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Future-proofing You! · She's On The Money

0:00
Speaker 1: Hello.
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Speaker 2: My name's Satasha Nabananga Bamblet. I'm a proud Order Order
0:05
Speaker 2: Kerni Whoalbury and a waddery woman. And before we get
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Speaker 2: started on She's on the Money podcast, I would like
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Speaker 2: to acknowledge the traditional custodians of the land of which
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Speaker 2: this podcast is recorded on a wondery country, acknowledging the elders,
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Speaker 2: the ancestors and the next generation coming through as this
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Speaker 2: podcast is about connecting, empowering, knowledge sharing and the storytelling
0:28
Speaker 2: of you to make a difference for today and lasting
0:31
Speaker 2: impact for tomorrow. Let's get into it.
0:34
Speaker 3: She's on the Money, She's on the Money.
0:57
Speaker 4: Hello, and welcome to She's on the Money the podcast
1:00
Speaker 4: Millennials who want Financial Freedom. My name is Becksided, and
1:03
Speaker 4: today we're talking about investing in your future self with
1:06
Speaker 4: Victoria Divide.
1:08
Speaker 1: Oh my gosh, how surprising I'm here. Hets Wednesday.
1:12
Speaker 4: Who knows?
1:14
Speaker 1: Who knows it's going to happen?
1:15
Speaker 4: Actually, honestly, every single episode, who knows what's going to happen?
1:18
Speaker 1: Oh? Well, it does often go off the rails, but
1:20
Speaker 1: that's okay. We try our best and that's all that matters.
1:23
Speaker 4: Exactly. We're human.
1:24
Speaker 1: Beck I want to know how do you feel about
1:26
Speaker 1: investing in yourself.
1:27
Speaker 4: I'm really excited for this topic, but I'm putting like
1:30
Speaker 4: a spin on it. That's like self care, pamper meditation retreat.
1:34
Speaker 4: You're probably thinking finance.
1:37
Speaker 1: I feel like caring about your financial life is one
1:40
Speaker 1: of the biggest forms of self care.
1:43
Speaker 4: Oh yeah, okay, I see where you're coming from.
1:46
Speaker 1: I genuinely think that to care about your financial life
1:50
Speaker 1: is caring about yourself and your future deeply. Like we
1:53
Speaker 1: can get a facial, we can have a spa moment,
1:56
Speaker 1: but like that's fleeting, investing for your future and putting
1:59
Speaker 1: yourself in a position where you're never going to worry
2:01
Speaker 1: about money slay.
2:04
Speaker 4: True, Actually that's longer term.
2:06
Speaker 1: Like I would much prefer to be mentally at peace
2:09
Speaker 1: than to be physically at peace. WHOA, That's where we differ,
2:14
Speaker 1: except I really like massages, so I'm not sure I
2:17
Speaker 1: would give up one or the other. I think that's why,
2:20
Speaker 1: you know, when we talked a little while ago about
2:22
Speaker 1: the fire movement, financial independence, retire early and how people
2:25
Speaker 1: like save like eighty percent of their income or invest
2:28
Speaker 1: eighty percent of their income and then retire really early
2:30
Speaker 1: because they like, forgo all of the nice things in life.
2:34
Speaker 1: That's not what you and I are for No, we
2:36
Speaker 1: are more in the moment girlies. We and enjoy the journey,
2:40
Speaker 1: girly kind of thing.
2:41
Speaker 4: I respect it, but I can't do it.
2:43
Speaker 1: Yeah, like it's nice, it's not for me, and that's fine,
2:47
Speaker 1: completely agree. But let's get back to the topic and
2:50
Speaker 1: talk about investing in your future self. I want to know, huh,
2:54
Speaker 1: do you know where you want to be in ten years?
2:55
Speaker 4: I have not a single clue. I want to maintain
2:59
Speaker 4: my friendship, I want to have a healthy social circle,
3:03
Speaker 4: and I want to be happy. And I want to
3:05
Speaker 4: be in Melbourne. That's all I do.
3:07
Speaker 1: And you want to be in Melbourne. That's very specific.
3:10
Speaker 4: I know the street I want to be on as well, but.
3:12
Speaker 1: I know that street. We're not going to say it, though,
3:15
Speaker 1: because maybe if someone's listening to this in ten years,
3:18
Speaker 1: they'll know where to find you and you're going to
3:20
Speaker 1: be like really famous by then as a convenian or something. Yeah,
3:23
Speaker 1: one hundred percent. Well, you're the funniest person I know.
3:27
Speaker 4: Well, I'm running your coach howls baby.
3:30
Speaker 1: Keeping on say kind of short, so you don't know
3:33
Speaker 1: where you want to be in ten years? I feel
3:35
Speaker 1: like I don't either, and I hate these questions. Do
3:38
Speaker 1: you know what I hate the most? Again? Side note,
3:40
Speaker 1: when people in interviews go back, where do you see
3:42
Speaker 1: yourself in two years? Where do you see yourself in
3:44
Speaker 1: five years? I don't know, Sharon. Where you do see
3:48
Speaker 1: yourself still in this HR role in ten years?
3:50
Speaker 4: Who knows?
3:51
Speaker 1: I don't know. Anyway, I never ask that in interviews
3:54
Speaker 1: because I feel like people just give generic answers and
3:57
Speaker 1: it's not a one on one where we're actually trying
3:59
Speaker 1: to better ourselves. Like in that moment, I'm trying to
4:02
Speaker 1: sell myself, so I'll be like, oh, definitely working for
4:04
Speaker 1: your energy corporation.
4:06
Speaker 4: Totally, and you want to box yourself in mentally.
4:09
Speaker 1: But I get it. I don't know where I want
4:11
Speaker 1: to be in ten years either. In fact, if you
4:13
Speaker 1: told me ten years ago that this is where I
4:15
Speaker 1: would be, I wouldn't have believed you. Are you the same?
4:18
Speaker 4: Yeah? Definitely?
4:19
Speaker 1: You're like, oh, this is brogue. I didn't even know
4:21
Speaker 1: podcasting was a thing ten years ago.
4:24
Speaker 4: Truly, even like one second ago, Like what, I have
4:27
Speaker 4: a recording now?
4:28
Speaker 1: I feel like, oh, thanks for showing up. But I
4:30
Speaker 1: feel like it's really easy to get caught up in
4:32
Speaker 1: the day to day, and before you know it, then
4:35
Speaker 1: a year has passed and you've completely forgotten to zoom
4:38
Speaker 1: out and focus on the bigger picture, and the next minute,
4:41
Speaker 1: two or three years have completely flown by, and you're
4:43
Speaker 1: just in a pattern of responding to events as opposed
4:46
Speaker 1: to shaping your own future. And that doesn't mean you
4:48
Speaker 1: need to know where you're going. It doesn't mean that
4:51
Speaker 1: you know who you want to marry, or even if
4:53
Speaker 1: you want to get married, or it doesn't mean that
4:55
Speaker 1: you know what job you want to do. But I
4:58
Speaker 1: want to talk about investing in your future self today
5:01
Speaker 1: because I feel like this idea of investing in your
5:04
Speaker 1: future self makes us feel like we have to have
5:06
Speaker 1: clarity on where we want to go, when the reality
5:09
Speaker 1: of this is we actually just want to make sure
5:12
Speaker 1: that we've got our finances in order so that when
5:14
Speaker 1: we do decide where we want to go, we can
5:16
Speaker 1: afford it, and that when we do get to that point,
5:19
Speaker 1: we're in a good financial position, or we're in a
5:21
Speaker 1: good position in general to have choice, because so many
5:25
Speaker 1: people don't have the freedom of choice, and a lot
5:29
Speaker 1: of the time, it's actually about good structuring. It's not
5:32
Speaker 1: about having the biggest income. It's not about going well.
5:34
Speaker 1: Beck in ten years time, I better be earning more
5:37
Speaker 1: than double what I earn today. Like, okay, cool. But
5:40
Speaker 1: even if that's your goal, if you invest consistently and
5:45
Speaker 1: we focus on your bad debts and paying those off
5:47
Speaker 1: and focus on having a good mindset, ten years from now,
5:50
Speaker 1: you're going to have so much more freedom than just
5:52
Speaker 1: earning double right, Like it sounds sexy. But even if
5:57
Speaker 1: in ten years you're earning double Beck and you don't,
6:00
Speaker 1: I don't have a good mentality when it comes to
6:02
Speaker 1: saving and investing. That doesn't make you more financially free.
6:06
Speaker 1: That's powerful, and it's hard to swallow because I think
6:09
Speaker 1: so many of us say, we'll do it tomorrow, doesn't matter.
6:12
Speaker 1: I will start investing when I get a pay rise.
6:15
Speaker 1: I'll start, you know, saving once you know I get
6:18
Speaker 1: my bonus or I do my tax return. How many
6:20
Speaker 1: of us are guilty of those things. It's actually about
6:23
Speaker 1: pulling our finger out and going well, actually investing in
6:26
Speaker 1: my future self. Future me deserves that. Yes, like future
6:30
Speaker 1: me deserves a few extra dollars. Future me deserves the
6:33
Speaker 1: clarity of knowing that I'm going to be cared for.
6:36
Speaker 1: And I don't think there's anything sexier. And it's only
6:39
Speaker 1: starting to come to fruition for me now that when
6:42
Speaker 1: I look at my investment portfolio and I'm like, yeah,
6:44
Speaker 1: I did that, Like that's crah, that's for me. It's
6:47
Speaker 1: starting to pay dividends that aren't one cent, Like when
6:50
Speaker 1: it was paying dividends of like one and two cents,
6:52
Speaker 1: I was like, what is this for? Like obviously I
6:55
Speaker 1: fully comprehended it, but it doesn't feel that sexy. Yeah,
6:58
Speaker 1: but now it's starting to pay for future self, I'm like, oh, thanks,
7:01
Speaker 1: pass B, you kind of smart. You did a good.
7:04
Speaker 4: Thing, definitely, And I imagine, like even if you can't
7:06
Speaker 4: physically put money aside right now, even just like getting
7:09
Speaker 4: your mentality right. But no, I am really looking forward
7:12
Speaker 4: to like being motivated, and my whole employment and financial
7:15
Speaker 4: situation basically depend on this. So we have had many
7:18
Speaker 4: twists and turns this year, already talking about myself.
7:21
Speaker 1: Through a redundancy, a brand new job like you've gone
7:24
Speaker 1: to Japan, like you've had You've had a turn, created
7:28
Speaker 1: a whole new baby like I made a whole human.
7:31
Speaker 4: So many things have happened this past year, isn't it wild?
7:33
Speaker 4: So where do we start?
7:34
Speaker 1: I don't know, so I'm glad that you're here to
7:36
Speaker 1: tell us.
7:37
Speaker 4: I am so right down everyone.
7:40
Speaker 1: So we start at the very end, and I think
7:43
Speaker 1: that that is not what you expected to hear. And no,
7:46
Speaker 1: you don't need to know what your career is going
7:47
Speaker 1: to be, like, you don't need to know who you're
7:49
Speaker 1: going to marry. You don't even need to have the
7:51
Speaker 1: answer of whether you want to get married answered here.
7:54
Speaker 1: But we start at the end when it comes to
7:57
Speaker 1: investing for your retirement. And it's I've been talking about
8:01
Speaker 1: retirement a lot recently because this is so bougie. Are
8:04
Speaker 1: you ready? I'm on a working group with a sick
8:07
Speaker 1: to talk about how to get more millennials invested and
8:11
Speaker 1: more millennials engaged with their superannuation, which is really hard,
8:15
Speaker 1: right because like, who wants to talk about super?
8:18
Speaker 4: I really thought you were about to say that you're
8:19
Speaker 4: retiring it right now.
8:21
Speaker 1: I'm not.
8:21
Speaker 4: Well, you will soon, I'm sure, Yeah, you're on your way.
8:24
Speaker 1: I don't think I want to retire, so I've got
8:26
Speaker 1: stuff to do. I've got places to be people to
8:28
Speaker 1: see any like podcasts to make. But I'm on this
8:32
Speaker 1: working group and we've been talking about this concept of
8:35
Speaker 1: language around superannuation and how we don't really care about
8:40
Speaker 1: the idea of retirement because it feels like so far off.
8:43
Speaker 1: And I've been putting forward this concept of changing the
8:46
Speaker 1: language to just talking about creating financial freedom and the
8:50
Speaker 1: idea of talking about, you know, having financial freedom. If
8:54
Speaker 1: I said to you, do you want to retire? You go, oh,
8:56
Speaker 1: one day, I don't care. But if I go, do
8:58
Speaker 1: you want to create more financial security financial freedom, You'll
9:00
Speaker 1: be like, sounds pretty good to be Actually, sounds like
9:03
Speaker 1: something I'm interested in. It doesn't sound so far off
9:06
Speaker 1: in the distance that you shouldn't care about it.
9:08
Speaker 4: Yeah, it seems a little bit more within reach. Yes.
9:10
Speaker 1: So what we're going to do is actually start at
9:12
Speaker 1: the end and we're going to look at what your
9:15
Speaker 1: biggest investment of your entire lifetime is arguably going to be,
9:19
Speaker 1: and that's your superranuation. So it's not a sexy thing
9:23
Speaker 1: to talk about because I think so many times we
9:25
Speaker 1: just go, oh, you're talking about super again. But it's
9:28
Speaker 1: going to be arguably the biggest investment of your entire life,
9:31
Speaker 1: and your superranuation is your money, like you're contributing to
9:35
Speaker 1: it each and every single month. Start caring about your cash, babe,
9:39
Speaker 1: like you've never had so much in savings. I can
9:41
Speaker 1: almost guarantee that. Start caring about where it's invested. The
9:46
Speaker 1: first thing you're going to do is you're going to
9:48
Speaker 1: check and consolidate your supranuation accounts if that is available
9:51
Speaker 1: to you. It is so easy to do that nowadays.
9:54
Speaker 1: You don't even have to know what super fun you're with.
9:57
Speaker 1: You just have to log into my gove and it
9:58
Speaker 1: will tell you what super fun you have open, and
10:01
Speaker 1: you know what, you don't even have to leave that
10:03
Speaker 1: website to consolidate your super It's.
10:05
Speaker 4: One button, pick easy, Easy.
10:08
Speaker 1: It's actually one button, which is scary because that doesn't
10:11
Speaker 1: take into consideration any of your insurances on those super policies.
10:15
Speaker 1: So I need you to check that before you click
10:17
Speaker 1: that button, because if you click that button, there's no
10:19
Speaker 1: going back, And that sounds kind of scary, but I
10:22
Speaker 1: also don't want you to miss that when it comes
10:24
Speaker 1: to insurances. But most of us accumulate multiple super accounts
10:27
Speaker 1: over our lifetime, and I've told you before on the pod,
10:30
Speaker 1: I made a really ugly graphic because I'm not a
10:33
Speaker 1: graphic designer. That's why we hired one. But I made
10:36
Speaker 1: a really ugly graphic a couple of years ago showing
10:39
Speaker 1: how my SUPER accounts. I had more than five accounts
10:42
Speaker 1: that when I consolidated them over the entire time I
10:45
Speaker 1: would have had those Super accounts if I had them
10:47
Speaker 1: to retirement. It saved me seventy thousand dollars in face,
10:51
Speaker 1: whoa seventy grand that's like, that's somebody's whole house deposit.
10:56
Speaker 4: That's like a whole someone super.
10:59
Speaker 1: That's actually so much money. And I calculated that by
11:02
Speaker 1: consolidating my SUPER and not paying fees and not paying
11:06
Speaker 1: insurances across all of those because they were all default,
11:09
Speaker 1: I saved myself seventy grand by doing that.
11:12
Speaker 4: That's incredible.
11:13
Speaker 1: You don't even have to have any cash in your
11:15
Speaker 1: bank account right now to save yourself seventy grand.
11:17
Speaker 4: Like that's a good deal.
11:19
Speaker 1: Yeah, Anyway, I can almost guarantee that you're not contributing
11:22
Speaker 1: as much to Savings as you are to Super, and
11:24
Speaker 1: right now, Beck, you're contributing eleven and a half percent
11:28
Speaker 1: to Super. That's so many dollarus so many. We're going
11:31
Speaker 1: to start caring about that because over your lifetime, by
11:34
Speaker 1: making sure that your super contributions are being made. We
11:39
Speaker 1: don't just trust our employers, Beck, we triple check. We
11:42
Speaker 1: just go in and we log in and we check
11:44
Speaker 1: because it's so hard to recover that if years passed,
11:47
Speaker 1: but it's really easy to nip it in the bud.
11:48
Speaker 1: If you haven't been paid in the last six months,
11:51
Speaker 1: we can triple check. But what we're going to do
11:54
Speaker 1: is make sure that we're in the right fund because
11:56
Speaker 1: making sure that we are in a fund that performs
11:59
Speaker 1: for us is going to mean that we're arguably almost
12:02
Speaker 1: hundreds of thousands of dollars better off in retirement. Right
12:05
Speaker 1: that's free money just by doing your checks right now,
12:08
Speaker 1: Like I love free money. You love free money. Who
12:10
Speaker 1: doesn't love free money? Why aren't we caring about it?
12:13
Speaker 1: Because it might not be free money today, That's why
12:15
Speaker 1: you don't care about it, but it's free money in retirement.
12:18
Speaker 1: True future, you's gonna thank you. We're also going to
12:22
Speaker 1: look into whether you can make extra super contributions.
12:24
Speaker 2: Yeah.
12:25
Speaker 1: Right now, we're in a cost of living crisis. We're
12:27
Speaker 1: in the COZI leaves.
12:28
Speaker 4: Babes, so probably not right.
12:30
Speaker 1: So, like lots of you are gonna roll your eyes
12:32
Speaker 1: and be like, be that's unobtainable. Yeah, but we're going
12:36
Speaker 1: to check and if it makes sense to you and
12:38
Speaker 1: it's something that you want to do, you could potentially
12:40
Speaker 1: do that. It could potentially reduce your taxable income, which
12:44
Speaker 1: might be really sexy. So just check. If you can,
12:47
Speaker 1: you can, If you can't.
12:48
Speaker 4: I get it, you know this already. But if you
12:51
Speaker 4: make like after tax contributions, yeah you can claim it
12:54
Speaker 4: on tax. But I don't really know how to do that.
12:56
Speaker 4: I just know that's a thing.
12:57
Speaker 1: Yeah, I'll help you. If you ever do that, you
12:59
Speaker 1: let me know and I do it for you. The
13:01
Speaker 1: next is we're going to look into government co contributions because,
13:04
Speaker 1: like again, we love free money, and that's a very
13:08
Speaker 1: complex way of saying the government's going to give you
13:10
Speaker 1: free cash. I love taking money from the government. Like,
13:13
Speaker 1: if I'm going to take it from anybody, the government
13:16
Speaker 1: is who I want to borrow it from.
13:17
Speaker 4: Totally borrow in quotation marks right, But for low to
13:21
Speaker 4: middle income earners who make personal after tax contributions to
13:25
Speaker 4: their superannuation.
13:26
Speaker 1: The Australian government offers what they call their co contribution scheme,
13:30
Speaker 1: aka they give you free money for doing something good
13:33
Speaker 1: for your future. Scheme and if you earn less than
13:36
Speaker 1: forty five four hundred dollars in the twenty twenty four
13:39
Speaker 1: to twenty twenty five financial year and are eligible to
13:43
Speaker 1: make a personal after tax contribution, you could receive a
13:46
Speaker 1: maximum of five hundred bucks in addition to your contribution.
13:49
Speaker 4: That's not bad.
13:50
Speaker 1: Five hundred dollar reduce. That's a lot of money. The
13:53
Speaker 1: government is going to contribute fifty cents for every dollar
13:56
Speaker 1: you contribute up to five hundred dollars.
13:58
Speaker 4: How kind.
13:59
Speaker 1: Oh my god, gosh, that's such a good saving strategy.
14:02
Speaker 1: I feel like that's something that my dad might have
14:04
Speaker 1: implemented when I was younger, Like if you save a
14:07
Speaker 1: dollar for every dollar, I'll match it with fifty cents.
14:10
Speaker 1: Like that's motivating. Yeah, right, I mean I save up
14:13
Speaker 1: for something. So I feel like having a look at that,
14:15
Speaker 1: because again, free cash. If you're eligible and you earn
14:19
Speaker 1: between forty five four hundred dollars and sixty thousand and
14:22
Speaker 1: four hundred dollars in the twenty twenty four to twenty
14:25
Speaker 1: twenty five financial year, you might still receive a partial
14:28
Speaker 1: co contribution. However, the more you earn, the less co
14:31
Speaker 1: contribution you'll leave. Because obviously, if you're well off, like,
14:34
Speaker 1: it doesn't make a lot of sense to give you
14:36
Speaker 1: free money, like you just don't need it as much
14:39
Speaker 1: as everybody else. And I feel like that's how the
14:41
Speaker 1: tax system should work in general, but las it does not.
14:43
Speaker 1: And that's a conversation for another day.
14:45
Speaker 4: I know that's really outrageous.
14:46
Speaker 1: I mean, the more you earn, the more you're taxed.
14:48
Speaker 1: But like I feel like there should be less tax
14:53
Speaker 1: at one end and more tax at another end. But again,
14:55
Speaker 1: conversation for another day.
14:57
Speaker 4: And we can't really clarify what end, but it's unspoken.
15:03
Speaker 1: Specs like yeah, tax the poor, tax.
15:06
Speaker 4: All tax the poor. Sure they could get away with.
15:09
Speaker 1: The feel like there's a lot of things that we
15:11
Speaker 1: could learn.
15:12
Speaker 4: Oh yeah, just in case anyone is wondering, we are joking.
15:16
Speaker 1: Now that was a joke.
15:17
Speaker 4: That was a joke. What is next?
15:20
Speaker 1: All right? So next we're going to look at your
15:22
Speaker 1: most precious asset. Do you know what that is?
15:24
Speaker 4: Beck the heart?
15:26
Speaker 1: No, it's you making investments in yourself, investing in personal
15:31
Speaker 1: growth and development. I think is absolutely crucial for enhancing
15:34
Speaker 1: not just your future opportunities, but your overall well being.
15:38
Speaker 1: I've said this time and time again. You can't just
15:41
Speaker 1: expect to be given a pay rise if you are
15:44
Speaker 1: not putting in the time and the energy and the effort. Like,
15:47
Speaker 1: don't get me wrong, there are a lot of people
15:49
Speaker 1: that you would look at and be like fire out.
15:50
Speaker 1: They've had a free ride. But that's luck, and luck
15:54
Speaker 1: doesn't often come into your career, doesn't often come into
15:57
Speaker 1: your earning potential. So is their inability to educate yourself
16:02
Speaker 1: further upskill or you know, create career development opportunities for yourself.
16:06
Speaker 1: If you're furthering your education or deciding to acquire new skills,
16:10
Speaker 1: that can significantly enhance your earning potential, and it can
16:14
Speaker 1: also open up at the door for a whole heap
16:16
Speaker 1: of different career opportunities. Is there something that you could
16:20
Speaker 1: upskill in? It doesn't have to be going back to university,
16:23
Speaker 1: but could you like do an online short course or
16:25
Speaker 1: you know, do some online tutorials to bridge a skill gap,
16:29
Speaker 1: thus increasing your earning capacity. So something I love and
16:32
Speaker 1: like you guys already know this is YouTube. The amount
16:36
Speaker 1: of stuff I've learned on YouTube, Like even when I
16:38
Speaker 1: was in university, the amount of stuff I learned about
16:41
Speaker 1: how to use Excel, like just for free. And now
16:45
Speaker 1: i'd say I'm an EXL wizard, Like I build complex
16:48
Speaker 1: spreadsheets that are bordering on software, which you know, very impressive.
16:54
Speaker 1: It's not impressive when you know how to do it,
16:56
Speaker 1: you'll be sure, oh, this is easy. But the amount
16:58
Speaker 1: of money I could have earned in addition because I
17:01
Speaker 1: had that skill, But also what that does for me.
17:04
Speaker 1: So I remember building a macro, which if you don't
17:08
Speaker 1: know what that is, that's absolutely fine, but it's just
17:10
Speaker 1: a term INXL for a repetitive task, right, right. I
17:15
Speaker 1: basically made myself redundant in one part of my role
17:19
Speaker 1: because it was such a manual process. But I built
17:21
Speaker 1: a macro so it could do it. And then my
17:22
Speaker 1: boss thought I was a genius because you know, I
17:25
Speaker 1: was so good and so quick at this, and they
17:27
Speaker 1: were often saying like, oh my god, and she's always right.
17:30
Speaker 1: Do you know why I was always right? Because I
17:32
Speaker 1: took out the human error. Oh, like this computer software
17:36
Speaker 1: was doing it perfectly every time, whereas historically when I
17:39
Speaker 1: was doing it manually, I'd sometimes like cut and paste
17:42
Speaker 1: the numbers incorrectly. Sure, I guaranteed that wouldn't happen, And
17:45
Speaker 1: I also saved myself a heap more time, thus creating
17:49
Speaker 1: more opportunities for career development. So I feel like so
17:52
Speaker 1: many of us think that career development is actually just
17:55
Speaker 1: us having to go back to UNI or getting a
17:58
Speaker 1: whole last new degree. Yeah, to put our in a
18:00
Speaker 1: better position. But is there something you can just learn
18:02
Speaker 1: on YouTube that would help you? Like, if you are
18:05
Speaker 1: in podcasting like us, can you learn about a new software?
18:08
Speaker 1: Can you learn about how to become quicker at editing?
18:11
Speaker 1: Can you learn about, you know, different ways to do
18:14
Speaker 1: something that you're already doing in a more efficient manner.
18:18
Speaker 1: If you're not sure, can you ask your boss? You know,
18:20
Speaker 1: what would be helpful? What would mean that I am upskilling?
18:24
Speaker 1: What would get me to the next step in my career?
18:26
Speaker 1: Ask these questions? And I mean, we've done a heap
18:28
Speaker 1: of episodes about furthering your career, so go have a
18:32
Speaker 1: look at those. But when it comes to further in
18:35
Speaker 1: your career, sometimes just putting your hand up and saying
18:38
Speaker 1: that you're interested in it can be a sign that
18:40
Speaker 1: you are interested in it. And you're going to be
18:42
Speaker 1: more considered than the next person. True, So have these conversations.
18:46
Speaker 1: Another free resource I adore is Courserah. You say, Sarah,
18:50
Speaker 1: course Sarah about this?
18:53
Speaker 4: I've never heard of Coursera. She sounds beautiful.
18:55
Speaker 1: I will send you a link. Our podcast producer is
18:59
Speaker 1: passing becka pen right now.
19:01
Speaker 4: Courserah, cour Sarah. How do I spell that? Please?
19:04
Speaker 1: Ce O, you are s eer a.
19:06
Speaker 4: Thank you so much. That's great.
19:08
Speaker 1: Do you know what it is? You're writing a town searing?
19:11
Speaker 4: Ah? I know what that is? No, go ahead.
19:12
Speaker 1: University's online put units on Coursera for you to do
19:17
Speaker 1: for free. So it's like a university course, but it
19:20
Speaker 1: is for free, and you could do literally any unit
19:26
Speaker 1: from thousands of universities across the world. You could go
19:29
Speaker 1: to Harvard for a unit. You could go to Yale
19:32
Speaker 1: free unit. You could do all of these fancy things.
19:35
Speaker 1: I have used them a couple of times to upskill
19:37
Speaker 1: in a finance capacity. So when I was like, oh,
19:40
Speaker 1: far out, I'd love to know a bit more about
19:42
Speaker 1: you know this, this or this, I did a mini
19:45
Speaker 1: course in it or a mini unit in it, and
19:47
Speaker 1: the only time I had to pay was if I
19:49
Speaker 1: wanted the certificate. At the end, I didn't want the certificate, okay,
19:53
Speaker 1: and so I didn't pay for it.
19:55
Speaker 4: Was it like the same price as like a whole way, No.
19:57
Speaker 1: It was like two hundred dollars, So it was like
19:59
Speaker 1: a lot of money for a certificate. But if you
20:01
Speaker 1: really want the certificate and you want to add it
20:03
Speaker 1: to like you know, you'll linked in or something, sure,
20:06
Speaker 1: you can definitely download it and add it. But I
20:09
Speaker 1: just did it and I enjoyed it, and it was
20:11
Speaker 1: really really integrated. It was literally like a university course
20:15
Speaker 1: online like it was for twelve weeks. You turn up
20:17
Speaker 1: to class, you have assignments, you do all of these things,
20:20
Speaker 1: and you come out with a new skill and it
20:22
Speaker 1: was free. Isn't that cool?
20:24
Speaker 4: So cool.
20:25
Speaker 1: There's a few options online, but Courserah is the one
20:27
Speaker 1: that I used, and I think that upskilling yourself. I
20:30
Speaker 1: think that's really sexy. Yeah, there's something motivating about it
20:33
Speaker 1: as well. Absolutely. The other thing on the flip side
20:36
Speaker 1: is making sure that you're doing the best thing for
20:38
Speaker 1: your health and well being. I feel like you're really
20:40
Speaker 1: good at this beck You're like frowning as though you're not,
20:42
Speaker 1: but you are thank you. So really good at putting
20:45
Speaker 1: yourself first. And I'm not here to guild anybody into
20:48
Speaker 1: signing up for the gym. I mean, Beck is already
20:50
Speaker 1: a little gym rat. Do you know what she came
20:52
Speaker 1: in with? Beck? What's in that mug?
20:54
Speaker 4: My protein mug cake?
20:56
Speaker 1: Yeah, sexy, it looks rank. I'm sure it tasted good.
21:00
Speaker 4: It tastes a bit rig too, but it's actually to
21:03
Speaker 4: invest in my future self.
21:05
Speaker 1: I like that, but it's so important to support your
21:08
Speaker 1: own well being. There's no chance you could get me
21:10
Speaker 1: to try that mugcake. And I'm not going to the gym.
21:13
Speaker 1: But it's about knowing ourselves and whether we're willing to
21:16
Speaker 1: take time out for a walk, but making sure that
21:18
Speaker 1: we're getting away from our screens and continuing to connect
21:22
Speaker 1: with friends and focus on our mindfulness. I know that
21:25
Speaker 1: that sounds really flippant, but it actually has a massive impact.
21:29
Speaker 1: The next thing I want to talk about is health insurance.
21:32
Speaker 1: So we are so lucky to have a very sexy
21:36
Speaker 1: medicare system in Australia, Like we are so looked after,
21:40
Speaker 1: but you can't really put a price on health, and
21:43
Speaker 1: like I say, the best kind of insurance is one
21:46
Speaker 1: you never need, so I do want it to be
21:47
Speaker 1: a bit of a waste of money. I do understand
21:49
Speaker 1: at this point in time, lots of us are relooking
21:52
Speaker 1: at our health insurance and going is it worth it?
21:54
Speaker 1: I don't think it is. Let's get rid of it.
21:56
Speaker 1: But if you don't have health insurance and you are
21:59
Speaker 1: using seeing lots of additional services, like you're going and
22:02
Speaker 1: getting lots of remedial massages, or you're going and seeing
22:05
Speaker 1: the physio because it is best for you, please have
22:08
Speaker 1: a look because you could be getting some money back
22:10
Speaker 1: and it could actually put you in a better financial position,
22:13
Speaker 1: like so many times. And I know, Beck, you're one
22:15
Speaker 1: of these people that you're like, I don't need private
22:17
Speaker 1: health insurance, and I'm like, I get it. You've told
22:20
Speaker 1: me your reasons and it makes sense. But if you'd
22:22
Speaker 1: started to go to the physio or heat because you're
22:24
Speaker 1: going to the gym a lot, I'd be like, they
22:26
Speaker 1: have a look at it because it could actually put
22:27
Speaker 1: you in a better financial position. And that makes sense. Yeah,
22:31
Speaker 1: you're not there yet though, so it makes much sense
22:33
Speaker 1: for you. The next thing I wanted to talk about
22:36
Speaker 1: is really prioritizing your physical and mental health today, because
22:41
Speaker 1: if you can't get on top of it, it's going
22:44
Speaker 1: to build up and cost you a lot in the future.
22:46
Speaker 1: This is some words of wisdom from my dad. He
22:50
Speaker 1: liken stress because I was having a pretty stressful period
22:53
Speaker 1: earlier this year and I was saying, it's so stressful,
22:56
Speaker 1: but that's okay, like, you know, I'll get through this,
22:58
Speaker 1: I'll do this. And he said to me, Victoria, you
23:00
Speaker 1: need to be really careful of stress, because stress is
23:03
Speaker 1: like beastings. You can have a beasting you once and
23:07
Speaker 1: it's fine. You could even have a beasting you twice
23:10
Speaker 1: and it's fine. But every single time a beastings you,
23:13
Speaker 1: it gets harder to get over and at some point
23:16
Speaker 1: you have an anaphylactic reaction and it's something that you
23:20
Speaker 1: need to go to hospital for. And stress can be
23:23
Speaker 1: like that. It kind of compounds over time. It's like investing.
23:26
Speaker 1: You kind of just start to see it tick away
23:29
Speaker 1: and it doesn't make sense, and it might be a
23:30
Speaker 1: little bit more stressful than it was before, but over
23:33
Speaker 1: the long period of time, it has a significant impact
23:36
Speaker 1: on your mental and your physical health. So if something
23:39
Speaker 1: is stressing you out, getting on it now is going
23:41
Speaker 1: to save future you from essentially burnout and putting yourself
23:45
Speaker 1: in the worst possible position. And I think that that
23:47
Speaker 1: is honestly some pretty good dad advice.
23:50
Speaker 4: Oh yeah, yeah, yeah. Stress is very bad for the health.
23:53
Speaker 4: It is, but like long term, long term stress. But
23:56
Speaker 4: I understand this obviously does not apply to people who
23:58
Speaker 4: have clinical mental health illnesses. Is more just for people
24:01
Speaker 4: who are stressed in their day to day lives and
24:04
Speaker 4: can maybe get on the top of that. Meditation. Try meditation,
24:07
Speaker 4: love meditation.
24:08
Speaker 1: If you're going through a serious mental health issue and
24:11
Speaker 1: someone mentions meditation to you, like, you've got my permission
24:15
Speaker 1: to just knock around.
24:16
Speaker 4: A little bit totally.
24:18
Speaker 1: Have you tried meditation back? I got one of them.
24:21
Speaker 4: Fortunately.
24:22
Speaker 1: No, But you're not saying it once you've heard that
24:24
Speaker 1: they've been diagnosed with something. Oh yeah, so seeing my
24:29
Speaker 1: cych and I got diagnosed with X, Y and Z,
24:31
Speaker 1: and you'll be like, oh my gosh, that's so bad.
24:34
Speaker 1: Have you tried meditation.
24:35
Speaker 4: Over a wall just get outside the sun?
24:39
Speaker 1: Oh my gosh.
24:39
Speaker 4: I never.
24:40
Speaker 1: I would never either, But like, these people deserve a
24:43
Speaker 1: little bit of a smacky smack.
24:44
Speaker 4: Oh absolutely, I think let's go for a really quick break.
24:47
Speaker 4: Let's keep venting about those people, and I'm going to
24:49
Speaker 4: make you try my mud cake.
24:50
Speaker 1: Okay, don't go anywhere, guys.
24:56
Speaker 4: Welcome back everyone. We are talking about investing in your
24:58
Speaker 4: future self. See what is next? Financial planning, Ah, the
25:04
Speaker 4: good stuff.
25:04
Speaker 1: I think this is really important to touch on because
25:07
Speaker 1: I think so many people think that financial planning is
25:10
Speaker 1: for the rich, and it is not. It is for
25:12
Speaker 1: everybody so that they get ahead. You could be someone
25:15
Speaker 1: who has a solid financial plan and you are currently jobless.
25:20
Speaker 1: You could be someone who has a solid financial plan
25:22
Speaker 1: and earned five hundred grand a year. You could also
25:25
Speaker 1: be someone who has five hundred grand a year coming
25:27
Speaker 1: in and have absolutely no financial plan and you're backing
25:29
Speaker 1: yourself into a corner so that when you retire you
25:32
Speaker 1: have zero dollars. I think there is this misconception that
25:35
Speaker 1: high income equals high output, and that's not the case.
25:39
Speaker 1: The amount of people when I was working as a
25:41
Speaker 1: financial advisor that I saw free to or away more
25:44
Speaker 1: money than I had even been able to fathom at
25:47
Speaker 1: that point in my life is mind blowing. Like the
25:50
Speaker 1: amount of people I met that literally had four hundred
25:53
Speaker 1: thousand dollars incomes and worse. Naughting it up their noses
25:58
Speaker 1: is wild, right right, Like, I kid you not, And
26:01
Speaker 1: I'm not saying that that's always the issue, but it
26:03
Speaker 1: is so easy to experience lifestyle creep at any income level,
26:07
Speaker 1: and I think that it is naive of us to
26:10
Speaker 1: assume that we'll be better at it when we have
26:12
Speaker 1: more income. Like I know that you might be in
26:15
Speaker 1: the middle of a really shitty personal debt bubble and
26:19
Speaker 1: you might not feel like you're getting ahead, but having
26:21
Speaker 1: a good idea of what's coming into your account, what's
26:23
Speaker 1: going out of your account, and what your expenses are
26:26
Speaker 1: is going to put you in the control seat. It's
26:28
Speaker 1: going to put you in the best possible position to
26:30
Speaker 1: be successful long term. So the first thing we're going
26:33
Speaker 1: to do beck irrespective of whether you have debt or not,
26:38
Speaker 1: is established an emergency fund. You and I have talked
26:41
Speaker 1: about this before. I think that every single person should
26:44
Speaker 1: have access to an emergency fund, even when they're in
26:47
Speaker 1: significant personal debt. And the reason I believe that is
26:50
Speaker 1: because if an emergency arises, you don't have to go
26:54
Speaker 1: further into debt to cover that, even if you've paid
26:57
Speaker 1: off a significant amount of your debt having money to
27:00
Speaker 1: the side, even if it's a couple of one hundred
27:03
Speaker 1: dollars and you paid your speeding fine in cash and
27:07
Speaker 1: didn't go further into debt, it reinforces that you are
27:10
Speaker 1: on the right track and you are doing the right thing.
27:12
Speaker 1: There is nothing worse than being in debt. Something popping
27:17
Speaker 1: up and you're going, it was really trying to pay
27:20
Speaker 1: off my zip pay, I'm gonna have to go further
27:23
Speaker 1: into zip pay debt and you've just been working so hard.
27:26
Speaker 1: It feels like you're taking a step back. I mean,
27:28
Speaker 1: there's not one thing that is gratifying about getting a
27:30
Speaker 1: speeding fine, right, Like, no one likes that. But Beck,
27:33
Speaker 1: if you got that and then you had the cash
27:35
Speaker 1: for that, you're going to go I'm different, I'm changing.
27:39
Speaker 1: I'm not who I used to be when it comes
27:40
Speaker 1: to money. And yeah, I've still got debt, but I
27:42
Speaker 1: am on the right track. I'm on the right path.
27:44
Speaker 1: I am doing the right thing for future me. Yes, Like,
27:47
Speaker 1: it feels so liberating to have some cash to pay
27:50
Speaker 1: for something that you didn't expect to have to pay for.
27:53
Speaker 4: It really does.
27:53
Speaker 1: It's so nice, So that for me is really important.
27:57
Speaker 1: If you do have an emergency fund. Please make sure
28:00
Speaker 1: it is in a high interest savings account and working
28:03
Speaker 1: as hard as you do for it. Don't just let
28:06
Speaker 1: it sit over there and not have a job. He'll
28:08
Speaker 1: give your money a job. The next is I want
28:11
Speaker 1: you to look at investing and if you are already
28:13
Speaker 1: making sure that your investments are well diversified, so can
28:18
Speaker 1: you start investing this year? It's not a bad thing
28:21
Speaker 1: to say no, beck I know you can. I know
28:23
Speaker 1: where you're at. You've got a bougie new job, You've
28:25
Speaker 1: been talking about investing for the last twelve months, and
28:28
Speaker 1: you've done approximately zero things to step towards investing. And
28:32
Speaker 1: that's okay, And to be honest, lots of us are
28:34
Speaker 1: in that position. How many of us, bin, She's on
28:37
Speaker 1: the money content, You're like, next episode, I reckon, I'm
28:39
Speaker 1: going to get the motivation and I'm going to start investing.
28:42
Speaker 1: And then you finish it and you're like, not yet,
28:44
Speaker 1: though yet, not yet. That's totally okay, so normal, But
28:48
Speaker 1: that's what is called analysis paralysis. And sometimes we have
28:51
Speaker 1: to pull our finger out and agree that maybe we
28:54
Speaker 1: learn the most on the job, So maybe you'll learn
28:56
Speaker 1: the most about investing once you've just started. Yeah, so
29:00
Speaker 1: can you invest this year? If not, that's so fine.
29:02
Speaker 1: But if it's within your budget to even invest a
29:05
Speaker 1: couple of dollars a month, download a micro investing platform.
29:08
Speaker 1: Dip your toes in the water, see how it goes.
29:11
Speaker 1: There are so many platforms now where you can invest literally,
29:14
Speaker 1: beck with as little as one cent. So dipping your
29:17
Speaker 1: toes in the water, you can just see what it's like.
29:19
Speaker 1: You can download the up you see how it goes
29:20
Speaker 1: up and down. You can get ten bucks for free,
29:23
Speaker 1: like we've got our shares this coach. You can play
29:25
Speaker 1: with our money instead of your true.
29:27
Speaker 4: Actually, I'm running this down because I am going to
29:28
Speaker 4: do this literally and how I say this all the time,
29:30
Speaker 4: but I am going to do this as soon as
29:32
Speaker 4: we get off this Okay, I will not bully you
29:34
Speaker 4: into doing that when we get off. Yeah, I like it.
29:37
Speaker 1: But in addition to investing, if you have got a
29:40
Speaker 1: very serious investment portfolio. When I say very serious, I
29:44
Speaker 1: mean you're just consistently contributing to it. It doesn't mean
29:47
Speaker 1: it's you know, millions of dollars. It could be five
29:49
Speaker 1: hundred dollars. But you need to just make sure that
29:51
Speaker 1: we're thinking about diversifying so that you know, even if
29:54
Speaker 1: your portfolio is a total of you know, three or
29:56
Speaker 1: four hundred dollars, what next steps are you going to make?
29:59
Speaker 1: So but not all of your eggs are in one basket.
30:02
Speaker 1: So if you've been investing in one direct share, Beck,
30:05
Speaker 1: how are we going to get another area into our portfolio?
30:09
Speaker 1: So you might have been investing in property shares. How
30:11
Speaker 1: do we get you know, electricity or power or you know,
30:15
Speaker 1: something else into there so that if that industry or
30:18
Speaker 1: banking isn't doing so well, we know that our investments
30:21
Speaker 1: in another area are. If you're already investing in an ETF, Beck,
30:25
Speaker 1: what is that ETF? Can we have a think about it?
30:27
Speaker 1: Is it an Australian ETF or is it an international ETF?
30:31
Speaker 1: Maybe you're thinking, oh my gosh, I finally you know,
30:33
Speaker 1: cracked one thousand dollars in my investment portfolio and I
30:36
Speaker 1: really want to, you know, think about what my next
30:37
Speaker 1: movie is because this is starting to compound and it's
30:39
Speaker 1: really exciting. If you already have an Australian ETF, maybe
30:44
Speaker 1: have a think about whether you want to include an
30:46
Speaker 1: international ETF or if you have an international ETF think
30:50
Speaker 1: about an Australian one. And the reason we do that
30:53
Speaker 1: is because when the Australian market isn't performing that well,
30:56
Speaker 1: often international markets are. And when international market are, you know,
31:01
Speaker 1: not being so good, often Australia we live in a
31:04
Speaker 1: bit of a bubble. We're a smaller economy. We're doing
31:07
Speaker 1: pretty well. So that will even further diversify your investment portfolio.
31:11
Speaker 1: Hedge hedge in your bets.
31:13
Speaker 4: Who are you proud of me?
31:15
Speaker 1: I am so always proud of you, but like very
31:18
Speaker 1: especially proud of you when you use investing terminology. I
31:22
Speaker 1: love it, but we have so many episodes on the
31:24
Speaker 1: incent Of course, your investment strategy needs to align with
31:27
Speaker 1: your individual risk tolerance and your investment horizon and all
31:30
Speaker 1: your financial goals and all of that stuff. But have
31:33
Speaker 1: a think about, how do I make sure that not
31:36
Speaker 1: all my eggs are in one basket? What does that
31:38
Speaker 1: look like?
31:39
Speaker 2: Sure?
31:40
Speaker 1: The next is do you have the right kind of insurances?
31:42
Speaker 1: So we're not talking private health here, private health take
31:45
Speaker 1: it or leave it. It's completely up to you. I
31:48
Speaker 1: need you to make sure that that's the right decision
31:50
Speaker 1: for you. So let's get educated. Let's listen to an
31:52
Speaker 1: episode on health insurance and whether it is for us,
31:55
Speaker 1: and make a decision that works for you and your family.
31:58
Speaker 1: But inside your supranuation, and it's very likely that you
32:01
Speaker 1: have life insurance, it's very likely that you might have
32:04
Speaker 1: some type of TPD, which is total and permanent disability.
32:08
Speaker 1: If you hold insurance as outside of superannuation, you might
32:11
Speaker 1: have income protection, or you might have a trauma policy.
32:14
Speaker 1: If you don't know what any of those are, that
32:18
Speaker 1: is an instigator for you to check check your super
32:21
Speaker 1: Do you have default insurance? If you don't, do you
32:24
Speaker 1: need it? It's very different what your insurance needs look like.
32:28
Speaker 2: Beck.
32:28
Speaker 1: If you're like twenty one and live at home, how
32:31
Speaker 1: much insurance do you actually need? Or twenty one, you
32:33
Speaker 1: live at home, you don't have any dependence. You also
32:36
Speaker 1: don't have any debt. If something happened to you yesterday.
32:39
Speaker 1: Because we never wish anything on the future, there's not
32:43
Speaker 1: a lot of financial stuff for the people that you
32:46
Speaker 1: love to organize for you. Let's be honest. However, let's
32:50
Speaker 1: look at my situation. I am married, I have a
32:52
Speaker 1: new baby, I have a mortgage. If something happened to
32:55
Speaker 1: me yesterday, my partner is screwed. Without insurance that contributes
33:01
Speaker 1: to that mortgage, I have an income that is contributing
33:03
Speaker 1: to my son's life and his education and literally everything
33:07
Speaker 1: to provide for him until he reaches the age of eighteen.
33:10
Speaker 1: Without insurance, my family is significantly worse off. So I
33:15
Speaker 1: need to make sure that I have it. So is
33:16
Speaker 1: insurance for everybody? No, but it could definitely be for you.
33:20
Speaker 1: And if you haven't reviewed it, you definitely need to.
33:23
Speaker 1: And the next one, are you ready?
33:25
Speaker 4: I'm ready.
33:25
Speaker 1: It's not very sexy, right, it will very morbid, isn't it.
33:29
Speaker 1: It's a bit morbid, and it's definitely gone a bit morbid.
33:32
Speaker 1: But like my favorite podcast is called morbid, so like
33:35
Speaker 1: I'm fine with it. Like if my podcast is a
33:37
Speaker 1: little bit morbid, I'm alright with it. You know, But
33:39
Speaker 1: make a will because it may seem really far off
33:42
Speaker 1: that you need it, but you never know what is
33:44
Speaker 1: around the corner. And believe me, you do not want
33:46
Speaker 1: to lump your family and friends with any of the
33:48
Speaker 1: additional burden if something happened to you yesterday, like it's
33:53
Speaker 1: really messed up. Beck. The stuff I have seen as
33:55
Speaker 1: a financial advisor is the reason I am so wildly
33:58
Speaker 1: passionate about insurance. It's why I'm so wildly passionate about
34:01
Speaker 1: having a will. And if you listen to some of
34:03
Speaker 1: our money diaries, I think it will really drive that
34:07
Speaker 1: point home. So those are my top tips, and I
34:10
Speaker 1: feel like that's where we want to start financial planning.
34:14
Speaker 1: That's what we're going to do.
34:15
Speaker 4: I get you, Okay, Okay, even if it's you know,
34:19
Speaker 4: something that you feel like is so unlikely and so morbid,
34:24
Speaker 4: it's really good to be thinking about these things. So
34:26
Speaker 4: you know what, I'm going to have.
34:27
Speaker 1: These conversations when you're in your right mind and want
34:30
Speaker 1: the best for future you and want the best for
34:32
Speaker 1: your family, not when you're forced to have them and
34:34
Speaker 1: you're making a decision out of desperation.
34:36
Speaker 4: Definitely, that's a really good point. So I guess onto
34:39
Speaker 4: the next thing let's talk about.
34:41
Speaker 1: Like I'm moving on is a bit morbid.
34:44
Speaker 4: I've really want to jump to a new topic because
34:46
Speaker 4: it is so morbid. But you don't talk about setting
34:50
Speaker 4: short and long term goals.
34:51
Speaker 1: Goal setting sounds really bland, but it's really really important.
34:55
Speaker 1: You don't have to have a goal of having a
34:57
Speaker 1: new career. Beck. We could have small goals. But you
35:00
Speaker 1: need to understand the difference between a short and a
35:02
Speaker 1: long term goal so that we know where to put
35:04
Speaker 1: our money. Because if you set a short term goal
35:06
Speaker 1: of mine is to buy a house, I'd be like,
35:08
Speaker 1: all right, well, investing is not a good option, right, Like,
35:11
Speaker 1: let's not put our money into the investment markets if
35:13
Speaker 1: you're going to buy in the next year or two.
35:15
Speaker 1: But if you said long term goal, maybe in the
35:16
Speaker 1: next ten plus years, I really want to buy property,
35:19
Speaker 1: I'd be like, babe, investing could be for you, Like
35:21
Speaker 1: that could put you in a better position. You could
35:23
Speaker 1: pick up some compound interest, Like over that long period
35:26
Speaker 1: of time, you're going to make sure that you're, you know,
35:29
Speaker 1: hedging your bets over the market not being down. So
35:32
Speaker 1: I think getting some clear and achievable short and long
35:37
Speaker 1: term goals is fundamental to guiding financial decisions and ensuring
35:41
Speaker 1: future success, which is really important. But I also need
35:45
Speaker 1: to recognize that I'm the worst at setting a goal
35:48
Speaker 1: and then sticking to it. Did you set your goals
35:50
Speaker 1: for this year? If so, what were they. Let's do
35:54
Speaker 1: a little bit of a check in. I did your
35:56
Speaker 1: Best Year Yet program at the start of this year,
35:59
Speaker 1: because goal setting for me used to be really hearty,
36:02
Speaker 1: so like write down all of my goals and then
36:04
Speaker 1: not do anything about them, and then at the end
36:06
Speaker 1: of the year wonder why I hadn't achieved them, but
36:08
Speaker 1: also crucify myself because I was like, I'm so dumb.
36:11
Speaker 1: I didn't save ten grand and that was my big
36:14
Speaker 1: goal and I can't believe I didn't do it right.
36:16
Speaker 1: But Becka had no framework in place, Like, how was
36:18
Speaker 1: I going to save ten grand by December if I
36:21
Speaker 1: didn't have any type of plan in January, if every
36:24
Speaker 1: March or the rest of the year, Yeah, I was
36:27
Speaker 1: just going to turn up with ten grand at the
36:29
Speaker 1: end of the year and no framework to have done that.
36:31
Speaker 4: Sure. Really, sometimes it is just as satisfying writing down
36:34
Speaker 4: your goals instead of like actually hitting them or reaching them.
36:37
Speaker 1: You know what I mean. I feel like it gives
36:39
Speaker 1: you clarity on what you want, So that's important. But
36:42
Speaker 1: if you're going to set goals and you want to
36:44
Speaker 1: achieve them, check in on them. It's not too late
36:48
Speaker 1: ever to reflect on what you wanted, focus on and
36:51
Speaker 1: start tracking your progress. So if you started this year
36:55
Speaker 1: with a list of goals and maybe you haven't reviewed them.
36:58
Speaker 1: Maybe now is the time that I'm kicking you in
36:59
Speaker 1: the bottom a little bit, going, hey, Beck, where's that
37:01
Speaker 1: list you said you liked writing down? Where are we at?
37:04
Speaker 1: Do you still want to do those things? It's so
37:06
Speaker 1: fine if you don't like the amount of times I
37:08
Speaker 1: change my mind. I'm like, I know, I said I
37:10
Speaker 1: wanted to do that, but that was a joke. I
37:12
Speaker 1: was just joking, Guys, I was joking. Why don't you
37:14
Speaker 1: take a joke. I never wanted to do that. Thing
37:17
Speaker 1: that I did was crucial for future. Yeah, No, it
37:20
Speaker 1: was a joke. But I think having a look at
37:23
Speaker 1: your goals and what you want to achieve is really
37:25
Speaker 1: important and then looking further ahead. So what does that
37:29
Speaker 1: look like for you? What are your goals for achieving
37:32
Speaker 1: some level of financial freedom? What are your goals for
37:35
Speaker 1: retirement if you've got them? If you've ever said to yourself,
37:38
Speaker 1: I know, I really want to retire early, what does
37:40
Speaker 1: that even mean? Like when you say retire early, what
37:45
Speaker 1: does that mean to you? Because I think when I
37:48
Speaker 1: was young, and you would have said, oh, sixty five
37:51
Speaker 1: is the retirement age, which it is at the moment.
37:54
Speaker 1: If you'd said to me, does that sound good. I'd
37:56
Speaker 1: be like, yeah, that sounds great. But now I look
37:58
Speaker 1: at my parents, who are both close to sixty five,
38:00
Speaker 1: and I'm like, that's so young. Like to me, that
38:04
Speaker 1: isn't as old as what I used to think it was.
38:06
Speaker 1: Is that where I want my life at? But I
38:08
Speaker 1: also think, how good would it have been if, you know,
38:11
Speaker 1: at fifty, I had financial freedom to choose, like, maybe
38:14
Speaker 1: I can go part time, maybe I can, you know,
38:16
Speaker 1: choose to live my life the way that I want to,
38:19
Speaker 1: because I don't want to be sixty five and having
38:21
Speaker 1: to go to work every single day. So I don't know,
38:24
Speaker 1: it's completely up to you. So determining your retirement age
38:27
Speaker 1: or what you think you might want to retire out,
38:30
Speaker 1: and your lifestyle expectations is going to help you calculate
38:33
Speaker 1: what you need in retirement. So I always tell you
38:36
Speaker 1: about this figure of you know, having one point two
38:39
Speaker 1: million dollars invested beck and how that will give you
38:41
Speaker 1: every single year a sixty thousand dollars income. Is that
38:45
Speaker 1: enough for you? What does that actually look like? Because
38:47
Speaker 1: one point two million dollars is so much to be invested.
38:51
Speaker 1: In fact, you don't even need half of that to
38:53
Speaker 1: have a successful retirement. A comfortable retirement here in Australia
38:58
Speaker 1: is less than that, which is really nice. But have
39:01
Speaker 1: you done the numbers? What does a comfortable retirement for
39:03
Speaker 1: you look like? Because that might look very different to
39:06
Speaker 1: the comfortable retirement I want, and that's okay, But what
39:10
Speaker 1: does that number look like? And I can almost guarantee
39:13
Speaker 1: that the second you start going, ah, looks like this
39:18
Speaker 1: clarity opens up and it's not as hard as you
39:21
Speaker 1: thought it was. It's not as overwhelming or confusing, or
39:24
Speaker 1: you know, it's not something that feels so distant. You go,
39:27
Speaker 1: I could probably work towards that. You know, my souper
39:29
Speaker 1: is actually tracking really well. Or you know what if
39:32
Speaker 1: I added one percent to my super m what does
39:35
Speaker 1: this look like? I could invest outside of super as well.
39:37
Speaker 1: So there's lots that you could do.
39:40
Speaker 4: I'm start to feel a bit motivated. And hopefully once
39:43
Speaker 4: you start I expose like planning for things and realize
39:45
Speaker 4: you can do it and you feel like you've got
39:46
Speaker 4: a little bit of control. I think you'll feel a
39:49
Speaker 4: bit motivated too.
39:49
Speaker 1: It's sexy. Now, I wonder do we have.
39:51
Speaker 4: Time for one more?
39:53
Speaker 1: Nearly? Like, let's do like a half one let's talk
39:55
Speaker 1: about financial literacy, because that we are definitely running out
39:58
Speaker 1: of time, but I think a very good place to
40:01
Speaker 1: wrap it actually is really about improving your financial literacy,
40:05
Speaker 1: which like, guys, you're doing by listening to this podcast
40:09
Speaker 1: so Slay, you are definitely putting yourself in the best
40:12
Speaker 1: possible position. But do something every week or every month
40:15
Speaker 1: to improve your financial literacy, whether that is listening to
40:18
Speaker 1: a podcast, listening to somebody else's podcast, you know, checking
40:22
Speaker 1: your superbalance, checking in on things. At the end of
40:25
Speaker 1: my very first book, She's on the Money, there's actually
40:28
Speaker 1: a laundry list of what you can do every single
40:31
Speaker 1: month to put yourself in the best possible position. So
40:34
Speaker 1: like I can't even remember what I did, but it's
40:35
Speaker 1: like month one, you check in on your budget. Here,
40:38
Speaker 1: month two you're checking in your insurances, and it gives
40:40
Speaker 1: you like checkpoints of what to do so that by
40:42
Speaker 1: the end of the year you're in the best possible position.
40:46
Speaker 1: And it includes things like checking your insurances on your
40:49
Speaker 1: car and how much you're paying. It includes having a
40:51
Speaker 1: look at your super and all of those things that
40:53
Speaker 1: might slip through the cracks and then get to the
40:57
Speaker 1: end of the year, and we started again. So I
40:59
Speaker 1: think that that could be really powerful, having a checklist
41:02
Speaker 1: of sorts so that every month, I go, oh, Beck,
41:05
Speaker 1: do something every month for your financial literacy. You're like, what,
41:09
Speaker 1: But I gave you an entire list for an entire year,
41:11
Speaker 1: and all you do is set and repeat. And it
41:14
Speaker 1: means that at least every year you're going to look
41:16
Speaker 1: at your budget. At least every year, you're going to
41:18
Speaker 1: review all of your subscriptions. At least every year you're
41:21
Speaker 1: going to check how much money is coming into your account.
41:23
Speaker 1: At least every year we're sitting down and potentially talking
41:26
Speaker 1: about a pay rise with our employer, like really important stuff.
41:30
Speaker 1: But I made the checklist for you, so you can
41:33
Speaker 1: do that if you so wish. Otherwise, you could make
41:35
Speaker 1: your own checklist up and do whatever you like, because
41:38
Speaker 1: all I care is that you've got the financial literacy
41:41
Speaker 1: to make the decision that you deserve to make.
41:43
Speaker 4: I love it. It is so good like that, Victoria.
41:45
Speaker 1: Yeah, I just love a list, love a spreadsheet. I'm
41:47
Speaker 1: here for it.
41:48
Speaker 4: I love a list. Okay, well let's agree on something.
41:51
Speaker 4: I'll go invest after this and you start meditating. No, okay,
41:55
Speaker 4: you do yours I'm not doing it. That's fair. You'll
41:58
Speaker 4: invest though, right right?
42:00
Speaker 1: Good rest of the day, guys, will see you on Friday.
42:02
Speaker 4: See there.
42:03
Speaker 1: Fine. The advice shared on She's on the Money is
42:11
Speaker 1: general in nature and does not consider your individual circumstances.
42:15
Speaker 1: She's on the Money exists purely for educational purposes and
42:18
Speaker 1: should not be relied upon to make an investment or
42:21
Speaker 1: financial decision. If you do choose to buy a financial product,
42:24
Speaker 1: read the PDS TMD and obtain appropriate financial advice tailored
42:28
Speaker 1: towards your needs. Victoria Divine and She's on the Money
42:32
Speaker 1: are authorized representatives of Money showper Pty Ltd ABN three
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