Latest / Two Broke Chicks / How To Budget In Your 20s ft. She’s On The Money

Transcript

How To Budget In Your 20s ft. She’s On The Money · Two Broke Chicks

• 0:03
  Speaker 1: So we really need to shift our mindset around budgeting.
• 0:06
  Speaker 1: And the way that I approach it, I would say,
• 0:08
  Speaker 1: is very different to the average bear. So the way
• 0:11
  Speaker 1: I approach it is not about restriction. It's actually just
• 0:14
  Speaker 1: about learning what comes in and out of your bank
• 0:18
  Speaker 1: system without judgment. So if you look at your budget,
• 0:23
  Speaker 1: I guarantee one of the first things you'll says, oh
• 0:25
  Speaker 1: my god, I feel so bad, like I can't believe
• 0:27
  Speaker 1: I no, no, no, We're not going to use that language.
• 0:32
  Speaker 2: Py chicks, I'm out. And this is two broad chicks
• 0:35
  Speaker 2: to show that shares life lessons because we are broken
• 0:37
  Speaker 2: funds but rich in life. And today we are joined
• 0:40
  Speaker 2: by Victoria from She's on the Money.
• 0:42
  Speaker 1: Hello, my friends, thank you for having me. How fancy
• 0:45
  Speaker 1: is this?
• 0:45
  Speaker 3: So it's me, I know. We're down in Melbourne, face
• 0:48
  Speaker 3: to face.
• 0:49
  Speaker 2: I love it, instude, instude, and we are so excited
• 0:53
  Speaker 2: to say we're going to be talking about how to
• 0:55
  Speaker 2: actually spend your monthly paycheck because honestly, I don't think
• 1:00
  Speaker 2: many people know how to do this. I know, like
• 1:02
  Speaker 2: it's taken me a really long time and I probably
• 1:04
  Speaker 2: still don't know. Like I'm going to be listening to
• 1:05
  Speaker 2: this be like okay reading nex yeah, got it.
• 1:08
  Speaker 4: People are like just budget and I'm like, well what okay,
• 1:12
  Speaker 4: but what next?
• 1:13
  Speaker 3: Like how do I do that?
• 1:15
  Speaker 4: That's why we've got Victoria Aunt answer those questions for us.
• 1:18
  Speaker 1: Bold of you to think, I know, oh, come on now,
• 1:21
  Speaker 1: you've got a book on it, girl, I do, but
• 1:23
  Speaker 1: like fake it till you make it, you know, I'm
• 1:25
  Speaker 1: into that. It's very like do as I say, not
• 1:27
  Speaker 1: as I do. Yeah, so if you're here for professional
• 1:30
  Speaker 1: advice like that, we can talk about that personal advice.
• 1:33
  Speaker 1: So cute.
• 1:34
  Speaker 2: Yeah, but that's relatable, Like that's understandable. Like it's kind
• 1:38
  Speaker 2: of the worst when someone is sitting there being like
• 1:41
  Speaker 2: so you can never buy anything fun ever again, and
• 1:44
  Speaker 2: you're absolutely okay.
• 1:45
  Speaker 3: You set yourself up for failure. Yeah, Like I'm like,
• 1:48
  Speaker 3: that's not me. Yeah, can't say no to myself.
• 1:50
  Speaker 5: Yeah.
• 1:51
  Speaker 2: My toxic trait is like what baby wants baby gets.
• 1:53
  Speaker 1: Yeah, Like that's not a toxic trade. That's a life lesson.
• 1:56
  Speaker 5: Thank you.
• 1:57
  Speaker 2: I love this already. I love this. Yes, we love
• 2:02
  Speaker 2: it a neighbor. But before we get into the episode,
• 2:04
  Speaker 2: we do like to start with our life lesson of
• 2:06
  Speaker 2: the week. So Victoria's our guest of honor. What is
• 2:09
  Speaker 2: your life lessen?
• 2:10
  Speaker 1: A life lesson of the week or small?
• 2:13
  Speaker 5: Ah?
• 2:13
  Speaker 1: Do you know what? I feel like? There's so many.
• 2:16
  Speaker 1: I was talking to my dad the other day and
• 2:18
  Speaker 1: there have been some things in my life that I
• 2:21
  Speaker 1: just want to be brutally honest about that.
• 2:24
  Speaker 2: I love when your friend turns you and they're like,
• 2:26
  Speaker 2: can I just be mean for a second?
• 2:27
  Speaker 1: And you're like, one of my team members sent me
• 2:30
  Speaker 1: that as a TikTok this morning and it's like, you know,
• 2:33
  Speaker 1: how will you get resurrected from you? Yeah for a second,
• 2:36
  Speaker 1: And I'm like, yes, I'm here, that's me anyway. Else
• 2:39
  Speaker 1: saying to my dad like, ah, this is annoying me
• 2:41
  Speaker 1: or I rah, And he said, don't forget honesty tempered
• 2:43
  Speaker 1: with mercy and I was like what And he's like, well,
• 2:46
  Speaker 1: if you be honest, that's great, But like, is that
• 2:49
  Speaker 1: the kindest thing to do? Sometimes the kindest thing to
• 2:52
  Speaker 1: do is to say nothing. And sometimes the kindest thing
• 2:54
  Speaker 1: is actually going to be better for you mentally as well,
• 2:57
  Speaker 1: because you don't need to always give someone the tire
• 3:00
  Speaker 1: loop of feedback. Sometimes you just go, hey, I need
• 3:03
  Speaker 1: a moment Hey need this, hey need that. But you
• 3:05
  Speaker 1: don't have to always give them one hundred percent of
• 3:09
  Speaker 1: the truth because that might not be the kindest thing.
• 3:11
  Speaker 1: We're not saying, lie, Yeah, like temper your honesty with
• 3:15
  Speaker 1: mercy and be a little bit kind. So maybe we're like,
• 3:17
  Speaker 1: that's a find dad lesson.
• 3:19
  Speaker 2: Yeah, So I'm like, why'd you lie? And I was like,
• 3:22
  Speaker 2: I was being merciful, like you could have told me,
• 3:28
  Speaker 2: And I'm like, no, no, I'm just being dick.
• 3:31
  Speaker 5: Well you didn't tell the whole truth.
• 3:32
  Speaker 1: It's like, yeah, because it wasn't the kindest thing to do.
• 3:34
  Speaker 2: That's the thing sometimes, like when you know something like,
• 3:37
  Speaker 2: for example, if you know that your best friend's ex
• 3:39
  Speaker 2: got with someone on the weekend at the pub, you're like,
• 3:42
  Speaker 2: I'm not going to tell you that. You don't need
• 3:44
  Speaker 2: to know. You don't need to know anyone. Yeah, So
• 3:47
  Speaker 2: what's your life lesson of the week?
• 3:48
  Speaker 4: Okay, this one's like a bit of a reminder. But
• 3:50
  Speaker 4: something that I had been completely neglecting for the last
• 3:53
  Speaker 4: few years. Is it me?
• 3:55
  Speaker 5: Because I wanted to bring this up.
• 3:57
  Speaker 2: On the board.
• 4:00
  Speaker 4: It's to take advantage of happy hours, Oh my god,
• 4:03
  Speaker 4: like midweek deals. Yes, I never ever do that, I'll
• 4:07
  Speaker 4: like rock up and be like, oh shit, happy hour
• 4:09
  Speaker 4: just ended, like I never organized enough, or I just
• 4:12
  Speaker 4: go to the same restaurant every time.
• 4:14
  Speaker 3: I never branch out.
• 4:15
  Speaker 4: But because we were coming down to Melbourne and we're
• 4:18
  Speaker 4: all about that broke chick life, we were like, let's
• 4:20
  Speaker 4: look up some happy hours, like some good midweek deals.
• 4:23
  Speaker 4: We got thirty percent off a meal for ordering online
• 4:25
  Speaker 4: at a restaurant.
• 4:26
  Speaker 2: Well booking, just booking, yeah, just booking online. We didn't
• 4:29
  Speaker 2: even order it, need to order the food in advance,
• 4:32
  Speaker 2: we just booked it online.
• 4:33
  Speaker 3: It was Sint Domenico's and it was so nice.
• 4:36
  Speaker 4: But I don't think I ever would have found it
• 4:38
  Speaker 4: unless I've just been googling like midweek deals Melbourne.
• 4:42
  Speaker 2: It was and it was so delicious. Our producer, who
• 4:45
  Speaker 2: is gluten and dairy intolerant, had a four cheese and yoki.
• 4:49
  Speaker 2: We were like and then she was like, what I'm living?
• 4:52
  Speaker 5: Yeah, it was worth.
• 4:55
  Speaker 2: She was fine.
• 4:56
  Speaker 5: She was fine, that's a money win.
• 5:01
  Speaker 1: There's also an app that my community are obsessed with
• 5:04
  Speaker 1: and I cannot for the life club.
• 5:06
  Speaker 2: No. It's called like First Table or open Table.
• 5:09
  Speaker 1: No First Table and you book and look I might
• 5:12
  Speaker 1: be incorrect, but if you google first table like Melbourne
• 5:14
  Speaker 1: or City, I'm sure it will come up. But it's
• 5:16
  Speaker 1: like an app where you can go on and book
• 5:18
  Speaker 1: the first tables of the evening and you get fifty
• 5:20
  Speaker 1: percent off your meal at that particular restaurant because you
• 5:24
  Speaker 1: know how if they open it like five, there's like
• 5:26
  Speaker 1: no one there. Oh my god, make us look busier.
• 5:30
  Speaker 1: We'll give you half off.
• 5:31
  Speaker 2: That is. That is amazing. Also, I love it like
• 5:34
  Speaker 2: a five pm dinner special. I do not.
• 5:37
  Speaker 1: That is an afternoon snack. I'm going to require dinner
• 5:40
  Speaker 1: again at ninth.
• 5:41
  Speaker 5: Oh yeah, oh we can do that.
• 5:44
  Speaker 1: Yeah, I don't know.
• 5:47
  Speaker 2: It's a dinner win. My life lesson of the week
• 5:50
  Speaker 2: is how you can see the Barbie movie for twelve dollars.
• 5:52
  Speaker 1: What? Yeah, I didn't know this.
• 5:54
  Speaker 5: Oh yeah, very good deal. Yeah.
• 5:56
  Speaker 2: So literally I did this with my partner. I think
• 5:59
  Speaker 2: it was like eleven dollars for a movie ticket and
• 6:02
  Speaker 2: it was just buying it on the shot back app.
• 6:04
  Speaker 2: You just get like a voucher on shot back and
• 6:07
  Speaker 2: it's half priced. Now it's eleven dollars and ninety five cents.
• 6:10
  Speaker 2: And when you go to the movies, you can scan
• 6:12
  Speaker 2: it to get your movie ticket, or you just buy
• 6:14
  Speaker 2: your ticket online and it's so cheap, so just do
• 6:16
  Speaker 2: that if.
• 6:16
  Speaker 1: You want to go because the movie.
• 6:18
  Speaker 2: The movies are so expensive now it's ridiculous. I sound
• 6:21
  Speaker 2: like my dad, but I'm like, I don't want to pay.
• 6:24
  Speaker 1: Out the popcorn, and then you obviously need the like
• 6:27
  Speaker 1: giant coat. Oh yeah, tops, obviously that's part of the
• 6:31
  Speaker 1: experience absol.
• 6:33
  Speaker 2: But they have deals across like gold class as well.
• 6:36
  Speaker 2: So if you're wanting to go see the Barbie movie,
• 6:38
  Speaker 2: obviously you.
• 6:39
  Speaker 5: Are, like who are you rich?
• 6:42
  Speaker 3: Yeah, well, okay, only if we're getting it half rice.
• 6:44
  Speaker 2: Fully, but like as well, maybe if you're going on
• 6:46
  Speaker 2: a date, like if you want to take someone on
• 6:47
  Speaker 2: a date as.
• 6:48
  Speaker 1: Well, elite date, taking me to the Barbie movie, Like
• 6:52
  Speaker 1: I'm already married. If you yet me, I would marry you.
• 6:55
  Speaker 1: You're like divorced, babe, divorce a Barbie movie.
• 6:59
  Speaker 2: Yeah, yeah, yeah, it's over all right, Well, now that
• 7:03
  Speaker 2: we've saved money, gone to happy hour and we're going
• 7:05
  Speaker 2: to start being merciful and honest, let's get into the episode,
• 7:10
  Speaker 2: all right, So finance in our twenties is there's so
• 7:14
  Speaker 2: much to it, but we're going to kind of niche
• 7:15
  Speaker 2: down into how to spend our monthly paycheck. But first
• 7:19
  Speaker 2: things first, what's that average salary that someone in their
• 7:22
  Speaker 2: mid twenties is actually working with and earning?
• 7:25
  Speaker 1: So it really depends and there's lots of different numbers
• 7:28
  Speaker 1: that float around, and I think the best number to
• 7:31
  Speaker 1: rely on if you're asking me for the average is
• 7:33
  Speaker 1: the abs starter and so it's eleven hundred and twenty
• 7:36
  Speaker 1: seven dollars and fifty cents each and every single week,
• 7:40
  Speaker 1: which feels like a lot.
• 7:41
  Speaker 2: It does feel like a lot.
• 7:42
  Speaker 1: But when you realize how much it costs to live,
• 7:45
  Speaker 1: it's not actually that much. However, it's interesting when you
• 7:49
  Speaker 1: look at what the mean salary is for the average
• 7:51
  Speaker 1: Australian versus the median, these two things are actually quite different.
• 7:55
  Speaker 1: And I believe the average salary is around sixty thousand dollars,
• 7:59
  Speaker 1: but the quote normal salary, like what you would most
• 8:03
  Speaker 1: likely expect someone our age to earn, is between seventy
• 8:08
  Speaker 1: and ninety thousand a year. So it really depends on
• 8:11
  Speaker 1: so much stuff, right, Because this data takes into consideration
• 8:14
  Speaker 1: people who live regionally, all of the people who might
• 8:17
  Speaker 1: be employed and working part time, working mums, people who
• 8:20
  Speaker 1: have a lot more flexibility, people who are working and
• 8:24
  Speaker 1: are very close to the poverty line. But then it's
• 8:26
  Speaker 1: also considering people who own hundreds of thousands of dollars,
• 8:29
  Speaker 1: if not millions, as business owners. So it's kind of
• 8:32
  Speaker 1: hard to look at data and go is this reflective
• 8:37
  Speaker 1: of the reality. And when I look at the reality
• 8:40
  Speaker 1: and I look at our community and that she's on
• 8:42
  Speaker 1: the money community is more than two hundred and fifty
• 8:44
  Speaker 1: thousand women. And I'm psycho love I love data. I
• 8:49
  Speaker 1: actually studied psychology way back when, have two degrees in that,
• 8:53
  Speaker 1: so psychometrics.
• 8:54
  Speaker 2: And I gettics. I'm like, are you ready my mind?
• 9:00
  Speaker 1: I mean here to it tally, you'd be kind to
• 9:02
  Speaker 1: watch out anyway, I would say the average is more
• 9:05
  Speaker 1: around take home pay in your twenties of like eight
• 9:07
  Speaker 1: hundred bucks. So the data or the official data says
• 9:11
  Speaker 1: one thing. And then my experience within my community, because
• 9:14
  Speaker 1: as I said, love a bit of analysis. I give
• 9:17
  Speaker 1: them a census every year. That's so cool, around eight
• 9:21
  Speaker 1: to nine hundred dollars a week take home and then
• 9:24
  Speaker 1: our average, I guess rent payment in our twenties is
• 9:28
  Speaker 1: nearly forty percent of our salary.
• 9:31
  Speaker 2: Yep, I feel that feel that it's a.
• 9:34
  Speaker 1: Lot, And I mean it's all down to I've got
• 9:36
  Speaker 1: so much to say about this, but it's all down
• 9:37
  Speaker 1: to your values and your goals and whatnot. And like
• 9:40
  Speaker 1: I meet people who are, you know, living really frugally
• 9:42
  Speaker 1: and they're like, oh, I don't even pay rent. I
• 9:44
  Speaker 1: live in a cardboard box in the corner of a sharehouse.
• 9:47
  Speaker 1: And then there's other people who are like, no, I
• 9:49
  Speaker 1: really value my home and my rent is actually fifty
• 9:52
  Speaker 1: five percent of my salary. And you go, okay, as
• 9:55
  Speaker 1: long as you're making educated decisions around that. And I
• 9:58
  Speaker 1: guess that's what this conversation is meant to be about.
• 10:01
  Speaker 2: Yeah, I think that's such a good point on like
• 10:02
  Speaker 2: what your priorities are and what you want in life,
• 10:04
  Speaker 2: Like do you want to be living in like your
• 10:07
  Speaker 2: dream apartment or do you want to just like go
• 10:10
  Speaker 2: live your life and you don't really care about where
• 10:11
  Speaker 2: you lay your head at night. I'm definitely the apartments.
• 10:15
  Speaker 2: I'm such a homebody. Yeah, yeah, I love being at
• 10:20
  Speaker 2: home and I wasn't always like that, but definitely off
• 10:23
  Speaker 2: the COVID, I'm such like I'm like home.
• 10:27
  Speaker 5: Yeah.
• 10:27
  Speaker 4: I think that's so interesting as well that you look
• 10:29
  Speaker 4: at that data based on your audience, because then you
• 10:31
  Speaker 4: can actually give.
• 10:32
  Speaker 3: More helpful and tailored advice.
• 10:35
  Speaker 4: I know it's still not personal advice because everybody's situation
• 10:38
  Speaker 4: is so different, but based on that, what's the average
• 10:42
  Speaker 4: savings that people in their mid twenties have?
• 10:44
  Speaker 1: See? I don't like this question either.
• 10:46
  Speaker 2: Can you make everyone? You're either going to make everyone
• 10:48
  Speaker 2: feel better about themselves or you were.
• 10:50
  Speaker 1: Bad because I look at it and I look at
• 10:51
  Speaker 1: my community and they say one thing and then the
• 10:54
  Speaker 1: reality of it says another.
• 10:55
  Speaker 2: But that's the thing. So healtic statistics can be so
• 10:59
  Speaker 2: like they'll show you a number of like you know
• 11:01
  Speaker 2: what the average person in their twenties is EARNINGE? And
• 11:03
  Speaker 2: you're like, who where? Yeah?
• 11:06
  Speaker 1: Yeah, So Westpac data tells us that the average savings
• 11:09
  Speaker 1: of someone in their twenties is seven nine hundred and
• 11:12
  Speaker 1: ninety five dollars and I look at that and go,
• 11:14
  Speaker 1: oh baller, all right, no worries. However, other data tells
• 11:19
  Speaker 1: us that the average Australian obviously not all in their twenties.
• 11:23
  Speaker 1: The average Australian would not be able to access five
• 11:26
  Speaker 1: hundred dollars if they came into an emergency where that
• 11:29
  Speaker 1: was required. So I look at it and go, all right,
• 11:32
  Speaker 1: no worries. And then when I survey my my community
• 11:36
  Speaker 1: and go, hey, how much do you have in savings?
• 11:39
  Speaker 1: It goes all the way from I have literally nothing,
• 11:42
  Speaker 1: I'm negative, I'm in personal debt all the way through
• 11:44
  Speaker 1: two hundreds of thousands of dollars. But the average, I
• 11:48
  Speaker 1: would say is between two and five thousand dollars. So
• 11:51
  Speaker 1: that nine hundred and ninety five dollars feels like a lot,
• 11:54
  Speaker 1: especially in your twenties, Like I feel like you're just
• 11:57
  Speaker 1: setting yourself up, like life has just become quote real,
• 12:00
  Speaker 1: and you're learning and growing and changing and testing the waters. Yeah,
• 12:04
  Speaker 1: so if you have more than that, baller, big drategy.
• 12:08
  Speaker 1: But if you have less than that, I wouldn't be
• 12:09
  Speaker 1: crucifying yourself either, because it's so.
• 12:11
  Speaker 2: Normal, definitely, And I think a lot of people are
• 12:13
  Speaker 2: struggling to just pay their rent increase, like and that's okay,
• 12:17
  Speaker 2: Like you don't need to be having seven thousand, nine
• 12:20
  Speaker 2: hundred dollars in your bank account. Like if you focusing
• 12:23
  Speaker 2: on getting by month to month, that's okay.
• 12:26
  Speaker 4: Yeah, it's also really good to have that context, because
• 12:29
  Speaker 4: it is so disheartening when you see that figure and
• 12:31
  Speaker 4: you're like I don't have that and I am not
• 12:34
  Speaker 4: even anywhere near close to that. In my early twenties,
• 12:37
  Speaker 4: I was so like pessimistic when it came to my money,
• 12:40
  Speaker 4: being like, well, I'm earning nothing, so what's even the point,
• 12:43
  Speaker 4: Like I'll never get to that goal of the average,
• 12:46
  Speaker 4: so like what's the point. But it's like, no, like
• 12:48
  Speaker 4: every little bit counts, and it's so helpful to know
• 12:50
  Speaker 4: that the majority of people don't have seven thousand dollars
• 12:53
  Speaker 4: saved in their mid twenties, I know.
• 12:55
  Speaker 2: And in my it's so bad that I'm like, what
• 12:57
  Speaker 2: if my dad tomorrow, you know, Like I have that
• 13:00
  Speaker 2: thing in my head that I'm like, I want to
• 13:02
  Speaker 2: say if I want to be responsible. But then I'm
• 13:03
  Speaker 2: also like, but like there's only one day like today,
• 13:10
  Speaker 2: which again.
• 13:11
  Speaker 1: Like I'm sixty five year old, you I know, I
• 13:13
  Speaker 1: had a good twenty years, yeah, which I don't remember
• 13:16
  Speaker 1: now at all.
• 13:17
  Speaker 2: I only remember when I had a breakfast this morning.
• 13:20
  Speaker 3: Yeah.
• 13:20
  Speaker 2: But again I'm like, well, baby wants the baby gets
• 13:24
  Speaker 2: I think as we're one of the biggest struggles I've
• 13:27
  Speaker 2: had with budgeting and trying to get better with my
• 13:29
  Speaker 2: money is that there are so many types of budgets
• 13:32
  Speaker 2: that we're told to do, being like, oh, try this
• 13:34
  Speaker 2: rule or do this budgeting hack, and it becomes a
• 13:37
  Speaker 2: lot and a bit overwhelming. So in your experience, when
• 13:40
  Speaker 2: someone's really bad at budgeting, like uss like I was, Yeah,
• 13:45
  Speaker 2: if someone's really bad at budgeting, what is the budgeting
• 13:48
  Speaker 2: tool or way of doing it that you recommend?
• 13:51
  Speaker 1: So I am really fluffy, like I am so like,
• 13:54
  Speaker 1: oh my gosh. So it's about how you think and
• 13:56
  Speaker 1: how you feel. So like hear me, all right, So
• 13:58
  Speaker 1: budgeting sucks. Likes to budget because budgeting I would a
• 14:02
  Speaker 1: kin to dieting. No one likes dieting. It feels restrictive,
• 14:04
  Speaker 1: it feels awful. It doesn't feel like something I want
• 14:07
  Speaker 1: to do. The second I implement any type of diet
• 14:10
  Speaker 1: in my life, which I don't anymore completely, just to
• 14:13
  Speaker 1: put that on the table, I just think of all
• 14:16
  Speaker 1: the things I can't have. I feel like the same
• 14:19
  Speaker 1: thing happens when we budget. So if I said to you,
• 14:21
  Speaker 1: you really need to budget, you'd be like, but I
• 14:23
  Speaker 1: want to and you're thinking about all the things that
• 14:25
  Speaker 1: you can't have, not the things that you can have
• 14:27
  Speaker 1: because of the decisions that you're making. So we really
• 14:31
  Speaker 1: need to shift our mindset around budgeting. And the way
• 14:34
  Speaker 1: that I approach it, I would say, is very different
• 14:36
  Speaker 1: to the average bear. So the way I approach it
• 14:39
  Speaker 1: is not about restriction. It's actually just about learning what
• 14:43
  Speaker 1: comes in and out of your bank system without judgment.
• 14:47
  Speaker 1: So if you look at your budget, I guarantee one
• 14:51
  Speaker 1: of the first things you'll say is, oh my god,
• 14:52
  Speaker 1: I feel so bad, like I can't believe I no, no, no,
• 14:55
  Speaker 1: We're not going to use that language. How much do
• 14:57
  Speaker 1: you spend on groceries? You might go, oh, of it's
• 14:59
  Speaker 1: three hundre bucks a week and I'm a single. Were like, great,
• 15:02
  Speaker 1: no worries. Does that align with your values? And you
• 15:05
  Speaker 1: might go, yeah, it actually does because I run a podcast,
• 15:09
  Speaker 1: I'm really busy. I buy a lot of convenience meals,
• 15:13
  Speaker 1: I eat out a lot. I'm not worried about that
• 15:15
  Speaker 1: being a big expense. We might look at something else though,
• 15:19
  Speaker 1: that you're not using, that you don't get value out
• 15:22
  Speaker 1: of that you didn't realize added up, Like I'm not
• 15:25
  Speaker 1: an air forty five girl. Oh, like, I'm not throwing
• 15:29
  Speaker 1: forty five girlies under the bus. In fact, I'm really
• 15:32
  Speaker 1: envious with you.
• 15:32
  Speaker 5: Yeah mogment.
• 15:34
  Speaker 1: However, in Melbourne, I have heard from my own experience
• 15:39
  Speaker 1: that forty five is like seventy five to eighty dollars
• 15:42
  Speaker 1: a week. It's so actimitted to that because I was like,
• 15:45
  Speaker 1: if it's expensive, I'm.
• 15:46
  Speaker 2: Going to go Yeah, honestly no, about.
• 15:48
  Speaker 1: Every excuse under the sun not to do bur piers,
• 15:51
  Speaker 1: I was not going to do it. And then once
• 15:54
  Speaker 1: I calculated how much that was costing me per year,
• 15:56
  Speaker 1: I was like, absolutely not, that's got to go. So
• 15:59
  Speaker 1: if we sit down and we do our budget and
• 16:00
  Speaker 1: we actually look at it as in, is this aligning
• 16:03
  Speaker 1: with my values every single line item, not what works
• 16:07
  Speaker 1: for my friend, because my friend might be obsessed with
• 16:09
  Speaker 1: their forty five and she might also be a meal
• 16:12
  Speaker 1: prepping queen and she might look at my grocery budget
• 16:15
  Speaker 1: and be like you are crazy, like that's so irresponsible.
• 16:19
  Speaker 1: Not it's not. It's me living in line with the
• 16:21
  Speaker 1: values that I hold. Once we then have that complete
• 16:24
  Speaker 1: budget and we go all right, well, this is what
• 16:26
  Speaker 1: I'm doing. What are my goals? What am I trying
• 16:30
  Speaker 1: to achieve? And you might be trying to save for
• 16:32
  Speaker 1: a house, or you might be trying to, you know,
• 16:33
  Speaker 1: just get some cash in the bank so you have
• 16:35
  Speaker 1: an emergency fund, or you might be saving for a
• 16:37
  Speaker 1: girl's trip to Bali, or it might be anything. Right,
• 16:40
  Speaker 1: you might look at your budget and go, hmmm, that
• 16:42
  Speaker 1: thing that I really want to do, it's not gonna
• 16:45
  Speaker 1: happen if my lifestyle stays this way. What can I
• 16:48
  Speaker 1: comfortably then cut back without compromising my lifestyle too much?
• 16:53
  Speaker 1: You might go, all right, well, three hundred bucks on groceries,
• 16:56
  Speaker 1: it's a lot. Maybe I could just do one less
• 16:59
  Speaker 1: thing and buy I, you know, a quicker meal, or
• 17:01
  Speaker 1: I might make dinner once a week, and then that
• 17:03
  Speaker 1: additional cash can go somewhere else. So I'm not saying
• 17:07
  Speaker 1: stick to certain concepts or certain frameworks, because if we
• 17:12
  Speaker 1: google it, the average family in Australia is spending between
• 17:14
  Speaker 1: one hundred and fifty and two hundred dollars on groceries
• 17:17
  Speaker 1: each week. Average family. I spend way more than that.
• 17:20
  Speaker 1: As an individual.
• 17:21
  Speaker 2: I was just doing the math in my head.
• 17:23
  Speaker 1: I spend so much on that, And again the data
• 17:26
  Speaker 1: tells us that that's from the poverty line all the
• 17:29
  Speaker 1: way up to people who have millions to spend on groceries.
• 17:33
  Speaker 1: So that's not really representative. So if you look at
• 17:35
  Speaker 1: your budget and you're going, well, what should I be
• 17:37
  Speaker 1: spending Victoria, I can't tell you that, Yeah, because I
• 17:40
  Speaker 1: don't know your values. I don't know what aligns to
• 17:43
  Speaker 1: your goals. And as you were saying before, your homebody,
• 17:45
  Speaker 1: you're going to want to spend more on your rent.
• 17:48
  Speaker 1: I know somebody who's literally doing that fire you know,
• 17:51
  Speaker 1: financial independence, retire early, so they're saving like ninety percent
• 17:55
  Speaker 1: of their income. Their home is not a priority to them. Well,
• 17:58
  Speaker 1: I respect, but I could never do ever. I could
• 18:02
  Speaker 1: never because it's not in line with my values. We're
• 18:04
  Speaker 1: all so different. So when it comes to what's the
• 18:07
  Speaker 1: right way to budget, to be honest, I think my
• 18:09
  Speaker 1: system of what you earn, what you spend, what you own,
• 18:12
  Speaker 1: and what you owe and understanding those four numbers I
• 18:15
  Speaker 1: do have you know, shameless plug free budget on my
• 18:17
  Speaker 1: website doesn't cost you anything, download it, do it. But
• 18:20
  Speaker 1: that's just so you can get a hold of those numbers.
• 18:23
  Speaker 1: Because the second you know those, you're so much more powerful.
• 18:26
  Speaker 1: Like if you could tell me, and I guarantee right
• 18:28
  Speaker 1: now you could probably both tell me, on average what
• 18:31
  Speaker 1: you earn each month. You could say, yeah, we take
• 18:33
  Speaker 1: home X, but you probably couldn't tell me how many
• 18:37
  Speaker 1: dollars leave your bank account on average. You probably couldn't
• 18:41
  Speaker 1: tell me the other three numbers that I say are imperortant.
• 18:44
  Speaker 1: So you could tell me.
• 18:45
  Speaker 2: What you own, Okay, Victoria, stop expecting?
• 18:47
  Speaker 1: Do you know? And what do you own? And if
• 18:49
  Speaker 1: you have those four numbers, it's kind of like creating
• 18:51
  Speaker 1: and coordinates on a map and you know exactly where
• 18:54
  Speaker 1: you are and where you want to go and what
• 18:56
  Speaker 1: that looks like, and we can create a plan because
• 18:59
  Speaker 1: I genuinely think if we don't know where we're starting
• 19:01
  Speaker 1: from and we can't be honest with ourselves about that,
• 19:04
  Speaker 1: how are we going to get to where we're going
• 19:06
  Speaker 1: if we can't draw the map. So it's it's a
• 19:10
  Speaker 1: bit more fluffy, and I think a little bit more kind,
• 19:12
  Speaker 1: and I do think.
• 19:12
  Speaker 2: But I think that's nicer. It's not like, Okay, this
• 19:15
  Speaker 2: is the exact percentage you're transferring to savings and doing this,
• 19:18
  Speaker 2: because that becomes like just not really achievable. I think
• 19:22
  Speaker 2: a lot of the time, and I really like that
• 19:24
  Speaker 2: approach of being like, yeah, but I like, you know,
• 19:27
  Speaker 2: eating out at least like one to two nights a week,
• 19:30
  Speaker 2: So like, does that work with what I want to do?
• 19:32
  Speaker 2: If I do want to go to Barley next month
• 19:33
  Speaker 2: or if I want to go to Europe next year,
• 19:35
  Speaker 2: which I really do.
• 19:37
  Speaker 1: We really want to compromise, right, Unfortunately our incomes are
• 19:42
  Speaker 1: limited and.
• 19:43
  Speaker 3: Which what's up with that.
• 19:46
  Speaker 1: Elbow man bode But because they have some level of
• 19:54
  Speaker 1: like cap, our goals have to have compromise. So you
• 19:58
  Speaker 1: might love eating out, but that's the compromise you're making.
• 20:02
  Speaker 1: And I think the most important part about that is
• 20:04
  Speaker 1: not me just saying, oh, you need to compromise and
• 20:07
  Speaker 1: you going, well, that sucks. What you need to compromise
• 20:10
  Speaker 1: is one thing for another. But if you're making that
• 20:12
  Speaker 1: and you're clean and clear and educated about that, you're
• 20:15
  Speaker 1: going to be happy eating at home because you're getting
• 20:17
  Speaker 1: something that, to you is more valuable going to Bali
• 20:20
  Speaker 1: with your girlfriends. If it means one more night at
• 20:22
  Speaker 1: home is going to be so much easier to do.
• 20:25
  Speaker 1: It's going to be so much easier to stick to.
• 20:27
  Speaker 1: If you're really passionate about this, and I think so
• 20:29
  Speaker 1: many times people fall off I guess the horse so
• 20:32
  Speaker 1: quickly because they set goals that they just are influenced
• 20:37
  Speaker 1: to set. Like a lot of people who say I'm
• 20:40
  Speaker 1: saving for my first home, I'm like, why though, do
• 20:42
  Speaker 1: you actually want that? Because you're not really tracking towards
• 20:46
  Speaker 1: this value set. Your values are actually over here. And
• 20:49
  Speaker 1: the amount of people because I used to do this
• 20:51
  Speaker 1: thing called the Hour of Power, right and I'd sit
• 20:54
  Speaker 1: you down, I'd make you give me all of your expenses,
• 20:56
  Speaker 1: and I would to smash through your budget, your cash flow,
• 20:59
  Speaker 1: tell you exactly what you're earning, what you were spending,
• 21:01
  Speaker 1: would go through your goals. I'd set you up and
• 21:03
  Speaker 1: be like, okay, well now you need to do abc DN.
• 21:07
  Speaker 2: People would be like look, yeah, they'd be like, oh shit.
• 21:09
  Speaker 1: But sometimes I'd sit down with people and their goals
• 21:12
  Speaker 1: would be you know, let's just be really scary to
• 21:14
  Speaker 1: I want to buy a house, want to say for
• 21:15
  Speaker 1: a car, I want to have a wedding. Yeah, all right,
• 21:17
  Speaker 1: no worries. I am pretty sure your values are vapes, babe,
• 21:21
  Speaker 1: because sit down, if I sit down and do your budget,
• 21:29
  Speaker 1: all of your money is.
• 21:30
  Speaker 5: Going to going out and spending money on vapes.
• 21:33
  Speaker 2: Right, and then just like ow so many faces, it's not.
• 21:39
  Speaker 1: A bad thing. It's actually none.
• 21:40
  Speaker 2: Of us vaping.
• 21:43
  Speaker 1: Like, yeah, but if you sit down and look at
• 21:50
  Speaker 1: your budget and that's where a lot of your cash
• 21:51
  Speaker 1: flow is going, I'm sorry, but you care more about
• 21:54
  Speaker 1: that than you do the goals you just taught me about.
• 21:56
  Speaker 1: And if you then want to argue with me, I'll
• 21:58
  Speaker 1: be like, that's fine, but sometimes I speak a little.
• 22:00
  Speaker 2: Bit y yeah words, what are you going to do.
• 22:02
  Speaker 1: To change that? And if you can't change that, maybe
• 22:05
  Speaker 1: we need to dig deeper into that. It's probably not
• 22:07
  Speaker 1: the vapes promise. It's probably the lifestyle. It's probably the
• 22:10
  Speaker 1: social aspect. It's probably all of those things that we
• 22:13
  Speaker 1: need to, you know, deconstruct to understand why you're not
• 22:17
  Speaker 1: achieving these other goals. Do we need to change the
• 22:19
  Speaker 1: way you're socializing? Are your friends are they actually really
• 22:23
  Speaker 1: good for you or not? Like there's just so much
• 22:26
  Speaker 1: to it where if you tell me what your value
• 22:28
  Speaker 1: sets are, that when we overlay them over how you
• 22:31
  Speaker 1: spend sometimes they're not reflective and that's where we get
• 22:35
  Speaker 1: a bit of misalignment and we might feel really lost.
• 22:38
  Speaker 1: We might feel like we're not achieving anything, or we're
• 22:40
  Speaker 1: not working towards anything, or you get this narrative of
• 22:43
  Speaker 1: like I can't save I suck at it. It's like no, babe,
• 22:46
  Speaker 1: Like you just haven't thought enough about it to actually
• 22:49
  Speaker 1: create this clean, clear plan that aligns with who you
• 22:52
  Speaker 1: are and who you are at nineteen very different to
• 22:54
  Speaker 1: who you are.
• 22:55
  Speaker 2: You need to tough love yourself a little bit.
• 22:57
  Speaker 4: Yeah, yeah, yeah, And because it is really hard looking
• 23:00
  Speaker 4: at your expenses especially, and our next question was going
• 23:03
  Speaker 4: to be.
• 23:04
  Speaker 3: How do you break down your paycheck?
• 23:07
  Speaker 4: Like should you be looking at it like, for example,
• 23:09
  Speaker 4: forty percent towards rant, Yeah.
• 23:13
  Speaker 1: That's what we've been with percentages.
• 23:14
  Speaker 2: Do you think the same with savings, Like do you
• 23:16
  Speaker 2: think you should be like in terms of people thinking
• 23:19
  Speaker 2: they should save a certain amount per month? Like is
• 23:22
  Speaker 2: that also? Like yeah, just like whatever is align with
• 23:25
  Speaker 2: your values.
• 23:26
  Speaker 1: I think it's really in line with your values. And
• 23:29
  Speaker 1: I believe again, as I said, I'm a little bit
• 23:31
  Speaker 1: fluffy about money, and I think it's important.
• 23:34
  Speaker 2: I don't think it's fluffy though.
• 23:35
  Speaker 1: What kind of is It's like me trying to overlay
• 23:38
  Speaker 1: my psychology degrees with my finance degrees and being like,
• 23:40
  Speaker 1: I know who you are.
• 23:41
  Speaker 2: But that's the thing is people need to be like
• 23:44
  Speaker 2: realistic in what they can do. Because I think that
• 23:47
  Speaker 2: was the thing that I was really bad at savings,
• 23:50
  Speaker 2: I say in quotation marks, because I was trying to
• 23:53
  Speaker 2: save an amount that just was not like I could
• 23:56
  Speaker 2: save that amount, but I didn't want to because I
• 23:59
  Speaker 2: wanted to go out with friends. I wanted to you know,
• 24:02
  Speaker 2: go online shopping. I wanted to do all those things.
• 24:04
  Speaker 2: So the amount that I was trying to save did
• 24:06
  Speaker 2: not match the things that I want in my life,
• 24:07
  Speaker 2: which is now everything's a lining and I think you're
• 24:10
  Speaker 2: not making sense.
• 24:11
  Speaker 1: Yeah, And I think that's where the fluffy thing comes in, right, So,
• 24:14
  Speaker 1: like I believe in seasons of life, like there are
• 24:17
  Speaker 1: seasons in the year. You can't always have winter, you
• 24:20
  Speaker 1: can't always have summer. And obviously we have a little
• 24:22
  Speaker 1: bit of a preference for what we want and how
• 24:24
  Speaker 1: it works, but in life we go through different seasons.
• 24:27
  Speaker 1: And if you tell people or you should be saving
• 24:30
  Speaker 1: ten percent of your salary, if you then got someone
• 24:33
  Speaker 1: who was earning four hundred thousand dollars, I'd look at
• 24:36
  Speaker 1: you and go, why aren't you saving more? If you
• 24:39
  Speaker 1: got a single mom earning forty thousand dollars, I'd be like,
• 24:42
  Speaker 1: my friend, it makes sense that you cannot say you
• 24:46
  Speaker 1: should not have that pressure on you. You're a single
• 24:48
  Speaker 1: mom absolutely killing it. You're doing the best thing that
• 24:51
  Speaker 1: you possibly can with the tools and resources you have.
• 24:54
  Speaker 1: That life is not forever like, that's a season of
• 24:57
  Speaker 1: your life that you're going through, And I think that
• 24:59
  Speaker 1: that's where we need to be a lot kinder to
• 25:01
  Speaker 1: ourselves to say, well, maybe there are times in my
• 25:04
  Speaker 1: life you might be a young UNI student killing it,
• 25:08
  Speaker 1: working an extra job and doing UNI and it's all
• 25:10
  Speaker 1: overwhelming and you don't feel like you're getting ahead. Can
• 25:13
  Speaker 1: we be a little bit pragmatic about writing down why
• 25:16
  Speaker 1: maybe that's the case. It might be because you're working
• 25:19
  Speaker 1: a minimum wage job to get through university and that
• 25:22
  Speaker 1: job's job is actually to put food on your care
• 25:26
  Speaker 1: and a roof over your head, and savings aren't actually
• 25:29
  Speaker 1: part of this journey right now, because it's unrealistic, And
• 25:33
  Speaker 1: I think that we need to be really kind to ourselves.
• 25:37
  Speaker 1: Whereas if you said to me, oh, Victoria four hundred
• 25:40
  Speaker 1: thousand dollar lawyer, I'd be like, Okay, cool, I can
• 25:42
  Speaker 1: craft a plan that makes sense forty thousand dollar. A
• 25:45
  Speaker 1: mom can craft a plan that makes sense. But it's
• 25:48
  Speaker 1: all really circumstantial based on what you're earning, what your
• 25:51
  Speaker 1: commitments are, and how that's going to play out. Because
• 25:55
  Speaker 1: I think by saying, oh, you probably should spend around
• 25:58
  Speaker 1: twenty percent, that's not going to work for everybody. And
• 26:00
  Speaker 1: there's this very popular finance content creator that doesn't wear
• 26:05
  Speaker 1: any shoes. Really, I wear really good shoes. He has
• 26:12
  Speaker 1: this brilliant system that has completely changed Australia. Like Scott
• 26:16
  Speaker 1: Pape is a genius. So the Barefoot Investor is I
• 26:19
  Speaker 1: think one of the best finance resources in the country. However,
• 26:23
  Speaker 1: I have a few things that don't really work for
• 26:27
  Speaker 1: my community because he does suggest a percentage based system,
• 26:31
  Speaker 1: and he does suggest a whole heap of stuff that
• 26:33
  Speaker 1: I go Actually, my community are young and educated and
• 26:36
  Speaker 1: have time on their side. Some of these things don't work,
• 26:40
  Speaker 1: and like, if you're at a higher tax bracket, why
• 26:43
  Speaker 1: would you only save a certain amount and then splurge
• 26:46
  Speaker 1: that much? And I know that these things. People love structure,
• 26:49
  Speaker 1: They love being told what to do because the structure
• 26:53
  Speaker 1: is often what we crave. So I can see why
• 26:55
  Speaker 1: it works, but sometimes starting there is great save x amount.
• 27:00
  Speaker 1: If that system of percentages works for you have practiced
• 27:04
  Speaker 1: at it, once you feel confident with it, maybe let's
• 27:06
  Speaker 1: look at it more holistically and go, well, actually, what's
• 27:09
  Speaker 1: going to work for my value set? What's going to
• 27:11
  Speaker 1: work for the goals that I have and what I
• 27:13
  Speaker 1: want to create? Because as much as his book is brilliant,
• 27:16
  Speaker 1: it is written for people in their forties who have
• 27:19
  Speaker 1: not cared about financial literacy yet, and the plan is
• 27:23
  Speaker 1: to get one home and retire comfortably and rely on
• 27:27
  Speaker 1: a pension. Yeah, and I guarantee that if I sat
• 27:29
  Speaker 1: you down and said what of your life goals? What
• 27:31
  Speaker 1: do you want to do, you'd be like, I want
• 27:32
  Speaker 1: to be financially free by this year. I want to
• 27:35
  Speaker 1: do this, I want to do that. That's not the
• 27:37
  Speaker 1: system for you. That it's a brilliant place to start
• 27:39
  Speaker 1: to get out of debt, to put yourself in the
• 27:41
  Speaker 1: best possible position, but it's kind of like we need
• 27:43
  Speaker 1: to level up at some point, we need to take
• 27:45
  Speaker 1: it to that situation where it's really encompassing your goals,
• 27:49
  Speaker 1: your values, what you want to create and as much
• 27:51
  Speaker 1: as you too keep finishing your sentences, and like you
• 27:54
  Speaker 1: are two peas in a pod, you will have different
• 27:56
  Speaker 1: goals and different values. So even if I sat down
• 27:59
  Speaker 1: with your buddy and looked at yours and then looked
• 28:01
  Speaker 1: at yours, they hopefully would be really different. And I
• 28:04
  Speaker 1: wouldn't ever want you to compare because what you spent
• 28:07
  Speaker 1: on food might not be what you spent on food,
• 28:09
  Speaker 1: and that's so fine.
• 28:10
  Speaker 2: It'd be surprised. It's very alive, but yeah, definitely. So
• 28:17
  Speaker 2: this one was a very common question that we get
• 28:19
  Speaker 2: from our audience a lot. And in your own short
• 28:22
  Speaker 2: and sweet answer, how do we stop buying every new
• 28:26
  Speaker 2: viral product that's coming up on our TikTok? Because social
• 28:29
  Speaker 2: media just teach me our over consumption that we're like,
• 28:34
  Speaker 2: do you new jacket?
• 28:35
  Speaker 1: Laptop light? It clips onto the top of my laptop.
• 28:39
  Speaker 1: Found it on tiktop, See, I've got it, It's in
• 28:42
  Speaker 1: my fridge. So one of the things that I teach
• 28:46
  Speaker 1: is you can have it all, you just can't have
• 28:47
  Speaker 1: it all at once. And my favorite way of starting
• 28:51
  Speaker 1: to implement that is putting twenty four hours between you
• 28:54
  Speaker 1: and your spending. So what we're going to do. Is
• 28:56
  Speaker 1: you really want the viral clip on laptop? Lamb? She
• 29:00
  Speaker 1: looks so good on zoom.
• 29:02
  Speaker 2: I can imagine I don't even need to have this,
• 29:05
  Speaker 2: like like.
• 29:07
  Speaker 1: No, I don't need that. I've got this light. It's
• 29:09
  Speaker 1: the Alex Earl life. Oh yeah, yes, obviously understand.
• 29:15
  Speaker 2: Yeah, and she I'm like, if I get this light,
• 29:17
  Speaker 2: oh look exactly like Alex Earl.
• 29:20
  Speaker 1: Do you know what my following is going to skyrockets.
• 29:22
  Speaker 1: I'm going to become so engaging, it's going to be insane.
• 29:26
  Speaker 2: Do you see how UNI now offers the Alex Earl Scholarship?
• 29:31
  Speaker 5: Really? Oh yeah, I am my god.
• 29:33
  Speaker 1: Honestly, like complete pivot from conversation. She has taken her
• 29:37
  Speaker 1: following and her influence and really harnessed that. I'm so
• 29:41
  Speaker 1: glad she's done that. I hope she actually goes down
• 29:44
  Speaker 1: a route of like education and teaching people how to
• 29:47
  Speaker 1: study and teaching people how to like just be better.
• 29:49
  Speaker 1: Like she's one of those pretty content creators that I
• 29:53
  Speaker 1: think has so much opportunity.
• 29:54
  Speaker 2: Yeah, I'm obsessed with her As a fellow Alex. I
• 29:56
  Speaker 2: feel completely inadequate and I'm like, oh god, it's fine, x. Yeah,
• 30:01
  Speaker 2: I'm an ex she's an IX. It's fine, different people.
• 30:04
  Speaker 1: But we're gonna put twenty four hours between us and
• 30:06
  Speaker 1: our spending. So I'm not saying no, we're saying just
• 30:09
  Speaker 1: not right now. So you might cut and paste the
• 30:11
  Speaker 1: URL and put it in the notes section of your
• 30:13
  Speaker 1: phone and we'll go back and look at it later.
• 30:15
  Speaker 1: You might just save the video and go back and
• 30:17
  Speaker 1: look at it later. Minimum twenty four hours. I can
• 30:20
  Speaker 1: guarantee two things. You either realize that you really want
• 30:23
  Speaker 1: that thing, or you forgot that you put it in
• 30:25
  Speaker 1: your notes happen, we don't buy it.
• 30:26
  Speaker 2: Yeah, so it's.
• 30:27
  Speaker 1: One of two. And the longer you can wait, because
• 30:31
  Speaker 1: obviously delayed gratification for human beings is hard, The longer
• 30:35
  Speaker 1: you can wait, the better I get it. I'm impulsive.
• 30:38
  Speaker 1: It's twenty twenty three. I want something yesterday. I don't
• 30:41
  Speaker 1: understand way if I order things online, they're not just
• 30:44
  Speaker 1: at my doors.
• 30:45
  Speaker 2: Like when the shipping doesn't come the next day, you're like, what, Yeah.
• 30:47
  Speaker 5: I plaied for express?
• 30:49
  Speaker 1: What do you mean three business days? Sorry, these expectations
• 30:53
  Speaker 1: that I made up in my head are not being met.
• 30:55
  Speaker 5: I agree, so rude.
• 30:57
  Speaker 1: But the longer you can leave it, the more likely
• 31:00
  Speaker 1: you are to make a balanced decision that's actually right
• 31:02
  Speaker 1: for your financial future. And I think by saying don't
• 31:05
  Speaker 1: look on Instagram, I live there.
• 31:07
  Speaker 3: I am.
• 31:07
  Speaker 1: I live on TikTok.
• 31:08
  Speaker 2: Do what I did, though, I did unfollow, like I'm
• 31:11
  Speaker 2: pretty sure every fashion brand that I did follow, like
• 31:14
  Speaker 2: I and followed all of them, because what would happen
• 31:17
  Speaker 2: is I'd be scrolling and be like, oh, I love
• 31:18
  Speaker 2: that dress or like whatever it was, and I would
• 31:21
  Speaker 2: just immediately go by, or i'd see the sale like
• 31:24
  Speaker 2: it'd be like thousands of products up to eighty percent off,
• 31:26
  Speaker 2: and I'd be like, say less, And once I unfollowed
• 31:30
  Speaker 2: all of them, like I really just stopped that spending amount.
• 31:33
  Speaker 2: Like I really just stopped spending as much as I was.
• 31:36
  Speaker 2: And when I needed something, then I went searching for it.
• 31:39
  Speaker 2: When I was like, okay, like that, I don't know,
• 31:42
  Speaker 2: long sleevetop has seen better days, it's time for like
• 31:45
  Speaker 2: a new playing black long sleeve that's like a basic
• 31:48
  Speaker 2: that I know I'm gonna wear all the time. Then
• 31:51
  Speaker 2: that's like I would go searching for that then, But
• 31:53
  Speaker 2: it was only when I needed something, rather than just
• 31:55
  Speaker 2: having something pop up and I'd be like, oh, I
• 31:57
  Speaker 2: should buy that, but TikTok's a whole different ballgame. God,
• 32:01
  Speaker 2: no control.
• 32:01
  Speaker 4: I know, want to miss out on the sale, that's
• 32:03
  Speaker 4: the thing. You're like, no, but I am wasting money.
• 32:06
  Speaker 1: But know you do because I guarantee there's always going
• 32:09
  Speaker 1: to be another sales. There's always going to be another sale,
• 32:11
  Speaker 1: There's always going to be a better deal. And I
• 32:13
  Speaker 1: think we're so pressured into buying immediately. Speaking of TikTok,
• 32:17
  Speaker 1: do you know who I've started following, not individually, like
• 32:20
  Speaker 1: this is not one person, but you know the group
• 32:22
  Speaker 1: or the cohort of people that I've started following that
• 32:25
  Speaker 1: I'm obsessed with women over fifty.
• 32:31
  Speaker 3: Tell me everything.
• 32:32
  Speaker 1: So like Chelsea Fagan, who is a TikToker, taught me
• 32:36
  Speaker 1: this concept and she was like, do you know who
• 32:38
  Speaker 1: I love? I only now new follows, only women over fifty.
• 32:41
  Speaker 1: They have their lives together, whether they're single or in
• 32:44
  Speaker 1: a relationship. They're not going to sell your product because
• 32:46
  Speaker 1: they don't care anymore. They're just about living their lives.
• 32:49
  Speaker 1: They'll give you, they'll teach you how to socialize better,
• 32:53
  Speaker 1: they'll teach you home tips. Like I was like, I'm here,
• 32:55
  Speaker 1: I'm there, give it to me. They're like the fifty
• 32:57
  Speaker 1: year olds you want to become. I'm not iul spending anymore.
• 33:02
  Speaker 1: I'm just like looking at my own values and like, wow,
• 33:04
  Speaker 1: when I'm fifty, I better look this hot like it
• 33:07
  Speaker 1: makes you.
• 33:07
  Speaker 2: It puts let's your evening skincare.
• 33:11
  Speaker 3: It's giving, like Samantha Jones. That's what I want to
• 33:14
  Speaker 3: be when I grow up, you know exactly.
• 33:16
  Speaker 1: So my basically, my entire TikTok feed now is like dogs.
• 33:20
  Speaker 1: It's real random cat videos and women over the age
• 33:22
  Speaker 1: of fifty and I'm here for.
• 33:23
  Speaker 4: It and alex El alex El of course always always.
• 33:29
  Speaker 4: So we've spoken about how a lot of people in
• 33:32
  Speaker 4: their twenties are spending, like struggling to even just save
• 33:36
  Speaker 4: any money or pay the rent or buy groceries. So
• 33:39
  Speaker 4: it sometimes seems like a lot to expect us to
• 33:42
  Speaker 4: also get into investing, which has been a huge conversation
• 33:46
  Speaker 4: over the last like five to ten years for people
• 33:48
  Speaker 4: in their twenties. Do you think it's worth investing in
• 33:51
  Speaker 4: your twenties and looking into that or is it.
• 33:56
  Speaker 3: Okay? Where do we see the hell?
• 33:59
  Speaker 1: We're going to take some pressure off ourselves right, We're
• 34:01
  Speaker 1: gonna be like, all right, if you don't have the
• 34:02
  Speaker 1: capacity to do that, don't do it. Let's tick off
• 34:06
  Speaker 1: some hygiene factors. First of all, we're in a cost
• 34:08
  Speaker 1: of living crisis, so if you're struggling, please stop putting
• 34:11
  Speaker 1: more pressure on yourself like it is not helpful. It's
• 34:14
  Speaker 1: not putting anybody in a better position. It's actually making
• 34:17
  Speaker 1: you feel like trash about yourself. So let's not do that. Secondly,
• 34:23
  Speaker 1: investing nowadays, twenty plus years ago used to have minimum
• 34:26
  Speaker 1: investment amounts, so you might need one thousand dollars to
• 34:29
  Speaker 1: start your journey. That's completely unfathomable these days, however, there
• 34:34
  Speaker 1: are you know, and this is not a product plug.
• 34:36
  Speaker 1: I just kind of love the concept that you can
• 34:38
  Speaker 1: invest with as little as one cent. So there's a
• 34:40
  Speaker 1: platform called shares Is that you could have a look at.
• 34:43
  Speaker 1: There's also a million other platforms that you could invest with.
• 34:46
  Speaker 1: But nowadays investing is so accessible. So if you're in
• 34:49
  Speaker 1: a situation where you're financially so cure enough and you
• 34:52
  Speaker 1: have a few extra dollars that you would like to
• 34:54
  Speaker 1: invest with, I think it's a fantastic thing to start
• 34:57
  Speaker 1: in your twenties, even if it's not large. Ma, And
• 35:00
  Speaker 1: I say this because I think it's an investment into
• 35:03
  Speaker 1: your financial literacy. So let's say the free cash flow
• 35:07
  Speaker 1: you have each and every single month is five bucks.
• 35:09
  Speaker 1: You might look at me and be like, ve, that's
• 35:11
  Speaker 1: not worth it, Like you can't even buy an oat
• 35:14
  Speaker 1: latte in Melbourne anymore, which is true, it's absolutely true.
• 35:19
  Speaker 1: But what if you're at the start of your twenties
• 35:22
  Speaker 1: and you spend ten years investing five dollars a promise.
• 35:28
  Speaker 1: It's not going to be enough to retire with. In fact,
• 35:29
  Speaker 1: it's probably not even going to be enough at the
• 35:31
  Speaker 1: end of that ten years for you to buy a car.
• 35:33
  Speaker 1: But look how educated you are. Look how confident you
• 35:36
  Speaker 1: are with the share market. Look what you've done for yourself.
• 35:39
  Speaker 1: You now understand how to buy shares, how to trade shares,
• 35:42
  Speaker 1: what the market looks like over a ten year period.
• 35:45
  Speaker 1: You are so confident that when you get that next
• 35:48
  Speaker 1: pay rise and you're adding more to it, it starts
• 35:50
  Speaker 1: to really compound. So five dollars might go to fifteen,
• 35:54
  Speaker 1: and fifteen might go to fifty, and fifty goes to
• 35:56
  Speaker 1: five hundred, and all of a sudden, you you're.
• 35:59
  Speaker 5: Rich, I started. You're richer than Kim coume.
• 36:03
  Speaker 2: Yeah, happens.
• 36:05
  Speaker 5: I'm pretty sure I've been waited.
• 36:07
  Speaker 1: I actually need to call the ASX because it hasn't happened.
• 36:10
  Speaker 5: For me years.
• 36:10
  Speaker 1: Yeah, I've been investing for ten years. Yeah, But it's
• 36:13
  Speaker 1: about that confidence. It's about actually starting to dip your
• 36:16
  Speaker 1: toes into the water, because investing, I think the hardest
• 36:19
  Speaker 1: thing is that analysis paralysis at the start. Where do
• 36:23
  Speaker 1: I start? What do I do?
• 36:24
  Speaker 2: It? Download?
• 36:25
  Speaker 1: You forget it, you ignore it. In fact, every single
• 36:28
  Speaker 1: person listening to this podcast who is employed has a
• 36:31
  Speaker 1: superannuation fund. You are already an investor. Why aren't you
• 36:35
  Speaker 1: caring about that super? It's eleven percent now as of
• 36:39
  Speaker 1: July first this year, you now get eleven percent super.
• 36:42
  Speaker 1: It's gone up from nine point five and it will
• 36:44
  Speaker 1: continue to go up until I think it's July twenty
• 36:47
  Speaker 1: twenty five goes to twelve percent super.
• 36:51
  Speaker 2: Wow.
• 36:52
  Speaker 1: Most of us cannot afford to save ten percent of
• 36:54
  Speaker 1: our incomes, yet we are doing that within the tax
• 36:57
  Speaker 1: structure of superannuation. So why aren't we caring about that
• 37:00
  Speaker 1: money as much as we can't access it at sixty
• 37:02
  Speaker 1: until sixty five. At this point, I'm pretty sure it
• 37:05
  Speaker 1: will still go up again, but we can't access it.
• 37:08
  Speaker 1: But it's your money. You've got complete control over it,
• 37:11
  Speaker 1: and you can learn from that. You can grow, you
• 37:12
  Speaker 1: can change, And I think that that's it's so important
• 37:16
  Speaker 1: to care about. Oh no, I'm learning, Like isn't that
• 37:19
  Speaker 1: cool to think that in ten years you might just
• 37:22
  Speaker 1: be like, oh no, I know what this is, and
• 37:24
  Speaker 1: actually that ATF doesn't perform as well as this. Like
• 37:26
  Speaker 1: you you get education by exposure. It's like you know,
• 37:31
  Speaker 1: when you went to UNI or I don't even know
• 37:32
  Speaker 1: if you guys went to UNI, but I did, and
• 37:34
  Speaker 1: it was the worst one hundred thousand dollars I ever said.
• 37:37
  Speaker 2: Yep, one because a piece of paper.
• 37:39
  Speaker 1: I don't use either or sorry, I don't use any
• 37:41
  Speaker 1: of my degrees. I now live in podcast land, so
• 37:44
  Speaker 1: that was a waste of time. But also I learned
• 37:47
  Speaker 1: most of my stuff on the job through same So
• 37:50
  Speaker 1: investing is exactly the same. You can read about it.
• 37:53
  Speaker 1: You could pick up my investing book, you could pick
• 37:55
  Speaker 1: up every investing book under the sun. You could read
• 37:57
  Speaker 1: them all. Those are the textbooks. Doing it as different,
• 38:01
  Speaker 1: doing that journey of feeling confident and connected and going, oh, actually,
• 38:06
  Speaker 1: if I do this, this happens, and if I do that,
• 38:08
  Speaker 1: that happens. Like you could know all the technical stuff.
• 38:11
  Speaker 1: You could be the smartest kid at school and the
• 38:14
  Speaker 1: worst intern. Like it happens all the time. So I
• 38:18
  Speaker 1: think it's really important to just dive in give it
• 38:21
  Speaker 1: a crack. If you can invest for as little as
• 38:23
  Speaker 1: one cent, why can't we test it with a coffee.
• 38:26
  Speaker 1: I've spilt heaps of coffees over Like I spill coffees,
• 38:29
  Speaker 1: I buy them, I put them on my desk, I
• 38:31
  Speaker 1: let them go cold, I tip them out. I could
• 38:33
  Speaker 1: have invested five bucks and learn a little bit.
• 38:36
  Speaker 3: Yeah, I love that.
• 38:38
  Speaker 4: Also, it's way less risky making mistakes and learning along
• 38:41
  Speaker 4: the way with five bucks than it is when you,
• 38:44
  Speaker 4: you know, find yourself with a bunch of cash that
• 38:45
  Speaker 4: you could be making a serious investment, like you'd rather
• 38:48
  Speaker 4: learn learn the mistakes with the one cent investment exactly.
• 38:52
  Speaker 1: And I think it's a massive misconception where people think
• 38:54
  Speaker 1: if I start investing, it means I have to have
• 38:57
  Speaker 1: a lot of money.
• 38:58
  Speaker 2: That's what I always thought, you don't.
• 39:00
  Speaker 1: And it goes back to this, This is so stereotypical,
• 39:03
  Speaker 1: so I do promise to not pull out too many
• 39:05
  Speaker 1: more like Instagram quotes from twenty sixteen. But if you
• 39:09
  Speaker 1: can't manage ten dollars, you can't manage ten thousand, and
• 39:12
  Speaker 1: you're sure as hell cannot manage one hundred thousand dollars.
• 39:15
  Speaker 1: But it's true, learn as you grow. And there's this
• 39:19
  Speaker 1: story that I love bringing out, and I'll try and
• 39:21
  Speaker 1: tell you it as quickly as possible because it's in
• 39:23
  Speaker 1: my first book. I had a client, let's call him Jim.
• 39:26
  Speaker 1: I have permission to talk about that. He's one of
• 39:28
  Speaker 1: my favorite clients. I inherited him from an ex financial
• 39:31
  Speaker 1: advisor that retired and I got him and he was
• 39:33
  Speaker 1: like at retirement age. He and his wife had an
• 39:37
  Speaker 1: income combined income because she didn't work three kids, she'd
• 39:40
  Speaker 1: always been a state at home mum. He worked in
• 39:42
  Speaker 1: all of the skyscrapers in the city, like just doing maintenance,
• 39:45
  Speaker 1: running around changing lightlobes, seventy grand a year. He has
• 39:48
  Speaker 1: retired in a better position than my client who was
• 39:52
  Speaker 1: a barrister, and this high school teacher who had a
• 39:54
  Speaker 1: combined income of more than half a million dollars. He
• 39:57
  Speaker 1: has retired in a better position than two the two
• 40:00
  Speaker 1: people who have arguably what you'd say is like a
• 40:02
  Speaker 1: real luck's lifestyle because he invested consistently over the long term. Wow,
• 40:07
  Speaker 1: he now has an investment portfolio, you know, invested in
• 40:11
  Speaker 1: super like put away? What he could? You know, times change,
• 40:14
  Speaker 1: seasons happened when kids were at school, he couldn't do
• 40:16
  Speaker 1: too much. But then once the kids graduated, he was
• 40:19
  Speaker 1: like squirreling away more. He now has an income of
• 40:22
  Speaker 1: about one hundred and twenty thousand dollars a year from
• 40:24
  Speaker 1: his investment portfolio, and he's used to earning seventy thousand.
• 40:28
  Speaker 1: When I used to be his advisor, he'd always be like, Victoria,
• 40:30
  Speaker 1: what do I do with this money? And I'm like, Jim,
• 40:33
  Speaker 1: you guys could buy a new caravan?
• 40:35
  Speaker 5: Yeah, really really a brand new one.
• 40:38
  Speaker 1: Yep, capacity Like you can absolutely do that. Whereas this
• 40:43
  Speaker 1: other couple who I took on as a brand new client.
• 40:47
  Speaker 1: Do you know why I got them? Their daughter listened
• 40:48
  Speaker 1: to she's on the money and was that mom and dad,
• 40:50
  Speaker 1: but I love that you need to get it together,
• 40:53
  Speaker 1: go see this advisor. And they did, and like they're
• 40:56
  Speaker 1: gonna be okay now. But for them to achieve exactly
• 40:59
  Speaker 1: the same outcome, we had to cut their lifestyle back
• 41:02
  Speaker 1: so significantly that they had to invest, you know, with
• 41:06
  Speaker 1: me through their investment portfolio, about fifteen thousand dollars a
• 41:10
  Speaker 1: month to achieve the same goal that Gym did. Wow,
• 41:12
  Speaker 1: Jill wouldn't have done that, but because he had done
• 41:15
  Speaker 1: it his whole life, like since his early twenties, because
• 41:17
  Speaker 1: you know, he's like what my parents' age, I reckon. Yeah,
• 41:21
  Speaker 1: so like back then, you got married in your early twenties,
• 41:23
  Speaker 1: you had babies, like you, it was a different life.
• 41:26
  Speaker 1: But it's the lesson that from little things, big things grow.
• 41:30
  Speaker 1: And it's genuinely not about what you're earning. It's about
• 41:32
  Speaker 1: what you can save and what you do with the
• 41:34
  Speaker 1: money the wealth you can create, because it's crazy to
• 41:37
  Speaker 1: think that it can change that much. And that's why
• 41:39
  Speaker 1: I like telling that story, because you both go, oh
• 41:41
  Speaker 1: my god, like seventy grand a year and he achieved that.
• 41:44
  Speaker 1: It's like, well yeah, because he was consistent. It's not
• 41:47
  Speaker 1: about how much money you have, it's actually about how
• 41:50
  Speaker 1: long you can invest for because every ten year or
• 41:53
  Speaker 1: seven to ten years, technically your money doubles.
• 41:56
  Speaker 2: Yeah, well when you have.
• 41:57
  Speaker 1: One hundred grand, the next year you're gonna have two hundred,
• 41:59
  Speaker 1: then two hundred and four hundred, and it just goes wild. Yeah,
• 42:02
  Speaker 1: and that's sexy.
• 42:03
  Speaker 2: I love that our final question is always like, what's
• 42:06
  Speaker 2: your biggest like life lesson that you could give the
• 42:08
  Speaker 2: chicks about no budgeting on money. But I'm like, that's it, Jim.
• 42:14
  Speaker 1: We love a medioca middle aged white man.
• 42:16
  Speaker 2: Yeah.
• 42:17
  Speaker 1: No, I think it's it's care about it sooner. Yeah,
• 42:20
  Speaker 1: and stop thinking it's about lifestyle compromise because I used
• 42:24
  Speaker 1: to be in forty four thousand dollars worth of personal debt.
• 42:27
  Speaker 1: I am not the person that is going to sit
• 42:29
  Speaker 1: up here and be like I've always been good at money.
• 42:31
  Speaker 1: I'm a bloody genius. Like listen to me because I'm
• 42:33
  Speaker 1: so smart. No, listen to me because I know you,
• 42:35
  Speaker 1: because I am you. I still struggle with money. I
• 42:38
  Speaker 1: have ADHD. I am the most impulsive person you've ever met.
• 42:42
  Speaker 1: Like ask anybody in my team that always like what
• 42:44
  Speaker 1: the heck and like sometimes they need.
• 42:47
  Speaker 2: To literally here right.
• 42:50
  Speaker 4: Now, just like oh yeah, like can go a bam.
• 42:53
  Speaker 1: Oh like you say TikTok advertising, Like I am the
• 42:57
  Speaker 1: target audience. I am keeping tiktoking like they come over
• 43:01
  Speaker 1: every week. Do you know what My recent purchase was
• 43:04
  Speaker 1: a nugget ice machine that I had to import from
• 43:07
  Speaker 1: the US and buy a universal like Converse for the
• 43:12
  Speaker 1: power cost me more than fifteen hundred bucks by the end.
• 43:15
  Speaker 5: Of that Like, I regret nothing. I regret nothing. Oh
• 43:21
  Speaker 5: my god, let me live my values. O Ya don't know, Jay.
• 43:25
  Speaker 1: But I think we need to share these things and
• 43:27
  Speaker 1: be honest about it, because money is a journey. Like,
• 43:29
  Speaker 1: money's not easy. Money is confronting and hard. And if
• 43:32
  Speaker 1: you've grown up in a family where money wasn't abundant,
• 43:36
  Speaker 1: do you know what this conversation is going to make
• 43:38
  Speaker 1: you feel so sick in the pit of your stomach
• 43:39
  Speaker 1: because that's overwhelming and it doesn't feel good. You might
• 43:42
  Speaker 1: earn really great money now, but you still don't invest
• 43:45
  Speaker 1: because you're overwhelmed and squirreling away money is what you
• 43:48
  Speaker 1: do to make yourself feel comfortable. And it doesn't matter
• 43:51
  Speaker 1: how much money you squirrel away if you don't address
• 43:53
  Speaker 1: the fact that that's making you feel sick, and your
• 43:55
  Speaker 1: money story is such that you can't grow. I don't
• 43:58
  Speaker 1: care how much you have in savings I prom you're
• 44:00
  Speaker 1: never going to feel comfortable. I've met so many people
• 44:02
  Speaker 1: as well who have grown up with wealth. Mummy and
• 44:06
  Speaker 1: daddy gave you a credit card and they just tap.
• 44:07
  Speaker 1: They end up in ultimate debt. They still don't care
• 44:10
  Speaker 1: because they're like, ah, money comes and goes, it doesn't
• 44:12
  Speaker 1: worry me at all. So I think it's really importantly
• 44:16
  Speaker 1: it would be nice.
• 44:17
  Speaker 5: I can't be nice.
• 44:19
  Speaker 1: Yeah, I think it's really important to just understand you
• 44:22
  Speaker 1: where you come from, what you do, what are your goals,
• 44:24
  Speaker 1: and make sure that they're not being influenced by somebody else.
• 44:27
  Speaker 1: Your best friends might be buying a house. I feel
• 44:30
  Speaker 1: like every single time I open Instagram there's a new
• 44:33
  Speaker 1: picture of a couple standing in front of a SOULD
• 44:36
  Speaker 1: sign with a big yellow sticker. You don't know anything
• 44:39
  Speaker 1: about their life. You don't know if they got help.
• 44:41
  Speaker 1: You don't know if they're in debt that's making them
• 44:43
  Speaker 1: argue every single day. You don't know if that was
• 44:46
  Speaker 1: their goal full life and they've been saving since they
• 44:48
  Speaker 1: were five, Like, you don't know. Stop comparing yourself, and
• 44:51
  Speaker 1: I think that that's the lesson.
• 44:53
  Speaker 2: Oh that's amazing. Well, thank you so much for joining
• 44:55
  Speaker 2: us today on Too Broad Chicks. That was really like,
• 44:58
  Speaker 2: what's the word I'm looking for? But that was so
• 45:01
  Speaker 2: refreshing in the way that you talk about money. It's
• 45:03
  Speaker 2: really achievable, it's really relatable, and I think there's so
• 45:06
  Speaker 2: many chicks that just maybe feel a little bit lighter
• 45:09
  Speaker 2: after hearing this.
• 45:12
  Speaker 3: Like a breathe.
• 45:13
  Speaker 1: Money doesn't have to be hard, but it feels hard.
• 45:15
  Speaker 2: Yeah. Yeah, Well, thank you Jan so much, and thanks
• 45:19
  Speaker 2: to your chicks for having us in your ear holes.
• 45:21
  Speaker 2: We absolutely love to be here. Shout out to Producy
• 45:24
  Speaker 2: for hosting us today for the podcast, and m I
• 45:27
  Speaker 2: k Made for making this episode of Two Broad Chicks happen.
• 45:29
  Speaker 2: Thanks so much again, Victoria, thanks for having me guys cheeks.