it.
Don't just let it sit over there and not have
a job. He'll give your money a job. The next
is I want you to look at investing and if
you are already making sure that your investments are well diversified,
so can you start investing this year? It's not a
(28:20):
bad thing to say no, beck I know you can.
I know where you're at. You've got a bougie new job.
You've been talking about investing for the last twelve months,
and you've done approximately zero things to step towards investing.
And that's okay, And to be honest, lots of us
are in that position. How many of us, bin, she's
on the money content, You're like, next episode, I reckon,
I'm going to get the motivation and I'm going to
(28:41):
start investing. And then you finish it and you're like,
not yet, though yet, not yet. That's totally okay, so normal,
But that's what is called analysis paralysis. And sometimes we
have to pull our finger out and agree that maybe
we learn the most on the job. So maybe you'll
learn the most about investing once you've just started. Yeah,
so can you invest this year? If not, that's so fine.
(29:02):
But if it's within your budget to even invest a
couple of dollars a month, download a micro investing platform.
Dip your toes in the water, see how it goes.
There are so many platforms now where you can invest
literally beck with as little as one cent. So dipping
your toes in the water, you can just see what
it's like. You can download the up you see how
it goes up and down. You can get ten bucks
(29:22):
for free. Like we've got our shares this coach. You
can play with our money instead of your true Actually,
I'm running this down because I am going to do
this literally and how I say this all the time,
but I am going to do this as soon as
we get off this. Okay, I will not bully you
into doing that when we get off. Yeah, I like it.
But in addition to investing, if you have got a
very serious investment portfolio. When I say very serious, I
(29:44):
mean you're just consistently contributing to it. It doesn't mean
it's you know, millions of dollars. It could be five
hundred dollars, but you need to just make sure that
we're thinking about diversifying so that you know, even if
your portfolio is a total of you know, three or
four hundred dollars, what next steps are you're going to
make so but not all of your eggs are in
one basket. So if you've been investing in one direct share, Beck,
(30:05):
how are we going to get another area into our portfolio?
So you might have been investing in property shares. How
do we get you know, electricity or power or you know,
something else into there so that if that industry or
banking isn't doing so well, we know that our investments
in another area are. If you're already investing in an ETF, Beck,
(30:25):
what is that ETF? Can we have a think about it?
Is it an Australian ETF or is it an international ETF?
Maybe you're thinking, oh my gosh, I finally you know,
cracked one thousand dollars in my investment portfolio and I
really want to, you know, think about what my next
movie is because this is starting to compound and it's
really exciting. If you already have an Australian ETF, maybe
have a think about whether you want to include an
(30:46):
international ETF, or if you have an international ETF, think
about an Australian one. And the reason we do that
is because when the Australian market isn't performing that well,
often international markets are. And when international market are, you know,
not being so good, often Australia we live in a
bit of a bubble. We're a smaller economy. We're doing
(31:07):
pretty well. So that will even further diversify your investment portfolio.
Hedge hedge in your bets. Who are you proud of me?
I am so always proud of you, but like very
especially proud of you when you use investing terminology. I
love it, but we have so many episodes on the
incent Of course, your investment strategy needs to align with
your individual risk tolerance and your investment horizon and all
(31:30):
your financial goals and all of that stuff. But have
a think about how do I make sure that not
all my eggs are in one basket? What does that
look like?
Speaker 2 (31:39):
Sure?
Speaker 1 (31:40):
The next is do you have the right kind of insurances?
So we're not talking private health here, private health take
it or leave it, It's completely up to you. I
need you to make sure that that's the right decision
for you. So let's get educated. Let's listen to an
episode on health insurance and whether it is for us
and make a decision that works for you and your family.
But inside your superranuation, and it's very likely that you
(32:01):
have life insurance, it's very likely that you might have
some type of TPD, which is total and permanent disability.
If you hold insurance as outside of superannuation, you might
have income protection, or you might have a trauma policy.
If you don't know what any of those are, that
is an instigator for you to check check your super
(32:21):
Do you have default insurance? If you don't, do you
need it? It's very different what your insurance needs look like.
Speaker 2 (32:28):
Beck.
Speaker 1 (32:28):
If you're like twenty one and live at home, how
much insurance do you actually need? Or twenty one, you
live at home, you don't have any dependence. You also
don't have any debt. If something happened to you yesterday.
Because we never wish anything on the future, there's not
a lot of financial stuff for the people that you
love to organize for you. Let's be honest. However, let's
(32:50):
look at my situation. I am married, I have a
new baby, I have a mortgage. If something happened to
me yesterday, my partner is screwed. Without insurance that contributes
to that mortgage. I have an income that is contributing
to my son's life and his education and literally everything
to provide for him until he reaches the age of eighteen.
Without insurance, my family is significantly worse off. So I
(33:15):
need to make sure that I have it. So is
insurance for everybody? No, but it could definitely be for you.
And if you haven't reviewed it, you definitely need to.
And the next one, are you ready? I'm ready. It's
not very sexy, right, it will very morbid, isn't it.
It's a bit morbid, and it's definitely gone a bit morbid.
But like my favorite podcast is called morbid, so like
(33:35):
I'm fine with it. Like if my podcast is a
little bit morbid, I'm alright with it. You know, But
make a will because it may seem really far off
that you need it, but you never know what is
around the corner. And believe me, you do not want
to lump your family and friends with any of the
additional burden. If something happened to you yesterday, like it's
really messed up. Beck. The stuff I have seen as
(33:55):
a financial Advisor is the reason I am so wildly
passionate about insurance. It's why I'm so wildly passionate about
having a will. And if you listen to some of
our money diaries, I think it will really drive that
point home. So those are my top tips, and I
feel like that's where we want to start financial planning.
That's what we're going to do. I get you, Okay, Okay,
(34:17):
even if it's you know, something that you feel like
is so unlikely and so morbid, it's really good to
be thinking about these things. So you know what, I'm going
to have these conversations when you're in your right mind
and want the best for future you and want the
best for your family, not when you're forced to have
them and you're making a decision out of desperation. Definitely,
that's a really good point. So I guess onto the
(34:40):
next thing let's talk about. Like I'm moving on, is
a bit morbid. I've really want to jump to a
new topic because it is so morbid. But you don't
talking about setting short and long term goals. Goal setting
sounds really bland, but it's really really important. You don't
have to have a goal of having a new career, Beck.
We could have small goals, but you need to understand
(35:01):
the difference between a short and a long term goal
so that we know where to put our money. Because
if you set a short term goal of mine is
to buy a house, I'd be like, all right, well,
investing is not a good option, right, Like, let's not
put our money into the investment markets if you're going
to buy in the next year or two. But if
you said long term goal, maybe in the next ten
plus years, I really want to buy property, I'd be like, Babe,
investing could be for you, Like that could put you
(35:22):
in a better position. You could pick up some compound interest,
Like over that long period of time, you're going to
make sure that you're, you know, hedging your bets over
the market, not being down. So I think getting some
clear and achievable short and long term goals is fundamental
to guiding financial decisions and ensuring future success, which is
(35:43):
really important. But I also need to recognize that I'm
the worst at setting a goal and then sticking to it.
Did you set your goals for this year? If so,
what were they. Let's do a little bit of a
check in I did your best year yet? Program? At
the start of this year, because goal setting for me
used to be really hearty, so like write down all
of my goals and then not do anything about them,
(36:05):
and then at the end of the year wonder why
I hadn't achieved them, but also crucify myself because I
was like, I'm so dumb. I didn't save ten grand
and that was my big goal and I can't believe
I didn't do it right. But Becka had no framework
in place, Like, how was I going to save ten
grand by December if I didn't have any type of
plan in January, if every March or the rest of
the year, Yeah, I was just going to turn up
(36:28):
with ten grand at the end of the year and
no framework to have done that. Sure. Really, sometimes it
is just as satisfying writing down your goals instead of
like actually hitting them or reaching them, you know what
I mean. I feel like it gives you clarity on
what you want, So that's important. But if you're going
to set goals and you want to achieve them, check
in on them. It's not too late ever to reflect
(36:49):
on what you wanted, focus on and start tracking your progress.
So if you started this year with a list of
goals and maybe you haven't reviewed them. Maybe now is
the time that I'm kicking you in the bottom a
little bit, going, hey, Beck, where's that list you said
you liked writing down? Where are we at? Do you
still want to do those things? It's so fine if
you don't like the amount of times I change my mind.
I'm like, I know, I said I wanted to do that,
(37:10):
but that was a joke. I was just joking, Guys,
I was joking. Why don't you take a joke. I
never wanted to do that. Thing that I did was
crucial for future. Yeah, No, it was a joke. But
I think having a look at your goals and what
you want to achieve is really important and then looking
further ahead. So what does that look like for you?
What are your goals for achieving some level of financial freedom?
(37:34):
What are your goals for retirement if you've got them.
If you've ever said to yourself, I know, I really
want to retire early, what does that even mean? Like
when you say retire early, what does that mean to you?
Because I think when I was young and you would
have said, oh, sixty five is the retirement age, which
it is at the moment. If you'd said to me,
(37:55):
does that sound good? I'd be like, yeah, that sounds great.
But now I look at my parents, who are both
close to sixty five, and I'm like, that's so young.
Like to me, that isn't as old as what I
used to think it was. Is that where I want
my life at? But I also think how good would
it have been if, you know, at fifty, I had
financial freedom to choose, like, maybe I can go part time,
maybe I can, you know, choose to live my life
(38:17):
the way that I want to, because I don't want
to be sixty five and having to go to work
every single day. So I don't know, it's completely up
to you. So determining your retirement age or what you
think you might want to retire out, and your lifestyle
expectations is going to help you calculate what you need
in retirement. So I always tell you about this figure
of you know, having one point two million dollars invested
(38:40):
beck and how that will give you every single year
a sixty thousand dollars income. Is that enough for you?
What does that actually look like? Because one point two
million dollars is so much to be invested. In fact,
you don't even need half of that to have a
successful retirement. A comfortable retirement here in Australia is less
than that, which is really nice. But have you done
(39:01):
the numbers? What does a comfortable retirement for you look like?
Because that might look very different to the comfortable retirement
I want, and that's okay, But what does that number
look like? And I can almost guarantee that the second
you start going, ah, looks like this clarity opens up
and it's not as hard as you thought it was.
(39:22):
It's not as overwhelming or confusing, or you know, it's
not something that feels so distant. You go, I could
probably work towards that. You know, my souper is actually
tracking really well. Or you know what if I added
one percent to my super m what does this look like?
I could invest outside of super as well. So there's
lots that you could do. I'm start to feel a
bit motivated. And hopefully once you start I expose like
(39:44):
planning for things and realize you can do it and
you feel like you've got a little bit control, I
think you'll feel a bit motivated too. It's sexy. Now,
I wonder do we have time for one more? Nearly
like let's do like a half one, let's talk about
financial literacy, because that we are definitely running out of time,
but I think a very good place to wrap it
actually is really about improving your financial literacy, which, like, guys,
(40:07):
you're doing by listening to this podcast so Slay, you
are definitely putting yourself in the best possible position. But
do something every week or every month to improve your
financial literacy, whether that is listening to a podcast, listening
to somebody else's podcast, you know, checking your superbalance, checking
in on things. At the end of my very first book,
She's on the Money, there's actually a laundry list of
(40:29):
what you can do every single month to put yourself
in the best possible position. So like I can't even
remember what I did, but it's like month one, you
check in on your budget. Here, month two you're checking
in your insurances, and it gives you like checkpoints of
what to do so that by the end of the
year you're in the best possible position. And it includes
things like checking your insurances on your car and how
(40:50):
much you're paying. It includes having a look at your
super and all of those things that might slip through
the cracks. And then get to the end of the
year and we started again. So I think that that
could be really powerful, having a checklist of sorts so
that every month, I go, oh, Beck, do something every
month for your financial literacy. You're like, what, But I
gave you an entire list for an entire year, and
(41:11):
all you do is set and repeat. And it means
that at least every year you're going to look at
your budget. At least every year, you're going to review
all of your subscriptions. At least every year you're going
to check how much money is coming into your account.
At least every year we're sitting down and potentially talking
about a pay rise with our employer, like really important stuff.
But I made the checklist for you, so you can
(41:33):
do that if you so wish. Otherwise, you could make
your own checklist up and do whatever you like, because
all I care is that you've got the financial literacy
to make the decision that you deserve to make. I
love it. It is so good like that, Victoria. Yeah, I
just love a list, love a spreadsheet. I'm here for it.
I love a list. Okay, well, let's agree on something.
I'll go invest after this, and you start meditating no, okay,
(41:55):
you do yours. I'm not doing it. That's fair. You'll
invest though, right right? Good? Rest of the day. Guys,
will see you on Friday, So there fine. The advice
shared on She's on the Money is general in nature
and does not consider your individual circumstances. She's on the
(42:15):
Money exists purely for educational purposes and should not be
relied upon to make an investment or financial decision. If
you do choose to buy a financial product, read the
PDS TMD and obtain appropriate financial advice tailored towards your needs.
Victoria Divine and She's on the Money are authorized representatives
of Money showper Pty Ltd ABN three two one six
(42:38):
four nine two seven seven zero eight AFSL four five
one two eight nine
Hello.
Speaker 2 (00:01):
My name's Satasha Nabananga Bamblet. I'm a proud Order Order
Kerni Whoalbury and a waddery woman. And before we get
started on She's on the Money podcast, I would like
to acknowledge the traditional custodians of the land of which
this podcast is recorded on a wondery country, acknowledging the elders,
the ancestors and the next generation coming through as this
(00:23):
podcast is about connecting, empowering, knowledge sharing and the storytelling
of you to make a difference for today and lasting
impact for tomorrow.
Speaker 1 (00:33):
Let's get into it.
Speaker 3 (00:34):
She's on the Money, She's on the Money.
Speaker 1 (00:57):
Hello, and welcome to She's on the Money the podcast
Millennials who want Financial Freedom. My name is Becksided, and
today we're talking about investing in your future self with
Victoria Divide. Oh my gosh, how surprising I'm here. Hets Wednesday.
Who knows? Who knows it's going to happen? Actually, honestly,
every single episode, who knows what's going to happen?
Speaker 2 (01:18):
Oh?
Speaker 1 (01:18):
Well, it does often go off the rails, but that's okay.
We try our best and that's all that matters. Exactly.
We're human. Beck I want to know how do you
feel about investing in yourself. I'm really excited for this topic,
but I'm putting like a spin on it. That's like
self care, pamper meditation retreat. You're probably thinking finance. I
feel like caring about your financial life is one of
(01:41):
the biggest forms of self care. Oh yeah, okay, I
see where you're coming from. I genuinely think that to
care about your financial life is caring about yourself and
your future deeply. Like we can get a facial, we
can have a spa moment, but like that's fleeting, investing
for your future and putting yourself in a position where
you're never going to worry about money slay. True, Actually
(02:05):
that's longer term. Like I would much prefer to be
mentally at peace than to be physically at peace. WHOA,
That's where we differ, except I really like massages, so
I'm not sure I would give up one or the other.
I think that's why, you know, when we talked a
little while ago about the fire movement, financial independence, retire
early and how people like save like eighty percent of
(02:27):
their income or invest eighty percent of their income and
then retire really early because they like, forgo all of
the nice things in life. That's not what you and
I are for No, we are more in the moment, girlies.
We and enjoy the journey, girly kind of thing. I
respect it, but I can't do it. Yeah, like it's nice,
it's not for me, and that's fine, completely agree. But
(02:48):
let's get back to the topic and talk about investing
in your future self. I want to know, huh, do
you know where you want to be in ten years?
I have not a single clue. I want to maintain
my friendship, I want to have a healthy social circle,
and I want to be happy. And I want to
be in Melbourne. That's all I do. And you want
to be in Melbourne. That's very specific. I know the
(03:10):
street I want to be on as well, but I
know that street. We're not going to say it, though,
because maybe if someone's listening to this in ten years,
they'll know where to find you and you're going to
be like really famous by then as a convenian or something. Yeah,
one hundred percent. Sweet, Well, you're the funniest person I know. Well,
I'm running your coach howls baby, keeping on say kind
(03:31):
of short so you don't know where you want to
be in ten years. I feel like I don't either,
and I hate these questions. Do you know what I
hate the most? Again? Side note, when people in interviews
go back, where do you see yourself in two years?
Where do you see yourself in five years? I don't know, Sharon.
Where you do see yourself still in this HR role
in ten years? Who knows? I don't know. Anyway, I
(03:52):
never ask that in interviews because I feel like people
just give generic answers and it's not a one on
one where we're actually trying to better ourselves. Like in
that moment, I'm trying to sell myself, so I'll be like, oh,
definitely working for your energy corporation totally, and you want
to box yourself in mentally, But I get it. I
don't know where I want to be in ten years either.
In fact, if you told me ten years ago that
(04:14):
this is where I would be, I wouldn't have believed you.
Are you the same? Yeah? Definitely, you're like, oh, this
is brogue. I didn't even know podcasting was a thing
ten years ago, truly, even like one second ago, Like
what I have a recording now? I feel like, oh,
thanks for showing up. But I feel like it's really
easy to get caught up in the day to day,
and before you know it, then a year has passed
(04:36):
and you've completely forgotten to zoom out and focus on
the bigger picture, and the next minute, two or three
years have completely flown by, and you're just in a
pattern of responding to events as opposed to shaping your
own future. And that doesn't mean you need to know
where you're going. It doesn't mean that you know who
you want to marry, or even if you want to
get married, or it doesn't mean that you know what
job you want to do. But I want to talk
(04:58):
about investing in your future self today because I feel
like this idea of investing in your future self makes
us feel like we have to have clarity on where
we want to go, when the reality of this is
we actually just want to make sure that we've got
our finances in order so that when we do decide
where we want to go, we can afford it, and
that when we do get to that point, we're in
(05:19):
a good financial position, or we're in a good position
in general to have choice, because so many people don't
have the freedom of choice, and a lot of the time,
it's actually about good structuring. It's not about having the
biggest income. It's not about going well. Beck in ten
years time, I better be earning more than double what
I earn today. Like, okay, cool. But even if that's
(05:41):
your goal, if you invest consistently and we focus on
your bad debts and paying those off and focus on
having a good mindset, ten years from now, you're going
to have so much more freedom than just earning double right,
Like it sounds sexy. But even if in ten years
you're earning double Beck and you don't, I don't have
a good mentality when it comes to saving and investing.
(06:03):
That doesn't make you more financially free. That's powerful, and
it's hard to swallow because I think so many of
us say, we'll do it tomorrow, doesn't matter. I will
start investing when I get a pay rise. I'll start,
you know, saving once you know I get my bonus
or I do my tax return. How many of us
are guilty of those things. It's actually about pulling our
(06:24):
finger out and going well, actually investing in my future self.
Future me deserves that. Yes, like future me deserves a
few extra dollars. Future me deserves the clarity of knowing
that I'm going to be cared for. And I don't
think there's anything sexier. And it's only starting to come
to fruition for me now that when I look at
my investment portfolio and I'm like, yeah, I did that,
(06:45):
Like that's cleah, that's for me. It's starting to pay
dividends that aren't one cent, Like when it was paying
dividends of like one and two cents, I was like,
what is this for? Like obviously I fully comprehended it,
but it doesn't feel that sexy. Yeah, but now it's
starting to pay for future self, I'm like, oh, thanks,
pass b, you kind of smart. You did a good thing, definitely,
And I imagine, like even if you can't physically put
(07:07):
money aside right now, even just like getting your mentality right.
But no, I am really looking forward to like being motivated,
and my whole employment and financial situation basically depend on this.
So we have had many twists and turns this year,
already talking about myself through a redundancy, a brand new
job like you've gone to Japan, like you've had You've
had a turn, created a whole new baby like I
(07:29):
made a whole human. So many things have happened this
past year, isn't it wild? So where do we start?
I don't know, so I'm glad that you're here to
tell us. I am so right down everyone. So we
start at the very end, and I think that that
is not what you expected to hear. And no, you
don't need to know what your career is going to be, like,
you don't need to know who you're going to marry.
You don't even need to have the answer of whether
(07:51):
you want to get married answered here. But we start
at the end when it comes to investing for your retirement.
And it's I've been talking about retirement a lot recently
because this is so bougie. Are you ready? I'm on
a working group with a sick to talk about how
to get more millennials invested and more millennials engaged with
(08:13):
their superannuation, which is really hard, right because like, who
wants to talk about super? I really thought you were
about to say that you're retiring it right now. I'm not. Well,
you will soon, I'm sure, Yeah, you're on your way.
I don't think I want to retire, so I've got
stuff to do. I've got places to be people to
see any like podcasts to make. But I'm on this
working group and we've been talking about this concept of
(08:35):
language around superannuation and how we don't really care about
the idea of retirement because it feels like so far off.
And I've been putting forward this concept of changing the
language to just talking about creating financial freedom and the
idea of talking about, you know, having financial freedom. If
I said to you, do you want to retire? You go, oh,
(08:56):
one day, I don't care. But if I go, do
you want to create more financial security financial freedom, You'll
be like, sounds pretty good to be Actually, sounds like
something I'm interested in. It doesn't sound so far off
in the distance that you shouldn't care about it. Yeah,
it seems a little bit more within reach. Yes. So
what we're going to do is actually start at the
end and we're going to look at what your biggest
investment of your entire lifetime is arguably going to be,
(09:19):
and that's your superranuation. So it's not a sexy thing
to talk about because I think so many times we
just go, oh, you're talking about super again. But it's
going to be arguably the biggest investment of your entire life,
and your superranuation is your money, like you're contributing to
it each and every single month. Start caring about your cash, babe,
like you've never had so much in savings. I can
(09:41):
almost guarantee that. Start caring about where it's invested. The
first thing you're going to do is you're going to
check and consolidate your supranuation accounts if that is available
to you. It is so easy to do that nowadays.
You don't even have to know what super fun you're with.
You just have to log into my gove and it
will tell you what super fun you have open, and
you know what, you don't even have to leave that
(10:03):
website to consolidate your super It's one button, pick easy, Easy.
It's actually one button, which is scary because that doesn't
take into consideration any of your insurances on those super policies.
So I need you to check that before you click
that button, because if you click that button, there's no
going back, And that sounds kind of scary, but I
also don't want you to miss that when it comes
(10:24):
to insurances. But most of us accumulate multiple super accounts
over our lifetime, and I've told you before on the pod,
I made a really ugly graphic because I'm not a
graphic designer. That's why we hired one. But I made
a really ugly graphic a couple of years ago showing
how my SUPER accounts. I had more than five accounts
that when I consolidated them over the entire time I
(10:45):
would have had those Super accounts if I had them
to retirement. It saved me seventy thousand dollars in face,
whoa seventy grand that's like, that's somebody's whole house deposit.
That's like a whole someone super. That's actually so much money.
And I calculated that by consolidating my SUPER and not
paying fees and not paying insurances across all of those
(11:07):
because they were all default, I saved myself seventy grand
by doing that. That's incredible. You don't even have to
have any cash in your bank account right now to
save yourself seventy grand. Like that's a good deal. Yeah, Anyway,
I can almost guarantee that you're not contributing as much
to Savings as you are to Super, and right now, Beck,
you're contributing eleven and a half percent to Super. That's
(11:29):
so many dollarus so many. We're going to start caring
about that because over your lifetime, by making sure that
your super contributions are being made. We don't just trust
our employers, Beck, we triple check. We just go in
and we log in and we check because it's so
hard to recover that if years passed, but it's really
easy to nip it in the bud. If you haven't
(11:49):
been paid in the last six months, we can triple check.
But what we're going to do is make sure that
we're in the right fund because making sure that we
are in a fund that performs for us is going
to mean that we're arguably almost hundreds of thousands of
dollars better off in retirement. Right that's free money just
by doing your checks right now, Like I love free money.
(12:09):
You love free money. Who doesn't love free money? Why
aren't we caring about it? Because it might not be
free money today, That's why you don't care about it,
but it's free money in retirement. True future, you's gonna
thank you. We're also going to look into whether you
can make extra super contributions.
Speaker 2 (12:24):
Yeah.
Speaker 1 (12:25):
Right now, we're in a cost of living crisis. We're
in the COZI leaves babes, So you probably not right. So,
like lots of you are gonna roll your eyes and
be like, be that's unobtainable. Yeah, but we're going to
check and if it makes sense to you and it's
something that you want to do, you could potentially do that.
It could potentially reduce your taxable income, which might be
really sexy. So just check. If you can, you can,
(12:48):
If you can't, I get it, you know this already.
But if you make like after tax contributions, yeah you
can claim it on tax but I don't really know
how to do that. I just know that's a thing. Yeah,
I'll help you. If you ever do that, you let
me know and I do it for you. The next
is we're going to look into government co contributions because,
like again, we love free money, and that's a very
(13:08):
complex way of saying the government's going to give you
free cash. I love taking money from the government. Like,
if I'm going to take it from anybody, the government
is who I want to borrow it from. Totally borrow
in quotation marks, right, But for low to middle income
earners who make personal after tax contributions to their superannuation,
the Australian government offers what they call their co contribution scheme,
(13:30):
aka they give you free money for doing something good
for your future. Scheme and if you earn less than
forty five four hundred dollars in the twenty twenty four
to twenty twenty five financial year and are eligible to
make a personal after tax contribution, you could receive a
maximum of five hundred bucks in addition to your contribution.
That's not bad. Five hundred dollar reduce. That's a lot
(13:52):
of money. The government is going to contribute fifty cents
for every dollar you contribute up to five hundred dollars.
How kind. Oh my god, gosh, that's such a good
saving strategy. I feel like that's something that my dad
might have implemented when I was younger, Like if you
save a dollar for every dollar, I'll match it with
fifty cents. Like that's motivating. Yeah right, I mean I
(14:12):
save up for something. So I feel like having a
look at that, because again, free cash. If you're eligible
and you earn between forty five four hundred dollars and
sixty thousand and four hundred dollars in the twenty twenty
four to twenty twenty five financial year, you might still
receive a partial co contribution. However, the more you earn,
the less co contribution you'll leave. Because obviously, if you're
(14:33):
well off, like, it doesn't make a lot of sense
to give you free money, like you just don't need
it as much as everybody else. And I feel like
that's how the tax system should work in general, but
las it does not. And that's a conversation for another day.
I know that's really outrageous. I mean, the more you earn,
the more you're taxed. But like I feel like there
should be less tax at one end and more tax
(14:54):
at another end. But again, conversation for another day. And
we can't really clarify what end, but it's unspoken specs
like yeah, tax the poor, tax all tax the poor.
Sure they could get away with the feel like there's
a lot of things that we could learn. Oh yeah,
just in case anyone is wondering, we are joking. Now
(15:16):
that was a joke. That was a joke. What is next?
All right? So next we're going to look at your
most precious asset. Do you know what that is? Beck
the heart? No, it's you making investments in yourself, investing
in personal growth. And development I think is absolutely crucial
for enhancing not just your future opportunities, but your overall
(15:37):
well being. I've said this time and time again. You
can't just expect to be given a pay rise if
you are not putting in the time and the energy
and the effort. Like, don't get me wrong, there are
a lot of people that you would look at and
be like, fire out. They've had a free ride. But
that's luck, and luck doesn't often come into your career,
doesn't often come into your earning potential. So is their
(16:00):
inability to educate yourself further upskill or you know, create
career development opportunities for yourself. If you're furthering your education
or deciding to acquire new skills, that can significantly enhance
your earning potential, and it can also open up at
the door for a whole heap of different career opportunities.
Is there something that you could upskill in? It doesn't
(16:21):
have to be going back to university, but could you
like do an online short course or you know, do
some online tutorials to bridge a skill gap, thus increasing
your earning capacity. So something I love and like you
guys already know this is YouTube. The amount of stuff
I've learned on YouTube, Like even when I was in university,
the amount of stuff I learned about how to use Excel,
(16:43):
like just for free. And now I'd say I'm an
EXL wizard, Like I build complex spreadsheets that are bordering
on software, which you know, very impressive. It's not impressive
when you know how to do it, you'll be sure,
oh this is easy. But the amount of money I
could have earned in addition because I had that skill,
But also what that does for me. So I remember
(17:06):
building a macro, which if you don't know what that is,
that's absolutely fine, but it's just a term INXL for
a repetitive task, right right. I basically made myself redundant
in one part of my role because it was such
a manual process. But I built a macro so it
could do it. And then my boss thought I was
a genius because you know, I was so good and
so quick at this, and they were often saying like,
(17:29):
oh my god, and she's always right. Do you know
why I was always right? Because I took out the
human error. Oh, like this computer software was doing it
perfectly every time, whereas historically when I was doing it manually,
i'd sometimes like cut and paste the numbers incorrectly. Sure,
I guaranteed that wouldn't happen, And I also saved myself
a heap more time, thus creating more opportunities for career development.
(17:51):
So I feel like so many of us think that
career development is actually just us having to go back
to UNI or getting a whole last new degree. Yeah,
to put our in a better position. But is there
something you can just learn on YouTube that would help you?
Like if you are in podcasting like us, can you
learn about a new software? Can you learn about how
to become quicker at editing? Can you learn about, you know,
(18:13):
different ways to do something that you're already doing in
a more efficient manner. If you're not sure, can you
ask your boss? You know, what would be helpful? What
would mean that I am upskilling? What would get me
to the next step in my career? Ask these questions?
And I mean, we've done a heap of episodes about
furthering your career, so go have a look at those.
(18:33):
But when it comes to further in your career, sometimes
just putting your hand up and saying that you're interested
in it can be a sign that you are interested
in it, and you're going to be more considered than
the next person. True, So have these conversations. Another free
resource I adore is Courserah. You saying, Sarah, course Sarah
about this. I've never heard of Coursera. She sounds beautiful.
(18:55):
I will send you a link our podcast producers passing
becka pen right now Courserah, cour Sarah. How do I
spell that? Please? Ce O, you are s eer A.
Thank you so much. That's great. Do you know what
it is you're writing a town searing Ah? I know
what that is. No, go ahead. University's online put units
on Coursera for you to do for free. So it's
(19:18):
like a university course, but it is for free, and
you could do literally any unit from thousands of universities
across the world. You could go to Harvard for a unit.
You could go to Yale free unit. You could do
all of these fancy things. I have used them a
couple of times to upskill in a finance capacity. So
(19:40):
when I was like, oh, far out, I'd love to
know a bit more about you know this, this or this,
I did a mini course in it or a mini
unit in it, and the only time I had to
pay was if I wanted the certificate. At the end,
I didn't want the certificate, okay, and so I didn't
pay for it. Was it like the same price as
like a whole way. No, it was like two hundred dollars,
So it was like a lot of money for a certificate.
(20:01):
But if you really want the certificate and you want
to add it to like you know, you'll linked in
or something, sure you can definitely download it and add it.
But I just did it and I enjoyed it, and
it was really really integrated. It was literally like a
university course online like it was for twelve weeks. You
turn up to class, you have assignments, you do all
of these things, and you come out with a new
(20:21):
skill and it was free. Isn't that cool? So cool.
There's a few options online, but Courserah is the one
that I used, and I think that upskilling yourself. I
think that's really sexy. Yeah, there's something motivating about it
as well. Absolutely. The other thing on the flip side
is making sure that you're doing the best thing for
your health and well being. I feel like you're really
good at this beck you're like frowning as though you're
(20:42):
not but you are, thank you, so really good at
putting yourself first. And I'm not here to guild anybody
into signing up for the gym. I mean, Beck is
already a little gym rat. Do you know what she
came in with? Beck? What's in that mug? My protein
mug cake? Yeah, sexy, it looks rank. I'm sure it
tasted good. It tastes a bit rig too, but it's
actually to invest in my future self. I like that,
(21:05):
but it's so important to support your own well being.
There's no chance you could get me to try that mugcake.
And I'm not going to the gym. But it's about
knowing ourselves and whether we're willing to take time out
for a walk, but making sure that we're getting away
from our screens and continuing to connect with friends and
focus on our mindfulness. I know that that sounds really flippant,
(21:26):
but it actually has a massive impact. The next thing
I want to talk about is health insurance. So we
are so lucky to have a very sexy medicare system
in Australia, Like we are so looked after, but you
can't really put a price on health, and like I say,
the best kind of insurance is one you never need,
(21:47):
so I do want it to be a bit of
a waste of money. I do understand at this point
in time, lots of us are relooking at our health
insurance and going is it worth it? I don't think
it is. Let's get rid of it. But if you
don't have health insurance and you are using seeing lots
of additional services, like you're going and getting lots of
remedial massages, or you're going and seeing the physio because
it is best for you, please have a look because
(22:09):
you could be getting some money back and it could
actually put you in a better financial position, like so
many times. And I know, Beck, you're one of these
people that you're like, I don't need private health insurance,
and I'm like, I get it. You've told me your
reasons and it makes sense. But if you'd started to
go to the physio or heat because you're going to
the gym a lot, I'd be like, they have a
look at it because it could actually put you in
a better financial position. And that makes sense. Yeah, you're
(22:31):
not there yet though, so it makes much sense for you.
The next thing I wanted to talk about is really
prioritizing your physical and mental health today, because if you
can't get on top of it, it's going to build
up and cost you a lot in the future. This
is some words of wisdom from my dad. He like
in stress because I was having a pretty stressful period
(22:53):
earlier this year and I was saying, it's so stressful,
but that's okay, like, you know, I'll get through this,
I'll do this. And he said to me, Victoria, you
need to be really careful of stress, because stress is
like beastings. You can have a beasting you once and
it's fine. You could even have a beasting you twice
and it's fine. But every single time a beastings you,
(23:13):
it gets harder to get over, and at some point
you have an anaphylactic reaction and it's something that you
need to go to hospital for. And stress can be
like that. It kind of compounds over time. It's like investing.
You kind of just start to see it tick away
and it doesn't make sense, and it might be a
little bit more stressful than it was before, but over
the long period of time, it has a significant impact
(23:36):
on your mental and your physical health. So if something
is stressing you out, getting on it now is going
to save future you from essentially burnout and putting yourself
in the worst possible position. And I think that that
is honestly some pretty good dad advice. Oh yeah, yeah, yeah.
Stress is very bad for the health. It is, but
like long term, long term stress. But I understand this
(23:56):
obviously does not apply to people who have clinical mental
health illnesses. Is more just for people who are stressed
in their day to day lives and can maybe get
on the top of that. Meditation. Try meditation, love meditation.
If you're going through a serious mental health issue and
someone mentions meditation to you, like you've got my permission
to just knock around a little bit totally. Have you
(24:18):
tried meditation back? I got one of them. Fortunately, No,
But you're not saying it once you've heard that they've
been diagnosed with something. Oh yeah, so seeing my cych
and I got diagnosed with X, Y and Z, and
you'll be like, oh my gosh, that's so bad. Have
you tried meditation over a wall just get outside the sun?
(24:39):
Oh my gosh. I never. I would never either, But like,
these people deserve a little bit of a smacky smack.
Oh absolutely, I think let's go for a really quick break.
Let's keep venting about those people, and I'm going to
make you try my mud cake. Okay, don't go anywhere, guys.
Welcome back everyone. We are talking about investing in your
future self. See what is next? Financial planning, Ah, the
(25:04):
good stuff. I think this is really important to touch
on because I think so many people think that financial
planning is for the rich, and it is not. It
is for everybody so that they get ahead. You could
be someone who has a solid financial plan and you
are currently jobless. You could be someone who has a
solid financial plan and earned five hundred grand a year.
(25:24):
You could also be someone who has five hundred grand
a year coming in and have absolutely no financial plan
and you're backing yourself into a corner so that when
you retire you have zero dollars. I think there is
this misconception that high income equals high output, and that's
not the case. The amount of people when I was
working as a financial advisor that I saw free to
or away more money than I had even been able
(25:47):
to fathom at that point in my life is mind blowing.
Like the amount of people I met that literally had
four hundred thousand dollars incomes and worse, naughting it up
their noses is wild, right right, Like, I kid you not,
and I'm not saying that that's always the issue, but
it is so easy to experience lifestyle creep at any
income level, and I think that it is naive of
(26:09):
us to assume that we'll be better at it when
we have more income. Like I know that you might
be in the middle of a really shitty personal debt
bubble and you might not feel like you're getting ahead,
but having a good idea of what's coming into your account,
what's going out of your account, and what your expenses
are is going to put you in the control seat.
It's going to put you in the best possible position
(26:30):
to be successful long term. So the first thing we're
going to do beck irrespective of whether you have debt
or not, is established an emergency fund. You and I
have talked about this before. I think that every single
person should have access to an emergency fund, even when
they're in significant personal debt. And the reason I believe
that is because if an emergency arises, you don't have
(26:54):
to go further into debt to cover that, even if
you've paid off a significant amount of your debt. Having
money to the side, even if it's a couple of
one hundred dollars and you paid your speeding fine in
cash and didn't go further into debt, it reinforces that
you are on the right track and you are doing
the right thing. There is nothing worse than being in debt.
(27:16):
Something popping up and you're going, it was really trying
to pay off my zip pay, I'm gonna have to
go further into zip pay debt and you've just been
working so hard. It feels like you're taking a step back.
I mean, there's not one thing that is gratifying about
getting a speeding fine, right, Like, no one likes that.
But Beck, if you got that and then you had
the cash for that, you're going to go I'm different,
(27:38):
I'm changing. I'm not who I used to be when
it comes to money. And yeah, I've still got debt,
but I am on the right track. I'm on the
right path. I am doing the right thing for future me. Yes, Like,
it feels so liberating to have some cash to pay
for something that you didn't expect to have to pay for.
It really does. It's so nice. So that for me
is really important. If you do have an emergency fund,
(27:59):
please make sure it is in a high interest savings
account and working as hard as you do for it.
Don't just let it sit over there and not have
a job. He'll give your money a job. The next
is I want you to look at investing and if
you are already making sure that your investments are well diversified,
so can you start investing this year? It's not a
(28:20):
bad thing to say no, beck I know you can.
I know where you're at. You've got a bougie new job.
You've been talking about investing for the last twelve months,
and you've done approximately zero things to step towards investing.
And that's okay, And to be honest, lots of us
are in that position. How many of us, bin, she's
on the money content, You're like, next episode, I reckon,
I'm going to get the motivation and I'm going to
(28:41):
start investing. And then you finish it and you're like,
not yet, though yet, not yet. That's totally okay, so normal,
But that's what is called analysis paralysis. And sometimes we
have to pull our finger out and agree that maybe
we learn the most on the job. So maybe you'll
learn the most about investing once you've just started. Yeah,
so can you invest this year? If not, that's so fine.
(29:02):
But if it's within your budget to even invest a
couple of dollars a month, download a micro investing platform.
Dip your toes in the water, see how it goes.
There are so many platforms now where you can invest
literally beck with as little as one cent. So dipping
your toes in the water, you can just see what
it's like. You can download the up you see how
it goes up and down. You can get ten bucks
(29:22):
for free. Like we've got our shares this coach. You
can play with our money instead of your true Actually,
I'm running this down because I am going to do
this literally and how I say this all the time,
but I am going to do this as soon as
we get off this. Okay, I will not bully you
into doing that when we get off. Yeah, I like it.
But in addition to investing, if you have got a
very serious investment portfolio. When I say very serious, I
(29:44):
mean you're just consistently contributing to it. It doesn't mean
it's you know, millions of dollars. It could be five
hundred dollars, but you need to just make sure that
we're thinking about diversifying so that you know, even if
your portfolio is a total of you know, three or
four hundred dollars, what next steps are you're going to
make so but not all of your eggs are in
one basket. So if you've been investing in one direct share, Beck,
(30:05):
how are we going to get another area into our portfolio?
So you might have been investing in property shares. How
do we get you know, electricity or power or you know,
something else into there so that if that industry or
banking isn't doing so well, we know that our investments
in another area are. If you're already investing in an ETF, Beck,
(30:25):
what is that ETF? Can we have a think about it?
Is it an Australian ETF or is it an international ETF?
Maybe you're thinking, oh my gosh, I finally you know,
cracked one thousand dollars in my investment portfolio and I
really want to, you know, think about what my next
movie is because this is starting to compound and it's
really exciting. If you already have an Australian ETF, maybe
have a think about whether you want to include an
(30:46):
international ETF, or if you have an international ETF, think
about an Australian one. And the reason we do that
is because when the Australian market isn't performing that well,
often international markets are. And when international market are, you know,
not being so good, often Australia we live in a
bit of a bubble. We're a smaller economy. We're doing
(31:07):
pretty well. So that will even further diversify your investment portfolio.
Hedge hedge in your bets. Who are you proud of me?
I am so always proud of you, but like very
especially proud of you when you use investing terminology. I
love it, but we have so many episodes on the
incent Of course, your investment strategy needs to align with
your individual risk tolerance and your investment horizon and all
(31:30):
your financial goals and all of that stuff. But have
a think about how do I make sure that not
all my eggs are in one basket? What does that
look like?
Speaker 2 (31:39):
Sure?
Speaker 1 (31:40):
The next is do you have the right kind of insurances?
So we're not talking private health here, private health take
it or leave it, It's completely up to you. I
need you to make sure that that's the right decision
for you. So let's get educated. Let's listen to an
episode on health insurance and whether it is for us
and make a decision that works for you and your family.
But inside your superranuation, and it's very likely that you
(32:01):
have life insurance, it's very likely that you might have
some type of TPD, which is total and permanent disability.
If you hold insurance as outside of superannuation, you might
have income protection, or you might have a trauma policy.
If you don't know what any of those are, that
is an instigator for you to check check your super
(32:21):
Do you have default insurance? If you don't, do you
need it? It's very different what your insurance needs look like.
Speaker 2 (32:28):
Beck.
Speaker 1 (32:28):
If you're like twenty one and live at home, how
much insurance do you actually need? Or twenty one, you
live at home, you don't have any dependence. You also
don't have any debt. If something happened to you yesterday.
Because we never wish anything on the future, there's not
a lot of financial stuff for the people that you
love to organize for you. Let's be honest. However, let's
(32:50):
look at my situation. I am married, I have a
new baby, I have a mortgage. If something happened to
me yesterday, my partner is screwed. Without insurance that contributes
to that mortgage. I have an income that is contributing
to my son's life and his education and literally everything
to provide for him until he reaches the age of eighteen.
Without insurance, my family is significantly worse off. So I
(33:15):
need to make sure that I have it. So is
insurance for everybody? No, but it could definitely be for you.
And if you haven't reviewed it, you definitely need to.
And the next one, are you ready? I'm ready. It's
not very sexy, right, it will very morbid, isn't it.
It's a bit morbid, and it's definitely gone a bit morbid.
But like my favorite podcast is called morbid, so like
(33:35):
I'm fine with it. Like if my podcast is a
little bit morbid, I'm alright with it. You know, But
make a will because it may seem really far off
that you need it, but you never know what is
around the corner. And believe me, you do not want
to lump your family and friends with any of the
additional burden. If something happened to you yesterday, like it's
really messed up. Beck. The stuff I have seen as
(33:55):
a financial Advisor is the reason I am so wildly
passionate about insurance. It's why I'm so wildly passionate about
having a will. And if you listen to some of
our money diaries, I think it will really drive that
point home. So those are my top tips, and I
feel like that's where we want to start financial planning.
That's what we're going to do. I get you, Okay, Okay,
(34:17):
even if it's you know, something that you feel like
is so unlikely and so morbid, it's really good to
be thinking about these things. So you know what, I'm going
to have these conversations when you're in your right mind
and want the best for future you and want the
best for your family, not when you're forced to have
them and you're making a decision out of desperation. Definitely,
that's a really good point. So I guess onto the
(34:40):
next thing let's talk about. Like I'm moving on, is
a bit morbid. I've really want to jump to a
new topic because it is so morbid. But you don't
talking about setting short and long term goals. Goal setting
sounds really bland, but it's really really important. You don't
have to have a goal of having a new career, Beck.
We could have small goals, but you need to understand
(35:01):
the difference between a short and a long term goal
so that we know where to put our money. Because
if you set a short term goal of mine is
to buy a house, I'd be like, all right, well,
investing is not a good option, right, Like, let's not
put our money into the investment markets if you're going
to buy in the next year or two. But if
you said long term goal, maybe in the next ten
plus years, I really want to buy property, I'd be like, Babe,
investing could be for you, Like that could put you
(35:22):
in a better position. You could pick up some compound interest,
Like over that long period of time, you're going to
make sure that you're, you know, hedging your bets over
the market, not being down. So I think getting some
clear and achievable short and long term goals is fundamental
to guiding financial decisions and ensuring future success, which is
(35:43):
really important. But I also need to recognize that I'm
the worst at setting a goal and then sticking to it.
Did you set your goals for this year? If so,
what were they. Let's do a little bit of a
check in I did your best year yet? Program? At
the start of this year, because goal setting for me
used to be really hearty, so like write down all
of my goals and then not do anything about them,
(36:05):
and then at the end of the year wonder why
I hadn't achieved them, but also crucify myself because I
was like, I'm so dumb. I didn't save ten grand
and that was my big goal and I can't believe
I didn't do it right. But Becka had no framework
in place, Like, how was I going to save ten
grand by December if I didn't have any type of
plan in January, if every March or the rest of
the year, Yeah, I was just going to turn up
(36:28):
with ten grand at the end of the year and
no framework to have done that. Sure. Really, sometimes it
is just as satisfying writing down your goals instead of
like actually hitting them or reaching them, you know what
I mean. I feel like it gives you clarity on
what you want, So that's important. But if you're going
to set goals and you want to achieve them, check
in on them. It's not too late ever to reflect
(36:49):
on what you wanted, focus on and start tracking your progress.
So if you started this year with a list of
goals and maybe you haven't reviewed them. Maybe now is
the time that I'm kicking you in the bottom a
little bit, going, hey, Beck, where's that list you said
you liked writing down? Where are we at? Do you
still want to do those things? It's so fine if
you don't like the amount of times I change my mind.
I'm like, I know, I said I wanted to do that,
(37:10):
but that was a joke. I was just joking, Guys,
I was joking. Why don't you take a joke. I
never wanted to do that. Thing that I did was
crucial for future. Yeah, No, it was a joke. But
I think having a look at your goals and what
you want to achieve is really important and then looking
further ahead. So what does that look like for you?
What are your goals for achieving some level of financial freedom?
(37:34):
What are your goals for retirement if you've got them.
If you've ever said to yourself, I know, I really
want to retire early, what does that even mean? Like
when you say retire early, what does that mean to you?
Because I think when I was young and you would
have said, oh, sixty five is the retirement age, which
it is at the moment. If you'd said to me,
(37:55):
does that sound good? I'd be like, yeah, that sounds great.
But now I look at my parents, who are both
close to sixty five, and I'm like, that's so young.
Like to me, that isn't as old as what I
used to think it was. Is that where I want
my life at? But I also think how good would
it have been if, you know, at fifty, I had
financial freedom to choose, like, maybe I can go part time,
maybe I can, you know, choose to live my life
(38:17):
the way that I want to, because I don't want
to be sixty five and having to go to work
every single day. So I don't know, it's completely up
to you. So determining your retirement age or what you
think you might want to retire out, and your lifestyle
expectations is going to help you calculate what you need
in retirement. So I always tell you about this figure
of you know, having one point two million dollars invested
(38:40):
beck and how that will give you every single year
a sixty thousand dollars income. Is that enough for you?
What does that actually look like? Because one point two
million dollars is so much to be invested. In fact,
you don't even need half of that to have a
successful retirement. A comfortable retirement here in Australia is less
than that, which is really nice. But have you done
(39:01):
the numbers? What does a comfortable retirement for you look like?
Because that might look very different to the comfortable retirement
I want, and that's okay, But what does that number
look like? And I can almost guarantee that the second
you start going, ah, looks like this clarity opens up
and it's not as hard as you thought it was.
(39:22):
It's not as overwhelming or confusing, or you know, it's
not something that feels so distant. You go, I could
probably work towards that. You know, my souper is actually
tracking really well. Or you know what if I added
one percent to my super m what does this look like?
I could invest outside of super as well. So there's
lots that you could do. I'm start to feel a
bit motivated. And hopefully once you start I expose like
(39:44):
planning for things and realize you can do it and
you feel like you've got a little bit control, I
think you'll feel a bit motivated too. It's sexy. Now,
I wonder do we have time for one more? Nearly
like let's do like a half one, let's talk about
financial literacy, because that we are definitely running out of time,
but I think a very good place to wrap it
actually is really about improving your financial literacy, which, like, guys,
(40:07):
you're doing by listening to this podcast so Slay, you
are definitely putting yourself in the best possible position. But
do something every week or every month to improve your
financial literacy, whether that is listening to a podcast, listening
to somebody else's podcast, you know, checking your superbalance, checking
in on things. At the end of my very first book,
She's on the Money, there's actually a laundry list of
(40:29):
what you can do every single month to put yourself
in the best possible position. So like I can't even
remember what I did, but it's like month one, you
check in on your budget. Here, month two you're checking
in your insurances, and it gives you like checkpoints of
what to do so that by the end of the
year you're in the best possible position. And it includes
things like checking your insurances on your car and how
(40:50):
much you're paying. It includes having a look at your
super and all of those things that might slip through
the cracks. And then get to the end of the
year and we started again. So I think that that
could be really powerful, having a checklist of sorts so
that every month, I go, oh, Beck, do something every
month for your financial literacy. You're like, what, But I
gave you an entire list for an entire year, and
(41:11):
all you do is set and repeat. And it means
that at least every year you're going to look at
your budget. At least every year, you're going to review
all of your subscriptions. At least every year you're going
to check how much money is coming into your account.
At least every year we're sitting down and potentially talking
about a pay rise with our employer, like really important stuff.
But I made the checklist for you, so you can
(41:33):
do that if you so wish. Otherwise, you could make
your own checklist up and do whatever you like, because
all I care is that you've got the financial literacy
to make the decision that you deserve to make. I
love it. It is so good like that, Victoria. Yeah, I
just love a list, love a spreadsheet. I'm here for it.
I love a list. Okay, well, let's agree on something.
I'll go invest after this, and you start meditating no, okay,
(41:55):
you do yours. I'm not doing it. That's fair. You'll
invest though, right right? Good? Rest of the day. Guys,
will see you on Friday, So there fine. The advice
shared on She's on the Money is general in nature
and does not consider your individual circumstances. She's on the
(42:15):
Money exists purely for educational purposes and should not be
relied upon to make an investment or financial decision. If
you do choose to buy a financial product, read the
PDS TMD and obtain appropriate financial advice tailored towards your needs.
Victoria Divine and She's on the Money are authorized representatives
of Money showper Pty Ltd ABN three two one six
(42:38):
four nine two seven seven zero eight AFSL four five
one two eight nine
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