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Transcript

Unpacking Our Relationship With Money. · The Curve

0:01
Welcome to I Owe You Some Money Education because we owe you and you guys owe me some money education
0:07
because they didn't really learn it growing up.
0:09
We're Soph and Vic from The Cib and we have roped
0:11
in Lucy Blackerson from She You Should Care About so that she can ask all the questions that you
0:16
wish you could.
0:16
And if you want to watch this episode on YouTube click the link in the podcast
0:19
show notes below and please leave us a comment, rate, review, share with your friends, we'd love
0:23
to hear it.
0:24
Oh my god and actually also if you want to see me learn how to implement everything
0:28
that they've tried to teach me.
0:30
We have IOU, the practical lessons,
0:33
where there's actually a course
0:34
where you can do everything we've taught you how to do.
0:37
It's really easy.
0:37
It's really fun.
0:38
The link for that is also in the show notes.
0:41
Coming up in this episode,
0:42
we spoke about our relationship with money,
0:45
which was quite interesting
0:46
because you're not often having to sit on a mic
0:49
and tell everyone about your family history with money,
0:52
why you may spend the way you do,
0:54
why you may save the way you do.
0:56
so it was kind of like a therapy session slash finance session.
1:00
Also towards the end I didn't realise that this was going to happen
1:03
but there were some voice notes that my loving family
1:07
had very kindly provided the girls at the Curve with
1:11
and I was very lightly called out on four different occasions.
1:15
So I think you're really going to love this one
1:18
and we can't wait to hear about your relationship with money too.
1:25
this episode of iou some money education is proudly brought to you by the bank of new zealand
1:29
when you're just starting out managing your money should feel easy so that you can focus on winning
1:34
at whatever you're doing whether you're flatting saving to travel or making a career move they have
1:38
all the tools to help you master your money from the get-go thanks so much the bank of new zealand
1:42
for making iou some money education possible don't forget to check out iou the practical
1:47
lessons to put what you're learning into practice.
1:49
Find the details in the podcast show notes.
1:52
Welcome to our brand new podcast.
1:56
This is the first episode.
1:58
It's also
1:59
very exciting to have a third co-host.
2:02
Exciting or just huge admin.
2:05
I think it's quite fun to have a third voice because Vic and I, we've spoken for probably
2:09
like 500 hours, just the two of us on the podcast.
2:11
Far too long.
2:12
Yeah.
2:13
So to have like,
2:13
you know some fresh energy a new beginner on board is quite exciting i hope i can bring the energy
2:19
that you require no pressure actually i can i know i can when our podcast started five years ago
2:26
i didn't know what a stock was i was so cute and young and knew nothing about money we sort of i
2:33
guess over the last six months have been looking at our content in our podcast and our audience
2:37
has really grown with us in terms of so many people now understand the basics but then there's
2:42
this huge amount of people that kind of get left behind because they missed the podcast four years
2:47
ago yeah and we're now talking about etfs and the nasdaq and like yeah s&p 500 and they're like what
2:54
yeah which is fair yeah so it's almost like if you have a game of thrones with seven seasons
2:58
and you're like can i be bothered going back to the start no so we thought we'll start again
3:03
we're season one of game of thrones yeah we'll get a beginner on except you're not that okay
3:08
I actually was thinking this, but I'm really good at asking the questions that need to be asked because I was thinking I'm not really a beginner anymore because I run a whole business and like I'm actually not that bad with money.
3:22
But I always forget what like definitions for things are.
3:27
I wasn't quite sure like what the point of an IPO was or what an IPO was like.
3:33
I'm just going to ask.
3:35
so I think I will still be there to fill the gaps without putting myself like way down here because
3:40
yeah I actually do know a little bit and I guess that's a good point right like if you run a
3:43
business you're kind of forced into looking at money you have to whereas if you hadn't gone down
3:49
that path with she should care about you probably would have no idea right like because you wouldn't
3:53
have been forced into thinking about it and still if I didn't have an accountant I would never look
3:57
at the accounts it's just like not what I live for I love that you have an accountant of course
4:03
I have an accountant because you're meant to hire people that know stuff that you don't know yes
4:06
it's my brother's best friend or one of his best friends that he lived with at uni and I just have
4:10
a meeting with him on zoom once a month and he goes you're going all good Lucy and I'm like
4:14
are you sure is this business going to be around in the next few years and he was like
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yes you barely spend any money from the business do you and then one month he's like
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no you've run out he said why have you gone to London like what is all these pints on your
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You said I was okay.
4:27
You said I was okay.
4:29
You said I was fine.
4:29
He's like, close down shit you should care about.
4:32
So, Luz, for anyone that doesn't know what shit you should care about is or who you are,
4:37
this is going to sound really beginner.
4:39
But could you maybe just give an introduction?
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Because I know you've been on our podcast before.
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Actually, twice now.
4:44
You've been on our Curve Weekly podcast, our news episode, and we've done an interview
4:48
with you.
4:49
But for anyone that's found this podcast through your channels or maybe who has seen it through
4:53
our channels and realized it's kind of a beginner podcast and wants to know a bit more about you and
4:59
why you're sort of the fill-in Sophie or the new beginner in this dynamic what is your business
5:05
how have you ended up here okay hi everyone I'm Lucy I run a business called shit you should care
5:10
about not sure if you two know that do you know that no no never heard of it how did you come up
5:17
with that name I was sitting in my uni lecture theater yeah and I text my two best friends
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saying I think we should start a business called shit you should care about it was just the first
5:27
thing that came to my mind it's just so good it's so stickable anyway what else can I tell you I
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write a newsletter I have an Instagram that tells people about the news and helps make the world
5:38
make sense it's called shit you should care about it has about three point something million followers
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which is sorry which is really true and not scary wild wild wild yeah I know does it give you
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anxiety ever posting I think I'm just or in my personal I'm just not scared to be seen I don't
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think you could do my job if you were scared of being like perceived or seen but then also I've
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been doing this for six years now eight years I know I started in 2018 so seven years and I'm just
6:06
like brave and also if you don't want to learn about stuff or you don't want to hear what what
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I care about or what I think you guys should care about just don't follow me also I'm medicated like
6:17
I'm on antidepressants I actually think that does really help and I didn't show my face online or
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like the first five years of the business so it's like I could grow up and like become who I am be
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really proud of who I am um be brave and then I kind of like came out to the world as Lucy
6:36
Blakiston and first of all no one gave a shit who I was which I was like it's a lie second of all
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I just do not care what people think.
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And I'm just here trying to do my job.
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So I don't know.
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I just feel brave.
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When you look at, can I just also say,
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it's so cool to hear people being proud of the things that you're good at
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because I think it's so easy to be really open about the stuff you're bad at.
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But to be proud and to know where you're good is also like just to own it
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and be confident like I'm brave and I'm able to share things
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because I want to help make sense of the world
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and help other people make sense of the world.
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So no, I'm not scared is just so cool.
7:19
For anyone that doesn't know in terms of,
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because this is obviously a money podcast,
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how does your business make money?
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What is the business revenue model?
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This is the question I get asked the most out of it.
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It's always what famous people follow you
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and how do you make money?
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And I way prefer answering the how do you make money one.
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Can you answer the first one too though?
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Oh my God.
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Okay, controversial ones.
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Joe Rogan.
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No way.
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I don't know if this is still controversial,
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but Blake Lively and Ryan Reynolds.
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Still.
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I mean, quite wild.
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Both of them follow.
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Bella Hadid.
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Madonna.
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No way.
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Sorry, I'm trying to not be.
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Every caption I'd be like, oh my goodness.
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Every caption, hi Madonna, if you're watching this.
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Or I would just put a sheet over my head and do her iconic,
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like the dress up.
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um people that have unfollowed though in my time quite interesting ariana grande
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joe lipa reese witherspoon i always like to like humble myself by telling everyone like
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i think these people stopped caring about things because they stopped following sure you should
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care no i wonder why they did stop do you know when like do you get a notification what you were
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posting about at the time no i just like knew that they were following and then um like i don't know
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six months later or whatever i was on their page and no longer said follow back wow weird who else
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Olivia Rodrigo, but in her defense, she unfollowed everyone.
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Like she went to zero following.
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So it's not personal.
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So actually it's not personal between me and Liv.
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But I do like to, yeah, I do like to humble myself by reminding everyone
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that I get unfollowed as well.
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But yeah, that's crazy.
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Joe Rogan is always like a buzzy one for me.
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How?
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Anyway, how do I make money?
9:01
Yes.
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My favorite way of making money is I write a daily newsletter
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and people can subscribe to that just because they love what I'm doing.
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It's still free.
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Like it's every day your news will be free because I'm like the whole reason
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I started this business was to make sure young people could access the news
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and understand it.
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But if you want bonus content like to be added to our close friends
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or be part of the book club or I have like a pen pal sort of system
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where I write to the paid supporters, then you can pay
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and get all those cute extras.
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but it's like you come for the news and you pay for the friendship which is kind of a weird thing
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to say it's so interesting because it's normally the opposite i know but it really works and it's
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really nice because it means the older generation because we have a bunch of honestly our readers
9:49
are of all ages but the older generation will often pay so then the younger generation can
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continue to get it for free which i really love so that's the best way of making money because
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it means i'm just doing what i love and i'm doing what they love so madonna pays so live can get it
10:01
for free yeah actually yeah how much is it um eight dollars a month which is so good and so
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that pays my salary which is amazing then I also do honestly I do like one or two big partnerships
10:16
a year because I really don't like advertising stuff and I'm not good at no it's actually not
10:21
that I'm not good at it I just it's not in my soul to like promote things unless it's like a
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movie I love I love working on like cultural promotions can I just say what was the you know
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you just mentioned you only really do one or two big brand partnerships a year and this is obviously
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empowered by BNZ which is a brand and it's a New Zealand bank and I'm curious to know like what was
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the reason that you were interested in doing content about money and particularly with us
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and them because if you only do one or two a year you know it's honestly I was gonna say not to like
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vanity not to like blow smoke up your guys ass but it was because first of all I love doing stuff
11:01
with Kiwis.
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I love working with New Zealand brands, even though we have a global reach.
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I love working with New Zealand brands, but often they have way smaller budgets than US brands or
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whatever.
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But BNZ plus the Curve plus Shit You Should Care About just seemed really cool, fun.
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And also when I wrote, I wrote a newsletter after doing an interview with you for the Curve about
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investing.
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And because after I talked to you, I was like, oh my God, I need to show my flatmates
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how to set up an auto-invest on Sharesies because why the hell do they not do that?
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And so I got a little bit empowered and then I taught them.
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And then I was like, wait,
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if I'm teaching them how to do this, I might as well teach the audience.
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So easy.
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And like,
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I wasn't giving them advice.
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It was literally showing log onto Sharesies, do this, press auto-invest.
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So I did that and it got like an amazing response.
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And then you clocked in and were like,
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did your audience like this?
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Would you be interested in doing something bigger?
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And I was
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like yes they always want to know about money for some reason no matter how much you learn about it
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online or whatever it still feels mystifying so I thought maybe if we're talking about talking
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it through it will feel less mystifying and so yeah and it just sounded really fun and I also
12:12
think for your audience like you don't talk about money a lot no so it's like but everyone's very
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interested in it and I think it kind of takes takes it out of this world of like finance and
12:22
investing yes brings it into the everyday world of like no actually we can all learn this we can
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all do better we can all yeah it's like not that hard yeah that's what i want people to yes well i
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think even when we're planning these episodes and also obviously there's like the practical course
12:36
if people want to go deeper and really like action what they're learning but i was thinking gosh this
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is like it's really so simple and so straightforward so yeah i think anyone listening to this podcast
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or doing the course is going to learn so much what we're going to do is start every single episode
12:52
with you for the iou podcast we're going to do are you in the red or are you in the green so like at
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the start of every episode i realize this is very far through this first episode but just like a
13:02
chance to show that all of us even vick and i who have spent you know me like four years learning
13:08
about money and vick her whole life being good with money that we all have good and bad months
13:12
and weeks never not in a million years absolutely not in the red green with envy or green
13:21
do you want to start maybe vick are you in the green or the red this month what's been happening
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This month for me is probably red.
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So just like Christmas time and New Year's,
13:31
just always a lot of spending.
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A lot of drinking, a lot of socializing.
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And I think also it is just the time of year where like,
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firstly, you want to be generous and give money and time
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to everyone around you.
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But at the same time, you end up spending on yourself too
13:49
because you want to go and, yeah, I don't know.
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It ends up being like expensive for you to have fun
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and to be giving to other people.
13:55
Well, there's also months when you're like,
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oh, you know what?
13:57
I don't have a lot socially in the calendar or whatever.
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I'm just going to, you know, this is my saving month
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or this month I'm going to kind of get back in the green.
14:04
Yeah.
14:05
Yeah.
14:05
December, January hasn't been that,
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hasn't been those months.
14:08
But I always know they're not, right?
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So it's kind of like, you're like, it's fine.
14:11
You're also quite good at planning towards Christmas
14:14
and New Year where like October,
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you start putting money aside for gifts,
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which I just last year, this hit me like a ton of bricks.
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And I was like, sorry, what?
14:22
you've been planning since October.
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And she was like, yeah, I just buy a couple each month
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so it's less scary in December.
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And I just was like, that is the most clever thing ever
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and I will do that forever now.
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I think the earliest I started this year was September.
14:35
God, that's disgusting.
14:36
But it's funny because I see things and I'm like, oh, perfect.
14:39
No, no, I mean it's clever.
14:40
It's really clever.
14:41
I'm just like Vic.
14:42
Really?
14:42
So my love language, anyone that knows me, is gift giving.
14:46
Like I love buying or making or giving gifts.
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gifts it doesn't have to be an occasion I just will get you a gift because I've thought of you
14:56
and I love it I'm so glad I'm your friend now no yeah honestly I'm like oh shit guys I actually
15:00
haven't bought these two anything except for my presents um no so I am the same I buy gifts all
15:07
year round and sometimes I bank them and sometimes I just get too like oh I want that secretification
15:14
of giving it to you so I'm just gonna give it Christmas is always in the red for me because
15:18
I love spoiling my brothers they just they never buy shit for themselves they never buy clothes
15:23
I just love doing that for them so I'm like Vick I'm in the red this month but I kind of love it
15:29
because it's my favorite time of year because I love giving gifts and but my family never knows
15:32
what to buy me because also as I'm sure we'll get to on this podcast if I see something that I want
15:37
I will buy it so it's hard to buy for me because I'm buying it for myself yeah I've started to be
15:43
better with that like leading up to my birthday kind of thinking of things that I need or not
15:48
buying with myself because my parents always ask me and I never say what I want so yeah
15:53
this is so planned I wish we have different brains sometimes I think me and you have a
15:58
similar brain but then sometimes I'm like hers is actually crazy yeah a hundred percent I'm so in
16:03
the red it's not funny but for like the most embarrassing ridiculous reason ever I basically
16:08
for six months have been in my house and my wardrobes have been broken and so there's been
16:16
just shit spilling out everywhere and I've hated it I've had like a pile of clothes on the floor
16:20
because they don't fit anyway pointers I spent the weekend going through this is obviously it's
16:25
an expensive time of year anyway right like starting the year after Christmas New Year sucks
16:31
but basically what I did was I went on Gumtree I found these wardrobes and I thought oh my god
16:36
they're 100 pounds this is really cheap bought two of them and I was getting hammered by this
16:41
guy on my whatsapp being like hi ma'am can we deliver them hi ma'am do you want drawers
16:48
really really intensely and I was like oh this guy's really onto it like wow it's so
16:54
wow this is a lot anyway so they got delivered what's your address and what's your bank account
16:59
details this is the whole thing so then I was feeling very confident they were dropped off
17:04
at my house were they timu size like this no but they don't they they didn't fit up my step
17:11
Oh shit, so the other problem.
17:13
So the problem being that they were like, it's fine, it's fine,
17:15
all you've got to do is take the sides and the roof off
17:17
and you'll get them up the stairs.
17:18
And I was like, oh, and I was, you know that gut feeling
17:21
where you're like, I'm pretty sure something's off here,
17:23
but I just, the idea of trying to like figure out a solution,
17:28
B, for my wardrobe, I'm just like, this feels like the easier option.
17:32
So I was like, okay, fine, just leave them.
17:34
Left them, started trying to like take them apart,
17:37
realized they were quite Teemu energy.
17:39
firstly I'm terrible at DIY
17:41
tried to take the door off my room
17:43
couldn't get them up
17:44
like honestly it's been an effing nightmare
17:46
so not only am I in the red
17:49
from the whole situation
17:51
having them delivered
17:52
but I've had to get like
17:53
all these people
17:54
I've done air tasker
17:55
to try to get people to help me
17:56
now I've had to take all of them apart
17:58
take them up
17:59
honestly on top of what has been
18:02
an expensive time of year
18:03
I've basically been scammed
18:05
they told me I was going to get drawers in one
18:06
there's no drawers
18:07
and the whole thing
18:08
which is basically I message them being like,
18:09
could you please come pick these up?
18:11
These don't fit in my house.
18:12
And like, they're not what you said.
18:13
And they're just crickets.
18:15
Fair enough.
18:16
I would cricket too.
18:16
No, Simon.
18:18
You're the idiot that spent the money.
18:19
But that's not what I actually said.
18:21
It sucks though.
18:21
Cause like they sent me photos being like,
18:23
this is where the straws are going to be.
18:24
And then I opened them up and they're just like.
18:26
You're in the red financially and in terms of stress,
18:28
I think.
18:28
You're like in a happiness deficit.
18:30
Yeah.
18:30
It's a bit sad.
18:31
That happened to me in Sydney.
18:32
I had a bed delivered and it didn't fit up the stairs.
18:34
And then I got it.
18:35
So then I had to organize for another one to be sent that was smaller.
18:39
And it was about to arrive.
18:41
And this is like a week or two of living on a mattress.
18:43
And it arrived and I locked myself out the back of the house in my dressing gown.
18:48
And I was trying to, the delivery guy comes and I can see him through this hole.
18:51
And I'm trying to talk to him.
18:52
I'm like, can you just leave it?
18:53
And he's like, you need to come out.
18:54
I was like, I can't get there.
18:55
And I'm trying to talk to him.
18:56
And then it starts raining.
18:58
He leaves it and it starts raining.
19:00
So I can see my mattress getting wet.
19:01
I'm just like honestly I was like why did I move to Sydney I was like this sucks I've literally
19:07
been over to the airport thanks like I'm kind of like it's quite validating that you've experienced
19:12
something that annoying oh I'm very in the red I've gone to maroon almost at this point
19:17
so we're all in red yeah oh yeah okay so today the point of our lesson slash podcast is we're
19:24
going to start talking about money mindsets and your relationship with money which I think a lot
19:28
of people call up their own assholes when they hear this because it is like anything that revolves
19:33
around having to look at yourself a lot of people are not happy with the idea of that they just want
19:38
the quick fix they want to just know they're like abc this is how you budget or this is how you make
19:42
money but honestly taking it from someone who has had the worst most scarcity scared mindset ever
19:49
having definitely i've improved it's still a work on but i would say having looked at that and spent
19:56
time trying to unpack my own relationship with money has been single-handedly one of the biggest
20:02
things that's unlocked for me to be able to move into more of an abundance wealth growing mindset
20:08
and I think people when they go to budget or like sort out their money they're like they try it
20:13
doesn't work they try again to try a different way and it's like no no no it's not the actual
20:18
process the fact that you haven't gone back and kind of looked at your habits and your patterns
20:23
and your beliefs around money because that's the unlock it's not just trying a different
20:28
spreadsheet or trying a different calculator therapy for yourself which personally i love
20:33
i love looking at myself like no actually yeah i love like reflecting on myself yeah a lot of
20:41
people hate it yes and it's really such a fundamental part of being better with your money
20:47
and i think maybe a good way to start this is for just us to be quite honest with each other
20:52
and people listening with what our own relationship with money is whether it's like gone from a
20:59
certain place and it's evolved like I think if we're just really honest it maybe gives people
21:03
an idea of because also from the outside I think if you've had whether you've had a you know a quote
21:09
unquote like you know privileged upbringing or not I really don't think it matters I think a lot of
21:14
us are impacted I mean our money stories start and are developed and quite cemented by the time
21:19
we're seven wow so like even if your parents are amazing and they give you so much love and
21:25
opportunity and you grew up in a really supportive household a lot of us can still have quite weird
21:31
relationships with money and that's definitely been my experience but did either of you guys
21:35
feel comfortable sharing yours oh god yeah okay i feel very comfortable sharing mine okay so i have
21:42
this this is actually one of my favorite stories i have this distinct memory um because i was a
21:46
nosy kid right and my family grew up like middle class small town um but we never went without
21:54
like as kids um and I remember 2008 global financial crisis you remember that I don't
22:02
remember the global financial crisis what I remember is being nosy and going and opening
22:08
my parents mail for don't even know why nosy reasons and I sometimes stole neighbor's mail
22:15
and opened it that's how much of a rogue child i was that's pretty wrong so like illegal i can
22:20
kind of relate but anyway i opened it up and it was a bank statement and it was like so much money
22:27
in the red and it was like and i remember i asked my parents what is an overdraft and they were like
22:34
that is not for you to worry about darling and then i would go and i couldn't sleep because i
22:39
was thinking my family is poor like we're not we had a family of six i was like how are we going
22:43
get groceries what am I gonna do and I would have been like 10 like also like it could have been
22:49
their mortgage right and then it genuinely was I've asked them now that we're older and they're
22:54
and like I was like do you guys remember when I read that and they were like yes and we tried to
22:58
stop me freaking out about it because it was like fine um so I remember being a really stressed out
23:03
nosy kid about money because of that but also I had jobs since I was even before I could have jobs
23:10
I was the kid, you know, selling lemonade on the street and mum would make jam and I'd
23:14
walk around the houses and sell it.
23:16
And then I delivered the newspaper and then I.
23:18
You guys are so had the same.
23:20
I sold paintings, my own paintings, not lemonade, but then I did the paper round.
23:25
Yeah.
23:25
My fingers would be all black.
23:26
Yes.
23:27
Cause you have to get up in the morning, fold them all and then go.
23:29
And it's like, we were doing that before.
23:31
I was doing that before like intermediate or primary school.
23:32
So how weird that it was news that you like almost your first job.
23:36
My first proper job was delivering the news.
23:38
and now my job is just in a different way and so I me and my brothers were always encouraged to just
23:45
get jobs even though mom and dad didn't often say no to things that we needed or wanted they still
23:52
were like you should get a job and like learn how to save so then all through uni and whatever I
23:57
worked and I think because of that because I had security in my family that if anything went wrong
24:03
like I'm not gonna lie and say they couldn't help I knew I had someone that could help me if you
24:09
know at uni I needed help for rent which I didn't but I knew it was there my relationship to money
24:16
has always been pretty healthy because I've known that if I need it I just need to work and get it
24:23
it would be so hard being a parent right because you like you want to instill this this drive in
24:27
your kids and like this desire to have their own jobs their own income yeah but then you also like
24:33
as a parent would of course want to have provide that safety net should anything happen but you
24:38
wouldn't want to let them know about that I know you know it's like this constant like yeah yeah
24:42
and then it was interesting starting a business because a lot of people that tried to mentor me
24:45
or talk to me had really they were from Auckland or big cities and they had really rich parents
24:51
and they had these like fallback options whereas my parents have made it like divorced when I was
24:56
a bit older and they made it very clear that like if I want to buy a house you know they can't really
25:00
help or the business it was never like oh but my family's got like a million dollars that they can
25:06
invest into the business or whatever so it was interesting it was interesting when I started
25:10
the business being like I can't really take a lot of the advice that these mentors are giving me
25:14
because you guys are loaded or you have families that are loaded I can't hire a bunch of people
25:19
and just like whittle money away I have to bootstrap because I'm just like a normal person
25:24
So that was really interesting.
25:26
Starting the business and getting advice about money was interesting.
25:28
That's when my relationship kind of changed with the business.
25:32
I'm so frugal.
25:33
I'm getting better now.
25:34
Well, that's what I was about to say.
25:35
I noticed before when you said something like, you know,
25:37
I spend nothing on my business or whatever you said your accountant said.
25:40
Is that though a fear of running out?
25:42
Yes.
25:43
Because that is a scarcity mindset, right?
25:45
So for myself, I'm like, fine.
25:48
I don't know why it's different,
25:50
but I think it's because I care about the business so much.
25:52
I would rather that have longevity than for me to spend a bunch of money lying about and doing
25:58
fancy things but now it's only it's taken me what like five years and I've saved a lot of money in
26:05
the business that now I'm like reinvesting it back in because I'm like Lucy you're fine also
26:10
my accountant has always liked me you need to spend some money in this business babe you need
26:14
to up your expenses um I know you don't want to but you are fine you don't work this hard to not
26:19
spend any of it um so learning that it was okay to spend money with the business was a really big
26:25
thing for me it was hard for me to learn and do you have you upped that quite a bit like have you
26:30
actually now started or is it still a bit of a like oh it's giving me like a stomach drop no i'm
26:35
actually now i think i have agents now that help give me like a little bit of business advice but
26:43
mostly i can have security that more work is going to come and with the newsletter now that it's at
26:48
a place that I'm comfortable with like I feel like I'm no longer growing it anymore I'm being scared
26:53
it's grown to a point where I'm comfortable I have recurring income so now I can spend money
27:00
because I know it's going to keep coming in but with social media at the start I would literally
27:04
think scarcity mindset with my business I would think social media might end in two years I won't
27:10
actually have a business so I want to make sure I have enough money in the bank for another two
27:15
years of at least my salary or whatever I mean I guess it almost sounds like you had a uh not a
27:22
scarcity mindset but like a quite a sensible yeah tight mindset because like for valid reasons and
27:28
yeah I saw this quote the other day I think it was from James Clear that guy who wrote
27:32
Atomic Habits and it was something about like confidence no it was really cool it was like
27:37
oh great book it's your favorite isn't it oh my god okay so good it is a really good book but
27:43
anyway he does this news edit and he just has like these thoughts they're really short and like it's
27:46
like one two three and one of them was about confidence and the essence of it was the best
27:52
way to like have confidence is to like genuinely believe you can in your ability to do the thing
27:57
and I in a way like what you're saying is you were kind of scared to spend money from a business
28:02
perspective but now you've learned you actually have confidence no you don't need to therefore
28:08
Or the genuine confidence in spending is there.
28:10
And to know how to get it back.
28:11
I'm confident I can get it back.
28:13
It's also the understanding, right?
28:14
It's like, no, no, if you spend this, you're not going to end up in debt.
28:18
You're not going to end up losing a whole bunch of money.
28:20
Like you can spend it.
28:21
And it's like, yes, you might not take that advice in month one or month two,
28:25
but maybe in month six you're like, okay, I now trust this person.
28:28
Yeah.
28:28
And I trust that.
28:30
Myself and the business.
28:30
It's not going to rock the boat completely and like, oh, I'll do it this month.
28:34
Oh, that was fine.
28:35
Okay, I'll do it next month.
28:36
you know like it's kind of yeah it's like investing right you just do a little bit you
28:39
start a little bit oh okay that was fun that was exciting do a little more a little more yeah and
28:44
I think I was 21 when I started the business and now I'm 27 and you do a lot of like life learning
28:50
in that time so you just genuinely become less scared of a person and so less scared to spend
28:58
money and take risks I think okay so your turn my turn mine was just so different because when I was
29:04
younger I actually did competitive gymnastics until I was like 18 so like my whole schooling
29:09
I went to school obviously but gymnastics kind of came first like I was competing and training
29:16
like before school in the morning like it was quite intense so I didn't really ever have
29:21
time or like capacity to think about the idea of earning money yeah yeah if you're a child star
29:28
yeah but I um oh my god you're from that show what's that gymnastic dance moms dance moms
29:32
No, it's not.
29:33
It's not a gymnastics job.
29:35
I'm pretty sure it's like a child's dancing.
29:37
Yelling at the kids.
29:38
Wait, did you get paid?
29:39
It was pretty intense.
29:40
No.
29:40
So it's kind of like if you're in Bulgaria or Russia, it's their national sport.
29:44
But New Zealand and Australia and stuff, it's really underfunded.
29:47
In Russia or parts of the world, gymnastics is like our All Blacks.
29:52
It's like kind of pedestal, whereas gymnastics in New Zealand, no one really cares.
29:55
Were your parents like, don't do gymnastics, do rugby?
29:58
Well, yeah, because they're like, this is expensive and they have to pay for everything.
30:01
it was a really expensive extracurricular activity I was really lucky to do it but because of that I
30:06
yeah I never had like a side hustle or like a job on in the weekend or anything so I think I've
30:13
always had a you know your confidence and you thinking of yourself as a little asset that can
30:18
earn money yeah I don't know if I've had the same confidence in my ability to earn and and therefore
30:26
to have this feeling of like I'm going to be okay because I can earn money and I think that's
30:30
because I didn't earn money from a young age and then I would say also the other thing was money
30:35
in our family was like neither of my parents had particularly great which I I think is probably
30:41
not universal because I know your mom had a lot of money education because she was an accountant but
30:45
a lot of people unless your parents work in a financial role yeah you don't get given financial
30:51
education which is the whole reason we called this podcast IOU you know because like I think as a
30:55
society not a lot of us get money education but both my parents were always quite stressed about
31:03
money and it was definitely this underlying feeling within our household of like I don't
31:08
know asking for things and not having not having enough but also I think oh god there's so many
31:15
layers to this and this is I guess just an example of this is the tip of the iceberg for me there's
31:19
I could speak for hours on my own money journey so I won't like you know like spin off to a solo
31:25
okay guys I actually just need this but it's just so fair no but I was gonna say I think like my
31:31
um there's also elements like I was very lucky to go to a my parents prioritized education in
31:38
the sense that they really wanted to send us to a private school and like which is so privileged
31:43
you know like and my grandparents paid for a lot of it but anyway the point is is that I was kind
31:49
of always surrounded by people who had a lot more than me so I was kind of the underprivileged within
31:54
the privilege if that makes sense so um you know going to friends houses I was always like wow this
31:59
is nothing compared to where I live there was you know there was just like a lot of comparison so
32:03
and because I didn't understand the concept of money when I would ask for things my parents
32:07
couldn't afford to keep up with what my friends had yeah I just didn't understand it and I think
32:12
that now I'm older I'm like wow I feel so guilty for how much pressure I put my parents to try and
32:17
keep up with an environment that they just were never going to be able to do um but yeah I think
32:23
the way that it's kind of flowed on and I've definitely spent a lot of time looking at this is
32:28
there's things that make me feel super anxious when I spend money and there's things that I really
32:32
don't feel anxious about and I think that one of the biggest things for me with my own journey
32:37
with money and like what's been so helpful is me noticing when I get really anxious around money
32:44
and feel nervous about it and then times where I spend really freely like for me buying stuff that
32:51
almost external facing or like quite flashy whether it be new clothes or things to make me
32:58
look a certain way that gives me a lot of anxiety because I feel guilty about it and I think that
33:02
stems into what I was like asking my parents to spend money on when I was younger whereas I've
33:09
realized how much I value things like health and well-being or like spending a lot in Planet
33:14
Organic or whatever like for me that doesn't bring me anxiety but there's stuff that really does so
33:19
So I think I, I mean, look, I still get super like anxious with money and I haven't, you know, fully worked my way through everything.
33:28
But I also don't think you need to, right?
33:30
It's me being conscious of like, okay, this stems from something bigger.
33:34
It's not, it's not really, this doesn't define me.
33:36
It's not my fault.
33:37
It's like, it's controlling what you can control and understanding, okay, if that's what brings you joy and that doesn't.
33:45
Yeah.
33:45
Yeah.
33:46
Like even just as an example, like a couple of years ago, Vic was going on holiday with a bunch of friends to quite an expensive part of Europe.
33:54
And I really wanted to go.
33:55
I was like trying so hard to like rub my penis together to get myself there.
33:58
You know, I was like, I really wanted to go.
34:00
But it was also I noticed how much anxiety it was bringing, the idea of trying to get there.
34:04
And I ended up saying no because I knew what would have happened is I would have got there for this group holiday.
34:10
We would have gone out for lunches and dinners, whatever.
34:12
And the whole time I would have been sitting there thinking, oh, my God, someone's just ordered a steak.
34:16
That's going to be expensive, blah, blah, blah.
34:18
So I said no to it.
34:19
And I think it's just starting to put myself in less situations where I'm spending money that I don't want to be that makes me feel bad.
34:28
I think a lot of people relate to that, especially, I think, in your 20s.
34:32
Like most of your 20s is going to lunches and either being the person that's like, let's split the bill, which is me.
34:40
or I'll be like, let me pay for the things for the table
34:42
or being the person that is like, I'm not going to get a drink.
34:46
I can't afford to split the bill.
34:49
And as a friend, you have to be really conscious of those people.
34:53
Like if you want to go and you want them to come,
34:56
cover them or don't make them pay for the shit they didn't eat
34:59
because the anxiety, like I know people that still have that anxiety
35:02
on a huge level of like, I do not want to go to this hen's party
35:06
because I can't afford to like be keeping up with.
35:09
But I think when it comes to socializing, particularly in your 20s,
35:12
when you're trying so hard to fit in all the time and like you,
35:15
like in all honesty, even if you have your amazing friends,
35:18
there's an element of not wanting to stick out or be the annoying one
35:21
or be the one that puts a fuss up or the one that says,
35:23
can we itemize the bill and pay for it?
35:25
And I think that that's something that all of us can do to try
35:30
and make everyone else feel comfortable is just being aware
35:32
that everyone is in a different financial situation
35:35
and not expecting everyone to keep up with you
35:38
or what you can afford.
35:39
It's also, I feel like, the time in your life
35:40
where your earning capacity diverges.
35:45
And so it's like when everyone's at school,
35:47
your parents are usually helping you out
35:49
because you're being at school.
35:51
And then if you're at university,
35:53
most people are broke because you're studying.
35:56
But then when you start getting your first jobs
35:59
and there is quite a divergence.
36:01
And so there is people that can't afford certain things
36:04
and there's people that can afford certain things.
36:05
And it's like just having that awareness.
36:07
I'm talking about it.
36:08
What about you, Vic?
36:09
My relationship with money is probably quite similar to Lucy's,
36:13
but I guess started out.
36:15
Can you guess how old she was when she first started investing?
36:17
I'm so sorry to interrupt in your first sentence,
36:19
but this is the most impressive thing you'll ever hear,
36:22
and she might not even say it, so I feel it needs to be brought up.
36:25
If I'm basing it on when I first started investing,
36:29
I want to say like 20.
36:32
Investing my own money when I was 20,
36:35
but like my parents started investing on my behalf when I was about eight years old
36:39
so yeah it was in my name isn't it amazing though it's so good like oh my god I'm not even going to
36:43
have kids but I don't know I want to set them up as years it was a tax avoidance thing putting
36:52
she's not earning so she's not being taxed you know but not anyway regardless isn't that amazing
36:57
and it was actually I don't think my mom and dad would have realized how much I actually learned
37:03
yes but I don't even think I did until I started unpacking it but it's like you know just getting
37:08
these checks in the mail and I was like I haven't even done chores and I'm getting paid this is
37:11
great and so that was kind of started the whole like and because back then in the olden days like
37:17
you couldn't just go when it was black and white no we'd literally get a check and I would go down
37:22
to the bank and I would open my my bank account and put my money in and I felt so cool like I was
37:29
like this is my money even though it wasn't she was such a cute girl oh my god I looked like a boy
37:34
I remember asking a very similar situation like we never went without but my mum was in a council
37:40
she was very strict with what we could or couldn't have and so it was I remember asking for things
37:47
and usually it was food related like can I have money to go to the dairy and mum would be like no
37:52
you've already been three times today and it would piss me off and I would see my sister
37:57
who had a job doing all these things with her friends and being able to like having a lot of
38:01
freedom and independence and admittedly she was three years older so of course she had more
38:06
freedom independence but I saw it because she had her own money and so I was like okay if my parents
38:11
say no I need to go and find money myself and so that led to like my first job paper round yeah
38:17
yeah I remember doing the paper round and I was like 11 yeah and I remember seeing two of my
38:23
friends Friday night and saw two of my friends coming out dressed up to go to a social like a
38:27
party and you're a little paper boy and I was I had my big satchel with all my papers in it this
38:34
is like really giving all of a twist and they came out all dressed up with like fairy wings you know
38:38
like you've got dressed up dressed up and I just wanted to die I was like oh my goodness and they're
38:45
like Vic Vic and I was like so um surely it was Vicky at that time yeah Vicky yeah
38:52
but which one of us is financially independent ladies yeah yeah now I'm like look at you
38:56
seeing you in 20 years yeah how embarrassing is three dollars that I'm gonna make per round
39:01
um no but yeah so my first so for me having my own money means independence but I think it's
39:09
swung a bit too far one way and it's like the harder you work the longer you work the more
39:14
you put in the more you'll get out and so it's like I would kind of work myself to oblivion
39:20
because I'd want more money.
39:22
And it was like, I think as I've got older,
39:24
I realized, no, no, the way to make money
39:26
is to take more risk.
39:28
And like, I think that's, you know,
39:30
like even getting my first mortgage for my house,
39:32
I was petrified to be that much debt.
39:34
Like I was just like, I want to pay it back instantly.
39:37
Even a student loan, even having a student loan.
39:39
And my mom was like, Vic, it's interest free.
39:41
Like don't pay it back until you absolutely have to.
39:44
And I was like, no, but it's debt, it's debt.
39:45
You know, like this whole, you know, you need to invest.
39:48
You need to take a bit more risk
39:49
if you want to actually grow your wealth.
39:51
Otherwise, you know, there's only 24 hours a day to work, you know,
39:54
and also you're trying to balance that with like friends and family
39:58
and like health and wellness and all of that.
39:59
You can't just work and work and work.
40:01
So that's probably kind of how my relationship
40:05
and what I've been like unpacking.
40:07
Yeah.
40:08
I actually have a story just really quickly.
40:11
Based on what Vic said about she wanted to go to the dairy to make money,
40:15
I wanted a pinkalicious phone and I think I was about year six oh my god but I was way too young
40:21
to have a phone so my mum and dad were like no unless you can buy it yourself you are not having
40:25
a phone challenge accepted made mum make like a hundred billion jars of apple jelly because
40:34
it sounds so good resourceful and I just like walked around all the neighbors and sold them
40:40
apple jelly and they probably didn't want to but I remember selling for like 10 bucks a jar
40:44
Like that is a rip.
40:45
Which at the time would have been like $500.
40:47
But also when you see a kid selling stuff, you're like, oh yeah, make my money.
40:51
It's so cute.
40:52
Yeah.
40:52
And then I biked to Harvey Norman without them knowing.
40:57
And this phone was $69.
41:00
Which back in the day was also a lot of money.
41:03
Yeah.
41:03
And sorry, you found $69 from Apple Jam.
41:06
I didn't find it.
41:07
I worked for it.
41:08
I worked for it.
41:09
I didn't find it.
41:10
Every penny.
41:11
Scratch.
41:11
I was probably doing the paper run at that time too.
41:14
And I biked there, bought this phone.
41:17
Seriously, the people selling it to me must have been like,
41:19
what is this child?
41:20
So how old were you at this time?
41:22
I think I was like year six at school.
41:24
How old are you?
41:25
That's like 12.
41:26
Yeah.
41:27
Is that illegal?
41:27
I feel like it's illegal.
41:29
But then I came home with it and mum and dad were like gobsmacked.
41:32
Like, what the hell?
41:34
They were like, she's raised the money.
41:35
But then I, she's raised it.
41:36
It's kind of funny when your parents are like,
41:38
not until you do this can you get this.
41:40
And then you're like, well, I've done this.
41:41
And they're like, what?
41:42
Yeah.
41:42
And also like I had the bike for my independence and it was just like a 10 minute bike, bike
41:46
away.
41:47
And then I had no, none of my friends had phones, so I had no one to text.
41:50
So I just ring like star three, three, three, which was like the telecom phone number.
41:55
And it would just talk me through the phone plans like over and over and over.
41:59
So cute.
42:00
They're like, oh, this is Lucy again.
42:02
Hi Lucy.
42:04
No problems.
42:04
No.
42:05
Okay, cool.
42:05
You just want to chat?
42:06
Awesome.
42:07
You just want to hear the different plans that you can't afford?
42:09
Cool.
42:10
and like all I would do would be like play snake and sit on the lawn and look like a snake.
42:16
God, bring back the games.
42:17
They were so fun.
42:19
Anyway, so actually my independence came from really wanting a phone
42:23
and that really checks out for me.
42:25
I also think if you raise the money or earn the money and then buy the thing,
42:30
like the gratification on that sort of delayed gratification,
42:34
learning that at such a young age, it's like if I can get this money together
42:38
and get this thing I really want.
42:40
But I was really bad with delayed gratification, and I still am.
42:43
I just want it now.
42:45
So I swear I just like, mum, whip me up some apple jelly.
42:49
Okay, so while we're talking about you as a kid,
42:51
I think this is a very good segue.
42:53
So we've done a bit of sneaky sneaky,
42:55
and we've spoken to your dad, your stepmom, and your brothers.
42:59
So creepy.
43:00
And we've actually got voice notes about you
43:03
and your money relationship, what you're like with money.
43:06
Because it's very easy to say things like,
43:08
I'm really good with my money.
43:11
your family always knows you better, right?
43:12
But I think I am going to dispute some of the things they say.
43:15
That's fine.
43:16
Cool.
43:16
You've got a mind.
43:17
I haven't heard them everyone, but like, I am pretty good with money.
43:20
Okay, anyway.
43:21
The mum's like, no, I didn't make any apple jam.
43:23
She stole the $69.
43:27
When Lucy was a kid, she went into my wallet and she stole $65 to buy a phone.
43:31
And she tells this fake story.
43:34
I made her jelly.
43:35
She's delusional.
43:37
Okay, well, let's just play some of these.
43:38
I mean, you can totally tell us if this is absolutely false.
43:41
We'll just play them and we can discuss after.
43:45
Hi, it's Nick, Lucy's older brother.
43:47
Okay, so Lucy is generally quite modest with her lifestyle.
43:50
She drives the same car she's driven forever.
43:52
She still lives with her best friends.
43:55
But sometimes she does go a bit rogue and drop a little bit too much on like a puffer jacket or her yellow Mac.
44:03
And I think it is kind of my duty to call her out for her Teemu addiction.
44:06
um i think it's calmed down a little bit but she really had it on there for a little while
44:12
you and vick have so much in common oh my god okay so tino feels off brand for you it's really
44:19
off brand for me and it was really when i was like living with my dad and i really wanted like
44:23
coloring in pens and how old were you
44:28
tino was like not that old no this was last not two years last year and i wanted coloring in pens
44:34
and coloring in books and in blenheim we don't have a lot of options right and but then i would
44:40
order these coloring in books and they'd be all like it would look amazing on the front cover and
44:44
then it was all like ai teddy bears and stuff all wrong from tino i thought it was like a um
44:51
furniture brand you buy anything you can buy anything like it's not good you didn't even
44:55
think you needed like it's not good like if you need something like hold your toothbrush or like
45:00
it's honest yeah it's not good you get into a team who hole and it's i need that i need that
45:06
i need that yeah but based on what the rest of what nick said very true and he corroborated me
45:11
telling you about my accountant i also must say i was kind of impressed by what he said in the
45:15
sense that i mean he threw you on the under the bus with a couple of things but generally okay
45:20
it doesn't sound like there's a lot of dirt if he says i'm dropping a lot of money on a puffer jacket
45:25
and a Mac.
45:27
That is not crazy things.
45:29
Like I need that cold technology for my job.
45:32
Literally.
45:32
And I only did that this year.
45:34
And first I bought my designer a Mac because she does the Lord's work.
45:38
And then she was like to me,
45:40
why do you not even have a computer?
45:42
And it's because I'm frugal with myself with the business.
45:45
I don't know why.
45:47
And I was like,
45:48
Oh,
45:49
actually I should have a computer.
45:51
And now it's like changed my life.
45:52
And also puff jacket.
45:53
Let's play the next one.
45:56
We can tell that Lucy's home when interesting packages arrive at the door every day.
46:03
So is this the team obsession?
46:04
No, this is like the gift giving thing.
46:08
Okay.
46:10
When I'm back home in Blenheim, it's not often, it's not always gifts,
46:15
but sometimes I like to send myself stuff when I know I'm going to be home.
46:19
So it's like I have to delay gratification a little bit.
46:22
But it's like interesting packages.
46:24
Okay.
46:25
It's not that interesting.
46:26
It's usually books or clothes.
46:28
Let's play one more of the voice notes.
46:33
Hey, it's Ben.
46:34
I'm Lucy's younger brother.
46:36
I live with Lucy at the moment,
46:38
so I get it pretty firsthand about how good she is with money.
46:41
From a selfish point of view, she's great with money.
46:44
She's always buying me things, so I can't complain about that.
46:48
And if I have to tell you Lucy's worst spending ever,
46:55
It's her decision to get a seafood chowder and a milkshake after biking like 20 kilometres to a cafe that she has to bike back from.
47:04
But no, on a serious note, I think she is quite smart with her money.
47:08
She invests, she looks after it, and she only gets maybe one package a day arrive at the door, which I think is pretty standard.
47:16
So, yeah.
47:18
Oh, that's really sweet.
47:19
I reckon everyone's the same.
47:23
But also, can we just, can the record show that for my job, I get sent some things like coffee.
47:31
True.
47:31
That comes once a week.
47:33
What do you mean?
47:33
Like beans?
47:35
Coffee, yeah.
47:36
I also think it's a convenience thing, right?
47:37
Like I get food delivered.
47:40
Yeah, like just everything.
47:41
You can just log on and just get it sent and like boom, done.
47:44
But I am like, yeah, I do.
47:46
I do buy a lot of things.
47:48
But I'm glad that he pointed out that, because he's 22, right?
47:51
and he's like he is my little brother slash bestie slash i just feel like i need to look after him
47:56
because i'm living with him and he's you know an apprentice an electrician apprentice and he's not
48:01
making that much money so now that i'm in the position to it's nice to be able to help him
48:05
live his life like we if he owes me money in the flat i will just like tell the rest of the
48:11
flatmates to pay me but not him you know i hope my flatmates don't listen to this lovely older
48:15
sister um yeah so he's actually he sounds fun don't you reckon he sounds like no he's so much
48:19
fun and also i do regret buying a seafood chowder and a milkshake yeah i went for a bike ride to
48:25
have brunch with my flat and i just i don't know i really felt like those two combos are like and
48:32
also i like don't even drink milk so it was just like so much cream and then i had to bike home
48:37
anyway i just don't think this is important i'm really good with money everyone and i'm not good
48:42
ordering food.
48:43
We've got one more.
48:44
Oh.
48:46
Hi Lucy, you started
48:48
off being
48:50
a real hard working
48:52
money saver, whether it be
48:54
raising money through
48:56
newspapers, selling
48:58
Kit Kats at a profit at school
49:00
to pay for your trips overseas
49:02
and you didn't spend
49:04
a thing.
49:05
You knew the value
49:06
of money and now
49:08
you've got a damn successful business
49:10
and I'm forever telling you to take your money
49:13
and put it somewhere and invest it,
49:15
even if it's in just a term deposit.
49:17
Get it somewhere and have an idea
49:20
of the value of compounding interest.
49:22
I know you don't lose a lot of money,
49:24
but you probably could make a whole lot more
49:26
if you had a bit of an investment plan.
49:28
And you know you've got good advice from people
49:30
about shares and stuff like that.
49:32
And when you're ready, I'll sell you a house.
49:36
How many houses does he have?
49:37
No, he's a real estate agent.
49:38
We have one house.
49:40
I'll sell you one of my houses
49:42
also he does not want me to buy a house
49:44
my dad is the most risk averse person I've
49:46
ever met so every time I tell him
49:48
I'd really like a lovely house by the water
49:50
he's no Lucy
49:52
and you will not want to be dealing with
49:54
renters and blah blah blah I'm like you know the most
49:56
about this just help me
49:57
I love how you both say raise money
50:00
I know like raise money
50:02
like we're a charity
50:03
like you earn money you make money like you don't
50:06
raise money it's not like you're like
50:08
doing a capital raise by selling wood or like I don't know you but you both said it and it was
50:12
like quite cute but also okay him saying she needs to get an investment plan yeah he has no idea
50:16
about my personal finances because I invest all the time okay let's pause the investing chat yeah
50:22
because because a lot of people would you know we want to basically I guess for anyone that's
50:27
listening like investing does sound scary and it's like I guess when you talk about the idea of
50:32
being risk adverse or like you know a lot of people think oh gosh like if I invest I might
50:37
lose my money but really like what you'll learn through these podcasts but also the practical
50:42
courses like really what you want is to be spending less than you earn so that you can put that money
50:47
into investments because that is the fastest way to grow wealth yeah which is exactly what you're
50:51
doing and it's so fun and easy like honestly if I could tell my younger self that I was investing
50:58
like I still do it in the craziest randomest way ever like it's not calculated which maybe isn't
51:04
the best advice but like it is so easy that even the craziest person can do it agreed yeah me also
51:12
okay i have a section that i really want to bring to you guys this is called cash and burn
51:21
because i thought crash and burn cash and burn and really it's just i've gone to the shit you
51:26
care about audience and ask them questions that relate to each episode that we're doing and got
51:30
them to send in any unhinged stories that they have all kind of excited about the theme so
51:36
obviously we're talking about our relationships with money this time um the most common sort of
51:41
myths that everyone said that they learned about money was that credit cards were the devil like
51:47
growing up their parents always selling credit cards with the devil whereas i actually don't
51:51
have one but a lot of my friends are like lucy that's how i get all my ear points it's basically
51:55
making money or making points back on everything I spend.
51:58
And if you're good at paying them off, then they can be really useful.
52:02
But, and also there was a lot of people that said that their parents told them to hide
52:07
money, like in books or under their bed or like.
52:10
Surely you lose it.
52:12
Wow.
52:12
Yeah, I would lose it.
52:13
But then imagine when you find it.
52:15
Yeah.
52:17
There is nothing better than putting an old coat on and being like, where's the 50?
52:21
Or you get to chapter seven and just some notes fall out and you'd be like, amazing.
52:24
encourages you to read it's like damn i didn't pick this book up in 10 years i should have
52:28
this one is so toxic my uncle told me that you can't do anything about having a poor father
52:35
but you can control if you have a poor father-in-law so marry basically marry rich the
52:42
only thing you can control and imagine your uncle telling you that i mean i think there's a lot of
52:49
people that date like that I agree and I used to be really innocent about this I remember my first
52:56
ever job and I was producing the like this breakfast show in New Zealand and I remember
53:01
one of the hosts saying to me like when you date someone though surely you think about their
53:04
finances and honestly at 21 absolutely not I was like no way not even thinking about it
53:09
are they cool are they the same are they cute and lovely and do they love me and think I'm
53:13
you know anyway point is if I actually go on a date with someone now and they're horrendous
53:18
with money it is actually a red flag like i'm aware of it yeah sorry continue no but i agree
53:24
um weird money advice that this person got given was that it's better to save money in physical
53:30
cash because then you're less likely to spend it however this advice does not account for home
53:34
robberies in which my mom was robbed one day and they took her entire cash savings no so i mean all
53:42
of these are like these people are getting taught some really bad habits from the but that kind of
53:48
works for some people like the whole physically handing over cash rather than just like tapping
53:52
on a card or like putting your card details in so like i can kind of see that but yeah you couldn't
53:58
okay what about this one um it feels like all the older women i talked to about finances have said
54:03
no matter what even if you're married and share everything with someone you should always have
54:07
your own stash of money that no one knows about but you agreed to be honest i think that's a good
54:13
one so i would never share my finances also prenup i'm pro prenup so am i yeah i never used to be
54:20
now i understand it and now that you're rich you're like yeah no but i think it's more just
54:26
you're thinking of worst case scenario if you're in a happy relationship you share everything it's
54:30
just a business deal sour then and you haven't got a plan for how to keep things separate or like
54:35
Marriage is a business deal and the contract is the prenup.
54:38
It's like.
54:39
Also, you get a prenup regardless of putting one in place.
54:41
You just get the one the government gives you if you don't actually.
54:44
It was true.
54:45
Everyone's de facto after a certain amount of time, right?
54:47
So it's just like taking control of your prenup.
54:50
Okay, I have two more.
54:51
One of them is another one about relationships.
54:53
When I was 32, I asked my accountant whether my financial situation was average for my age.
54:57
It was a long pause and he finally said, a woman like you will marry well.
55:03
I would have been like.
55:04
yeah i've been like oh my god you are not my accountant anymore and also
55:08
are you single we marry so creepy like talk about yuck i don't like that at all and then the last
55:15
piece of financial advice that they got that they thought was a bit unhinged but i'm keen to hear
55:20
you guys thoughts on it investing is just gambling for rich people yeah and you know what sophie's
55:28
gonna say let's hold that one for the investment episode i was about to say this is like a whole
55:33
episode for that because she gets so riled up and that would be a really good title for an episode
55:37
like in quotes investing is gambling for rich people anyway it really roughs me up but give
55:43
some context because well it's like you can do it there's there's so many strategies you can put in
55:48
place that like de-risks it right so it's not like you're just picking like red or black or
55:52
throwing money at a dartboard or like whatever it's like no no you're also investing in something
55:58
you're investing in an asset whether it's stocks property yeah jewelry whatever it is you're not
56:03
just throwing a casino money like it's like also it's a whole industry with education and stuff
56:08
that informs it and like people have made like how many people do you know that have grown their
56:13
wealth through gambling yeah and how many people do you know that have grown their wealth through
56:16
investing i also think that the thing that's sad about that is that you would be really scared of
56:20
investing i know that's bad advice to give your kid and it's well it sucks because i think if you
56:24
don't get this sort of education which most of us don't then you could waste you know all of your
56:31
20s thinking investing is bad and you miss like yes the earlier you do it the better and I wish
56:37
I'd done it sooner because I'd be in a completely different financial situation if I'd I just think
56:42
you've got to be careful like with the stuff you teach kids or that you absorb from other people
56:47
and that's why this whole like looking at your money story thing's so important because you don't
56:52
like who are you taking this advice from is it people that you really who are amazingly financially
56:56
successful or is it just random shit that people are telling you and usually that's people that
57:00
have lost money or been given bad advice or like have this fear mindset which is totally fair right
57:06
they're kind of like something's happened to them and so they're like i don't want you to risk your
57:11
money because i've lost all mine or something but there's also is elements of investing of course if
57:15
you want to put money in something that you know nothing about and you want a quick win like that
57:20
is gambling like because it's not day trading and stuff yeah investing is not a quick solution it is
57:27
like you need patience you take a long-term view all of that but we will get into that in the
57:32
episode i figured out how you're gonna earn that extra credit we do want to finish with a little
57:39
bit of what we're going to call extra credit oh god i was about to say this sounds like homework
57:44
for lucy b extra credit trying to make it like sound fun it's like no no it's fine but
57:49
yeah yeah over the next month so before the next podcast comes out i want you to kind of write down
57:54
anything you spend money on that and how it makes you feel so okay make you feel anxious and make
57:59
you feel good like and we'll go through it in the next episode i also think maybe with this like
58:04
given what you shared like it sounds like you have got a pretty good relationship particularly with
58:07
your personal finances because you've got this consistent income that feels like safe yeah but
58:13
maybe it's also just like putting your lens on shit you should care about and like when it comes
58:17
to outsourcing if you have the money like just questioning if you don't want to spend it why is
58:23
it because like if your accountant's saying you're fine yeah yeah I don't know is there a bit of just
58:28
like a worry around maybe that money running out or yeah that might be an interesting one for you
58:32
but what I would also say is if you're listening to this and you think like this has been really
58:37
interesting and god I'd love to like actually also unpack my relationship with money I owe you the
58:41
practical we'll link all the details in the podcast show notes so if you want to know the types of
58:45
questions to ask yourself and really start unpacking your own relationship with money
58:49
you can find more details in the podcast show notes yeah we should say that the course that
58:53
goes alongside this is actually me implementing all these things that we learn so you kind of
58:57
get to watch me do it um i think it'd be really helpful like if i had this as a young person and
59:04
i could just watch someone go through all the motions i'd totally do it you are still a young
59:09
person oh by the way but i think it is really young but it is a thing because like you know
59:14
even for us like when we particularly for me like when I started learning about this the idea of
59:19
something but then seeing someone that kind of feels like a friend going through it like Emily
59:23
our producer and I like we sat down together and did our like money splitting which is something
59:26
we'll go into in the next episode and it's in the course as well but doing it together and with
59:31
someone and being able to ask questions it makes it way less intimidating than just I don't know
59:36
doing it by yourself so I do think having you kind of as the test money for the course makes
59:40
things just feel a bit like someone can do it with you rather than in their own space which
59:46
can sometimes feel scary um but yay that was so fun yeah and we'll be back next month yeah
59:52
thanks god and i'll go do my extra credit yes okay good student okay bye
59:58
that's it for this month's episode of i owe you some money education if you liked the show you
1:00:03
know what to do rate review and make sure you hit follow or subscribe or whatever it is to make sure
1:00:09
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1:00:11
And if you want to do IOU,
1:00:12
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1:00:14
you will learn everything
1:00:15
that she's learning at the same time.
1:00:16
You can hit the link in the podcast show notes.
1:00:18
Thanks for coming, Luz.
1:00:19
Hope you learned something
1:00:19
and we'll see you all next month.
1:00:21
Thank you so much, the Bank of New Zealand
1:00:22
for sponsoring this episode of IOU,
1:00:24
Some Money Education.
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There is an art to starting something new
1:00:27
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1:00:38
And don't forget to check out IOU The Practical Lessons to put everything that you've been
1:00:41
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1:00:42
You can find the details in the podcast show notes.
1:00:51
Okay, quickly, the curve was created to empower and educate you about investing, but we are
1:00:55
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1:00:57
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1:01:01
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1:01:11
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1:01:15
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