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MONEY DIARIES: The 24-Year-Old 6 Figure Earner · She's On The Money

0:00
Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
0:04
Speaker 1: the Order Kerney Whoalbury and a waddery woman. And before
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Speaker 1: we get started on She's on the Money podcast, I
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Speaker 1: would like to acknowledge the traditional custodians of the land
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Speaker 1: of which this podcast is recorded on a wondery country,
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Speaker 1: acknowledging the elders, the ancestors and the next generation coming
0:22
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
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Speaker 1: and the storytelling of you to make a difference for
0:30
Speaker 1: today and lasting impact for tomorrow.
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Speaker 2: Let's get into it.
0:34
Speaker 3: She's on the Money, She's on the Money.
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Speaker 4: Hello, and welcome to She's on the the podcast a
1:01
Speaker 4: millennials who want financial freedom. Welcome back to my favorite
1:05
Speaker 4: episode of the week, our Money Diaries, where I get
1:07
Speaker 4: the absolute privilege of talking to one of our incredible
1:10
Speaker 4: She's on the Money community members. Let's jump straight into it,
1:13
Speaker 4: because this week I got this message.
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Speaker 1: Hi Ve.
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Speaker 4: I'm a twenty four year old six figure income earner
1:20
Speaker 4: with no university degree. My partner and I have bought
1:23
Speaker 4: a house that's nearly finished being renovated. I've also begun
1:26
Speaker 4: my investment journey which feels like a big shift for me,
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Speaker 4: as I used to feel like it was a form
1:31
Speaker 4: of gambling, having experienced family financial trauma. I am so
1:36
Speaker 4: proud of where I am now, Money Diarist.
1:39
Speaker 2: I'm proud of you too. How exciting and you're only
1:43
Speaker 2: twenty four.
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Speaker 5: Yeah, thank you.
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Speaker 6: It's been a bit of a journey, but really proud
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Speaker 6: of where we are now.
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Speaker 2: Oh my gosh, I love it so much. Let's dive
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Speaker 2: straight in.
1:52
Speaker 4: At the start of every episode, I always ask Money
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Speaker 4: Diarist or Gig your money habits if I asked you
1:58
Speaker 4: to give them a grade from A through to F.
2:01
Speaker 6: I was having a think about this last night, and
2:05
Speaker 6: even though I'm earning really well and I feel like
2:07
Speaker 6: I'm doing really well with the house and things like that,
2:09
Speaker 6: I would still rate my money habits I think a
2:12
Speaker 6: B plus. As I'm sure you'll get into it after that,
2:15
Speaker 6: there's some areas that I definitely need to improve.
2:17
Speaker 4: All right, I am very excited to learn more about that.
2:20
Speaker 4: But as always, I want to ask you my favorite question,
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Speaker 4: Money Diarist, Can you tell me a little bit more
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Speaker 4: about your money story.
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Speaker 6: So I first started working when I was a legal age.
2:31
Speaker 6: I think that's thirteen and nine months, and I've always
2:34
Speaker 6: had quite a good, strong work ethic. I've always been
2:37
Speaker 6: quite independent with money as possible, as I was in
2:42
Speaker 6: just a single earning income and when my family members
2:45
Speaker 6: had quite a few of mental illness problems. So I've
2:47
Speaker 6: always kind of just looked after myself and gone, do
2:50
Speaker 6: you know what, I'm just going to work extra hours,
2:52
Speaker 6: even from a young age, to just try and save
2:54
Speaker 6: the most I can and take the most pressure off
2:57
Speaker 6: of my family. I always believe that money isn't the
3:00
Speaker 6: most important thing in life, but the thought of not
3:03
Speaker 6: having that additional financial stress is something that I've always
3:06
Speaker 6: wanted to have. So even though it's not the most
3:09
Speaker 6: important thing and I do prioritize other things, it's definitely
3:12
Speaker 6: one of the priorities. Even since I was young to
3:14
Speaker 6: kind of Okay, if I work an extra three hours,
3:18
Speaker 6: i can earn you know, this much extra for the week,
3:20
Speaker 6: which then you know, I can either buy something else
3:23
Speaker 6: so I can save that towards a goal. And I've
3:24
Speaker 6: always kind of been money driven, I guess to a degree.
3:28
Speaker 2: I love that.
3:29
Speaker 4: I feel like knowing that that's one of your mentalities
3:32
Speaker 4: is really powerful as well, because you can kind of
3:34
Speaker 4: harness it.
3:35
Speaker 2: And I think sometimes.
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Speaker 4: People go, oh, it's only an extra one hundred and
3:37
Speaker 4: fifty bucks or whatever it might be. But You're like,
3:39
Speaker 4: that takes so much pressure off and from little things.
3:42
Speaker 4: Those things compound and they actually grow and become really
3:46
Speaker 4: impactful in the larger I guess phase of your life.
3:50
Speaker 5: Yeah, exactly.
3:50
Speaker 4: That tell me a bit more about becoming an adult
3:53
Speaker 4: with that mentality, Like is that the same today?
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Speaker 6: Yeah? Same today? So how my structure works at the moment,
4:00
Speaker 6: I get my base salary but also get commissioned. So
4:02
Speaker 6: I'm very much in the position where I can kind
4:05
Speaker 6: of earn as much as I want to earn.
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Speaker 5: To a degree.
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Speaker 6: Of course, there's a bit of luck that comes into it.
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Speaker 6: And obviously I try and keep to my standard hours.
4:13
Speaker 6: But when I'm at work, I'm just at work and
4:17
Speaker 6: I eliminate all other distractions and I'm going, Okay, how
4:20
Speaker 6: can I actually get the most out of these hours?
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Speaker 6: Which took me a little while to get there? In
4:25
Speaker 6: my adult life, I think, you know, each year is different.
4:29
Speaker 6: If I've got a lot going on in my personal life.
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Speaker 6: You know, last year wasn't as good and I kind
4:33
Speaker 6: of got distracted a bit easier. But this year, especially
4:36
Speaker 6: since we've recently purchased our house, I've just been head down,
4:39
Speaker 6: pump up at work and just trying to smash it
4:42
Speaker 6: out as much as I can.
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Speaker 2: I love that so much.
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Speaker 4: Do you find because you get commissions as a part
4:47
Speaker 4: of your role that you tend to work more hours?
4:50
Speaker 4: Because I feel like if I was working in a
4:52
Speaker 4: role where you said, oh V, like, if you get comms,
4:55
Speaker 4: you you know obviously can scale your own income. Does
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Speaker 4: that mean that you're working more hours then you should
5:01
Speaker 4: or is that something where you're like, no, V, that's
5:02
Speaker 4: one of the benefits.
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Speaker 2: I love that I can put in additional hours.
5:06
Speaker 6: When I first started, I was doing additional hours. I
5:08
Speaker 6: think also that's because I was just kind of a
5:10
Speaker 6: trainee and trying to understand as much as possible. But
5:13
Speaker 6: these days, I'm really strict with myself. I won't work
5:16
Speaker 6: an extra hour after work, but if I need to
5:19
Speaker 6: work a little bit through my lunch break, I might,
5:22
Speaker 6: But it's a really day to day kind of thing.
5:23
Speaker 6: The majority of time, I try and take my full
5:25
Speaker 6: lunch break go for a walk. Oh clear in my mind,
5:28
Speaker 6: because you know, when I'm at work, like I said,
5:30
Speaker 6: I'm kind of head down, bump up. I know, if
5:31
Speaker 6: I go in with that mentality every single day without
5:34
Speaker 6: taking my breaks, I'll spurn myself out.
5:36
Speaker 5: So I'm trying to avoid that as much as possible.
5:38
Speaker 4: I like that, all right, tell us a little bit more.
5:40
Speaker 4: What do you actually do for work and how much
5:42
Speaker 4: money do you earn.
5:44
Speaker 6: I've worked in recruitment and I've done this for the
5:46
Speaker 6: last three years. My salary is very much commission based.
5:49
Speaker 6: So last fin etal year, I'm so so proud to say.
5:52
Speaker 5: That I one hundred and five thousand plus super.
5:55
Speaker 2: Correct the six figures.
5:57
Speaker 5: Ye oh, my gosh.
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Speaker 6: It was the best feeling ever. When I saw my
6:00
Speaker 6: financial statement at the end of the.
6:01
Speaker 5: Year, I was like, oh, I was so happy killing it. Oh,
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Speaker 5: it felt so good.
6:06
Speaker 6: And that's on a base salary of seventy five thousand
6:09
Speaker 6: plus super so that additional what thirty thousand is in
6:12
Speaker 6: my commission.
6:13
Speaker 4: When you say base salary, sometimes these things are different
6:18
Speaker 4: from I guess company to company. I know that if
6:20
Speaker 4: you're in real estate and you get paid a base salary,
6:24
Speaker 4: the expectation is that you kind of pay back your
6:26
Speaker 4: base salary and then you earn on top of that,
6:29
Speaker 4: is this just you get seventy five thousand dollars as
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Speaker 4: a base just for turning up to work, and then
6:34
Speaker 4: anything above and beyond that is cream or tell me
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Speaker 4: a bit about how the comm structure works.
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Speaker 6: Yeah, so like the latter, So seventy five thousand for
6:43
Speaker 6: me just coming to work, and then anything on top
6:45
Speaker 6: of that is like an additional, very nice little bit
6:49
Speaker 6: on top.
6:49
Speaker 5: But with that, we are.
6:51
Speaker 6: Given the expectation that we kind of earn a certain
6:54
Speaker 6: amount for the company. But if we don't do that,
6:57
Speaker 6: then you know, we might go into performance matternent. But
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Speaker 6: I earned over the kind of threshold that they're wanting
7:03
Speaker 6: you to earn anyway, and majority of people do. It's
7:06
Speaker 6: not very often that people earn less than what's kind
7:09
Speaker 6: of required of them.
7:10
Speaker 4: Yeah, that makes sense. So I was like, how does
7:12
Speaker 4: this work? Because often when you have a base salary,
7:14
Speaker 4: there's like base requirements and if you don't meet them,
7:16
Speaker 4: it can be a little bit worrying when you say
7:19
Speaker 4: you have a base salary of seventy five thousand dollars.
7:22
Speaker 4: I'm just so pervy when people earn comms, because obviously
7:25
Speaker 4: not everything is given when you're budgeting and doing cash
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Speaker 4: flow and planning. Do you just base it on the
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Speaker 4: seventy five thousand or are you basing it on the hundred?
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Speaker 1: Like?
7:34
Speaker 2: How does that all work?
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Speaker 6: Well, that's the thing is that I haven't got a
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Speaker 6: set budget and I don't really look into these things.
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Speaker 6: And that's what I think my worst money have it
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Speaker 6: is is that I'm earning this money, but I'm not
7:47
Speaker 6: planning where it's going. I've always been a good saver,
7:50
Speaker 6: and I guess that's where my commission comes in. That
7:52
Speaker 6: whatever my commission is for the month, that goes straight
7:54
Speaker 6: into savings, but in regards to my budget and kind
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Speaker 6: of cash flow, not thinking about those things, which is
8:02
Speaker 6: my next goal is.
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Speaker 5: To kind of get a bit of control over that.
8:06
Speaker 4: All Right, next goal, I want to know what is
8:08
Speaker 4: your big money goal that you're working towards. You mentioned
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Speaker 4: that you've already bought a house, so what are you
8:13
Speaker 4: currently working towards.
8:14
Speaker 6: We really want to finish our renovations, because we're doing
8:17
Speaker 6: some this year and we're planning to do some a
8:19
Speaker 6: bit next year, obviously starting to smash out our mortgage.
8:23
Speaker 6: But the goal would be rather than just the house
8:26
Speaker 6: and things like that, would be to go on a
8:27
Speaker 6: European trip in the next three years or so. I
8:30
Speaker 6: have been on a holiday for quite some time, so
8:32
Speaker 6: I'd like to save up for that and go there.
8:35
Speaker 6: But ultimately, the long, long term goal is to be
8:37
Speaker 6: financially free, but that's quite a while away.
8:39
Speaker 2: That takes ages.
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Speaker 4: I totally get that there are interim goals, my friend,
8:43
Speaker 4: because same, I want to know a little bit more
8:46
Speaker 4: about these renos that you've mentioned. So I've just gone
8:49
Speaker 4: through the process and oh my gosh, they blow out
8:52
Speaker 4: so much.
8:53
Speaker 5: Oh my gosh, they do.
8:55
Speaker 4: Tell me a bit more about your reno journey, what
8:57
Speaker 4: it's cost, what you'd expected from the beginning, Like, is
9:01
Speaker 4: it big reno?
9:02
Speaker 2: Is it a little renot? Like what does it look like?
9:04
Speaker 5: Yeah, of course.
9:05
Speaker 6: So we bought a small, little house. It was kind
9:07
Speaker 6: of one of those situations where you buy the worst
9:09
Speaker 6: house in a night street. We're in this really cute
9:12
Speaker 6: little area, lovely little houses around us, but our house
9:16
Speaker 6: was horrendous.
9:17
Speaker 5: It's only been rented for the last I think.
9:19
Speaker 6: Thirty years, so you can tell that the people that
9:21
Speaker 6: rented it didn't ridiculously look after it like it was
9:24
Speaker 6: their own. Unfortunately, so it has been quite neglected. But
9:28
Speaker 6: we purchased that about a year or so ago, now
9:31
Speaker 6: a bit more soon, about early this year, and that
9:34
Speaker 6: cost us six hundred and fifty thousand. And then because
9:38
Speaker 6: we were doing the renovations, we only put the ten
9:40
Speaker 6: percent deposit down instead of a full twenty percent, so
9:43
Speaker 6: we had that extra ten percent deposit to put into
9:45
Speaker 6: the renovations, which hopefully once these are all done, which
9:48
Speaker 6: we're putting about sixty thousand in this year, then we
9:51
Speaker 6: can refinance and hopefully have more equity in the house.
9:55
Speaker 4: Oh love, how did you work out that sixty grand
9:58
Speaker 4: worth of I guess Reno's was going to work out
10:01
Speaker 4: for you?
10:02
Speaker 2: Like did you go, you know.
10:03
Speaker 4: To Bunning's and look at all the kitchens or were
10:06
Speaker 4: you online? Or like where did you start? Because I
10:08
Speaker 4: found it so overwhelming.
10:10
Speaker 6: It was so overwhelming. We started mostly by getting quotes
10:14
Speaker 6: from people who do renovations, just to see how much
10:16
Speaker 6: it would cost for them to do it, plus the labor,
10:19
Speaker 6: because then if that's kind of at the absolute maximum
10:22
Speaker 6: of our range, then we kind of know what to
10:25
Speaker 6: stick too. Roughly, so we made sure that all of
10:27
Speaker 6: our quotes had a break down the kitchen, you know,
10:29
Speaker 6: living space, paint, absolutely everything. We made sure they had
10:33
Speaker 6: that breakdown, and then it was just online having a look,
10:37
Speaker 6: reading different forums of people who have renovated their houses,
10:41
Speaker 6: watching different reels of people who do it, and put
10:43
Speaker 6: the prices next to it.
10:44
Speaker 4: Yes, I do that on TikTok all the time.
10:47
Speaker 6: Yeah, a bit of a process. But at the moment,
10:50
Speaker 6: where very much like doing well with our budget. So
10:53
Speaker 6: it's looking good at the moment.
10:54
Speaker 4: Ah, I'm so envso was not so good with my
10:57
Speaker 4: budget when it came to the renos. Let's go to
10:59
Speaker 4: a really quick break because on the flip side, I
11:01
Speaker 4: want to know a little bit more about that budget
11:03
Speaker 4: and also about your debts and investments and to break
11:07
Speaker 4: down that are bad.
11:08
Speaker 2: Money habit you mentioned just before.
11:09
Speaker 4: Don't go anywhere, guys, All right, money diarist, We are
11:17
Speaker 4: back and I'm so pervy on your reno journey. Obviously,
11:21
Speaker 4: when you are buying your first home, there's not always
11:24
Speaker 4: a lot of room for investing and doing stuff on
11:27
Speaker 4: the side. But I do want to ask anyway, do
11:29
Speaker 4: you have any investments? If so, what are they.
11:31
Speaker 6: Yeah, I do have a few investments, have my superannuation,
11:35
Speaker 6: which I've slightly increased my risk profile for I didn't
11:39
Speaker 6: realize until this year that you could actually change your
11:42
Speaker 6: superannuation risk profile.
11:44
Speaker 2: You can and everyone should review it.
11:46
Speaker 6: Yeah, so I've actually made that a little bit more
11:49
Speaker 6: aggressive considering that I'm only twenty four at the moment,
11:52
Speaker 6: I've got a long way to go, and hopefully it'll
11:54
Speaker 6: even out and should be fine over time. Love. I
11:57
Speaker 6: also have a Raise account and a spaceship account, which
12:00
Speaker 6: have about two thousand dollars spread across them. I started
12:03
Speaker 6: them when I started listening to the podcast so well
12:06
Speaker 6: I love this yeah Yeah, And I have a share
12:10
Speaker 6: scheme with the company that I'm working for where they
12:12
Speaker 6: contribute one hundred dollars a month from my paycheck. And
12:15
Speaker 6: then I've also started dabbling in the share market myself.
12:18
Speaker 6: So I have five investments at the moment, some blue chip,
12:21
Speaker 6: someone a little bit more of the riskier side, which
12:24
Speaker 6: add up to around the eight thousand.
12:25
Speaker 2: Dollars mark oo, look at you go.
12:29
Speaker 6: Yeah, something I'm so proud of because this was a
12:32
Speaker 6: huge step for me. I always saw investing as more
12:35
Speaker 6: of something gambling. I was never educated on it ever,
12:39
Speaker 6: and I just always thought, oh my gosh, why would
12:41
Speaker 6: you invest Like you're throwing your money away, You're going
12:44
Speaker 6: to lose it. But my partner was into investing when
12:47
Speaker 6: we met a little bit, and he kind of taught
12:49
Speaker 6: me about and then, obviously listening to the podcast, starting
12:52
Speaker 6: to do a bit more of my own research, and
12:54
Speaker 6: I kind of got rid of that stigma and I thought,
12:56
Speaker 6: I'll just give it a go.
12:57
Speaker 5: I'll just put a little bit into, raise bit into
13:00
Speaker 5: and then I built that up and I love it.
13:03
Speaker 5: Now I'm really interested in like, yeah, yeah, it's great.
13:06
Speaker 4: Oh my gosh, I love it. I feel like raising
13:08
Speaker 4: Spaceship kind of like the gateway drug of the investment community,
13:13
Speaker 4: because you end up just going all right, well, that
13:15
Speaker 4: feels like a little bit less risky, a little bit
13:17
Speaker 4: more controlled. I'll give it a crack, and then it's
13:20
Speaker 4: the gateway and now you have five different investments. I
13:23
Speaker 4: want to know, though, because obviously coming from such a
13:26
Speaker 4: mentality where you're like, look, I really thought that investing
13:28
Speaker 4: was actually a form of gambling.
13:31
Speaker 2: Education is the key here.
13:33
Speaker 4: But how did you then start to pick those five investments?
13:35
Speaker 4: What made you confident enough to pull the trigger and
13:39
Speaker 4: put money in it?
13:39
Speaker 2: Because a grand that's a lot of money.
13:41
Speaker 5: It is a lot actually for the blue chip ones.
13:45
Speaker 6: I just knew companies that I've heard of a lot
13:49
Speaker 6: that I felt were quite stable, did some research into
13:52
Speaker 6: it from the investment side, and I felt comfortable with them.
13:55
Speaker 6: For the ones that were on a little bit more
13:57
Speaker 6: of the riskier side, there's a couple people at my
13:59
Speaker 6: work that really really into the share market and they
14:03
Speaker 6: kind of throw around tips between each other, and this
14:05
Speaker 6: is when.
14:05
Speaker 4: You're like, let me in. I want to hear your tips.
14:08
Speaker 6: Exactly that if I wasn't telling anyone that I was
14:11
Speaker 6: kind of into it at the moment because I've had
14:12
Speaker 6: that little bit of a stigma, so I was a
14:14
Speaker 6: bit worried. So I was just like, oh, I'll just
14:16
Speaker 6: listen and see what happens. And then they were talking
14:19
Speaker 6: about it, and one day I was like, I'm just
14:20
Speaker 6: gonna try and if I lose money, I lose money.
14:24
Speaker 6: If I gain money, I gain money. I just want
14:26
Speaker 6: to give it a go. At this point, I had
14:28
Speaker 6: my blue chips. I was feeling confident. Obviously listening to
14:32
Speaker 6: the podcast, I understand that it's going to be up
14:35
Speaker 6: and down. It's not going to just keep being up
14:37
Speaker 6: for the duration that I have it, and I don't
14:39
Speaker 6: plan on taking anything out anytime soon. So I gave
14:43
Speaker 6: it a go, and one of them worked a bit
14:45
Speaker 6: more than the other. But I feel really confident now
14:48
Speaker 6: that it's not gambling. But I feel really confident now,
14:51
Speaker 6: you know, looking into other stops and going, oh, I
14:53
Speaker 6: might put a little bit on that and just see
14:55
Speaker 6: what happens. Or this is a bit more of a
14:56
Speaker 6: safer option, I'll put a bit more money into that
14:59
Speaker 6: and you can play flip my mentality there.
15:01
Speaker 2: I love it.
15:02
Speaker 4: I think it's so good because so many people do
15:05
Speaker 4: feel that way. And then it's really about education and
15:08
Speaker 4: exposure that makes you understand how it actually all works.
15:11
Speaker 4: You go, wait, this is really different. This is actually
15:14
Speaker 4: about wealth creation and creating financial freedom. I have another
15:17
Speaker 4: question about investing, just because I'm so brvy, so I apologize,
15:21
Speaker 4: but I'm not that sorry. When you did decide to
15:24
Speaker 4: pull the trie gul, you bought your blue chip stocks first,
15:27
Speaker 4: how did you pick a platform to invest on?
15:30
Speaker 2: Like, what did you.
15:31
Speaker 4: Pick and why did you pick it? And why did
15:33
Speaker 4: that make the most sense for you?
15:35
Speaker 6: I went with concept, and that's only simply because my
15:38
Speaker 6: partner had invested in concept. I didn't really look into
15:41
Speaker 6: which platform too much. It's just I knew he was
15:45
Speaker 6: with it. I knew a couple of the people from
15:46
Speaker 6: work were in it s they were with a couple
15:48
Speaker 6: others as well.
15:49
Speaker 4: But I just thought, okay, just this works, it makes sense,
15:52
Speaker 4: tried and true. Some other people have done it, so
15:54
Speaker 4: therefore it can't be that bad.
15:56
Speaker 6: No.
15:56
Speaker 2: I love that.
15:56
Speaker 4: I always ask because there's always a reason why someone
15:59
Speaker 4: picked their platform.
16:00
Speaker 2: It's not oh v yes.
16:01
Speaker 4: So I googled it and I looked at this chart
16:03
Speaker 4: and it compared it, and so I picked off that
16:05
Speaker 4: there's always like some other reason that people were like,
16:07
Speaker 4: Oh no, I felt comfortable with this, and I just
16:10
Speaker 4: love hearing it.
16:11
Speaker 6: Yeah, that bank with Commonwealth as well. So I was
16:14
Speaker 6: kind of like, oh, okay, that's fine.
16:16
Speaker 2: Yeare easy, all right.
16:17
Speaker 4: I want to know now about debt. You mentioned before
16:20
Speaker 4: that you purchased your home for six hundred and fifty
16:22
Speaker 4: thousand dollars, but I want to know what debt are
16:25
Speaker 4: you in, how much and how does it break down?
16:28
Speaker 5: Yep.
16:28
Speaker 6: So I am very proud to say that I don't
16:31
Speaker 6: have any bad debt at all, very sexy. I had
16:34
Speaker 6: my year and a half of my university degree that
16:37
Speaker 6: I started but didn't end up finishing because I absolutely
16:40
Speaker 6: hated it. I paid off that Hex's debt that was
16:43
Speaker 6: kind of my main financial goal before the end of
16:45
Speaker 6: financial You just gone because I understand it. It was going
16:48
Speaker 6: up for seven percent with inflation. I was like, I
16:51
Speaker 6: do not want to keep paying this off.
16:53
Speaker 4: So you're here telling me like, heyve twenty four and
16:56
Speaker 4: six figures have no Hex debt. You also have a
16:59
Speaker 4: mortgage paying for my renovations.
17:01
Speaker 2: Going to Europe. I love this. I'm obsessed.
17:05
Speaker 6: Yeah, I think sometimes I think you for myself enough credit.
17:07
Speaker 6: I get a bit of imposter syndrome sometimes.
17:09
Speaker 4: So I'm here to be your like official personal hype girl.
17:12
Speaker 4: I'm like, get it, COI in, this is the best ever.
17:14
Speaker 6: I just struggle to kind of like it sounds great
17:16
Speaker 6: in my head, but it doesn't. It does feel good.
17:20
Speaker 6: I don't know, it's hard to explain. I guess I liked.
17:22
Speaker 6: I just feel like I have imposter syndrome sometimes be like, oh, yeah,
17:25
Speaker 6: it's good, but you know, I'm sure I could be
17:27
Speaker 6: doing more of this.
17:28
Speaker 4: We all think that though, right the grass is always
17:31
Speaker 4: greener on the other side, and impostera syndrome is something
17:35
Speaker 4: I can definitely relate to because I get it all
17:37
Speaker 4: the time, and it's like the dumbest thing in the
17:39
Speaker 4: entire world, because like, I know what I've done, Like
17:43
Speaker 4: I know that I'm a good person doing good things.
17:45
Speaker 4: At the end of the day, that's all that matters.
17:47
Speaker 4: It doesn't matter what I've achieved or what I haven't achieved.
17:49
Speaker 4: I look at it and I go, I'm a good
17:51
Speaker 4: person doing good things. No one is actually going to
17:53
Speaker 4: come for me and kick me out and be like
17:55
Speaker 4: you don't know what you're talking about, Like, you know,
17:58
Speaker 4: get out, you're not a good person. But it's something
18:01
Speaker 4: that I think we should actually talk a lot more about,
18:04
Speaker 4: because it doesn't matter whether it's your career or whether
18:06
Speaker 4: it's your investing journey or you've bought your first house.
18:09
Speaker 4: Like how many times do we just gaslight ourselves into
18:12
Speaker 4: thinking it's not good enough. You're like, Oh, I bought
18:14
Speaker 4: my first house, but I live in it. I don't
18:16
Speaker 4: have an investment property. You're like, wait, what, Like where's
18:19
Speaker 4: this mentality coming from? Or you look at it and
18:21
Speaker 4: you go started investing. You know, I've really thought about this.
18:25
Speaker 4: I have, you know, my blue chip stocks, I have rays,
18:28
Speaker 4: I have spaceship. I'm actually doing a really good job.
18:30
Speaker 4: It's only eight grand though, that's not very good. Like
18:33
Speaker 4: why do we do this to ourselves?
18:36
Speaker 5: I know, I have no idea why.
18:38
Speaker 6: And to be honest, I think it's as like majority
18:40
Speaker 6: of female thing as well.
18:42
Speaker 2: Oh yeah, it's not a male thing one hundred percent.
18:45
Speaker 6: Like everyone I speak to be like, oh, yeah, you know,
18:48
Speaker 6: this is so great about me, This is so great
18:50
Speaker 6: about me people at work, and I'm just sitting there like, oh.
18:53
Speaker 4: Yeah, I guess no, absolutely not. We need to start
18:56
Speaker 4: talking to ourselves as though we're our own best friends,
18:59
Speaker 4: because like I would never talk to my friends or
19:01
Speaker 4: anybody like, oh my gosh, yeah, you're right, that's not
19:04
Speaker 4: that good. Like I'm here going, holy moly, you're twenty four.
19:07
Speaker 4: You've done all of this good stuff, Like talk to
19:09
Speaker 4: yourself that way. Just go, oh, what would Victoria say
19:12
Speaker 4: to be? And then say that because that's going to
19:14
Speaker 4: put you in a better position.
19:16
Speaker 5: Yeah, okay, that's my new goal. That's what I'm going
19:18
Speaker 5: to do all the time.
19:18
Speaker 2: Now, all right.
19:20
Speaker 4: Earlier in the episode, you mentioned that you think that
19:23
Speaker 4: your worst money habit is that you, you know, earn a
19:25
Speaker 4: lot of money, but you're not really sure where it's going.
19:28
Speaker 4: Let's talk a bit more about that, but first I
19:30
Speaker 4: want to know what is your best money habit.
19:32
Speaker 2: Do you think.
19:33
Speaker 5: I am a good saver?
19:36
Speaker 6: Like, if I have a goal, I will absolutely work
19:39
Speaker 6: so hard smash it out, and once my money is
19:42
Speaker 6: in that savings account, I will not touch it like
19:44
Speaker 6: I will starve and I will not touch it like
19:46
Speaker 6: I've got my emergency account, which is good, but I
19:49
Speaker 6: will never ever ever touch it until obviously I've achieved
19:53
Speaker 6: that going and paying for it. So I'd say savings
19:55
Speaker 6: are really good money habit for me.
19:57
Speaker 2: I love that.
19:58
Speaker 4: I think that that's really clear. Tell me a little
20:00
Speaker 4: bit more about this worst money habit. You said it
20:03
Speaker 4: was earning money, you're not really sure where it's going
20:06
Speaker 4: or what it's doing, but you're good at saving.
20:09
Speaker 2: How does that work?
20:10
Speaker 6: What I'm doing at the moment or when I was
20:12
Speaker 6: saving kind of for my bigger money goals is I
20:14
Speaker 6: would just put in a figure out when I want
20:18
Speaker 6: to achieve this goal by kind of break it down
20:20
Speaker 6: in months as to how long it would take. Me,
20:22
Speaker 6: you know, when I want to do it, how much
20:24
Speaker 6: it'll cost me, and kind of figure out the monthly
20:27
Speaker 6: amount that I would need to put into my savings
20:29
Speaker 6: and then I would just do that and I just
20:31
Speaker 6: put that in and the rest of the money would
20:32
Speaker 6: be between my other accounts. I have an emergency account,
20:35
Speaker 6: which is good, but my other accounts that kind of
20:38
Speaker 6: just sit there and I'll just you know, once one
20:40
Speaker 6: goes low, I'll keep topping it up with the other.
20:42
Speaker 5: But there's no thought actually behind.
20:44
Speaker 6: It, and I'll just kind of like, oh yeah, I'll
20:47
Speaker 6: food shopping, not thinking about it, spipe my card. I
20:51
Speaker 6: don't go shopping much, but if I did, you know,
20:54
Speaker 6: I look at the price and if I can afford it,
20:56
Speaker 6: I'll just swipe my cards.
20:57
Speaker 5: Like, I don't really have much.
20:59
Speaker 6: Thought process behind you know, this is my budget for food,
21:03
Speaker 6: this is my budget for eating out, this is my
21:05
Speaker 6: budget for absolutely anything. Like I don't have that thought
21:08
Speaker 6: process behind it, which I really want to get, Like
21:11
Speaker 6: I want to make a budget. I want to be
21:13
Speaker 6: so organized in that space. I've just I've tried in
21:16
Speaker 6: the past, like a few years ago, and I just
21:18
Speaker 6: had no success at all. And I think that was
21:21
Speaker 6: I was younger, obviously, but I just I don't know why.
21:25
Speaker 6: I've just I really want to get there.
21:27
Speaker 4: I feel like that's really relatable though, because I look
21:29
Speaker 4: at it and go, you know, everyone budgets in a
21:32
Speaker 4: different way, Like budgeting means something different to absolutely everybody.
21:36
Speaker 4: And from my perspective, looking at you know you from
21:38
Speaker 4: the outside in and having had this really beautiful conversation,
21:41
Speaker 4: I go, well, does she really need a strict budget?
21:44
Speaker 4: Like she's achieved the goal of buying her house, she's investing,
21:47
Speaker 4: she's doing all of these things. What do you think
21:50
Speaker 4: you'd achieve if you had a budget set in place
21:53
Speaker 4: and were more organized.
21:55
Speaker 6: I think it would be good for my saving habits
21:58
Speaker 6: because I think I could probably say more or put
22:00
Speaker 6: more money towards a mortgage, or more money towards, you know,
22:03
Speaker 6: a holiday in the future, rather than not thinking about
22:07
Speaker 6: and not having that structure.
22:09
Speaker 5: A bit of control would be nice, and.
22:10
Speaker 6: I don't feel like I have that control over what's
22:14
Speaker 6: coming in what's going out.
22:15
Speaker 2: Now You've got a mortgage is important too.
22:18
Speaker 6: Yeah, And I'm such an organized person and this is
22:21
Speaker 6: not on brand with what I'm like.
22:23
Speaker 4: This doesn't suit the vibe like this doesn't master.
22:26
Speaker 2: The vibe check.
22:27
Speaker 5: No.
22:27
Speaker 4: I love that, and I think it's important because we
22:29
Speaker 4: want every dollar that comes into our account to be
22:32
Speaker 4: working as hard as we do for it, and sometimes
22:34
Speaker 4: if we don't have enough clarity or structure, it's just
22:36
Speaker 4: not It just comes in and it just does whatever
22:38
Speaker 4: it needs to do, but it's not working hard. I
22:42
Speaker 4: just have so many questions about this because I just
22:44
Speaker 4: think it's so relatable. I want to ask another one
22:46
Speaker 4: about the budgeting aspect.
22:47
Speaker 2: You said you tried a.
22:48
Speaker 4: Couple of years ago and it didn't work. What did
22:51
Speaker 4: you try and why do you think it didn't work?
22:53
Speaker 6: So my cousin is like the Queen of budgeting. She
22:58
Speaker 6: is down to the scent, absolutely crazy. I love it
23:01
Speaker 6: really like, Okay, can I sit down with you, can
23:04
Speaker 6: you show me how to do it?
23:05
Speaker 5: Run me through it?
23:06
Speaker 6: And I did it for a few months and I
23:09
Speaker 6: just completely got not couldn't be bothered, but I just
23:12
Speaker 6: lost that want to do it. And I guess that
23:15
Speaker 6: being stripped with myself for doing it, and then since
23:18
Speaker 6: then I just haven't really tried again. So I think
23:22
Speaker 6: also how she kind of had it laid out, she
23:24
Speaker 6: had it on Excel spreadsheets, which was great, but I
23:27
Speaker 6: think it really suited her. Yeah, and obviously she's only
23:30
Speaker 6: thinking from her, whereas for me, I tried making it
23:33
Speaker 6: better for me and making it a bit.
23:35
Speaker 5: Prettier and things like that. So then I want to
23:38
Speaker 5: do it, but it just didn't stick.
23:40
Speaker 4: I need to know when you did it on Excel spreadsheets.
23:43
Speaker 4: Did it then become a super manual process, like every
23:46
Speaker 4: single week or a month, you'd have to go in
23:47
Speaker 4: and actually like look at the spreadsheet and then implement
23:50
Speaker 4: that in your banking system and then switch things around.
23:52
Speaker 4: So it was like a lot of work or was
23:55
Speaker 4: it something where you just had your finger on the
23:57
Speaker 4: pulse every month?
23:58
Speaker 6: Yeah, it was definitely on the manual side, and especially
24:01
Speaker 6: because I'm not an Excel with in the slightest, so
24:04
Speaker 6: I had one notes for how to do things and
24:06
Speaker 6: how to add your formulas and things like that.
24:08
Speaker 5: But then I.
24:10
Speaker 6: Would just slip my mind or I'd have to google
24:12
Speaker 6: each month to make sure I'm doing the right thing,
24:14
Speaker 6: and it just got way too manual for something that
24:16
Speaker 6: should just be a quick numbering numbering.
24:18
Speaker 4: I totally get it, Like, obviously you're not in this situation,
24:21
Speaker 4: but I have ADHD, so if it becomes a manual process,
24:24
Speaker 4: it's not happening.
24:26
Speaker 2: Like I won't do it. It has to be taken
24:28
Speaker 2: off me.
24:28
Speaker 4: I don't often do this, but I'm going to gift
24:30
Speaker 4: you my budget in cash Flow master Class or the
24:32
Speaker 4: New Money Masterclass, because it is all automated and if
24:36
Speaker 4: you're not a spreadsheet girly. I was explaining it to
24:39
Speaker 4: someone the other day and they were like, I don't
24:40
Speaker 4: get Excel or you know, Google sheets, fee like it
24:43
Speaker 4: doesn't work. I'm like, it's actually kind of like a
24:45
Speaker 4: software inside Excel that I've built because I am a
24:48
Speaker 4: spreadsheet girly and I am a nerd. But what you
24:51
Speaker 4: do is you put all of your budget in and
24:53
Speaker 4: then it tells you what you need to automate in
24:55
Speaker 4: your banking system. So you just set up direct debits
24:58
Speaker 4: and yeah, you just re reflect your budget in your
25:02
Speaker 4: direct debits, and then your job is to just like
25:04
Speaker 4: check in every month, make sure that you know if
25:06
Speaker 4: there's a new expense that you forgot about that's included.
25:09
Speaker 4: But like that's the extent of the budgeting, if that
25:12
Speaker 4: makes sense. So I can't wait to hear what you
25:14
Speaker 4: think of it. Because I think it's going to really
25:16
Speaker 4: really work.
25:17
Speaker 5: I think it'll be.
25:18
Speaker 4: So much No, no, no, no, I just think after this conversation,
25:21
Speaker 4: I'm like, this is gonna work so well for you.
25:23
Speaker 2: I'm going to give it to you.
25:24
Speaker 4: I'll also pop a cheeky little discount in the show
25:27
Speaker 4: notes for anyone who wants to join as well, because obviously,
25:30
Speaker 4: if I'm talking about it, you might go they like,
25:32
Speaker 4: what about us? I just think it'll work so well,
25:36
Speaker 4: especially because I was like, oh, like, why I didn't
25:37
Speaker 4: it work? And you can like share it with your cousin.
25:39
Speaker 4: I'll allow that. I think that's fair because I think
25:41
Speaker 4: she'll be really impressed. If she's a spreadsheet girl, they're
25:43
Speaker 4: like me. But last question I've got for you. Obviously,
25:47
Speaker 4: you said that your money habits are a B plus
25:50
Speaker 4: and you know you really want to work on your budgeting,
25:52
Speaker 4: but from my perspective, you're already killing it. After this conversation.
25:55
Speaker 4: Do you think you're still a B plus? And if so,
25:58
Speaker 4: that's fine, but if not, like, why have you changed?
26:01
Speaker 4: But also what could you do to get to that
26:04
Speaker 4: A plus?
26:05
Speaker 2: I guess credit.
26:06
Speaker 5: I would maybe shift myself up to an A minus.
26:10
Speaker 2: Oh I love this.
26:11
Speaker 6: Yeah, I think, like you said, I just need to
26:13
Speaker 6: give myself a bit more credit and go. You know,
26:16
Speaker 6: even though I feel like I can be doing more
26:18
Speaker 6: to just sit back and reflect and go.
26:20
Speaker 5: But do you know what I've done so well so far?
26:22
Speaker 2: One hundred percent.
26:23
Speaker 6: Yeah, Like, I'm proud of what I've achieved, and I
26:26
Speaker 6: guess I need to think about that a bit more.
26:28
Speaker 6: But to get to that A plus, I would say
26:30
Speaker 6: the budget side of things would definitely give me a
26:33
Speaker 6: bit more control, So that would one hundred percent assist
26:36
Speaker 6: me in getting to that A plus level. And then
26:38
Speaker 6: also I'd like to continue to add to my investments
26:41
Speaker 6: and kind of build that portfolio so that hopefully one
26:44
Speaker 6: day I can be financially free or as close to
26:47
Speaker 6: it as possible.
26:48
Speaker 2: Adore.
26:49
Speaker 4: Oh my gosh, I wish we had more time to chat,
26:51
Speaker 4: but unfortunately that is all we have time for today.
26:54
Speaker 4: So Money Doters, thank you for joining us. Thank you
26:56
Speaker 4: for this chat. I feel like I'm now your personal
26:59
Speaker 4: hype girl, as I am for absolutely everybody in our community.
27:02
Speaker 4: But I have adored this. Thank you so much.
27:05
Speaker 6: Thank you so much. Be so nice to finally meet ya.
27:08
Speaker 6: I was so looking forward to this.
27:09
Speaker 5: Oh my gosh, I love that so much.
27:10
Speaker 2: We like besties who hadn't met yet.
27:13
Speaker 5: Maybe one day next time you come to Western Australia.
27:16
Speaker 2: Will oh I mean, I mean I'm in.
27:25
Speaker 3: The advice shared on She's on the Money is general
27:28
Speaker 3: in nature and does not consider your individual circumstances. She's
27:31
Speaker 3: on the Money exists purely for educational purposes and should
27:35
Speaker 3: not be relied upon to make an investment or financial decision.
27:39
Speaker 2: If you do choose to buy a financial.
27:40
Speaker 3: Product, read the PDS TMD and obtain appropriate financial advice
27:44
Speaker 3: tailored towards your needs. Victoria Divine and She's on the
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