May 19, 2022 • 33 mins
In this episode Miranda and Claire are here to convince you that conversations about money and finances are fun! How can that be, you ask. Because having a positive mindset about all things $ is a critical element to unlocking our opportunity to live life on our own terms.
We dive into some of the crazy stats about how much women are stressing about money. We chat about how wonderful it can be to embark on a learning journey to explore our own money mindsets and change them for the better. And why now is the perfect time to supercharge our collective girl power and change the money game in a way that our future selves, and the next generation of women, will love us for it.
Our action challenge this week: To dig deep into our money mindset. Write down the emotions you're feeling around money and any financial goals you've been putting off. Choose one of them to take action on. Set clear timelines on when you will get it done. Take a least one step towards that goal in the next two weeks. And, importantly, decide on a reward you will treat yourself to when you've achieved that money goal for yourself.
Article references:
Fidelity Investments, Women Financial Sentiments Survey
Forbes, The Psychology of Money: What You Need To Know To Have A (Relatively) Fearless Financial Life
Marie Claire, The Gender Imbalances That Still Exist in Australia Right Now
Australian Financial Review, New Worries Drive Restless Workers To Look Around
Book References:
Sallie Krawcheck, Own It, https://booktopia.kh4ffx.net/elevate-own-it
Gary Keller & Jay Papasan, The One Thing, The Surprisingly Simple Truth behind Extraordinary Results https://booktopia.kh4ffx.net/elevate-theonething
Emma Isaacs, Winging It link: https://booktopia.kh4ffx.net/ElevateWingingIt
These are affiliate links
We would love to hear your thoughts on this episode - check out our Instagram, LinkedIn or Website or Email elevatewithgrace@gmail.com
Music created by Claire's daughter Hannah
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Claire (00:00):
Welcome to season two of the elevate with grays podcast,
(00:03):
for women who are short on timeand long to take steps to create
success on their own terms.
This podcast is here for womenwho feel overworked under
appreciated and stuck in aconstant world of spinning
plates and want more life.
We're here to take the plethoraof Intel out there and curated
into the highest value insights.
We combine it with our livedexperiences to offer bite-sized
(00:25):
actionable tips.
So you can look back at the endof the quarter and the end of
the year, knowing that you'reworking towards achieving
success on your own terms.
Miranda (00:35):
Welcome to episode seven, season two of the elevate
with grace podcast.
My name is Miranda and with meis the fabulously have a vicious
and talented Claire and well, Icould not be more grateful to
have Claire in my world to bringthis episode to life.
One of Claire's fabulouspassions in life has been to
share with women how essentialit is that we understand and
(00:56):
embrace the power of moneypositively to ensure we get over
those inane, hangups andyesteryear mentalities around
our finances and to really diveinto what finances mean for.
We did a deep dive into thisback in episode 11 of season
one.
So do encourage you to checkthat out.
Claire's passion and put around.
This is just fantastic.
(01:17):
She's very much opened my eyesup and really forced me to think
about my own mentality, in thefinancial space and, and what I
take for granted.
When we were first dreaming up,what elevate with grace could
be, Claire knew we needed afinancial pillar.
And while I express my concerns,mostly around my own lack of
acumen in this area, she shuteach concern down gracefully and
(01:39):
convinced.
She was absolutely right that weneeded to go on this journey
with you and I am there with youladies, and we should be having
these conversations with all ofour friends.
Without owning our financialpower, it is just not possible
to achieve success on our ownterms.
So to deliver on what thepromise we wanted to create, we
really did need this financialpillar, as a big important part
(02:02):
of it.
Studies would suggest that myform of mindset and kind of
nervousness or discomfort aroundfinances is actually reflective
of the majority that theClaire's in the mode of rare.
And we love.
And that we need to work hard tomove our mindset and our shift
into this area.
My mindset previously was thatyou worked hard, you earned
(02:22):
promotions and that the restwould take care of itself.
And it's a dangerous assumptionand we definitely need more
girlfriends like Claire pushingus to have these uncomfortable
conversations around money andcollectively move us.
So in this episode, we're goingto dive into why money is not a
dirty word.
We're going to explore where ourmindset is today.
(02:43):
Some of the stress factors now,and in the future that we need
to take control of and not letthem control us and why this is
the perfect time to be takingcontrol of our finances in a
bigger way than we currently.
I'll action challenge for thisweek is to dig deep into our
mindset, write down any emotionsthat we're feeling around money
and any financial goals oractions that you've been putting
(03:04):
off.
And then take action for justone of those.
Before the next episode, we needto make this.
Say clear timelines on when itwill be done at least one step
towards a goal the next twoweeks and have a reward for
ourselves when complete, andthen potentially think about
some of the things that areactually going to get in the way
of us achieving this goal andtry and set up a plan for how we
(03:25):
can avoid these.
Before we dive into thisepisode, let's first reflect
briefly on the action challengeof our last episode.
These podcasts are great, butwithout any kind of outcome or
any actions.
To chronic round.
These we're going to continue tobe in the same place we are in a
years time.
Okay.
So I think these actionchallenges is, so important.
And in the last episode, wereally asked two things.
(03:48):
One to try and check out thebook are in it by Sallie
Krawcheck.
It was a fantastic raid and hadsome really great learnings that
I hope you enjoyed.
And the second was to actually,think about the six key
strengths identified that womendo tend to do better
collectively and use thesewords, to think about our work
differently, to think about howwe profile ourselves
(04:08):
differently.
I have been absolutely livingthis challenge and will continue
to.
And share this with as manywomen, all those battling, to
secure a diverse workforce aspossible.
And I've had some of thoseconversations with men in the
last couple of weeks as well.
Last week I was invited to afive day summit and I really
needed these case strengths topof mind to validate why I was
(04:29):
there and how I could bring adifference.
Although I was failing you, Iwas able to contribute
meaningfully focusing on lookingfor impact and meaning,
leveraging my love of learningand, being open to share that
with the community andconsidering the holistic
viewpoint of what we werelooking to achieve.
I also observed, and I was farmore curious about my
colleagues, the answers theywere giving and doing a lot more
(04:51):
questioning around that so thatwe got some great collaboration
as a result.
So, that was a really greatoutcome.
What about you, Claire?
How do you go through thischallenge and how are you doing
this week?
Claire (05:02):
I am good.
My friend I'm really good.
Was not quite on an exoticsomewhat like yourself, but in
the office doing a bunch ofplanning and it was great to be
working with people in 3d.
Although by Friday I was quitekeen to get back into my boots
and my track suit pants in myhome office.
You realize that after two yearsof working from home, you've got
(05:23):
to build up that stamina to getback into the 3d office
environments.
But it's been great and a greatopportunity to keep that action
from the Sallie Krawcheck ownerbook, at the top of the my mind.
I think for me, what I didnotice is the, concept of
focusing on the long-termperspective, and like you
(05:45):
mentioned that you were sayingto Miranda on your offsite, is
it seeing things holistically tomanage complexity.
I noticed that I was creating afew metaphors, to get other
colleagues to try and understandand see the balance between what
the short-term objectives are ofwhat we're trying to achieve
with the project that we'reworking on, but also balancing
(06:07):
out with the current marketcontext and the broader
long-term perspective.
And weighing that up from a riskperspective What are the
long-term implications if wewait too long staying in this
space.
I think because of the accidentI had in the back of my mind
that I was getting a lot ofresponse to some of the
metaphors that I was creating.
And I didn't appreciate that.
(06:28):
I did that before.
So that was nice to realizethat.
Also few episodes ago when wewere talking about.
Time and boundaries.
I've been looking at ways that Ican, harness energy levels and
focus on doing high-impact workin the morning, more reactive
and then administrative work inthe afternoon.
(06:48):
And I think noticing, Again, thethinking about things
holistically and the long-termperspective helped me get back
to the concept of the one thingthat we talked about in the one
thing book review.
So I feel like it's all beencoming together a little bit
lately, so that's been good.
Definitely I think you're right.
It's The love of learningelement of bringing it all in
(07:09):
and from a holistic long-termperspective.
So, yeah, I was enjoying beingmore mindful of those things.
I didn't want to interrupt you.
You were in such a great flow atthe beginning.
Thank you for the pump up, inthe intro Miranda but I must
confess that I am very much on alearning journey with money
every day, like everybody.
Some of the stuff that we talkedabout in the Sally Kaushik
(07:30):
episode, I have a tendency tokeep way too much of my savings
in cash portfolios.
I'm also nervous get nervy aboutinvesting in stock and so I'm
very much paying attention to myrisk aversion and all those
things.
And although I do have afinancial services background,
it's always good to bechallenging yourself.
And as we talk today.
(07:51):
This is just a chat betweenfriends, exploring and getting
better with it financial acumenand leaning into our financial
powers women.
What we're really trying to dotoday is encourage you to
emulate this with your friendsand your partner and your boss
around having littleconversations.
When I was doing a bit ofresearch for this episode, I
(08:13):
found fidelity investments had afinancial sentiment survey.
From data captured in April andNovember, 2020.
Uh, and bear with me, causethere is positivity in this
message, through the start ofthe COVID pandemic found that
79% of women felt weighted downby job and money stress, 72%
(08:36):
stressed about retirementsavings and having enough to
live comfortably on inretirement.
And this is a big thing for mearound superannuation and
knowledge of the rights of womenin their fifties in Australia
that are becoming homeless areon the rise.
And a lot of it has to do withfinancial security and savings.
71% stress out about theirability to save for goals
(08:57):
outside of retirement.
Yeah.
And 54% are stressed out aboutthe ability to manage the day to
day expenses.
you know, That's a high portionof women stressing out about
money and probably not talkingabout it, right?
And as we spoke about in thelast episode, like exercise
spending a little bit of timeeach day and each week thinking
about and talking about money isso critical, One of the silver
(09:20):
linings of dependence that camefrom the fidelity investment
sentiment survey is that 71% ofwomen were planning to take
action on their financialwellbeing.
In the next six months.
Women are now having moreconversations about money than
before.
60% of talking about financialtopics with family and friends,
and increase from 34% sincebefore the pandemic.
(09:41):
I think There's a few silverlinings for us if it's means
that we thinking moreproactively about looking after
our money for our future selves,I was feeling pretty pumped
about that.
Less than one third of womenhave six months of emergency
funds saved, but 52% of womensay that they need that amount
of savings to sleep at night.
That really is a lovely tyingback to some of the advice that
(10:04):
Sally crushed.
It gives in her book, around theneed to have.
Emergency savings and spending alittle bit of time, getting
yourself comfortable with yourfinancial stuff.
Reiterating as Sally said in thebook, everyone needs more
financial education.
That's a given, but it shouldn'tprevent us from rolling our
sleeves up and getting involvedand finding a little bit more
(10:25):
about.
What's the right amount that weshould invest now or put into
our superannuation at HH.
Should we be investing in thestock market and how should we
be doing that?
Do we have emergency funds?
How are we setting up our budgeteach week?
We can all do that.
So I'm pretty excited to havethis chat today.
And it's great to hear that lotsof women are thinking more about
it.
That's really good.
Miranda (10:46):
Very encouraging.
And I must admit that piecearound education is not a reason
not to start, and that men startwithout knowing exactly what
everything is.
And women hold back hasresonated with myself as well.
You know, continue to thinkabout that and think about,
okay, well, what can I do?
What, how can I start?
I want to enroll in a course.
(11:07):
I want to learn everything aboutthe share market before I get
started.
And I think that's a reasonable,Yeah concern, but it shouldn't
hold us back.
And, you know, quite encouragedthat there was a lot of services
out there that mean that wedon't need to know everything.
You can't be an expert ateverything, but it's so
important that we prioritizethis.
Quite concerning there that lessthan one third of women have
(11:28):
that emergency fund, but 52%needed to slate this little
women that aren't sleeping sowell at the moment.
And quite a bit of stress outthere around money as well.
That mindset is just going to beso important and, really taking
control of.
Why aren't we doing this?
What, what are the barriers thatare getting in the way and how
can we help to overcome these.
(11:49):
There's a great Forbes article,around this where it dives into
the most important emotions inrelation to money that we feel.
Feel guilt, shame and envy.
They're all very negativeemotions.
And I've recently read the Atlasof the Heart, with Brene Brown.
And I think you have to Claireor parts of it, such an
incredible piece around languageand these emotions.
(12:12):
And if these are the emotionsthat were contributing to money,
it is not one day that we arerunning in the other direction.
You know, there's no positiveemotions here.
There's no happiness to play in.
where the reality is money canactually give you a lot of power
money can, allow you to do someincredible things.
You can help others with money.
you can set yourself up and yourchildren are with their futures.
(12:34):
But the overriding emotions thatwe currently relate to in this
huge study that Forbes did wasthat it's fear, guilt, shame,
and envy.
Claire (12:42):
Yeah.
I will go back and pick upBrene's book because I love how
she distinguishes between thoseemotions.
I think that's really important.
One of the things too, that Idiscovered, a few years ago when
I was looking.
My connection with money.
I noticed that it was very muchconnected to my, need and value
around freedom, freedom andequity is a big value for me And
(13:05):
as you said, dialing it back towork out what your personal
relationship is with money andwhy you may be doing the things
that you're doing around notbudgeting or being a bit risk
averse about investing or notwanting to understand what's in
your superannuation account,whatever those things are.
They're probably related to.
Your experiences as a child,it's all that stuff.
(13:28):
And so it is quite important tospend a bit of time getting
curious around what emotions,money triggers for you and what
kind of money personality youhave, because that will help
take action in a way thatresponds to your feelings about
money.
Yeah, I it's a really good,cool.
Miranda (13:48):
And that's perfect to this quote, which is without
awareness, these emotions willoverride your rational thinking
and drive your action.
And so if we don't haveawareness of how we're feeling
about money, our action willgenerally be to get away from
things that.
I feel discomfort.
That's just a standard humanresponse.
And so we need to bring back inour rational thinking and, look
(14:10):
to take that action because Ilove those words, freedom,
equity, they're much morepositive places to think about
money, the shame and avoidancereally tie in together.
And we know that Shame is reallyone of those super powerful
emotions where people will doanything they can to get out of
it.
It's worse than embarrassmentand fear because shame is
something where, we, are drivenand by response to avoid shame
(14:31):
in any way we can.
And so if we.
are shameful feelings aroundmoney.
Things like I don't have enoughmoney.
I've avoided thinking aboutmoney.
I've avoided, what I'm supposedto do around this.
I haven't created a safety net.
I haven't planned for a time andI'm really ignorant about this.
And I just don't know what tolearn about it.
I buy stuff when I'm unhappy.
I know I spend too much, theseare overly shameful feelings.
(14:53):
But then if you're feelingthose, you're going to avoid
taking action against thembecause you find them shameful.
So it's this vicious cycle thatwe really need to be aware of
and get out of, because if webuy stuff, when you're unhappy,
one of the counters you can doto that is find other things to
trigger when you're unhappy.
Do you go for a walk?
Do you call a friend?
You can start to set yourselvesup with these solutions, but you
(15:15):
need to know and be aware ofthem before you can take that
action.
Claire (15:18):
I wonder if there's a synergy with how people felt
through the COVID pandemic, itwas a very clear wake up call
that we're not in control ofeverything.
There's been a lot through thatexperience like things that we
thought were always secure, likejobs and our career and money
coming.
in The survey from Fidelity'sindicating that more women are
starting to talk about thesethings, because in today's gig
(15:41):
economy with lots of volatility,things change.
And so having those safety netsand thinking more mindfully
about how are we going to manageit?
We need to take time off workfor whatever reason, that's
going to take away some of theworries, for sleeping at night.
And we know we've got thosesavings for rainy days sitting
there.
Miranda (15:59):
Absolutely.
And I think the second part ofthat, that showed up for me was
a very early belief in whatmoney could achieve that I think
I've forgotten about I was at aworld vision youth leadership
training session.
And at the time I was veryprepared to donate a lot of time
to raising money.
And I realized that it was niceto give that sort of time,
without those people that aregreat to gift that money.
(16:21):
I wasn't really doing that muchwith my time.
I was asking other people tocontribute that value to the
people that need it.
And my realization around basewas that I could make more of an
impact by, finding a way to earnmore money.
And I come back to that from alot of the thought leadership
around women asking for raiseswithin the workforce and they do
(16:43):
better when they ask for them asa community.
If we're not too worried aboutour finances, we're not too
worried about, now retirement,which let's get into it a bit
further detox.
I'm horrified by the numbersaround women retiring with very
little money.
What I do think is that where wecan also make an impact to the
community around us, And we haveagency to see something that's
(17:05):
going on in Ukraine to seesomething that's going on, in
Syria or this starving children,or, people, children dying, or
people dying in countries.
And we can actually make adifference we can contribute.
And it gives us this agencyback.
I think there's a lot ofpowerlessness when you're seeing
things happening like this andyou can't contribute, you don't
have the ability to maybe donatemoney, donate time tonight
(17:27):
resource.
So this is, in some ways I thinkthat.
If we can change our mindsetaround money, in that community
space as well, then getting intothe share market.
and, and stuff.
It doesn't just become asingular activity asking for the
raise.
It becomes something that youwant to do so that you can have
more power to help others.
And I think for me, that was animportant mindset shifts that I,
(17:48):
I knew I hadn't focused on andthat I want to get back into.
Claire (17:53):
In the book Own It Sally Krawcheck definitely recommends
it as women We think about theholistic impact.
So if we feel uncomfortableabout asking for a raise, if we
feel uncomfortable about talkingabout superannuation and
retirement savings or investinga great way to think about that
(18:13):
is the collectiveness of howthat.
Can have an impact, like yousaid, maybe not just for
yourself around, but if you'rethinking more about doing those
things as a knock on for thecommunity of women.
It's a great segue to the secondpoint that I wanted to make in
this episode, it's important torecognize it.
In 2022, Australia is stillbehind in terms of gender
(18:36):
equality with the workforce andsociety is still largely
dominated by and catered towardsmen and men.
You mentioned it yourself lastweek, you were in a five day.
Offsite and 90% were men.
I work in financial services.
We've come a long way.
If I think about the last 15years, however, there's still a
male dominated aspect to somestuff.
(18:58):
There's a article that I foundby Mary Claire that summarizes
the state of play in Australiaright now.
It was good.
Cause then I didn't have tosummarize the latest gender pay
gap report myself.
So thank you, Mary Claire,because basically the latest
gender pay gap report, fromAustralia's workplace, gender
equality agency, the reporttaken from 20, 20, 20, 21 found
(19:22):
that women typically earn$7 72for every$10 for men.
And so that's data from lastyear so women typically learning
about$25,000 a year, less thanmen every year.
That means that thesuperannuation that goes into
your super account that'scompounding interest over your
career Legislatively at 10% atthe moment.
(19:45):
So$25,000 less were earning onaverage than men every year with
men, twice as likely to earnmore than$120,000 a year than
women.
There's a lot of information outthere that the COVID pandemic
has exasperated the amount ofmental load or emotional unpaid
labor that women are doing.
(20:05):
The Australian human rightscommission found that women
spend twice as many hours eachday, and then men doing unpaid
care work that takes away fromour ability to get some of this
money coming in.
And has this for a kicker.
We also are paying more forstuff it's called the pink tax.
which means that the price ofeveryday items that are offered.
(20:26):
related to women.
So research conducted by imp in2019, found that on average
women pay 29% more for razers16% more for bodywash and 12%
more for underwear each andevery time they shop.
Yeah.
(20:46):
Put that in the bag ofcollectively, let's all stop
thinking about when we'retalking to our bosses and our
partners and thinking about ourfinances, that we're all leaning
in individually to combat someof that stuff.
Miranda (21:04):
A lack this section because what you haven't done is
just make it about celery.
It's so much more it's about thebills we pay, the amount of care
we take for ourselves, likeguarantee.
Those are like for lack ofthings, but the amount we spend
on it's my cup.
Hey.
It's all, considerably, lotsamount.
And these are expectations forus to show up to work that are
(21:26):
not on men, Yes.
They have to wear colors.
we do have to have our hairlooking a certain way.
There is an expectation that wewill, Ensure that our kind of
ice makes the standard withinsociety.
So there is definitely there.
I'm really concerned.
Introduction of a lot moreenhancements in women.
We're spending a lot like womenon Botox and lip injections and
(21:49):
all these things that areunfortunately putting women even
further back, because salariesaren't going up, but the amount
that they're actually spendingto feel comfortable showing up,
has changed and is changing.
And so, yeah, it is wealth gap.
Is far more encompassing thanjust the salary that you earn.
(22:10):
I think one of them for me isreally about changing the
conversations.
And we've been talking aboutthis a little bit, in past
episodes as well, but changingthe conversations that we have
with each other, I think there'sa real expectation.
Still that when women havechildren that they will go to
part-time work, that they willstay for it to still take on the
labor.
And that somehow if they don'tdo that, if they are full time
(22:32):
that they are lesser.
I think that there is.
Oh, consciously andsubconsciously conversations
that keep coming at women, that,really do take away the impact
from the kind of the careersthat we can build, salaries that
we can earn because there is anexpectation still that women
will put their career on hold orpause it while they're, for five
(22:56):
years until their children arein school, that they will step
back from their careers tosupport their families in a way
that we're not asking men to.
And when we went through today,Studies men old were comfortable
with, it would put family at thetop of their values, none of the
women date.
And we didn't because it'simplied, family is always going
to be number one.
(23:16):
If we stopped talking too muchabout our families, people stop
thinking that we are not goingto, show up in our child's sick.
We're not going to be able tocover the work when these things
are happening.
And this all contributes to thisgender pay gap in a really
frustrating way.
When we start to think aboutstatistics around these, yes,
women's salaries are going to beless because they're potentially
(23:37):
not willing to take on thatextra responsibility in the
workplace.
They're not willing to.
To take on any more than,because I can't, they can't take
on any more.
They've got too much with thekids too much with the family
generally.
And then they're also beingasked to do this work and we
continue to say theseconversations happening on
Instagram and other socialswhere women are going, how do I
(23:59):
do it all?
Is it worth taking on this extraresponsibility because
something's going to fall apartand I can't be perfect in every
area.
Claire (24:07):
I could go off on so many tangents with what you just
said, then there's so much to,dip into, but you're right.
It.
Isn't just about the salary.
It's about all of that stuff.
And I think the one thing thatwe do need to think of is we're
working as a collective systemwould end with.
The men that are theresupporting, I've noticed,
particularly in the last fewweeks, since we've come back
(24:30):
into the office more from COVID,it's lovely to see there's a lot
less clock watching.
I'm saying men leaving theoffice at 2 33 o'clock because
they're obviously on the cubespick up and stuff.
And I think we've got to keepfocused on, we are moving in the
right direction.
Uh, there is still a long way togo though.
Miranda (24:48):
So just to continue to finish off that, that point a
little bit, you'll find thesemen are talking about how do I
have more work-life balance?
How do I make sure I can do thepickups?
And by doing that, then thewomen are certainly going to be
able to have a bit more time.
We've spoke about women, sharingthem.
In a more of a community waythan men and the statistics
(25:09):
around here about 90% of themoney women make, is shared
within the family.
To a 35% of.
And I think the expectation isthat men are going to be doing
the savings for retirement.
Men are going to be setting usup and women are going to be
contributing to the householdand that's where their salary is
going.
And so one of the things I thinkwe can do today is just make
(25:29):
sure that shift is a bit moreequal that, we're putting a bit
more away for savings and suchbecause.
We all again, we've spoken aboutthis utopia of everything going
well forever and ever, but whenit doesn't, what does that look
like?
Having that demand for ownershipis so important.
I don't know claire, you lead meon this one, the statistics
around the amount of women goinginto their time and with, not
(25:52):
enough money to survive isabsolutely horrific.
And, in our unit, we didn'tnecessarily talk to it too much,
but it was certainly somethingthat Sally's really concerned
about as well in the Americanenvironment.
In Australia we're seeing eventhe media pick this up as really
important articles that we needto talk to and go, okay, well,
if we're not motivated today, weabsolutely should be motivated
(26:12):
to make sure that our 65 yearold self can live comfortably
when we hard to make sure thatwe've set that up for ourselves
for an airfare for our kids.
Claire (26:20):
A hundred percent.
I know it's difficult for us allto think about.
What it might be like to be aretiree, but at the same time,
we talked about braveconversations, right at the
beginning of season two.
How do you start having thoseconversations at home and what
does that look like?
And at work, because Idefinitely need to be happening
more and more.
Miranda (26:41):
I think collectively we've come to this feeling.
The world's ready for thisAustralia is ready for this.
Women are ready for these, tostart taking a little bit more
control.
What do you think it is?
Claire (26:50):
I think it touches back on the, what we spoke about
earlier with that fidelityreport that, a lot of people
from our post pandemicexperience, we are having a bit
of a.
Life research or recognitionwhether that's with our careers
or with our money.
The reason as you mentioned atthe beginning of the podcast, I
wanted financial acumen andtalking about financial
(27:13):
independence within what wecall.
Talk about it, elevate withgrace is because it's so
intricately tied to taking smartrisks and cultivating your
career.
And with the economy at themoment.
Inflation and interest rates areon the rise.
We've had a long sustained levelof low interest rates in
(27:36):
Australia and low inflation.
I won't get all boring with myeconomics and financial stuff
around that, but the point isthat inflation and interest
rates are on the rise.
In the Australian financialreview, there's an article, I
think it was May 3rd, newworries, drive restless workers
to look around and itacknowledges that the cost of
(27:58):
living pressures site inflation.
And worries around debt would beinterest rates going up, have
overtaken.
The pandemic has the biggestconcern for professionals.
The flip side of that in talkingto our career cultivation
pillar, it is a buoyantemployment market in Australia
at the moment.
So giving that bargaining power,we've talked about this a few
(28:19):
times in a few episodes, soyou've got this.
Opportunity with your braveconversations and getting more
interested in understanding yourfinancial freedoms that can come
from having rainy day savingsand thinking about what's in
your superannuation account isall the perfect timing to be
doing all of that.
When we're in, a employee drivenmarketplace.
(28:42):
So now is a great time to bethinking about all of those
things together.
And so now is a good time to berolling your sleeves up and
finding the fun, finance!
Miranda (28:52):
Finding the fun in finance.
I absolutely love it.
I do think.
Just even reading the Australianfinancial review is really
important.
Claire, you definitely got meonto it.
And I was really surprised tosee that less than 30% of the
readership is women.
And so it is so important thatwe just do educate ourselves
with these little bits of kindof.
(29:13):
As we go through, we don't needa formal course.
There is some of these greattools out there.
There's a lot of fake news, so,you know, they do have a bit
more credibility in themarketplace.
And, also open you up to a lotof new conversations that you
can have within your workplacethat you can have those,
Intelligent conversations aroundthat and have that awareness
around what this election meansfor our finances, what
(29:36):
inflation's going to mean forour finances, just, nice bite
sized pieces that you can takein and that you can trust a
little bit more, you'vedefinitely got me onto that and
I do feel like it, it does helpto give me a little bit more
rounded roundedness in myknowledge and my understanding
of what's going on.
That has been a very dynamicepisode.
My head's a little bit flowy.
(29:57):
I am excited and I know thatthere is just so much that I can
do to improve in this space.
And I'm sure many people can,,mindset I think we speak about
mindset a lot in all of our Yepisodes, because it does just
get in the way so much if we'renot aware of it.
And if we're not taking controlof how these things aren't
getting in our own way mindsetis impacting the actions that we
(30:18):
take or don't.
Claire (30:19):
And it has said it's.
I think that it underlines a lotof, I hadn't really thought
about that before, when we'retalking about taking actions to
get to a life of success on yourown terms.
A lot of the underlying workthat we need to do in our love
of learning pillar is figuringout our motivations and what
(30:39):
causes them and how do we.
How do we get curious about themso that they're not holding us
back, whether that's careerwise, financial wise, taking
risks wise, whereas our mindsetholding us back and it applies
equally to finance as it does,any of the other things that we
talk about.
So I think great that you talkedto that in this episode,
Miranda (31:01):
Thank you.
What a great place to wrap upthis episode.
so real quick reminder aboutaction challenge and action
challenge for this week is todig deep on our mindset around
money to write down any emotionsthat you're feeling around money
and think about those financialgoals or actions that you've
been putting off, write themdown and then take action on
just one.
(31:22):
before the next episode.
So I want to put a bit of atimeline on this to help you to
get it done, make it a priorityto bring it to the top of your
to-do list and set a cleartimeline on how you're going to
achieve this over the nextcouple of weeks.
And.
Give yourself a reward once it'scomplete.
So really identify today whatthat reward is going to be when
you achieve that, because weneed a motivator to get us
(31:43):
started.
We need that report to get thatfinancial affection done.
So make sure you're able toyourself As always we've put all
of the curated content we'vementioned in the episode notes.
So you can check them out overthe next week and deep into the
stuff that's really resonatingwith you.
Hopefully you're going to bethinking about this in the next
couple of days and really.
Are inspired to take thosesmall, actionable steps to help
(32:06):
your own success journey.
Check out our website, elevatewith grace.com that I you, or
hop onto our socials at LinkedInor Instagram for more curated
content.
We'd love, love, love to hearfrom you and how you're going on
this journey.
Um, please, if you haven'talready liked it, subscribe and
share this podcast.
In our next episode, we aregoing to be diving into those
(32:28):
tips and tricks for leveling upon our financial skills.
So.
I'm looking forward to learningfrom this one.
And I can't wait to chat withyou again soon.
Thank you, Claire.
And thank you everyone so muchfor listening.
Just a quick reminder that thisis just a chat between
girlfriends.
There is no financial advicethat we are looking to give in
any way, other than just for youto take more ownership of your
(32:50):
financial power.
Claire (32:51):
It's great to hear your take on some of this stuff when
we've got differentperspectives.
So it's been a great chat and Ilook forward to speaking to you
very soon and looking forward toyou, getting into some tips,
tricks, and hacks in our nextpodcast on finance stuff.
Miranda (33:05):
Fabulous.
Thank you.
Welcome to season two of the elevate with grays podcast,
(00:03):
for women who are short on timeand long to take steps to create
success on their own terms.
This podcast is here for womenwho feel overworked under
appreciated and stuck in aconstant world of spinning
plates and want more life.
We're here to take the plethoraof Intel out there and curated
into the highest value insights.
We combine it with our livedexperiences to offer bite-sized
(00:25):
actionable tips.
So you can look back at the endof the quarter and the end of
the year, knowing that you'reworking towards achieving
success on your own terms.
Miranda (00:35):
Welcome to episode seven, season two of the elevate
with grace podcast.
My name is Miranda and with meis the fabulously have a vicious
and talented Claire and well, Icould not be more grateful to
have Claire in my world to bringthis episode to life.
One of Claire's fabulouspassions in life has been to
share with women how essentialit is that we understand and
(00:56):
embrace the power of moneypositively to ensure we get over
those inane, hangups andyesteryear mentalities around
our finances and to really diveinto what finances mean for.
We did a deep dive into thisback in episode 11 of season
one.
So do encourage you to checkthat out.
Claire's passion and put around.
This is just fantastic.
(01:17):
She's very much opened my eyesup and really forced me to think
about my own mentality, in thefinancial space and, and what I
take for granted.
When we were first dreaming up,what elevate with grace could
be, Claire knew we needed afinancial pillar.
And while I express my concerns,mostly around my own lack of
acumen in this area, she shuteach concern down gracefully and
(01:39):
convinced.
She was absolutely right that weneeded to go on this journey
with you and I am there with youladies, and we should be having
these conversations with all ofour friends.
Without owning our financialpower, it is just not possible
to achieve success on our ownterms.
So to deliver on what thepromise we wanted to create, we
really did need this financialpillar, as a big important part
(02:02):
of it.
Studies would suggest that myform of mindset and kind of
nervousness or discomfort aroundfinances is actually reflective
of the majority that theClaire's in the mode of rare.
And we love.
And that we need to work hard tomove our mindset and our shift
into this area.
My mindset previously was thatyou worked hard, you earned
(02:22):
promotions and that the restwould take care of itself.
And it's a dangerous assumptionand we definitely need more
girlfriends like Claire pushingus to have these uncomfortable
conversations around money andcollectively move us.
So in this episode, we're goingto dive into why money is not a
dirty word.
We're going to explore where ourmindset is today.
(02:43):
Some of the stress factors now,and in the future that we need
to take control of and not letthem control us and why this is
the perfect time to be takingcontrol of our finances in a
bigger way than we currently.
I'll action challenge for thisweek is to dig deep into our
mindset, write down any emotionsthat we're feeling around money
and any financial goals oractions that you've been putting
(03:04):
off.
And then take action for justone of those.
Before the next episode, we needto make this.
Say clear timelines on when itwill be done at least one step
towards a goal the next twoweeks and have a reward for
ourselves when complete, andthen potentially think about
some of the things that areactually going to get in the way
of us achieving this goal andtry and set up a plan for how we
(03:25):
can avoid these.
Before we dive into thisepisode, let's first reflect
briefly on the action challengeof our last episode.
These podcasts are great, butwithout any kind of outcome or
any actions.
To chronic round.
These we're going to continue tobe in the same place we are in a
years time.
Okay.
So I think these actionchallenges is, so important.
And in the last episode, wereally asked two things.
(03:48):
One to try and check out thebook are in it by Sallie
Krawcheck.
It was a fantastic raid and hadsome really great learnings that
I hope you enjoyed.
And the second was to actually,think about the six key
strengths identified that womendo tend to do better
collectively and use thesewords, to think about our work
differently, to think about howwe profile ourselves
(04:08):
differently.
I have been absolutely livingthis challenge and will continue
to.
And share this with as manywomen, all those battling, to
secure a diverse workforce aspossible.
And I've had some of thoseconversations with men in the
last couple of weeks as well.
Last week I was invited to afive day summit and I really
needed these case strengths topof mind to validate why I was
(04:29):
there and how I could bring adifference.
Although I was failing you, Iwas able to contribute
meaningfully focusing on lookingfor impact and meaning,
leveraging my love of learningand, being open to share that
with the community andconsidering the holistic
viewpoint of what we werelooking to achieve.
I also observed, and I was farmore curious about my
colleagues, the answers theywere giving and doing a lot more
(04:51):
questioning around that so thatwe got some great collaboration
as a result.
So, that was a really greatoutcome.
What about you, Claire?
How do you go through thischallenge and how are you doing
this week?
Claire (05:02):
I am good.
My friend I'm really good.
Was not quite on an exoticsomewhat like yourself, but in
the office doing a bunch ofplanning and it was great to be
working with people in 3d.
Although by Friday I was quitekeen to get back into my boots
and my track suit pants in myhome office.
You realize that after two yearsof working from home, you've got
(05:23):
to build up that stamina to getback into the 3d office
environments.
But it's been great and a greatopportunity to keep that action
from the Sallie Krawcheck ownerbook, at the top of the my mind.
I think for me, what I didnotice is the, concept of
focusing on the long-termperspective, and like you
(05:45):
mentioned that you were sayingto Miranda on your offsite, is
it seeing things holistically tomanage complexity.
I noticed that I was creating afew metaphors, to get other
colleagues to try and understandand see the balance between what
the short-term objectives are ofwhat we're trying to achieve
with the project that we'reworking on, but also balancing
(06:07):
out with the current marketcontext and the broader
long-term perspective.
And weighing that up from a riskperspective What are the
long-term implications if wewait too long staying in this
space.
I think because of the accidentI had in the back of my mind
that I was getting a lot ofresponse to some of the
metaphors that I was creating.
And I didn't appreciate that.
(06:28):
I did that before.
So that was nice to realizethat.
Also few episodes ago when wewere talking about.
Time and boundaries.
I've been looking at ways that Ican, harness energy levels and
focus on doing high-impact workin the morning, more reactive
and then administrative work inthe afternoon.
(06:48):
And I think noticing, Again, thethinking about things
holistically and the long-termperspective helped me get back
to the concept of the one thingthat we talked about in the one
thing book review.
So I feel like it's all beencoming together a little bit
lately, so that's been good.
Definitely I think you're right.
It's The love of learningelement of bringing it all in
(07:09):
and from a holistic long-termperspective.
So, yeah, I was enjoying beingmore mindful of those things.
I didn't want to interrupt you.
You were in such a great flow atthe beginning.
Thank you for the pump up, inthe intro Miranda but I must
confess that I am very much on alearning journey with money
every day, like everybody.
Some of the stuff that we talkedabout in the Sally Kaushik
(07:30):
episode, I have a tendency tokeep way too much of my savings
in cash portfolios.
I'm also nervous get nervy aboutinvesting in stock and so I'm
very much paying attention to myrisk aversion and all those
things.
And although I do have afinancial services background,
it's always good to bechallenging yourself.
And as we talk today.
(07:51):
This is just a chat betweenfriends, exploring and getting
better with it financial acumenand leaning into our financial
powers women.
What we're really trying to dotoday is encourage you to
emulate this with your friendsand your partner and your boss
around having littleconversations.
When I was doing a bit ofresearch for this episode, I
(08:13):
found fidelity investments had afinancial sentiment survey.
From data captured in April andNovember, 2020.
Uh, and bear with me, causethere is positivity in this
message, through the start ofthe COVID pandemic found that
79% of women felt weighted downby job and money stress, 72%
(08:36):
stressed about retirementsavings and having enough to
live comfortably on inretirement.
And this is a big thing for mearound superannuation and
knowledge of the rights of womenin their fifties in Australia
that are becoming homeless areon the rise.
And a lot of it has to do withfinancial security and savings.
71% stress out about theirability to save for goals
(08:57):
outside of retirement.
Yeah.
And 54% are stressed out aboutthe ability to manage the day to
day expenses.
you know, That's a high portionof women stressing out about
money and probably not talkingabout it, right?
And as we spoke about in thelast episode, like exercise
spending a little bit of timeeach day and each week thinking
about and talking about money isso critical, One of the silver
(09:20):
linings of dependence that camefrom the fidelity investment
sentiment survey is that 71% ofwomen were planning to take
action on their financialwellbeing.
In the next six months.
Women are now having moreconversations about money than
before.
60% of talking about financialtopics with family and friends,
and increase from 34% sincebefore the pandemic.
(09:41):
I think There's a few silverlinings for us if it's means
that we thinking moreproactively about looking after
our money for our future selves,I was feeling pretty pumped
about that.
Less than one third of womenhave six months of emergency
funds saved, but 52% of womensay that they need that amount
of savings to sleep at night.
That really is a lovely tyingback to some of the advice that
(10:04):
Sally crushed.
It gives in her book, around theneed to have.
Emergency savings and spending alittle bit of time, getting
yourself comfortable with yourfinancial stuff.
Reiterating as Sally said in thebook, everyone needs more
financial education.
That's a given, but it shouldn'tprevent us from rolling our
sleeves up and getting involvedand finding a little bit more
(10:25):
about.
What's the right amount that weshould invest now or put into
our superannuation at HH.
Should we be investing in thestock market and how should we
be doing that?
Do we have emergency funds?
How are we setting up our budgeteach week?
We can all do that.
So I'm pretty excited to havethis chat today.
And it's great to hear that lotsof women are thinking more about
it.
That's really good.
Miranda (10:46):
Very encouraging.
And I must admit that piecearound education is not a reason
not to start, and that men startwithout knowing exactly what
everything is.
And women hold back hasresonated with myself as well.
You know, continue to thinkabout that and think about,
okay, well, what can I do?
What, how can I start?
I want to enroll in a course.
(11:07):
I want to learn everything aboutthe share market before I get
started.
And I think that's a reasonable,Yeah concern, but it shouldn't
hold us back.
And, you know, quite encouragedthat there was a lot of services
out there that mean that wedon't need to know everything.
You can't be an expert ateverything, but it's so
important that we prioritizethis.
Quite concerning there that lessthan one third of women have
(11:28):
that emergency fund, but 52%needed to slate this little
women that aren't sleeping sowell at the moment.
And quite a bit of stress outthere around money as well.
That mindset is just going to beso important and, really taking
control of.
Why aren't we doing this?
What, what are the barriers thatare getting in the way and how
can we help to overcome these.
(11:49):
There's a great Forbes article,around this where it dives into
the most important emotions inrelation to money that we feel.
Feel guilt, shame and envy.
They're all very negativeemotions.
And I've recently read the Atlasof the Heart, with Brene Brown.
And I think you have to Claireor parts of it, such an
incredible piece around languageand these emotions.
(12:12):
And if these are the emotionsthat were contributing to money,
it is not one day that we arerunning in the other direction.
You know, there's no positiveemotions here.
There's no happiness to play in.
where the reality is money canactually give you a lot of power
money can, allow you to do someincredible things.
You can help others with money.
you can set yourself up and yourchildren are with their futures.
(12:34):
But the overriding emotions thatwe currently relate to in this
huge study that Forbes did wasthat it's fear, guilt, shame,
and envy.
Claire (12:42):
Yeah.
I will go back and pick upBrene's book because I love how
she distinguishes between thoseemotions.
I think that's really important.
One of the things too, that Idiscovered, a few years ago when
I was looking.
My connection with money.
I noticed that it was very muchconnected to my, need and value
around freedom, freedom andequity is a big value for me And
(13:05):
as you said, dialing it back towork out what your personal
relationship is with money andwhy you may be doing the things
that you're doing around notbudgeting or being a bit risk
averse about investing or notwanting to understand what's in
your superannuation account,whatever those things are.
They're probably related to.
Your experiences as a child,it's all that stuff.
(13:28):
And so it is quite important tospend a bit of time getting
curious around what emotions,money triggers for you and what
kind of money personality youhave, because that will help
take action in a way thatresponds to your feelings about
money.
Yeah, I it's a really good,cool.
Miranda (13:48):
And that's perfect to this quote, which is without
awareness, these emotions willoverride your rational thinking
and drive your action.
And so if we don't haveawareness of how we're feeling
about money, our action willgenerally be to get away from
things that.
I feel discomfort.
That's just a standard humanresponse.
And so we need to bring back inour rational thinking and, look
(14:10):
to take that action because Ilove those words, freedom,
equity, they're much morepositive places to think about
money, the shame and avoidancereally tie in together.
And we know that Shame is reallyone of those super powerful
emotions where people will doanything they can to get out of
it.
It's worse than embarrassmentand fear because shame is
something where, we, are drivenand by response to avoid shame
(14:31):
in any way we can.
And so if we.
are shameful feelings aroundmoney.
Things like I don't have enoughmoney.
I've avoided thinking aboutmoney.
I've avoided, what I'm supposedto do around this.
I haven't created a safety net.
I haven't planned for a time andI'm really ignorant about this.
And I just don't know what tolearn about it.
I buy stuff when I'm unhappy.
I know I spend too much, theseare overly shameful feelings.
(14:53):
But then if you're feelingthose, you're going to avoid
taking action against thembecause you find them shameful.
So it's this vicious cycle thatwe really need to be aware of
and get out of, because if webuy stuff, when you're unhappy,
one of the counters you can doto that is find other things to
trigger when you're unhappy.
Do you go for a walk?
Do you call a friend?
You can start to set yourselvesup with these solutions, but you
(15:15):
need to know and be aware ofthem before you can take that
action.
Claire (15:18):
I wonder if there's a synergy with how people felt
through the COVID pandemic, itwas a very clear wake up call
that we're not in control ofeverything.
There's been a lot through thatexperience like things that we
thought were always secure, likejobs and our career and money
coming.
in The survey from Fidelity'sindicating that more women are
starting to talk about thesethings, because in today's gig
(15:41):
economy with lots of volatility,things change.
And so having those safety netsand thinking more mindfully
about how are we going to manageit?
We need to take time off workfor whatever reason, that's
going to take away some of theworries, for sleeping at night.
And we know we've got thosesavings for rainy days sitting
there.
Miranda (15:59):
Absolutely.
And I think the second part ofthat, that showed up for me was
a very early belief in whatmoney could achieve that I think
I've forgotten about I was at aworld vision youth leadership
training session.
And at the time I was veryprepared to donate a lot of time
to raising money.
And I realized that it was niceto give that sort of time,
without those people that aregreat to gift that money.
(16:21):
I wasn't really doing that muchwith my time.
I was asking other people tocontribute that value to the
people that need it.
And my realization around basewas that I could make more of an
impact by, finding a way to earnmore money.
And I come back to that from alot of the thought leadership
around women asking for raiseswithin the workforce and they do
(16:43):
better when they ask for them asa community.
If we're not too worried aboutour finances, we're not too
worried about, now retirement,which let's get into it a bit
further detox.
I'm horrified by the numbersaround women retiring with very
little money.
What I do think is that where wecan also make an impact to the
community around us, And we haveagency to see something that's
(17:05):
going on in Ukraine to seesomething that's going on, in
Syria or this starving children,or, people, children dying, or
people dying in countries.
And we can actually make adifference we can contribute.
And it gives us this agencyback.
I think there's a lot ofpowerlessness when you're seeing
things happening like this andyou can't contribute, you don't
have the ability to maybe donatemoney, donate time tonight
(17:27):
resource.
So this is, in some ways I thinkthat.
If we can change our mindsetaround money, in that community
space as well, then getting intothe share market.
and, and stuff.
It doesn't just become asingular activity asking for the
raise.
It becomes something that youwant to do so that you can have
more power to help others.
And I think for me, that was animportant mindset shifts that I,
(17:48):
I knew I hadn't focused on andthat I want to get back into.
Claire (17:53):
In the book Own It Sally Krawcheck definitely recommends
it as women We think about theholistic impact.
So if we feel uncomfortableabout asking for a raise, if we
feel uncomfortable about talkingabout superannuation and
retirement savings or investinga great way to think about that
(18:13):
is the collectiveness of howthat.
Can have an impact, like yousaid, maybe not just for
yourself around, but if you'rethinking more about doing those
things as a knock on for thecommunity of women.
It's a great segue to the secondpoint that I wanted to make in
this episode, it's important torecognize it.
In 2022, Australia is stillbehind in terms of gender
(18:36):
equality with the workforce andsociety is still largely
dominated by and catered towardsmen and men.
You mentioned it yourself lastweek, you were in a five day.
Offsite and 90% were men.
I work in financial services.
We've come a long way.
If I think about the last 15years, however, there's still a
male dominated aspect to somestuff.
(18:58):
There's a article that I foundby Mary Claire that summarizes
the state of play in Australiaright now.
It was good.
Cause then I didn't have tosummarize the latest gender pay
gap report myself.
So thank you, Mary Claire,because basically the latest
gender pay gap report, fromAustralia's workplace, gender
equality agency, the reporttaken from 20, 20, 20, 21 found
(19:22):
that women typically earn$7 72for every$10 for men.
And so that's data from lastyear so women typically learning
about$25,000 a year, less thanmen every year.
That means that thesuperannuation that goes into
your super account that'scompounding interest over your
career Legislatively at 10% atthe moment.
(19:45):
So$25,000 less were earning onaverage than men every year with
men, twice as likely to earnmore than$120,000 a year than
women.
There's a lot of information outthere that the COVID pandemic
has exasperated the amount ofmental load or emotional unpaid
labor that women are doing.
(20:05):
The Australian human rightscommission found that women
spend twice as many hours eachday, and then men doing unpaid
care work that takes away fromour ability to get some of this
money coming in.
And has this for a kicker.
We also are paying more forstuff it's called the pink tax.
which means that the price ofeveryday items that are offered.
(20:26):
related to women.
So research conducted by imp in2019, found that on average
women pay 29% more for razers16% more for bodywash and 12%
more for underwear each andevery time they shop.
Yeah.
(20:46):
Put that in the bag ofcollectively, let's all stop
thinking about when we'retalking to our bosses and our
partners and thinking about ourfinances, that we're all leaning
in individually to combat someof that stuff.
Miranda (21:04):
A lack this section because what you haven't done is
just make it about celery.
It's so much more it's about thebills we pay, the amount of care
we take for ourselves, likeguarantee.
Those are like for lack ofthings, but the amount we spend
on it's my cup.
Hey.
It's all, considerably, lotsamount.
And these are expectations forus to show up to work that are
(21:26):
not on men, Yes.
They have to wear colors.
we do have to have our hairlooking a certain way.
There is an expectation that wewill, Ensure that our kind of
ice makes the standard withinsociety.
So there is definitely there.
I'm really concerned.
Introduction of a lot moreenhancements in women.
We're spending a lot like womenon Botox and lip injections and
(21:49):
all these things that areunfortunately putting women even
further back, because salariesaren't going up, but the amount
that they're actually spendingto feel comfortable showing up,
has changed and is changing.
And so, yeah, it is wealth gap.
Is far more encompassing thanjust the salary that you earn.
(22:10):
I think one of them for me isreally about changing the
conversations.
And we've been talking aboutthis a little bit, in past
episodes as well, but changingthe conversations that we have
with each other, I think there'sa real expectation.
Still that when women havechildren that they will go to
part-time work, that they willstay for it to still take on the
labor.
And that somehow if they don'tdo that, if they are full time
(22:32):
that they are lesser.
I think that there is.
Oh, consciously andsubconsciously conversations
that keep coming at women, that,really do take away the impact
from the kind of the careersthat we can build, salaries that
we can earn because there is anexpectation still that women
will put their career on hold orpause it while they're, for five
(22:56):
years until their children arein school, that they will step
back from their careers tosupport their families in a way
that we're not asking men to.
And when we went through today,Studies men old were comfortable
with, it would put family at thetop of their values, none of the
women date.
And we didn't because it'simplied, family is always going
to be number one.
(23:16):
If we stopped talking too muchabout our families, people stop
thinking that we are not goingto, show up in our child's sick.
We're not going to be able tocover the work when these things
are happening.
And this all contributes to thisgender pay gap in a really
frustrating way.
When we start to think aboutstatistics around these, yes,
women's salaries are going to beless because they're potentially
(23:37):
not willing to take on thatextra responsibility in the
workplace.
They're not willing to.
To take on any more than,because I can't, they can't take
on any more.
They've got too much with thekids too much with the family
generally.
And then they're also beingasked to do this work and we
continue to say theseconversations happening on
Instagram and other socialswhere women are going, how do I
(23:59):
do it all?
Is it worth taking on this extraresponsibility because
something's going to fall apartand I can't be perfect in every
area.
Claire (24:07):
I could go off on so many tangents with what you just
said, then there's so much to,dip into, but you're right.
It.
Isn't just about the salary.
It's about all of that stuff.
And I think the one thing thatwe do need to think of is we're
working as a collective systemwould end with.
The men that are theresupporting, I've noticed,
particularly in the last fewweeks, since we've come back
(24:30):
into the office more from COVID,it's lovely to see there's a lot
less clock watching.
I'm saying men leaving theoffice at 2 33 o'clock because
they're obviously on the cubespick up and stuff.
And I think we've got to keepfocused on, we are moving in the
right direction.
Uh, there is still a long way togo though.
Miranda (24:48):
So just to continue to finish off that, that point a
little bit, you'll find thesemen are talking about how do I
have more work-life balance?
How do I make sure I can do thepickups?
And by doing that, then thewomen are certainly going to be
able to have a bit more time.
We've spoke about women, sharingthem.
In a more of a community waythan men and the statistics
(25:09):
around here about 90% of themoney women make, is shared
within the family.
To a 35% of.
And I think the expectation isthat men are going to be doing
the savings for retirement.
Men are going to be setting usup and women are going to be
contributing to the householdand that's where their salary is
going.
And so one of the things I thinkwe can do today is just make
(25:29):
sure that shift is a bit moreequal that, we're putting a bit
more away for savings and suchbecause.
We all again, we've spoken aboutthis utopia of everything going
well forever and ever, but whenit doesn't, what does that look
like?
Having that demand for ownershipis so important.
I don't know claire, you lead meon this one, the statistics
around the amount of women goinginto their time and with, not
(25:52):
enough money to survive isabsolutely horrific.
And, in our unit, we didn'tnecessarily talk to it too much,
but it was certainly somethingthat Sally's really concerned
about as well in the Americanenvironment.
In Australia we're seeing eventhe media pick this up as really
important articles that we needto talk to and go, okay, well,
if we're not motivated today, weabsolutely should be motivated
(26:12):
to make sure that our 65 yearold self can live comfortably
when we hard to make sure thatwe've set that up for ourselves
for an airfare for our kids.
Claire (26:20):
A hundred percent.
I know it's difficult for us allto think about.
What it might be like to be aretiree, but at the same time,
we talked about braveconversations, right at the
beginning of season two.
How do you start having thoseconversations at home and what
does that look like?
And at work, because Idefinitely need to be happening
more and more.
Miranda (26:41):
I think collectively we've come to this feeling.
The world's ready for thisAustralia is ready for this.
Women are ready for these, tostart taking a little bit more
control.
What do you think it is?
Claire (26:50):
I think it touches back on the, what we spoke about
earlier with that fidelityreport that, a lot of people
from our post pandemicexperience, we are having a bit
of a.
Life research or recognitionwhether that's with our careers
or with our money.
The reason as you mentioned atthe beginning of the podcast, I
wanted financial acumen andtalking about financial
(27:13):
independence within what wecall.
Talk about it, elevate withgrace is because it's so
intricately tied to taking smartrisks and cultivating your
career.
And with the economy at themoment.
Inflation and interest rates areon the rise.
We've had a long sustained levelof low interest rates in
(27:36):
Australia and low inflation.
I won't get all boring with myeconomics and financial stuff
around that, but the point isthat inflation and interest
rates are on the rise.
In the Australian financialreview, there's an article, I
think it was May 3rd, newworries, drive restless workers
to look around and itacknowledges that the cost of
(27:58):
living pressures site inflation.
And worries around debt would beinterest rates going up, have
overtaken.
The pandemic has the biggestconcern for professionals.
The flip side of that in talkingto our career cultivation
pillar, it is a buoyantemployment market in Australia
at the moment.
So giving that bargaining power,we've talked about this a few
(28:19):
times in a few episodes, soyou've got this.
Opportunity with your braveconversations and getting more
interested in understanding yourfinancial freedoms that can come
from having rainy day savingsand thinking about what's in
your superannuation account isall the perfect timing to be
doing all of that.
When we're in, a employee drivenmarketplace.
(28:42):
So now is a great time to bethinking about all of those
things together.
And so now is a good time to berolling your sleeves up and
finding the fun, finance!
Miranda (28:52):
Finding the fun in finance.
I absolutely love it.
I do think.
Just even reading the Australianfinancial review is really
important.
Claire, you definitely got meonto it.
And I was really surprised tosee that less than 30% of the
readership is women.
And so it is so important thatwe just do educate ourselves
with these little bits of kindof.
(29:13):
As we go through, we don't needa formal course.
There is some of these greattools out there.
There's a lot of fake news, so,you know, they do have a bit
more credibility in themarketplace.
And, also open you up to a lotof new conversations that you
can have within your workplacethat you can have those,
Intelligent conversations aroundthat and have that awareness
around what this election meansfor our finances, what
(29:36):
inflation's going to mean forour finances, just, nice bite
sized pieces that you can takein and that you can trust a
little bit more, you'vedefinitely got me onto that and
I do feel like it, it does helpto give me a little bit more
rounded roundedness in myknowledge and my understanding
of what's going on.
That has been a very dynamicepisode.
My head's a little bit flowy.
(29:57):
I am excited and I know thatthere is just so much that I can
do to improve in this space.
And I'm sure many people can,,mindset I think we speak about
mindset a lot in all of our Yepisodes, because it does just
get in the way so much if we'renot aware of it.
And if we're not taking controlof how these things aren't
getting in our own way mindsetis impacting the actions that we
(30:18):
take or don't.
Claire (30:19):
And it has said it's.
I think that it underlines a lotof, I hadn't really thought
about that before, when we'retalking about taking actions to
get to a life of success on yourown terms.
A lot of the underlying workthat we need to do in our love
of learning pillar is figuringout our motivations and what
(30:39):
causes them and how do we.
How do we get curious about themso that they're not holding us
back, whether that's careerwise, financial wise, taking
risks wise, whereas our mindsetholding us back and it applies
equally to finance as it does,any of the other things that we
talk about.
So I think great that you talkedto that in this episode,
Miranda (31:01):
Thank you.
What a great place to wrap upthis episode.
so real quick reminder aboutaction challenge and action
challenge for this week is todig deep on our mindset around
money to write down any emotionsthat you're feeling around money
and think about those financialgoals or actions that you've
been putting off, write themdown and then take action on
just one.
(31:22):
before the next episode.
So I want to put a bit of atimeline on this to help you to
get it done, make it a priorityto bring it to the top of your
to-do list and set a cleartimeline on how you're going to
achieve this over the nextcouple of weeks.
And.
Give yourself a reward once it'scomplete.
So really identify today whatthat reward is going to be when
you achieve that, because weneed a motivator to get us
(31:43):
started.
We need that report to get thatfinancial affection done.
So make sure you're able toyourself As always we've put all
of the curated content we'vementioned in the episode notes.
So you can check them out overthe next week and deep into the
stuff that's really resonatingwith you.
Hopefully you're going to bethinking about this in the next
couple of days and really.
Are inspired to take thosesmall, actionable steps to help
(32:06):
your own success journey.
Check out our website, elevatewith grace.com that I you, or
hop onto our socials at LinkedInor Instagram for more curated
content.
We'd love, love, love to hearfrom you and how you're going on
this journey.
Um, please, if you haven'talready liked it, subscribe and
share this podcast.
In our next episode, we aregoing to be diving into those
(32:28):
tips and tricks for leveling upon our financial skills.
So.
I'm looking forward to learningfrom this one.
And I can't wait to chat withyou again soon.
Thank you, Claire.
And thank you everyone so muchfor listening.
Just a quick reminder that thisis just a chat between
girlfriends.
There is no financial advicethat we are looking to give in
any way, other than just for youto take more ownership of your
(32:50):
financial power.
Claire (32:51):
It's great to hear your take on some of this stuff when
we've got differentperspectives.
So it's been a great chat and Ilook forward to speaking to you
very soon and looking forward toyou, getting into some tips,
tricks, and hacks in our nextpodcast on finance stuff.
Miranda (33:05):
Fabulous.
Thank you.
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