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She's on the (my millennial) money Q&A · She's On The Money

• 0:00
  Speaker 1: She's on the Money. She's on the Money. Hello, and
• 0:13
  Speaker 1: welcome to She's on the Money, the podcast for millennials
• 0:16
  Speaker 1: who want financial freedom. As you guys know, I'm financial
• 0:20
  Speaker 1: advisor Victoria the Vine, and this week we're mixing the
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  Speaker 1: episode up a little bit by inviting my friend and
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  Speaker 1: fellow money podcaster Glenn James from My Millennial Money on
• 0:29
  Speaker 1: the show.
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  Speaker 2: Hello Glenn, Holy hoy, Hello Victoria, and hello to all
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  Speaker 2: of your listeners.
• 0:33
  Speaker 1: Hello friends. Today on the show, we're going to be
• 0:36
  Speaker 1: addressing some of your most asked questions and to do that,
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  Speaker 1: we've actually got our producer. And on another note, some
• 0:42
  Speaker 1: are breakfast radio host on KISSFM Brian John. To ask
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  Speaker 1: Glenn and I the hardest hitting once.
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  Speaker 2: So like embarrassing me.
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  Speaker 1: I do. It's actually my favorite thing in this entire world.
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  Speaker 1: But it seems quite reciprocal. Okay, before we get there though,
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  Speaker 1: In true She's on the Money style, we are going
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  Speaker 1: to be talking through our money wins in confessions from
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  Speaker 1: this week, and Glenn, because you are our guest, you
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  Speaker 1: get to go first. What have you got for us?
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  Speaker 2: Well, when you said to come on the podcast and
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  Speaker 2: have a money win, I'm like, oh, geez, I don't
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  Speaker 2: know if I've got one this week.
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  Speaker 1: Everybody has that.
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  Speaker 2: No, it was last Friday night, I kid you not.
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  Speaker 2: I was going to a mate's house for a barbecue.
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  Speaker 2: Went to Cohl's. They had a pack of pre marinated meat,
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  Speaker 2: you know, wings and drums and all that stuff, and
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  Speaker 2: it had like discounted to sell because obviously it was
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  Speaker 2: going out a date.
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  Speaker 1: Yeah ten minutes, but you were going to be using
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  Speaker 1: it that night, right exactly.
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  Speaker 2: So it was thirteen dollars down to eleven dollars. Went
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  Speaker 2: up to the counter and they scanned it and they said,
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  Speaker 2: we can't sell it to you because it's best before today.
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  Speaker 2: And I said, mate, it's going on the barbecue in
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  Speaker 2: about ten minutes. I'm happy to still buy it. And
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  Speaker 2: they got one guy. They couldn't work it out. The
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  Speaker 2: next person came and I said, hey, I'll just take
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  Speaker 2: it if you want, and they said, yeah, no's taken.
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  Speaker 2: Oh my gosh. This is like, it's so bizarre because
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  Speaker 2: most of us who have a job and have an
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  Speaker 2: income dollars. It's not changing our world too.
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  Speaker 1: Much, no, but it's exciting. I was.
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  Speaker 2: I was so excited. I was bouncing out to my car,
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  Speaker 2: and I'm like, I've got a money win this podcast.
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  Speaker 3: I need to ask, though, It's only really a money
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  Speaker 3: win if you ate it and didn't get sick, because
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  Speaker 3: if it was in fact too old, then it's probably
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  Speaker 3: not a win.
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  Speaker 2: So how was it? What can I say? I was
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  Speaker 2: in hospital for three days. I've still got my eleven
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  Speaker 2: dollars health care.
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  Speaker 1: It just really a spree, Ryan, Do you have a
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  Speaker 1: money win or confession that might impress us just as much?
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  Speaker 3: Certainly won't impress you. I've actually bought a confession.
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  Speaker 1: Oh okay, no, I like those just as much if
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  Speaker 1: I'm being honest.
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  Speaker 2: Yeah.
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  Speaker 3: So I've just moved into a house in Richmond down.
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  Speaker 1: The road your fancy, Yes, thank you.
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  Speaker 3: And I haven't moved all the utensils. I've got stuff
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  Speaker 3: for the kitchen and stuff yet. So one of the
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  Speaker 3: risks of moving to the city was me being scared
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  Speaker 3: about spending too much on uber eats.
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  Speaker 1: It is a real risk, yeah, because.
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  Speaker 3: I live out in the country, so there's no obreeds
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  Speaker 3: out there, and I promised Bridget I wouldn't spend much
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  Speaker 3: on a new bread eat. But because I had no
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  Speaker 3: plates and cutlery of my own. I had it on
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  Speaker 3: Thursday night, Friday night, Saturday night, and Sunday.
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  Speaker 1: Okay, so that's probably a little bit irresponsible.
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  Speaker 2: Do we feel a bit guilty ordering from uber Eats
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  Speaker 2: because I do, knowing that the retail, like the retail
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  Speaker 2: is getting probably slammed with their sliced Uber eats.
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  Speaker 1: I do, and I have recently been using a company
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  Speaker 1: called door Dash because I feel better because a higher
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  Speaker 1: percentage of their commission or whatever it is, goes to
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  Speaker 1: the actual hospitality company providing the food. So I don't know. Yeah,
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  Speaker 1: I think that's a legitimate concern. I do feel a
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  Speaker 1: little bit guilty when that happens. Also a little bit
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  Speaker 1: lazy when I'm ordering something from the place down the
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  Speaker 1: road that is like three hundred meters away. So maybe
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  Speaker 1: we should all use uber eats a little less and
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  Speaker 1: not worry about not eating takeaway.
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  Speaker 2: I drove around to my local pizza shop the other
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  Speaker 2: night and I couldn't get a car park out the front,
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  Speaker 2: and I almost parked back at my house. I just
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  Speaker 2: want to.
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  Speaker 3: Add that it's also a bit rich from Victoria de
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  Speaker 3: Vine to say we shouldn't get uberats as much because
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  Speaker 3: we've hung out all day today, v and this is
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  Speaker 3: the first time we've hung out not had Uber eats
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  Speaker 3: and probably the last six or seven times we've hung
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  Speaker 3: out again.
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  Speaker 1: Yah. I'm also just going to call it out. You
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  Speaker 1: could have had an epic money win that every time
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  Speaker 1: we order uberts it's usually me ordering it, and I
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  Speaker 1: ordered you pizza on the weekend and we did too.
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  Speaker 1: That was a pretty good money week over on the weekend,
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  Speaker 1: and you're welcome. I also made some really really good
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  Speaker 1: margaritas guys, recipes on my Instagram for those of you
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  Speaker 1: who are interested, but moving on, I will let you
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  Speaker 1: know what my money win or confession is this week.
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  Speaker 1: I actually have a money win for you, guys. I've
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  Speaker 1: bought a coffee machine, which is incredibly exciting. As you know,
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  Speaker 1: I love a good coffee and usually go to the
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  Speaker 1: cafe literally every single day, and I finally have my
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  Speaker 1: own coffee machine and it is delightful. It has those
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  Speaker 1: Lavasa pods, so it.
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  Speaker 3: Literally, yeah, what sort did you get?
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  Speaker 1: I got this Meg coffee machine with the pods and
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  Speaker 1: it's like the Lavaza pods and they are premium. I
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  Speaker 1: will let you know. They also make an epic espresso martini.
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  Speaker 2: It's a paid ad.
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  Speaker 1: No, it's not like I wish they were paying me.
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  Speaker 1: But I would say ten out of ten would get
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  Speaker 1: again because it's so easy. And I felt like I
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  Speaker 1: was really worried about getting a coffee machine because the
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  Speaker 1: cleanup would be something I didn't want to deal with.
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  Speaker 1: But I'm probably going to get slammed for the fact
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  Speaker 1: I use pods, but.
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  Speaker 2: I'm gonna say that, is that what they're calling it? Coffee?
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  Speaker 2: Is it?
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  Speaker 1: Yeah? Yeah, like Len's a bit of a coffee commer sewer.
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  Speaker 1: So I of strategically put this on this episode because
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  Speaker 1: I knew i'd get slammed by him, and I welcome that.
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  Speaker 2: Yeah, I'm launching my Millennial coffee and I've just done
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  Speaker 2: all the testing. It's my own blend, because categorically, you
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  Speaker 2: can save so much money making it at home, whether
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  Speaker 2: it's through a filter and drip and all that stuff,
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  Speaker 2: or French press or even through the pods. Categorically, over
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  Speaker 2: the long term, if you actually want to save money
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  Speaker 2: and you do love your coffee, you just have a
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  Speaker 2: bit of an outlay and it's a bit of a
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  Speaker 2: cost recovery exercise. But yeah, I support anyone making coffee
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  Speaker 2: at time.
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  Speaker 1: I love that. But moving on, let's take a look
• 6:07
  Speaker 1: at our Facebook communities. Usually we only look at their
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  Speaker 1: She's on the Money community, but this week we are
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  Speaker 1: going to look at our community as well as your
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  Speaker 1: Facebook group My Millennial Money Glenn, so i'd love you
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  Speaker 1: to again start. Did you have any posts that really
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  Speaker 1: stood out to you this week?
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  Speaker 2: I totally did, and it actually made me a bit
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  Speaker 2: emotional in terms of the impact that Glenn, who's a
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  Speaker 2: bogan on the Central Coast that likes Fords, had on
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  Speaker 2: somebody from starting My Millennial Money.
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  Speaker 1: But that's really sweet.
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  Speaker 2: What is there, Emily? And she might even be in
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  Speaker 2: your community, but whatever, or good Emily Rodman. Flashback to
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  Speaker 2: September eighteen, leaving paycheck to paycheck and thirty grand in
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  Speaker 2: personal car Loan debt and stressed, discovering this podcast, listening
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  Speaker 2: to the back catalog and getting motivated plus all the
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  Speaker 2: amazing people in the M three community. Flash forward to yesterday,
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  Speaker 2: officially bad debt free, paid thirty grand in debt in
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  Speaker 2: just over two years, five years early, and have three
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  Speaker 2: months emergency fund setting place. So excited for what the
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  Speaker 2: future holds and knowing that I've achieved this without sacrificing
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  Speaker 2: fortnightly pizza.
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  Speaker 1: That's very important.
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  Speaker 2: Thank you so much, Glenn and the team for helping
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  Speaker 2: me get my foundations and mindset sorted. It feels amazing.
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  Speaker 1: How epic is that? I love that? And I couldn't
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  Speaker 1: love it anymore, Like how exciting is that when your
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  Speaker 1: community they don't just have like one money win, they've
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  Speaker 1: literally changed their money story like that stuff.
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  Speaker 2: But I mean, it's so amazing, Like you can guarantee
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  Speaker 2: her income would probably not be and I'm being presumptuous,
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  Speaker 2: but her income probably wouldn't be over one hundred grand.
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  Speaker 2: She's just been intentional, She's been dialed in and she's
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  Speaker 2: gone and got it.
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  Speaker 1: I actually love that, and I think that it's so
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  Speaker 1: nice to share money wins like that because it's also
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  Speaker 1: motivational for the communities at large, because it's so possible
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  Speaker 1: if you just put your nose down and get it
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  Speaker 1: done like these people are doing it. If you're in
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  Speaker 1: this situation, you absolutely can too. And also thank you
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  Speaker 1: for trusting us and to share that story, like money
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  Speaker 1: is not the easiest thing to talk about, but then
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  Speaker 1: to go on a public platform, I mean semi private,
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  Speaker 1: let's be honest public platform and talk to us about
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  Speaker 1: exactly what you've done and what you've achieved. That's epic
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  Speaker 1: and I'd love it.
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  Speaker 2: Yeah, it's so good.
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  Speaker 1: So thank you, Emily, Thank you, Emily, Ryan John. Have
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  Speaker 1: you got something from our community. I really doubt it'll
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  Speaker 1: be as self promotional as Glenn's was, but that's okay.
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  Speaker 3: I actually feel a bit weird now because that was
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  Speaker 3: so motivational and inspiring.
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  Speaker 2: Mind is quite the opposite. It's from that.
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  Speaker 3: She's on the money Instagram and her name is Chastely.
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  Speaker 3: I believe awesome, she says, little win but exciting. Nonetheless,
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  Speaker 3: I won the McDonald's monopoly voucher and it covered my
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  Speaker 3: whole meal.
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  Speaker 2: Nothing like some free food for a pick me up.
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  Speaker 1: Now.
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  Speaker 3: The reason I love this is because I've actually never
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  Speaker 3: heard of anyone ever actually winning them McDonald's monopoly.
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  Speaker 1: I would have to agree.
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  Speaker 2: I always hear you.
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  Speaker 3: See the ads. It comes out every year, collect little
• 9:00
  Speaker 3: things you off, I just get the other one in,
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  Speaker 3: but I've never actually known anyone to actually win it.
• 9:04
  Speaker 3: So Chasley, well done on your free macis heel in
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  Speaker 3: a monopoly contest?
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  Speaker 1: Love that? And if anybody in our community has actually
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  Speaker 1: won anything more than that on a McDonald's Monopoly game.
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  Speaker 1: Please post it in our community. I want to see it.
• 9:17
  Speaker 2: Who gets those jet skis? Yeah?
• 9:19
  Speaker 1: Who got the jet ski?
• 9:20
  Speaker 2: All right?
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  Speaker 3: The what's your favorite one?
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  Speaker 2: This week?
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  Speaker 1: So my community shout out again. Not as good as Glen's.
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  Speaker 1: I believe that my millennial money's community has won out here.
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  Speaker 1: But mine's really wholesome. And it's from our friend Lauren,
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  Speaker 1: and she's posted and she said, so, I wanted to
• 9:37
  Speaker 1: share a little story with you. I was talking to
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  Speaker 1: my eighty three year old grandfather about starting a little
• 9:43
  Speaker 1: side hustle, and he mentioned maybe he should make an
• 9:45
  Speaker 1: Instagram for his art paintings and maybe he could sell them.
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  Speaker 1: She said, I know, right, eighty three years old and
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  Speaker 1: now up on Instagram. I was thrilled. I think he's
• 9:54
  Speaker 1: so talented, but he always doubts himself. So the confidence
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  Speaker 1: I got from she's on the money transferred over to
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  Speaker 1: my eighty three year old grandfather. Here's a sample of
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  Speaker 1: his work, and she's posted one of his absolutely stunning paintings,
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  Speaker 1: and she's said she's very happy if you guys would
• 10:08
  Speaker 1: follow his Instagram, which is pop Art nineteen thirty seven.
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  Speaker 1: She said, have a wonderful day. And honestly, it's the
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  Speaker 1: most wholesome thing I've seen in our community in a
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  Speaker 1: really long time. So I know we say don't promote
• 10:20
  Speaker 1: yourselves in the Facebook group, I just felt like I'd
• 10:22
  Speaker 1: let that one through because it was too cute not
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  Speaker 1: to share.
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  Speaker 2: That's so cute, that's so cool.
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  Speaker 1: All right. Now, moving into the main chat of today's show,
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  Speaker 1: a question and answer with arguably your favorite finance people,
• 10:34
  Speaker 1: Glenn and I Ryan. You're going to run the show
• 10:36
  Speaker 1: from here on in what is our first question?
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  Speaker 2: All right?
• 10:39
  Speaker 3: Question one is from Brianna. She said, how do you
• 10:43
  Speaker 3: balance the risk of investing and in brackets losing it
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  Speaker 3: all or not investing and therefore not building wealth? So
• 10:50
  Speaker 3: how do you get that balance right of wanting to
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  Speaker 3: invest a bill wealth but also not wanting to lose
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  Speaker 3: it all as well?
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  Speaker 2: Let's ask out with you, Glenn. There's some misconceptions in
• 10:58
  Speaker 2: that statement, and that's okay because we've just got to
• 11:01
  Speaker 2: learn people often say I'll lose it all if I invest.
• 11:06
  Speaker 2: Now we just have to firstly unpack and work out
• 11:08
  Speaker 2: what investing actually is and at its purest form, if
• 11:12
  Speaker 2: you believe company like Woolworth's is a business that has
• 11:16
  Speaker 2: a long track record that has growth potential in the
• 11:20
  Speaker 2: way that people will always need groceries, and we buy
• 11:23
  Speaker 2: a share in that business, Well, that's not that risky
• 11:27
  Speaker 2: for the long term. However, if you think, well, I'm
• 11:30
  Speaker 2: not going to invest money for growth and leave it
• 11:33
  Speaker 2: in cash, you know, the economists listening will probably say, well,
• 11:36
  Speaker 2: that's not a good thing either, because inflation will actually
• 11:39
  Speaker 2: erode the buying power of your money. So at two
• 11:42
  Speaker 2: ends of the spectrum here, we've got the risk of
• 11:44
  Speaker 2: doing nothing over the long term and also the risk
• 11:48
  Speaker 2: of potential downside at the extremities. Now, sure, if you
• 11:52
  Speaker 2: purchased a new type of cryptocurrency that no one ever
• 11:55
  Speaker 2: heard of, yeah you're pretty much kissing your money away.
• 11:58
  Speaker 2: But if you bring it back to an everyday basket
• 12:01
  Speaker 2: of companies that are well run and they've got a
• 12:03
  Speaker 2: long track record, that's not as risky as a new cryptocurrency.
• 12:07
  Speaker 2: So it's just understanding the risk spectrum. And with investing
• 12:11
  Speaker 2: in Victoria, you'd probably agree that the short term in
• 12:15
  Speaker 2: the investing world is probably under five to seven years.
• 12:20
  Speaker 2: Longer term is over five to seven years. Whatever that
• 12:23
  Speaker 2: is in your situation. So you might go, oh, I
• 12:25
  Speaker 2: don't need the money for six years, Well there's a
• 12:28
  Speaker 2: risk that I leave it in cash and it gets
• 12:29
  Speaker 2: one point five percent in my savings account for the
• 12:32
  Speaker 2: next six years. Well, to me, that's a risk that
• 12:35
  Speaker 2: I don't want to take. So there's a risk of
• 12:37
  Speaker 2: opportunity cost of the money not being invested in a
• 12:41
  Speaker 2: diversified portfolio. So I think, if I don't need the
• 12:44
  Speaker 2: money within the next six years or seven years, I'm
• 12:47
  Speaker 2: going to invest that because the risk is too great
• 12:50
  Speaker 2: not to invest it. Do you think it's.
• 12:52
  Speaker 3: A lack of education or maybe just what makes headlines
• 12:56
  Speaker 3: is those big, juicy spectacular fails. But I was actually
• 12:59
  Speaker 3: saying to be earlier, there is this misconception of if
• 13:01
  Speaker 3: I put some money in investments, it could all be gone.
• 13:04
  Speaker 3: Is that Why is that that people think that way?
• 13:06
  Speaker 2: Yeah, because there is just I honestly think we just
• 13:09
  Speaker 2: get told by our family members. You hear their horror stories,
• 13:14
  Speaker 2: like your uncle's friend had this horror story and he
• 13:17
  Speaker 2: lost it all in shares. No, No, he bought into
• 13:19
  Speaker 2: a company that had no track record and they were
• 13:22
  Speaker 2: crap at running it, and that transfers over to buying
• 13:26
  Speaker 2: shares is risky, So I think if you understand what
• 13:29
  Speaker 2: you're investing is, you can actually start to quantify some
• 13:32
  Speaker 2: of that risk. But I think the first thing anyone
• 13:36
  Speaker 2: listening who actually works a job and gets paid superannuation,
• 13:40
  Speaker 2: you're an investor because you've got a super account that
• 13:43
  Speaker 2: has money invested in the market. And I would call
• 13:46
  Speaker 2: your superfund. You know, on your lunch break one day,
• 13:49
  Speaker 2: you take twenty minutes call your super fun and get
• 13:51
  Speaker 2: them to explain to you how your money is invested
• 13:54
  Speaker 2: in their fund. Number one, you pay them a bloody
• 13:57
  Speaker 2: fee so they can work for it. But number two,
• 13:59
  Speaker 2: it's an easy way for you to start to understand
• 14:02
  Speaker 2: investing because you already have money that's invested.
• 14:06
  Speaker 1: That's a really good point. And furthering that, I think
• 14:08
  Speaker 1: it's really important to understand investing as a whole because
• 14:12
  Speaker 1: once you start to understand the concept of investment and
• 14:15
  Speaker 1: the fact that a good investment portfolio is really well diversified,
• 14:20
  Speaker 1: you end up with a lot of companies that look
• 14:22
  Speaker 1: like Woolworth's, Like what you were talking about before, Glenn,
• 14:25
  Speaker 1: that you know, if will Worths for some reason isn't
• 14:27
  Speaker 1: doing so well maybe Cohle's is, and maybe something else
• 14:30
  Speaker 1: is going really well. So it's all about managing risk
• 14:33
  Speaker 1: by not putting all of your eggs in one basket.
• 14:36
  Speaker 1: So for me, these kinds of questions, and this is
• 14:39
  Speaker 1: not to stereotype, but these kinds of questions often come
• 14:42
  Speaker 1: from people who haven't spent enough time yet understanding what
• 14:46
  Speaker 1: the share market is made up of. Because, as you
• 14:49
  Speaker 1: were saying before, you're right, uncle Glenn put money into
• 14:53
  Speaker 1: a stock and lost everything. And it's like, well, actually,
• 14:56
  Speaker 1: if uncle Glenn had put his money in a well
• 14:59
  Speaker 1: diversified share portfolio, you know, fifty years ago, he'd be
• 15:03
  Speaker 1: in a banging position today. And I think that that's
• 15:06
  Speaker 1: what people forget to, you know, forget to take into consideration.
• 15:10
  Speaker 1: And something else I hear a lot is, oh, my
• 15:12
  Speaker 1: parents were investors and they lost everything during the DFC.
• 15:16
  Speaker 1: You kind of go, okay, but have you actually taken
• 15:19
  Speaker 1: the time to ask them what they were invested in
• 15:21
  Speaker 1: and how they lost money? And more often than not,
• 15:24
  Speaker 1: when you start digging, you find they lost money because
• 15:28
  Speaker 1: they pulled all of their shares out when they tanked,
• 15:30
  Speaker 1: or they lost money because they were invested in something
• 15:33
  Speaker 1: that actually wasn't going to perform well over the long term,
• 15:36
  Speaker 1: or they were taking on more risk than they should
• 15:38
  Speaker 1: have for their risk profile. So I think if you,
• 15:41
  Speaker 1: as an individual, start to learn what a risk profile
• 15:44
  Speaker 1: actually means and know what that means for you individually,
• 15:47
  Speaker 1: As you were saying before, Glenn, how long are you
• 15:49
  Speaker 1: investing for? How tenacious are you? Are you willing to
• 15:53
  Speaker 1: take on that risk or are you in a position
• 15:55
  Speaker 1: where you just want really conservative investments, in which case
• 15:59
  Speaker 1: maybe you do. You just want to keep things in cash, like,
• 16:02
  Speaker 1: there's nothing wrong with that. It's all about understanding your opportunities.
• 16:06
  Speaker 2: Let's go to Nicole because it's sort of on the
• 16:08
  Speaker 2: same topic.
• 16:09
  Speaker 3: She said, Obviously, with COVID and everything happening this year,
• 16:11
  Speaker 3: the stock market has been all over the place, So
• 16:14
  Speaker 3: when would be the best time to buy shares, keeping
• 16:18
  Speaker 3: in mind how volatile it's been. Do we wait until
• 16:20
  Speaker 3: COVID's over? What do we get in now? Is there
• 16:22
  Speaker 3: even an answer to this question?
• 16:25
  Speaker 2: We get you to go first on this one.
• 16:26
  Speaker 1: I think that there's a very good quote about this,
• 16:28
  Speaker 1: and it is be greedy when other people are fearful,
• 16:32
  Speaker 1: and fearful when other people are greedy. And that was
• 16:35
  Speaker 1: by the og Warren Buffett. But I think it's really
• 16:38
  Speaker 1: important to understand that the market being off isn't a
• 16:42
  Speaker 1: negative thing for new investors. I'm not saying go and
• 16:45
  Speaker 1: buy dodgy stocks and hope they recover, but right now
• 16:49
  Speaker 1: there are potentially a number of really great assets that
• 16:52
  Speaker 1: are currently being undervalued. So if you're going to purchase shares,
• 16:56
  Speaker 1: now might be a really good time to get on
• 16:58
  Speaker 1: it while it is off. In saying that, there are
• 17:00
  Speaker 1: also a number of shares that are really performing well
• 17:03
  Speaker 1: through this period, Like if you look at the performance
• 17:05
  Speaker 1: of I wouldn't say these are conservative investment by any
• 17:08
  Speaker 1: stretch of the imagination, but over the last twelve months
• 17:10
  Speaker 1: how Tesla and after pay have performed. And then we
• 17:13
  Speaker 1: look at like DocuSign and even Zoom, which we're using
• 17:18
  Speaker 1: at the moment, their share prices have gone through the roof.
• 17:21
  Speaker 1: So I wouldn't say as a whole every single share
• 17:24
  Speaker 1: price is off, but I would say, yeah, you're right,
• 17:26
  Speaker 1: some parts of the share market are suffering, and the
• 17:30
  Speaker 1: reason that they are suffering is because we've just gone
• 17:32
  Speaker 1: through a global pandemic. But that doesn't mean that that
• 17:35
  Speaker 1: business is a bad business. It just means that their
• 17:39
  Speaker 1: share price has dipped because of the way the market
• 17:42
  Speaker 1: is performing. Glenn, what do you reckon about this?
• 17:44
  Speaker 2: Yeah, I can only speak to what I do in
• 17:46
  Speaker 2: my own personal life, and that is I'm kind of
• 17:50
  Speaker 2: I invest in like a diversified pool of stocks, So
• 17:55
  Speaker 2: I use index funds, I used you managed funds and
• 17:58
  Speaker 2: all that stuff. My whole focus with investing is focusing
• 18:02
  Speaker 2: on spending less than what I earn and investing the rest,
• 18:06
  Speaker 2: and then by me and investing the rest. That is,
• 18:08
  Speaker 2: I've got a monthly amount set up that goes into
• 18:12
  Speaker 2: my portfolio every month. I've got a monthly amount setup
• 18:14
  Speaker 2: that goes into my souper every month. So I focus
• 18:18
  Speaker 2: my energy on how much money I can shovel into
• 18:21
  Speaker 2: good investments over the long term. Now, the best time
• 18:24
  Speaker 2: to buy shares with this coronavirus stuff was to go
• 18:29
  Speaker 2: back in time to the twenty second of March, which
• 18:35
  Speaker 2: is bottom of the correction. So the market has basically recovered.
• 18:40
  Speaker 2: And don't at me to say no, it hasn't, it's
• 18:42
  Speaker 2: not there, But I'm going to ask you, yeah, basically there,
• 18:46
  Speaker 2: basically it's back to where it was and that's been
• 18:49
  Speaker 2: a result of the economy starting to recover off the
• 18:54
  Speaker 2: back of the news that there will be a vaccine
• 18:57
  Speaker 2: probably in market globally by March. So to answer your question,
• 19:02
  Speaker 2: don't worry too much about the what ifs and if onlies.
• 19:05
  Speaker 2: Worry more about the future and how much you can
• 19:07
  Speaker 2: put in each month or each week or week, each
• 19:10
  Speaker 2: whatever your frequency is, because then at the end of
• 19:14
  Speaker 2: this year, I, with my twelve monthly installments, I would
• 19:18
  Speaker 2: have got the average by price anyway.
• 19:20
  Speaker 1: Absolutely, and this is something I talk about a lot
• 19:23
  Speaker 1: on the podcast. So apologies to my friends listening that
• 19:26
  Speaker 1: think I sound like a broken record, but I would
• 19:29
  Speaker 1: be an incredibly rich woman if I could time the market.
• 19:32
  Speaker 1: It's just not possible. So for me, it's actually about
• 19:35
  Speaker 1: consistency and your ability to start investing. So if you
• 19:39
  Speaker 1: were able to start investing, great, If that happened in March, fantastic,
• 19:43
  Speaker 1: you got off on a really great foot starting today,
• 19:46
  Speaker 1: starting tomorrow, starting in six months. It doesn't matter when.
• 19:50
  Speaker 1: Just as long as you can personally afford to be investing,
• 19:53
  Speaker 1: it's built into your budget and your cash flow, and
• 19:55
  Speaker 1: it makes sense for you to be able to do
• 19:57
  Speaker 1: that consistently. I think it's more about what's going on
• 20:00
  Speaker 1: with you, not what's going on with the markets. So
• 20:03
  Speaker 1: I think people get so caught up in oh, is
• 20:05
  Speaker 1: it a good time to invest or not, Whereas if
• 20:08
  Speaker 1: you're investing regularly and consistently, it shouldn't actually be about
• 20:11
  Speaker 1: what's going on in the market, but rather what you
• 20:14
  Speaker 1: can personally commit to during that period of time only
• 20:17
  Speaker 1: becomes a massive issue. In my personal opinion. If you
• 20:20
  Speaker 1: were planning on retiring in March.
• 20:23
  Speaker 2: Yeah, well you just worked a little bit longer, now,
• 20:24
  Speaker 2: aren't you.
• 20:26
  Speaker 1: Yeah, it sucks to you.
• 20:27
  Speaker 3: By all right, We've got one sentence to answer these
• 20:30
  Speaker 3: questions each.
• 20:31
  Speaker 2: Okay, all right.
• 20:32
  Speaker 3: This question is from McKenna. She said, how many bank
• 20:37
  Speaker 3: accounts do you have?
• 20:39
  Speaker 2: I've got my blow account, which is one. I've got
• 20:42
  Speaker 2: my savings account attached to my blow account on up banks.
• 20:45
  Speaker 2: So that's like my very very short what did you
• 20:48
  Speaker 2: call that account?
• 20:48
  Speaker 1: He calls it a blow account like he blows the
• 20:50
  Speaker 1: money like it's it's it's not for the type it
• 20:54
  Speaker 1: might be used to radio on.
• 20:58
  Speaker 2: So as part of the Glen Jay spending plan, I
• 21:01
  Speaker 2: just teach have one account and for me it's up Bank.
• 21:04
  Speaker 1: And I know Bank up Bank my best friends. I'm
• 21:06
  Speaker 1: currently trying to convince them to let me do videos
• 21:09
  Speaker 1: for them.
• 21:10
  Speaker 2: Oh so I transfer five hundred bucks a week to
• 21:12
  Speaker 2: my BLOW account, and that's the only account that's on
• 21:15
  Speaker 2: my phone, the only car that's in my wallet, and
• 21:18
  Speaker 2: that I just blow it without my using my brain
• 21:20
  Speaker 2: food Fuel Entertainment going out Blow account. So I've got
• 21:24
  Speaker 2: my Blow account and Upbank Savings account. I've got my
• 21:27
  Speaker 2: cash Hub on my mortgage off set. I've got my
• 21:29
  Speaker 2: tax because I'm self employed on my mortgage off set.
• 21:32
  Speaker 2: I've got my gifts closed Holidays Christmas account on my
• 21:36
  Speaker 2: mortgage off set. I've got my emergency fund on my
• 21:38
  Speaker 2: on my offset. So what's that six I've got in
• 21:41
  Speaker 2: my business for the podcast, I've got a business transactional account.
• 21:44
  Speaker 2: I've got a business SAVIS account for GST and retained earnings.
• 21:47
  Speaker 2: And my family trust has got a bank account. That's
• 21:50
  Speaker 2: what nine and running out of fingers and the tenth
• 21:53
  Speaker 2: on I've stook a nine G account that I have
• 21:55
  Speaker 2: here at the studio. If I need to send Nathan
• 21:57
  Speaker 2: around to the shop to buy some coffee, I think
• 21:59
  Speaker 2: that's it. We'll call it ten.
• 22:01
  Speaker 1: You failed at the one sentence, and I'm going to as.
• 22:03
  Speaker 2: Well, there's one long sentence back off.
• 22:05
  Speaker 3: Can I just say quickly that unfortunately no one can
• 22:08
  Speaker 3: see this being a podcast, but seeing Glenn James hold
• 22:11
  Speaker 3: a microphone and then count to ten on his fingers
• 22:13
  Speaker 3: at the same time and try and talk is hilarious.
• 22:15
  Speaker 2: I'm basic. I told you, I'm a basic fog. I
• 22:18
  Speaker 2: have Victoria.
• 22:19
  Speaker 3: How many accounts for you?
• 22:20
  Speaker 1: Okay? So same as Glenn. I actually follow my own
• 22:23
  Speaker 1: budget and cash flow plan, so I have six accounts. Personally,
• 22:26
  Speaker 1: I have my cash Hub account, which when I have
• 22:29
  Speaker 1: a mortgage one day, will be my offset and that's
• 22:32
  Speaker 1: where all my bills and fixed fox come out of. Then,
• 22:35
  Speaker 1: same as Glenn, biggest fan of up Bank, my weekly
• 22:38
  Speaker 1: spending account is my up Bank card and that's for
• 22:40
  Speaker 1: my food, my fuel, and my fun. It's also my
• 22:42
  Speaker 1: blow money. I then transfer every single week at the
• 22:46
  Speaker 1: end of the week, whatever's left in that account to
• 22:49
  Speaker 1: my emergency account that is not the emergency account, so
• 22:53
  Speaker 1: I literally have it labeled as the not an emergency,
• 22:55
  Speaker 1: but it feels like an emergency account. And then I
• 22:58
  Speaker 1: have three different savings accounts. Personally, I've got my medium
• 23:01
  Speaker 1: to long term savings account. I've got a short term
• 23:03
  Speaker 1: savings account for smaller goals. Got an emergency fund which
• 23:07
  Speaker 1: I'm not currently contributing to because it's just like sitting there.
• 23:10
  Speaker 1: And I do have about three months worth of expenses.
• 23:14
  Speaker 1: In that I don't have three months worth of like
• 23:17
  Speaker 1: income or savings or whatever. It is just literally three
• 23:21
  Speaker 1: months worth of my bills and fixed costs and food
• 23:24
  Speaker 1: money in case I ever need it. I then have
• 23:27
  Speaker 1: a cash account for my investment lan. I then have
• 23:31
  Speaker 1: my business account, and I have like a number of
• 23:34
  Speaker 1: different business accounts. I won't get too detailed into that,
• 23:37
  Speaker 1: just because for each entity that I own, I've got
• 23:39
  Speaker 1: a business account. Then I have a GST account, I
• 23:41
  Speaker 1: have a tax account, and then I have a general
• 23:43
  Speaker 1: work savings account, which is for stuff like team Christmas
• 23:47
  Speaker 1: parties and like things that I want to spend on,
• 23:49
  Speaker 1: I e. New microphone stuff for the office that is me.
• 23:54
  Speaker 1: That was six plus like six personal and then probably
• 23:58
  Speaker 1: five different business account and then on top of that,
• 24:01
  Speaker 1: my friends, I have a joint account with my partner Boom.
• 24:03
  Speaker 2: That's cute.
• 24:04
  Speaker 1: Thank you, Ry.
• 24:06
  Speaker 3: Who would have guessed with the two of you guys?
• 24:08
  Speaker 3: Asking that question that could have been the whole episode
• 24:10
  Speaker 3: to Glenn and Victoria's better.
• 24:12
  Speaker 1: The most important thing that you can get right, though, Ryan,
• 24:15
  Speaker 1: is literally your cash flow and budget. If you can
• 24:18
  Speaker 1: get on top of that, you can create the life
• 24:20
  Speaker 1: that you deserve, Like if you can understand where your
• 24:23
  Speaker 1: money's coming in and where it's going, like it makes
• 24:26
  Speaker 1: a lot of sense. But then also, Ryan, you said
• 24:28
  Speaker 1: something really important to me this morning, which I don't
• 24:31
  Speaker 1: know if you remember this, but you said, any good
• 24:34
  Speaker 1: business person will be able to understand their income and
• 24:37
  Speaker 1: their expenses like on their phone if you ask them
• 24:40
  Speaker 1: to produce them instantly. And I thought that that was
• 24:44
  Speaker 1: really interesting because I can definitely do that, and I
• 24:47
  Speaker 1: think I literally got it up and was like, oh,
• 24:49
  Speaker 1: they're just here. And I think that if you can't
• 24:52
  Speaker 1: do that with your own personal accounts, and you can't
• 24:54
  Speaker 1: do that with your cash flow and you don't immediately know, oh, well, actually, Glenn,
• 24:58
  Speaker 1: I spend two hundred and fifty dollars a week on
• 25:00
  Speaker 1: my blow account, Like I want to know that. You
• 25:03
  Speaker 1: need to know that if you're not in a position
• 25:05
  Speaker 1: where you're empowered to you know, reach that, and you're like, oh,
• 25:08
  Speaker 1: maybe I spend one hundred or maybe three hundred or
• 25:10
  Speaker 1: last week it was five hundred because I bought a
• 25:12
  Speaker 1: dress for a friend's thing. Like, to me, that's not
• 25:15
  Speaker 1: good enough. You're not on top of your money.
• 25:17
  Speaker 3: Well enough, Kerry says, how old were you when you
• 25:21
  Speaker 3: first invested?
• 25:22
  Speaker 2: And what was it? Oh, let's start with you, Glenn.
• 25:25
  Speaker 2: Can you remember? Yeah? I think I was eighteen and
• 25:28
  Speaker 2: it was a company out of Melbourne and it was
• 25:32
  Speaker 2: something to do with the poultry pig industry and they're
• 25:34
  Speaker 2: waiting on a grant because they're waiting on regulation thing
• 25:38
  Speaker 2: and it was going to be a banger, but I
• 25:40
  Speaker 2: think I lost my money And now I don't really
• 25:42
  Speaker 2: invest in single stocks.
• 25:43
  Speaker 1: Because you had a negative experience.
• 25:45
  Speaker 2: You're the person you're taking out before.
• 25:47
  Speaker 3: Yeah, basically, yeah, Victoria Devine first investment hour We.
• 25:52
  Speaker 1: Okay, So my first investment would have been when I
• 25:56
  Speaker 1: was about twenty three. I'd wanted to invest for a
• 26:00
  Speaker 1: really long time, didn't understand. It got to a point
• 26:03
  Speaker 1: where I was like, I'm going to buy something. I
• 26:04
  Speaker 1: did my research and I bought a Vanguard atf with
• 26:09
  Speaker 1: one hundred dollars and that was my first investment that
• 26:12
  Speaker 1: I can remember unless I invested in something earlier. I
• 26:15
  Speaker 1: don't think I did. I think that was my first
• 26:17
  Speaker 1: like trade and having to sign up to something.
• 26:20
  Speaker 2: Tips.
• 26:20
  Speaker 3: This is from Shelley Tips for a rental application. How
• 26:24
  Speaker 3: do I make myself look great on paper? And is
• 26:27
  Speaker 3: there any hidden costs or fees associated with renting?
• 26:30
  Speaker 2: Yes? So for me how to look good on paper?
• 26:32
  Speaker 2: Don't lie because if they want to call your bluff,
• 26:34
  Speaker 2: you might be screwed when looking for rental. And I
• 26:37
  Speaker 2: know this can be different whether you're in a capital
• 26:39
  Speaker 2: city or you're somewhere where the rental vacancy rates are
• 26:42
  Speaker 2: really low and you can google that for fun in
• 26:44
  Speaker 2: your spare time everybody. But when it's a tight market,
• 26:47
  Speaker 2: you might not be able to do this. However, where
• 26:50
  Speaker 2: I grew up and where I rented my first couple
• 26:52
  Speaker 2: of places, I would number one, try and organize an
• 26:55
  Speaker 2: inspection when it was just me and the agent, and
• 26:58
  Speaker 2: then two if there was other people, just try and
• 27:01
  Speaker 2: speak to the rental property manager and just ask them like, hey,
• 27:05
  Speaker 2: it's my first property or my second property. What does
• 27:07
  Speaker 2: the tenant want? Like is it worth my time filling
• 27:11
  Speaker 2: out this application? If they want a family of three
• 27:13
  Speaker 2: with the dog, where it's just me and my mate. Like,
• 27:17
  Speaker 2: so I would just kind of take the off the
• 27:20
  Speaker 2: record type approach if you can with the rental manager,
• 27:24
  Speaker 2: just be like, look what are we looking at? It
• 27:26
  Speaker 2: is it worth me applying? And then build a story
• 27:29
  Speaker 2: that way, and definitely try and get an inspection with
• 27:32
  Speaker 2: no one else so you can have that agent and
• 27:34
  Speaker 2: really suss out the property at your own pace and
• 27:36
  Speaker 2: all that.
• 27:37
  Speaker 3: Victoria your tips for getting a rental.
• 27:40
  Speaker 1: I like Glenn's approach, but I also think that it
• 27:44
  Speaker 1: is really hard to have that approach. I live in
• 27:46
  Speaker 1: the Melbourne I would say I live within ten kilometers
• 27:49
  Speaker 1: of the Melbourne CBD. When I was going for my
• 27:51
  Speaker 1: last rental property with my partner, I would turn up
• 27:54
  Speaker 1: to rental inspections and there'd be forty or fifty people
• 27:57
  Speaker 1: viewing the property.
• 27:57
  Speaker 2: Yeah, and that was my preface, like it's not always possible.
• 28:01
  Speaker 1: Yeah, absolutely, So it's not always possible. And it is
• 28:04
  Speaker 1: incredibly competitive where I live because there is a i
• 28:08
  Speaker 1: would say shortage of really good quality properties. So the
• 28:10
  Speaker 1: good quality properties that I wanted, so did every other
• 28:14
  Speaker 1: mid twenties couple, and we were all competing against each other.
• 28:19
  Speaker 1: So the way that I got an edge there was
• 28:21
  Speaker 1: to turn up to the inspection with my rental application
• 28:24
  Speaker 1: completely filled out, printed copies of my ID, copies of
• 28:28
  Speaker 1: literally everything that they would ask, so I could hand
• 28:30
  Speaker 1: it to the person then and there and say, here's
• 28:33
  Speaker 1: my application. It's complete. On top of that, I went
• 28:36
  Speaker 1: above and beyond, and some people in my Facebook community
• 28:39
  Speaker 1: have already laughed at me for this. I did a
• 28:42
  Speaker 1: small cover letter of who I was and who my
• 28:45
  Speaker 1: partner was and what we did and what we were
• 28:48
  Speaker 1: looking for. Because at the end of the day, the
• 28:50
  Speaker 1: rental application might say, oh, Victoria's a financial advisor and
• 28:54
  Speaker 1: this is what Victoria's partner does, but that doesn't really
• 28:57
  Speaker 1: tell you anything about you know, you as a couple.
• 29:00
  Speaker 1: So it was nice to just have a cover letter
• 29:02
  Speaker 1: and said, we're looking for our first home together, this
• 29:04
  Speaker 1: is what we want to do, this is how it is.
• 29:06
  Speaker 1: And then to further that we had a pet, so
• 29:09
  Speaker 1: I have a cat, or I now I have two
• 29:10
  Speaker 1: cats friends. I've got Henry and Bailey, and I actually
• 29:13
  Speaker 1: made a tiny resume for Bailey so that they knew
• 29:16
  Speaker 1: that they weren't agreeing to a nightmare cat and that
• 29:19
  Speaker 1: he was well groomed and really.
• 29:21
  Speaker 3: Nice and did the cat have its own resume?
• 29:24
  Speaker 1: He does. It's in my Facebook group. I'm happy to
• 29:25
  Speaker 1: repost it. He has his own little resume profile. Hi. Yeah. Literally,
• 29:30
  Speaker 1: it's like, Hi, my name's Bailey and I'm a Tonkinese
• 29:32
  Speaker 1: and these are the things I like. And he's he
• 29:35
  Speaker 1: actually had a reference from his vet and from my
• 29:37
  Speaker 1: last rental property manager who could verify that he was
• 29:41
  Speaker 1: a good cat. And ten hours later we had the
• 29:44
  Speaker 1: property and my real estate agent said that's why.
• 29:47
  Speaker 3: Well, it's obviously works. But let me just put it
• 29:50
  Speaker 3: on the record that I will never accept any time
• 29:52
  Speaker 3: you say to me, oh sorry, Ryan, I'm too busy
• 29:53
  Speaker 3: at the moment, because now I know what you do
• 29:55
  Speaker 3: with your.
• 29:56
  Speaker 1: Spare time was like five years ago. I'm done with you.
• 30:01
  Speaker 2: Thank question. On this whole rental application thing, I think
• 30:05
  Speaker 2: it's about, like you said, Victoria, making the life easy
• 30:08
  Speaker 2: for the land rental.
• 30:10
  Speaker 1: Absolutely, and it shows that you're a good tenant. Like
• 30:12
  Speaker 1: if you're going to put together a really beautiful application,
• 30:15
  Speaker 1: they're probably going to assume that you're going to keep
• 30:17
  Speaker 1: that property tidy.
• 30:18
  Speaker 2: But also, if you are in a different position, how
• 30:21
  Speaker 2: can you stand out, Like if it's like, hey, this
• 30:23
  Speaker 2: is a rental property, put on the application at the top,
• 30:26
  Speaker 2: Hey we would love to apply, Happy to discuss a
• 30:29
  Speaker 2: twelve month lease at the get go, or hey we
• 30:32
  Speaker 2: really love the property it's advertised at four fifty a
• 30:35
  Speaker 2: week or whatever it is in your area, happy to
• 30:37
  Speaker 2: pay for sixty? Yeah, Like, just go above and beyond.
• 30:40
  Speaker 2: Because me as a landlord, if I had an applicant
• 30:43
  Speaker 2: come in and they stood out and wanted a genuine
• 30:45
  Speaker 2: win win, I would certainly entertain that.
• 30:48
  Speaker 1: Okay. Second part of that question was about the unexpected
• 30:52
  Speaker 1: costs of renting.
• 30:53
  Speaker 2: I think if we just peel back the young in
• 30:55
  Speaker 2: a little bit and say, look in our budgets, we
• 30:59
  Speaker 2: generally don't budget for things that are unexpected. We have
• 31:04
  Speaker 2: an emergency fund. So you would budget for property insurance,
• 31:09
  Speaker 2: not like contents insurance. You would budget for, I don't know,
• 31:14
  Speaker 2: a removalist. If you had to move out, you would
• 31:17
  Speaker 2: budget for I don't know, I don't know if there
• 31:20
  Speaker 2: is any unexpected costs of renting, and.
• 31:23
  Speaker 3: So fair to say that's one of the benefits of renting.
• 31:26
  Speaker 1: What I was about to say, I think it's actually
• 31:28
  Speaker 1: one of the benefits of renting is you know if
• 31:30
  Speaker 1: something breaks, if the hot water system in your house breaks. Well, actually,
• 31:33
  Speaker 1: my friends, that's on your landlord.
• 31:35
  Speaker 3: Roseanne says, do you have any tips for helping an
• 31:38
  Speaker 3: impulse buyer in brackets?
• 31:41
  Speaker 2: My husband?
• 31:42
  Speaker 3: How do I approach the subject with him?
• 31:45
  Speaker 1: Well, Glenn, as an impulse buyer, how would you address this.
• 31:51
  Speaker 2: Speaking to someone who is your partner's message through Glenn?
• 31:54
  Speaker 2: So basically what I think this is kind of the
• 31:57
  Speaker 2: premise of how I I encourage people to set up
• 32:01
  Speaker 2: their budgets, and that is back to the spending plan
• 32:04
  Speaker 2: and having a blow account. The blow account is to
• 32:08
  Speaker 2: give the savers permission to spend. So it's allocated an
• 32:12
  Speaker 2: amount each week, each month, or whatever it is, into
• 32:15
  Speaker 2: a separate account. You have permission to spend that if
• 32:19
  Speaker 2: you're a saver, because your life has to be in balance.
• 32:22
  Speaker 2: You have to be I believe giving saving and spending
• 32:25
  Speaker 2: in that kind of order and have some balance there.
• 32:28
  Speaker 2: Now for the impulse purchases, what I would say is
• 32:32
  Speaker 2: having that blow account, it can actually bring it to
• 32:35
  Speaker 2: a front and give you that shock value of I've
• 32:39
  Speaker 2: only got X amount a week here that I can blow,
• 32:42
  Speaker 2: so I have to look at the impulses, I have
• 32:44
  Speaker 2: to actually consider it. Another thing I do in my
• 32:47
  Speaker 2: own life. I've got what we call a one percent rule,
• 32:49
  Speaker 2: and that is I don't buy anything at more than
• 32:52
  Speaker 2: one percent of my take home pay without sleeping on it.
• 32:56
  Speaker 2: So if you earned eighty grand a year and you
• 32:59
  Speaker 2: had sixty grand net income, your one percent is six
• 33:03
  Speaker 2: hundred dollars. You might ever do half a percent, make
• 33:06
  Speaker 2: some type of rule in your life that you do
• 33:09
  Speaker 2: not spend money without sleeping on it. So that would
• 33:12
  Speaker 2: just kind of quarantine and cap that. And I think
• 33:14
  Speaker 2: it's just my last part of this sermon on the
• 33:18
  Speaker 2: mount about being an impulse spender. A lot of the
• 33:21
  Speaker 2: times we spend money and we blow money and we
• 33:23
  Speaker 2: don't make good financial progress is when we're not organized
• 33:27
  Speaker 2: and we don't have a goal, or we don't have
• 33:29
  Speaker 2: something we're aiming for. So if you're aiming to save up,
• 33:32
  Speaker 2: I'm saving five thousand dollars because I really want this
• 33:35
  Speaker 2: new mountain bike, or I'm saving three thousand dollars because
• 33:37
  Speaker 2: I really want this new lounge that's going to be
• 33:39
  Speaker 2: on sale over Christmas. When I see something online for
• 33:43
  Speaker 2: eighty dollars that I don't need, and I'm speaking to
• 33:47
  Speaker 2: me here, I will go no, hang on, I would
• 33:49
  Speaker 2: rather put that eighty dollars towards my goal. So you've
• 33:54
  Speaker 2: got an instant front of mind trade off. So it's
• 33:57
  Speaker 2: kind of not just one thing. It's about developing money
• 33:59
  Speaker 2: CYSM and intentionality in your life so you can wake
• 34:03
  Speaker 2: up and spend and give and save and live intentionally.
• 34:08
  Speaker 1: I love that.
• 34:09
  Speaker 3: Yeah, Nvidia, have anything to add to that, because that
• 34:11
  Speaker 3: was a great answer.
• 34:12
  Speaker 1: Yeah, like maybe you should run cheese on the money.
• 34:15
  Speaker 1: I'll get you a wig and a pair of high
• 34:17
  Speaker 1: heels and you can be me.
• 34:19
  Speaker 2: Love it.
• 34:19
  Speaker 1: But I think everybody who listens to both of our
• 34:22
  Speaker 1: podcasts would know that you and I are very on
• 34:25
  Speaker 1: the same page. And so I have a similar rule,
• 34:27
  Speaker 1: and that is put twenty four hours between you and
• 34:30
  Speaker 1: your spending. So you said sleep on it and one percent.
• 34:34
  Speaker 1: I haven't done that. I like that, But I think
• 34:36
  Speaker 1: any purchase that is discretionary, that wasn't paying a bill,
• 34:40
  Speaker 1: that wasn't food or fuel or you know, things that
• 34:43
  Speaker 1: you actually had to spend money on, just sleep on it.
• 34:46
  Speaker 1: Put as much time between you and your purchase as possible.
• 34:49
  Speaker 1: Twenty four hours as a minimum. You know, if you
• 34:51
  Speaker 1: could do a week, if you can do a month,
• 34:52
  Speaker 1: that's fantastic, especially when it comes to things that are
• 34:56
  Speaker 1: quite impulsive. So we're not saying you cannot have that ite,
• 35:00
  Speaker 1: which makes you want it more. We're just saying you
• 35:02
  Speaker 1: can have that item next week if you still want it.
• 35:05
  Speaker 2: Yeah.
• 35:05
  Speaker 1: And I think that that plays into the difference between
• 35:08
  Speaker 1: instant gratification and delayed gratification, which puts you in a
• 35:11
  Speaker 1: position of control. So it's not saying no, you can't
• 35:14
  Speaker 1: have the item, it's just saying no, you can have
• 35:16
  Speaker 1: it later. And I think that that's the most important
• 35:19
  Speaker 1: thing here is we're not saying compromise your lifestyle. We're
• 35:22
  Speaker 1: not saying you can't have these things that's bad. We're
• 35:25
  Speaker 1: just saying, be really thoughtful about your purchases and create goals.
• 35:29
  Speaker 1: You'll be in a situation where if you have shared
• 35:32
  Speaker 1: goals as a couple, you are more likely to commit
• 35:35
  Speaker 1: to it. And I can probably guarantee you're not in
• 35:38
  Speaker 1: a position where you have really clean, clear financial goals
• 35:41
  Speaker 1: that you're working together for, because if you did, you'd
• 35:44
  Speaker 1: be in a position where you weren't worrying about your
• 35:47
  Speaker 1: partner's blow money.
• 35:48
  Speaker 2: Yeah, can I add to that, because that's so good,
• 35:50
  Speaker 2: Like it's just the whole sleeping on it, the whole
• 35:53
  Speaker 2: being planned. The reason this came home to rooster me
• 35:57
  Speaker 2: a few years ago before I developed kind of the
• 35:59
  Speaker 2: spending place that I'm doing, is because I got home
• 36:02
  Speaker 2: one night from shopping in the city and I had
• 36:05
  Speaker 2: a twelve hundred dollars Apple Watch that I woke up
• 36:08
  Speaker 2: that morning not planning. And that's a big problem for
• 36:11
  Speaker 2: a couple of reasons. Number one, it was an impulse purchase.
• 36:14
  Speaker 2: Number two, it was freaking over one thousand dollars and
• 36:17
  Speaker 2: that's the big yeah. And number three, why did I
• 36:19
  Speaker 2: have as a spender that much money on me in
• 36:23
  Speaker 2: my accounts anyway? And that's why I've got my little
• 36:26
  Speaker 2: iPhone here and my little Tapa pay thing. I don't
• 36:29
  Speaker 2: have credit cards on any of that stuff. I don't
• 36:31
  Speaker 2: have access to just mindlessly blow one thousand dollars.
• 36:34
  Speaker 1: Yeah, And that's really important, limiting your access if you're
• 36:37
  Speaker 1: in a position where you know that's something that you're
• 36:40
  Speaker 1: very likely to do.
• 36:41
  Speaker 2: All right.
• 36:41
  Speaker 3: Chloe Young has a question about side hustles and small businesses,
• 36:46
  Speaker 3: and it's sort of two questions.
• 36:47
  Speaker 1: So, is Chloe Young that graphics designer that we both
• 36:49
  Speaker 1: are in love with the work of Glad?
• 36:51
  Speaker 2: I'm not sure.
• 36:52
  Speaker 1: I know, I feel like it might be.
• 36:54
  Speaker 2: When I hired our graphic designer here, she was too
• 37:00
  Speaker 2: good for what I needed.
• 37:01
  Speaker 1: Yeah, I know, I think. I think that's who we're
• 37:02
  Speaker 1: talking about, Chloe, the graphic designer who has a side hustle,
• 37:05
  Speaker 1: who's literally too good for us.
• 37:07
  Speaker 2: Yeah, Loyll and Chloe, if you are listening, thank you.
• 37:10
  Speaker 2: I needed a bit more of an all rounder that
• 37:13
  Speaker 2: could do some other marketing stuff.
• 37:15
  Speaker 1: Glenn's recruitment feedback Glenn, you should have been providing that
• 37:18
  Speaker 1: feedback during the recruitment process. But what was her question,
• 37:21
  Speaker 1: Ryan John?
• 37:22
  Speaker 3: She asks, what tips do you give someone who's starting
• 37:26
  Speaker 3: a side hustle or a small business? So maybe just
• 37:28
  Speaker 3: from each of you, one really important thing to keep
• 37:31
  Speaker 3: in mind or to check off, or to you know,
• 37:34
  Speaker 3: have in front of mine before you're starting. And also
• 37:36
  Speaker 3: I'm going to add one, what's the opposite? What is
• 37:38
  Speaker 3: something that people should definitely not do?
• 37:41
  Speaker 1: So we'll start with you, v okay, So the first
• 37:43
  Speaker 1: thing for me would be create a budget for your
• 37:46
  Speaker 1: business and do as much stuff before you actually launch
• 37:51
  Speaker 1: your side hustle as possible. So build your website for free,
• 37:56
  Speaker 1: you know, organize how you're going to register it, make
• 37:58
  Speaker 1: a plan, make a business plan, put every thing together,
• 38:00
  Speaker 1: do your budgets. You can essentially create an entire business
• 38:04
  Speaker 1: model and make a plan, and you know, get quotes
• 38:07
  Speaker 1: for the product to be shipped in or whatever that is.
• 38:09
  Speaker 1: Before you actually start dabbling and putting your feet in
• 38:13
  Speaker 1: the water and putting a dollar into that business. What
• 38:15
  Speaker 1: I want you to do is create a very clean
• 38:17
  Speaker 1: and clear plan about how much that's going to cost
• 38:20
  Speaker 1: you and where you need to put that money. So
• 38:23
  Speaker 1: if you're starting a side hustle, no doubt you probably
• 38:26
  Speaker 1: have a little bit of a budget to spend, whether
• 38:28
  Speaker 1: that's five hundred dollars or five thousand dollars. I think
• 38:32
  Speaker 1: working out what your business plan is and how you're
• 38:34
  Speaker 1: going to allocate that budget so that you get the
• 38:37
  Speaker 1: best bang for buck upfront is really important because too
• 38:40
  Speaker 1: often do I see small business owners prioritizing the wrong things.
• 38:45
  Speaker 1: If you're just starting, social media is fantastic and a
• 38:48
  Speaker 1: really great free way of starting to promote your product
• 38:51
  Speaker 1: and seeing small business investing ten thousand dollars in a
• 38:55
  Speaker 1: website from the get go, when they don't even have,
• 38:58
  Speaker 1: you know, their first sale through the door, would argue,
• 39:00
  Speaker 1: is a really terrible idea. When you can go online,
• 39:03
  Speaker 1: create a free website so that your clients can find
• 39:06
  Speaker 1: you and do as much stuff for free, and then
• 39:08
  Speaker 1: upgrade once you've got cash flow. So for me budgeting,
• 39:12
  Speaker 1: hands down, what's yours, Glen, Yeah.
• 39:14
  Speaker 2: I'll go a different angle because that's I can't add
• 39:17
  Speaker 2: anything more perfect than that. I would say, as soon
• 39:20
  Speaker 2: as you step out into that world of I'm self employed,
• 39:24
  Speaker 2: I'm a site hustler. I use the example of a baker.
• 39:29
  Speaker 2: So you're a baker, you're employed as a baker, you
• 39:32
  Speaker 2: then go and start your own bakery. So that minute
• 39:35
  Speaker 2: you start your own bakery, my friend, you are no
• 39:37
  Speaker 2: longer a baker. The baking, the day to day has
• 39:40
  Speaker 2: to take care of itself. You can't be learning your craft,
• 39:45
  Speaker 2: practicing on your own clients. That has to take care
• 39:47
  Speaker 2: of itself. You are now a business owner first and
• 39:50
  Speaker 2: foremost all your energy. And this is what I do
• 39:53
  Speaker 2: when I started my business the first year, like, yeah,
• 39:56
  Speaker 2: you're gonna help people in your network and this is
• 39:58
  Speaker 2: what happens like those people that and I love Thermo
• 40:01
  Speaker 2: Mix parties because you go to the Thermo Mix party
• 40:04
  Speaker 2: and you get the mushroom Risotto made it and all that.
• 40:07
  Speaker 1: Stuff, and that's awesome, a lot of Thermomix parts just
• 40:11
  Speaker 1: to get free dinner.
• 40:12
  Speaker 2: But basically what happens is some of these money when yeah,
• 40:15
  Speaker 2: that's right, some of these small businesses. Small businesses fail
• 40:19
  Speaker 2: seventy five percent within the first kind of five years
• 40:22
  Speaker 2: and because basically people they use their personal networks and
• 40:26
  Speaker 2: they run out of people to serve and sell stuff too.
• 40:29
  Speaker 2: So in my first year of small business, I focused
• 40:33
  Speaker 2: on my whole energy was focusing on who can send
• 40:37
  Speaker 2: me clients? So I met with thirty two local businesses.
• 40:41
  Speaker 2: So I had a financial planning business. I'm at with
• 40:43
  Speaker 2: thirty two mortgage brokers, accountants, lawyers. Hey, I'm glad, Hey
• 40:47
  Speaker 2: I do this. Can can I help any of your clients?
• 40:50
  Speaker 2: Because then if you get that supply nailed, all the
• 40:53
  Speaker 2: other stuff will take over itself. You don't have clients,
• 40:56
  Speaker 2: you don't have people to work on, you don't have
• 40:58
  Speaker 2: a small business, and then that will build the sustainability
• 41:01
  Speaker 2: that you've got a constant inflow of new business. So
• 41:04
  Speaker 2: I love that you are a business owner. You're not
• 41:08
  Speaker 2: a graphic designer now, Chloe, you're a business owner. Chloe.
• 41:11
  Speaker 3: Pay attention, Pay attention, Chloe, and just on that is
• 41:14
  Speaker 3: that as well as time management, is it also just
• 41:17
  Speaker 3: a mindset of you're a business owner, not a baker
• 41:20
  Speaker 3: to use.
• 41:21
  Speaker 2: It's a mindset because you need So what the trap
• 41:24
  Speaker 2: can be is as the baker working in your own bakery. Now,
• 41:29
  Speaker 2: so you could be the best bakery in the world,
• 41:31
  Speaker 2: but you can't run a business like and you won't
• 41:33
  Speaker 2: make any money. And when you run a business yourself,
• 41:37
  Speaker 2: you actually need to make good money because you're risking
• 41:40
  Speaker 2: your time, your effort, your money. You're risking someone slipping
• 41:44
  Speaker 2: over in your shop and suing you. So you're taking
• 41:46
  Speaker 2: all this inherent risk on and risk needs reward, that's
• 41:50
  Speaker 2: a basic concept. So you need a premium for that
• 41:53
  Speaker 2: risk that you're taking. So you must must must know
• 41:56
  Speaker 2: that you are first and foremost a business owner and
• 41:59
  Speaker 2: not worry about making the best hot cross barn, which
• 42:02
  Speaker 2: all that's hygiene. You've got to be good at what
• 42:04
  Speaker 2: you do. You've got to do it, but don't stand
• 42:07
  Speaker 2: around trying to perfect the best hot cross barn if
• 42:10
  Speaker 2: you've got no customers to sell it to.
• 42:12
  Speaker 1: I think that's really important as well. I love that.
• 42:15
  Speaker 2: Yeah.
• 42:15
  Speaker 3: Can I a follow up question for both of you,
• 42:17
  Speaker 3: just sort of on that topic.
• 42:18
  Speaker 2: Yeah? Is it fair to say.
• 42:20
  Speaker 3: And I could be way off here, that if you're
• 42:23
  Speaker 3: a baker, let's stick with our example and you just
• 42:26
  Speaker 3: love baking bread, yeap. That doesn't have to mean you
• 42:30
  Speaker 3: have to own a bakery, because you might not be
• 42:31
  Speaker 3: interested in running a business.
• 42:33
  Speaker 1: You just want to bake the best bread.
• 42:35
  Speaker 3: Conversely, would it be true that maybe you're not the
• 42:38
  Speaker 3: best baker, but you would love to run a bakery,
• 42:41
  Speaker 3: And so it doesn't mean because you weren't the best
• 42:43
  Speaker 3: bakery in the world, you can't run a really successful bakery. Ever, too,
• 42:47
  Speaker 3: like mutually exclusive.
• 42:49
  Speaker 2: I think if I can jump in Victoria, I think
• 42:51
  Speaker 2: it's a little bit fraught with danger. A couple of
• 42:53
  Speaker 2: years ago, a friend of a friend of mine in
• 42:55
  Speaker 2: Sydney we looked at buying a you know, we're like, oh,
• 42:58
  Speaker 2: let's buy a Domino's Peach of Friends size. You know,
• 43:01
  Speaker 2: you've got to know, you've got to know how the
• 43:03
  Speaker 2: business works. You've got to know the processes. You've got
• 43:06
  Speaker 2: to know the lingo. So I think if you did
• 43:08
  Speaker 2: want to run a bakery and not be a baker,
• 43:11
  Speaker 2: I think you need to be in that world. Work there,
• 43:13
  Speaker 2: just beat the counter serving bread. You've got to learn
• 43:15
  Speaker 2: that world because that will make you a better business
• 43:18
  Speaker 2: owner if you understand the business.
• 43:21
  Speaker 1: I would one thousand percent agree with that, Glenn, as
• 43:24
  Speaker 1: a business owner and you are as well like me,
• 43:27
  Speaker 1: Understanding every single aspect of my business means that if
• 43:31
  Speaker 1: my team, and I really don't think they ever will,
• 43:34
  Speaker 1: but should someone on my team fail me, I can
• 43:37
  Speaker 1: step straight in and take over that role. So I
• 43:39
  Speaker 1: think it's incredibly the audio for this podcast. When there
• 43:42
  Speaker 1: is a will, there is a way round, John. But
• 43:45
  Speaker 1: I think knowing where to be able to step in
• 43:48
  Speaker 1: and do everything in your business is arguably essential, especially
• 43:52
  Speaker 1: when you're a small business. You can't rely on other people,
• 43:55
  Speaker 1: and I know inherently how to I would argue how
• 43:59
  Speaker 1: to run a financial services business because I am a
• 44:01
  Speaker 1: financial advisor and I still see clients, albeit I don't
• 44:05
  Speaker 1: see heaps of clients. For me, that's really important so
• 44:07
  Speaker 1: that I'm always staying in touch with how that business
• 44:10
  Speaker 1: is running and what compliance look like and what regulation
• 44:13
  Speaker 1: is so that I can be the best team member
• 44:15
  Speaker 1: I can be. But on the flip side, I don't
• 44:18
  Speaker 1: see anything wrong with you saying I just want to
• 44:21
  Speaker 1: be a baker. Go get a great job, like, get
• 44:24
  Speaker 1: a great job in a bakery, like not everyone has
• 44:26
  Speaker 1: to be a business owner. I feel like there's genuinely
• 44:29
  Speaker 1: too much pressure on people to be the best at it,
• 44:32
  Speaker 1: but then go out on their own, like you don't
• 44:34
  Speaker 1: have to if that's not aligned to your goals and values.
• 44:36
  Speaker 2: Yeah, and if if you're hating life where you're working,
• 44:40
  Speaker 2: it doesn't mean to do the my O thing is it?
• 44:42
  Speaker 2: Go get a new job, like just don't put up
• 44:44
  Speaker 2: with crap. The older I get, the lesser put up
• 44:46
  Speaker 2: with crap.
• 44:47
  Speaker 1: Okay, on that note, Ryan, is there any final parting
• 44:51
  Speaker 1: questions you want to ask us?
• 44:52
  Speaker 3: No? But I was just going to add, even though
• 44:54
  Speaker 3: the ven diagram of she's on the money and what
• 44:58
  Speaker 3: Glenn James does, I feel like a lot of people
• 44:59
  Speaker 3: are in both communities. But just in case, Glenn, can
• 45:02
  Speaker 3: you give us a final spiel on where we can
• 45:04
  Speaker 3: find your stuff and all the things you're up to,
• 45:06
  Speaker 3: because you've seem to be a very busy man with
• 45:08
  Speaker 3: new stuff happening all the time.
• 45:10
  Speaker 2: Yeah. So obviously Instagram podcasts. So you know, we run
• 45:15
  Speaker 2: my Millennial Career, which is the Career's podcast. I run
• 45:18
  Speaker 2: my Millennial Business, which you're about to start a businesswe
• 45:21
  Speaker 2: next to you. I think you've announced that on Yep. Sweet,
• 45:24
  Speaker 2: we run my Millennial Property and you're going to do
• 45:26
  Speaker 2: a property one we launch.
• 45:28
  Speaker 1: I just want to be Glenn James.
• 45:29
  Speaker 2: Guys. Yeah, we're launching my Millennial Health in January.
• 45:34
  Speaker 3: Cool, we're actually launching She's on the health kick.
• 45:38
  Speaker 1: Oh sweet, we're not actually.
• 45:41
  Speaker 2: Right, yeah, do it lots? Going on Facebook is our
• 45:45
  Speaker 2: best port of Instagram or the Facebook group. Yeah. We're
• 45:48
  Speaker 2: just having a lot of fun out here. And I
• 45:50
  Speaker 2: love when people listen to both podcasts because you know,
• 45:53
  Speaker 2: am I going to get it right every time? Nope,
• 45:56
  Speaker 2: He's Victoria going to get it right every time? Yep.
• 45:58
  Speaker 2: But you can get you can get some balance and
• 46:02
  Speaker 2: perspective because my way isn't the way, it's a way.
• 46:05
  Speaker 1: Exactly, and I think that that's important and probably a
• 46:08
  Speaker 1: very good note to leave it on. No one's ever
• 46:11
  Speaker 1: one hundred percent correct. I mean, we're not giving away
• 46:13
  Speaker 1: false information. But at the end of the day, just
• 46:15
  Speaker 1: because my opinion is on a podcast doesn't make it
• 46:18
  Speaker 1: the be all end all, And I'm sure you feel
• 46:19
  Speaker 1: the same way, Glenn, like it's so good, especially when
• 46:22
  Speaker 1: talking about money, to get heaps of opinions so you
• 46:25
  Speaker 1: can formulate one that is perfect for you totally. But
• 46:28
  Speaker 1: just before we head off, I would actually like to
• 46:30
  Speaker 1: acknowledge and pay respects to Australian's Aboriginal and Toros Strait
• 46:33
  Speaker 1: Islander people's, the traditional custodians of the lands, the waterways
• 46:37
  Speaker 1: and the skies all across Australia. We thank you for
• 46:40
  Speaker 1: sharing and for caring on the land which we are
• 46:42
  Speaker 1: able to learn. We pay our respects to elders past
• 46:44
  Speaker 1: and present, and we share our friendship and our kindness.
• 46:48
  Speaker 1: Now I get to wrap the boring but important stuff
• 46:51
  Speaker 1: all on my own.
• 46:53
  Speaker 3: Excellent because I don't have all this information, so you
• 46:55
  Speaker 3: just keep reading.
• 46:56
  Speaker 1: That's fine. The advice shared on Cheese on the Money
• 46:58
  Speaker 1: is general in nature and does not consider your personal circumstances.
• 47:02
  Speaker 1: Geez on the Money exists purely for educational purposes and
• 47:04
  Speaker 1: should not be relied upon to make an investment or
• 47:07
  Speaker 1: personal decision and please stress less. I am an authorized
• 47:11
  Speaker 1: representative of Australia Pacific Funds Management Proprietary Limited ABM three
• 47:15
  Speaker 1: four one three two four six three two five seven
• 47:19
  Speaker 1: AFSL double three nine one five one and as always,
• 47:24
  Speaker 1: albeit he's not usually here for this part, Thank you
• 47:27
  Speaker 1: so much.
• 47:28
  Speaker 2: For thanks for me, who's going to edit this later.
• 47:31
  Speaker 1: Thank you so much to Ryan John for one putting
• 47:33
  Speaker 1: up with me, and two for putting today's podcast together.
• 47:36
  Speaker 2: Welcome, thanks lend, thank you, and missus Georgia Bye, I
• 47:39
  Speaker 2: love you, bye see Leada Vis