Investing in your 20s, 30s, and 40s: Tips for Each Lifestage

Something we hear super often is, “How do I invest now, to prepare for a comfortable retirement later on?”. To which we say, “That depends…” 

In this week’s Deep Dive, Victoria and Bec unpack what you might need to invest each month to reach $1m by the time you reach retirement. Better than that, they’ll break it down by life stage so that there are relatable and actionable things to consider for you whether you’re in your 20s, 30s, 40s and beyond. 

Rather than simply telling you to earn or save more, or get better at budgeting, the team shares considerations around things like investing habits, superannuation, and salary sacrificing that scale with the characteristics of your assets. 

Rather than rushing in or feeling left out, this episode is about reframing your approach to investing over a lifetime.

GET YOUR FREE INVESTING CHEAT SHEET: It’s yours for the taking over at https://www.shesonthemoney.com/download-resources

HIGH-INTEREST SAVINGS ACCOUNTS: We’ve compiled a list of some of Australia’s most competitive high=interest savings accounts over on the blog. Search ‘high-interest’ at www.shesonthemoney.com/blog 

TUNE IN, TURN UP THE DIVIDENDS: Stream our investing playlist over at https://open.spotify.com/playlist/7iWOxtjWXFzTMLU6mtru2I

BROOKE'S FIRE PLAN: Learn how SOTM team member Brooke is investing to retire before 35, over at https://www.youtube.com/watch?v=NsuXtMcFLM8

New here? Follow us on Instagram (@shesonthemoneyaus) for Q&As, bite-sized advice, daily money inspo... and relatable money memes that just get you. 

Acknowledgement of Country By Nartarsha Bamblett (nartarshabamblett.com.au)

The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The 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 Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708,  AFSL - 4451289

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:00):
She's on the Money.

Speaker 2 (00:02):
She's on the Money. My name's Tatasha Bamblet.

Speaker 3 (00:11):
I'm a proud First Nations woman, and I'm here to
acknowledge country. Hello, beautiful friends, we gather on the lands
of the Aboriginal people. We thank acknowledge and respect the
Aboriginal people's land that we're gathering on today. Take pleasure
in all the land and respect all that you see.
She's on the Money podcast acknowledges culture, country, community and connections,
bringing you the tools, knowledge and resources for you to thrive.

Speaker 2 (00:32):
Hello, friends, and welcome to another deep diver edition of
She's on the Money, the podcast that helps you feel
more in control of your financial future, no matter your
age or life stage. Now, because we're no strangers to investing,
we're constantly on the lookout for ways to help you
learn more and become more confident in your own personal
investing journeys. But we're not all listeners at the same stage,

(00:56):
so our research and recommendations need to adapt accordingly. Right
fair cool, I am Victoria Divine. Today Beck and I
will be sharing investment strategies for people in their twenties, thirties,
forties and beyond. Because if we've learned anything, my friend,
it's all about when you start. Miss Bech sayed, welcome
back to a Deep Dive episode.

Speaker 1 (01:17):
Thank you so much for having me.

Speaker 2 (01:18):
I'm just grateful to have you. I feel like I'm
just I just love doing episodes with you because you
are just I don't know, sunshine. Oh you're so fun
like you.

Speaker 1 (01:29):
They is so cut, you are so fun.

Speaker 2 (01:31):
We just love each other so like we just want
to do investing content together through.

Speaker 1 (01:35):
I really do like this the idea of this episode
because I think that, like, you know, I'm in my thirties,
you're in your thirties, Like there are people that are
listening that are beyond you know, forties, fifties, sixties, and
they're like, oh damn, it's too late. But it's not
necessarily too late.

Speaker 2 (01:48):
Never too late, Beck, it is never too late. Like
even if you're like a year before retiring, like, there's
always benefit in looking at your financial position and trying
to better it.

Speaker 1 (01:58):
Absolutely. There's that saying that best hundred plant a tree
is one hundred years ago. The second best time is.

Speaker 2 (02:04):
Right now exactly, and you would have had a really
good tree if you've planted it one hundred years ago.

Speaker 1 (02:08):
Souly, and you're about to have a really good tree
because you're planting it right now.

Speaker 2 (02:11):
I think you've nailed it, Beck, and we will soon
explain exactly how you might set yourself up depending on
your age bracket, to show the impact of investing on
your personal wealth goals. But before Beck and I do,
we're going to take a really quick t break. All right, Beck,
we are back and I am excited. It is time

(02:33):
for us to get our ducks in a row. No
matter how old you are, there are actually a few
things that you need to have sorted before you buy
your first share, Beck, can you guess what they might be?

Speaker 1 (02:43):
I have a feeling is it something to do with
setting up an emergency fund or paying down debt?

Speaker 2 (02:47):
Maybe goal it is always about paying down debt with
it and setting up an emergency fund. I was having
this conversation the other day to a friend. I was like,
I feel like I am so gentle or I hope
to be so genero with the She's on the money community,
because I genuinely I don't care what your wealth goals are.
I just want to make sure that you have all
of the tools and all of the resources that you

(03:07):
deserve to put yourself in the best possible position. But
I also feel like recently, in the middle of the
cost of living crisis, watching all this SpaceX stuff happen,
watching you know, essentially the economy perform in a way
that's not putting us all in the best possible position.
I feel like I need to be more aggressive, like
in a positive, like big sister way, not in a

(03:28):
like we're mates way, but like want you to get
your together so that you can be in the best
possible position. And I just think that in today's economy,
it is so irresponsible to not have an emergency fund, Okay,
to not put yourself in the best possible position, like
you are literally stealing from future you, Like, I want

(03:51):
you to be in the best possible position. It's not
because I'm like, oh, that is so irresponsible, Like I
want you to live, love, laugh, But I also want
you to have five hundred stash for an emergency because
you deserve that, don't you, Like you deserve to get
out of any circumstances or situation or position you don't
want to be in, Like you don't deserve to go
into debt, Like, yeah, I need to be aggressive about

(04:14):
this because I feel like so many people are just
going I just do what I want, and I'm like, yeah,
pop off, queen, but like, do what future you wants too,
and future you wants to feel secure.

Speaker 1 (04:25):
Hmmmm. No, that's very true. That's a really good I
really like your outlook on that because it's like you
could be wanting to do whatever. You might just be like, oh,
I just want to be able to buy Tim Tams
on a Friday, But oh, I get it. Emergency fund,
you will always be able to buy Tim Tams on a.

Speaker 2 (04:40):
Friday, exactly. And I just think that before we start
investing your money anywhere, we just need to get our
house in order because it can be so exciting. Like
if you're listening to this episode, you're like, oh thee
this one's for me because like, I'm in my forties,
I haven't started investing yet and I really want to.
But you have some personal debt. It's not sexy, is it? Like,

(05:01):
it's not I get it. But we need to focus
on getting rid of that personal debt because that's actually
the best investment you can make. Like, if you have debt,
you have a high interest rate that you are guaranteed
to have to pay. Yeah, getting rid of that means
that you're not going to have to pay it. Getting
rid of that means we're setting up savings habits that
can then fold into investing habits. So that means we

(05:23):
are consolidating any bad debt and we are tackling it
head on. You know, any buy now, pay later, set ups,
any credit cards, any high interest loans that might be
interfering with your contributing power, Like we're caring about that.
We are tackling that first. And if this is a
really big thing for you, queen, I get it. I
didn't get myself into forty thousand dollars worth of personal

(05:44):
debt just for fun. I did it because I was
just like you. And now I've pulled myself out. I'm like, oh,
I can see the lights, but like sometimes when you're
in debt, you cannot see the light and you need
a friend to be like becka promise. This is a
hard slog, but gets better, but she's on the money.
We have a whole heap of budget templates, we have

(06:06):
a whole heap of episodes on getting out of debt.
We have a whole heap of resources that are free
on our website, because Becky would never charge you to
help you get out of debt.

Speaker 1 (06:15):
I love that, but.

Speaker 2 (06:15):
I'll make sure that I include them in the show
notes for you. So it does involve you setting up
an emergency fund. I don't know your circumstances.

Speaker 1 (06:23):
If you're in your.

Speaker 2 (06:24):
Twenties and you still live with your parents and you
don't have to pay rent or board pop off, your
emergency fund might actually just be five hundred bucks to
the side because you don't have emergency expenses. But if
you're in your forties and you have two teenage kids,
that's going to look a little bit different. And then
what an emergency fund looks like to you is going
to be a little bit healthier, right, Like you're going

(06:47):
to need a little bit more than five hundred dollars.
So I want you to set up an emergency fund
so that you can still afford a decent quality of
living if you get sick, or if you need to
take some time off work, or if you become injured
or suddenly unemployed. That's happening to all our friends at
the moment.

Speaker 1 (07:03):
Beck Yeah, that's so true, Like.

Speaker 2 (07:05):
So many of our friends are becoming suddenly unemployed. They
didn't see it coming. It's not because of their talent,
it's not because of how smart they are. It's the
nature of work at the moment. I feel like redundancies
are everywhere and you just can't predict them.

Speaker 1 (07:18):
It's so true.

Speaker 2 (07:19):
And think about it. If you can't bet afford to
pay rent or buy basic groceries, maybe investing isn't actually
right for you right now. And I mean that in
the kindest of ways. I do want you to stay
for the episode. I do want you to learn, because
the second you have your emergency fund and the second
you're able to do those things, we can start investing.

(07:41):
And you don't even have to do the education part
because you already did it, Like you're already like finger
on the pulse, you are ready to go, like you
are set up. Just because you're not investing doesn't mean
you're not on your investing journey right like we are
on the education section of the journey. Anyway, I think
it's really important that you get your baseline budget and
your emergency fund going, and then you and I can

(08:03):
talk about your actual investment portfolio what you're allowed to
invest in. But like, yeah, being your best friend, Like,
I want to be the best friend that you've got.
I care so deeply about you, genuinely, I feel like
I do need to up the ante on how aggressively
I believe that you need your emergency fund. Yeah, because like,

(08:24):
it's not me going you're doing the wrong thing, it's
me going back put future you first.

Speaker 1 (08:29):
Please?

Speaker 2 (08:30):
She deserves that, Yeah, for sure, and you do right, Like,
if I ask you just future you deserve to be
financially comfortable. Yeah, heck yes, she does exactly. And it
doesn't feel good in the moment when you're like, but
I wanted to invest or, I wanted to go on
a holiday, for sure. No, queen, that's not what we're doing.

Speaker 1 (08:49):
Okay, what do I things like savings? Your savings become
your investment contributions or should you divvy it up? How
do you approach it?

Speaker 2 (08:56):
Okay? So this depends on your money goals personally. So
maybe you're saving for like house deposit and you still
really want to dabble in investing on the side, or
maybe your goal is to invest aggressively and retire really early.
So depending on what your plan is, you might choose
to set up automations that make contributions as soon as
you get paid, so that you aren't hesitating with what's

(09:16):
left around your day to day expenses. So some people,
and this doesn't work for everybody, but some people aim
to invest twenty percent of their income, while others only
contribute what they can paycheck to paycheck. Like some months
it might be like five bucks. Some months you might
be like, oh, I've got some tax back. I've got
a couple of hundred bucks. So you might also want
to split up all of your accounts so that savings

(09:38):
and your contributions are separate. Now, our team has created
an investing playlist to help you explore the different ways
that you're able to do this as well. Because there's
no right or wrong answer. All right, beck, Let's say
that you've got your ducks in a row, and you've
got your you've got your emergency fund. You know, you
have a really good finger on the pulse around your budget,

(09:58):
like you've got it together. I'm going to give you
an idea of how much each age group will need
to invest every single month in order to reach an
investment portfolio of one million dollars.

Speaker 1 (10:11):
Okay, cool.

Speaker 2 (10:12):
I'm also going to explain how things like returns so
like the success of various shares or ETFs, and inflation
might impact this over time. Okay, I have picked a
million dollars. Sure it's a really round number. If you
zoom out a little bit and look at Australian statistics,
you do not need a million dollars to retire. I

(10:35):
think that you would retire incredibly comfortably if you had
a million dollars. And every single person in my community
has the ability, I promise you to create an investment
portfolio that supports them in retirement. Yes, okay, we have
the ability to financially put ourselves first. It does involve

(10:55):
pulling your finger out and getting some stuff done, though.

Speaker 1 (10:57):
Sure, sure, sure it does. This is very motivating, say
so because we know the inflation affects the purchasing power
of your money and that what costs a million dollars
today might cost you way more in say a decade
or so. I guess it means like one million dollars now,
just hypothetically. It probably probably changes a little bit if
you are renting versus don't have to pay mortgage anymore,

(11:19):
et cetera, et cetera. But yeah, it's a nice round number,
and we're gonna just.

Speaker 2 (11:23):
Assume you know, when you're like, if I picked like
six hundred thousand dollars, the numbers don't become as round
and easy to like kind of stick in your brain.
And I don't want people to think, oh my gosh,
Victoria is so out of touch. She thinks I can
create a million dollar portfolio, like you can do? You
know what you can? Like Beck, boys have done it. Absolutely,

(11:44):
don't get me wrong. There is a lot standing in
your way.

Speaker 1 (11:47):
Do you think I could?

Speaker 2 (11:48):
Absolutely you could. I do not, Beck. I do not
say why you could not do that? Yeah, Like it
actually comes down to you committing to it though, And
that is the hardest friggin thing. Yeah, because like life happens,
and short term gratification versus delayed gratification is so hard
and it's something that I have had to learn the
hard way. But like one thing I am good at

(12:11):
and I know is really hard, especially living in twenty
twenty six, is I am good at sacrificing something smaller
now because I know that I'll have a bigger, better
one later, Whereas a lot of people would much prefer
to go. I can't be bothered let's not think about
the bigger thing. I'm going to shut that part of
my brain out. I don't care. Sure, I really want

(12:33):
the smaller thing right now because it gives me that
dopamine hit. And that cycle is so freaking hard to break.
But you can break it. You've got to want it
enough though. Yeah, Like, it doesn't come down to, oh,
you need a better paying job, It doesn't come down
to any of that. It comes down to your commitment
to a goal. Some of my richest clients when I

(12:54):
was a financial advisor had day to day jobs that
were not, you know, arguably impressive, right, And I'm not
saying that in a bad way, but I think that
there's this still stereotype and misconception that to have a
million dollars invested you need to be earning big dog money.

Speaker 1 (13:13):
Sure you don't.

Speaker 2 (13:14):
You just need to be consistent.

Speaker 1 (13:16):
Yeah, absolutely. And if you're like listening to this in
your living paycheck to paycheck as m I got, damn,
but I would. I was just putting five dollars away
and it was just like uneven, intentional. So maybe not
all of this right now applies. But once you get
yourself into a position where you got your emergency f
on going.

Speaker 2 (13:33):
Everyone everyone can do it. I just feel so like
every how it fall into it, and I just it
breaks my heart that so many people just don't have
the belief in themselves that they can or that it's
for them, or you know, if you've grown up in
a situation where generational trauma exists, like and generational financial
trauma exists, it's really hard to get out of that.

Speaker 1 (13:55):
It really is.

Speaker 2 (13:56):
And if you're listening to this podcast, it's because you
want to break that so bad. And it makes sense
that you slip into old habits because you know what
old habits are beck old comfortable, Yes, comfortable, they're like
your track is that you can just trust. Like how
many times, and I don't know if you've done this,
but how many times you've been shopping and you go, oh,
those pants are really nice. I'm going to get so

(14:16):
much wear out of them. You buy a new pair
of pants, then you go home and you change straight
into your old daggy TRACKI dacks that probably have a
hole in them because you're comfying, you know how they
perform the waistband it doesn't cut in, whereas the new
ones you just don't reach for them as much. They
might be just as nice. They haven't been broken in,

(14:36):
have they?

Speaker 1 (14:37):
Absolutely, you don't feel.

Speaker 2 (14:38):
Comfy in it. No, change is uncomfortable.

Speaker 1 (14:42):
Let's do it.

Speaker 2 (14:43):
But the new pair of jeans, they might be a
little bit stiff right now, but if you're tenacious, they
might become the best pair of pants you've ever worn.

Speaker 1 (14:50):
So true, hang in there, hang in there, right, okay,
let's get into it all right.

Speaker 2 (14:54):
I'm going to start with investing in your twenties. So
what is BECK? Your greatest asset can beare to all
other age groups if you are twenty.

Speaker 1 (15:02):
I guess it is time.

Speaker 2 (15:07):
Yeah, you're young and dem young and dumb. No, no,
it is just time. You're not young and dumb, you're
just young. Yeah, but time time is on your side,
and with things like compound interest, your investments can absolutely
take off, especially BECK. If you know, touchy, yeah, okay,
leave it. If you don't touch it, sure, touch it

(15:29):
can't help you. But according to the Financial Review, based
on a current average return, and I love to use
numbers that are a little bit lower. And I also
love to use inconsistent numbers to give you examples, because
everything that I say in this is just an example.
It is not a specific ETF or product or share
that I'm referring to. It's just an example. So like,

(15:51):
I feel like I need to caveat this because I
don't want to be giving you financial advice. I want
you to be just getting some information that puts you
in the best possible position. But since inception of the
Australian share market, the average rate of return overall has
been thirteen percent. Okay, I would never use that as
an example because I'd prefer to underpromise over deliver.

Speaker 1 (16:13):
Yes, absolutely, I agree, and I want.

Speaker 2 (16:15):
That for your portfolio. So we don't expect thirteen percent.
We never would because time it just doesn't work that way.
But today we're going to use the average rate of
return of seven percent, which feels a little bit more conservative.
And if we look at all the ETFs and all
of the shares on the market, that's not unrealistic as
an example, So I would say that's a pretty conservative

(16:37):
reflection of how well Australian shares or ETFs are performing
adjusted for inflation. So if Beck you invested two hundred
and sixty two dollars per month sure from the age
of twenty years old, you would be expected to reach
one million dollars in your portfolio by the time you
reach the age of sixty five.

Speaker 1 (16:59):
Okay, okay, okay, that seems like that seems doable. It's
obviously hard right now, especially in the cost of living crisis.

Speaker 2 (17:07):
But it's going to get harder. I promise going to
get hard. These are just examples because the older you get,
the less time you have, which means the more money
you need to contribute, which is why I am so
aggressive without going If you can start young and early,
you're going to just be able to commit to two
hundred and sixty two dollars every month compared to someone
in their forties who is genuinely going to have to

(17:29):
contribute more to achieve exactly the same goal. Sure, and
that's harder, Rit, Like the second you get to the
age of forty, life is a bit different to being twenty. Yeah,
like you're I don't know about you, Beck, but when
I was twenty, I was at university. A good night
out for me was dumplings in Chinatown split between my
mates byo bottle of wine. Like I was all for

(17:51):
cheap thrills. Yeah, like love it. Yeah, I didn't have
a lot of financial responsibility. Sure, I didn't have kids,
I didn't have a husband, I didn't have a mortgage,
I didn't have you know, I had the desire to travel,
but my travel goals were backpacker vibes.

Speaker 4 (18:06):
Yeah.

Speaker 2 (18:07):
But now I'm sadly closer to forty than I am twenty.
I have two kids, I have a mortgage, I have
a lifestyle that I've created with my husband that I
don't want to compromise. Finding an amount of money that is,
you know, relatively significant in my budget is much harder today,
Like finding that money is harder. But if I got
a twenty year old. And don't get me wrong, I'm

(18:29):
not saying that this is easy to just find two
hundred and sixty two dollars every single month. Yeah, but
I promise if you want it hard enough, you will
do it. You will find it anyway. Thanks to things
like compound interest, your contributions earn a profit based on
the performance of the market, and then those profits continue
to earn a profit the longer that you leave them there.

(18:50):
So the money that your money makes ends up making
money beck And that is sexy because that's the free
money making more free money.

Speaker 1 (18:55):
Hell yeah, we love free money.

Speaker 2 (18:57):
We love free money. Of course, if you're investing in
America Shares or ETFs, this figure might actually be a
lot higher depending on returns. But let's just keep things
local for now.

Speaker 1 (19:06):
Good idea. Okay, So not sure how true this is
for our listeners, but when I was twenty, I'd be
lucky to even have like twenty bucks left over at
the end of the month, totally with the cost of rent, grocers, bills, petrol.
I did have hexset, although I didn't really ever finish anything.
And then also like fun money if I ever had
any of that leftover. So what can people do to
make this more achievable?

Speaker 2 (19:28):
There's obviously a lot in it, And as I said before,
you have to want this. Yeah, Like it's not me going,
oh it just happens so easily. It doesn't. This stuff
takes work, and that's why it's so hard. Like if
I said to you, find two hundred and sixty two
dollars back every single month, you'd be like, Okay, I'm
gonna have to like shift a lot around. But first

(19:50):
things first, we're going to work out our budget. How
much are you spending on essentials? Like your rent and
your bills, and how much is left for saving and investing.
Then I want you to assess whether they're room here
to meet your personal investing goals. So maybe you don't
actually care about getting a million dollars by sixty five,
because as I said, that was just a good example. Sure,
and we're defaulting to that for this episode. Maybe you're

(20:12):
investing for other reasons in case your contributions might be
like less, like you might only need one hundred or
only need fifty. So if you haven't already explore your options,
find a high interest rate savings account. The second thing
I would do superannuation, Babe, it is slept on. I
can guarantee that most people listening to this episode have

(20:35):
not checked their SUPER this month. Yeah, and that's normal.
Can we change that? Can we look at our super?
Because do you know what that is?

Speaker 4 (20:42):
Beck?

Speaker 2 (20:43):
It is twelve percent of your income paid into if
you're a PAYG employer, paid into a fund that is
completely controllable by you. That is money put aside for
your future.

Speaker 4 (20:55):
Beck.

Speaker 2 (20:55):
Are you saving twelve percent of your income right now?

Speaker 1 (20:58):
I think so? Outside of outside of it, God no.

Speaker 2 (21:04):
No, But you are in SUPER and that money is
invested for you for your future. Yeah, beg, you're investing
every single month more than two hundred and sixty two dollars,
are you not?

Speaker 1 (21:13):
Oh?

Speaker 2 (21:14):
Oh my god, but you're not checking on it. No,
that's crazy, my queen.

Speaker 1 (21:18):
What Yeah, that's wild.

Speaker 2 (21:20):
Like we need to care about this, like we need
to care about our money. Like also from July twenty
twenty six, so like literally right now, employers legally had
to make sure that your superannuation hits your account within
seven days of your paycheck rather than quarterly.

Speaker 1 (21:35):
That's great.

Speaker 2 (21:36):
Yeah, more money more often means it's getting into the
market more consistently, which means you're going to get better returns.
Oh yeah, money win for everyone. Then you need to
confirm how your super is being invested. Are you in
a high growth option? You might not know if you
don't go and check. My friend, is it aligned to
your wealth goals? Do you actually like the fund that

(21:57):
you're in? If not, change it?

Speaker 1 (22:00):
Yeah.

Speaker 2 (22:00):
And the next thing we could do is salary sacrificing,
So you could potentially be making contributions on top of
your employer's mandatory twelve percent, and arguably that is the
biggest tax hack in Australia and the closest thing to
a tax haven because like the tax rate inside supranuation,

(22:21):
it sits at fifteen percent and the average seese on
the money listener is paying thirty percent in tax.

Speaker 1 (22:28):
Yes.

Speaker 2 (22:28):
Yes, so immediately you're getting fifteen percent back if you
used super Yes, not saying that that's a good idea,
but because you're only tax fifteen percent on contributions versus
your marginal tax bracket, you might get better returns inside
your superranuation than you would if you were to invest
it on your platform.

Speaker 1 (22:48):
That is a great piece of advice.

Speaker 2 (22:50):
Being careful though, because you know that if you contribute
to superanuation, you can't touch it until retirement. And then
there's that conversation around Like for me personally, my wealth
goals Beck want to retire early. Yeah, I want to
retire before sixty five. Like girl. If I'm not ready
to retire by the age of fifty, I have gone wrong.

(23:12):
I've done something wrong. But to be able to retire
at fifty, I need an investment portfolio outside of my
superannuation to be able to do that tool because I've
got to carry fifteen years where I can't access my
super Yeah. Yeah, so like for me, it's it's a balance,
and maybe for you it's a balance. Maybe for our
community it's a balance, but that's something I just want
to be like, sounds great, but you can't touch you.

(23:33):
So for me, I'm obviously contributing to it because I
know in the future I will have access to it,
but we'll just be careful. Yeah, okay, got you. The
next thing, investing, Yes, if you have a little extra
cash or like a few coins outside your essential outgoings,
maybe consider signing up for a platform like Chas's where

(23:56):
there's no minimum investment, so like you can investor as
little as to get started, and then you can do
things like roundups and you can invest like a few
dollars here and there, so instead of having to commit
to a monthly amount, you could be like, okay, cool,
when I purchase a coffee, I know I'll invest an
additional dollar. Yeah, because obviously roundups are like small change

(24:19):
that heads in the right direction and maybe you won't
notice it, and maybe that's what makes sense for you,
and then earnings like sorry, we hit it back ourselves.
If you're listening to an episode on how to Invest
I'm assuming you want to get rich. Yeah, I want money.
I want to be comfortable. One of those things is
looking at your role, you know, looking at your earnings

(24:41):
and whether there's any room within your industry to grow
your take home pay.

Speaker 1 (24:45):
Now.

Speaker 2 (24:46):
I know that in particular industries like nursing, you don't
have control over that. You can't go to your unit
manager and be like, hey, babe, so I was thinking,
can I have a pay rise? It's just not going
to happen. You're in a band, you get paid a
certain that is non negotiable, like the government sets it.
I get it. This is not a tip for every
single person, But what I do want you to do

(25:08):
is look at the market and do not be afraid
to ask your colleagues and your peers what they earn
to make sure that you are being paid competitively.

Speaker 1 (25:18):
Completely agree, Beck.

Speaker 2 (25:19):
I know you worked for a place where you earned
a certain amount and then somebody got hired in the
same role as you and got paid more.

Speaker 1 (25:27):
Yes, yes, that's the cook I know, and that's why
pace secrecy. I never agreed to it and never liked it.

Speaker 2 (25:33):
Now it's gone exactly asking b Busy, you would never
have known that if you weren't nosy, and you never
would have gotten a pay rise if you didn't have
conversations about this. It can be uncomfortable. Yeah, but if
I share my like if I was a PAYG salaried employee,
I feel like I would be happy to share with you,

(25:54):
you know, like I don't know, money can still be weird.
So I get when people are like, oh, I don't
really want to share it. I get it. And I
don't share beck what I earn on the podcast because
I am not comparable to the average employee, not because
I think I'm better, but because you knowing my salary
does not help you build yours. Yeah, but if I

(26:16):
was a nurse, I would tell you my salary. If
I had a PAYG job, I would make sure that
my colleagues knew what I was on. You know, maybe
it's not a consistent conversation, but I'd be like, oh,
if you want to know what I'm on, like, I'll share.
You can have a look at my pay sleep. Yeah,
because I want what you've got and you want what
I've got, and we want equality, and I think that
that is fair. But maybe it's time, Maybe it's time

(26:38):
for you to push for that pay rise. What's the
worst thing that could happen? They say, no, Yeah, that's fine.
Chat with your direct report about your professional or your
career goals so that you can work together so that
you can achieve them. Maybe consider a side hustle to
support your income. Yeah. Sometimes, and people aren't going to
like this. Sometimes. If you want more, you've got to
do more. You can't just sit at home and be like, oh,

(27:00):
I wish I could do that. I get it, I
do I want more, so I do more. It might
not be what you want to do, and I get
that you don't have to, but I want you to
know that that's an option, and I want you to
know that you are completely in control of what that
looks like.

Speaker 1 (27:18):
That's very true. And there are like other things for
you know, different abilities and stuff like that. There are
things you can do from home and like ways you can.
It's it does suck that we had to have a
side hustle to like make more than you.

Speaker 2 (27:28):
Know, just more, yet like to put ourselves ahead and
to put ourselves in a position that our parents got
with their nine to five Mondays Friday jobs. Exactly. It
is bullshit, Beck, It is I'm not saying, oh, do
this because you have to. I'm saying do this because
I want what's best for you. And sometimes short term
pain is long term gain.

Speaker 1 (27:45):
That's very true.

Speaker 2 (27:46):
And if you earn less than thirty seven thousand dollars,
there's actually a very cool thing that the Australian government does.
It's called co contributions and they will pay get this,
fifty cents. That doesn't sound impressive, but wait for the
rest of the sentence. They will pay fifty cents for
every one dollar you cantribute after tax to superkay to

(28:08):
five hundred dollars per year from the government for free. Yeah, okay,
don't leave that on the table. True, that's a fifty
percent return. Hell yeah, be so for real take it.
Then let's touch on property.

Speaker 1 (28:22):
Sure, if you're.

Speaker 2 (28:23):
In a position to buy and you want to be buying. Yeah,
and you haven't looked at the first time super Savior
scheme because maybe it's too much of a mouthful for you.
I get that. But you can potentially contribute. And I
have to say you can potentially contribute because I'm not
giving advice, but go look at this scheme and see
if it aligns to your values, you can potentially contribute

(28:45):
fifteen thousand dollars a year into your superannuation up to
fifty thousand dollars, and then you can withdraw it for
your first home deposit at a lower tax rate, which
is a tax discount on saving for your first home.
That means that if you are on a thirty percent

(29:06):
tax rate, and let me do some quick numbers in
my head, and you contribute fifty thousand dollars, maybe over
five years, you've like done ten grand a year into
your first home. Super Savior scheme. One person to follow
and look at this who has done this and is
publicly sharing her journey is miss Jess Gerricci from the show.

(29:26):
She did this. But if you contributed that ten grand
per year, you would approximately be nine five hundred dollars
better off.

Speaker 1 (29:35):
Oh amazing, true, because you get the you get a.

Speaker 2 (29:37):
Tax fifteen percent tax back every time you put it
into your super and you get a tax return and
then interest and then you pull it out and you're
in a better financial position.

Speaker 1 (29:46):
Incredible.

Speaker 2 (29:47):
That is sick.

Speaker 1 (29:48):
Yeah, it's actually great. Okay, So if you're satisfied, I'm
happy to drum straight into thirties.

Speaker 2 (29:53):
If you want to that's what us fair, Okay, that's
you sit down, strap here, huh. I saw something on TikTok. Right,
get your fist and put it on your right shoulder. Yeah,
Now pull it down and put it on your left hip.
You've buckled in. You're ready to go. Oh okay, are right?
Based on a current average return of seven percent, So

(30:15):
that's the growth adjusted for inflation that we picked before,
you'd need to invest five hundred and fifty two dollars
each and every single month from the age of thirty
to have a million dollars by the time you reach
sixty five.

Speaker 1 (30:28):
Well, do what but see how three hundred?

Speaker 2 (30:32):
Yes, but see how that number has jumped. It's now
five hundred and fifty two dollars each and every single
month until you're sixty five, compared to when you're twenty
and you're investing two hundred and sixty two dollars per month.
Sure you now need to find more than double.

Speaker 1 (30:47):
Okay, okay, okay.

Speaker 2 (30:49):
I'm not trying to bring their mood down, but I'm
trying to show you that if you started at twenty
and you were investing two hundred and sixty two dollars
per month, by the age of sea sixty five, you
would achieve an investment portfolio of a million dollars. You
will achieve the same goal at sixty five if you
start when you're thirty with a higher contribution per month. Okay,

(31:10):
And which is cool because it's still achievable technically.

Speaker 1 (31:13):
Technically, and that is eighteen dollars a day.

Speaker 2 (31:17):
Yeah, Like, if we reframe it, it's not that bad.

Speaker 3 (31:20):
Beck.

Speaker 1 (31:21):
Absolutely, I'm spending eighteen bucks a day on coffee.

Speaker 2 (31:24):
I know. And this is why I have decided that
I want to be slightly more aggressive in being your
best friend, because like, I'm just like Beck, I want
what's best for you. Can you imagine how many lattes
you could buy when you're retired, Beck, So there's going
to be a period of your life where if you
knuckle down today, you don't have to go to work,

(31:45):
you don't have to earn an income. Your investment portfolio
is going to pay your income, and you just have
late every day.

Speaker 1 (31:51):
Incredible, and it's.

Speaker 2 (31:53):
No alarms in the morning. No one's a micro manager.
No one's going to tell you to get out of
bed because you did the hard yards early.

Speaker 1 (32:02):
You just do whatever you want from that point, guys,
so incredible.

Speaker 2 (32:04):
That's the point. And I mean, don't get me wrong,
Like for me, there's like the fire movement, which you've
heard of, which is financial independence retire early, where people
are investing like eighty or ninety percent of their incomes
to retire early and get that lifestyle by the time
they're like thirty five for forty And that's wild and
that's crazy and that's amazing. And Brooke from our team, Yeah,
does that. She's incredible. She's incredible, and she's going to

(32:27):
achieve that. Beck, she's going to be able to retire
by the time she's thirty five. And we did a
whole podcast with her on her plan and what she's
investing in and how that's going to happen on old
linked in the show notes. Okay, like different people have
different goals. Yeah, she's incredible. I could never do that, neck.
I as much as I'm like, yes, I'm very good
at delayed ratification, I'm not nearly as good at it
as she is. Sure, and I kind of want to

(32:49):
enjoy the journey a bit more. Yeah, I love a
mont Blanc coffee. That stuff costs me eleven dollars, you know,
what I mean, it's so good, but I'm not going
to say no. So like it's about finding balance that
works for you. Anyway, back to this five hundred and
fifty two dollars per month, while median income and net
worth has risen, so it's now seventy seven thousand dollars

(33:10):
as a median income and two hundred and fifty thousand
dollars as a net worth, respectively. So to have your
financial obligations, Yeah, at this age, we see mortgage interest
rate pressures, we see maybe you've possibly got a child,
and you know, family care duties and costs, as well
as an unfortunately widening gender pay gap widening. It gets worse.

(33:33):
The order you get, the worse it gets. Oh my god,
and I know, don't even get me started. But here
are some things to consider us. So we're going to
touch on budget really quick. Add to everything I've told
you about being in your twenties, you're going to do that.
Plus you might earn more now that you're in your
thirties than you did in your twenties. Is a generalization,

(33:54):
but for a lot of people that generalization might be true.
Your outgoings might also have crept up and we're talking about,
you know, lifestyle creep, but we're also talking about now
you actually have responsibilities, so annoying, Beck, Like you now
have rent, a mortgage, and maybe you're paying for childcare
or other costs. You've probably got some more insurances that
you're paying for groceries. You're probably being an adult and

(34:17):
not just having me gooring every single meal any more.
Are there subscriptions that you have or non essential payments
going out on the regular? Could you, you know, maybe
pare back a discretionary spend or adjust purchase habits, just
look for better deals on everything. Yeah, Like, sometimes we
just need to hustle, and we're like not hustling to
get a new job. We're just hustling with the bills.

(34:38):
We've already got to make sure we're getting the best
possible discount yep. Like, can you direct fifteen or twenty
percent of your paycheck towards saving and investing if it's possible,
And can you automate any payments so that your bases
are covered before you have a chance to spend again? Right? Like,
I know that right now, Beck, you're in a situation
where you're living paycheck to paycheck. Yeah, it's okay, Like

(35:01):
it really is. But what if I just took some
money off you at the start of every month. Yeah,
I'm pretty sure you're good at living paycheck to paycheck.

Speaker 1 (35:09):
Yeah, that's true.

Speaker 2 (35:10):
So like what if I just made your paycheck slightly smaller.
I'm not saying this is going to work for everybody, sure, sure,
but like I kind of know on average what you earn,
and I kind of know how you spend, so I
kind of can almost guarantee if I took one hundred
bucks off you on payday, you're as an individual in
your particular situation, you might not notice it. Yeah, yeah,

(35:32):
because you've now got less money to spend. Yeah, and
just accordingly, yeah, you'll adjust, true, And I don't think
that you'll feel like you're missing out as much because
you're like, oh, that's not mine.

Speaker 1 (35:42):
Yeah.

Speaker 2 (35:43):
Like if I took it off you and put it
somewhere else at the end of the month, you might
be like, oh, I'm cutting it fine. V. But I
can almost guarantee that you'd also have been cutting it
fine had you had the extra hundred Yeah.

Speaker 1 (35:53):
So true, you've already spent that too, for sure.

Speaker 2 (35:55):
And that's not me being mean, that's me going. I
think that more is possible, yeah, than what you think
is possible for you.

Speaker 1 (36:03):
Yeah, for sure, And that's a good thing.

Speaker 2 (36:04):
Right, Yeah, because we love opportunity. Again, I'm going to
touch on supranuation. What's your super looking like? Are you
looking at it? Please?

Speaker 3 (36:12):
Do? Like?

Speaker 2 (36:13):
Is it coming in when it's supposed to? Is it
being invested in the correct growth option to support your
wealth goals? Like are your insurances switched on or activated
or will they offer the cover that you need? If not,
why not let's change that stuff up. Because we had
Phil on the show recently from Sky Wealth and he
was saying that he's changing people often out of their

(36:33):
insurances inside supranuation to other insurances inside their supranuation and
saving the money. Yeah. Okay, so we can save money
there as well. Hell yeah, we can talk about salary
sacrificing at this age. If you have the ability to
do it, it might be strongly recommended. Sure, especially if
your marginal tax rate is starting to creep up, because
again generalization, if you are earning more money, you're paying

(36:57):
more tax. Yeah, and I mean that's a privilege, but
it doesn't mean feels nice. So if you had an
eighty thousand dollars salary, Contributing ten k a year saves
you between seventeen hundred and fifty to two two hundred
dollars in taxes annually. That's a lot of money. And
you can contribute up to thirty two thousand, five hundred

(37:17):
dollars per year from July one, twenty twenty six. And
there's also this thing called a carry forward concessional cap,
where essentially it's a limit to how much you can
contribute to your super over a few years. So if
your balance is under five hundred thousand dollars, which for
most people in their thirties it will be, and you

(37:38):
haven't maxed out your contributions in previous years, you could
potentially contribute more than thirty two thousand, five hundred dollars
this year if you wanted to. Yeah, okay, it's just
kind of cool to know. It's kind of a tax win.

Speaker 1 (37:50):
Great.

Speaker 2 (37:50):
And then investing, if you aren't already investing outside your super, now,
my friend, is the time to have a think about it.
A platform like shares Is or like pearl I can
help you get started without a minimum investment amount. If
it's early days and the research is overwhelming and intimidating.
Let's look out for low cost diversified ETFs so that
you get a bunch of exposure to a bundle of

(38:11):
shares and it becomes a little bit easier than you
trying to time and pick particular shares that you think
are going to perform. I would resist the urge to
respond emotionally when markets are dipping. Harder done than said,
but it is all part of the process. Time in
the market beck beats time ming the market. Yes, true, Okay, earnings,

(38:34):
we're not playing small here. I want to earn as
much money as possible, and I'm pretty sure you do too.
This is the bracket with the highest earning potential of income.
This is the period where if you are going to
have significant income growth, it's probably going to happen in
your thirties. It is also the highest return on investments period. So,

(38:55):
for example, if you are thirty three and you get
a ten thousand dollars rise and you consistently invest over
thirty five years at an eight percent growth rate, approximately, Yeah,
that's one hundred and eighty six thousand dollars added to
your portfolio. Okay, that's a lot of money. I want
you to look at the market and don't be afraid

(39:15):
to ask colleagues or peers what they earn to make
sure that you are being competitive. We had this conversation already,
so I won't recap it, but ask what's the worst
thing that could happen?

Speaker 1 (39:27):
Well, that's it, what's the losing happened?

Speaker 2 (39:28):
They say, No, that's fine, that's not that bad. Push
for a pay rise, girl, you deserve it. And if
you're taking parental leave, maybe consider making voluntary super contributions
before the thirtieth of June to offset the gap in
contributions while you are on leave. Okay, if your income
is lower in the year you return, you also might

(39:49):
be eligible for the government co contribution. So look at that. Yeah,
we told you about that before. Like, you can still
access that in your thirties. Money win great property. If
you have a mortgage with an offset account, my friend,
treat it as an investment vehicle. Yes, rising interest rates suck,
they really do, but they also work in your favor
with your offset. So with every dollar earning at that

(40:12):
rate completely tax free. Like if it's in your offset,
you're not actually earning money, you're offsetting interest that is payable.
And if you don't earn it and you just saved it,
you don't know the government anything. But if you put
it in a high interest savings account and earn interest
on it, you would have to pay tax on that
interest because you earn money. Yes, I see, Okay, you're

(40:32):
saying right, And I would think carefully at this period
of your life. Right, if you are in your first home,
if you've been in your first home for five years,
you might be having a think about upgrading you maybe like, oh,
I want a bigger family home, Queen a Yata, I
did it? Like, don't do as I say, not as
I do, you know, but have a think about what

(40:55):
that looks like, because this just locks your equity into
a non income producing asset and resets your mortgage another
thirty like it goes back to thirty years again. Yeah,
and that money could potentially be compounding in your portfolio.
So like, do you prioritize bigger house or financial freedom?
Like what are those decisions that you're making at this age?

(41:17):
And make sure you really understand this conversation about like
the real negative gearing implications of investment properties. If this
is something that you're considering because that capital could be
generating stronger returns in ETFs or in your superannuation with
a whole lot less hasshole. Okay, but so many people
are like, this is the best way to create wealth.
And recently I wrote an article in the Sydney Morning

(41:40):
Herald and The Age about let's just not be polite
anymore about property. Sure, if you have access to property,
you are in a significantly better financial position than anybody else.

Speaker 1 (41:53):
Yeah.

Speaker 2 (41:54):
Like true, Like every mortgage or a payment that you're
making back, it's going towards your future wealth. I know
rent is necessary, I know you need to put a
roof over your head, but it is really freaking hard
to pay rent and say for a first home. At
the same time, I agree, like that's not easy. Yeah,
and we don't need to be polite about that. But
also if you have a first home, yeah, like I

(42:15):
own property, I don't need to downplay it. Yeah, but
let's not ignore the privilege that went into that and
the fact that because I'm in the property market now,
I'm in a significantly better financial position than someone who
hasn't gotten into the market yet. Sure, Like, I think
the goal is to you know, not turn a blind dye. Ye,
but the goal is to make sure that we're not

(42:37):
pulling the ladder up after us so that you two
can climb.

Speaker 1 (42:40):
It's gorgeous analogy, is it? Yeah?

Speaker 2 (42:43):
Like that? Well, let's take a quick break, because I
could go on and on about this, like I've got
a whole heap to say on equity. But when we
get back, Beck, you and I are going to cover
investing in your forties. Don't go anywhere.

Speaker 1 (42:58):
Welcome back everyone. The I've heard that forty is a
new thirty. How does this play out when it comes
to investing?

Speaker 2 (43:04):
Yeah, look, I'm really hoping that that's true. I think
it is because I'm actually closer to forty than I
am thirty.

Speaker 1 (43:11):
Now, well, now you're closer to the new thirty exactly. Yeah,
so you've got plenty of time.

Speaker 2 (43:17):
Thanks, I'm glad something and things Unfortunately, like I want
it to be more like my thirties, but things just
become more expensive the later you start, but not unfeasible.
So based on a current average return of seven percent,
we've been using this entire episode, hold your b Reathbeck, Okay,
you need to invest one thy two hundred and twenty

(43:38):
seven dollars per month from the age of forty to
reach a investment of one million dollars by the age
of sixty five.

Speaker 1 (43:44):
Okay, forty dollars a day, that's not too bad.

Speaker 2 (43:49):
I mean it's still a lot of money. Where are
you finding forty bucks a day, like if you're in
your forties, Like life is expensive. I get it. But
again we're using this as an example to the power
of compounding interest, because like you're in your twenties, you
are investing two hundred and sixty two dollars per month
to achieve the same goal that someone who's starting in

(44:09):
their forties is investing two hundred and twenty seven dollars
per month to achieve. And that feels trash. I get it,
But it doesn't need to be trash. But you can
still definitely reach your wealth goals, I promise. But this
bracket might experience a little bit of a plateau when
it comes to earnings. So the median earnings for somebody

(44:29):
in their forties is seventy seven thousand, and their net
worth medium is four hundred and eighty thousand dollars. So
wealth it needs to shift, so coming from assets versus income,
but there are also I guess mounting costs accrued, Like
if you have children in your forties, it gets really expensive.
Maybe you've got aging parents that you're supporting, or maybe

(44:52):
you've got both with less time to recover from poor choices.
If you're starting in your forties, the key here making
wiser investment choices. You still have so much power, you
really do. So when it comes to budgeting, while you
might earn more, you're also probably spending more. I'd be
reassessing my budget, like looking at my outgoings and my

(45:13):
commitments so that lifestyle creep is not consuming you. Like
salary increases tend to slow down here, so you might
need to consider how to make your assets work for you,
like not simply rely on your wages. A good goal
is to have approximately three times your annual salary saved
across all your assets in this bracket, so across your

(45:34):
super your equity, your investments, your savings. And if you
aren't there, that's fine, You've got heaps of time to hustle.
But like, this is just general advice only, this is
not saying you have to And I feel like some
people are going to go, well, that's ridiculous. I get it.
It might feel ridiculous for you, and I get that,
but we're talking about the average. Right when it comes

(45:56):
to superannuation goal review, where your super is and how
this is, I cannot yell this from the rooftops louder.
Many funds automatically update this based on your lifestyle as well,
so it really does pay to check to make sure
they haven't shifted it on you prematurely, like for example,
they might take your high growth portfolio and drop it
down to growth, or they might take a growth portfolio

(46:17):
and change it to balance. So always have your finger
on the pulse. And if you come into a healthy inheritance,
which is not the reality for everybody, but in the
next five years, Beck, we are going to see the
biggest transfer of intergenerational wealth that the world's ever seen. Really, yeah,
and I mean it's a bit morbid. Lots of people
are going to die.

Speaker 1 (46:37):
It is very morbid.

Speaker 2 (46:38):
But that's how it's going to happen. If you come
into a healthy inheritance or a bonus or you know,
sale proceeds from an asset, consider placing them in your superannuation. Yeah,
so a non concessional So after tax contribution of up
to one hundred and twenty thousand dollars will only be
taxed at fifteen percent or zero percent during retirement. Okay,

(47:02):
we're talking about salary sacrificing, So please max out your
carry forward cap on your concessional contributions like make and
take advantage of what the government allows you to take
advantage of. If your souper is under five hundred grand
and you haven't used your full cap in prior years,
you might be able to make the most of this.

(47:23):
So this is arguably the biggest tax hack. Again a
privileged one beck because you need the cash to be
able to actually do this, but especially at this age bracket,
if it goes straight into your subranuation, it goes straight
to retirement. So, for example, on a one hundred thousand
dollars salary, contributing eighteen thousand dollars per year actually saves

(47:46):
you five four hundred dollars in income tax annually, so
you can contribute up to thirty two thousand, five hundred
dollars per year from the first of July twenty twenty six.

Speaker 1 (47:57):
Oh okay, that's good to know.

Speaker 2 (47:58):
I know we're in the middle of the cost of
living crisis. There are going to be lots of people
listening that are like, Victoria, what the hell eighteen thousand
dollars a year? Where am I getting that from? Yeah?
These are examples. For sure, you might have a spare
one thousand dollars. You are still going to get tax
back on that. You might have a spare one hundred dollars.
Something is better than nothing, for sure. I'm not saying

(48:19):
that that is the best outcome. I'm giving you a
healthy example that we can go, Wow, that's cool. Yeah,
just because it's cool doesn't mean it applies to you though. Investing,
if you are aiming and again example, but if you
aim to invest approximately two to three thousand dollars outside
of your super in a diversified ETF example, again in

(48:42):
your early forties, you have the potential get this to
add up to seven hundred thousand dollars to your portfolio
over the next twenty years.

Speaker 1 (48:49):
O my god.

Speaker 2 (48:51):
So if you had that amount of money on a
monthly basis and you could invest it, you might put
yourself in a better position of seven hundred grand by
the time retire.

Speaker 1 (49:00):
Okay, that's really good to know.

Speaker 2 (49:02):
And this is also the time to really consider maybe
adding some income generating ETFs to the fold so that
you have some money coming in to supplement your salary
if you decide to wind down later, like what's it
called dividends? Dividends pay me? Yeah exactly. So I would
also again resist the urge to respond emotionally when the

(49:24):
market is dipping. Over your lifetime, you're going to see
the market dip or crash seven times. Okay, Okay, I
need you to resist selling your portfolio every single time
that happens, because that will be a very bad financial
decision for you. Got you got your want to, because
you'll be like, oh my god, I'm so scared. Just
like what do I do?

Speaker 1 (49:42):
Don't be scared.

Speaker 2 (49:43):
Don't be scared.

Speaker 1 (49:44):
It's fine.

Speaker 2 (49:44):
Hold on for those long term recoveries, okay, and then
your earnings, your base salary might have slowed down, but
there's still room to earn supplementary income through other kinds
of roles. You might not want to hear this, but
you have the ability. Well, able bodied people have the ability.
And I feel like sometimes I want to be like,
you can do this, and then people go, well I can't. Yeah,

(50:06):
I know, I'm not dumb, Like I'm not silly and
don't understand that there are lots of different people in
the world. I'm talking to the able bodied people that
have the ability and the time and the energy to
be able to do these things. Sure, sure, I'm not
talking to people who are stuck in a rut and
in a situation they can't get out of. Like I
see you. I know that this happens, and that's why

(50:29):
I create content specifically for you too as well.

Speaker 1 (50:32):
For sure, exactly, so maybe just more the supplementary income
might know, exactly, Like, yeah, there's still room for sure.
So like, could you do some side consulting, Like a
lot of people, if they work corporately, are looking for
roles on boards or advisories, or they might want to
do some contracting or seek out opportunities to complement your
primary gig. I have a neighbor down the road. He

(50:55):
works in consulting and every Saturday. I only learned about
this recently because I only move into the area recently.
Every Saturday he gets out for four hours and has
gone up and down the streets and ask people, Hey,
I mow nature strips.

Speaker 2 (51:11):
That's it. I don't mow your backyard. I just mow
your nature strip. Would you like me to, for a
set feet every week mow your nature strip. That's great,
that's very one pays him cash, that's great. He just
walks out his driveway with his lawn mower, goes up
all the houses, does the entire freaking street.

Speaker 1 (51:29):
That's amazing, and it's just nature gets paid.

Speaker 2 (51:31):
Yeap gets paid cash by everybody does like three or
four hours on a Saturday. He makes a whole heap
of supplementary income. Like he works a fancy consulting job.
Like we're not talking about somebody you know who's like, oh,
working gardenings. So I've got heap of like you know, experience,
and no he's just like, oh I could do that. Yeah,

(51:52):
And he put himself out there and now he makes
literally hundreds of dollars on a Saturday morning because every
nature strip adds up.

Speaker 1 (51:59):
Yeah, hell, yeah gorgeous.

Speaker 2 (52:00):
I'll pay you twenty five bucks to mow miman nature strip.
How long does it take to the morow in nature strip?

Speaker 1 (52:07):
Ten minutes?

Speaker 4 (52:08):
Right?

Speaker 2 (52:09):
Yeah, I reckon do that, next house, do that, next house,
Get four houses. You've got what one hundred bucks?

Speaker 1 (52:15):
That's so true I'm gonna start doing that, I think.

Speaker 2 (52:18):
Isn't that crazy?

Speaker 1 (52:18):
Yeah, that's great.

Speaker 2 (52:19):
Like anyway, there's just so much that you could potentially do.
And I'm not saying that it's gonna work for everybody
for sure, but there are options out there.

Speaker 1 (52:28):
Absolutely. As I like to, well, I've been really big
on tarotok recently, and as I always say, and as
they always say, take what resonates, leave what doesn't. So
if anything is like, you know, oh I couldn't do that,
then take what does.

Speaker 2 (52:40):
Work for you, but it resonates, leave what doesn't.

Speaker 1 (52:43):
Yeah, I love that. Do you like that? Like that?

Speaker 2 (52:45):
I love that because I just feel like sometimes there's
so much pressure literally on me to create content that
is applicable to all Yes, yes, fair, and I go.
I don't want people to feel left out. I don't
want people to feel like less than because I'm giving
advice to invest and create a portfolio of a million
dollars when that's actually not going to be the reality

(53:05):
of their situation. And I don't want, you know, to
only give advice for our friends who use center Link,
because then that's not applicable for you know, my other
friends in the shees on the money community, whoill like
v I actually do have five hundred dollars a month
that I want to invest and I want advice on that. Sure,
do you know what I mean? Like, I feel like
I'm in this rock and hard place where sometimes I

(53:26):
think that other people think that I don't respect their
situations as much because I'm creating content for one particular narrative. Sure, Like, no, Like,
that's why we've got more than a thousand episodes. There's
so much I've got to cover.

Speaker 1 (53:39):
Yeah, I agree, I completely agree, and I think it's
a really good Like you know, you can definitely slide
into any one of our dams and give your specific situation.

Speaker 2 (53:46):
But exactly. Yeah, And that's why we create free contents
or its accessible. Take what resonates, leave what doesn't. I
love that, Beck, It's made my day anyway. Also, property
in your forties, Yes, if you have a mortgage, resist
the urge to refinance it for your lifestyle spending, like
being really brutal. You do not need to refinance your

(54:08):
house to go on a Europe trip. Sure you don't,
Sure you don't. And if you can't afford to go
on the Europe trip, well that's the nature of the situation,
isn't it.

Speaker 1 (54:18):
Okay, Okay, we're not putting.

Speaker 2 (54:20):
Our future selves at risk for that, Like every single
dollar of equity freed is better directed towards income generating investments. Yeah,
to putting you in a better financial position. Yep, Okay,
I really we're not doing this.

Speaker 1 (54:36):
No, this is great. Thank you so much, Fetie.

Speaker 2 (54:40):
I feel like we're getting towards the end. But Beck,
I feel like I've ranted at you a lot, so
I do apologize. I am just wildly passionate about these things.
But after everything that we've chatted about today, what have
we learned?

Speaker 1 (54:54):
So first of all, it's never too late. Also, if
you're listening in your fifty sixty seventies, et cetera, et cetera.

Speaker 2 (54:59):
Oh god, we just didn't have enough time this episode.
But I'm glad you're here too. Let me get to
that at some point. Also, really nice plug for our
friends Glenn James and Vince Scully. They have a podcast
together called Retire Right where they have it's so niche.
It's literally a podcast about retiring correctly. Go and check

(55:19):
that out, and it is actually incredible. Glenn James is
obviously a good friend of mine ex financial advisor, gives
really good advice. And Vince Scully is also a financial advisor,
but he's also my licensee, so like he's the one
that holds me accountable. But his podcast that him and
Glenn put together, it's just so informative and for that demographic,

(55:42):
like if you're looking to retire in the next ten
even fifteen years, like my friend, that is for you.

Speaker 1 (55:48):
Oh, that's amazing. And there is a website money Smart
where you can like type in your own digits and
you know your age and stuff and like figure out
what you would need. So I think, yeah, we've we've
learned that timing is everything, but also so there is
it's never too late. There are clever things you can
do throughout your lifetime to help put you in a
better position financially. But honestly, starting now, starting yesterday, as

(56:09):
long as you're starting exactly.

Speaker 2 (56:11):
And just because you didn't buy like after Pay or Microsoft,
it doesn't mean that you are out of the share market.
There are so many different ways that you can take
control of your wealth even if you can't control the
market or the economy. I wish we could, Beck, I've
said it a million times on the show. If we could,
I would, and I'd be so filthy rich.

Speaker 1 (56:31):
Absolutely, we wouldn't be here. We wouldn't be here, would
be all right?

Speaker 2 (56:34):
Friends? That is unfortunately all we have time for today.
I hope you've taken something out of this episode, if
not for today, for future you my friends. So we
will make sure that we include all of their helpful
links and references we've made along the way in our
show notes. But if you have any follow up questions,
please hit us up. We are literally we respond to
every DM we want to chat with you. We hope

(56:55):
that we've inspired you to maybe make a little bit
of our money move big money move. But take care
of yourselves and of each other, and we'll catch you
later in the week for Friday drinks.

Speaker 1 (57:05):
Bye guys.

Speaker 4 (57:10):
The advice shared on She's on the Money is general
in nature and does not consider your individual circumstances.

Speaker 2 (57:17):
She's on the 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.

Speaker 4 (57:26):
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Speaker 2 (57:30):
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