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Five ways to start 2021 on the right financial foot · She's On The Money

0:00
Speaker 1: She's on the Money.
0:02
Speaker 2: She's on the Money.
0:12
Speaker 3: Hello, and welcome to She's on the Money, the podcast
0:15
Speaker 3: for millennials who want financial freedom. My name is Victoria
0:19
Speaker 3: Devine and I am a financial advisor, a millennial and
0:22
Speaker 3: a woman who is all wildly passionate about all things finance. Now,
0:26
Speaker 3: our friend Georgia is away this week. It actually turns
0:28
Speaker 3: out that you're not allowed to come into the studio
0:30
Speaker 3: if you're waiting for a COVID test result to come back.
0:32
Speaker 1: That falls.
0:33
Speaker 3: So we've got legends and She's on the Money. Team
0:36
Speaker 3: members Ryan John and Jess joining us instead.
0:38
Speaker 1: How lucky are we feeling good?
0:42
Speaker 3: Welcome to the very first episode of twenty twenty one Friends.
0:46
Speaker 1: Yep.
0:46
Speaker 4: Now, today's episode is all about goal setting for the
0:49
Speaker 4: new year. However, this time last year, Victoria Divine, you
0:53
Speaker 4: and your partner set a goal for twenty twenty.
0:56
Speaker 1: What was it?
0:57
Speaker 3: It was to purchaself first home?
0:59
Speaker 4: Ryan John And what happened at the end of last year?
1:02
Speaker 4: What has just happened in your life?
1:04
Speaker 3: I've purchased my first home, which is very, very fun
1:09
Speaker 3: and a goal that honestly has been a fair few
1:12
Speaker 3: years in the making and achieving it honestly is so
1:15
Speaker 3: exciting and genuinely, we could not be prouder of ourselves
1:19
Speaker 3: at the moment.
1:21
Speaker 4: So this episode is all about goal setting. You've obviously
1:23
Speaker 4: just achieved a goal. So is it fair to say
1:25
Speaker 4: we're going to learn how to set realistic goals how
1:28
Speaker 4: to actually achieve it? Because I know a lot of
1:30
Speaker 4: people in our group say I set goals and I
1:32
Speaker 4: don't achieve them, and most people say their goal is
1:35
Speaker 4: to buy a house.
1:35
Speaker 1: So I feel like this is a really great area.
1:37
Speaker 3: It's one story, but my friends, I have done it,
1:40
Speaker 3: and I am going to share with you literally every
1:43
Speaker 3: way I have done it and literally the rest of
1:45
Speaker 3: the process, isn't we right?
1:46
Speaker 1: Yeah, and we can talk about the YouTube video now
1:49
Speaker 1: as well.
1:49
Speaker 3: No, we can totally talk about the YouTube video.
1:51
Speaker 4: So on YouTube right now, there is a house tour
1:54
Speaker 4: of Victoria's house if you want to check it out.
1:56
Speaker 1: Myself and Via and actually Jess you're in it as well.
1:59
Speaker 2: Were all out for my little cameo.
2:01
Speaker 3: It's very beautiful like your cameo. Obviously made the video,
2:06
Speaker 3: but we're going to drop that in the Facebook group first,
2:08
Speaker 3: So if you're a member, you're we able to see
2:10
Speaker 3: the video exclusively first and then maybe next week we'll
2:13
Speaker 3: make it public.
2:14
Speaker 4: So v Today's episode is five ways to start your
2:16
Speaker 4: twenty twenty one on the right foot financially. However, giant asterisk.
2:21
Speaker 4: You don't love year's resolutions, do you? No?
2:23
Speaker 3: I don't. I just don't think anyone on that She's
2:27
Speaker 3: on the Money team does either, because usually we stick
2:30
Speaker 3: to them for like a week and then we lapse
2:32
Speaker 3: into old habits, which is totally deplating. And what She's
2:35
Speaker 3: On the Money is about is celebrating the new year
2:37
Speaker 3: and establishing some goals for the year ahead. And to
2:40
Speaker 3: be honest, all of these tips should be super relevant
2:43
Speaker 3: anytime of the year when you're ready to set a goal,
2:45
Speaker 3: not just the start of January. So if you're listening
2:47
Speaker 3: to this and it's April, you can implement these anytime
2:51
Speaker 3: you want. It is not something do you have to
2:52
Speaker 3: wait for a new year to start afresh.
2:55
Speaker 4: I feel like it's a big excuse. In November, December, yeah,
2:59
Speaker 4: next year, Like.
3:00
Speaker 3: No, if you want to change something about your life,
3:02
Speaker 3: now is the best time. And I think that you know,
3:05
Speaker 3: it's just coincidental that everyone wants to talk about it now.
3:08
Speaker 3: And that's why we're doing it. But it's not necessarily
3:10
Speaker 3: because we think that you have to set financial goals now,
3:13
Speaker 3: like set the one. You're ready, my friends, all.
3:15
Speaker 4: Right, we're going to have five tips this episode. Number one,
3:18
Speaker 4: take the time to sort out your budget and your
3:20
Speaker 4: cash flow.
3:21
Speaker 3: I feel like that was going to be an obvious
3:23
Speaker 3: one from me, and obviously I wrote these five tips,
3:25
Speaker 3: so I'm not going to be surprised by any of them.
3:28
Speaker 1: Right, I'm just reading a great idea, right.
3:31
Speaker 3: But I think it is one of those things that
3:33
Speaker 3: people bury their heads in the sand about. We need
3:36
Speaker 3: to be taking ownership of where we are and really
3:39
Speaker 3: establish complete transparency over our finances, of where we're at
3:43
Speaker 3: and where we're going and what we want to achieve,
3:44
Speaker 3: because if we don't understand our budget and cash flow, like,
3:48
Speaker 3: how do we create goals that are actually achievable? And
3:50
Speaker 3: Ryan just we were all having this discussion earlier that
3:55
Speaker 3: we see sometimes in our Facebook group people being like, oh,
3:57
Speaker 3: I really want to save ten thousand dollars this year,
4:00
Speaker 3: and you go, wow, that's such a great goal. How
4:03
Speaker 3: are you going to do it? And they're like, well,
4:04
Speaker 3: I'm saving three hundred dollars a month. You're like, okay,
4:06
Speaker 3: but you're not going to that's not possible. Like if
4:09
Speaker 3: you got more money that you're saving and they're like,
4:11
Speaker 3: oh no, no, no, And then I just don't want
4:13
Speaker 3: you to be upset at the end of the year
4:14
Speaker 3: when you don't achieve that goal. So it's about understanding
4:17
Speaker 3: your budget and your cash flow and what surple's income
4:19
Speaker 3: you have, so we know what you are working with.
4:21
Speaker 4: Do you think, if you like in that example, which
4:24
Speaker 4: I think anyone who's in the Facebook group, there's been
4:25
Speaker 4: so many different versions of that, Oh that doesn't quite.
4:28
Speaker 3: Exactly, even money diaries from previous seasons, and like just
4:32
Speaker 3: listening to people going, but that's not going to work out.
4:35
Speaker 3: You're going to be really upset.
4:37
Speaker 4: Do you think when you set this high goal that
4:39
Speaker 4: you know mathematically you're not going to achieve, that just
4:42
Speaker 4: gives people they get halfway through the year they're nowhere
4:44
Speaker 4: near it, so they just smash their cash and blow
4:47
Speaker 4: out and end up back at zero, where if they
4:49
Speaker 4: hadn't had a smaller target they would actually do better off.
4:52
Speaker 3: Yes, And if you'd had a smaller target that was
4:54
Speaker 3: broken down into even more small targets such as Christmas
4:58
Speaker 3: presents or you know, in the Facebook this week, we
5:00
Speaker 3: actually saw someone saying, you know, I blew so much
5:03
Speaker 3: money on my hair at Christmas time. And it was like, well,
5:06
Speaker 3: that's something that you shouldn't feel bad about if it won.
5:08
Speaker 3: It was related to her mental health and you know,
5:11
Speaker 3: Christmas being pretty traumatic for her and that helped her
5:13
Speaker 3: get through. And I was just like, emergency funds are
5:15
Speaker 3: for that, for helping us get through, and your emergency
5:18
Speaker 3: fund might be different to somebody else's emergency fund, like
5:21
Speaker 3: she might have used it on her hair, and that
5:23
Speaker 3: genuinely was helping her mentally more than a three hundred
5:26
Speaker 3: dollars therapy session could have. And I think that you know,
5:29
Speaker 3: sticking your own lane, picking your own journey, but also
5:32
Speaker 3: let's try and foresee what those smaller things would be.
5:36
Speaker 3: Because three hundred dollars at Christmas time, if you know
5:38
Speaker 3: you want to do that, that's seven dollars a week.
5:40
Speaker 3: So start doing that absolutely all, right, Next point, next point, Jess,
5:45
Speaker 3: what is it?
5:45
Speaker 4: Yes?
5:46
Speaker 2: Next up? We have reflect on twenty twenty to figure
5:48
Speaker 2: out what you want moving forward.
5:50
Speaker 3: Okay, this one is a good one, and we spoke
5:52
Speaker 3: about this last week on the pod. To be honest,
5:55
Speaker 3: like twenty twenty bit of a garbage fire for a
5:57
Speaker 3: lot of us, a bit of a ride off what
5:59
Speaker 3: do you reckon? But twenty twenty was also a chance
6:02
Speaker 3: for a lot of us to reassess what we actually
6:04
Speaker 3: want from our lives, what we liked and maybe what
6:06
Speaker 3: we didn't like, and gain a bit of ununderstanding of
6:08
Speaker 3: what we actually want to do next year, and just
6:11
Speaker 3: making sure that we are living our lives in line
6:12
Speaker 3: with our values and the things that we are finding important.
6:15
Speaker 3: Because I think as much as being in isolation has,
6:17
Speaker 3: you know, upset us, I think it's also given us
6:20
Speaker 3: a little bit of reflection time to work out what's
6:22
Speaker 3: really important. And I'm seeing some really beautiful stories coming
6:24
Speaker 3: out of our community about how people saying, look, I'm
6:27
Speaker 3: really realizing, go, I want to spend more time with
6:29
Speaker 3: my kids or my family, or my partner, or I
6:32
Speaker 3: want to spend more time walking outside or you know,
6:34
Speaker 3: I've even had that point of realization where I love
6:38
Speaker 3: my morning walks with my partner and now it's a
6:40
Speaker 3: complete non negotiable for us to do that morning walk
6:43
Speaker 3: before I even come to work, and I just think
6:45
Speaker 3: it puts me in the right frame of mind. And
6:47
Speaker 3: I think there are a lot of us who would
6:49
Speaker 3: have found behaviors or implemented things that are really good
6:51
Speaker 3: for their mental health but also their fitslicual health and
6:54
Speaker 3: hopefully their financial health that they can implement. So I
6:57
Speaker 3: think that reflecting on twenty twenty and what we actually
7:00
Speaker 3: want to do moving forward is so so important And
7:03
Speaker 3: at the end of the day, this does play a
7:05
Speaker 3: part in how we spend our money and what our
7:07
Speaker 3: goals are and what we want to strive towards. And
7:09
Speaker 3: like having you think about what we actually want to
7:12
Speaker 3: spend money on. Now, would you like to save Were
7:14
Speaker 3: you actually in a position during COVID where you did
7:16
Speaker 3: save more? If so, how did that change your life?
7:19
Speaker 3: Obviously from not being able to leave the house? How
7:22
Speaker 3: did that change your life? And is that something you
7:24
Speaker 3: want to continue and if it is, how can you
7:26
Speaker 3: do that? But also were you a little bit too
7:28
Speaker 3: hard on yourself during that period of time and how
7:30
Speaker 3: can you be kind to yourself moving forward so that
7:32
Speaker 3: twenty twenty one is a year where we achieve a
7:34
Speaker 3: whole heap together.
7:35
Speaker 4: Is there any go to questions you have v that
7:38
Speaker 4: people can ask themselves in the process of trying to
7:41
Speaker 4: figure out what their values actually are, because I know
7:44
Speaker 4: we talk about values a lot, but how do we
7:46
Speaker 4: actually ask ourselves what do I value?
7:50
Speaker 3: I think it's I think it's a bit more innate
7:52
Speaker 3: and it's a little bit more internal. It's not something
7:54
Speaker 3: you can sit down and go sorry, I've decided my
7:57
Speaker 3: values are money and I yes, yeah. I think it's
8:01
Speaker 3: about your feeling and being able to sit with that.
8:03
Speaker 3: And something that I think is really important is being
8:05
Speaker 3: able to sit with the decision. So it's thinking about
8:08
Speaker 3: your life and where you want it to go and
8:10
Speaker 3: maybe thinking ahead. And you know, it's the worst interview
8:12
Speaker 3: question ever, like where do you see yourself in ten years?
8:15
Speaker 1: Yes, in your job, in your job.
8:18
Speaker 3: Like obviously like shakes on the money, but I think
8:22
Speaker 3: it's well, where do you see yourself in ten years?
8:23
Speaker 3: And really just sitting down and like I'm I'm kind
8:26
Speaker 3: of a fluffy person, so like meditations and stuff are
8:29
Speaker 3: very down my alley, but just sitting there and going
8:31
Speaker 3: all right, well what does that look like? And thinking
8:34
Speaker 3: about your gut and how does that actually make you feel?
8:36
Speaker 3: Like if I said, all right, well you'll have financial freedom,
8:39
Speaker 3: Does that you know, have a sense of relief associated
8:42
Speaker 3: with it? Does that have you know, a sense of
8:44
Speaker 3: you know, belonging associated with it? Does it stress you out?
8:47
Speaker 2: Like?
8:47
Speaker 3: How are you feeling about those things? Because often if
8:50
Speaker 3: I put you in a situation and I put a
8:52
Speaker 3: value on you that is not your value, doesn't feel
8:55
Speaker 3: like it sits right, It doesn't feel like it belongs,
8:58
Speaker 3: and you really need to sit down and go, Okay,
9:00
Speaker 3: will buying a house? It actually makes me feel really uncomfortable,
9:03
Speaker 3: you know? Why does it make me feel really uncomfortable?
9:05
Speaker 3: And talking through those things? And I think that I
9:07
Speaker 3: know that's a really fluffy answer. Obviously, I'm gonna say,
9:10
Speaker 3: you know, go and write down your values and your
9:12
Speaker 3: money story and understand that. But I've harped about all
9:14
Speaker 3: of that stuff. I've harped on about all that stuff
9:17
Speaker 3: on historical podcasts. But I think this one is more
9:20
Speaker 3: about just listening to your gut and what do you
9:22
Speaker 3: feel and what enriches your life and what makes you
9:24
Speaker 3: feel full, like what fills up your cup?
9:27
Speaker 4: Do you think the reason people don't achieve some of
9:29
Speaker 4: their goals is because of what you're just saying. They
9:31
Speaker 4: might not set the right goals that actually gets them
9:34
Speaker 4: really passionate. They're just setting goals that seems like, oh,
9:36
Speaker 4: I feel like I'm supposed to kind of have a
9:38
Speaker 4: goal like buying house, even though it terrifies me. Maybe
9:41
Speaker 4: if they had a goal that they really actually wanted,
9:43
Speaker 4: they'd be more likely to get it.
9:45
Speaker 3: Absolutely, And I think that some people are really self
9:47
Speaker 3: sabotaging when it comes to goals like that. And I
9:50
Speaker 3: meet lots of people who do this, who say, oh,
9:52
Speaker 3: I really want to buy a house, and I go, okay, cool,
9:54
Speaker 3: So why are you spending fifteen hundred dollars to two
9:57
Speaker 3: thousand dollars a month going out? And they're like, oh,
10:01
Speaker 3: like I'll get to saving for a house. And it's like, well,
10:03
Speaker 3: if you really wanted it, you wouldn't be throwing that
10:06
Speaker 3: money away. It's obviously not a goal that really inspires you.
10:09
Speaker 3: What is a goal that really inspires you? Oh, I've
10:11
Speaker 3: really wanted to work in London? Okay, now we're getting somewhere,
10:14
Speaker 3: Like now we're talking like what would that mean to you?
10:16
Speaker 2: Oh?
10:17
Speaker 3: It would be so cool? Okay, Well, why is buying
10:21
Speaker 3: a house so important to you?
10:22
Speaker 4: Oh?
10:22
Speaker 3: My best friend did it or my dad keeps telling
10:24
Speaker 3: me to do it. Okay, But if you want to
10:26
Speaker 3: work in London and that's the thing that sparks joy
10:28
Speaker 3: for you, like do more of that?
10:30
Speaker 4: Yeah, well that actually ties in nicely to our next point.
10:33
Speaker 4: The third point is quit the comparison. It's the thief
10:36
Speaker 4: of joy. And is that similar to what you're just saying.
10:39
Speaker 4: People are setting goals because oh, their friend had that
10:41
Speaker 4: goal and it looked cool and everyone gave them a
10:43
Speaker 4: high five.
10:43
Speaker 1: And I want that one hundred percent.
10:45
Speaker 3: And I feel like so many people compare their journeys
10:48
Speaker 3: to that of other peoples, but you don't know what
10:51
Speaker 3: part of the journey they're on. So if you're at
10:54
Speaker 3: the start of your financial journey and you've only just
10:56
Speaker 3: started listening to She's on the Money, the money diaries
10:59
Speaker 3: are going to feel really overwhelming because you're not used
11:01
Speaker 3: to hearing them, and you're not used to being surrounded
11:03
Speaker 3: by so many people who are like, all right, well,
11:05
Speaker 3: this is my budget and these are the steps I've
11:06
Speaker 3: taken on my journey, and you just feel so behind.
11:09
Speaker 3: So stop comparing your beginning to somebody else's middle or
11:12
Speaker 3: somebody else's you know. Two thirds in because they went
11:15
Speaker 3: through probably really similar struggles to you in the very beginning,
11:19
Speaker 3: and even if they didn't, it's your journey, it's your
11:21
Speaker 3: lanes today in it.
11:22
Speaker 4: And can I just say this is a lot easier
11:25
Speaker 4: than done because some of the money diaries that are
11:27
Speaker 4: coming up are the one next week. Oh my gosh
11:30
Speaker 4: and I both read this email and almost started crying
11:32
Speaker 4: because this twenty four year old saved so much money
11:34
Speaker 4: and what we do with our lives, and like.
11:38
Speaker 3: I think that's really important as well, because that was
11:40
Speaker 3: it that money diarist who said on the phone, she
11:42
Speaker 3: was like, oh, yeah, I've just got to remind myself
11:44
Speaker 3: that you guys are people still, but yes, of course
11:48
Speaker 3: we are, Like we are so guilty of this. Like
11:51
Speaker 3: Ryan and I were listening to that money Diarist comparing
11:55
Speaker 3: ourselves and we actually had to do a bit of
11:57
Speaker 3: a check in to be like, what are we doing? Yeah,
12:00
Speaker 3: get back in your own lege.
12:01
Speaker 1: We're doing the thing we're telling now, I.
12:03
Speaker 3: Do as we say, not as we do. Friends.
12:05
Speaker 4: Are there any tips and tricks, whether it be journaling
12:09
Speaker 4: or focusing and writing down your own goals to actually implement.
12:13
Speaker 3: To actually stay in your own leg?
12:14
Speaker 1: Yeah?
12:15
Speaker 3: Yeah, I think it's literally about understanding you and your journey,
12:19
Speaker 3: and the less clarity you have on the things that
12:22
Speaker 3: you love doing and the people that you love surrounding
12:24
Speaker 3: yourself with, and you know, the goals that you've got,
12:27
Speaker 3: the less likely you are to not be able to
12:30
Speaker 3: compare yourself. It's arguably a lot easier for you if
12:33
Speaker 3: you're like, Okay, well, I see Jess. She's saving for
12:35
Speaker 3: her first home, and I'm, you know, saving for a
12:39
Speaker 3: jet ski, and and I think that, you know, I've
12:42
Speaker 3: got to recommember, well that my goal is not her goal,
12:45
Speaker 3: and her goal is not my goal, and that's okay,
12:47
Speaker 3: and stop comparing mine because I've decided that's in line
12:50
Speaker 3: with my values. And while I'm not going to be
12:52
Speaker 3: buying a jet ski anytime soon, I think it's really
12:54
Speaker 3: important to just say, like, everybody else's goals are different,
12:57
Speaker 3: and if that is yours, fantastic. But I think it's
13:01
Speaker 3: more about you are choosing that goal. You are choosing
13:04
Speaker 3: to allocate your finite resources to that, and I think
13:07
Speaker 3: if you're choosing to allocate your resources to that, it
13:10
Speaker 3: better be the right thing.
13:12
Speaker 4: Side note, the reason we're laughing at jet skis because
13:15
Speaker 4: someone wrote that in the group and we all read
13:16
Speaker 4: it were life.
13:17
Speaker 3: Go for it mate, if that is your goal, by your.
13:20
Speaker 1: Jet ski, we love it all right. The next tip, Jess, this.
13:23
Speaker 2: Is when we talk about a lot in our Facebook group,
13:26
Speaker 2: and that is getting on top of your emergency account.
13:29
Speaker 3: Yes it is, and I like that just calls it
13:31
Speaker 3: our Facebook account. Yeah, good for you. You're on the team.
13:35
Speaker 3: Yeah yeah, I don't know if you guys have noticed,
13:37
Speaker 3: but Jess might have recently been added as an admin
13:40
Speaker 3: because she's the newest she's on the Money Team member
13:42
Speaker 3: and we are very lucky to have her. But she
13:45
Speaker 3: is right. Getting on top of your emergency account is
13:47
Speaker 3: the number one thing I want you to do now.
13:50
Speaker 3: I always say crushed it first. But if you don't
13:53
Speaker 3: have an emergency account, you're at really large risk of
13:57
Speaker 3: going back into debt if something bad happens. And so
14:00
Speaker 3: for me, saving while you're in debt is a really
14:03
Speaker 3: bad idea. But to me, an emergency account isn't really saving.
14:06
Speaker 3: It's an emergency account. It is there for emergencies, so
14:10
Speaker 3: debt needs to be dealt with before we can start saving.
14:12
Speaker 3: But an emergency account puts you in a situation when
14:16
Speaker 3: the proverbial hits the fan. You can make sure that
14:18
Speaker 3: you actually stay on track to getting rid of that
14:20
Speaker 3: debt and you're not, you know, going into more debt
14:23
Speaker 3: because you know, your car broke down, or your insurance
14:26
Speaker 3: was up, or something happened to put you in a
14:28
Speaker 3: situation where your only choice would be backwards. So I
14:32
Speaker 3: think that we need to be really kind to ourselves.
14:33
Speaker 3: In an emergency account is the way to do that.
14:36
Speaker 3: So for me, you know, it puts you in a
14:39
Speaker 3: position where you end up feeling super secure financially even
14:42
Speaker 3: though you're in personal debt.
14:44
Speaker 4: Do you have a recommendation or I know everyone's going
14:47
Speaker 4: to be different again, but is an emergency account maybe
14:50
Speaker 4: a certain amount of months of your income or is
14:53
Speaker 4: it your bills for the next six months, or is
14:54
Speaker 4: it just a two thousand dollars flat feet what should people?
14:58
Speaker 3: It's different and I'm so sorry that I I can't
15:00
Speaker 3: say it's perfect, But at the end of the day,
15:02
Speaker 3: everybody is different. Some of the She's on the money
15:05
Speaker 3: community have five hundred dollars in their emergency account and
15:08
Speaker 3: that is perfect for them. I've also got clients who
15:10
Speaker 3: have more than one hundred thousand dollars in their emergency
15:13
Speaker 3: accounts because that makes them feel financially secure. And I'm
15:17
Speaker 3: not here saying you need this or that, but I
15:19
Speaker 3: think a really good way to think about it is,
15:22
Speaker 3: if an accident happened, or if something happened to me,
15:25
Speaker 3: what is the biggest bill I would get at this point?
15:28
Speaker 3: And you know, if you've only got third party insurance
15:30
Speaker 3: on your car insurance, maybe that's a lot bigger than
15:33
Speaker 3: someone who has comprehensive insurance. So I think it's really
15:36
Speaker 3: important to just understand what your situation is. But I
15:39
Speaker 3: do think a really safe place to play. And I'm
15:42
Speaker 3: not saying that this is achievable for everybody, but if
15:45
Speaker 3: you are in your mid twenties, I'd be trying to
15:47
Speaker 3: have at least two thousand dollars in that because you know,
15:50
Speaker 3: if your rego comes up, or your insurance comes up,
15:53
Speaker 3: or you've forgotten about these things, or you know, you
15:55
Speaker 3: get a really big speeding fine, at least you've still
15:57
Speaker 3: got at least one thousand dollars in that emergency account.
16:00
Speaker 3: Because sometimes the proverbial hits the fan more than once
16:03
Speaker 3: in a month, and that just feels like a kick
16:05
Speaker 3: in the guts and that emergency fund is there for
16:07
Speaker 3: those things.
16:08
Speaker 4: I'm really annoyed because you just reminded me my redgo
16:10
Speaker 4: is due. I'm sorry, that's so annoying.
16:13
Speaker 3: Mine is true, don't worry.
16:14
Speaker 1: Yeah, let's get.
16:15
Speaker 4: To number five, which is identifying your goals in twenty
16:19
Speaker 4: twenty one. So obviously everything we've talked about kind of
16:21
Speaker 4: leads to this crescendo. If you will random question though,
16:25
Speaker 4: does it make a difference if we actually write it
16:27
Speaker 4: down or is there a process rather just thinking, oh yeah,
16:31
Speaker 4: I'll probably get about one hundred percent.
16:32
Speaker 3: Science tells us you are sixty percent more likely to
16:35
Speaker 3: achieve a goal that you've written down, and I think
16:37
Speaker 3: that that is epic. So get out your napkins, gat
16:39
Speaker 3: out your iPhones, write that stuff down. It puts you
16:41
Speaker 3: in a position where you are more likely to stick
16:44
Speaker 3: to that because you've kind of visualized it. And I
16:47
Speaker 3: know this sounds really lame, but if you've got like
16:49
Speaker 3: a vision board or you know, have different places that
16:52
Speaker 3: you can put this goal, the more likely you are
16:55
Speaker 3: to achieve it. Breaking it down even further than that
16:58
Speaker 3: is obviously going to help as well. So writing down
17:01
Speaker 3: I would like to buy a house is to me
17:03
Speaker 3: not good enough. I would like to buy a house
17:06
Speaker 3: in five years, and I would like to have one
17:08
Speaker 3: hundred thousand dollars saved as a deposit is a far
17:11
Speaker 3: better goal than I would like to buy a house.
17:13
Speaker 3: We don't want animosity when it comes to goal setting.
17:16
Speaker 3: We want clarity, and we want so much clarity that
17:19
Speaker 3: if I gave my goal to somebody else, they could
17:21
Speaker 3: essentially use it. Not that they should because they should
17:23
Speaker 3: be in their own lane.
17:24
Speaker 4: Yeah, how much do we need to sort of break
17:26
Speaker 4: it down? So for instance, my wife, now wife.
17:29
Speaker 2: You.
17:31
Speaker 3: Guys are playing along at home, Ryan, when'd you get
17:34
Speaker 3: married last week?
17:35
Speaker 4: Yeay, just snuck it in before our for the new year,
17:39
Speaker 4: and before our photographer is heavily pregnant. So she just said,
17:42
Speaker 4: if you guys want to use me, you have to
17:44
Speaker 4: do it by the end of the year.
17:45
Speaker 3: That you loved your photographer so much that you literally
17:47
Speaker 3: planned your wedding dated.
17:49
Speaker 1: All for her. Georgia Verels was their name.
17:50
Speaker 4: But anyway, we want to save up for our you know,
17:53
Speaker 4: in inverted commas sort of forever home kind of thing.
17:56
Speaker 4: Do we break it down per year? Are do we
18:00
Speaker 4: say per month? We need to save this much per week?
18:02
Speaker 4: How much like when you say break it down, how
18:04
Speaker 4: much do we really need to break it down?
18:05
Speaker 3: It depends on your level of motivation, and I think
18:09
Speaker 3: that in this position, the more broken down a goal is,
18:12
Speaker 3: the easier to digest it is. And you know, I
18:15
Speaker 3: like to break goals down to a monthly basis. I've
18:17
Speaker 3: got friends and family who break it down to a
18:19
Speaker 3: weekly basis. And I've got some people in the Shees
18:21
Speaker 3: on the money community who break it down too daily
18:25
Speaker 3: in our face. Yeah, I love it, but they do.
18:29
Speaker 3: And it's literally the best. If you save twenty seven
18:32
Speaker 3: dollars fifty a day every day for this year, you'll
18:34
Speaker 3: have ten thousand dollars saved by the end of this year,
18:37
Speaker 3: my friends, And.
18:37
Speaker 1: That actually sounds easy.
18:40
Speaker 2: Twenty seven dollars on dumplings like we did.
18:42
Speaker 3: Excuse me, just to remember she's just like under the bus. Yes, absolutely,
18:52
Speaker 3: it is Uber Eats dumplings, which by the way, was
18:55
Speaker 3: for the entire team. You benefit it, Yeah, you've benefited
18:58
Speaker 3: from that.
18:59
Speaker 1: So I think that's more you break it down, the.
19:02
Speaker 3: More palatable it is going to be, the easier it
19:04
Speaker 3: is to achieve. But also breaking down goals means you
19:08
Speaker 3: can track your goal better because if you didn't save
19:11
Speaker 3: that twenty seven dollars fifty yesterday, you know you're not
19:14
Speaker 3: going to achieve that goal at the end of the year,
19:16
Speaker 3: and that's just going to build up. I also think
19:18
Speaker 3: it helps you understand whether that goal is achievable as well,
19:22
Speaker 3: because if you say, look, Rian, I really want to
19:24
Speaker 3: save ten thousand dollars this year, and I go, well,
19:27
Speaker 3: do you have twenty seven dollars fifty a day to
19:29
Speaker 3: put aside? And you go no, If you can't afford that,
19:33
Speaker 3: you're not actually going to be able to save ten
19:35
Speaker 3: thousand dollars. And it's not saying that that's a bad thing.
19:38
Speaker 3: Not everyone needs to do that, but if that's your goal,
19:40
Speaker 3: you're going to be really upset at the end of
19:42
Speaker 3: this year when you don't achieve that goal. So how
19:44
Speaker 3: about reset that goal. If you can afford four hundred dollars,
19:47
Speaker 3: maybe we could go half.
19:49
Speaker 4: So there's a post in the Facebook group at the
19:51
Speaker 4: moment saying what is your goal for twenty twenty one,
19:55
Speaker 4: And we're going to do an episode on Friday with
19:57
Speaker 4: the three of us just go through the group and
19:59
Speaker 4: talk about all our favorite goals that you guys have had,
20:01
Speaker 4: So go find that post leave your comment, but also
20:04
Speaker 4: have a look at everyone else's in comment on their
20:05
Speaker 4: because there are some really great ones. But V before
20:07
Speaker 4: we finish up, is there any final words of wisdom
20:11
Speaker 4: from our fearless financial leader Victoria Devine.
20:14
Speaker 3: I thought Georgia was dramatic. It turns out it's you
20:17
Speaker 3: two that is even more dramatic. And I now know
20:20
Speaker 3: that it runs in that She's on the Money family. No,
20:23
Speaker 3: I think it's just about being clear and honest with
20:25
Speaker 3: yourself this year. Last year, so many of us fell
20:28
Speaker 3: off track, and I think it's just about being really
20:30
Speaker 3: honest and really kind with ourselves and taking the time
20:33
Speaker 3: to sort through your budget and have a think about
20:35
Speaker 3: what twenty twenty meant to you and the things that
20:37
Speaker 3: you've valued, making sure you're not comparing yourself to the
20:41
Speaker 3: journey of other people's, making sure you have that emergency account,
20:44
Speaker 3: and I think you'll be in a financially stable position
20:47
Speaker 3: where you can start gaining the confidence that you deserve.
20:50
Speaker 4: I know I mentioned the Facebook group before, also check
20:52
Speaker 4: out our Instagram as well. She's on the Money aus
20:55
Speaker 4: if you want to see everyone's money wins, which actually, jess,
20:58
Speaker 4: what are we doing every Monday now?
20:59
Speaker 2: Hashtag money in Monday, tag us on Instagram. We're sharing
21:02
Speaker 2: them every single week. We're taking them from the Facebook
21:05
Speaker 2: group as well. It's so much fun. And I there
21:08
Speaker 2: was one last week some one did like a really
21:09
Speaker 2: cute platter idea that I'm one hundred percent stealing.
21:12
Speaker 1: So it's good for that too, all right, check that
21:14
Speaker 1: out that's on Instagram.
21:15
Speaker 3: All right. Just before we head off, we'd like to
21:17
Speaker 3: acknowledge and pay respect to Australia's Aboriginal into a Straight
21:20
Speaker 3: Islander peoples, the traditional custodians of the lands, the waterways
21:23
Speaker 3: and the skies all across Australia. We thank you for
21:26
Speaker 3: sharing and for carrying on the land on which we
21:28
Speaker 3: are able to learn. We pay our respects to elders
21:30
Speaker 3: past and present, and we share our friendship and our kindness. Now,
21:34
Speaker 3: the advice shared on She's on the Money is general
21:36
Speaker 3: in nature and it doesn't consider or individual circumstances. She's
21:40
Speaker 3: on the Money exists purely for educational purposes only and
21:44
Speaker 3: should not be relied upon to make an investment or
21:46
Speaker 3: a financial decision. And we promise I am an authorized
21:50
Speaker 3: representative of Australia Pacific Funds Management Proprietary Limited ABN three
21:54
Speaker 3: four one three two four six three two five seven
21:58
Speaker 3: AFSL three three nine one five one. And again thank
22:02
Speaker 3: you to Ryan and Jessica for joining me today and
22:05
Speaker 3: to Beck who is our producing queen.
22:08
Speaker 1: Absolutely all right, Thanks guys, see you next week. Bye bye,