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MONEY DIARIES: Student super saver with 60 grand · She's On The Money

• 0:00
  Speaker 1: She's on the Money.
• 0:02
  Speaker 2: She's on the Money.
• 0:18
  Speaker 3: Hello, and welcome to She's on the Money, the podcast
• 0:21
  Speaker 3: for millennials who want financial freedom. My name is Victoria Divine,
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  Speaker 3: and as always for money Diaries, I am joined by
• 0:28
  Speaker 3: our friend Ryan John. Now, this week's money Diary was
• 0:32
  Speaker 3: a bit of a banger. We had the absolute pleasure
• 0:34
  Speaker 3: of chatting to one of our community babies, who, at
• 0:37
  Speaker 3: just twenty years of age, has saved a very impressive
• 0:40
  Speaker 3: sixty thousand dollars. Here's how our chat with her went.
• 0:45
  Speaker 1: I'm currently twenty years old, studying law and commerce and
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  Speaker 1: working in finance. Yes, Queen, I currently use for trading
• 0:51
  Speaker 1: some cryptocurrencies, which vis always raises an eyebrow. No, I
• 0:57
  Speaker 1: would love to share my money diary with you. I've
• 0:59
  Speaker 1: worked super hard to get to my savings goal, which
• 1:01
  Speaker 1: I've just achieved today, sixty thousand dollars.
• 1:07
  Speaker 3: What How old did she say?
• 1:09
  Speaker 1: She was?
• 1:09
  Speaker 3: Again?
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  Speaker 4: Twenty years old, studying law and commerce.
• 1:11
  Speaker 1: Hold on and the number again, sixty thousand dollars.
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  Speaker 3: Okay, so I wasn't wrong.
• 1:17
  Speaker 4: Carry on, Let's call it her. This is ridiculous.
• 1:19
  Speaker 3: I want to call it.
• 1:26
  Speaker 2: Hello. Nicole's speaking.
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  Speaker 4: Hey, Nicole, this is Ryan from She's on the Money.
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  Speaker 4: How are you doing well?
• 1:31
  Speaker 2: Thank you? How are you Ryan?
• 1:32
  Speaker 4: I'm good.
• 1:32
  Speaker 1: I'm here with Victoria Devine and we're both in awe
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  Speaker 1: that you've hit your savings goal of sixty thousand at
• 1:38
  Speaker 1: age twenty?
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  Speaker 4: Is this correct? Are we reading right?
• 1:40
  Speaker 3: I actually made him read the email to me twice.
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  Speaker 2: It is it is? Yeah, No, I'm really happy with
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  Speaker 2: It's only a recent master in a few weeks back.
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  Speaker 3: Yeah. So, oh well it was a few weeks back.
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  Speaker 3: It must just not be that import boring. Now. Yeah,
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  Speaker 3: I'm sorry about it. Now, that's epic. I love that.
• 2:00
  Speaker 3: I want to know all about that. But maybe we
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  Speaker 3: should get through all of the questions and then have
• 2:05
  Speaker 3: a chat about it after.
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  Speaker 2: Sounds good, right, awesome.
• 2:09
  Speaker 3: Let's dive straight in. So the first question is, can
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  Speaker 3: you please describe your relationship with money. I think I
• 2:16
  Speaker 3: have a.
• 2:16
  Speaker 2: Pretty good relationship with money. I've always kind of been
• 2:20
  Speaker 2: raised to, you know, live within your means and only
• 2:25
  Speaker 2: spend what you really have. I've been fortunate enough to
• 2:28
  Speaker 2: be in a position where I do live at home,
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  Speaker 2: so I get to save a lot, which means I
• 2:33
  Speaker 2: also get, you know, spending money to do the things
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  Speaker 2: I love. I don't feel like I have to, you know,
• 2:40
  Speaker 2: minimize a lifestyle just to you know, save money. And
• 2:42
  Speaker 2: that's a really fortunate position for me. So I love
• 2:45
  Speaker 2: that I'm able to do everything, you know, I want to. However,
• 2:49
  Speaker 2: I do believe that I do work really hard. I've
• 2:52
  Speaker 2: been working, you know, since i was fourteen. I'm trying
• 2:55
  Speaker 2: to save money. Even back when you know, I was
• 2:57
  Speaker 2: earning nine dollars or something whatever an hour, I was
• 3:00
  Speaker 2: trying to do my best to save So I've always
• 3:03
  Speaker 2: had quite a practical relationship with money.
• 3:05
  Speaker 3: I love that. So what do you do for work
• 3:08
  Speaker 3: and for life?
• 3:09
  Speaker 2: Well, I'm currently studying, So I am currently studying law
• 3:13
  Speaker 2: and commerce, and I'm also working part time. So I
• 3:17
  Speaker 2: work in finance admin.
• 3:19
  Speaker 3: What do you earn and how much money is sitting
• 3:21
  Speaker 3: in your bank accounts right now?
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  Speaker 2: So I earn about five eighty after tacks per week.
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  Speaker 2: Sometimes it's fluctuates to be more if I'm on unibreak
• 3:32
  Speaker 2: and I'm able to work more hours and sometimes less,
• 3:35
  Speaker 2: you know, because I am a casual. So if you know,
• 3:38
  Speaker 2: I don't work certain days or I go on holidays less.
• 3:41
  Speaker 2: At the moment, I am currently actually on holidays, so
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  Speaker 2: I have a bit more in my spendings accounts. I
• 3:47
  Speaker 2: have about four hundred or five hundred dollars in there,
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  Speaker 2: and then I have approximately sixty thousand dollars in.
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  Speaker 3: Savings, which is arguably one of the most epic things
• 3:59
  Speaker 3: I've heard today, but we'll talk about that later. I
• 4:02
  Speaker 3: keep getting sidetracked on questions. So do you feel confident
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  Speaker 3: making decisions around money?
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  Speaker 2: I do in terms of, you know, spending and keeping
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  Speaker 2: track of spending. I do. However, the only thing I'm
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  Speaker 2: not really confident about and would like to learn more
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  Speaker 2: is a bit more about investing. I think I have,
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  Speaker 2: you know, that amount in savings, so I would like
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  Speaker 2: to be able to use it. But I feel quite comfortable,
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  Speaker 2: you know, spending money and say and putting into savings
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  Speaker 2: and have a decent amount of knowledge. It's also come
• 4:29
  Speaker 2: from my degree, where they do teach you about finances
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  Speaker 2: and houseful of that works. So I have a little
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  Speaker 2: bit of knowledge around it, and I'm quite comfortable with
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  Speaker 2: my knowledge.
• 4:38
  Speaker 1: It's so funny I just wrote down ask about savings
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  Speaker 1: versus investing, because it feels like you're going to get
• 4:43
  Speaker 1: to that stage where you're going to want to branch out,
• 4:45
  Speaker 1: and then as soon as I wrote that down, you
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  Speaker 1: said it.
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  Speaker 2: Yeah. Yeah, that's my biggest kind of debate with myself
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  Speaker 2: at the moment to you know, do something with the savings.
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  Speaker 2: And it's kind of hard because you know, you're not
• 4:57
  Speaker 2: taught with share to put your money in, so you
• 4:59
  Speaker 2: don't have a huge, huge amount, you know, the financial
• 5:02
  Speaker 2: advisors or financial accounts is you're not sure you know
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  Speaker 2: if they're for you or if they're you know, people
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  Speaker 2: with them more money, and just not really sure where
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  Speaker 2: to go.
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  Speaker 1: Well, we definitely have some advice when we get to
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  Speaker 1: asking a few more questions, but let's continue.
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  Speaker 3: So how do you feel about the money that is
• 5:16
  Speaker 3: currently in your bank account?
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  Speaker 2: I feel like it's quite good. I'm really happy with
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  Speaker 2: how I've saved. I think it sets me up a
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  Speaker 2: bit for my future. I would love to start property
• 5:26
  Speaker 2: investing and things like that. I'm quite keen interested in
• 5:30
  Speaker 2: the real estate market, just you know, a bit of
• 5:31
  Speaker 2: a hobby. So I feel quite comfortable with it and
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  Speaker 2: I'm glad it's there.
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  Speaker 3: You know.
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  Speaker 2: It's such a tumultuous time at the moment, and I've
• 5:39
  Speaker 2: been fortunate enough to keep my job, but knowing that
• 5:41
  Speaker 2: I have that backing there makes you feel more confident.
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  Speaker 3: Awesome. So do you currently invest in any way?
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  Speaker 2: I started recently investing in a bit of cryptocurrency, so
• 5:54
  Speaker 2: it was before your podcast, and I don't really know
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  Speaker 2: when I'm doing. I just I looked into it a
• 6:02
  Speaker 2: little bit and I disinvested as small matt in our
• 6:05
  Speaker 2: few hundred dollars here and there, and fortunately, you know,
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  Speaker 2: I picked the right ones, not that I really understand
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  Speaker 2: how they are working, but fortunately I've picked the right
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  Speaker 2: ones and I've had quite good growth. I'm quite happy
• 6:17
  Speaker 2: with it. But other than that, no major investment.
• 6:20
  Speaker 3: So obviously I'm a financial advisor and I have a
• 6:24
  Speaker 3: couple of questions that are a little bit off track
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  Speaker 3: when it comes to buying crypto. So you've obviously saved,
• 6:31
  Speaker 3: and I would from understanding your money story a little
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  Speaker 3: bit from what you've already told us is I would
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  Speaker 3: think that you're quite conservative because you don't want to
• 6:39
  Speaker 3: like risk that sixty thousand dollars that you've saved so
• 6:43
  Speaker 3: hard for. What made you feel confident enough to pick
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  Speaker 3: a crypto asset above and beyond every other type of
• 6:50
  Speaker 3: asset that you had access to.
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  Speaker 2: I think because I was able to put in such
• 6:55
  Speaker 2: a small amount. So I was only really comfortable putting
• 6:58
  Speaker 2: in an amount, a small amount into some things that
• 7:00
  Speaker 2: I didn't really understand, and I felt as those shares
• 7:03
  Speaker 2: or other kind of investments type, I would need to
• 7:06
  Speaker 2: do a little bit more research. So it was kind
• 7:08
  Speaker 2: of a bit of a spur and I kind of
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  Speaker 2: did have a look into and I have somewhat of
• 7:12
  Speaker 2: an idea of how they work. But I felt as
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  Speaker 2: though it was it was really easy to set up,
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  Speaker 2: it was really easy to put money into. It's a
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  Speaker 2: really simple app. So I felt quite comfortable using it.
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  Speaker 2: And I thought I was just going to put in
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  Speaker 2: a little bit of money in it and to hope,
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  Speaker 2: you know, that it would work out. And I was
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  Speaker 2: comfortable putting that small amount, but I would never well,
• 7:31
  Speaker 2: at the moment, I wouldn't put a large amount in there.
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  Speaker 3: Yeah, that's fair.
• 7:34
  Speaker 1: And I also just add like this isn't the most
• 7:36
  Speaker 1: rational thing to say, and probably not technically correct, but
• 7:39
  Speaker 1: like the fomo was real with crypto. Yes, you hear
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  Speaker 1: all these great stories and you're like, oh, I know
• 7:46
  Speaker 1: where children and I don't really get it, but this
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  Speaker 1: guy made this much.
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  Speaker 2: Yeah, yeah, I mean I kind of off the record.
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  Speaker 2: I just saw one that I didn't just specifically do
• 7:57
  Speaker 2: this one, but I saw something influencer I don't know,
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  Speaker 2: on Instagram being like, oh, you know, this coin's booming.
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  Speaker 2: So it was all right, I put five dollars in it.
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  Speaker 3: Really indeed, I love that. Is it too pervy to
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  Speaker 3: ask you how much you invested to begin with five dollars? Yep?
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  Speaker 2: So then I started adding.
• 8:15
  Speaker 3: In more And what are you at now?
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  Speaker 2: Maybe a couple of hundred?
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  Speaker 3: Oh, how good? And it's doing well.
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  Speaker 2: Yeah, it's doing really well. It was just I think
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  Speaker 2: it was one of those just that boomed, and I'm
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  Speaker 2: not really sure on how specifically they work, but I
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  Speaker 2: was confident, you know, we're just putting in a little
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  Speaker 2: bit of money. If it was if I lost it,
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  Speaker 2: I wasn't too upset about losing it, you know, just
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  Speaker 2: give it a shot.
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  Speaker 1: Can we skip ahead? I know I said I was
• 8:39
  Speaker 1: going to wait TI later, but I feel like we're
• 8:41
  Speaker 1: here now. Is it fair to say Victoria and correct
• 8:43
  Speaker 1: me if I'm wrong? You are the she and she's
• 8:45
  Speaker 1: on the money.
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  Speaker 3: Is that that?
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  Speaker 1: Is it fair to say the philosophy that our money
• 8:52
  Speaker 1: direct today has towards crypto can be the first philosophy
• 8:54
  Speaker 1: with investing in that it doesn't you don't have to
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  Speaker 1: put your whole sixty grand in something tomorrow.
• 8:58
  Speaker 4: You can start with.
• 8:59
  Speaker 1: A little bit here and see how you feel and
• 9:01
  Speaker 1: play to the confidence grows, and then you do another.
• 9:02
  Speaker 3: Little bit totally. And I find that people who have
• 9:05
  Speaker 3: saved very significant amounts of money are far less likely
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  Speaker 3: to invest seriously. And when I say seriously, I say
• 9:13
  Speaker 3: that with quotation marks, because I mean actually start a
• 9:16
  Speaker 3: share portfolio. They're more likely to do something small like crypto.
• 9:20
  Speaker 3: And you hear about your friend who you know, maybe
• 9:24
  Speaker 3: saved sixty grand and they're investing in crypto, so you
• 9:26
  Speaker 3: automatically assume it might be, you know, a safe option
• 9:29
  Speaker 3: or a good option, when in reality it's not. They're
• 9:32
  Speaker 3: just testing the waters and having a bit of a play,
• 9:34
  Speaker 3: and it's actually not reflective of their money story because
• 9:37
  Speaker 3: they'd never put that sixty thousand dollars at risk. So
• 9:39
  Speaker 3: for me, I think it's interesting because I see it
• 9:42
  Speaker 3: all the time. But these are the people that are
• 9:44
  Speaker 3: more likely to spend a longer time making a decision
• 9:47
  Speaker 3: about a share portfolio because it feels like a bigger,
• 9:50
  Speaker 3: more long term decision, and they assume they'll put a
• 9:54
  Speaker 3: very significant amount of money into that. They might not,
• 9:57
  Speaker 3: they might, but they just they operate under that a
• 9:59
  Speaker 3: summ and from there, I feel like they then see
• 10:02
  Speaker 3: it as a more serious decision that needs a lot
• 10:04
  Speaker 3: of thought, not just chucking five bucks in crypto. Would
• 10:07
  Speaker 3: you say that's about right when it comes to actually
• 10:10
  Speaker 3: starting an investment portfolio one hundred percent.
• 10:13
  Speaker 2: Yeah, I mean exactly how you said it. It was kind
• 10:15
  Speaker 2: of just a play to get my poes in the water.
• 10:19
  Speaker 2: I wasn't really comfortable in putting a large amount in there,
• 10:22
  Speaker 2: so I just want to see, you know, see how
• 10:23
  Speaker 2: it works. And you know, I think for me, even
• 10:26
  Speaker 2: just putting in even if I lost the twenty dollars
• 10:29
  Speaker 2: or whatever I put in there at the start, I
• 10:32
  Speaker 2: feel as though I learned a little bit more and
• 10:34
  Speaker 2: that was worth it for me just to get an
• 10:36
  Speaker 2: idea and then I can kind of grow my confidence.
• 10:39
  Speaker 2: So one hundred pcent I would agree.
• 10:40
  Speaker 3: I'm totally all for that. And I think people think
• 10:43
  Speaker 3: I'm so negative on crypto, and look, I don't invest
• 10:47
  Speaker 3: in it personally, and it's not something that I have
• 10:50
  Speaker 3: any interest in because I do have a long term
• 10:53
  Speaker 3: asset that I am building, and I'd prefer stability over
• 10:56
  Speaker 3: not stability. But I can see where people are coming
• 10:59
  Speaker 3: from with Victoria way so harsh and I'm just having
• 11:01
  Speaker 3: a play. I'm like, no, no, no, you can have a play.
• 11:03
  Speaker 3: But there are people that get mixed up and they
• 11:06
  Speaker 3: see these great money stories and people who have saved
• 11:09
  Speaker 3: epic amounts and they go, oh, well, I don't know
• 11:11
  Speaker 3: the whole story. But Ryan John he's a great saveror
• 11:13
  Speaker 3: and he invested in crypto, so it must be a
• 11:16
  Speaker 3: good option when in reality, like we're making decisions about
• 11:19
  Speaker 3: our personal situations, not about something that could create us
• 11:23
  Speaker 3: long term wealth.
• 11:24
  Speaker 1: Yeah, we could do another episode.
• 11:28
  Speaker 3: Yeah, let's go to the next question. So do you
• 11:32
  Speaker 3: have any debts of any kind? And if so, what
• 11:34
  Speaker 3: are they? And if you don't, how do you feel
• 11:36
  Speaker 3: about debt?
• 11:38
  Speaker 2: I do currently have debat, So the only debt I
• 11:41
  Speaker 2: have is my hex debt, which I believe is around
• 11:44
  Speaker 2: sixteen thousand dollars. I've always believed. Even working in finance now,
• 11:50
  Speaker 2: I get a good understanding of people living within your means.
• 11:54
  Speaker 2: So I've listened to a lot of you know that
• 11:57
  Speaker 2: she's in the Money podcast and hers. You know, there's
• 11:59
  Speaker 2: good debt and bad debt, and in my mind hex
• 12:01
  Speaker 2: septs the good debt. I'm investing towards my future, paying
• 12:07
  Speaker 2: any interest other than inflation, which I don't have a
• 12:10
  Speaker 2: problem with. I don't have any other debts, you know,
• 12:14
  Speaker 2: like personals or car loans. I'm a big believer in,
• 12:16
  Speaker 2: you know, if you rather to save up something and
• 12:19
  Speaker 2: not to have a massive loan, because I know how
• 12:21
  Speaker 2: hyped interests they are. However, I'm saying, so I would
• 12:24
  Speaker 2: love to buy a house, you know, once I finish
• 12:27
  Speaker 2: my unique degree, or an investment property something like that,
• 12:30
  Speaker 2: to get one of my investments, you know, portfolio started.
• 12:34
  Speaker 2: So I'm happy to have something that would grow my
• 12:37
  Speaker 2: wealth and you know, help me with my money journey.
• 12:42
  Speaker 2: But I'm not interested, you know, getting a personal loan
• 12:44
  Speaker 2: or anything like that at the moment, just because I
• 12:46
  Speaker 2: have seen, you know, how high interests say and how
• 12:48
  Speaker 2: much you're paying for it.
• 12:50
  Speaker 3: Straight out, don't do that terrible idea.
• 12:51
  Speaker 1: Yeah, I love how well versed people are who've been
• 12:55
  Speaker 1: listening to the podcast, because my.
• 12:56
  Speaker 3: I always in my own tone of voice.
• 12:58
  Speaker 1: But every time people to about X, I always say, yeah, cool,
• 13:01
  Speaker 1: but what's your thoughts on good debt, bad debt? And
• 13:03
  Speaker 1: now today's money. Dice already knows the question before it's done.
• 13:06
  Speaker 1: But it's a good debt. I'm investing in my future
• 13:08
  Speaker 1: and I'm all for it, and it's fine. And the
• 13:09
  Speaker 1: fact that you already know that is is awesome.
• 13:12
  Speaker 3: It makes my heart so happy.
• 13:14
  Speaker 2: Yeah. Well, I work in finance as well, so I
• 13:16
  Speaker 2: have a little bit of understanding of I specifically work
• 13:19
  Speaker 2: more in debt, so I have a bit more of
• 13:22
  Speaker 2: an understanding. And I've seen you know, how people's work,
• 13:26
  Speaker 2: and I, you know, I've just had people, you know,
• 13:28
  Speaker 2: other people's stories around me about how debt works. I'm
• 13:31
  Speaker 2: a bit more conscious towards it, and I do teach
• 13:34
  Speaker 2: us that you need to know. One of the topics
• 13:36
  Speaker 2: is finance. You kind of get an understanding of how
• 13:38
  Speaker 2: the different interest rates works and compound and all of that.
• 13:41
  Speaker 2: So I kind of have a little bit of.
• 13:43
  Speaker 3: Knowledge about to start, right and yeah, well, yeah, well played,
• 13:47
  Speaker 3: well played. You're ahead of all the listeners, all right,
• 13:50
  Speaker 3: So we're going to jump into the next question, which
• 13:52
  Speaker 3: is do you have any good money habits that you're
• 13:54
  Speaker 3: especially proud of. I feel like maybe I already know
• 13:56
  Speaker 3: the answer to this.
• 13:57
  Speaker 2: I have a very compon tensive Excel spreadsheet that I use,
• 14:02
  Speaker 2: so it kind of tinds in even as being a
• 14:04
  Speaker 2: bit of a bad money habit, because sometimes I'm a
• 14:06
  Speaker 2: bit obsessed with it, but I really like it. So
• 14:09
  Speaker 2: I split out my spendings and what I'm earning every
• 14:12
  Speaker 2: week and then kind of mapping out what I'm saving
• 14:15
  Speaker 2: so I don't go down, you know, to the sense,
• 14:17
  Speaker 2: but I'm just getting a general idea of, you know,
• 14:18
  Speaker 2: how much I'm spending on through a week, on my car,
• 14:21
  Speaker 2: on shopping, any things like that. So I think that's
• 14:24
  Speaker 2: my best money habit of keeping on track of my
• 14:26
  Speaker 2: spending and seeing you know, where it goes month to months.
• 14:29
  Speaker 3: Awesome. I love that. And to flip it on its head,
• 14:32
  Speaker 3: what is your worst money habit?
• 14:35
  Speaker 2: As I probably said, my worst money habit would be
• 14:38
  Speaker 2: being a little bit tight with that spending. You know,
• 14:41
  Speaker 2: I don't really like when it goes over a certain amount.
• 14:44
  Speaker 2: I get a little bit you know, conscious, and I
• 14:46
  Speaker 2: have to feel in you know, every single time I
• 14:48
  Speaker 2: spend something, and sometimes I feel as though, you know,
• 14:50
  Speaker 2: I don't want to spend money because I don't want
• 14:53
  Speaker 2: to you know, see it, and I'll avoid that. But
• 14:56
  Speaker 2: I also think, you know, keeps me on track and
• 14:58
  Speaker 2: probably my other not really bad money habit, but something
• 15:01
  Speaker 2: where I could improve on is the fact that, you know,
• 15:03
  Speaker 2: I do have an amount of savings and I'm not
• 15:06
  Speaker 2: really doing anything with it just because interest rates are
• 15:08
  Speaker 2: obviously really low in banks, so it's not really making
• 15:11
  Speaker 2: me much money at the moment.
• 15:12
  Speaker 3: So what are you currently saving for? What's your big
• 15:15
  Speaker 3: money goal at the moment?
• 15:18
  Speaker 2: I would love so I'm probably going to finish Union
• 15:21
  Speaker 2: at the end of this year, so I would love
• 15:25
  Speaker 2: to once I get, you know, something in my shield
• 15:28
  Speaker 2: and I get something a little bit more permanent to
• 15:31
  Speaker 2: put my money into an investment property, a bit more
• 15:35
  Speaker 2: of a say for us, end of my mind, It's
• 15:37
  Speaker 2: something I've always wanted to do, just because I'm no
• 15:39
  Speaker 2: people and family and they've always had good experiences, so
• 15:42
  Speaker 2: they have a little bit more experience with it, and
• 15:44
  Speaker 2: I think that's what I would be saving for. I
• 15:47
  Speaker 2: was saving previously up for a trip to Canada. I
• 15:49
  Speaker 2: was supposed to move to Canada for six months with UNI,
• 15:52
  Speaker 2: but that got canceled, so no major traveling. But I
• 15:55
  Speaker 2: love traveling, so if we could travel, it would be
• 15:57
  Speaker 2: towards traveling.
• 15:59
  Speaker 4: If we had for every money diary, I was going overseas.
• 16:04
  Speaker 3: I would be so rich. So how would you rate
• 16:08
  Speaker 3: yourself if I forced you to give yourself a financial rating?
• 16:11
  Speaker 2: I think I'm would give myself and a minus slash
• 16:16
  Speaker 2: fee plus because I think I have some good money
• 16:19
  Speaker 2: habits and keeping on top of my spending. I also
• 16:24
  Speaker 2: quite am realistic and good with transferring, you know, my
• 16:27
  Speaker 2: money into the account that needs to be in once
• 16:30
  Speaker 2: I receive my income every week.
• 16:33
  Speaker 3: I love that. Ryan, What did you think of that
• 16:47
  Speaker 3: money diary?
• 16:48
  Speaker 4: I just think it's really impressive.
• 16:50
  Speaker 3: Yeah, me too. I'm also impressed with how blast you
• 16:54
  Speaker 3: are about it. You're like, yeah, it's good, Like no, no, no, no, friends,
• 16:57
  Speaker 3: that's epic, it's really good. Like that's really really good.
• 17:01
  Speaker 3: So no, And are you proud of yourself for achieving
• 17:04
  Speaker 3: that or is that something you're like no, no, no,
• 17:07
  Speaker 3: like I've got so much further to go, or are
• 17:09
  Speaker 3: you just like WHOA, I never saw this coming. How
• 17:11
  Speaker 3: do you feel about having so many savings at such
• 17:13
  Speaker 3: a young age.
• 17:15
  Speaker 2: I feel really good. I think it's setting me up
• 17:18
  Speaker 2: to where I want to go. I've always been raised,
• 17:21
  Speaker 2: you know, to be quite practical with money and have
• 17:24
  Speaker 2: you know something for a rainy date. It's never been
• 17:26
  Speaker 2: I've always had that kind of mentality to be wise
• 17:30
  Speaker 2: with my money. But I am really proud of it.
• 17:32
  Speaker 2: You know, starting off when I finished highle I was
• 17:36
  Speaker 2: just earning you know, the minimum rate, and it was
• 17:38
  Speaker 2: hard to put in savings. And then I was lucky
• 17:40
  Speaker 2: enough to get some more of a I guess, a
• 17:44
  Speaker 2: grown up job, not that you know, other jobs aren't,
• 17:48
  Speaker 2: but somewhere, you know, where I was able to get
• 17:50
  Speaker 2: my five days a week, work my nine to five
• 17:54
  Speaker 2: and start building up from there. And I guess also
• 17:57
  Speaker 2: being around other, you know, people a little older than me,
• 18:00
  Speaker 2: they're a little bit wiser with money, and we're more
• 18:05
  Speaker 2: kind of aware of where the money was going. And
• 18:07
  Speaker 2: I think that helped me, and as well, work in
• 18:09
  Speaker 2: the finance industry made me more conscious about it. But
• 18:13
  Speaker 2: I am really proud. I mean, I know it's quite
• 18:15
  Speaker 2: a privileged position to be in, but I'm really happy
• 18:18
  Speaker 2: with where I'm at.
• 18:18
  Speaker 3: I love that, so like off track, I know you're
• 18:21
  Speaker 3: studying at the moment and you're working in finance. What
• 18:24
  Speaker 3: do you want to be when you grow up? I
• 18:26
  Speaker 3: ever grow up?
• 18:27
  Speaker 2: That is, I really want to work in marketing. So
• 18:31
  Speaker 2: my commerce major is marketing, So I'd really like to
• 18:34
  Speaker 2: work in something like Formula one marketing or one of.
• 18:38
  Speaker 3: Formula one marketing. That's a specific and random feel here.
• 18:42
  Speaker 3: I am being like, oh my gosh, she's like got
• 18:44
  Speaker 3: a finance background, she wants to work in marketing, Like
• 18:47
  Speaker 3: that's perfect fit for she's on the money. And you're like,
• 18:49
  Speaker 3: I want to work for the Formula one or or
• 18:53
  Speaker 3: she's on the money.
• 18:55
  Speaker 2: She's on the money. You're like, if you have a
• 18:57
  Speaker 2: marketing of you know, but yeah, something around marketing, even
• 19:03
  Speaker 2: different brands, and like I've just kind of looked into
• 19:05
  Speaker 2: grad jobs, maybe something great MESA or I'm not sure
• 19:08
  Speaker 2: if I'm a lot of statistic brand, but.
• 19:11
  Speaker 3: You totally can because like they might contact me and
• 19:13
  Speaker 3: be like, hey, that girl, we've got an internship, like
• 19:16
  Speaker 3: let's name it.
• 19:18
  Speaker 2: Yes, somewhere like that mesas before. I'm really into that
• 19:21
  Speaker 2: whole beauty industry as well, so bit specific, but anywhere
• 19:24
  Speaker 2: in the marketing kind of pr Field I'm really interested in.
• 19:29
  Speaker 2: I'm not a hundred tent sure you know about the
• 19:30
  Speaker 2: law yet, but I know I really love marketing.
• 19:33
  Speaker 1: You'd be surprised how convenient is to have those law skills.
• 19:37
  Speaker 1: But you don't have to be a lawyer. I think
• 19:39
  Speaker 1: there's a big assumption that you get a law degree,
• 19:40
  Speaker 1: you become a lawyer, but it's actually valuable in so.
• 19:42
  Speaker 4: Many different fields.
• 19:43
  Speaker 1: And I mean you deal with legal stuff all the time.
• 19:47
  Speaker 1: We're good friends with the people at a Door Beauty,
• 19:48
  Speaker 1: So actually send me another email if you want to internship.
• 19:50
  Speaker 4: We'll see if we can hook you up.
• 19:52
  Speaker 2: We could see Obsessed. I listened to you know, their podcast.
• 19:56
  Speaker 2: I'm obsessed with the door Beauty. I spend half my
• 19:59
  Speaker 2: paycheck there.
• 20:00
  Speaker 4: I love that.
• 20:01
  Speaker 1: I actually did you hear the episode when they were
• 20:02
  Speaker 1: on Ches on the Money and I knew nothing that
• 20:04
  Speaker 1: was said over the whole hour?
• 20:05
  Speaker 3: Yeah, you were like what new phone?
• 20:08
  Speaker 2: I think I did hear that? Yeah? Yeah. And I
• 20:10
  Speaker 2: also love like Hannah and I'm not sure if I'm
• 20:13
  Speaker 2: a left Yeah.
• 20:14
  Speaker 3: We're actually friends with them.
• 20:16
  Speaker 2: Kate, Hannah and Joe. I'm a death Hannah.
• 20:19
  Speaker 3: I love that Kate started a door well, speaking of
• 20:22
  Speaker 3: internships or I guess first jobs, I'm just randomly curious.
• 20:27
  Speaker 4: Your first job was nine dollars an hour when you
• 20:28
  Speaker 4: were fourteen or fifteen? What was it?
• 20:31
  Speaker 2: It was working at a bakery, just at one of
• 20:33
  Speaker 2: the local bakeries down the road. For me, maybe it
• 20:35
  Speaker 2: was ten dollars or something that.
• 20:36
  Speaker 1: Well, here's the challenge for people in the Facebook group.
• 20:39
  Speaker 1: My first job. I used to push trolleys at the
• 20:41
  Speaker 1: alpham like woolies and coals and stuff. And I got
• 20:43
  Speaker 1: paid seven dollars twenty an hour. And I wonder if
• 20:46
  Speaker 1: anyone can beat that in terms of how low can
• 20:48
  Speaker 1: you go?
• 20:48
  Speaker 3: I really can. I was scooping ice cream on the
• 20:52
  Speaker 3: main street of Dromana at the age of fourteen years
• 20:55
  Speaker 3: and nine months. I can't remember the ice cream store name,
• 20:58
  Speaker 3: but for those of you who live low call it's
• 21:00
  Speaker 3: the one that you used to be beside two boys.
• 21:03
  Speaker 3: Everybody knows two boys, if you know what, I'm Nicole,
• 21:05
  Speaker 3: and I know you know you know. And I earned
• 21:09
  Speaker 3: six dollars fifty an hour.
• 21:11
  Speaker 4: Look out. I was a big dog, big dog in
• 21:13
  Speaker 4: six fifty.
• 21:14
  Speaker 3: Do I have any of that money still? No? I
• 21:15
  Speaker 3: had terrible savings habits.
• 21:17
  Speaker 4: I know we touched on it earlier.
• 21:19
  Speaker 1: Well, we spoke a lot about it earlier, about the
• 21:21
  Speaker 1: you know, savings versus investing. And obviously we can't give
• 21:26
  Speaker 1: specific advice to you personally legally, but if someone came
• 21:31
  Speaker 1: to you with an amount like that and they weren't sure,
• 21:34
  Speaker 1: what is an amount that you might say, here's a
• 21:37
  Speaker 1: bit too. Even if it's not about the money, it's
• 21:39
  Speaker 1: about educating yourself. What's a first little entry point. What's
• 21:42
  Speaker 1: the next step for someone in similar to money Diary's position.
• 21:46
  Speaker 3: Oh, like, hypothetically, if I was dishing out advice to
• 21:50
  Speaker 3: someone who hypothetically had a large amount of savings, I
• 21:54
  Speaker 3: would recommend that they start just doing their research. And
• 21:56
  Speaker 3: I know that that sounds so bad. And Ryan, you
• 21:58
  Speaker 3: actually yelled at me the other day and you're like, Victoria,
• 22:01
  Speaker 3: do you know how many people their research is listening
• 22:03
  Speaker 3: to your podcast?
• 22:04
  Speaker 4: We're doing their research right now.
• 22:05
  Speaker 3: Yah, research right now, they're learning. And I'm like, yeah,
• 22:07
  Speaker 3: they are. That. I don't want people to only have
• 22:11
  Speaker 3: my opinion as the only one, because we're all different
• 22:13
  Speaker 3: and my opinion might not be the right opinion for you,
• 22:16
  Speaker 3: So like, listen to other podcasts like Equity Mates, like
• 22:19
  Speaker 3: my Millennial Money, go online, read the smart Money website,
• 22:23
  Speaker 3: read all of the blogs like start learning, so that
• 22:26
  Speaker 3: you can start taking the first step and just like
• 22:29
  Speaker 3: you did, or just like Hypothetical Money does with buying
• 22:34
  Speaker 3: the crypto, jump into something that you think might be
• 22:37
  Speaker 3: the right fit, you don't have to put all your
• 22:39
  Speaker 3: life savings on board. Lots of ETFs are very accessible
• 22:44
  Speaker 3: now with lower entry points. There's lots of micro investing
• 22:47
  Speaker 3: platforms that exist that give you exposure to learning about
• 22:51
  Speaker 3: what investing is like. And there are you know, lots
• 22:54
  Speaker 3: of options on the table that don't mean that you
• 22:57
  Speaker 3: actually have to put your life savings up.
• 22:59
  Speaker 1: Yeah, money direst Again, this isn't advice, but having just
• 23:02
  Speaker 1: chatted about it and thinking about it and knowing that
• 23:05
  Speaker 1: you know, it's not all your money or nothing, do
• 23:08
  Speaker 1: you feel like you could have the confidence in the
• 23:10
  Speaker 1: next few months to invest a little bit in a
• 23:13
  Speaker 1: micro investing or something, even if it's just starting with
• 23:15
  Speaker 1: a five hundred or a thousand or so dollars, just
• 23:18
  Speaker 1: to learn and see what happens.
• 23:20
  Speaker 2: Yeah, I think so I have, even you know, listening
• 23:24
  Speaker 2: to the last few podcasts just about those micro investing
• 23:27
  Speaker 2: platforms looking into them, and I would feel a little
• 23:30
  Speaker 2: bit more confident. I think my major issues be like
• 23:34
  Speaker 2: not knowing you know where to invest into the bigger ones,
• 23:36
  Speaker 2: even though you know you could have the capital, I
• 23:38
  Speaker 2: just wouldn't know where or specifically what to invest in.
• 23:42
  Speaker 2: So I think the micro investment platforms is not like
• 23:45
  Speaker 2: I do want to start looking into in the near future,
• 23:49
  Speaker 2: just so I can get a little bit more exposure
• 23:51
  Speaker 2: and then building a bit more confidence from there.
• 23:53
  Speaker 4: Yeah, it is a really good place to start.
• 23:54
  Speaker 1: And we actually even though last week or the week before,
• 23:56
  Speaker 1: I'm not sure when it came out, but there was
• 23:58
  Speaker 1: a great investing episode the Victoria and George did. But
• 24:00
  Speaker 1: last year there was a couple apps answering lots of
• 24:03
  Speaker 1: questions about micro investing platforms and stuff. So, but Money
• 24:07
  Speaker 1: diarists very impressive and you're very humble about it, which
• 24:11
  Speaker 1: makes me not like you even more because so calm
• 24:14
  Speaker 1: to have that sort of money in.
• 24:16
  Speaker 3: It's like they're saying, you don't make friends with salad.
• 24:19
  Speaker 4: Yeah, you don't man friends with savings.
• 24:21
  Speaker 3: Yeah no, no, no, you just don't make friends with
• 24:22
  Speaker 3: things that are really good for you. Good advice like these.
• 24:25
  Speaker 4: Yeah, and it's really impressive.
• 24:27
  Speaker 1: How and I know you acknowledge that you know a
• 24:30
  Speaker 1: very privileged area and the living situation, but still the
• 24:33
  Speaker 1: discipline to be able to say how much you have
• 24:35
  Speaker 1: is really quite impressive.
• 24:36
  Speaker 3: Yeah, and I think that that's something that a lot
• 24:38
  Speaker 3: of people do underestimate, Like it obviously is privileged. Do
• 24:40
  Speaker 3: not get me wrong. Lots of people couldn't achieve that,
• 24:43
  Speaker 3: and it wouldn't be reasonable, totally understandable, and you shouldn't
• 24:46
  Speaker 3: be comparing yourself to the money diarists that are on
• 24:48
  Speaker 3: the podcast. These are just stories that you know, we
• 24:51
  Speaker 3: share one because we're proud of our community, but too
• 24:54
  Speaker 3: you can learn something from everybody, even if your situation
• 24:57
  Speaker 3: is different. But there are so many people who have
• 25:00
  Speaker 3: been given all of the same luxuries that you've been
• 25:02
  Speaker 3: afforded and not made the most of it. So it's
• 25:05
  Speaker 3: so nice.
• 25:05
  Speaker 1: To I stayed at home till money diars age and
• 25:08
  Speaker 1: I did not.
• 25:08
  Speaker 4: Have sixty I love that.
• 25:13
  Speaker 3: But that's so true, and so many people are going
• 25:14
  Speaker 3: to be listening to be like, oh my gosh, I
• 25:16
  Speaker 3: have not made the most of this situation.
• 25:18
  Speaker 2: Victoria would kill me.
• 25:20
  Speaker 1: Well, congratulations and thank you so much for sharing your story.
• 25:23
  Speaker 4: We really appreciate it.
• 25:25
  Speaker 2: Thank you so much for having me.
• 25:28
  Speaker 3: Just before we head off, we'd like to acknowledge and
• 25:30
  Speaker 3: pay respects to Australians amoriginal and to Irrestraight Islander people's
• 25:33
  Speaker 3: the traditional custodians of the lands, the waterways and the
• 25:37
  Speaker 3: skies all across Australia. We want to thank you for
• 25:39
  Speaker 3: sharing and for caring on the land on which we
• 25:41
  Speaker 3: are able to learn. We pay our respects to elder's
• 25:44
  Speaker 3: past and present, and we share our friendship and our kindness.
• 25:48
  Speaker 3: And let's remember the advice shared on money diaries and
• 25:51
  Speaker 3: She's on the money is general in nature and it
• 25:53
  Speaker 3: does not consider your individual circumstances. She's on the money
• 25:56
  Speaker 3: exists purely for educational purposes and should not be Really
• 26:00
  Speaker 3: i'd have gone to make an investment or financial decision,
• 26:02
  Speaker 3: and we promise I am actually an authorized representative of
• 26:06
  Speaker 3: Australia Specific Funds Management Proprietarily Limited ABIAN three four one
• 26:11
  Speaker 3: three two four six three two five seven AFSL double
• 26:15
  Speaker 3: three nine one five one. And thank you so much
• 26:19
  Speaker 3: to our producer Ryan John, who's sitting in front of
• 26:21
  Speaker 3: us and Beck our producer Angels for putting all this
• 26:24
  Speaker 3: together for us today.
• 26:26
  Speaker 1: Ryan dot John actually is on the money dot com
• 26:29
  Speaker 1: dot au. If you've got a great money story on
• 26:32
  Speaker 1: Great Money Diary that you think the rest of our
• 26:34
  Speaker 1: community would love to hear, shoot me a note would
• 26:36
  Speaker 1: love to hear from here.
• 26:38
  Speaker 3: We'll see you next week, guys,