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MONEY DIARIES: Change your life in only three chapters! · She's On The Money

• 0:00
  Speaker 1: She's on the Money. She's on the Money.
• 0:23
  Speaker 2: Hello, and welcome to She's on the Money, the.
• 0:25
  Speaker 3: Podcast for millennials who want financial freedom. My name is
• 0:30
  Speaker 3: Tony Lodge, and joining me for another shotback Money Diary
• 0:33
  Speaker 3: is Victoria Devine, Financial Advisor to the Stars.
• 0:37
  Speaker 4: Winky Dink, Hey, my clients are all stars. Oh beautiful,
• 0:42
  Speaker 4: you're welcome.
• 0:45
  Speaker 3: Well our money Diary, Tony, Yeah, okay, great, cal instead
• 0:48
  Speaker 3: of me rattling off your use of qualifications which can
• 0:51
  Speaker 3: take an amount of time, and.
• 0:52
  Speaker 4: Also my clients, which would be a gross misuse of IP.
• 0:56
  Speaker 4: But let's jump straight in, Tony, can you read this
• 0:59
  Speaker 4: week's money arrests email out?
• 1:01
  Speaker 3: Hi, She's on the Money team. I grew up with
• 1:04
  Speaker 3: no financial literacy. Credit cards and loans were encouraged to
• 1:08
  Speaker 3: get what I want. I made poor financial decisions throughout
• 1:11
  Speaker 3: my early twenties, rapped up constant debt, credit cards, loans
• 1:15
  Speaker 3: overpayment from Scentlink even my parents told me to consider
• 1:19
  Speaker 3: it an interest free loan, and was terrible at paying
• 1:23
  Speaker 3: things off to avoid interest. My priorities were partying, new
• 1:26
  Speaker 3: clothes and travel, despite spending more money than I made Q,
• 1:30
  Speaker 3: meeting my partner, reading a basic finance book and then
• 1:33
  Speaker 3: finding this pod.
• 1:35
  Speaker 4: Yay.
• 1:36
  Speaker 3: I now have zero consumer debt. We're in the process
• 1:39
  Speaker 3: of finalizing our first home build with a twenty percent deposit.
• 1:43
  Speaker 3: I do not own a credit card and now dabbling
• 1:46
  Speaker 3: into investing. I still make bad money choices often, and
• 1:50
  Speaker 3: I am very impulsive with spending sometimes. I'm especially proud
• 1:53
  Speaker 3: of the fact that I'm now teaching my husband about
• 1:55
  Speaker 3: the basics of investing and how we can set up
• 1:58
  Speaker 3: our financial future. Thank you, she's on the money team.
• 2:01
  Speaker 3: You have really made such a difference in my life.
• 2:03
  Speaker 4: Oh my gosh, I love this Money Diary.
• 2:06
  Speaker 2: Or Worry Sweet.
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  Speaker 5: What a wholesome story.
• 2:08
  Speaker 4: I love that, and I think it's so relatable as well,
• 2:10
  Speaker 4: because so many people would have gone through this and
• 2:13
  Speaker 4: the last few years kind of like picked up books
• 2:16
  Speaker 4: or podcasts or started to become financially literate.
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  Speaker 5: And I love it.
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  Speaker 3: Well, we've got our Money Diarist on the line, of course,
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  Speaker 3: to share her side of the story, even though we've
• 2:26
  Speaker 3: kind of just heard it.
• 2:27
  Speaker 4: But the long version, Yeah, the long version, and we
• 2:29
  Speaker 4: get to ask her all the perfect questions, Tony. So
• 2:32
  Speaker 4: let's jump straight into it, Money Diarist. I am so
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  Speaker 4: excited that you are here. But first question is what
• 2:39
  Speaker 4: is your attitude towards money?
• 2:43
  Speaker 6: I would say my attitude towards money is constantly evolving.
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  Speaker 6: Up until three years ago, it was terrible. I didn't
• 2:51
  Speaker 6: have a clue and I didn't really.
• 2:53
  Speaker 7: Care about money.
• 2:55
  Speaker 6: But now I would say it is good ish. I
• 3:00
  Speaker 6: am much more aware of what's important around money, but
• 3:03
  Speaker 6: a lot more I need to implement to say that
• 3:06
  Speaker 6: I'm satisfied with how I am with money.
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  Speaker 7: That makes sense, Yes.
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  Speaker 5: It totally makes sense.
• 3:11
  Speaker 4: Now what do you do for work and how much money.
• 3:14
  Speaker 5: Do you earn?
• 3:15
  Speaker 6: So I am a pediatric ICU nurse, but I work
• 3:19
  Speaker 6: for another special niche within that. My base pay is
• 3:24
  Speaker 6: eighty six thousand per annum, but last financial year I
• 3:28
  Speaker 6: made one hundred and two thousand with penalties and overtime.
• 3:33
  Speaker 2: Wow get it.
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  Speaker 6: And then I also had a bit of a creative
• 3:36
  Speaker 6: side hustle on top of that, and I earned about
• 3:39
  Speaker 6: twelve thousand dollars with that last year.
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  Speaker 5: Oh my god, come on, give us the goss. What
• 3:44
  Speaker 5: is this creative side?
• 3:46
  Speaker 6: So I got into photography, which I absolutely adore, but doesn't.
• 3:50
  Speaker 7: Really merge well with my current job. So at a
• 3:56
  Speaker 7: family newborn photography.
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  Speaker 5: Oh how sweet?
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  Speaker 7: Is add a nice balance to what I do day
• 4:01
  Speaker 7: to day and just like.
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  Speaker 2: Scratch that creative itach as well.
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  Speaker 7: Yeah, yeah, exactly, Yeah, I love it.
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  Speaker 2: And what's the niche in your nursing career?
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  Speaker 6: So I transport sick children around the state.
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  Speaker 7: So our job is.
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  Speaker 6: To go go wherever in the state is required to
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  Speaker 6: collect sick children, save, wize them, and take them to
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  Speaker 6: the children's hospital.
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  Speaker 7: Oh that's yeah, Yeah, it's awesome. I love it. It's stressful,
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  Speaker 7: but so.
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  Speaker 5: F be Oh my gosh, how fun all.
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  Speaker 4: I have so many questions, but this isn't like open
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  Speaker 4: question time. So next question is what is currently your
• 4:39
  Speaker 4: big money goal?
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  Speaker 7: My big bunny goal. Let's shared goal with my husband.
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  Speaker 6: I suppose we are building a house, so we've put
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  Speaker 6: deposit on a land outside of the city.
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  Speaker 7: So our current.
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  Speaker 6: Goal is is that which we have our full deposit for,
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  Speaker 6: but just kind of saving little bits.
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  Speaker 5: To check you.
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  Speaker 7: Nicer, but investing beyond that.
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  Speaker 6: We want to invest and set up our financial future
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  Speaker 6: and make our money work for us.
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  Speaker 5: That's my next big thing.
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  Speaker 7: Yeah.
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  Speaker 5: I love that so much.
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  Speaker 4: So do you currently have any debts?
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  Speaker 6: I have about four thousand dollars owing on my hex,
• 5:22
  Speaker 6: which will be gone once I process my current tax
• 5:25
  Speaker 6: with it. But other than that, no, no debts at all.
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  Speaker 5: How exciting.
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  Speaker 3: Only four thousand dollars left on your hex. I imagine
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  Speaker 3: it would have been a lot more than that being
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  Speaker 3: a nurse.
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  Speaker 7: Yeah, it was.
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  Speaker 6: After all of my postgraduate studies. It kind of bumped
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  Speaker 6: up quite a bit. But yeah, it's nearly all gone.
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  Speaker 6: So that's really exciting.
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  Speaker 4: Well, congratulations, so good, How exciting. Next question, do you
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  Speaker 4: currently have any investments?
• 5:52
  Speaker 7: Yes, not much so.
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  Speaker 6: I currently invest five dollars a day into rays, which
• 5:58
  Speaker 6: thank you Ryan John I coffee coffee, Yeah, so I
• 6:02
  Speaker 6: was spending a lot of money on coffee before, so
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  Speaker 6: now I put five dollars a day.
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  Speaker 7: Still treat myself every couple of days, but not every day,
• 6:10
  Speaker 7: but I don't hey it does.
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  Speaker 6: So I started at the start of June and I
• 6:14
  Speaker 6: have about six hundred dollars in there now, which is crazy.
• 6:18
  Speaker 4: Six hundred dollars since June.
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  Speaker 6: Yeah, so I think I put one hundred or one
• 6:22
  Speaker 6: hundred and fifty in initially.
• 6:24
  Speaker 7: And then I told get my startus. Yeah, just to
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  Speaker 7: make it, just.
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  Speaker 5: To make it feel comfy. Yeh know, we've all been there.
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  Speaker 5: I've done that before as well.
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  Speaker 4: Like I'm opening this like micro investing platform, but I
• 6:35
  Speaker 4: also don't want to start with just five dollars, like
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  Speaker 4: I just.
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  Speaker 5: Bump it up a little bit. It's cheeky, but it
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  Speaker 5: makes you feel more motivated.
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  Speaker 6: It does, and looking at that number definitely helps me.
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  Speaker 6: And then I have got another account which has no investments,
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  Speaker 6: but I plan to do it very soon.
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  Speaker 7: Exciting.
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  Speaker 4: How did you decide to make that decision? Like, how
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  Speaker 4: did you decide what platform or how you were going
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  Speaker 4: to set yourself up.
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  Speaker 6: I've been doing a lot of research. I still don't
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  Speaker 6: know if I'm making all of the right choices with it,
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  Speaker 6: but I've just I've done a lot of reading and
• 7:09
  Speaker 6: understanding what brokerage and what like investing means as a whole,
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  Speaker 6: and that's helped. Reading has definitely helped me. But I
• 7:16
  Speaker 6: still don't feel one hundred percent that I'm.
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  Speaker 7: Making the right choices all of the time. But I'm
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  Speaker 7: getting there.
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  Speaker 5: Oh my gosh, we've all been there.
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  Speaker 4: But speaking of right choices, next question is do you
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  Speaker 4: use shot back when shopping online?
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  Speaker 7: I do now, So I've only just opened my account.
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  Speaker 6: I actually used the code, but forgot to spend the
• 7:36
  Speaker 6: money before it expie. I oh no, but I've been
• 7:41
  Speaker 6: about twenty dollars in shot back. But I am becoming
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  Speaker 6: more conscious of looking at things through there now all right.
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  Speaker 4: Next question is what is your best money habit.
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  Speaker 6: I think my best money habit has been talking to
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  Speaker 6: my husband about money and implement my various bank accounts
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  Speaker 6: to divvy up what I need to pay for and
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  Speaker 6: what I need to save. But I think the biggest
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  Speaker 6: thing is actually been sharing my savings account with my
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  Speaker 6: husband because it's making me accountable, which I wasn't very
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  Speaker 6: good at doing that myself. So having merged that, I
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  Speaker 6: don't just go in there all the time and take
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  Speaker 6: little bits out because I'm really.
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  Speaker 7: Conscious of you can see.
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  Speaker 6: So that's probably my first tabit because I haven't got
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  Speaker 6: good self control, So I think sharing has helped.
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  Speaker 4: Accountability partners are really important because if you're one of
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  Speaker 4: those people that sneaks money out of savings accounts, if
• 8:38
  Speaker 4: you know somebody else can see it, you are much
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  Speaker 4: less likely to dip in and dip out, and you're
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  Speaker 4: more likely to think about the decision before you make it,
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  Speaker 4: which some of us don't need. But if you do
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  Speaker 4: and I do, I think it's really helpful.
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  Speaker 5: And that doesn't just have to be a partner.
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  Speaker 4: It could be like telling Tony like, hey, Tony, I've
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  Speaker 4: got X amount in my savings account. Can you check
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  Speaker 4: in on me because I think I'm going to dip
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  Speaker 4: into it? And Tony can be like, Victoria, what have
• 9:04
  Speaker 4: you done? And I used to do that with my
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  Speaker 4: old housemate because I used to be really cheeky with
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  Speaker 4: my savings.
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  Speaker 5: I mean I was still cheeky, but not as bad,
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  Speaker 5: you know. It was just a helpful top two, all right.
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  Speaker 4: Speaking of good money habits, there's always the opposite of
• 9:19
  Speaker 4: good money habits, and that is your worst money habits.
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  Speaker 4: So what is your worst money habit?
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  Speaker 6: Impulsive impulsivity. I am very impulsive with my money. I
• 9:31
  Speaker 6: can spend money at.
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  Speaker 7: The job of a hat, particularly on night shift.
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  Speaker 6: Yeah, absolutely that because I still, even though I have
• 9:38
  Speaker 6: done so well to save what I have, I still
• 9:42
  Speaker 6: spend recklessly.
• 9:43
  Speaker 7: Nowhere near as much, but I still spend a lot.
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  Speaker 3: But it seems like from the brief amount we know
• 9:51
  Speaker 3: about you from your money diary entry, it seems like
• 9:55
  Speaker 3: you've come such a long way in terms of your
• 9:57
  Speaker 3: attitude to money. Given like growing up you were like
• 10:00
  Speaker 3: it was encouraged to put things on a credit card.
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  Speaker 2: And if that's all your parents know.
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  Speaker 3: That's all then you know, because you don't have anyone
• 10:06
  Speaker 3: else teaching you anything different. So I think that even
• 10:10
  Speaker 3: though you might spend a little bit recklessly, which you
• 10:13
  Speaker 3: think you can kind of rain in a little bit,
• 10:15
  Speaker 3: it seems like you've come so far from the position
• 10:19
  Speaker 3: you could be in. Imagine if you hadn't done anything
• 10:22
  Speaker 3: about how reckless you've been in the past, you wouldn't
• 10:25
  Speaker 3: have saved such a huge deposit for a house, like
• 10:28
  Speaker 3: you and your husband, wouldn't have such a healthy relationship
• 10:31
  Speaker 3: around money together and all of those things. So even
• 10:34
  Speaker 3: though it feels like you always need to do better,
• 10:37
  Speaker 3: you're doing pretty bloody well.
• 10:39
  Speaker 5: I think you're doing so well. And when we get.
• 10:42
  Speaker 4: To the part where I can ask you lots of questions,
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  Speaker 4: I want to ask all about that. But Lucky, last
• 10:48
  Speaker 4: question of the set of questions we always ask is
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  Speaker 4: what grade would you give yourself if we forced you
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  Speaker 4: to give yourself a money grade.
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  Speaker 6: I would give myself a bs irade. But there's just
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  Speaker 6: I feel there's so much room for growth. There's so
• 11:03
  Speaker 6: much more I can implement that's going to help us later.
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  Speaker 6: So I'm pretty comfident in the BNS.
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  Speaker 2: Oh.
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  Speaker 5: I love that.
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  Speaker 4: I think that's really important to be able to see
• 11:14
  Speaker 4: where you're at and see where you're going. Would you
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  Speaker 4: have said that you're a B minus three years ago?
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  Speaker 7: No, I was a D. I was atrocious. I was
• 11:25
  Speaker 7: not good with money.
• 11:27
  Speaker 4: But we've grown. I love that you know that you've
• 11:29
  Speaker 4: grown as well. And I think that so many times
• 11:31
  Speaker 4: people just don't have the ability to reflect on what
• 11:34
  Speaker 4: they have gone through and where they are now. And
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  Speaker 4: I think that's really special, especially to have a laugh
• 11:39
  Speaker 4: about it, be like, oh I was a D but
• 11:41
  Speaker 4: now i'm a B mins and yeah, that's really special.
• 11:45
  Speaker 7: Thank you. Yeah, I'm proud of it.
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  Speaker 4: I love it.
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  Speaker 2: Oh that's great.
• 11:49
  Speaker 4: I want to ask you all about how you got
• 11:51
  Speaker 4: from a D to a BET, but I'll do that
• 11:53
  Speaker 4: in a minute. All right, money diarist, I have loved
• 12:00
  Speaker 4: listening to your questions.
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  Speaker 5: USh.
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  Speaker 4: I want to start with how you've done it and
• 12:05
  Speaker 4: how you got to this point. You said a few
• 12:07
  Speaker 4: years ago you weren't so good at money, and then
• 12:09
  Speaker 4: you picked up a book and obviously have fallen into
• 12:12
  Speaker 4: the Shees on the money community, which I'm really grateful for.
• 12:15
  Speaker 5: But what book did you pick up?
• 12:17
  Speaker 4: How did you begin this journey, and what made you
• 12:20
  Speaker 4: want to pick that book up? Because money is something
• 12:22
  Speaker 4: that not many of us actually liked talking about, so
• 12:25
  Speaker 4: taking the first step is really overwhelming, But like, how
• 12:28
  Speaker 4: did you get to that point?
• 12:30
  Speaker 6: So I distinctly remember it was about four months into
• 12:34
  Speaker 6: my new relationship with my now husband, and was sitting
• 12:37
  Speaker 6: out on his balcony having a drink. And I don't
• 12:40
  Speaker 6: know how he got onto the topic of money, but
• 12:43
  Speaker 6: he somehow mentioned that he had a healthy savings and
• 12:46
  Speaker 6: I was like, oh, yeah, that's a drum.
• 12:50
  Speaker 2: I like that.
• 12:51
  Speaker 6: Yeah, And so he never said like a figure, but
• 12:56
  Speaker 6: indicated that it was, you know, a hell around almost
• 12:59
  Speaker 6: six figure is healthy?
• 13:01
  Speaker 4: Nice.
• 13:02
  Speaker 5: That was him trying to lock you down.
• 13:06
  Speaker 7: So I wasn't very honest in that conversation.
• 13:10
  Speaker 6: I just I was just overwhelmed and said, oh, yeah,
• 13:14
  Speaker 6: I have savings too, and I think I had about
• 13:16
  Speaker 6: one thousand dollars which was going towards my next holiday.
• 13:19
  Speaker 6: That's so I it was around the time Barefoot Investor
• 13:25
  Speaker 6: came out, and there was a little discussion happening around that,
• 13:28
  Speaker 6: which I wasn't really interested in until i'd had.
• 13:31
  Speaker 7: That conversation with my husband.
• 13:33
  Speaker 6: So I read that. Well, I didn't read the whole thing.
• 13:35
  Speaker 6: I still haven't, but I read the first couple of
• 13:39
  Speaker 6: chapters about creating various bank accounts and you know, looking
• 13:45
  Speaker 6: into your super and is it working for you, and
• 13:48
  Speaker 6: not having a credit card. So as soon as I
• 13:51
  Speaker 6: had read those two or three chapters, I cut up
• 13:53
  Speaker 6: my credit card and I made a promise to myself
• 13:57
  Speaker 6: that I was going to pay that off first and
• 13:59
  Speaker 6: then dividing my money accordingly. So that's what I did,
• 14:03
  Speaker 6: and I managed to get into a really good place
• 14:06
  Speaker 6: with that.
• 14:06
  Speaker 4: I love that three chapters of The Barefoot Investor. My
• 14:10
  Speaker 4: book can't do it that quickly, Guys.
• 14:13
  Speaker 7: It might have been more. I can't recall.
• 14:14
  Speaker 6: I just remember I read enough to know those things,
• 14:17
  Speaker 6: and then I didn't go beyond it.
• 14:19
  Speaker 4: I don't need to know the rest. Thanks though, Yeah
• 14:21
  Speaker 4: I probably should have.
• 14:22
  Speaker 6: Maybe I would understand what I'm investing, but I didn't
• 14:26
  Speaker 6: feel ready.
• 14:26
  Speaker 7: To learn about investing, so I didn't. I didn't go
• 14:29
  Speaker 7: into that.
• 14:29
  Speaker 3: Yeah, did you find it a bit confronting given your
• 14:33
  Speaker 3: whole life, you know, the things that your parents had
• 14:35
  Speaker 3: taught you were almost the opposite of what you're reading.
• 14:37
  Speaker 2: You're like, hang on, something's amiss here, this isn't what
• 14:40
  Speaker 2: I know.
• 14:42
  Speaker 7: It actually made me feel quite angry.
• 14:45
  Speaker 6: I just I felt like I'd been cheated that whole
• 14:50
  Speaker 6: important well not cheated, but you know, there's there's so
• 14:52
  Speaker 6: much importance around money and what it does for you
• 14:55
  Speaker 6: for your whole life, and I just felt like I
• 14:58
  Speaker 6: didn't learn any of that at home, and I certainly
• 15:01
  Speaker 6: didn't learn any of that at school, which they should. Yeah,
• 15:06
  Speaker 6: I just yeah, I just felt really mad that I
• 15:08
  Speaker 6: just wasn't aware of interest rates. So I remember having
• 15:11
  Speaker 6: a credit card and I'm pretty sure the interest was
• 15:14
  Speaker 6: about fifteen percent or something, and I never paid that
• 15:17
  Speaker 6: oft on time, and I never knew I never thought
• 15:20
  Speaker 6: about the implications of that, which is just it just
• 15:23
  Speaker 6: made me so furious that it had taken me that.
• 15:25
  Speaker 7: Long to get to a point where I understood.
• 15:27
  Speaker 4: Yeah, and it's not uncommon unfortunately, the amount of people
• 15:30
  Speaker 4: that I speak to, I'm like, okay, cool, so you've
• 15:32
  Speaker 4: got a credit card, what's the interest.
• 15:34
  Speaker 5: Rate of that?
• 15:34
  Speaker 4: They're like, oh, I don't know, I've got no idea, And.
• 15:36
  Speaker 5: I'm like, what do you mean?
• 15:37
  Speaker 4: And they're like, oh, like I just got the one
• 15:39
  Speaker 4: that my girlfriend had, or I just got the one
• 15:41
  Speaker 4: that my bank had, Like you know, it's a credit card.
• 15:44
  Speaker 4: You're like, there's a difference, Like there's a massive difference
• 15:47
  Speaker 4: between paying fifteen percent like you had, and some credit
• 15:50
  Speaker 4: cards go all the way up to twenty four percent?
• 15:53
  Speaker 4: Like what and you don't know?
• 15:55
  Speaker 2: Long?
• 15:56
  Speaker 4: Yeah, And it baffles me, But it also makes a
• 15:58
  Speaker 4: lot of sense because if you've never learnt, why would
• 16:01
  Speaker 4: you know.
• 16:02
  Speaker 5: Like a credit cards at all?
• 16:03
  Speaker 4: Like as you get older, we open bank accounts, you
• 16:06
  Speaker 4: get a credit card, right, Like those two things go
• 16:08
  Speaker 4: hand in hand.
• 16:10
  Speaker 5: How old were you.
• 16:11
  Speaker 4: When you got your first credit card?
• 16:13
  Speaker 7: Nineteen?
• 16:14
  Speaker 6: So I'd moved away from home, quite a few hours
• 16:17
  Speaker 6: away from home, and I wasn't earning a great deal,
• 16:20
  Speaker 6: and so I got a credit card because that meant
• 16:22
  Speaker 6: I could still do what I wanted to do, or
• 16:24
  Speaker 6: so I thought, well I did, but then I had
• 16:26
  Speaker 6: the debt and.
• 16:28
  Speaker 4: How did you like, was there a really easy process
• 16:31
  Speaker 4: to apply? And do you remember what the limit on
• 16:33
  Speaker 4: that credit card was?
• 16:35
  Speaker 6: It was only eighteen hundred or two thousand. I never
• 16:38
  Speaker 6: went with a high limit, but it was very easy.
• 16:43
  Speaker 6: I got it instantly, which is scary.
• 16:46
  Speaker 4: So slippery slope as well, because you look at it
• 16:49
  Speaker 4: and so many times I meet people and I speak
• 16:51
  Speaker 4: to people who are in debt or who do have
• 16:53
  Speaker 4: a credit card, and they're like, yeh, but it's such
• 16:55
  Speaker 4: a low limit, like it's only two grand. It'd be
• 16:57
  Speaker 4: really easy to pay that back off. But money Diary,
• 17:00
  Speaker 4: I'm assuming when you first moved out of home and away,
• 17:03
  Speaker 4: two thousand dollars out of a monthly paycheck would have
• 17:06
  Speaker 4: been a very significant chunk, right, Like we're not talking,
• 17:09
  Speaker 4: Oh okay, no problems. I'll just pay that off and
• 17:11
  Speaker 4: I still have ninety nine percent of my salary left, right.
• 17:15
  Speaker 6: Yeah, I was only earning about five hundred dollars a
• 17:18
  Speaker 6: week like by attending around you.
• 17:20
  Speaker 4: So that was your entire monthly salary that you were borrowing,
• 17:24
  Speaker 4: which I think is important to put in context as well,
• 17:26
  Speaker 4: because too many times do we say, oh, it's not
• 17:29
  Speaker 4: that high of a limit. You're like, yeah, but that's
• 17:31
  Speaker 4: your entire monthly salary, Like that would require significant sacrifice
• 17:36
  Speaker 4: to pay off all in one month, right, And I
• 17:39
  Speaker 4: would argue that that was impossible for you? Or is that? Yeah?
• 17:43
  Speaker 7: And I never did it.
• 17:44
  Speaker 6: And I also never made it a priority because I
• 17:46
  Speaker 6: didn't think about it.
• 17:47
  Speaker 5: Yeah, yeah, So growing up? What I just have so
• 17:52
  Speaker 5: many questions?
• 17:52
  Speaker 4: I'm sorry, So growing up? Is this something that you
• 17:55
  Speaker 4: saw your parents doing? Is this something that was encouraged,
• 17:59
  Speaker 4: Like do you think that this has been ingrained or
• 18:01
  Speaker 4: was it just a lack of knowing and a lack
• 18:03
  Speaker 4: of education or is this something that you just grew
• 18:06
  Speaker 4: up with and knew that debt was easy or yeah,
• 18:09
  Speaker 4: what did.
• 18:10
  Speaker 5: That look like for you?
• 18:11
  Speaker 7: I think it's a combination of the both.
• 18:14
  Speaker 6: I grew up we didn't talk about money really, but
• 18:20
  Speaker 6: I know Mum put everything on a credit card, you know,
• 18:23
  Speaker 6: we went shopping for clothes, went grocery shopping, she talked
• 18:26
  Speaker 6: about buying things.
• 18:26
  Speaker 7: It was like, yeah, I'll just put it on the
• 18:28
  Speaker 7: credit card. I'll just put it on the credit card.
• 18:30
  Speaker 6: And never really talked about the ramifications of that, so
• 18:34
  Speaker 6: I never thought any differently.
• 18:36
  Speaker 7: So when I got a credit card, I was like, yeah,
• 18:37
  Speaker 7: I'll just put on the credit card.
• 18:39
  Speaker 6: I want a new dress and just put it on
• 18:41
  Speaker 6: a credit card and yeah, so I kind of learned
• 18:45
  Speaker 6: those habits and then developed those habits some more as
• 18:47
  Speaker 6: I as I was away from home.
• 18:50
  Speaker 4: Yeah, And I think that that's one of those things
• 18:53
  Speaker 4: where we just don't realize how ingrained it.
• 18:55
  Speaker 5: Is to just go, yeah, well, that's normal.
• 18:57
  Speaker 4: Whereas we might speak to people whose parents had just
• 19:00
  Speaker 4: never had a credit card, and they might not have
• 19:02
  Speaker 4: even discussed it.
• 19:03
  Speaker 5: But they're still scared of them.
• 19:04
  Speaker 4: They're like, oh, yeah, but they're kind of like the unknown.
• 19:07
  Speaker 4: So you got comfortable with them just purely by exposure,
• 19:11
  Speaker 4: not even someone saying that this is good or this
• 19:13
  Speaker 4: is bad. You've just seen them around, so therefore you
• 19:16
  Speaker 4: are comfortable with them. My next question goes back you
• 19:19
  Speaker 4: said at the time he was I'm assuming your boyfriend.
• 19:22
  Speaker 4: Maybe not your boyfriend yet because it can only be
• 19:24
  Speaker 4: in four months, but you're probably telling your girlfriends that
• 19:27
  Speaker 4: he was your boyfriend. You started having money conversations about savings,
• 19:31
  Speaker 4: and you mentioned in the first part of our chat
• 19:34
  Speaker 4: that that kind of made you uncomfortable and maybe you
• 19:37
  Speaker 4: weren't super truthful in that conversation. How did you start
• 19:41
  Speaker 4: having positive money conversations with your partner because you've gone
• 19:44
  Speaker 4: from saying Okay, cool, like I've got this really great relationship.
• 19:48
  Speaker 4: I'm open about my savings with my partner. But at
• 19:50
  Speaker 4: the beginning, I wasn't how do we all learn from
• 19:53
  Speaker 4: you and take those steps from maybe not being super
• 19:56
  Speaker 4: truthful about how much savings we have all the way
• 19:59
  Speaker 4: through to having that partner be really helpful on our journey.
• 20:05
  Speaker 6: I think obviously talking about it in the first instance
• 20:08
  Speaker 6: was the catalyst for me. But I think moving in together,
• 20:12
  Speaker 6: having some shared expenses, and then as a couple having
• 20:16
  Speaker 6: bigger and bigger goals, and I think that started changing
• 20:21
  Speaker 6: how I viewed money in our relationship. I'm also quite
• 20:25
  Speaker 6: fiercely independent, and I wanted to get a house.
• 20:29
  Speaker 7: We wanted to build a house or.
• 20:30
  Speaker 6: Buy a house, and I wanted to contribute a good
• 20:33
  Speaker 6: chunk and be like, yes, I did that, Like I
• 20:35
  Speaker 6: made a difference in this, And so I guess that
• 20:39
  Speaker 6: stubborn side of me also helped that along. But I
• 20:42
  Speaker 6: think it was moving in together, it was having shared accounts,
• 20:46
  Speaker 6: it was having the shared goals and then wanting to
• 20:50
  Speaker 6: be an equal in that yeah.
• 20:52
  Speaker 3: And also kind of having nowhere to hide in that instance,
• 20:55
  Speaker 3: kind of being like Okay, we're really committing to each other.
• 20:58
  Speaker 2: Now we're moving in together.
• 20:59
  Speaker 3: Is safe space when some people don't ever experience that,
• 21:03
  Speaker 3: you know, safe space with their partner, to be honest
• 21:06
  Speaker 3: about it, which is when you know, debt kind of
• 21:08
  Speaker 3: snowballs out of control, which you know we've seen on
• 21:10
  Speaker 3: money diaries before. And I think it's just really great
• 21:14
  Speaker 3: that instead of feeling confronted by what your now husband
• 21:20
  Speaker 3: was saying, you were kind of.
• 21:21
  Speaker 2: Like, Okay, this is like the kick in the bottom.
• 21:23
  Speaker 3: That I needed to make sure that I am really
• 21:25
  Speaker 3: taking control of my money. And even though I don't
• 21:28
  Speaker 3: have any prior knowledge, I'm going to I'm going to
• 21:30
  Speaker 3: read the first three chapters of this.
• 21:32
  Speaker 4: Book, and I think it's a really good example that
• 21:37
  Speaker 4: you actually don't need to dive in boots and all.
• 21:40
  Speaker 4: You don't need to read every single finance book out there.
• 21:42
  Speaker 4: In fact, it only takes the first three chapters of
• 21:44
  Speaker 4: The Barefoot investig Guys like.
• 21:46
  Speaker 5: You don't ever need to do that much. But it's
• 21:48
  Speaker 5: all about.
• 21:49
  Speaker 4: Being open to learning and wanting to change. And I
• 21:52
  Speaker 4: guess that's what I'm getting out of this, Like you've
• 21:54
  Speaker 4: come from a money story that you weren't super proud
• 21:56
  Speaker 4: of and you wanted to change and you changed it.
• 21:59
  Speaker 4: But I'm sure that maybe, like two years before changing
• 22:02
  Speaker 4: your money story, you didn't know you wanted to change it.
• 22:05
  Speaker 4: It was just really normal. And I think that we
• 22:08
  Speaker 4: all get at some point slapped with a catalyst that goes, oh,
• 22:11
  Speaker 4: I want to change and I don't know where to start,
• 22:14
  Speaker 4: And hopefully that she's on the money community can be
• 22:16
  Speaker 4: a safe place to land and learn about those things.
• 22:19
  Speaker 4: I know that we're not all on the same page yet,
• 22:22
  Speaker 4: but we're all in the same book, so we'll get
• 22:24
  Speaker 4: there at some point. And I'm really really proud that
• 22:27
  Speaker 4: you've changed it, and you seem so positive about it,
• 22:30
  Speaker 4: and I love it.
• 22:30
  Speaker 5: But it's so relatable, and.
• 22:32
  Speaker 4: I think that's why I was so excited to hear
• 22:35
  Speaker 4: your money Diary. Like when Tony read out the letter,
• 22:37
  Speaker 4: I was like, yes, like it's time we had one
• 22:39
  Speaker 4: that ninety nine percent of our community can go Yeah,
• 22:42
  Speaker 4: that's me because it was me as well. Like I
• 22:45
  Speaker 4: remember being in UNI and finishing UNI and getting my
• 22:48
  Speaker 4: first grad job, and I remember thinking I was earning
• 22:51
  Speaker 4: so much money, like I was making According to Victoria
• 22:55
  Speaker 4: Devine at twenty two bank, but in reality, I was
• 22:58
  Speaker 4: earning minimum wage and I was in a grad role.
• 23:01
  Speaker 4: But I went and got a credit card, and exactly
• 23:04
  Speaker 4: the same as you, my first credit cards limit was
• 23:06
  Speaker 4: two thousand dollars and it just snowballed from there. And
• 23:10
  Speaker 4: then I ended up wanting to do some further study
• 23:12
  Speaker 4: and study overseas, and I needed to take personal loan
• 23:15
  Speaker 4: out because I definitely didn't have savings to be able
• 23:17
  Speaker 4: to afford that. And then came the personal loan, and
• 23:20
  Speaker 4: from there it kind of just went from strength to strength.
• 23:23
  Speaker 4: And you know, in the same way that I harp
• 23:26
  Speaker 4: on about investing being a good thing because of compounding interest.
• 23:30
  Speaker 4: If you look at a compound interest to graph and
• 23:33
  Speaker 4: how attractive that is, and I've shared a lot of them,
• 23:35
  Speaker 4: so it's not hard to find one. Take that flip
• 23:38
  Speaker 4: it upside down. That's how debt works. It compounds like
• 23:42
  Speaker 4: any interest rate compounds in exactly the same way that
• 23:45
  Speaker 4: investments do. But we don't pay attention, and we just
• 23:48
  Speaker 4: don't see it that way, and we don't see how
• 23:50
  Speaker 4: scary that can be. And the longer you leave it,
• 23:53
  Speaker 4: the harder it is to pay off. And I don't
• 23:56
  Speaker 4: think that people understand that, and I definitely didn't, which
• 23:59
  Speaker 4: is I ended up in such a pickle. But now
• 24:02
  Speaker 4: I'm grateful that I'm in the position i'm in and
• 24:04
  Speaker 4: I'm obviously not in that money story or mind frame anymore.
• 24:08
  Speaker 4: And I do have, I would say, a really good
• 24:10
  Speaker 4: money story. I mean, if you ask Tony, maybe I
• 24:13
  Speaker 4: am really good at online shopping and all three in
• 24:16
  Speaker 4: the oufice. But I'm working on it, and I'm working
• 24:20
  Speaker 4: on it with the community, and I'm so so so
• 24:22
  Speaker 4: grateful that you're a part of it because you're one
• 24:25
  Speaker 4: of those people that is the positive cheerleader for everybody
• 24:29
  Speaker 4: else in our community just growing and doing their own
• 24:32
  Speaker 4: thing and finding their own way because we all have
• 24:35
  Speaker 4: a money story. And I think that's yeah, that's so special.
• 24:38
  Speaker 7: It really is.
• 24:39
  Speaker 6: And I just hope that this gives somebody that little
• 24:41
  Speaker 6: bit of inspiration to start because it was so it
• 24:45
  Speaker 6: was so.
• 24:45
  Speaker 7: Simple for me.
• 24:46
  Speaker 6: I implemented small changes and all of a sudden, look
• 24:49
  Speaker 6: at that glow up you know.
• 24:51
  Speaker 7: Three.
• 24:51
  Speaker 6: Yeah, Yeah, it just blows my mind because it felt
• 24:54
  Speaker 6: so slow going.
• 24:57
  Speaker 2: I like it, but it does feel really slow going.
• 24:59
  Speaker 3: And the same as you guys fell into that credit
• 25:01
  Speaker 3: card hoole at like twenty one because I moved out
• 25:04
  Speaker 3: of home and I was living with my boyfriend and
• 25:06
  Speaker 3: I felt invincible. And you know, it was not very
• 25:12
  Speaker 3: long ago that I realized, you know, a thousand dollars
• 25:15
  Speaker 3: isn't a lot of money to have, but it's a
• 25:17
  Speaker 3: lot of money to owe. Yeah and yeah, but it's
• 25:21
  Speaker 3: one of those things you think, oh, one thousand dollars
• 25:23
  Speaker 3: is not that much, but it's it turns into a ways.
• 25:26
  Speaker 4: I'm going to put that quote on a little inspo
• 25:28
  Speaker 4: board and check it on the gram, Tony.
• 25:30
  Speaker 5: See how many.
• 25:30
  Speaker 2: Please tag me?
• 25:32
  Speaker 7: Oh yeah, yeah, that'll make full credit.
• 25:34
  Speaker 4: We can put it on our money Diris Fridge. We
• 25:36
  Speaker 4: can make stickies with it, we can make like phone backgrounds.
• 25:39
  Speaker 3: It's inspirationally made it guysspotional quote.
• 25:43
  Speaker 6: I love that.
• 25:45
  Speaker 3: I haven't even read the first three chapters of The
• 25:47
  Speaker 3: Barefoot Investor and look at her.
• 25:50
  Speaker 2: I love it.
• 25:52
  Speaker 4: Well, thank you so much, money, direst. I feel like
• 25:55
  Speaker 4: this story has been a really positive, happy one that
• 25:58
  Speaker 4: we can all learn from but also relate to. Because
• 26:01
  Speaker 4: I've been there, You've obviously been there, Tony. She's got
• 26:05
  Speaker 4: her quote about the thousand dollars, and I just feel like.
• 26:08
  Speaker 5: It's one of those ones where you go, just start.
• 26:11
  Speaker 4: Like starting doesn't have to be overwhelming. It doesn't have
• 26:14
  Speaker 4: to be doing a course in personal finance. It could
• 26:17
  Speaker 4: be just picking up the book and reading the first
• 26:19
  Speaker 4: chapter and seeing how you feel about it.
• 26:21
  Speaker 5: And yeah, I hope that more people do that.
• 26:24
  Speaker 4: I'm sure more people will do that because you've shared
• 26:26
  Speaker 4: this with us.
• 26:27
  Speaker 5: So thank you so much.
• 26:29
  Speaker 7: No, thank you, it's been a pleasure.
• 26:31
  Speaker 5: Thank you so much again.
• 26:33
  Speaker 4: But as always, just before we head off, we'd like
• 26:36
  Speaker 4: to acknowledge and pay respect to Australia's Aboriginal and torust
• 26:40
  Speaker 4: Rate islander people's. They're the traditional custodians of the lands,
• 26:44
  Speaker 4: the waterways and the skies all across Australia. We thank
• 26:48
  Speaker 4: you for sharing and for caring for the land on
• 26:50
  Speaker 4: which we are able to learn. We pay our respects
• 26:53
  Speaker 4: to elders past and present, and we share our friendship
• 26:55
  Speaker 4: and our kindness.
• 26:57
  Speaker 3: The advice shared on She's on the Money is generally
• 27:00
  Speaker 3: and does not consider your individual circumstances. Shares on the
• 27:03
  Speaker 3: Money exists purely for educational purposes and should not be
• 27:07
  Speaker 3: relied upon to make an investment or any financial decision,
• 27:10
  Speaker 3: and we promise that Victoria Divine is an authorized representative
• 27:14
  Speaker 3: of Australia Pacific Funds Management Proprietary Limited ABM three four
• 27:18
  Speaker 3: one three two four six three two five seven AFSL
• 27:21
  Speaker 3: three three nine one five one.
• 27:23
  Speaker 5: See you next week, guys.
• 27:25
  Speaker 1: Bye,