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Is it worth it? Let me work it · She's On The Money

0:00
Speaker 1: She's on the Money.
0:02
Speaker 2: She's on the Money. Hello, and welcome to She's on
0:14
Speaker 2: the Money, the podcast Millennials Who Want Financial Freedom. My
0:18
Speaker 2: name is Georgia King. I'm a copywriter and journalism student
0:21
Speaker 2: who still has stacks left to learn when it comes
0:23
Speaker 2: to money, and here to put the fun in finance
0:27
Speaker 2: is none other than financial advisor Victoria. To find Victoria Today?
0:31
Speaker 2: Do you like that one?
0:32
Speaker 1: I liked it, but there's no fun fun in I
0:35
Speaker 1: think you're meant to say, I like the letters Make
0:39
Speaker 1: alone alone? Okay?
0:41
Speaker 2: Today on the show, we are going to be talking
0:43
Speaker 2: through a topic that we don't think people are really
0:46
Speaker 2: talking about, so we're going to do it. Should you
0:48
Speaker 2: be basing your career choice around salary?
0:51
Speaker 1: Now?
0:51
Speaker 2: It is all well and good to say that money
0:53
Speaker 2: doesn't buy happiness, but it does provide a certain level
0:56
Speaker 2: of freedom, which is something we should absolutely be striving for.
0:59
Speaker 2: So does salary really matter? But before we unpack this
1:04
Speaker 2: multi layered and potentially controversial topic, Victoria, talk me through
1:08
Speaker 2: your money wins or confessions of this week. What has
1:11
Speaker 2: been going on?
1:11
Speaker 1: Georgia King? Hello, I got a money win for you.
1:15
Speaker 1: Oh my gosh, Sometimes I really struggle to think of these.
1:18
Speaker 1: But this week I had a money win, and in
1:21
Speaker 1: the moment that I had that money win, I said
1:23
Speaker 1: to the person that was with me, that's money win.
1:25
Speaker 2: I do that all the time.
1:26
Speaker 1: So doroorger kingk My money win this week is actually
1:29
Speaker 1: about parking. Oh yes, excited as you know, we've just
1:33
Speaker 1: moved into our new offices in the city, which means
1:35
Speaker 1: I have had to move some things into the office
1:37
Speaker 1: using my car, and I didn't make early bird recently.
1:42
Speaker 1: I knew that i'd be up for maybe like an
1:43
Speaker 1: eighty dollar parking bill, which was really sad. I was like,
1:47
Speaker 1: you know what, I'm just gonna have to copy it
1:48
Speaker 1: on the nose. We actually need to move stuff in
1:50
Speaker 1: and out of the office today. And when I went
1:53
Speaker 1: to pay for my parking, I like drove up to
1:56
Speaker 1: the boomgate, put my ticket in, had my debit card
1:59
Speaker 1: ready to he was feeling a bit of the sting already,
2:03
Speaker 1: and the card wouldn't or the ticket wouldn't go into
2:05
Speaker 1: the machine, and so I turned it around and flipped
2:07
Speaker 1: it upside down and like fixed it. And then I
2:09
Speaker 1: ended up having to call the press the call button,
2:11
Speaker 1: and then the woman was like, oh, when did you
2:13
Speaker 1: come in, you know, try it again and then it
2:15
Speaker 1: didn't work and she's like, oh, well, just go have
2:17
Speaker 1: a nice day.
2:18
Speaker 2: You are kidding me.
2:19
Speaker 1: No, I'm not kidding. And I got to have free
2:20
Speaker 1: parking in the Melbourne CVD. That's an eighty dollar ish
2:24
Speaker 1: money wino. I know what did you do with that
2:26
Speaker 1: eighty dollars? I put it into my savings, taking your
2:30
Speaker 1: own advice.
2:31
Speaker 3: There, I love it.
2:32
Speaker 1: I do you know what, Georgia, I can't claim that one. Actually,
2:35
Speaker 1: so Ryan, who is someone who works with us, who
2:37
Speaker 1: was in the car with me, and he actually said,
2:39
Speaker 1: all right, Victoria, that's the money win. You're going to
2:41
Speaker 1: transfer your eighty dollars to your savings, aren't you? And
2:43
Speaker 1: I yes, ran sorry Ryan, So I did it because
2:46
Speaker 1: he told me to. But yes, by Ryan, Yeah, that
2:48
Speaker 1: was a good money win. Anyway, let's move on to
2:52
Speaker 1: your money win or money confession. What have you got
2:54
Speaker 1: for us this week?
2:55
Speaker 2: I have another win. I'm just carving out the wins left,
2:58
Speaker 2: right and center.
2:59
Speaker 1: This year amazing.
3:00
Speaker 2: I mean, no income is still kind of affecting me,
3:02
Speaker 2: but you know, it's about the small wins. So my
3:06
Speaker 2: little win this week was that I have perfected the
3:08
Speaker 2: ultimate homemade green smoothie.
3:10
Speaker 1: Oh impressive.
3:11
Speaker 2: Now they will set you back a fat twelve dollars
3:13
Speaker 2: at my local twelve dollars for smoothie.
3:15
Speaker 1: Yeah, at least legit.
3:17
Speaker 2: So I've basically just stolen their recipe and good, I'm
3:21
Speaker 2: making it at home now I think we can endorse that.
3:23
Speaker 2: Does that count as a money win?
3:25
Speaker 1: That count?
3:25
Speaker 2: Says a money win. Now, let's move on to something
3:27
Speaker 2: a little more impressive. The Facebook group. They are always impressive, Victoria,
3:32
Speaker 2: have you got a favorite for me this week?
3:34
Speaker 1: I do, And I actually said on the Facebook group
3:37
Speaker 1: this week, or I commented on the post in the
3:39
Speaker 1: group this week that it was probably my favorite money
3:41
Speaker 1: win of the month, and I think everybody.
3:43
Speaker 2: That it's going to be on the pod.
3:45
Speaker 1: This one is from Laura Michelle, who is one of
3:49
Speaker 1: our community members, and I know she's been a community
3:51
Speaker 1: member since the group had like a thousand people in it. Really, yes,
3:55
Speaker 1: I feel like I know a lot of people in
3:57
Speaker 1: the community, even though you don't know them anyway. Laura's beautiful,
4:00
Speaker 1: she always comments really great things. But her post was
4:04
Speaker 1: most outrageous and all hilarious. Money win today, my dad
4:07
Speaker 1: successfully redeemed Amaya voucher from two thousand and one, which
4:13
Speaker 1: was nineteen years ago. He said the voucher was older
4:16
Speaker 1: than the lady who served him. He was able to
4:19
Speaker 1: successfully redeem it as it had no expiring date listed.
4:23
Speaker 1: The young employee initially denied it, and then her manager
4:26
Speaker 1: onored it, and he said he was equal parts amused
4:29
Speaker 1: and proud. I love that me true. I just feel
4:33
Speaker 1: like if you don't ask, you don't get. And that
4:35
Speaker 1: is the perfect example of just having a crack.
4:38
Speaker 2: Okay, so my money win is from Marinda who has
4:41
Speaker 2: saved a bonce by buying her own Reformer bed. Now
4:45
Speaker 2: it was five hundred bucks, but she's done the mass
4:48
Speaker 2: and she's saving thousands of dollars, and I think that's
4:50
Speaker 2: pretty cool. Forget the gym, you got your Reformer at home.
4:53
Speaker 1: I literally love it. I love going to Reformer pilates.
4:56
Speaker 1: But let's be honest, I haven't been to one class
4:58
Speaker 1: since much do you want Let's be on It was
5:00
Speaker 1: probably since like Fairbruary or something, but don't tell anyone,
5:03
Speaker 1: but I love Reformer usually, and it's so expensive. It
5:07
Speaker 1: can be like thirty five dollars a class at my
5:10
Speaker 1: local studio not here for it, so.
5:12
Speaker 2: Good on you, Marinda, very jealous. Now let's move across
5:17
Speaker 2: to the main topic of today's show. Should money influence
5:19
Speaker 2: your career choice?
5:20
Speaker 1: Now?
5:21
Speaker 2: I know this will be a particularly relevant episode for
5:23
Speaker 2: listeners coming to the end of their high school years
5:25
Speaker 2: and a deciding which courses or careers to start planning.
5:29
Speaker 2: I think graduating UNI students are probably considering the next
5:32
Speaker 2: step as well, so this will be kind of relevant.
5:34
Speaker 2: But then moving down the line further, I think it's
5:37
Speaker 2: a really relevant chat for people like me who are
5:39
Speaker 2: a few years into their career and are questioning their
5:41
Speaker 2: decision for financial reasons. A bit of storytime with George,
5:45
Speaker 2: guys gather around. I always thought that money was secondary
5:49
Speaker 2: to career fulfillment, but given that finances regularly sit on
5:53
Speaker 2: top of the average Aussies list of worries, and that
5:56
Speaker 2: salaries really aren't something that's covered in high school when
5:58
Speaker 2: deciding your path, I think it's worth having a chat
6:01
Speaker 2: to see if this is something that we actually should
6:03
Speaker 2: be considering. And I'm very interested in picking Victoria's brain.
6:07
Speaker 2: Sorry for this, I love this conversation and where else
6:09
Speaker 2: going to kick us off? Victoria? Do you think the
6:11
Speaker 2: whole If you do something you love, you'll never work
6:14
Speaker 2: it day in your life. Thing actually has merit? Or
6:16
Speaker 2: is it a bit airy fairy?
6:17
Speaker 1: Georgia, You and I have spoken about this a lot privately,
6:20
Speaker 1: but no, I don't think it is airy fairy at all.
6:24
Speaker 1: But I do actually really want to start this conversation
6:26
Speaker 1: by at first acknowledging the privileged position that we are
6:29
Speaker 1: actually in to be able to have this conversation. Like,
6:33
Speaker 1: you know, you and I are both very privileged. We
6:35
Speaker 1: are middle class white women who have been afforded amazing opportunities,
6:39
Speaker 1: and a lot of that is because of the privilege
6:41
Speaker 1: we were actually born into. A lot of the conversations
6:44
Speaker 1: we are actually about to head into today before we
6:47
Speaker 1: even begin, may not actually be relevant to everybody, because
6:51
Speaker 1: there are some of us who are just putting food
6:54
Speaker 1: on the table, and do you know what? That is
6:56
Speaker 1: so enough? That is so wonderful to be able to
6:59
Speaker 1: be in that position. And I think that we really
7:01
Speaker 1: need to say, Okay, well, this is a career episode
7:04
Speaker 1: that we have been asked for and people are demanding
7:07
Speaker 1: it from us and saying, look, Victoria, can you talk
7:09
Speaker 1: about like money versus you know the job I have
7:12
Speaker 1: and should I be picking it? And I want to
7:13
Speaker 1: have this conversation, but I want to also really recognize
7:18
Speaker 1: that this is a conversation that might not resonate with everybody.
7:21
Speaker 1: It is absolutely not to make people feel as though
7:24
Speaker 1: they aren't included, though, And I think that regardless of
7:27
Speaker 1: what situation you're in, like this is a good conversation
7:30
Speaker 1: to put yourself in a position where you can ask
7:32
Speaker 1: for more and demand more and think about more and not.
7:36
Speaker 1: You don't have to do something about this, but it's
7:39
Speaker 1: something that you know you deserve to be involved in
7:41
Speaker 1: the conversation, whether you can action change or not. You
7:44
Speaker 1: deserve to be educated. And I think that that's where
7:47
Speaker 1: we should be starting this conversation. Should we be.
7:50
Speaker 2: Being more pragmatic in our career choices.
7:52
Speaker 1: I genuinely don't believe in the quote if you do
7:55
Speaker 1: something you love, you'll never work a day in your life.
7:57
Speaker 1: Why because like, I feel really lucky to be having
8:00
Speaker 1: this conversation right, like I am doing something that I love.
8:03
Speaker 1: Like I don't just love what I do, I adore it.
8:06
Speaker 1: Like everything about my job makes me really excited. And
8:09
Speaker 1: I know that sounds really lame. If I look back
8:12
Speaker 1: to myself in year eleven or twelve, I actually thought
8:15
Speaker 1: I was going to be a surgeon. And the reason
8:17
Speaker 1: I thought I was going to be a curtain was
8:18
Speaker 1: because I've always been really motivated by success, like that
8:22
Speaker 1: is something that I know exists and I put at
8:24
Speaker 1: the forefront of what I do. Like if I'm going
8:26
Speaker 1: to do something, I want to be really good at
8:28
Speaker 1: that and I want to be known for being good
8:30
Speaker 1: at that. And obviously that hasn't eventuated. Guys, I'm not
8:33
Speaker 1: that insurgent. What we I know surprising, But I just
8:37
Speaker 1: feel like I work so much. Yes, I love it,
8:42
Speaker 1: but it doesn't mean I don't work. And I think
8:44
Speaker 1: that the mentality of if you do something you love,
8:46
Speaker 1: you'll never work. I work crazy hours. I you know,
8:51
Speaker 1: I'm working weekends, I'm working holidays. I worked my entire birthday.
8:56
Speaker 1: Am I upset about that?
8:57
Speaker 4: No?
8:58
Speaker 1: I love what I do, But I think it's just
9:00
Speaker 1: a little bit eery fairy to say, oh, if you
9:03
Speaker 1: do something, you'll never work a day in your life.
9:05
Speaker 1: I think more, if you do something you love, you
9:08
Speaker 1: will love the work that you do.
9:10
Speaker 2: But it still works.
9:11
Speaker 1: It's still works, like it is still work, And I
9:13
Speaker 1: don't think that work in this sense is defined in
9:16
Speaker 1: the right way, because work, to me is effort and
9:18
Speaker 1: energy and time that you spend on things. It's not
9:21
Speaker 1: just sitting behind a desk nine till five Monday to
9:23
Speaker 1: Friday and just you slaving away to the man. I
9:26
Speaker 1: think it's more about this is time and energy and
9:29
Speaker 1: effort and things that you're putting in. If you love it,
9:32
Speaker 1: you'll probably work more. So, George, I do think it
9:36
Speaker 1: is quite eery fairy. But in saying that, I also
9:39
Speaker 1: think it is so important to love what we do,
9:43
Speaker 1: especially given that the average person will spend around ninety
9:47
Speaker 1: thousand hours of their lives at work over the course
9:50
Speaker 1: of their lifetimes. That's a lot of hours. So enjoying
9:53
Speaker 1: what we do one hundred percent of the time is
9:55
Speaker 1: something that we can work towards. But I think we
9:57
Speaker 1: also need to be quite realistic about the fact that
9:59
Speaker 1: we're not always going to love every single part of
10:02
Speaker 1: our job. As a business owner, I obviously adore Shees
10:06
Speaker 1: on the Money, and I adore my business seller and
10:08
Speaker 1: my clients, and I'm very passionate about it. But I think,
10:11
Speaker 1: you know, we need to have an open honest conversation
10:14
Speaker 1: about salaries. And as much as I love something, if
10:17
Speaker 1: this wasn't financially viable for me long term, I couldn't
10:20
Speaker 1: sustain it because my passion would be worn away with
10:24
Speaker 1: financial stress. My passion would be worn down by the
10:27
Speaker 1: fact that I'm essentially slaving away and not having any
10:32
Speaker 1: kind of return in terms of lifestyle or in terms
10:35
Speaker 1: of time spent with family and friends. So I think
10:38
Speaker 1: it's really important that we have something that we love
10:41
Speaker 1: that we do. But let's be honest, we can't always
10:45
Speaker 1: settle for minimum salary forever if that doesn't align to
10:48
Speaker 1: our values and our life goals. Our life goals also
10:51
Speaker 1: need to come into it, so when we talk about
10:53
Speaker 1: it more deeply, naturally, having a larger salary is going
10:57
Speaker 1: to be hugely beneficial. I'm not saying that everybody needs
10:59
Speaker 1: a huge salary. What I'm saying is that it's a
11:02
Speaker 1: head start and it really allows us more luxuries and choices. So, naturally, George,
11:07
Speaker 1: having a large salary is obviously beneficial. If you make
11:10
Speaker 1: the most of your large salary, it can really set
11:13
Speaker 1: you up. But at the same time, a big salary
11:15
Speaker 1: isn't the only way to create wealth. Yeah, and we've
11:17
Speaker 1: gone through that Storck exactly, and I've gone over that
11:19
Speaker 1: a million times. But I really think that when we're
11:22
Speaker 1: taking career into consideration for the sake of everything, including
11:27
Speaker 1: financial health. We're talking mental health, we're talking emotional energy,
11:31
Speaker 1: we're talking you know, our family and friends, I think
11:34
Speaker 1: finance does need to come into the conversations we're having
11:37
Speaker 1: around career because as much as we can adore what
11:39
Speaker 1: we're doing, is it going to be sustainable long term?
11:43
Speaker 1: Are we going to be creating the lifestyles we want?
11:45
Speaker 1: And is it going to be something that we can
11:47
Speaker 1: actually look back on and say, gee, George, I'm really
11:50
Speaker 1: glad I did that.
11:51
Speaker 2: So when we're mapping out our careers, say we're in
11:53
Speaker 2: year twelve and we're trying to decide if we want
11:55
Speaker 2: to be a surgeon or we want to be a writer. Knowingly,
11:58
Speaker 2: surgeons are going to earn a little bit more than writers,
12:01
Speaker 2: to my knowledge, that's true.
12:02
Speaker 1: But then there's outliers, like how much does JK. Rowlings?
12:05
Speaker 2: She's done?
12:06
Speaker 1: Alright, No, I mean, she's help my favorite person, but
12:09
Speaker 1: she's obviously done well. So the outliers and like that's
12:12
Speaker 1: a really good point. Some careers are going to pay
12:14
Speaker 1: more than others, But when we look at it, is
12:16
Speaker 1: that the outlier or is that the average?
12:18
Speaker 2: Yeah? Exactly should you consider salary in those decisions?
12:22
Speaker 1: I think that you should absolutely, George, when we're in
12:25
Speaker 1: year twelve and we're at high school, we are often
12:28
Speaker 1: not independent. We are often dependent on other people, and
12:31
Speaker 1: we have these ideas of our lifestyle and the life
12:34
Speaker 1: we're going to live and the type of career we're
12:37
Speaker 1: going to have, and we don't actually take into consideration
12:39
Speaker 1: the finances that will fund that lifestyle. So we might say, well,
12:43
Speaker 1: when I grow up, I want to be in a
12:44
Speaker 1: position where I travel overseas every single year that's actually
12:48
Speaker 1: not financially viable for many people, and having a house
12:51
Speaker 1: at twenty two exactly, and thought i'd be there exactly.
12:54
Speaker 1: And you know, I look back at my life and like,
12:57
Speaker 1: Whilst I have been incredibly lucky, and I'm really grateful
13:01
Speaker 1: for the success that I've had and the businesses that
13:03
Speaker 1: I've grown and get to be a part of, I'm
13:07
Speaker 1: not where I thought I would be. I thought i'd
13:09
Speaker 1: be married at twenty five and i'd have two children
13:12
Speaker 1: before thirty, And you know, I'd own a couple of
13:14
Speaker 1: houses and I was really success driven. I don't have
13:17
Speaker 1: any of that. Ye I'm so happy, but I don't
13:20
Speaker 1: have any of that. So I think that we have
13:22
Speaker 1: this idea of what we want, but we didn't actually
13:25
Speaker 1: have an understanding of the way we were going to
13:27
Speaker 1: get there. Because if I had had someone set me
13:30
Speaker 1: down and go, okay, well, if you're going to be
13:32
Speaker 1: married by twenty five, this is the type of relationship
13:34
Speaker 1: timeline you'd need. And if you're going to have kids,
13:36
Speaker 1: these are the impacts of that, and you're going to
13:38
Speaker 1: do this, this is what you would have needed to save.
13:40
Speaker 1: I wasn't on that trajectory at all. I just wished
13:42
Speaker 1: that that was the case. So I think it's really
13:45
Speaker 1: important to be talking really honestly about things and what
13:48
Speaker 1: does a salary mean? How much will that bring in?
13:51
Speaker 1: If I have a salary of an entry level salary
13:53
Speaker 1: of forty five thousand dollars and I'm working in media, well,
13:57
Speaker 1: what's the trajectory of that. Am I going to be
14:00
Speaker 1: on that salary forever? Or am I going to have
14:03
Speaker 1: that double when I finish my grad program? So understanding
14:06
Speaker 1: what that looks like at different life stages is really important,
14:10
Speaker 1: not because I think you should be motivated by money,
14:13
Speaker 1: but we are here saying you need to create a
14:15
Speaker 1: lifestyle as well as having a job. And for some people,
14:19
Speaker 1: lifestyle is more important than the role they do. And
14:21
Speaker 1: I think that it's really important to note that you're
14:23
Speaker 1: not defined by the job you do. You are not
14:27
Speaker 1: your job, and if you see yourself as your job,
14:30
Speaker 1: I think that we really need to think about what's
14:31
Speaker 1: going on in the rest of your life.
14:33
Speaker 2: But I think a lot of people feel like that.
14:35
Speaker 1: Yeah, absolutely, and I guess I'm prime example. I feel
14:38
Speaker 1: like I'm talking about myself a lot here, and I
14:40
Speaker 1: would potentially define myself by my job and my salary.
14:43
Speaker 1: But that's not who I am. That's not who I
14:45
Speaker 1: am to my friends, it's not who I am to
14:47
Speaker 1: my partner. It's not who I am when I go home.
14:49
Speaker 1: And I think that that person who I am when
14:52
Speaker 1: I'm with my friends and at home, she's really important
14:55
Speaker 1: as well. And I think that she needs to stand
14:57
Speaker 1: on her own two feet and be looked after by
14:59
Speaker 1: Victi Cotoria who works. I think that both sides of
15:02
Speaker 1: that coin need to be deeply looked at because we're
15:05
Speaker 1: trying to be happy, and if we're not happy, what's
15:08
Speaker 1: the point exactly? Okay, moving on to what we were talking
15:11
Speaker 1: about a little bit earlier. Would you say that a
15:14
Speaker 1: large salary doesn't necessarily equal wealth?
15:16
Speaker 2: Have you seen that in your line of work?
15:18
Speaker 1: One hundred percent? A large salary does not mean that
15:22
Speaker 1: you have anything to show for it. Yeah, spoken about
15:24
Speaker 1: it on the podcast before. I have clients who have
15:27
Speaker 1: seven figure salaries and they don't have nearly as many
15:30
Speaker 1: assets as some of my other clients who've just been
15:33
Speaker 1: working really hard for their entire life. Don't get me wrong,
15:36
Speaker 1: Like it's not common. But the important thing is that
15:40
Speaker 1: you are maximizing your cash flow and that is what
15:43
Speaker 1: is coming in that you can activate to create wealth.
15:47
Speaker 1: That is not you know, oh, I have a million
15:49
Speaker 1: ferraris and I'm you know, I don't know. Like people
15:52
Speaker 1: put out this image. Yeah, and they're more than welcome
15:54
Speaker 1: to purchase them. It's not saying that that's a bad
15:57
Speaker 1: financial decision for them if it's in line with their values, goals, beliefs,
16:01
Speaker 1: but it is a bad financial decision if they ultimately
16:04
Speaker 1: want to create wealth and they're not funneling any of
16:07
Speaker 1: their money or any of their cash flow into creating
16:10
Speaker 1: assets that will help them be wealthy. So to me, no,
16:14
Speaker 1: you don't have to have a massive salary to create wealth.
16:17
Speaker 1: You have to have a very good understanding of financial
16:20
Speaker 1: literacy and Georgia, that is exactly why we do what we.
16:22
Speaker 2: Do exactly, And I think that also, like on the
16:25
Speaker 2: other side of it, if you have a low salary
16:27
Speaker 2: or an average salary, whatever it may be, that doesn't
16:29
Speaker 2: mean you can't be wealthy as well.
16:30
Speaker 1: Right, absolutely, Yeah, some of my wealthiest clients I think,
16:34
Speaker 1: you know, I probably need to stop doing about my
16:36
Speaker 1: clients in the podcast, but they actually really like it.
16:38
Speaker 1: They're like, I knew you were talking about me the
16:41
Speaker 1: other day. These guys are probably not going to listen.
16:43
Speaker 1: So I've got two people who have recently retired and
16:46
Speaker 1: actually in my online course Georgia that's going to come up.
16:49
Speaker 1: I actually do like a little study on promise. I
16:51
Speaker 1: got permission. I don't use their real names, and like
16:54
Speaker 1: a fudge some of the numbers, so it's not so
16:56
Speaker 1: you know so who they are, but they have I've
17:00
Speaker 1: had an average salary, like a combined salary of less
17:03
Speaker 1: than one hundred thousand dollars between them for their entire careers,
17:07
Speaker 1: and because they have been investing over the long term,
17:10
Speaker 1: they are retiring with an investment portfolio of about four
17:13
Speaker 1: million dollars, and that is providing them with more than
17:16
Speaker 1: enough income each and every single year to live a
17:19
Speaker 1: lifestyle that is actually beyond what they've ever had. And
17:24
Speaker 1: I have clients who have come to me and been
17:26
Speaker 1: referred to me that need to retire, but they aren't
17:29
Speaker 1: actually in a financial position to do so because they
17:31
Speaker 1: don't have the cash flow available to them to create wealth,
17:34
Speaker 1: and they didn't prioritize it early enough. So I think
17:37
Speaker 1: it's really important to understand what it means when you say, oh,
17:41
Speaker 1: you don't need a large salary to get wealthy, because
17:44
Speaker 1: you often go victoria. You've got rocks in your head. Obviously,
17:47
Speaker 1: if you have a large salary and you're allocating a
17:50
Speaker 1: lot of that to wealth development, of course youh get
17:54
Speaker 1: wealthy exactly massive headstart. Of course you are going to
17:57
Speaker 1: get wealthier faster than someone with a lower salary. But
18:01
Speaker 1: often with lifestyle creep, people don't actually make use of
18:05
Speaker 1: the money that they have. They spend it on their lifestyle.
18:08
Speaker 2: I think Another thing to note is that salaries aren't
18:11
Speaker 2: our only source of income, right if we're doing silence.
18:14
Speaker 1: Right exactly exactly. If you have a job that you
18:17
Speaker 1: adore and the salary isn't what you need it to
18:20
Speaker 1: be and you are really passionate about it, you can
18:22
Speaker 1: always have a side hustle. You can have a side job.
18:24
Speaker 1: I actually have a client who earns more from her
18:26
Speaker 1: side hustle than she does from her annual salary. She yeah,
18:29
Speaker 1: it's awesome, but that's because she set up a small
18:31
Speaker 1: business on the side and she goes home at night
18:33
Speaker 1: and hustles and packages she has candles. She packages up
18:37
Speaker 1: her candles and goes to work every day. Absolutely adores it.
18:40
Speaker 1: But she's making more money in her side hustle than
18:42
Speaker 1: she is in her actual job. And some people would say, oh, right, well,
18:46
Speaker 1: she doesn't have to have her actual job anymore. It's like, no,
18:49
Speaker 1: she can have both. Yeah, you can enjoy both. A
18:52
Speaker 1: side hustle doesn't necessarily have to turn into your full
18:54
Speaker 1: time job. It can be the thing that enables you
18:57
Speaker 1: to live the life you want. And that's exactly what
19:00
Speaker 1: she's doing.
19:00
Speaker 2: And we spoke a lot about that. Now, side Hustles
19:02
Speaker 2: episode guys too if you're interested in going back to
19:04
Speaker 2: that one. Okay, So salaries and maybe are not as
19:07
Speaker 2: important as I had thought, which is a huge relief
19:10
Speaker 2: because I was stressing out out of here as a
19:11
Speaker 2: twenty six year old not earning what I thought I
19:13
Speaker 2: would be, mainly again because I don't have an income.
19:16
Speaker 1: So I mean, we need to be careful because guys,
19:19
Speaker 1: let's be honest, she's obviously employed by she's on the
19:22
Speaker 1: money as well, part time job, you know.
19:25
Speaker 2: Okay, So what are the main things you think we
19:28
Speaker 2: should be looking for when it comes to career?
19:30
Speaker 1: So gee, I did a little bit of research before
19:32
Speaker 1: we jumped into this pod Beautiful News Studio, and some
19:35
Speaker 1: research conducted by SEK found that almost sixty percent of
19:40
Speaker 1: Australians feel they've settled or that they're stuck in their
19:43
Speaker 1: current careers, which is honestly a bit of a staggering
19:46
Speaker 1: stat given how much time we spended our jobs.
19:49
Speaker 2: Ninety thousand hours.
19:50
Speaker 1: Yes, that's what we said before, which is why it's
19:53
Speaker 1: so important to think about this. And I really think
19:55
Speaker 1: that the main things we need to be considering here
19:58
Speaker 1: is that you choose the industry read that you feel
20:01
Speaker 1: most inspired by, and if that means that you're still
20:04
Speaker 1: in school, embrace work experience. Talk to people about their
20:07
Speaker 1: jobs and see what sparks that fire inside of you.
20:10
Speaker 1: If you're at UNI, use the same principles. And if
20:13
Speaker 1: you've already started your career, or you have a really
20:15
Speaker 1: established career but you're not sure where you want to
20:18
Speaker 1: go with it, seek out a mentor or someone who
20:20
Speaker 1: you look up to who can help you on your path.
20:23
Speaker 1: That is one thing that I had a mentor early on.
20:25
Speaker 1: Tell me, like, the worst thing someone can say is no,
20:28
Speaker 1: the amount of people And like, I'm not sure if
20:30
Speaker 1: LinkedIn is going to love me talking about this or
20:32
Speaker 1: the people on LinkedIn are going to love this. But
20:34
Speaker 1: I have reached out to so many people on LinkedIn
20:38
Speaker 1: and just said, hey, I've just had to read through
20:40
Speaker 1: your profile. I would love to learn a little bit
20:43
Speaker 1: more about where you've come from and where you've gone
20:46
Speaker 1: and how you got there. Can I shout you a
20:48
Speaker 1: coffee and we can have a chat.
20:50
Speaker 2: And they go with it?
20:51
Speaker 1: Yes, they did. So many people are so willing. I
20:54
Speaker 1: mean LinkedIn is full of spam, so I think people
20:56
Speaker 1: really welcome proper, honest human connection. And I think that
21:00
Speaker 1: so many people are on LinkedIn to actually network, which
21:04
Speaker 1: is what you're requesting to do. And so many people
21:07
Speaker 1: were willing to catch up with me. And if they
21:09
Speaker 1: said no, I just replied with a really polite message, Hey,
21:11
Speaker 1: thank you so much for taking the time to get
21:13
Speaker 1: back to me.
21:14
Speaker 2: Let's probably be flattered as well.
21:16
Speaker 1: Exactly, like, let's be a little bit psych on you
21:18
Speaker 1: for a second. People love talking about themselves, so if
21:22
Speaker 1: you invite them to the opportunity of sitting down and
21:26
Speaker 1: talking about themselves, it's very likely that they are going
21:30
Speaker 1: to say yes. And that's not a self centered or
21:32
Speaker 1: an ego thing. People just inherently like talking about the
21:35
Speaker 1: things they've achieved, especially if they feel like they're talking
21:38
Speaker 1: to someone who's listening. So I think that it's really
21:41
Speaker 1: important to seek out mentors. Like, I know, I love
21:44
Speaker 1: exactly what I do, but do I know what I
21:46
Speaker 1: want to be when I grow up?
21:48
Speaker 4: No?
21:48
Speaker 1: But I really want to learn from people around me
21:51
Speaker 1: or reach out to people in industries. And I'm like, oh,
21:53
Speaker 1: I didn't even consider that, Like what do you do?
21:55
Speaker 1: How do you do it? I loved no more.
21:57
Speaker 2: And people also love helping, Yes, exactly.
22:00
Speaker 1: People are nice, Like I think we don't give people
22:03
Speaker 1: enough credit. Like the world is right now, probably not
22:05
Speaker 1: the nicest place to be, but there are so many
22:08
Speaker 1: beautiful people in the world who are willing to help,
22:10
Speaker 1: and I think that if you would like to connect
22:12
Speaker 1: with them, you actually have to be open to connecting
22:14
Speaker 1: with them as well. And I know a lot of
22:16
Speaker 1: people who I have mentored, and I've spoken about maybe
22:19
Speaker 1: we should have, you know, another podcast on mentoring or something,
22:23
Speaker 1: because I have a lot of people reach out to
22:25
Speaker 1: me and ask about my career and my pathway and
22:28
Speaker 1: what I've done, and you know, how do I get
22:30
Speaker 1: where you are? Victoria? I want to be a financial advisor,
22:33
Speaker 1: and I haven't taken a clear pathway. I haven't you know,
22:36
Speaker 1: gone streamline through the entire finance pathway that a lot
22:39
Speaker 1: of people take. I've kind of like sideboard in and
22:42
Speaker 1: done psych and then did science, and like nothing made
22:46
Speaker 1: sense with the way that my career has come together.
22:48
Speaker 1: But I feel like it has come together in a
22:51
Speaker 1: way that I love because I have had such a
22:54
Speaker 1: positive network of people around me who have motivated me
22:57
Speaker 1: and encouraged me to apply for things that I think
23:00
Speaker 1: we're even possible, and Georgia, I think the last thing
23:03
Speaker 1: to say there is play to your strengths. Choose the
23:06
Speaker 1: field where you can bring something to the table. If
23:09
Speaker 1: you know that you're a really strong writer, like you
23:11
Speaker 1: are Georgia King, but that you can't see yourself as
23:15
Speaker 1: a journalist, then maybe can sit out an avenue of
23:17
Speaker 1: like copywriting or the communications industry. A little bit more broadly,
23:21
Speaker 1: if you are an amazing artist but the path seems
23:23
Speaker 1: a little bit too difficult to navigate, then why don't
23:26
Speaker 1: you have a bit of a think about putting those
23:28
Speaker 1: skills into being like an art teacher or maybe even
23:30
Speaker 1: an art therapist. Like there are so many different things,
23:33
Speaker 1: and I think that if you start doing a bit
23:35
Speaker 1: of research, you'll be able to see the different opportunities
23:38
Speaker 1: aligned to the skill set that you have and enjoy.
23:41
Speaker 1: So just do your research and see where you can
23:43
Speaker 1: imagine yourself ending up and find creative ways to get there.
23:47
Speaker 1: University is not always the right route for everybody.
23:49
Speaker 2: On TAP courses are amazing, and work experience, there's a
23:53
Speaker 2: lot of different ways. Union is not the only way.
23:55
Speaker 1: And arguably I have learnt much more on the job
23:58
Speaker 1: and from my mentors and the people I have worked
24:01
Speaker 1: with than I have from the university degrees that I've done.
24:04
Speaker 2: I think a lot of us would say that. All right,
24:07
Speaker 2: So now I'm going to steer us in a little
24:08
Speaker 2: bit of a different direction, if I may. What do
24:10
Speaker 2: we do if our mate is earning forty grand more
24:12
Speaker 2: than us with the same age, she's in a different industry,
24:15
Speaker 2: but she's killing it.
24:16
Speaker 1: Georgia King, have you listened to the podcasts we've created? Yeah, look, okay,
24:20
Speaker 1: all right, so don't compare yourself. Cut it out. I
24:24
Speaker 1: feel like it is so destructive. Stay in your lane
24:27
Speaker 1: and on your own journey. And we always say on
24:30
Speaker 1: the podcast, and like everybody else says it too. It's
24:33
Speaker 1: not just me coin this, but comparison is absolutely the
24:36
Speaker 1: thief of joy. And you will literally always find someone
24:40
Speaker 1: out there regardless of who you are. I don't care
24:42
Speaker 1: if your Oprah. You're going to see someone out there
24:44
Speaker 1: who seems more successful in some way, who earns more
24:47
Speaker 1: money than you, who's winning awards, et cetera, et cetera,
24:50
Speaker 1: et cetera. At the least can literally go on. But
24:53
Speaker 1: I cannot stress enough the moment we stop comparing is
24:56
Speaker 1: the moment, we can actually just focus on ourselves and
24:59
Speaker 1: a major weight will be taken off your shoulders, Like
25:01
Speaker 1: you don't need to carry the weight of somebody else's
25:04
Speaker 1: world on your shoulders when you're carrying your own, Like
25:07
Speaker 1: that's heavy enough for you, Georgia. I also think it's
25:10
Speaker 1: really important to remember that salaries are not everything. Like
25:13
Speaker 1: I've said this before literally on this podcast. Hearing a
25:17
Speaker 1: dollar figure someone else earns might make you feel awful,
25:20
Speaker 1: but it really shouldn't. You don't know their story, you
25:23
Speaker 1: don't know their struggles. You don't know what they've been through.
25:25
Speaker 1: You also don't know what they've gone above and beyond
25:28
Speaker 1: to do to achieve that. Yeah, and I think by
25:30
Speaker 1: comparing your journey to theirs, it doesn't serve you. Put
25:34
Speaker 1: it to the side, put it in the bin. Honestly,
25:36
Speaker 1: it is not constructive, Georgia. If you're putting yourself in
25:39
Speaker 1: a position where you are saying, I feel bad about
25:41
Speaker 1: myself because somebody else earns more money than me, you
25:44
Speaker 1: are discrediting yourself.
25:45
Speaker 2: Well, and it's also not about them.
25:46
Speaker 1: It's about you, right exactly, And you're making it about you.
25:49
Speaker 1: It has nothing to do with you. You're on your
25:50
Speaker 1: own journey. You're achieving your own things and you're a
25:52
Speaker 1: bloody legend. Oh thanks, no worries, But like, it really
25:56
Speaker 1: upsets me that people compare themselves so often to their friends.
26:00
Speaker 1: And I know there are going to be some people
26:02
Speaker 1: listening to this and they go, Victoria, look here, I
26:04
Speaker 1: really do. But my friend and I are exactly the
26:07
Speaker 1: same age, we did the same university degree, and she
26:10
Speaker 1: earns more than me, and you know, arguably we have
26:13
Speaker 1: exactly the same skill set, and you know what it happens. Yeah,
26:16
Speaker 1: I think you need to also understand your worth and
26:19
Speaker 1: know when to speak up. If you've got an employer
26:21
Speaker 1: that's not paying you what you're worth, have a conversation.
26:24
Speaker 1: We did one on salaries and you know, discussing negotiations.
26:28
Speaker 1: But I think that is really important to know your worth.
26:31
Speaker 1: And it's also really important to just not compare your
26:34
Speaker 1: worth to the worth of somebody else's, because you're discrediting
26:37
Speaker 1: your own.
26:37
Speaker 2: Another point as well, is that life is long. Just
26:40
Speaker 2: offering a little bit of life advice for everyone out there.
26:44
Speaker 2: Life is long, and you're going to be in front
26:47
Speaker 2: sometimes sometimes going to be hind. Same goes with your
26:50
Speaker 2: friends like you don't, I don't know, just kind of
26:52
Speaker 2: appreciating that we're all going to be in different places
26:55
Speaker 2: at different times exactly, you know what I mean. I
26:57
Speaker 2: don't know why that was very articulate.
26:59
Speaker 1: No, but all right, No, but Georgia, I kind of
27:03
Speaker 1: love it because it makes sense, and I feel like
27:05
Speaker 1: we need to hear these things. Like so often we
27:09
Speaker 1: see quotes on Instagram and we see pictures pop up
27:12
Speaker 1: that say, don't compare your journey to that of others,
27:14
Speaker 1: and you go, yeah, okay, scroll on. But if you're
27:17
Speaker 1: in this position to stop it doesn't serve you. Put
27:19
Speaker 1: your phone down, stop engaging in behaviors and comparisons that
27:23
Speaker 1: just make you feel bad about yourself. You're an awesome
27:25
Speaker 1: person and you're on your own journey and the only
27:27
Speaker 1: way you can go is up.
27:29
Speaker 2: Are there any other strategies you'd have for avoiding comparison?
27:32
Speaker 1: Good question, and I feel like I've given a few.
27:35
Speaker 1: But I think we actually also really need to be
27:38
Speaker 1: back to social media for a second. We really need
27:40
Speaker 1: to be mindful of who we are following on social
27:42
Speaker 1: media and how that makes us feel. So not only
27:46
Speaker 1: with career stuff body I mentioned and all of that
27:48
Speaker 1: other stuff. Really, just start taking note of how you
27:51
Speaker 1: react to certain posts and just really ask yourself why
27:54
Speaker 1: you follow the people that you follow, Like there is
27:56
Speaker 1: absolutely no reason in this entire world for you to
27:59
Speaker 1: feel in it to quit. Follow the people who inspire you.
28:02
Speaker 1: Do research and just see what they're up to. If
28:05
Speaker 1: you know you're striving for something, follow people who are
28:07
Speaker 1: also striving with you, Like we are stronger together. We
28:11
Speaker 1: don't need to be following people who don't make us
28:13
Speaker 1: feel that way.
28:17
Speaker 2: Hi, there, you've preached the Shoes on the Money mailbox.
28:20
Speaker 2: Do you have a money problem you want help solving.
28:22
Speaker 2: Do you have a money dilemma you just want to
28:23
Speaker 2: chat about? Victoria is here to help. Every week we'll
28:26
Speaker 2: be playing your questions to help make sense of a
28:28
Speaker 2: money mess you may have found yourself in. Make a
28:30
Speaker 2: quick recording on your phone and send it through to
28:32
Speaker 2: podcast at Shoesodemoney dot com dot you and you might
28:35
Speaker 2: even find yourself on the show. But for now here,
28:38
Speaker 2: Today's listener question.
28:40
Speaker 3: Hello lovelies, just after a bit of advice. I'm in
28:43
Speaker 3: my thirties now and have been in marketing since I
28:45
Speaker 3: left UNI. I've worked my way up to a really
28:48
Speaker 3: great position and now a marketing manager earning one hundred
28:51
Speaker 3: and fifty k a year, which affords me an amazing lifestyle. However,
28:56
Speaker 3: I've really lost a passion for my job and I'm
28:58
Speaker 3: thinking about throwing it in and doing something else. Obviously,
29:01
Speaker 3: this will mean sacrificing my amazing income, and as a
29:03
Speaker 3: single woman, I do find that a little bit daunting.
29:06
Speaker 3: I'd love any advice from you, Victoria, about what you
29:09
Speaker 3: would do if you were me.
29:10
Speaker 2: Thanks thoughts, Victoria Georgia.
29:13
Speaker 1: I think this is a really important question because it's
29:16
Speaker 1: one that I've heard before, and it's something that a
29:18
Speaker 1: lot of you are going to think. But she earns
29:20
Speaker 1: one hundred and fifty thousand dollars, shouldn't she be happy? No,
29:23
Speaker 1: money doesn't buy happiness, since she's found something that she's
29:26
Speaker 1: really interested in, and I would love to think that
29:28
Speaker 1: she could transition into a career that she goes to
29:31
Speaker 1: work every day in her doors. So I think one
29:33
Speaker 1: option for her is studying while working. So don't just
29:36
Speaker 1: quit your job and go and try and get another one.
29:39
Speaker 1: Start learning and trying to understand the industry that you're
29:41
Speaker 1: going to be breaking into. So once you do decide
29:44
Speaker 1: to make the jump. You're fully qualified for whatever you need.
29:47
Speaker 1: This would only be advisable if you're completely miserable and
29:50
Speaker 1: have some savings to lene on. Okay, sorry I read
29:55
Speaker 1: the wrong thing, but yes, studying while working is really good.
29:57
Speaker 1: It's what I did to get into finance because I
30:00
Speaker 1: couldn't quit my job. I genuinely couldn't afford to step
30:03
Speaker 1: out of the role that I had and into another one,
30:06
Speaker 1: or even into studying full time. I also think work
30:09
Speaker 1: experience is a really good one, so volunteering maybe there's
30:12
Speaker 1: something you can do on the weekends or after work. Arguably,
30:16
Speaker 1: you could also negotiate with your employer to maybe go
30:19
Speaker 1: to work one day less a week or one day
30:21
Speaker 1: less a month, so you can take that time to
30:23
Speaker 1: really volunteer in something you love. Whilst it is not
30:27
Speaker 1: what she's asking me, I also think it's really powerful
30:30
Speaker 1: to potentially even consider keeping the role she has but
30:33
Speaker 1: working in a part time capacity so she can still
30:36
Speaker 1: have a somewhat stable income while also engaging in a
30:39
Speaker 1: role that she adores. Look ultimately, I don't want to
30:43
Speaker 1: give her advice, but I'm all for making change and
30:46
Speaker 1: doing what you love. Honestly you said it before. Gee,
30:48
Speaker 1: life is a far too short so sticking around in
30:51
Speaker 1: a career that you know you don't love is a
30:53
Speaker 1: bad idea.
30:54
Speaker 2: Nine two thousand hours people.
30:55
Speaker 1: Yeah, like that's your only stat this week, isn't it?
30:58
Speaker 1: Statscal But yeah, look at the end of the day,
31:01
Speaker 1: I think it's really important to just research, research, research,
31:04
Speaker 1: and also follow your heart. Like I'm not saying chug
31:07
Speaker 1: it a toweling, yeah, thank you, no, but I'm not
31:10
Speaker 1: saying chuck the toweling completely. But I'm saying, just like,
31:14
Speaker 1: follow it, understand it, have a look around at what
31:16
Speaker 1: you can actually engage in to potentially keep the income
31:19
Speaker 1: there for as long as possible. If you have a
31:21
Speaker 1: really great income, I think it's important to also make hey,
31:24
Speaker 1: while the sun is shiny, like are you investing it?
31:27
Speaker 1: Are you using it wisely? Is right now the best
31:29
Speaker 1: time to jump plan your exit of that industry? Don't
31:32
Speaker 1: just quit up and run plan it go Okay, no problems.
31:35
Speaker 1: If I am going to do this, like, let's work
31:37
Speaker 1: towards it. Let's make sure it's something I really want
31:39
Speaker 1: to do, but also study part time so when you
31:42
Speaker 1: do leave, you can hit the ground running.
31:44
Speaker 2: Love that. In terms of structuring your finances from a
31:48
Speaker 2: pay decrease, how does she go about that?
31:50
Speaker 1: That's a really good question to follow up with, actually, Georgia,
31:52
Speaker 1: and I'm glad that we are covering it. First things first,
31:56
Speaker 1: if you are going to be operating on a lower budget,
31:58
Speaker 1: start operate on that lower budget today. So work out
32:02
Speaker 1: what that income would be and start living within those means,
32:06
Speaker 1: because you'll be ready once you do take the step
32:09
Speaker 1: into a lower pay grade. So adjust your budget now,
32:12
Speaker 1: plan right now, and make that change gradually. Because if
32:15
Speaker 1: she's going from one hundred and fifty thousand dollars to
32:18
Speaker 1: working in disability services, that is massive. Like we're not
32:21
Speaker 1: talking about losing ten thousand dollars. We are talking about
32:24
Speaker 1: losing a lot of salary. So I think it's important
32:27
Speaker 1: to start making changes now. Really look at your budget now,
32:30
Speaker 1: what can you cut out? What is your new budget
32:32
Speaker 1: going to look like? Will you feasibly be able to
32:34
Speaker 1: survive on that new budget? And just maybe have a
32:37
Speaker 1: look for other avenues for making extra cash, Like what
32:40
Speaker 1: can you do? Are you going to work part time?
32:43
Speaker 1: Are you going to you know, get a weekend job
32:45
Speaker 1: so that you can do this many people start lots
32:47
Speaker 1: of online businesses. I'm not saying that you have to
32:50
Speaker 1: do this, but have a think about what your future
32:52
Speaker 1: financial situation will be and start trying to live within
32:56
Speaker 1: those means as soon as possible.
33:01
Speaker 4: Hi, I'm the twenty five year old super Saver and
33:04
Speaker 4: here's my money diary.
33:05
Speaker 2: Today's money diary is from the twenty five year old
33:08
Speaker 2: super Saver. We started off by asking her about her
33:10
Speaker 2: attitude to money.
33:11
Speaker 4: I've always probably been on the stingy side of money,
33:17
Speaker 4: and I'm very conscious about that every day spending and
33:20
Speaker 4: adding up. My parents were together until I was about
33:23
Speaker 4: eleven or twelve, and then they got divorced, and I
33:27
Speaker 4: think it was interesting seeing my mum move from someone
33:30
Speaker 4: who she's always worked full time but still didn't really
33:34
Speaker 4: do everything with money, to us all living together in
33:36
Speaker 4: one house and watching that change. Growing up. If we
33:40
Speaker 4: wanted something, we wouldn't just get it straight away, but
33:42
Speaker 4: she was able to give us some steps towards earning it,
33:45
Speaker 4: or whether it was like, no, you have to wait
33:47
Speaker 4: to your birthday or Christmas. So I wouldn't say we
33:49
Speaker 4: were super. We were never allowed anything, but we were
33:52
Speaker 4: also not just given everything straight away, and then I
33:55
Speaker 4: guess that is something that I want to be pretty
33:57
Speaker 4: aware of what money I'm earning, where it's going, and
34:00
Speaker 4: being in control of that side of things.
34:03
Speaker 2: Let's get into the juicy stuff. How much does she
34:05
Speaker 2: earn and how much is sitting in her bank account
34:07
Speaker 2: right now?
34:08
Speaker 4: So I am a occupation of therapist and I earn
34:12
Speaker 4: around seventy five thousand per year. I have three hundred
34:16
Speaker 4: dollars in what I would call my spending account and
34:20
Speaker 4: then forty thousand in my savings.
34:23
Speaker 2: And what exactly happens to that money after it's deposited
34:26
Speaker 2: into her account.
34:27
Speaker 4: I'm lucky enough that in my industry I can salary sacrifice,
34:31
Speaker 4: so I do get paid one money that's been taxed
34:34
Speaker 4: and one money that hasn't, which does impact my take
34:37
Speaker 4: home pay really well. So when it comes in, I
34:40
Speaker 4: have automated savings, so I automatically pay about four hundred
34:45
Speaker 4: and fifty dollars of rent. Then I send total it's
34:49
Speaker 4: about one thousand dollars into savings, but that is split
34:53
Speaker 4: up into different bank accounts, so I have flat one
34:57
Speaker 4: for my house savings, one for share, one for a
35:01
Speaker 4: safety account, and then one for like holidays or other
35:05
Speaker 4: more fun stuff, and then I send three hundred dollars
35:08
Speaker 4: into what I call my like no guilt spending account.
35:12
Speaker 4: So that's an account that if I want to go
35:13
Speaker 4: out to brunch or buy some new clothes or coffee,
35:18
Speaker 4: whatever I want to do, that money is there, so
35:20
Speaker 4: then I don't feel guilty that I'm spending my savings.
35:24
Speaker 2: How does she feel about investing? Does she invest? And
35:26
Speaker 2: if so, how, Yes?
35:28
Speaker 4: So investing something I started again probably about twelve months ago.
35:33
Speaker 4: At the moment, I just I have about maybe share
35:36
Speaker 4: markets not doing great, but about seven thousand dollars of
35:39
Speaker 4: just single company shares. It is something that I hopefully
35:44
Speaker 4: will continue to grow, whether I look into doing ETFs
35:49
Speaker 4: or keep going with just purchasing some single money shares
35:52
Speaker 4: and I have them set up to dividend reinvestments, so
35:56
Speaker 4: when I get a dividend, instead of it coming to me,
35:58
Speaker 4: it goes back into my shares, so that share portfolio
36:00
Speaker 4: can just sort of keep growing without me having to
36:03
Speaker 4: do too much.
36:04
Speaker 2: What about debt, Let's learn a little bit more about
36:06
Speaker 2: her credit card and personal loans. A.
36:09
Speaker 4: None except for my hex step, which is about I
36:12
Speaker 4: checked it just before thirty two thousand, so I haven't
36:15
Speaker 4: paid a whole heap of that. Personally, I'm happy for
36:18
Speaker 4: that to just get paid off as I continue to
36:21
Speaker 4: earn money. It does sort of scare me a little
36:24
Speaker 4: bit when I open my gove and see the amount,
36:28
Speaker 4: but I've been working for four years now and I
36:31
Speaker 4: have seen it start to go down, so I'm feeling
36:34
Speaker 4: like that's fine. It's out of the way. The money
36:36
Speaker 4: comes out of my account, well out of my kay
36:39
Speaker 4: before I even see it, and I'm pretty happy to
36:42
Speaker 4: just let that go go down slowly.
36:44
Speaker 2: And does she have any good money habits that she's especially.
36:47
Speaker 4: Proud of automated savings. It's that that's the first thing
36:50
Speaker 4: that comes out, is well, my savings and my rent,
36:52
Speaker 4: So then straight away the things that are important to
36:55
Speaker 4: me and the things I need to live are paid
36:58
Speaker 4: for in the though. Something I did before I could
37:01
Speaker 4: automate savings was when I would make a choice about
37:06
Speaker 4: not doing something or choosing a cheaper option, I would
37:10
Speaker 4: sense a very intense but I would transferred that money
37:13
Speaker 4: straightway into savings. So when I was in a position
37:16
Speaker 4: while I was at UNI and I really wasn't earning
37:18
Speaker 4: very much, money, and I was out for brunch, and
37:21
Speaker 4: I go, oh, do I buy the twenty five dollar
37:24
Speaker 4: breakfast or the twenty dollar breakfast? And I chose the
37:28
Speaker 4: twenty dollar breakfast. I would then move that five dollars
37:31
Speaker 4: into my savings, so I had, I don't know, that
37:33
Speaker 4: instant gratification of actually making that choice instead of just
37:36
Speaker 4: being like, oh no, like depriving myself but never actually
37:39
Speaker 4: seeing my savings grow at all.
37:42
Speaker 2: And what about her worst money habit?
37:44
Speaker 4: I think for me, it's probably committing to holidays or
37:49
Speaker 4: booking holidays and flights before I've actually thought through do
37:53
Speaker 4: I have the money for this, which then involves a
37:56
Speaker 4: little bit of extra saving that I haven't planned for.
37:59
Speaker 2: So what's today's money diarist actually saving for? What's her
38:02
Speaker 2: big money goal?
38:04
Speaker 4: So my big money God, I'd almost have two, which
38:07
Speaker 4: I don't know if that's a good thing or a
38:09
Speaker 4: bad thing. One is sort of the standard I would
38:12
Speaker 4: like to buy a house one day, and that is
38:15
Speaker 4: what a majority of my savings goes towards at the moment,
38:19
Speaker 4: is to go into a reasonably high interest savings account
38:23
Speaker 4: and just slowly build that up for a deposit. My
38:27
Speaker 4: other one is obviously around the shares. I'm hoping to
38:31
Speaker 4: kind of just develop a little bit of passive income
38:34
Speaker 4: as they have super as well, but something that I
38:36
Speaker 4: can access in ten years, twenty years if I have
38:41
Speaker 4: kids and I can't work full time, or I don't know,
38:44
Speaker 4: I want to start my own business and I just
38:45
Speaker 4: need kind of some money to fall back on. But yeah,
38:48
Speaker 4: I'm not sure if I should bring that back in
38:51
Speaker 4: and kind of just pick one to focus on.
38:53
Speaker 2: So how would today's money diarist write her own relationship
38:56
Speaker 2: with money?
38:57
Speaker 4: I think overall, I'm pretty good. I have a reasonably
39:02
Speaker 4: good idea of where my money comes from and where
39:04
Speaker 4: it goes. So I don't know whether I do sort
39:06
Speaker 4: of B plus or A. I think there's still stuff
39:10
Speaker 4: for me to learn, especially around the share market and
39:14
Speaker 4: capital gains, tax and kind of what actually happens there.
39:17
Speaker 4: So I know there's definitely always things for me to
39:20
Speaker 4: improve on.
39:21
Speaker 2: And finally, what is she most looking forward to learning
39:24
Speaker 2: about moving forward?
39:25
Speaker 4: Yeah, whether I should be more specific with my money
39:28
Speaker 4: goals considering they are pretty big, or if having to
39:35
Speaker 4: at the same time is okay as long as I'm
39:36
Speaker 4: aware that it obviously will take longer to get there.
39:40
Speaker 2: All right, Victoria, what did you make about twenty five
39:42
Speaker 2: year old super save up?
39:43
Speaker 1: I love Testory.
39:44
Speaker 2: I thought you might.
39:45
Speaker 1: Yeah, I feel like I love everybody's money story, so
39:48
Speaker 1: they're my favorite part of this podcast. But I really
39:50
Speaker 1: liked that she clearly understood her money story herself, Like
39:54
Speaker 1: she knew where she'd come from and where she was
39:56
Speaker 1: going and how her upbringing had really impacted her life
40:00
Speaker 1: life and what that actually meant for her moving forward.
40:02
Speaker 1: And I think that that's a really powerful position to
40:04
Speaker 1: be in. But I also think it's a really powerful
40:07
Speaker 1: position for all of us to kind of like work
40:09
Speaker 1: towards as well, because the more we know, the more
40:11
Speaker 1: power we have, the more power we have, the more
40:13
Speaker 1: action we can change. So it's just really cool to
40:16
Speaker 1: see that she's reflected on that really well and kind
40:19
Speaker 1: of taking it in her stride. I love that she's
40:22
Speaker 1: saving what she's saving forty.
40:24
Speaker 2: Dollars twenty five.
40:26
Speaker 1: Yeah, that is epic, Like that is so so cool,
40:29
Speaker 1: And I just love the way her mentality was. Like
40:31
Speaker 1: I probably wouldn't agree with her rating, I feel like
40:34
Speaker 1: she could up her rating because she is actually good,
40:37
Speaker 1: Like the only debt she had was her hex, and
40:39
Speaker 1: I feel like that is debt that you know, we
40:41
Speaker 1: don't actually have to stress too much about getting rid
40:44
Speaker 1: of asap, just because you know, we do have time
40:47
Speaker 1: with that and we do have the ability to generate
40:49
Speaker 1: wealth while still having hex debt. So I feel like
40:52
Speaker 1: she was harsh on herself. But at the same time,
40:55
Speaker 1: was it B. I think it was a B.
40:57
Speaker 2: It was a B plus slash and A.
40:58
Speaker 1: Yeah, not terrible, But I just feeling like she's more
41:01
Speaker 1: A than she is B plus and I just really
41:04
Speaker 1: want to pump her up. I love her.
41:06
Speaker 2: She also mentioned that she hopes to develop a passive income. Yes,
41:10
Speaker 2: what's that again?
41:11
Speaker 1: So that is when you have an asset that is
41:13
Speaker 1: producing money for you to live on that you don't
41:16
Speaker 1: have to go to work for. So the entire purpose
41:18
Speaker 1: of having a share portfolio is so that it can
41:22
Speaker 1: generate you wealth so that you don't have to go
41:24
Speaker 1: to work anymore.
41:26
Speaker 2: And I've used this.
41:26
Speaker 1: Example on the podcast before. If you have and these
41:29
Speaker 1: are big numbers, but this is what we're ultimately working
41:32
Speaker 1: towards once we retire. If you have one point two
41:35
Speaker 1: million dollars invested Georgia at a five percent rate of return,
41:38
Speaker 1: that's about sixty thousand dollars coming into your account each
41:42
Speaker 1: and every single year that you didn't need to work for.
41:44
Speaker 1: And that is not eating away at the savings that
41:46
Speaker 1: you've made or the investments you've made. That's just money
41:49
Speaker 1: that your money is making, and that is really cool.
41:52
Speaker 1: And the more money that we are investing and the
41:54
Speaker 1: longer that we are investing for, the more money our
41:57
Speaker 1: money is able to make. And therefore we end up
42:00
Speaker 1: in a position where we have a thing called passive income,
42:02
Speaker 1: which is where it's passive, it's not active, like going
42:05
Speaker 1: to work every single day.
42:07
Speaker 2: And what did you think of her big money goal
42:09
Speaker 2: buying a house.
42:10
Speaker 1: I think that if that is in line with her
42:12
Speaker 1: goals and her values, I am so here for that.
42:14
Speaker 1: It is a very big goal of a lot of us.
42:16
Speaker 1: It's something that I see a lot of my clients
42:18
Speaker 1: wanting to engage in. And I really like it. Like
42:21
Speaker 1: she seemed like she had conviction in what she was
42:23
Speaker 1: looking forward to and working towards.
42:25
Speaker 2: And I can't ask more. She definitely knows where she's
42:29
Speaker 2: been and where she's heading. Now, that is all we
42:34
Speaker 2: have time for today. But before we head off, let's
42:36
Speaker 2: quickly wrap the boring but important stuff. The advice shared
42:39
Speaker 2: on Shoes on the Money is general in nature and
42:41
Speaker 2: does not consider your individual circumstances. She's on the Money
42:45
Speaker 2: exists purely for educational purposes and should not be relied
42:48
Speaker 2: upon to make an investment or financial decision and relax,
42:52
Speaker 2: we promise. Victoria Divine is an authorized representative of Australia
42:56
Speaker 2: Pacific Funds Management Propriety Limited ABN three four one three
43:00
Speaker 2: two four six three two five seven AFSL three three
43:03
Speaker 2: nine one five one and as always a massive shout
43:07
Speaker 2: out to our audio lord, Ryan John for putting together
43:10
Speaker 2: today's pop.
43:10
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43:26
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43:27
Speaker 4: G