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How To Become Your Own Rich BFF With Vivian Tu · She's On The Money

• 0:00
  Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
• 0:04
  Speaker 1: the Order KERNI Whoalbury and a waddery woman. And before
• 0:08
  Speaker 1: we get started on She's on the Money podcast, I
• 0:11
  Speaker 1: would like to acknowledge the traditional custodians of the land
• 0:14
  Speaker 1: of which this podcast is recorded on a wondery country,
• 0:18
  Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
• 0:23
  Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
• 0:27
  Speaker 1: the storytelling of you to make a difference for today
• 0:31
  Speaker 1: and lasting impact for tomorrow.
• 0:33
  Speaker 2: Let's get into it.
• 0:34
  Speaker 3: She's on the Money, She's on the Money.
• 0:57
  Speaker 2: Hello, and welcome to She's on the Money, the podcast
• 1:01
  Speaker 2: Millennials who Want Financial Freedom. My friends, this is an
• 1:05
  Speaker 2: extra exciting episode because I am joined by our very
• 1:09
  Speaker 2: first and a very special co host, and I have
• 1:13
  Speaker 2: been so so excited to bring her on for you guys.
• 1:17
  Speaker 2: Vivian two is a Wall Street girlie who is now
• 1:20
  Speaker 2: known as your rich BFF. Vivian learned the finance basics
• 1:24
  Speaker 2: from her old work on Wall Street, but didn't like
• 1:27
  Speaker 2: how finance content was dry, boring and targeted to old
• 1:31
  Speaker 2: rich men relatable. She began creating her own content to
• 1:35
  Speaker 2: create fun and easy to understand resources. Vivian is now
• 1:40
  Speaker 2: get this, the CEO and founder of Your Rich BFF
• 1:43
  Speaker 2: which no biggie but like You were named as Forbes
• 1:47
  Speaker 2: thirty Under thirty in twenty twenty three, and also named
• 1:50
  Speaker 2: in twenty twenty two as one of Forbes's Top Creators.
• 1:55
  Speaker 2: If that wasn't enough to keep you busy, You've gone
• 1:58
  Speaker 2: ahead and written a whole damn book, my friends. Your
• 2:02
  Speaker 2: book reach AF the Winning Money Mindset that will Change
• 2:05
  Speaker 2: Your Life, is hitting stores officially on the twenty sixth
• 2:08
  Speaker 2: of December. I don't even think we need to do
• 2:11
  Speaker 2: a whole podcast. I'm just like ridiculously impressed from that.
• 2:14
  Speaker 2: But welcome to She's on the Money, my friends.
• 2:16
  Speaker 4: Thank you so much for having me. That was such
• 2:18
  Speaker 4: like a generous introduction. I feel like I'm just.
• 2:21
  Speaker 2: So excited to share with my community. I just I
• 2:25
  Speaker 2: know how much they love the content that you create,
• 2:28
  Speaker 2: and I think that they're just going to be so
• 2:30
  Speaker 2: excited when this drops that I just I genuinely am like,
• 2:34
  Speaker 2: this is a sleigh.
• 2:35
  Speaker 4: I can't wait to chat with them.
• 2:37
  Speaker 2: Oh my gosh, I want to know Vivian. I'm so excited,
• 2:40
  Speaker 2: but tell me a little bit more about you and
• 2:42
  Speaker 2: your story. Obviously you're rich, bff, what a great tagline.
• 2:48
  Speaker 5: But who are you?
• 2:48
  Speaker 2: What do you do? How do you do it? Yeah?
• 2:50
  Speaker 4: So I am very much a happy accident. I would
• 2:54
  Speaker 4: say I was the only daughter to Chinese immigrant parents.
• 2:59
  Speaker 2: They must be so proud.
• 3:00
  Speaker 4: I didn't even tell them about your rich BFF until
• 3:02
  Speaker 4: I was eight months in and starting to monetize, because
• 3:05
  Speaker 4: I was like, they're not gonna be cool with this.
• 3:06
  Speaker 2: Like, so there's a founder in Australia, Jane two. Do
• 3:09
  Speaker 2: you know Jane? Yes, Oh my gosh. Yes, she is
• 3:14
  Speaker 2: a sligh as well. But she hid it from her parents.
• 3:16
  Speaker 2: She used to pretend to go to work. Yeah, she
• 3:18
  Speaker 2: was working on her startup. Yeah, you two two peas
• 3:20
  Speaker 2: in a pot. You know.
• 3:21
  Speaker 4: I just think there's like a little bit of like
• 3:24
  Speaker 4: a cultural expectation that you do well in school, you
• 3:28
  Speaker 4: become a lawyer, doctor, engineer. It's like kind of like
• 3:30
  Speaker 4: a you pick one of the three and that's your life.
• 3:33
  Speaker 4: But I was a big troublemaker growing up. I was
• 3:37
  Speaker 4: a little bit of a chatterbox, could never really fit
• 3:39
  Speaker 4: into that square but I was a really good student.
• 3:42
  Speaker 4: I ended up going to the University of Chicago, very
• 3:45
  Speaker 4: much known to be a feeder school for Wall Street.
• 3:47
  Speaker 4: Got the internship, got the job, and I thought I'd
• 3:49
  Speaker 4: made it. I was like, I was kind of just like,
• 3:52
  Speaker 4: fuck it, we're here. But I thought I had made it.
• 3:55
  Speaker 4: I was like, as long as I can stay at
• 3:57
  Speaker 4: this job and do well, like, I'm gonna be rich,
• 4:00
  Speaker 4: I'm going to have the life I wanted. Go me
• 4:03
  Speaker 4: slave until I got there, and I was so lucky.
• 4:07
  Speaker 4: My very first manager was a woman. She was the
• 4:11
  Speaker 4: only other woman. She was the only other Asian person.
• 4:13
  Speaker 4: And everybody else we worked with was like white guys,
• 4:16
  Speaker 4: old white guys.
• 4:16
  Speaker 2: Mediaora, middle aged white guys is what I liked. Yes,
• 4:19
  Speaker 2: correct so much audacity.
• 4:20
  Speaker 4: Hey, nobody is more confident. Where do they get it from?
• 4:23
  Speaker 2: We say, they say my team all the time when
• 4:25
  Speaker 2: we're like a little bit flat with like channel, you're
• 4:27
  Speaker 2: in a mediorca, middle aged white man and if he
• 4:29
  Speaker 2: would do it, you can do.
• 4:30
  Speaker 4: Yeah, literally exactly. And for the first year and a
• 4:34
  Speaker 4: half it was great. I was learning so much. I was,
• 4:36
  Speaker 4: you know, making more money than I'd ever made in
• 4:38
  Speaker 4: my entire life and then came to the beginning of
• 4:42
  Speaker 4: the end. The head of our desk actually got let go.
• 4:45
  Speaker 4: And how it works generally on Wall Street is when
• 4:48
  Speaker 4: the head of the desk gets let go, all of
• 4:50
  Speaker 4: the people that they hired or they were close with,
• 4:53
  Speaker 4: the new guy will at them too.
• 4:55
  Speaker 2: Yeah, of course, it's the same same on the Australian
• 4:59
  Speaker 2: stock ites change like your desk is going, Your desk
• 5:01
  Speaker 2: is going, and they want their own tame, right, They
• 5:04
  Speaker 2: just want a clean house and they want all of
• 5:06
  Speaker 2: the people that they trust to witch. In theory, you go,
• 5:08
  Speaker 2: that makes sense, but in your shoes that would.
• 5:10
  Speaker 4: Be terribly terrible.
• 5:12
  Speaker 2: Exactly.
• 5:13
  Speaker 4: So this team that like hired me, nurtured me, liked me,
• 5:17
  Speaker 4: treated me well. Suddenly fifty percent of the team was different,
• 5:21
  Speaker 4: and it's a bunch of new people that I'm like, damn,
• 5:23
  Speaker 4: now I got to like earn my stripes. I've impressed
• 5:25
  Speaker 4: people all over again. And my new head of the
• 5:29
  Speaker 4: desk found out that I had a little bit more
• 5:32
  Speaker 4: Excel knowledge because I had spent a summer in commercial
• 5:34
  Speaker 4: banking before going to trading. He was like, hey, like,
• 5:37
  Speaker 4: do you want to come work for my bff? He's
• 5:40
  Speaker 4: starting he's going to be, you know, doing some really
• 5:43
  Speaker 4: cool stuff, cool projects. I ended up going to work
• 5:45
  Speaker 4: for this guy, leaving my manager, my mentor the only
• 5:48
  Speaker 4: person who I was like, Mama, like take care of me.
• 5:51
  Speaker 2: Your safety knit.
• 5:52
  Speaker 4: Yeah. I was like a baby bird. I was like,
• 5:53
  Speaker 4: just teach me everything, like feed me. And this new
• 5:55
  Speaker 4: guy sucked. He was such a d bag and he
• 5:59
  Speaker 4: would say things like you're too girly to work here
• 6:01
  Speaker 4: or sorry, what right?
• 6:03
  Speaker 1: As if?
• 6:03
  Speaker 4: Like that's something that I could change about myself or
• 6:05
  Speaker 4: is it even a negative? Is that an insult? Like girly?
• 6:07
  Speaker 4: Like of course, I've been a woman in my entire life, Like,
• 6:12
  Speaker 4: you know, this is how I identify, this is how
• 6:15
  Speaker 4: I speak. You know, if I get my nails done,
• 6:17
  Speaker 4: they're gonna click clack on the keyboard.
• 6:18
  Speaker 5: There's nothing and about that makes me less qualified.
• 6:22
  Speaker 2: But even like qualification aside, like I'm a confident person.
• 6:25
  Speaker 2: That's why I'm here right exactly.
• 6:28
  Speaker 4: But it really came to a head when one day
• 6:31
  Speaker 4: I came into the office and I was wearing a
• 6:33
  Speaker 4: lock Hart again, and he looked at me and he
• 6:36
  Speaker 4: touched his hands together and he bowed and he goes, ooh,
• 6:38
  Speaker 4: is that a kimono.
• 6:40
  Speaker 2: Oh see you later, Yeah, racist prick?
• 6:42
  Speaker 5: Yeah, So I was are you joking?
• 6:44
  Speaker 4: Oh?
• 6:45
  Speaker 2: Do you think that in that moment he knew what
• 6:47
  Speaker 2: he was doing or he actually thought he was funny?
• 6:49
  Speaker 5: I genuinely think he thought he was funny.
• 6:51
  Speaker 2: Oh my god, Like I have like secondhand embarrassment for him,
• 6:56
  Speaker 2: like I would. Oh, I would have been sick in
• 6:58
  Speaker 2: that moment.
• 6:59
  Speaker 4: And I was like, you know that sensation where like
• 7:01
  Speaker 4: your face just starts to get hot. That was me
• 7:05
  Speaker 4: for good reason. And so I go and I tell
• 7:08
  Speaker 4: my initial mentor I'm like, I'm quitting today. Good And
• 7:12
  Speaker 4: she goes, don't be an idiot. You don't have another
• 7:14
  Speaker 4: job lined up.
• 7:15
  Speaker 2: I don't have a good one because I don't need
• 7:16
  Speaker 2: this one.
• 7:17
  Speaker 4: Yeah, and she goes, you know you're gonna have a
• 7:19
  Speaker 4: gap on your resume. It's gonna be hard to get
• 7:20
  Speaker 4: a job. Just like whatever happened, we'll talk about it
• 7:23
  Speaker 4: after work, but like, just tough it out today and
• 7:25
  Speaker 4: we'll talk. And so I tell her what happens. She's like, okay,
• 7:28
  Speaker 4: I'll help you look for something different. And I'm like, great, okay,
• 7:31
  Speaker 4: at least I have this woman on my side, like
• 7:33
  Speaker 4: I can handle this, yes, So I'm sitting it out,
• 7:35
  Speaker 4: gritting my.
• 7:35
  Speaker 5: Teeth through the rest of this job.
• 7:38
  Speaker 4: But I end up interviewing with my first manager's best
• 7:43
  Speaker 4: friend and lo and behold through an interview process, her
• 7:47
  Speaker 4: best friend becomes my first manager at my second job.
• 7:51
  Speaker 2: Oh my god. This stars have a lot.
• 7:53
  Speaker 4: The stars really did a line and I ended up
• 7:55
  Speaker 4: going to BuzzFeed and it was a huge, huge cool not.
• 8:00
  Speaker 2: Cool, no, but like the idea that you got to
• 8:03
  Speaker 2: work at BuzzFeed sound like you. I'm from Australia. My
• 8:06
  Speaker 2: friends like I am small fry, like I might have
• 8:10
  Speaker 2: a big podcast, but like I have a small brain.
• 8:14
  Speaker 4: Like everybody thought it was so cool, except it wasn't
• 8:17
  Speaker 4: cool for the people that matter.
• 8:18
  Speaker 2: Yeah, my cool.
• 8:19
  Speaker 5: My parents were so disappointed.
• 8:22
  Speaker 4: They were like, you know, you go to this type
• 8:24
  Speaker 4: of school to get this type of job. We've spent
• 8:27
  Speaker 4: so much money and now what are you gonna do.
• 8:29
  Speaker 4: I'm gonna go like rate quizzes for a living And
• 8:31
  Speaker 4: I'm like, that's not even the team that I'm working on.
• 8:34
  Speaker 4: But okay, even if I was like, don't you want
• 8:37
  Speaker 4: me to be happy? And I think that was a
• 8:38
  Speaker 4: really painful experience.
• 8:40
  Speaker 2: Because you don't want to let the people around you down,
• 8:43
  Speaker 2: but you also want to follow what you know. You've
• 8:46
  Speaker 2: obviously had these beautiful experiences with these people, and you're like,
• 8:48
  Speaker 2: I can see a future here. It might all know
• 8:50
  Speaker 2: exactly what it is, but like I can see the opportunity, Like,
• 8:53
  Speaker 2: and I want you to see that for me too.
• 8:55
  Speaker 4: Yeah, and they didn't.
• 8:57
  Speaker 2: I'm so sorry that was the case. That honestly, that sucks.
• 9:00
  Speaker 2: I want to be like, guys, come on, I know.
• 9:03
  Speaker 4: And it wasn't until I want to say, I was
• 9:06
  Speaker 4: like two years in at BuzzFeed when I started making
• 9:09
  Speaker 4: way more money than I did. Ever, how do you
• 9:12
  Speaker 4: like me now Wall Street? Suddenly my mom was like, Wow,
• 9:15
  Speaker 4: this job's really wonderful. That you get to wear RiPP
• 9:17
  Speaker 4: jeans to work, and like you work in nine to
• 9:19
  Speaker 4: five and then like come home and like you have
• 9:21
  Speaker 4: time to hang out with your fiance or like my
• 9:23
  Speaker 4: now fiance at the time, boyfriend. But like she was like, congrats,
• 9:26
  Speaker 4: thank you, thank you.
• 9:28
  Speaker 5: But I have this happy work life balance.
• 9:30
  Speaker 4: And while I'm at BuzzFeed, I make all these new friends, right,
• 9:33
  Speaker 4: I feel very lucky. I end up really loving a
• 9:35
  Speaker 4: lot of my colleagues we become friends outside of work
• 9:37
  Speaker 4: and they're like, hey, you worked on Wall Street? What
• 9:41
  Speaker 4: am I buying in my four winking? Which health insurance
• 9:43
  Speaker 4: am my picking?
• 9:44
  Speaker 2: That would have been my favorite conversation ever. It's like,
• 9:46
  Speaker 2: is it not the most exciting when somebody who's like,
• 9:49
  Speaker 2: you know, excited to be around you, excited to have
• 9:52
  Speaker 2: these conversations and you know how much impact you can
• 9:54
  Speaker 2: have and how much you can change their life by
• 9:56
  Speaker 2: sharing that.
• 9:57
  Speaker 4: Yes and no. Because I got so many questions. It
• 10:00
  Speaker 4: was like a line forming at my desk to the
• 10:01
  Speaker 4: point where like I couldn't even get my day job done.
• 10:03
  Speaker 4: So I was like, you know what, I'm going to
• 10:05
  Speaker 4: put this on the internet and you guys can refer
• 10:07
  Speaker 4: to you know, video seven for this, video, four for this, video,
• 10:10
  Speaker 4: ten for that, and.
• 10:11
  Speaker 2: You're a queen and you did all of that for them.
• 10:13
  Speaker 5: I did it for my friends.
• 10:14
  Speaker 4: I did not make your rich BFF because I wanted
• 10:17
  Speaker 4: to be an influencer or creator. I made this for
• 10:20
  Speaker 4: my four idiot friends at work who wouldn't stop harassing me.
• 10:23
  Speaker 4: And I was like, Haha, they'll love this.
• 10:25
  Speaker 2: I love it so much. That's literally why I created
• 10:28
  Speaker 2: Cheese on the Money. It's because my girlfriend's got sick
• 10:31
  Speaker 2: of hearing me brag on about retirement saving zip brunch.
• 10:35
  Speaker 2: And I was a financial advisor and I didn't have
• 10:38
  Speaker 2: time for it. But I was also really bored being
• 10:40
  Speaker 2: a financial advisor because making rich people richer was not
• 10:43
  Speaker 2: my vibe. But that was like the area that I
• 10:46
  Speaker 2: worked in, like the ultra high NetWorld space, Like yeah,
• 10:48
  Speaker 2: as you can imagine, like it's just not sound sexy,
• 10:51
  Speaker 2: it's really shiny, and I got to wear elite suits,
• 10:54
  Speaker 2: but and great dinners, great dinners, great shoes, Like yeah,
• 10:58
  Speaker 2: the bdms just want to take you out everywhere I
• 11:01
  Speaker 2: was willing to go. But you don't really get a
• 11:04
  Speaker 2: lot of I guess joy out of that. After yeah,
• 11:08
  Speaker 2: you're like, oh, I may say I totally resonated.
• 11:10
  Speaker 4: I made someone who had, you know, two hundred and
• 11:12
  Speaker 4: fifty million dollars now they have five hundred million dollars.
• 11:15
  Speaker 5: Ooh, like yeah, sick good one.
• 11:18
  Speaker 4: Whereas when I put my very first video up, it
• 11:22
  Speaker 4: ended up going viral for good reason, and by the
• 11:25
  Speaker 4: end of the week, I had one hundred thousand followers,
• 11:27
  Speaker 4: and I was like, oh, end.
• 11:28
  Speaker 2: Of the week, you had a thousand following I have
• 11:30
  Speaker 2: been Slavy Go Way for a hundred thousand followers. I
• 11:34
  Speaker 2: was like, oh shit, what do I do exactly what
• 11:36
  Speaker 2: you did before? Because it works?
• 11:38
  Speaker 4: Yeah, And so I just started creating content, content that
• 11:41
  Speaker 4: I thought my friends would watch, content that I thought
• 11:43
  Speaker 4: people needed, based off of a lot of the questions
• 11:46
  Speaker 4: I was getting, and it's.
• 11:48
  Speaker 2: Been history ever since. Are you really proud of yourself?
• 11:51
  Speaker 5: I am.
• 11:52
  Speaker 4: I think one thing that I'm working on this year
• 11:54
  Speaker 4: is taking a second to smell the roses. When you're
• 11:57
  Speaker 4: in this business, and I'm sure you probably feel this
• 12:00
  Speaker 4: way a little bit too, it can feel like every
• 12:03
  Speaker 4: opportunity is the last and you need to strike while
• 12:07
  Speaker 4: the iron's hot and it's go, go, go, go go,
• 12:10
  Speaker 4: because you only get five good years of this. But
• 12:15
  Speaker 4: I'm trying to take a second to be like, you've
• 12:17
  Speaker 4: already come so far. It's okay to take a beat
• 12:20
  Speaker 4: and enjoy the success, and then you can always keep
• 12:23
  Speaker 4: going tomorrow.
• 12:24
  Speaker 2: But absolutely you can.
• 12:26
  Speaker 4: You don't have to earn rest. And for a while
• 12:29
  Speaker 4: I was like, I need to earn rest. I need
• 12:30
  Speaker 4: to ID eight seven videos so I can take a break,
• 12:33
  Speaker 4: or I need to film, you know, three YouTube so
• 12:36
  Speaker 4: I can take a break, and now it's like I
• 12:38
  Speaker 4: can take a break for a break's.
• 12:39
  Speaker 5: Sake, exactly.
• 12:40
  Speaker 2: And that's actually one of the reasons why when I'm
• 12:43
  Speaker 2: interviewing someone or mating them for the first time and
• 12:46
  Speaker 2: I genuinely think that they're really impressive or they've got
• 12:49
  Speaker 2: a really great journey or story to share, I always
• 12:51
  Speaker 2: ask like, are you proud of yourself? And I feel
• 12:53
  Speaker 2: like it does catch people a little bit unaware, because
• 12:56
  Speaker 2: you know, you're saying, oh, your parents must be so proud.
• 12:58
  Speaker 2: You're like, yeah, yeah, cool, go cool. But I'm like you,
• 13:00
  Speaker 2: and I think it's that moment of reflection where you're like, actually,
• 13:03
  Speaker 2: I'm really cool. Like I did this and I created this,
• 13:06
  Speaker 2: and you know, you can create something and somebody could
• 13:10
  Speaker 2: have you know, served those hundred thousand people to you
• 13:13
  Speaker 2: on a platter, and you could have been like that's
• 13:14
  Speaker 2: way too overwhelming. I didn't do it. But you've grown
• 13:16
  Speaker 2: it and you've nurtured it, and you've like taken it
• 13:19
  Speaker 2: with both hands and be like, no, this is me.
• 13:22
  Speaker 2: This is how it's gonna work. And now you're a
• 13:24
  Speaker 2: full blown author. Like I just get so excited talking
• 13:29
  Speaker 2: to I guess other money people, but people I can
• 13:32
  Speaker 2: also learn from. I want to know, you know, at
• 13:35
  Speaker 2: the end of the day, you are teaching people how
• 13:39
  Speaker 2: to money. How to money. It is a language that
• 13:42
  Speaker 2: not of a lot of us are actually fluent in.
• 13:45
  Speaker 2: How do we money? Vivian like, you know, I am,
• 13:48
  Speaker 2: let's pretend in a nine to five job, and I
• 13:51
  Speaker 2: might not have the grace of, you know, having a
• 13:54
  Speaker 2: scalable job where you know, in your situation you pump
• 13:57
  Speaker 2: out some more content, you might get some more revenue.
• 13:59
  Speaker 2: Not everybody is there, what can we do to maximize
• 14:02
  Speaker 2: our nine to five salary? And you know, how do
• 14:05
  Speaker 2: we do that?
• 14:06
  Speaker 4: So people ask me, how do I, you know, be
• 14:09
  Speaker 4: smart with my money? How do I make good decisions?
• 14:11
  Speaker 4: And I'm like, you should strip? And everyone's like, what
• 14:14
  Speaker 4: did you just say?
• 14:15
  Speaker 2: Are you going to pay me for that? Right? Because like,
• 14:17
  Speaker 2: if you are, how.
• 14:18
  Speaker 1: Do you.
• 14:20
  Speaker 4: We'll get some cash out of the ATM and we'll
• 14:22
  Speaker 4: start throwing money.
• 14:23
  Speaker 2: But Strad pregnant. This is not going to be a
• 14:25
  Speaker 2: good experience for either of us.
• 14:28
  Speaker 4: But strip is actually an acronym, okay, And I think.
• 14:31
  Speaker 2: It a little bit disappointing. I'm hoping that this picks
• 14:33
  Speaker 2: up from me.
• 14:34
  Speaker 5: Yeah, you're so funny.
• 14:37
  Speaker 4: STRIP is just an acronym, and I think it's like
• 14:40
  Speaker 4: a cute little acronym that everyone can use to remember
• 14:44
  Speaker 4: that this is what you should do if you have
• 14:47
  Speaker 4: no idea where to start. So S stands for savings
• 14:51
  Speaker 4: when you have a good job where your needs are met.
• 14:55
  Speaker 4: I think one thing that a lot of us struggle
• 14:57
  Speaker 4: with is that lifestyle inflation. We start making more money
• 14:59
  Speaker 4: and we start spending more money, and then you're like,
• 15:01
  Speaker 4: oh shit, why don't I have any money?
• 15:03
  Speaker 2: I creep because exactly, it's really rude.
• 15:08
  Speaker 4: It is incredibly rude. But for savings, the first thing
• 15:11
  Speaker 4: I say everybody should do is set aside an emergency fund.
• 15:15
  Speaker 4: And if you are a young singleton, you rent your house,
• 15:20
  Speaker 4: you you know, are just taking care of yourself. Three
• 15:23
  Speaker 4: to six months is totally fine. If you are a parent,
• 15:28
  Speaker 4: you own a home, you got kids, like you know,
• 15:31
  Speaker 4: you got a pet, you got kids, you got a
• 15:32
  Speaker 4: car payment, you got all that stuff. I would say,
• 15:34
  Speaker 4: try to get closer to six to twelve months.
• 15:38
  Speaker 2: Okay, So pressure is on for me, precious on for me.
• 15:41
  Speaker 4: I don't want us to feel like pressure. I wanted
• 15:42
  Speaker 4: to feel like today you taking care of future you.
• 15:45
  Speaker 2: And future you is going to be so grateful, right, grateful?
• 15:48
  Speaker 2: Like how many times do you do small things and
• 15:50
  Speaker 2: you're like, damn, I'm so smart for already doing.
• 15:53
  Speaker 4: Even just like laying out your outfit for the next morning.
• 15:56
  Speaker 2: That is the example. Like how many times do you
• 15:58
  Speaker 2: get up and you'll immediately like last night May was
• 16:02
  Speaker 2: a genius.
• 16:03
  Speaker 5: Genius.
• 16:03
  Speaker 2: Now think about that when you're rich af Yeah, exactly,
• 16:06
  Speaker 2: even better.
• 16:07
  Speaker 4: Yeah, So you got to take care of future you.
• 16:10
  Speaker 4: Then we go to T, which stands for total debt.
• 16:13
  Speaker 4: I think this is true in the US, this is
• 16:16
  Speaker 4: true in Australia, this is true pretty much all of
• 16:19
  Speaker 4: the world these days.
• 16:20
  Speaker 5: But like there's a debt.
• 16:21
  Speaker 4: Crisis, and when it comes to having a lot of debt,
• 16:26
  Speaker 4: the first thing people do is they look at the
• 16:28
  Speaker 4: big number and they're like, oh shit, and they get
• 16:32
  Speaker 4: so overwhelmed. They stick their head in the sand and
• 16:34
  Speaker 4: they're like, I'll deal with this next weekend. And then
• 16:36
  Speaker 4: next weekend comes and they're like I'll deal with this
• 16:38
  Speaker 4: next weekend, and then it's next weekend, next weekend, next weekend,
• 16:41
  Speaker 4: until you're six months down the line and your debt
• 16:44
  Speaker 4: has only compounded because you haven't made a plan to
• 16:46
  Speaker 4: start paying it down.
• 16:47
  Speaker 2: And Noaly's this paralysis is going to kill you.
• 16:50
  Speaker 4: So with t total debt, I say, use the avalanche method.
• 16:54
  Speaker 4: Rank your debt from highest to lowest interest rate, because
• 16:57
  Speaker 4: if you make the minimum payment across everything, but then
• 17:00
  Speaker 4: any additional funds towards the highest interest rate debt, you're
• 17:04
  Speaker 4: gonna be able to pay that debt down as fast
• 17:06
  Speaker 4: as humanly possible while also paying the least an interest.
• 17:09
  Speaker 5: And who wants to pay interest?
• 17:11
  Speaker 2: Literally nobody?
• 17:12
  Speaker 5: Zero out of ten I do not.
• 17:14
  Speaker 2: I don't know about you, but I've literally never met
• 17:16
  Speaker 2: one person that goes, I got a credit card so
• 17:18
  Speaker 2: I can start paying interest, like I want to pay more.
• 17:20
  Speaker 4: For Nobody said that. Nobody says that, So pay it
• 17:24
  Speaker 4: down that way and at least have a plan. I
• 17:28
  Speaker 4: don't care if you're chipping away at this thing so slow,
• 17:31
  Speaker 4: But if you don't have a plan and you're just
• 17:33
  Speaker 4: running around like a chicken with its head cut off,
• 17:35
  Speaker 4: like you're going to be in a worse position than
• 17:37
  Speaker 4: if you have a slow and steady plan.
• 17:39
  Speaker 2: Exactly. We say this in my community all the time,
• 17:42
  Speaker 2: but we always say from little things, big things grow
• 17:45
  Speaker 2: and that has really, I guess, compounded in our community.
• 17:48
  Speaker 2: And it's like, you know the rabbit in the turtle,
• 17:51
  Speaker 2: Like the turtle's going to win because the rabbit he
• 17:53
  Speaker 2: ran out of steam. And so I think that a
• 17:56
  Speaker 2: lot of the time in our community, and I see
• 17:58
  Speaker 2: it in yours as well. It's just like celebrating the
• 18:01
  Speaker 2: small steps, because the small steps, when you look back,
• 18:03
  Speaker 2: are actually the big steps, but at the time they
• 18:06
  Speaker 2: don't feel that way, right, Like when you first hear
• 18:08
  Speaker 2: in debt, You're like, I really don't want to have
• 18:10
  Speaker 2: to do this, Like this makes no sense. It's five dollars,
• 18:13
  Speaker 2: Why does it matter? Or it matters.
• 18:15
  Speaker 4: When you run a marathon, you still have to take
• 18:18
  Speaker 4: those first steps. You have to run that first mile
• 18:21
  Speaker 4: to get to the second mile, to get to the
• 18:23
  Speaker 4: third mile, to finally getting to twenty six point two miles.
• 18:26
  Speaker 4: You don't just run the marathon starting from the back
• 18:29
  Speaker 4: like a mile twenty six. No, a couple first steps
• 18:33
  Speaker 4: are going to get you there.
• 18:34
  Speaker 2: Love love all right, tell me about.
• 18:36
  Speaker 4: Our stands for retirement. So speaking of today, you taking.
• 18:40
  Speaker 5: Care of future?
• 18:41
  Speaker 2: You very sexy.
• 18:42
  Speaker 4: I am very much of the camp, but I want
• 18:45
  Speaker 4: to be that crazy retiree drinking pina coladas on the beach.
• 18:50
  Speaker 2: I Alrea, do you want to be that person? They Vivian, Oh,
• 18:52
  Speaker 2: the same. I mean, so like we're not going to
• 18:55
  Speaker 2: do the fire method where we're like just loading it
• 18:58
  Speaker 2: all up. I think you and I are in the
• 18:59
  Speaker 2: same pace.
• 19:00
  Speaker 4: So I think retirement is really important because of two reasons. One,
• 19:05
  Speaker 4: it's important to take care of you yourself because you
• 19:08
  Speaker 4: can't work forever. There is going to be a point
• 19:11
  Speaker 4: where your mind and your body start to decay. And
• 19:14
  Speaker 4: I hate to say that, but it's life. Until we
• 19:17
  Speaker 4: find some sort of everlasting fountain of youth.
• 19:19
  Speaker 2: Nobody gets out of this life alone. Nobody.
• 19:21
  Speaker 4: Nobody gets out of this life alive. And it's important
• 19:24
  Speaker 4: to start considering things like, you know, in Australia you're
• 19:28
  Speaker 4: super thinking about your four oh one k at your employer.
• 19:32
  Speaker 4: If you're in the US thinking about a roth ira,
• 19:34
  Speaker 4: if you you know, just don't get an employer sponsored plan.
• 19:38
  Speaker 4: These are all different strategies that not only can you
• 19:41
  Speaker 4: receive tax benefits.
• 19:43
  Speaker 2: For which uh like, honestly sligh.
• 19:46
  Speaker 5: Everybody loves a tax Benny.
• 19:47
  Speaker 2: I want a million tax Why wouldn't I want to
• 19:49
  Speaker 2: pay fewer taxes legally, I don't know exactly.
• 19:53
  Speaker 4: But also again, you're taking care of you in the future,
• 19:56
  Speaker 4: and there's nobody who's going to be better to you
• 19:58
  Speaker 4: than you can be. So with the eye and strip,
• 20:02
  Speaker 4: it's important to remember you can't just put the money in,
• 20:08
  Speaker 4: you actually have to invest it. What I know, everybody,
• 20:12
  Speaker 4: this is my analogy. Imagine you know, close r eyes.
• 20:16
  Speaker 4: You drive to the grocery store. Okay, you got your
• 20:19
  Speaker 4: purse slung over your shoulder. You walk into the grocery store,
• 20:22
  Speaker 4: you take a good old lap, you leave, you get
• 20:25
  Speaker 4: back in your car.
• 20:26
  Speaker 5: And you go home.
• 20:26
  Speaker 4: Then you open up your fridge and you're like, why
• 20:28
  Speaker 4: didn't I have Why don't I have groceries? It's like
• 20:30
  Speaker 4: you didn't buy any You literally just walked around the store.
• 20:33
  Speaker 2: And I think when people open you have lists now
• 20:35
  Speaker 2: because you spent money.
• 20:36
  Speaker 4: On the gas, yes, exactly, and you put my ledge
• 20:39
  Speaker 4: on that car. But it's important that when you are
• 20:42
  Speaker 4: opening up these retirement accounts, you actually buy investments. And
• 20:45
  Speaker 4: there are super easy ways to do this, whether that
• 20:48
  Speaker 4: be investing in a target date retirement fund or just
• 20:51
  Speaker 4: index funds that track the broader market or even just
• 20:53
  Speaker 4: getting a Roebo advisor to do it for you. Paying
• 20:56
  Speaker 4: a small management fee is not the worst thing in
• 20:58
  Speaker 4: the world if it means you can get started soon
• 21:00
  Speaker 4: rather than later. The love and I also like to
• 21:03
  Speaker 4: say that there's also a secret eye in there.
• 21:05
  Speaker 2: There's a secret eye, there's a secret imstra, there's to eye,
• 21:07
  Speaker 2: but there's a secret eye.
• 21:09
  Speaker 4: The secret eye is income. You can only save as
• 21:12
  Speaker 4: much as you earn, but you can always earn more money.
• 21:14
  Speaker 4: And it is so critically important to not just talk
• 21:17
  Speaker 4: about cutting out the latte, which, by the way, cheers
• 21:22
  Speaker 4: cheers to the starbus. It's not enough just to cut
• 21:25
  Speaker 4: back the lattes and the avocado toast.
• 21:27
  Speaker 5: I'm sorry. I want to live a happy life. I
• 21:29
  Speaker 5: want to enjoy myself.
• 21:30
  Speaker 4: It's also important to make more money because do you
• 21:33
  Speaker 4: know how easy it is to ask for a five
• 21:35
  Speaker 4: thousand dollar raise?
• 21:36
  Speaker 5: Super easy?
• 21:36
  Speaker 4: A five thousand dollar raise is not unheard of at all.
• 21:39
  Speaker 2: Oh no, but like you can only do that once.
• 21:41
  Speaker 2: You can't do that all the time. You can do
• 21:43
  Speaker 2: that well every year, oh one hundred percent, you can.
• 21:46
  Speaker 2: But like you can go earn another five grand on
• 21:48
  Speaker 2: top of that five thousand dollar rais and it's so
• 21:50
  Speaker 2: much easier, Like, guys, it's twenty twenty three. Yeah, we're
• 21:53
  Speaker 2: not living in the nineteen fifties. Like you can earn
• 21:55
  Speaker 2: five grand and not even leave your house.
• 21:57
  Speaker 4: Yes, exactly, But do you know how heart it is
• 22:00
  Speaker 4: to cut out five thousand dollars worth to do that?
• 22:03
  Speaker 4: Like you don't have Netflix anymore, You don't get to
• 22:05
  Speaker 4: drink your coffee, you don't get to go out to brunch,
• 22:07
  Speaker 4: you don't get to get your manny petties. Not like
• 22:09
  Speaker 4: cutting five thousand dollars out of your budget is brutal.
• 22:12
  Speaker 4: Getting an extra five thousand dollars of cash coming in
• 22:15
  Speaker 4: the doors not that hard.
• 22:17
  Speaker 2: It is hard for a lot of people. I reckon
• 22:19
  Speaker 2: in both of our communities because we're women. And remember
• 22:23
  Speaker 2: how like we don't have the audacity of media commitdle
• 22:25
  Speaker 2: aged white men. And the stats way me too that
• 22:27
  Speaker 2: men they're going to put themselves forward for a raise
• 22:29
  Speaker 2: or like a promotion when they don't even meet the criteria.
• 22:32
  Speaker 2: But we seem to think we need to meet one
• 22:34
  Speaker 2: hundred percent of the criteria. We don't do exactly the
• 22:36
  Speaker 2: same thing. You don't like, ask yourself what would a
• 22:39
  Speaker 2: medio com middle aged white men do and then do that?
• 22:42
  Speaker 4: Babe? Yeah, exactly do that and then pee. Everybody's favorite
• 22:46
  Speaker 4: part of strip is plan. Everybody who's listening, just like,
• 22:51
  Speaker 4: take a second. If you're driving, don't do this closure out.
• 22:54
  Speaker 2: Maybe just think about doing this thing.
• 22:55
  Speaker 4: Think about doing this later, but just close your eyes
• 22:57
  Speaker 4: for a second and think about your happily ever after?
• 23:00
  Speaker 5: What does that look like?
• 23:01
  Speaker 4: Do you live in Naples, Florida or Naples, Italy?
• 23:07
  Speaker 5: Do you own two homes?
• 23:10
  Speaker 4: Or would you rather retire at thirty and live in
• 23:14
  Speaker 4: an RV? There is no right answer. The right answer
• 23:17
  Speaker 4: is the one that puts a smile on your face.
• 23:19
  Speaker 4: Do you want to have, you know, an entire crew
• 23:23
  Speaker 4: of Golden Retriever dogs? Do you want to have two kids?
• 23:27
  Speaker 4: Do you want to have dads? Do you want whatever
• 23:29
  Speaker 4: you want?
• 23:29
  Speaker 2: I want all of that that I want so much fun.
• 23:32
  Speaker 2: Do you say I can have a FuMB of Golden
• 23:34
  Speaker 2: Retriever is exactly but like, but we need to get
• 23:37
  Speaker 2: rich to do that.
• 23:38
  Speaker 5: And the peace stands for plan.
• 23:40
  Speaker 4: You got to make a plan to hit your happily
• 23:42
  Speaker 4: ever after and knowing what that happily ever after looks
• 23:45
  Speaker 4: like helps you back into a lot of those other
• 23:48
  Speaker 4: numbers that you're going to need to hit to get
• 23:49
  Speaker 4: there and get there as soon as possible. So I
• 23:52
  Speaker 4: just think this fantasizing is so healthy. And I do
• 23:57
  Speaker 4: this with my fiance all the time, And I say,
• 24:01
  Speaker 4: don't you think it'll be amazing when we have so
• 24:03
  Speaker 4: much money and we're able to take you know, your
• 24:06
  Speaker 4: parents and my parents and your siblings and their kids
• 24:09
  Speaker 4: on vacation. And his retort is always, ew, I don't
• 24:12
  Speaker 4: want to take all of them on vacation with us.
• 24:14
  Speaker 4: That doesn't sound fun at all.
• 24:16
  Speaker 2: Okay, But we can send them on vacation while we
• 24:17
  Speaker 2: go somewhere else completely separate, and we can pay for
• 24:21
  Speaker 2: the lifestyle you deserve.
• 24:22
  Speaker 4: But those conversations are one so fun to have with
• 24:25
  Speaker 4: a significant other if you're just looking to have like
• 24:26
  Speaker 4: a fun, little cheeky conversation like on a Thursday Dan date.
• 24:29
  Speaker 2: So many different lives, so.
• 24:30
  Speaker 4: Many different lives. It's also really healthy to have with
• 24:33
  Speaker 4: yourself because it gives you a visual of what you're
• 24:37
  Speaker 4: working so hard for.
• 24:39
  Speaker 5: And I think that's great.
• 24:40
  Speaker 2: I don't think there's anything too big about that either.
• 24:43
  Speaker 2: I think sometimes especially as women. We end up with
• 24:47
  Speaker 2: a cap and we're like, oh, that's probably a bit much.
• 24:49
  Speaker 2: I'm a bit much. And it's it's not like.
• 24:52
  Speaker 5: You're not too much. Find someone who needs less, No.
• 24:55
  Speaker 2: You don't find someone to find someone who needs, someone
• 24:57
  Speaker 2: who doesn't need, someone who doesn't need less exactly. Oh
• 25:00
  Speaker 2: my gosh, I am obsessed with that. I saw it
• 25:02
  Speaker 2: on something like that on TikTok the other day and
• 25:04
  Speaker 2: they're like breaking up with their boyfriend. They're like, go
• 25:06
  Speaker 2: find someone who wants less than go exactly. Like, I'm
• 25:09
  Speaker 2: not mad about that, And I think that that.
• 25:11
  Speaker 4: You're allowed to have high standards. You're allowed to want
• 25:14
  Speaker 4: this happily ever after. You are allowed to want those things,
• 25:17
  Speaker 4: and if you make a plan you can hit them.
• 25:20
  Speaker 2: I agree. I love this strip. I thought you were
• 25:23
  Speaker 2: going to disappoint me because you really started by tally
• 25:26
  Speaker 2: you were gonna throw money at me, and I was
• 25:28
  Speaker 2: one thousand percent across it. And then we got a
• 25:30
  Speaker 2: bit disappointed. You were like, it's not real strip, and
• 25:32
  Speaker 2: I was like, okay, but this is a plan that
• 25:35
  Speaker 2: makes so much sense. And the thing that I love
• 25:38
  Speaker 2: about this plan is your energy throughout. This is so
• 25:42
  Speaker 2: much like the from little things, big things grow, Like
• 25:45
  Speaker 2: these are easy steps to take, Like we're doing some savings,
• 25:47
  Speaker 2: we're doing you know, total debt, which can be really overwhelming.
• 25:50
  Speaker 2: But if you pull your head out of the sand,
• 25:53
  Speaker 2: like you're going to be in a better position. We're
• 25:55
  Speaker 2: going to do retirement. Then we're going to do our
• 25:57
  Speaker 2: you know, we're going to do our income.
• 25:58
  Speaker 4: You don't do this all in once.
• 26:00
  Speaker 5: You don't do this all in one weekend.
• 26:02
  Speaker 4: You do this little by little, You chip away at
• 26:04
  Speaker 4: it until you go from to st to you have
• 26:08
  Speaker 4: the forward strip.
• 26:09
  Speaker 2: Yeah strip, I love it. Oh my gosh. All right. Well, obviously,
• 26:13
  Speaker 2: earning money, yeah, as we said before comes with managing money,
• 26:17
  Speaker 2: and we said before, from little things, big things grow,
• 26:20
  Speaker 2: And it's all about the small things. You were talking
• 26:22
  Speaker 2: about lifestyle creep, which I'm so on board with. But
• 26:26
  Speaker 2: what's the best way that we can make sure that
• 26:28
  Speaker 2: we are managing money properly because obviously, if we can't
• 26:32
  Speaker 2: manage tendallers, we're not going to be able to manage
• 26:34
  Speaker 2: ten thousand. But how many times do you hear people
• 26:36
  Speaker 2: saying I'll do it when I earn more, Vivian, I'll
• 26:39
  Speaker 2: do it when I you know amount of debt, I'll
• 26:42
  Speaker 2: do it when I how do we start? Like why today?
• 26:46
  Speaker 4: Because the best day to get good with money was
• 26:50
  Speaker 4: yesterday and the second best day is today. And when
• 26:55
  Speaker 4: we talk about getting rich and having money, we have
• 26:59
  Speaker 4: to remember that it's not about timing the market. It's
• 27:03
  Speaker 4: not about picking the perfect investment. It's not about suddenly
• 27:08
  Speaker 4: having a million dollars fall from the sky because you
• 27:10
  Speaker 4: won the lottery. It's about time, commitment, consistency, and time
• 27:16
  Speaker 4: in the market beats timing the market. So time in
• 27:20
  Speaker 4: tim E space I N beats timing T I M
• 27:24
  Speaker 4: I N G.
• 27:25
  Speaker 2: You've won the spelling base, Dude, I not a good
• 27:28
  Speaker 2: spelling No, well you've proven everybody wrong.
• 27:32
  Speaker 4: It beats it every time because you don't need to
• 27:35
  Speaker 4: be the smartest, fastest, strongest person.
• 27:37
  Speaker 5: You need to be the person who.
• 27:39
  Speaker 4: Has a plan, who starts as early as possible and
• 27:43
  Speaker 4: just sits and waits, and that is how.
• 27:46
  Speaker 5: We get to the final goal.
• 27:48
  Speaker 4: And I think it's really important to call out that
• 27:52
  Speaker 4: investing and having this life is not only for smart
• 27:57
  Speaker 4: people or people who come from generational wealth, or it's
• 28:00
  Speaker 4: for everybody. And the reason why there's such a vast
• 28:06
  Speaker 4: divide between people who have money and who don't is education,
• 28:10
  Speaker 4: and I think it's a damn sure. I don't know
• 28:12
  Speaker 4: if this is the case in Australia, but like in
• 28:14
  Speaker 4: the US, we don't teach this stuff in school.
• 28:15
  Speaker 2: Oh no, we don't teach it in school. It's why
• 28:17
  Speaker 2: I'm a psycho when it comes to our content and
• 28:21
  Speaker 2: why I just get so frustrated because yeah, and I'm
• 28:25
  Speaker 2: sure you're exactly the same as me. The more you
• 28:27
  Speaker 2: learn about it, the more you're just motivated to share
• 28:30
  Speaker 2: it because you're like everybody deserves this, Like it makes
• 28:34
  Speaker 2: no sense that we learn trigonometry and we're talking about
• 28:38
  Speaker 2: algebra when my school and the schooling system in Australia
• 28:42
  Speaker 2: it doesn't. So in Australia you can start working it
• 28:44
  Speaker 2: fourteen years and nine months. You can go get your
• 28:46
  Speaker 2: fast okay sligh, But they don't tell you that you
• 28:50
  Speaker 2: need to be retirement saving. They don't tell you anything
• 28:52
  Speaker 2: about how taxes work, but they do expect you to
• 28:55
  Speaker 2: come and still do a you know, a whole thing
• 28:59
  Speaker 2: on trigonomical When am I going to use that in
• 29:01
  Speaker 2: the future?
• 29:02
  Speaker 4: Like when have I ever used sign and co sign?
• 29:04
  Speaker 2: Literally never, and I do you know what my favorite
• 29:07
  Speaker 2: thing is? When I was at school, this is showing
• 29:09
  Speaker 2: my age now and that I am most definitely in
• 29:11
  Speaker 2: my thirties. They used to say, you won't always have
• 29:14
  Speaker 2: a calculator in your pocket. Literally I always have a
• 29:17
  Speaker 2: calculator now, So like, talk to me about taxes. I
• 29:22
  Speaker 2: love to say media committle aged white man and I
• 29:24
  Speaker 2: feel like you're resonating with that. So amazing, But historically
• 29:29
  Speaker 2: I wish we could say that. You know, it's twenty
• 29:31
  Speaker 2: twenty three, Vivian and I. We've invented investing. We are
• 29:34
  Speaker 2: so smart. But I don't know if you've read my
• 29:37
  Speaker 2: favorite book, The Richest Man in Babylon, And I say
• 29:40
  Speaker 2: that's not my favorite only just giving me your book
• 29:42
  Speaker 2: so it might overtake it, like rich Af coming to
• 29:45
  Speaker 2: your stawny you. But my favorite book is The Richest
• 29:49
  Speaker 2: Man in Babylon. It's the driest book ever. Like reading it,
• 29:52
  Speaker 2: it is mind numbing.
• 29:53
  Speaker 4: Mine donkeys instead of Coachala tickets. But you know what,
• 29:56
  Speaker 4: it's exactly okay.
• 29:58
  Speaker 2: It is my favorite book because it's like, no, this
• 30:00
  Speaker 2: stuff has existed forever. However, the medioca middle aged white
• 30:04
  Speaker 2: men have gate kept that from us for a very
• 30:06
  Speaker 2: long time. And I mean, you worked on Wall Street,
• 30:09
  Speaker 2: so I feel like you, of anybody else in the
• 30:11
  Speaker 2: entire world, is going to know how well those medioca
• 30:14
  Speaker 2: middle aged white men like gatekeeping that content. But why
• 30:18
  Speaker 2: do you think historically this content has been gate kept
• 30:23
  Speaker 2: and it has been inaccessible for us? And I guess
• 30:25
  Speaker 2: a little bit boring when I don't know about you.
• 30:28
  Speaker 2: But the more and more I learn about wealth creation
• 30:31
  Speaker 2: and getting rich af the more excited I am about it.
• 30:36
  Speaker 2: Why has it been boring? And why is it so
• 30:38
  Speaker 2: important to change this moving forward?
• 30:40
  Speaker 4: If I am super rich and I'm part of the
• 30:44
  Speaker 4: status quo, what incentivizes me to make this easier for you.
• 30:48
  Speaker 4: I still need a minimum wage worker to flip my burger,
• 30:52
  Speaker 4: I need someone to pump my gas, and I need
• 30:54
  Speaker 4: someone to come clean my house. I am not incentivized
• 30:58
  Speaker 4: to make this easier for you. And I hate to
• 30:59
  Speaker 4: sound like an absolutely tinfoil hat like conspiracy theorists.
• 31:03
  Speaker 2: We're wearing Matchington foil.
• 31:05
  Speaker 4: Maxington foil hats. But like, if you know this information
• 31:09
  Speaker 4: and you're like, wow, this is amazing. I got rich
• 31:12
  Speaker 4: using this information, I'm going to pass this information down
• 31:15
  Speaker 4: to my son. I'm gonna take him to the country club.
• 31:17
  Speaker 4: We're gonna go tea off, and as we're teeing off,
• 31:19
  Speaker 4: I'm gonna explain to my son the rules of the world.
• 31:22
  Speaker 4: Right because I'm a to quote another book, I'm a
• 31:25
  Speaker 4: rich dad. Yes, and my rich son will know all
• 31:28
  Speaker 4: of this information too.
• 31:29
  Speaker 2: Of course, but not you're rich, tolda because that would
• 31:30
  Speaker 2: be ridiculous.
• 31:31
  Speaker 4: You know, because because my rich daughter doesn't have anything
• 31:34
  Speaker 4: to work about, because she married she's rich. She's gonna
• 31:37
  Speaker 4: marry a rich man. Because we grew up in the
• 31:38
  Speaker 4: society and in the game, in the gated community, somebody
• 31:42
  Speaker 4: else's rich son is going to take care of her,
• 31:44
  Speaker 4: and soroof fool proof plan. But it perpetuates and perpetuates,
• 31:49
  Speaker 4: and then these same communities just literally recycle money throughout
• 31:53
  Speaker 4: them because they know the secret.
• 31:54
  Speaker 5: Somebody way way way up.
• 31:56
  Speaker 4: The family tree, so far up that you you don't
• 31:58
  Speaker 4: even know what their name is. They managed to figure
• 32:00
  Speaker 4: it out. Good for them, But that information has now
• 32:04
  Speaker 4: been held in those family lines, in those communities for
• 32:07
  Speaker 4: so so long. And if you grow up to a
• 32:12
  Speaker 4: single mother who is working hard to put food on
• 32:16
  Speaker 4: the table, who is constantly stressed about making rent who
• 32:19
  Speaker 4: barely has any time to come to your soccer practice,
• 32:22
  Speaker 4: if you can even afford the soccer program to come
• 32:25
  Speaker 4: pick you up after school whatever.
• 32:26
  Speaker 5: Her biggest concern is not taking you to the golf course.
• 32:29
  Speaker 4: Oh absolutely, her biggest concern is feeding you and clothing
• 32:32
  Speaker 4: you and taking care of you and being a good parent.
• 32:33
  Speaker 4: And it's not necessarily like a shame on you for
• 32:36
  Speaker 4: not teaching your kid that. It's like mom probably didn't
• 32:38
  Speaker 4: know this information either.
• 32:40
  Speaker 2: No, that's because it wasn't afforded to her because unfortunately
• 32:44
  Speaker 2: she wasn't born into the right family. But do you
• 32:46
  Speaker 2: know what frustrates me the most about that that mom
• 32:49
  Speaker 2: worked harder than anybody else in that way. Her family
• 32:51
  Speaker 2: didn't she, and she like truly sacrificed her entire life,
• 32:56
  Speaker 2: her friends, her family, like the lifestyle goals she had
• 32:59
  Speaker 2: for herself to put that in front of you. And
• 33:02
  Speaker 2: I think that that's the most heartbreaking part about it,
• 33:05
  Speaker 2: because if we can teach those moms, we can teach
• 33:07
  Speaker 2: those kids that advice, they can start filtering it down
• 33:11
  Speaker 2: to their families and their kids and motivate them in
• 33:14
  Speaker 2: a way that they've never known how.
• 33:16
  Speaker 4: Before I've I mentioned this in the book that you
• 33:20
  Speaker 4: know my BFFs, I've lovingly dubbed them the leftovers.
• 33:25
  Speaker 5: So it's a lot of women, it's a.
• 33:26
  Speaker 4: Lot of people of color, it's members of the LGBTQ community.
• 33:29
  Speaker 4: It's people who grew up low income, people who are
• 33:31
  Speaker 4: in any way part of a marginalized community, immigrants, what
• 33:34
  Speaker 4: have you. And you know what happens when we give
• 33:38
  Speaker 4: those communities more money.
• 33:39
  Speaker 2: They get power and then they get powerful and they
• 33:41
  Speaker 2: can change their entire lives.
• 33:43
  Speaker 4: But also they put that money back into those communities.
• 33:46
  Speaker 4: It gets recycled into those community I want to know.
• 33:49
  Speaker 2: Yes, they're the ones that we want to be BFFs
• 33:51
  Speaker 2: with because they're the good eggs.
• 33:53
  Speaker 4: These good eggs then filter that information, both money and
• 33:56
  Speaker 4: information back into their communities and it helps to uplift
• 34:01
  Speaker 4: entire neighborhoods, entire segments of the population.
• 34:04
  Speaker 5: And when they do better, we all do better.
• 34:07
  Speaker 2: Do you know what my favorite coid is And it
• 34:08
  Speaker 2: is literally about that. It's a rising tide lifts bullships.
• 34:12
  Speaker 2: And I say it so often that my team is
• 34:14
  Speaker 2: so over me. They're like, Victoria, give it up. We've
• 34:16
  Speaker 2: heard it a million times. I'm like, and I will
• 34:18
  Speaker 2: say it a million more yeah, because it's just it's
• 34:21
  Speaker 2: so true. Put that in their pens of the people
• 34:25
  Speaker 2: that need it the most, and they're going to be
• 34:27
  Speaker 2: the most powerful with it because they want everybody else
• 34:30
  Speaker 2: to rise. Put it in the hands of the medio
• 34:33
  Speaker 2: and middle aged white men who want to gate keep
• 34:35
  Speaker 2: it and they'll give it to their son on a
• 34:37
  Speaker 2: golf course.
• 34:37
  Speaker 4: It's not even like the necessarily just middle aged, mediocre
• 34:41
  Speaker 4: white men, like they think about it to bring down
• 34:43
  Speaker 4: very one. But like corporations right, like we talk about, oh,
• 34:48
  Speaker 4: if we pass certain legislation so that corporations can save money,
• 34:51
  Speaker 4: they're going to pass that savings on to the consumer.
• 34:55
  Speaker 4: When in reality, have we ever seen that happen? Literally never,
• 34:58
  Speaker 4: Like you know what corporations do, They had their margins,
• 35:00
  Speaker 4: they make more money, and then they give their CEOs
• 35:02
  Speaker 4: bigger bonuses.
• 35:04
  Speaker 2: It breaks my heart. I was talking to my production
• 35:06
  Speaker 2: team here at iHeart earlier today because obviously I'm from
• 35:09
  Speaker 2: Australia and everything is so different like here in America,
• 35:13
  Speaker 2: like we tip like I have never done that before.
• 35:16
  Speaker 2: All the prices include the you know, the service fee,
• 35:19
  Speaker 2: the service charge plus tip, and I'm like, how do
• 35:21
  Speaker 2: you then add taxes? Like I'm not good at this,
• 35:23
  Speaker 2: Like I have never felt worse at money, Vivia, and
• 35:25
  Speaker 2: it is the worst. But I learned about your minimum
• 35:28
  Speaker 2: wages and I just.
• 35:30
  Speaker 4: Was sure, shut up.
• 35:31
  Speaker 2: I was so angry, like I was frustrated and disappointed,
• 35:36
  Speaker 2: and I completely understand how that works in the culture
• 35:39
  Speaker 2: of it all that, like these people aren't even earning
• 35:42
  Speaker 2: living wages to put food on their tables, and then
• 35:46
  Speaker 2: they're seeing content that gets rolled out about investing and
• 35:49
  Speaker 2: they're like, that's not for me. But then they see
• 35:51
  Speaker 2: you and they're like, she is for me, Like she
• 35:53
  Speaker 2: is my rich bff, and she wants to lift me.
• 35:56
  Speaker 2: And I just I get so excited about it because
• 35:59
  Speaker 2: obviously in internationally there are such differences in our economies
• 36:03
  Speaker 2: and what my economy looks like versus yours. But at
• 36:06
  Speaker 2: the end of the day, the money rules. And you
• 36:09
  Speaker 2: know you were talking earlier about this concept of strip
• 36:11
  Speaker 2: that's international, Like it doesn't matter where you live or
• 36:15
  Speaker 2: what you do, they're the basics and if you're given
• 36:18
  Speaker 2: the foundations, you can actually thrive. And I just I
• 36:21
  Speaker 2: get so excited about.
• 36:22
  Speaker 4: It, and I also think that this fear, this stress,
• 36:26
  Speaker 4: this just you know, concern around money. It spans countries,
• 36:35
  Speaker 4: any sort of borders, and even languages. I think there
• 36:38
  Speaker 4: are people in every single country who worry about money,
• 36:40
  Speaker 4: and it's most people.
• 36:41
  Speaker 5: Frankly, it's most people.
• 36:42
  Speaker 2: And unrelatable problem to not worry about, right.
• 36:46
  Speaker 4: I think a big part of addressing that concern and
• 36:49
  Speaker 4: addressing how to make things better is talking about the
• 36:54
  Speaker 4: actual amount we make, how much we spend, what we see,
• 36:58
  Speaker 4: what we invest, and making it really trans parent for people.
• 37:01
  Speaker 4: Because until people see the numbers, they're not going to
• 37:04
  Speaker 4: get it. And we can do what we can. But
• 37:09
  Speaker 4: I want everybody listening call your best friend, call them
• 37:13
  Speaker 4: and have a money date. Talk about money, talk about
• 37:16
  Speaker 4: what you make. Tell them that because when we talk
• 37:20
  Speaker 4: about money, we make it less taboo. And when we
• 37:24
  Speaker 4: all know what each other are earning, we all know
• 37:26
  Speaker 4: what we're spending on rent, we all know how we
• 37:28
  Speaker 4: can save and budget and use credit card points or
• 37:32
  Speaker 4: do better or buy a car for less and get
• 37:35
  Speaker 4: more out of our lives. We do better in corporations
• 37:39
  Speaker 4: do worse, and that's good. That is a very good outcome.
• 37:42
  Speaker 4: All right, let's go to a really quick break.
• 37:44
  Speaker 2: I love talking about this, but we are going to
• 37:46
  Speaker 2: flip to my favorite topic and testing, So guys do
• 37:49
  Speaker 2: not go anywhere, including you. Vivian all right, Vivian way back,
• 37:58
  Speaker 2: and I have loved out chat. Like I am so
• 38:01
  Speaker 2: upset that I haven't read your book already because it
• 38:04
  Speaker 2: hasn't come out yet and I've literally just.
• 38:06
  Speaker 4: Became just gifted her.
• 38:07
  Speaker 2: I'm corrected for the limited distribution, so like I've got
• 38:10
  Speaker 2: it on pre order. It's not because I was lazy
• 38:12
  Speaker 2: and didn't read the book of the person I was interviewing,
• 38:15
  Speaker 2: I promise, because usually I'm psycho about that. But in
• 38:19
  Speaker 2: your book, you obviously talk a lot about investing, and
• 38:22
  Speaker 2: as you said before, if you're not investing, it's like
• 38:24
  Speaker 2: going to the grocery store and they're not taking home
• 38:27
  Speaker 2: anything and wondering why your fridge is empty. So in
• 38:30
  Speaker 2: your experience, what do you think the biggest barrier is
• 38:33
  Speaker 2: that people face when they think about I guess taking
• 38:36
  Speaker 2: that first leap into investing, because it can be so overwhelming.
• 38:40
  Speaker 4: It's so overwhelming, it's so jargon heavy, and I think
• 38:43
  Speaker 4: there's a little bit of a myth that only people
• 38:47
  Speaker 4: who are rich can invest because you hear people talk
• 38:51
  Speaker 4: about like how your worth individuals, like the people you
• 38:53
  Speaker 4: used to work with, Like they're.
• 38:55
  Speaker 2: Just not my people, Vivian. Yeah, and they're not yours either.
• 38:57
  Speaker 1: No.
• 38:58
  Speaker 4: But you know what, people think that those are the
• 39:00
  Speaker 4: only people who can invest.
• 39:02
  Speaker 5: That's not true.
• 39:03
  Speaker 4: That's how they became high networth individuals is by investing.
• 39:07
  Speaker 2: Everyone started somewhere, correct.
• 39:10
  Speaker 4: And what I like to say is investing is the
• 39:14
  Speaker 4: only way that you, as a single human being, can
• 39:17
  Speaker 4: have a two income household without anybody else.
• 39:21
  Speaker 5: And why have one income when you can have two?
• 39:25
  Speaker 2: Sligh yep.
• 39:27
  Speaker 4: We have to think about ourselves as humans, right, How
• 39:31
  Speaker 4: many hours a day do you think you could feasibly
• 39:33
  Speaker 4: work before you're.
• 39:34
  Speaker 5: Like, I hate my life and I'm burned out me.
• 39:37
  Speaker 2: Personally, Well, it depends what I'm working on, babe, Like
• 39:39
  Speaker 2: four hours maybe four.
• 39:42
  Speaker 4: I thought you were going to go a little higher
• 39:43
  Speaker 4: than that, But that's true.
• 39:44
  Speaker 2: I'm joking. I'm joking. I am somebody who has burned themselves. Yeah,
• 39:49
  Speaker 2: Like as a financial advisor, Like I look back on it,
• 39:52
  Speaker 2: and I used to have this perception that you had
• 39:54
  Speaker 2: to be that get up at five am goalie, Like
• 39:57
  Speaker 2: I would go to the gym before getting my bullet
• 39:59
  Speaker 2: coffee and going to the office, like I wanted to
• 40:01
  Speaker 2: be the first person in the office. And this is
• 40:04
  Speaker 2: very like investing money finance world, Like if you're there before,
• 40:08
  Speaker 2: like your contract might say eight thirty am for a start,
• 40:12
  Speaker 2: oh no, no, no, like if you're not there at seven,
• 40:14
  Speaker 2: like what are you doing with your life? Yeah, And
• 40:16
  Speaker 2: so I used to think that was an indicator of success.
• 40:19
  Speaker 2: And I was doing like sixty seventy eighty hours a
• 40:21
  Speaker 2: week like quite often because I thought that was what
• 40:24
  Speaker 2: is expected of me. And it's not like it's gonna
• 40:27
  Speaker 2: burn you out.
• 40:28
  Speaker 4: That's unsustainable, it's super unsustainable. But if we think about
• 40:33
  Speaker 4: how much the average human being can fusibly work a day,
• 40:39
  Speaker 4: you end up with like a rough max of like
• 40:42
  Speaker 4: sixteen hours. That's like when like my fiance was in
• 40:45
  Speaker 4: the trenches of investment banking, living like the worst life possible.
• 40:49
  Speaker 4: Many people work about eight hours.
• 40:51
  Speaker 2: A day, which is very basonable, very.
• 40:53
  Speaker 4: Reasonable, But you really can't work more than that because
• 40:56
  Speaker 4: you still need to sleep, you still need to eat,
• 40:58
  Speaker 4: you still need to take a bathroom break, you need
• 41:00
  Speaker 4: to shower occasionally, and like live your life.
• 41:03
  Speaker 2: Only occasionally, only occasionally occasionally good same page.
• 41:08
  Speaker 4: Your money can work for you twenty four to seven.
• 41:10
  Speaker 2: Your money doesn't need a shower occasion.
• 41:12
  Speaker 4: Your money does not need a shower. Your money does
• 41:14
  Speaker 4: not need a lunch break. They don't need a bathroom break,
• 41:16
  Speaker 4: they don't need anything. They can work for you twenty
• 41:18
  Speaker 4: four to seven as they should, as it should because
• 41:21
  Speaker 4: you deserve it. And what's so amazing is that at
• 41:25
  Speaker 4: the beginning of your career it's really important to work
• 41:28
  Speaker 4: hard for your money. And as you start to earn
• 41:31
  Speaker 4: that money, if you are able to be really mindful
• 41:33
  Speaker 4: and start investing it, as time passes on, you will
• 41:37
  Speaker 4: do less and less of working hard for your money
• 41:40
  Speaker 4: and more and more of your money.
• 41:41
  Speaker 5: Working hard for you.
• 41:42
  Speaker 2: The magic of the very sexy compound interests correct, which
• 41:47
  Speaker 2: makes me so excited, But like that's overwhelming, Like where
• 41:50
  Speaker 2: do I start? If I am a gualie who you know,
• 41:54
  Speaker 2: I'm listening to this and I'm like, you guys are
• 41:56
  Speaker 2: so fun Like Vivian sounds like she's written the best
• 41:59
  Speaker 2: book in the end, I would, and I am a
• 42:00
  Speaker 2: thousand percent going to go rate it. What do I
• 42:03
  Speaker 2: need to do? As the very first step. Do I
• 42:04
  Speaker 2: need five dollars? Do I need fifty thousand dollars?
• 42:07
  Speaker 1: Like?
• 42:07
  Speaker 2: I feel like there's this misconception if you don't have
• 42:09
  Speaker 2: a minimum of like you know, a couple of thousand
• 42:11
  Speaker 2: to start, why boda? Is that the truth?
• 42:14
  Speaker 4: Not even a little bit. So we are not living
• 42:17
  Speaker 4: in our parents' generation. Now you can start investing with
• 42:21
  Speaker 4: literally a dollar because of something called fractional shares. This
• 42:25
  Speaker 4: is so exciting, so much fun. Essentially, I like to say,
• 42:29
  Speaker 4: think about this again.
• 42:30
  Speaker 5: Back in the.
• 42:30
  Speaker 4: Grocery store metaphor, what you need to do is pick
• 42:35
  Speaker 4: a purse. Okay, just a bag. Some people want to
• 42:38
  Speaker 4: take their whole foods tope bag. Some people take their
• 42:42
  Speaker 4: work purse. Some people just take a random plastic bag
• 42:46
  Speaker 4: that they have.
• 42:46
  Speaker 2: Just it's me, Yeah, that's me, random plastic bag. Let's go,
• 42:49
  Speaker 2: how are we investing?
• 42:50
  Speaker 4: Pick a bag, and this bag represents the type of
• 42:52
  Speaker 4: account you're opening. Some of these accounts are cooler than others.
• 42:56
  Speaker 4: Some of these bags are cooler than others. Maybe they
• 42:58
  Speaker 4: have tax benefits for retirement. Maybe they're just a standard
• 43:01
  Speaker 4: regular plastic bag, which is more of an individual brokerage
• 43:04
  Speaker 4: account something like that. But it doesn't super matter. There
• 43:08
  Speaker 4: are some bags that are better than others. But just
• 43:10
  Speaker 4: use an account.
• 43:11
  Speaker 5: Pick an account.
• 43:11
  Speaker 2: You just need a bag, and you just need need
• 43:13
  Speaker 2: to make sure it doesn't have holes in it.
• 43:14
  Speaker 4: Correct. Then what you do is you take your money
• 43:18
  Speaker 4: and you put it in the bag. So you take
• 43:20
  Speaker 4: cash out of a checking or savings account wherever you bank,
• 43:24
  Speaker 4: and you put it into this special bag. Then you
• 43:27
  Speaker 4: go to the store, the store being a brokerage. A
• 43:30
  Speaker 4: brokerage is anywhere that you are able to purchase securities.
• 43:34
  Speaker 4: These are a lot of the online platforms you probably
• 43:36
  Speaker 4: are really familiar with. And once you get there, this
• 43:39
  Speaker 4: is the part that everybody seems to faff. You can't
• 43:42
  Speaker 4: just again walk around the grocery store and leave. You
• 43:44
  Speaker 4: actually need to buy apples, tent don't. That was not
• 43:50
  Speaker 4: an investment advice to buy apple. Do not just oh,
• 43:53
  Speaker 4: put all your money into one center.
• 43:54
  Speaker 1: No.
• 43:54
  Speaker 2: I thought you genuinely meant the fruit, and that was
• 43:57
  Speaker 2: a good analogy of having really solid things that you
• 44:00
  Speaker 2: meant to have in your fridge.
• 44:01
  Speaker 4: But what I like to say is like you have
• 44:03
  Speaker 4: to buy your fruits, you have to buy your veggies,
• 44:05
  Speaker 4: you have to buy your grains, or your carbs. You
• 44:08
  Speaker 4: gotta get your meats, a little bit of cheese, a
• 44:10
  Speaker 4: couple of beverages.
• 44:11
  Speaker 2: We have some chocolate and yeah, only after we've done
• 44:14
  Speaker 2: the basics.
• 44:14
  Speaker 4: Yeah, a little bit chocolate just in case, and maybe
• 44:17
  Speaker 4: a one little tray of grocery store sushi because I'm disgusting.
• 44:21
  Speaker 2: No, that's not disgusting. That is that is an elite
• 44:24
  Speaker 2: form erect of dining.
• 44:26
  Speaker 4: Correct, and that is equivalent to you purchasing investments. And again,
• 44:32
  Speaker 4: like I mentioned, target day funds are great index funds
• 44:35
  Speaker 4: that track broader intoices. You can utilize these through the
• 44:38
  Speaker 4: form of ETFs, which are exchange traded funds. They're essentially
• 44:41
  Speaker 4: like baskets of stocks or mutual funds, which are again
• 44:45
  Speaker 4: more baskets of investments, but they're more typically managed by
• 44:48
  Speaker 4: a human being city behind a desk, or again just
• 44:51
  Speaker 4: pick a robo advisor. It's kind of like a what
• 44:54
  Speaker 4: do you guys have in Australia.
• 44:55
  Speaker 2: We have robo advisors in no, no, no, I'm trying.
• 44:57
  Speaker 4: To think what's the equivalent. So like we have like
• 44:59
  Speaker 4: go puff here or like oh keep hard.
• 45:01
  Speaker 2: Yeah, okay, we have like stock spot and stuff like that,
• 45:04
  Speaker 2: but we also have you were talking about fractional shares before,
• 45:07
  Speaker 2: and this isn't something that we've been able to access
• 45:09
  Speaker 2: for ages, because America is so ahead of us, and
• 45:11
  Speaker 2: I'm so annoyed. But we have a platform called Shares's,
• 45:14
  Speaker 2: which we champion in our community because you can buy
• 45:17
  Speaker 2: fractional shares, so like, just like you were saying, you
• 45:20
  Speaker 2: can invest for as little as a dollar. To us,
• 45:22
  Speaker 2: that's quite new and it is so sexy and I'm
• 45:26
  Speaker 2: so excited about it because it just brings so much
• 45:29
  Speaker 2: more opportunity. Like some shares are hundreds of dollars per
• 45:32
  Speaker 2: share or per stock, and you can buy a dollar
• 45:36
  Speaker 2: worth of it if you still want exposure to that asset.
• 45:38
  Speaker 2: And I just think it's so exciting when you can start.
• 45:44
  Speaker 2: You become a big dog immediately you do.
• 45:46
  Speaker 4: And it's think about like buying one grape out of
• 45:50
  Speaker 4: a bushel of grapes or I guess whatever that might
• 45:52
  Speaker 4: be all you need.
• 45:53
  Speaker 2: I have no idea a bushel of grapes of yours, right, yeah,
• 45:56
  Speaker 2: a cluster. We are good at money, not fruit fruits.
• 46:00
  Speaker 4: Yes, but you can basically buy one chip out of
• 46:03
  Speaker 4: the bag, one grape out of the bunch. One slice
• 46:06
  Speaker 4: of turkey out of there, So it might be all
• 46:08
  Speaker 4: you need. That might be all you need, but it's
• 46:10
  Speaker 4: great to start with that. And so you can start
• 46:13
  Speaker 4: with as little as a dollar.
• 46:14
  Speaker 5: It's so easy.
• 46:15
  Speaker 4: And truly don't overthink it, like I feel like the
• 46:21
  Speaker 4: longer you wait, the worse off you'll likely be. Whereas
• 46:25
  Speaker 4: even just starting with a couple dollars, like, what's losing
• 46:29
  Speaker 4: three dollars to you? It's probably not a huge deal.
• 46:33
  Speaker 4: Let's start with three dollars, see what happens, and once
• 46:35
  Speaker 4: you get really really comfortable, move on now.
• 46:39
  Speaker 2: Yes, one day and you're going to be rich. Yeah right,
• 46:43
  Speaker 2: that's right, ah sligh. All right, let's take it a
• 46:46
  Speaker 2: back a step. We're talking about the golf course and
• 46:48
  Speaker 2: how all the little boys get to go to golf
• 46:51
  Speaker 2: course and learn really early about money. We have in
• 46:55
  Speaker 2: the shes on the Money community member, so many members
• 46:58
  Speaker 2: who ask me about investing fear kids and what that
• 47:01
  Speaker 2: looks like. What do you think the most effective way
• 47:03
  Speaker 2: to invest for kids is and what that looks like
• 47:06
  Speaker 2: in ways that we can I guess build wealth for
• 47:09
  Speaker 2: families through investing.
• 47:11
  Speaker 4: Yeah, so I'm not sure if there's necessarily an equivalent
• 47:14
  Speaker 4: account in Australia. However, in the US, you can open
• 47:17
  Speaker 4: up something called a custodial roth i array, which is
• 47:21
  Speaker 4: so wonderful. It essentially is the similar retirement account except
• 47:25
  Speaker 4: for your kid, and before they become a legal age,
• 47:29
  Speaker 4: you are able to start putting their earned income into
• 47:33
  Speaker 4: these accounts.
• 47:34
  Speaker 5: So say your kid mo'slams or.
• 47:38
  Speaker 4: Babysits, or you are an influencer and have a wonderful
• 47:44
  Speaker 4: podcast and your kid is in part of the marketing
• 47:47
  Speaker 4: materials or some of the photos.
• 47:49
  Speaker 2: Yeah, like we're commercializing this baby.
• 47:51
  Speaker 4: Yes, like the baby gone to work. This baby does
• 47:53
  Speaker 4: not get to live in the house.
• 47:54
  Speaker 2: Run. You are not gonna be nepo baby. I'm telling
• 47:56
  Speaker 2: you that right now. Yea are going to know you're
• 47:58
  Speaker 2: worth Yes.
• 47:59
  Speaker 4: So if they have earned income, the parent can then
• 48:02
  Speaker 4: help put that money into that account for that kid.
• 48:05
  Speaker 4: That money can start growing right off of the bat,
• 48:07
  Speaker 4: start immediately compounding. And what's so amazing is that you know, again,
• 48:12
  Speaker 4: this custodial roth iray has a lot of the benefits
• 48:14
  Speaker 4: that a normal roth IArray would have, meaning you can
• 48:17
  Speaker 4: take any of the contributions out at any time penalty free.
• 48:20
  Speaker 4: You just can't withdraw the earnings, but that money can
• 48:22
  Speaker 4: be used to help fund their future retirement or potentially
• 48:26
  Speaker 4: a big house purchase down the line, or if they
• 48:29
  Speaker 4: need money for anything else like that money can be
• 48:31
  Speaker 4: utilized for a lot of things. And if you don't
• 48:34
  Speaker 4: touch it, they're gonna be totally set and they're gonna
• 48:37
  Speaker 4: be a millionaire, almost guaranteed if you're putting a couple
• 48:41
  Speaker 4: hundred dollars in each month by the time they retire.
• 48:43
  Speaker 4: And that is comfort and financial freedom that like, frankly
• 48:47
  Speaker 4: I didn't have growing up, Like I did not have,
• 48:50
  Speaker 4: you know, any sort of like trust fund set up
• 48:52
  Speaker 4: or anything like that.
• 48:52
  Speaker 2: But like, I'd love to do that for my kids.
• 48:54
  Speaker 2: I'm still waiting for my parents to turn around one
• 48:56
  Speaker 2: day and be like, Victoria, we have just been trying
• 48:59
  Speaker 2: to teach you to be huh, we actually have a
• 49:01
  Speaker 2: trust fund for you, but we wanted you to work
• 49:04
  Speaker 2: it out on your own. They haven't done that yet.
• 49:05
  Speaker 2: I'm in my thirties. Maybe it all happened in my forties.
• 49:08
  Speaker 4: Actually, uh, Victoria, we need to tell you a big
• 49:11
  Speaker 4: secret of the family. You are the princess of Genovia.
• 49:14
  Speaker 2: Yes see, I would be living my best life. The
• 49:19
  Speaker 2: custodial roth Ira sadly isn't available in Australia, but we
• 49:22
  Speaker 2: have something relatively similar called an investment bond that you
• 49:25
  Speaker 2: can use for children in Australia. I would love it
• 49:28
  Speaker 2: if there was an ability to open a sernuation fund
• 49:32
  Speaker 2: for kids because in Australia the tax system honestly on kids.
• 49:37
  Speaker 2: It makes sense because it's meant to stop the rich
• 49:40
  Speaker 2: getting richer and distributing their income to their children. So
• 49:43
  Speaker 2: kids actually in Australia have a tax rate of about
• 49:46
  Speaker 2: sixty five percent. Oh wow, so they're like, oh, that's
• 49:48
  Speaker 2: a bad idea. Obviously, if you're really rich, you're not
• 49:50
  Speaker 2: going to choose to distribute income from your family trust
• 49:53
  Speaker 2: to your children in that case, but it shoots people
• 49:57
  Speaker 2: who are in our communities who want to start early
• 50:00
  Speaker 2: get their kids ahead. So a investment bond could be
• 50:03
  Speaker 2: something that might work for you. So have a look
• 50:04
  Speaker 2: into that. Because obviously a customer of your roth ira
• 50:07
  Speaker 2: is very sexy. I love sexy. I'm very jealous, but
• 50:12
  Speaker 2: I can't have one, so I love it. Let's wrap
• 50:15
  Speaker 2: up investing because obviously in finance we cover a lot
• 50:18
  Speaker 2: of I would say, burning topics. But what is one
• 50:22
  Speaker 2: question that you wish people would ask you when they interview,
• 50:26
  Speaker 2: Like you get to tell me what to ask you.
• 50:29
  Speaker 2: What's the most powerful question I could ask you in
• 50:31
  Speaker 2: this moment?
• 50:33
  Speaker 4: Probably what money topics you need to talk about with
• 50:36
  Speaker 4: a partner?
• 50:37
  Speaker 1: Oh?
• 50:37
  Speaker 2: Yes, by see tell me what money topics do I
• 50:40
  Speaker 2: need to ask my partner about? What a good idea?
• 50:43
  Speaker 2: I came up with it myself.
• 50:46
  Speaker 4: I am very much of the camp that you need
• 50:48
  Speaker 4: to be asking your partner about any death they have,
• 50:51
  Speaker 4: about how much they have in savings, what they make
• 50:54
  Speaker 4: every year, what they're happily ever after looks like if
• 50:57
  Speaker 4: they plan on helping support their parents, how many kids
• 51:00
  Speaker 4: they want to have, where they want to live, what
• 51:03
  Speaker 4: are their views on splitting expenses, what type of wedding
• 51:07
  Speaker 4: they're looking forward to, basically everything. And that's the problem,
• 51:10
  Speaker 4: right because I don't know if the divorce rate is
• 51:13
  Speaker 4: as high as it is in the US.
• 51:15
  Speaker 5: Yeah, it's like fifty percent here.
• 51:17
  Speaker 4: And that's troublesome because sex and money rank as numbers
• 51:23
  Speaker 4: one and two on topics as reasons why couples fight.
• 51:27
  Speaker 4: And can you imagine if you were just able to
• 51:31
  Speaker 4: never fight about money.
• 51:32
  Speaker 2: Ever, again, that would be the best thing in the
• 51:35
  Speaker 2: entire world.
• 51:36
  Speaker 4: You would be saving on so much heartache, so many fights,
• 51:39
  Speaker 4: so many arguments. And the reason why people fight about
• 51:42
  Speaker 4: money is because one secrets are revealed late in the game,
• 51:47
  Speaker 4: or there's a disagreement about your fundamental views on what
• 51:51
  Speaker 4: a dollar is worth. And these are conversations.
• 51:53
  Speaker 2: You need to be having when you decide to marry them,
• 51:56
  Speaker 2: before you.
• 51:57
  Speaker 4: Decide to get the government involved. Please, And so it's
• 52:00
  Speaker 4: so important to have these conversations right because I truly
• 52:03
  Speaker 4: think who you choose as a partner is one of
• 52:06
  Speaker 4: the most important decisions you will ever make in your
• 52:08
  Speaker 4: entire lifetime, if not the most important.
• 52:09
  Speaker 2: I could not agree more.
• 52:11
  Speaker 4: Because if your partner is a sparkling baby angel, amazing,
• 52:18
  Speaker 4: you are going to have like unfiltered support. You're gonna
• 52:21
  Speaker 4: have a conscientious partner. You're gonna have someone who lifts
• 52:23
  Speaker 4: you up, someone who supports you, someone who's great. But
• 52:26
  Speaker 4: if you have like a demon hater at home, imagine
• 52:30
  Speaker 4: having a hater at home.
• 52:31
  Speaker 2: Like one out of ten, Like that does not sounds
• 52:34
  Speaker 2: like a good time.
• 52:34
  Speaker 4: No, like you are going home to try and have
• 52:37
  Speaker 4: that be your safe space. And then you have someone
• 52:39
  Speaker 4: who's like, I don't think you should take that job off,
• 52:41
  Speaker 4: or that's not a good idea, or like I don't
• 52:44
  Speaker 4: think you should start the side hustle that you want
• 52:46
  Speaker 4: to do, or your passionate proudding like you're such a.
• 52:48
  Speaker 2: Ready flag, like red flag, get out of my house.
• 52:51
  Speaker 4: Yes, Like you want to have a partner who believes
• 52:54
  Speaker 4: in you when you don't believe in you, and you
• 52:56
  Speaker 4: want to have that person not necessarily be rich, but
• 52:59
  Speaker 4: they better be financially stable, and they better have a plan.
• 53:02
  Speaker 4: It's okay for them to have debt, it's okay for
• 53:04
  Speaker 4: them to not have a ton of money. It's okay
• 53:06
  Speaker 4: for them to not make a ton of money, But
• 53:08
  Speaker 4: what's their plan to make enough money paid on that
• 53:11
  Speaker 4: debt and have enough savings to do all the things
• 53:13
  Speaker 4: they want to do in their life. Because if they
• 53:14
  Speaker 4: don't have a plan, you're not going anywhere fast.
• 53:17
  Speaker 2: And if your partner doesn't want to do that, maybe
• 53:19
  Speaker 2: have a little bit of a think about it. But
• 53:21
  Speaker 2: Vivian's partner, I can almost guarantee, is going to listen
• 53:23
  Speaker 2: to this episode and be like, that's me, guys, she
• 53:26
  Speaker 2: yeah talking about me.
• 53:27
  Speaker 4: Can I tell you? I talked about him on another
• 53:30
  Speaker 4: podcast and I caught him listening to it and I
• 53:34
  Speaker 4: was like, wait, are you like listening to this in secret?
• 53:36
  Speaker 4: We were on vacation and I caught him listening to
• 53:38
  Speaker 4: it with his headphones in, and I was like.
• 53:39
  Speaker 2: I love him.
• 53:40
  Speaker 4: He's your biggest family, He's my biggest thing. But I
• 53:43
  Speaker 4: was like, were you checking to see if I said
• 53:45
  Speaker 4: anything bad? And he was like, no, I don't think
• 53:47
  Speaker 4: he would say anything bad because I don't do anything bad.
• 53:49
  Speaker 4: And I was like, fair fah feah.
• 53:52
  Speaker 2: I feel like that's like my husband who I am
• 53:54
  Speaker 2: obsessed with, and he's exactly the same. And like way
• 53:57
  Speaker 2: when it comes to money, like when we got together,
• 54:00
  Speaker 2: I was in debt, Like we went through that journey together.
• 54:03
  Speaker 2: It's not as though I, you know, came into this
• 54:06
  Speaker 2: and was like, hey, money's really easy. It was hard,
• 54:08
  Speaker 2: but the whole time we had these conversations and now
• 54:11
  Speaker 2: it's so easy because we respect each other.
• 54:15
  Speaker 4: My fiance and I can I say like, first off,
• 54:17
  Speaker 4: we rarely fight because I feel like we have one
• 54:19
  Speaker 4: brain that we share same.
• 54:21
  Speaker 2: People are like, why don't you fight? I'm like, because
• 54:23
  Speaker 2: I've never had an original thought.
• 54:24
  Speaker 4: Literally, but we've never ever thought about money because we've
• 54:29
  Speaker 4: made it such a priority to talk about it every
• 54:32
  Speaker 4: single month, every single week, and frankly all the time,
• 54:36
  Speaker 4: so that we're always on the same page. How much
• 54:37
  Speaker 4: we want to spend on XYZ for our wedding, how
• 54:39
  Speaker 4: much do we want to be gifting our parents in
• 54:42
  Speaker 4: laws whatever for the holidays, what do we want to
• 54:44
  Speaker 4: be spending on vacations on It.
• 54:46
  Speaker 2: Makes me so everything like that is so sex And.
• 54:49
  Speaker 4: He's the one who pushed me to take your bff
• 54:53
  Speaker 4: full time, Like this would not exist without this man.
• 54:55
  Speaker 2: Yeah, and if you don't have the biggest supporter at home,
• 54:58
  Speaker 2: you're not going to be able to create the life
• 55:00
  Speaker 2: that you deserve. Correct one out of ten. So the
• 55:02
  Speaker 2: advice here from this podcast is by Vivian's book and
• 55:06
  Speaker 2: marry or intend to marry an investment banker is no, no, no.
• 55:10
  Speaker 2: I mean that's what I'm getting from this because he
• 55:12
  Speaker 2: seems really switched on and wants to talk about exactly
• 55:15
  Speaker 2: you know.
• 55:16
  Speaker 4: I think for me, dating someone in finance was really
• 55:19
  Speaker 4: nice because I had crazy hours, I had to cancel
• 55:23
  Speaker 4: last minute on dates sometimes.
• 55:25
  Speaker 2: I got it and he was on your page.
• 55:27
  Speaker 4: So that's why because we worked.
• 55:29
  Speaker 2: I didn't make an investment banker because they're rich. I mean,
• 55:31
  Speaker 2: that's another perk. But also I think.
• 55:33
  Speaker 4: It's just he understood what I was going through and
• 55:36
  Speaker 4: so we had so much to you know, share. But
• 55:39
  Speaker 4: I think just marrying and dating someone who values a
• 55:42
  Speaker 4: dollar the same way you do, and values you and
• 55:45
  Speaker 4: believes in you even more than you believe in yourself,
• 55:48
  Speaker 4: I think that's the key.
• 55:50
  Speaker 2: That's so beautiful. I feel like that's a really good
• 55:52
  Speaker 2: place to leave it. So, Vivian, I want to know
• 55:55
  Speaker 2: where can I find you? Where can I order your book?
• 55:57
  Speaker 2: Where can I consume more of you? Because you are
• 56:00
  Speaker 2: such joy Like I'm so excited to have met you.
• 56:04
  Speaker 2: I just feel like our community is going to embrace
• 56:07
  Speaker 2: this wholeheartedly. But like I need more. I need to
• 56:09
  Speaker 2: have strip in literally written form, and I'm assuming it's
• 56:12
  Speaker 2: in your book.
• 56:13
  Speaker 4: Well, thank you so much for sharing me with that.
• 56:15
  Speaker 4: She's on the money community. You can purchase my book
• 56:19
  Speaker 4: at richaf dot me. Yes, the url is a manifestation
• 56:23
  Speaker 4: lay time absan. We love it so rich af dot
• 56:26
  Speaker 4: me for the book, order url and then you can
• 56:29
  Speaker 4: find me across social media as your rich BFF and
• 56:32
  Speaker 4: I also have a podcast called net Worth and Chill.
• 56:36
  Speaker 2: I love it. I am going to be listening to
• 56:37
  Speaker 2: every single episode. I cannot wait to run into you
• 56:41
  Speaker 2: again because we have so much to talk about, but
• 56:44
  Speaker 2: you guys, unfortunately, that is all we have time for today.
• 56:46
  Speaker 2: So Vivian, thank you for being so generous with yours.
• 56:49
  Speaker 5: Thank you so much for having me.
• 56:56
  Speaker 2: The ad by shared on She's on the Money is
• 56:58
  Speaker 2: generally nature and does not consider your individual circumstances. She's
• 57:02
  Speaker 2: on the Money exists purely for educational purposes and should
• 57:06
  Speaker 2: not be relied upon to make an investment or financial decision.
• 57:09
  Speaker 2: If you do choose to buy a financial product, read
• 57:12
  Speaker 2: the PDS TMD and obtain appropriate financial advice tailored towards
• 57:16
  Speaker 2: your needs. Victoria Divine and She's on the Money are
• 57:19
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• 57:24
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• 57:29
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