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How to Reach $100k By 35: Skills For Supersized Savings · She's On The Money

• 0:00
  Speaker 1: She's on the Money. She's on the Money. My name's
• 0:10
  Speaker 1: Snatasha Bamblet.
• 0:11
  Speaker 2: I'm a proud First Nations woman and I'm here to
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  Speaker 2: acknowledge country. Hello, beautiful friends, we gather on the lands
• 0:17
  Speaker 2: of the Aboriginal people. We thank, acknowledge and respect the
• 0:20
  Speaker 2: Aboriginal people's land that we're gathering on today. Take pleasure
• 0:22
  Speaker 2: in all the land and respect all that you see.
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  Speaker 2: She's on the Money podcast acknowledges culture, country, community and connections,
• 0:29
  Speaker 2: bringing you the tools, knowledge and resources for you to thrive.
• 0:32
  Speaker 3: Hello, our lovely listeners, and welcome to She's on the Money,
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  Speaker 3: the podcast that helps you feel more in control of
• 0:37
  Speaker 3: your financial future. You've joined us for another deep dive
• 0:40
  Speaker 3: where we'll be taking on an ambitious but achievable money challenge.
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  Speaker 3: Do you reckon you could save up one hundred K
• 0:47
  Speaker 3: by the time you get thirty five?
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  Speaker 1: Because I'm already thirty five and so I can't work
• 0:53
  Speaker 1: in the past, Rebecca.
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  Speaker 3: Well tell you what vd you could have folled me.
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  Speaker 3: You don't have the day of a twenty five. Thank you,
• 0:59
  Speaker 3: thank you. That's all the bowtop, it's in my forehead.
• 1:02
  Speaker 3: It's really working.
• 1:03
  Speaker 1: Thank you. Thank me, maybe you're only a.
• 1:07
  Speaker 3: Few years away, or maybe, like a few of us
• 1:09
  Speaker 3: on the team, that Milestone has will and truly sailed.
• 1:12
  Speaker 3: No matter where you see, this episode is packed with
• 1:14
  Speaker 3: ways to reframe the way you earn, spend, and manage
• 1:17
  Speaker 3: your money with learnings for well beyond this bracket. I'm
• 1:21
  Speaker 3: back side and the brilliant Victoria Divine is here to
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  Speaker 3: help me dive headfirst into this subject from start to finish.
• 1:27
  Speaker 1: I come here and I am very excited about this
• 1:30
  Speaker 1: episode because I feel like one hundred thousand dollars in
• 1:34
  Speaker 1: savings before thirty five is a really ambitious goal. But
• 1:38
  Speaker 1: I really guess that depends on where you're at and
• 1:41
  Speaker 1: what you're saving for. And I don't know, I feel
• 1:43
  Speaker 1: like there are a few ways that we could get
• 1:46
  Speaker 1: you saving one hundred grand m How how could it be?
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  Speaker 3: How could we always do it? I'm th four and
• 1:54
  Speaker 3: so that's possible. Still, let's say it's possible.
• 1:57
  Speaker 1: So you just wanted to remind me that I am
• 1:59
  Speaker 1: still there, oldest, I didn't want to tell you that.
• 2:02
  Speaker 3: Hey, listen, you're welcome. You know, the springiest chicken in
• 2:05
  Speaker 3: this I'm not.
• 2:07
  Speaker 1: I'm not And do you know what I was just
• 2:08
  Speaker 1: thinking as you were talking that my botox isn't working
• 2:12
  Speaker 1: as hard as it should. Like you were like, you
• 2:14
  Speaker 1: don't look a day over twenty five, and I'm like, babe,
• 2:16
  Speaker 1: I do, but I do still feel like I look
• 2:18
  Speaker 1: thirty five.
• 2:19
  Speaker 3: That's wild. Yeah, definitely don't.
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  Speaker 1: No, no, no, like, that's not me fishing for compliments
• 2:23
  Speaker 1: like being thirty five is a privileged I'm not mad
• 2:25
  Speaker 1: about it, but like, at what point do I get
• 2:29
  Speaker 1: the opportunity to age backwards? I know you mean by hacking,
• 2:34
  Speaker 1: not for me.
• 2:34
  Speaker 3: Yeah, no, it's not too late. But look at Chris Jenner.
• 2:37
  Speaker 1: Oh no, that was a whole face lift, babe, that
• 2:40
  Speaker 1: was a whole face lift.
• 2:41
  Speaker 3: Buy a new face it in.
• 2:41
  Speaker 1: That's actually terrifying. No, let's talk about money, which is terrifying,
• 2:45
  Speaker 1: but not as terrifying as them peeling off your face
• 2:48
  Speaker 1: and resticking it somewhere else.
• 2:51
  Speaker 3: Okay, let's do that, all right. So I guess vid,
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  Speaker 3: if you'd approached me by early twenties and said here's
• 2:56
  Speaker 3: how to make one hundred K, I think you're firstly
• 2:59
  Speaker 3: a scammer and secondly delusional. So I'm definitely keen to
• 3:02
  Speaker 3: hear how to make this feel practical, you know.
• 3:04
  Speaker 1: Absolutely, and I can promise you right now that I'm
• 3:08
  Speaker 1: not a scammer. But if you could just send me
• 3:10
  Speaker 1: your bank accounting no. No, And I feel like that's
• 3:13
  Speaker 1: the name of the game that we are playing today, Beck.
• 3:15
  Speaker 1: I want to tackle this in a way that feels approachable,
• 3:19
  Speaker 1: in a way that actually makes sense and means that
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  Speaker 1: you could probably do it. But that means I have
• 3:24
  Speaker 1: to break down the goal. And I always talk about
• 3:26
  Speaker 1: breaking down the goal, but today we're going to break
• 3:28
  Speaker 1: it down into three parts. What you earn, what you
• 3:31
  Speaker 1: spend an ongoing money management. So hopefully by the end
• 3:34
  Speaker 1: of the episode, you're going to feel really empowered to
• 3:36
  Speaker 1: make money moves that essentially amplify your wealth or at
• 3:39
  Speaker 1: least leave you with the mindset that shifts you into
• 3:43
  Speaker 1: being able to reframe what your next financial goals are
• 3:46
  Speaker 1: going to be. But first coffee break, we are going
• 3:49
  Speaker 1: to take a quick break, and right after we will
• 3:51
  Speaker 1: dive straight in. All right, miss becksied Before we get
• 3:59
  Speaker 1: into the how, I wonder if people care about the why?
• 4:04
  Speaker 3: Yeah, I mean the why is it seems like not
• 4:08
  Speaker 3: the most important bit, but honestly, like who wouldn't want
• 4:10
  Speaker 3: hundred K. It seems like a safe amount of money
• 4:12
  Speaker 3: to have saved up and ready to go ideally like
• 4:14
  Speaker 3: it's a crazy amount. But I feel like you might
• 4:16
  Speaker 3: aim for this goal even without having a clear reason
• 4:19
  Speaker 3: behind it. So does it matter if we have a reason.
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  Speaker 1: I mean, you don't need a reason, but a reason's
• 4:24
  Speaker 1: going to help you achieve your goal? Yes, quicker true,
• 4:27
  Speaker 1: because otherwise I'll be like beck, but you're saving, and
• 4:29
  Speaker 1: you'll be like for what it doesn't matter, like you
• 4:32
  Speaker 1: don't have any drive. But I feel like finding a
• 4:36
  Speaker 1: reason to reach this milestone is going to make it
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  Speaker 1: more real. And it's kind of what takes it from
• 4:42
  Speaker 1: being an arbitrary number to one that has actual personal significance.
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  Speaker 1: Some people in our community who have saved one hundred
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  Speaker 1: thousand dollars, because there are lots of you, they say
• 4:52
  Speaker 1: that it was just a nice round number, or they
• 4:54
  Speaker 1: might say, oh, that's the number that makes me feel comfortable,
• 4:57
  Speaker 1: or there might be a really specific thing they want
• 4:59
  Speaker 1: to achieve with the hundred thousand dollars. But instantly I
• 5:03
  Speaker 1: can think of a few reasons, and I'm happy to
• 5:05
  Speaker 1: share why you might aim for this goal. Maybe you're
• 5:09
  Speaker 1: super eager to get into the property market and you're
• 5:12
  Speaker 1: saving up for a house deposit and that might be
• 5:14
  Speaker 1: on the cards for you, and based on the current
• 5:16
  Speaker 1: research that you're doing and property prices across Australia, a
• 5:19
  Speaker 1: standard ten percent deposit, which is what I'm seeing the
• 5:22
  Speaker 1: most in Zell of Money, So most of our first
• 5:25
  Speaker 1: home buyers are only buying with the ten percent deposit.
• 5:28
  Speaker 1: That puts you at about one hundred grand in savings
• 5:31
  Speaker 1: because the average property in Australia is sitting at about
• 5:33
  Speaker 1: a million dollars. Terrifying, It really is terrifying.
• 5:37
  Speaker 3: So there are a few grands so that you can
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  Speaker 3: access as a first home buyer.
• 5:41
  Speaker 1: Oh totally, totally, And if you're a first home buyer,
• 5:43
  Speaker 1: you might be eligible for like a grant or a concession.
• 5:45
  Speaker 1: So this is a complete detail. But the first home
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  Speaker 1: buyers five percent deposit scheme means that you only need
• 5:53
  Speaker 1: five percent for a deposit to purchase a property instead
• 5:56
  Speaker 1: of the standard ten percent, which brings your deposit closer
• 5:59
  Speaker 1: to that fifty thousand dollar mark based on average property prices,
• 6:03
  Speaker 1: which honestly is a really big deal because people often
• 6:06
  Speaker 1: forget that the building isn't the only expense involved in
• 6:10
  Speaker 1: buying a property, and you very likely will need funds
• 6:13
  Speaker 1: to cover a conveyancer or to complete a building inspection
• 6:16
  Speaker 1: prior to settlement.
• 6:18
  Speaker 3: Okay, and like furnishing the place, fridges, things like that.
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  Speaker 3: It all adds up.
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  Speaker 1: There's so expensive white goods is a conversation for another day.
• 6:26
  Speaker 3: Oh my god, I know. So you might be saving
• 6:29
  Speaker 3: for a house. What are some of the other reasons
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  Speaker 3: to save?
• 6:31
  Speaker 1: So you might be thinking, VI, I just don't want
• 6:34
  Speaker 1: to work over the age of thirty five on a
• 6:36
  Speaker 1: retire early and maybe then saving up one hundred thousand
• 6:39
  Speaker 1: dollars might be part of that long term investment plan
• 6:41
  Speaker 1: where you want to create a portfolio that is so
• 6:44
  Speaker 1: strong that you could live off the dividends and never
• 6:46
  Speaker 1: have to work another day in your life.
• 6:48
  Speaker 3: Gorgeous. That's someone on the team's doing that right.
• 6:50
  Speaker 1: Yes, absolutely so, Brook who is on our team is
• 6:53
  Speaker 1: on the path to fire, which is very cool. That
• 6:55
  Speaker 1: stands for financial independence, retire early, and it's this idea
• 7:01
  Speaker 1: that you grind during your early years and your early
• 7:05
  Speaker 1: twenties so that you can set yourself up to retire
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  Speaker 1: in your thirties. But let's be brutally honest. I don't
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  Speaker 1: think it's for the faint hearted, Like that's a lot.
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  Speaker 1: It involves saving really aggressively, and I'm talking between like
• 7:18
  Speaker 1: fifty to seventy five percent of your earnings for a
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  Speaker 1: relatively long period of time. And last time I checked
• 7:24
  Speaker 1: in with Brooks, she's saving like seventy percent of hear income.
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  Speaker 3: That's wild, that sounds.
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  Speaker 1: I'm really proud of her, Like that is the coolest
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  Speaker 1: thing ever. Yeah, but someone can be doing something cool
• 7:34
  Speaker 1: and I can recognize that that would not work for me.
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  Speaker 3: Absolutely, I really really admire that. That sounds so challenging
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  Speaker 3: because when you think about your teens and your twenties,
• 7:45
  Speaker 3: for example, like, yeah, it's a time where you coincidentally
• 7:48
  Speaker 3: also might want to spend more more freely, or at
• 7:51
  Speaker 3: least your friends might, and you kind of feel like
• 7:53
  Speaker 3: you got to keep up, exactly, And.
• 7:55
  Speaker 1: It does definitely involve a certain level of frugality and
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  Speaker 1: being able to live below your means and being able
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  Speaker 1: to think about the bigger picture and having a really
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  Speaker 1: great sense of delayed gratification. Honestly, it's not for everybody.
• 8:08
  Speaker 3: Yeah, and what if you already have some pretty big
• 8:10
  Speaker 3: financial coquitments or like kids or things like that.
• 8:13
  Speaker 1: You know exactly. And I think that that's what makes
• 8:16
  Speaker 1: it so attractive to only a certain group of people.
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  Speaker 1: Whereas if you said to me, Victoria, you're going to
• 8:21
  Speaker 1: do fire, like my lifestyle actually just doesn't allow for that. Like, honestly,
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  Speaker 1: there is absolutely no way that my husband and I
• 8:29
  Speaker 1: could save seventy percent of their income. It's just not happening.
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  Speaker 1: I now have two kids, I have a mortgage, I have,
• 8:35
  Speaker 1: you know, lifestyle costs that I don't really want to change.
• 8:40
  Speaker 1: It's just not good to work for me. And that's cool,
• 8:43
  Speaker 1: that's fine, but it's just not good to work for me.
• 8:46
  Speaker 1: I mean, it's not impossible, but those things do make
• 8:48
  Speaker 1: it significantly harder. And I mean, if that is something
• 8:52
  Speaker 1: that you're interested in, though, and you've decided, wow, v
• 8:55
  Speaker 1: I would really like to do fire. You can change
• 8:58
  Speaker 1: your whole life. You can structure everything, like technically, Steve
• 9:02
  Speaker 1: and I could sell our property, we could change the
• 9:04
  Speaker 1: way that we live our lives and we could maybe
• 9:06
  Speaker 1: make it work. Don't want to, though, And I mean,
• 9:09
  Speaker 1: if you really want to, I would strongly encourage you
• 9:12
  Speaker 1: go back and listen to our episode with Brooke and
• 9:14
  Speaker 1: her investing strategies, So make sure that's in the show notes.
• 9:17
  Speaker 1: But like that's fun, Yeah, okay, it's it's a good
• 9:21
  Speaker 1: like concept.
• 9:22
  Speaker 3: I feel like it wouldn't work for me either, But
• 9:25
  Speaker 3: so property fire. What about some other goals? What if
• 9:28
  Speaker 3: you are planning to.
• 9:29
  Speaker 1: Study later in life? Very cool, very cool. You might
• 9:32
  Speaker 1: have already done maybe like an undergrad, and you thought,
• 9:35
  Speaker 1: one day, I'm going to go back and like do
• 9:37
  Speaker 1: my masters or a PhD, and maybe after I've had
• 9:41
  Speaker 1: some more life experience, though I don't want to do
• 9:43
  Speaker 1: it immediately. But I also can't afford to study full time,
• 9:48
  Speaker 1: So you might want to be able to like afford
• 9:50
  Speaker 1: to study full time instead of having to work and study,
• 9:53
  Speaker 1: which can be a lot beck. You might also just
• 9:56
  Speaker 1: want to travel the entire world. You might want to,
• 9:58
  Speaker 1: you know, do that and have a reliable income to
• 10:01
  Speaker 1: support living overseas for an extended period of time. Or
• 10:04
  Speaker 1: maybe you've already entered the property market and you just
• 10:07
  Speaker 1: want to renovate or build like you go V I
• 10:10
  Speaker 1: really want new bathrooms and a new kitchen and two
• 10:14
  Speaker 1: new bathrooms and a kitchens one hundred grant, Yeah, and
• 10:17
  Speaker 1: unfortunately in this economy, very likely, Oh.
• 10:20
  Speaker 3: Man, I mean you might have aging parents or relatives
• 10:23
  Speaker 3: as well, and like that's something to consider. Maybe you're
• 10:25
  Speaker 3: a carer and you know you'll need extra money to
• 10:27
  Speaker 3: help support the people you care about in the future.
• 10:30
  Speaker 1: Exactly. There is so many reasons back, and so many
• 10:33
  Speaker 1: good reasons why you might want to save one hundred
• 10:35
  Speaker 1: thousand dollars by the time you reach thirty five. But
• 10:39
  Speaker 1: the real question is how the heck do we do it.
• 10:41
  Speaker 1: So let's look at the ways that we're spending and
• 10:44
  Speaker 1: earning money. So it would be remiss of us to
• 10:48
  Speaker 1: talk about increasing our savings if we are struggling, we're
• 10:51
  Speaker 1: spending or debt like so silly. Saving when you owe
• 10:55
  Speaker 1: money can feel like an uphill battle. Yeah, one that
• 10:58
  Speaker 1: I get because I've been in there. So if you're
• 11:01
  Speaker 1: listening to this and you're thinking, Victoria Devine, what are
• 11:03
  Speaker 1: you doing? I cannot possibly say one hundred grand, let
• 11:07
  Speaker 1: alone a thousand dollars. I get it. I've got you.
• 11:11
  Speaker 1: I've actually created a bunch of resources like playlists and
• 11:14
  Speaker 1: spreadsheets to help you consolidate debt and ultimately get rid
• 11:17
  Speaker 1: of it. And you can apply that across everything from
• 11:20
  Speaker 1: credit cards or loans or buy now, pay later situations.
• 11:23
  Speaker 1: Like any type of debt can be tackled. You can
• 11:26
  Speaker 1: change your life. While we have these strategies to help
• 11:30
  Speaker 1: eliminate debt, we also kind of have to dig a
• 11:33
  Speaker 1: little bit deeper to understand the mindset behind this spending
• 11:37
  Speaker 1: that you have. Because if you don't understand it, I
• 11:39
  Speaker 1: promise you'll do it again. True, Like, if you don't
• 11:43
  Speaker 1: understand why you got into that debt, you're going to
• 11:46
  Speaker 1: get into it again because you might go, hey, v
• 11:49
  Speaker 1: I've got let's do a little scenario. You've got twenty
• 11:52
  Speaker 1: thousand dollars in credit card debt. You feel overwhelmingly swamped.
• 11:56
  Speaker 1: You go, I've got to get rid of it. You
• 11:57
  Speaker 1: knuckle down, you listen to our podcast, You download my
• 12:00
  Speaker 1: free budget, you download the Savings Truckers. You have smashed
• 12:03
  Speaker 1: this twenty thousand dollars debt out over two years. You
• 12:06
  Speaker 1: are debt free. We haven't looked at why you got
• 12:09
  Speaker 1: into debt in the first place, so you just feel free. Yeah,
• 12:13
  Speaker 1: it's time to live a little. It won't matter. You
• 12:15
  Speaker 1: didn't close your credit card.
• 12:16
  Speaker 3: Did you? Hopefully not?
• 12:18
  Speaker 1: No go again exactly and do you know how many
• 12:21
  Speaker 1: times people relapse into debt? Ye astronomical amounts. So we
• 12:26
  Speaker 1: need to understand why are you chasing a dopamine hit?
• 12:29
  Speaker 1: Do you just really like doing a tappy tappy? I
• 12:32
  Speaker 1: get it is lifestyle creep, meaning that you're responsible for
• 12:36
  Speaker 1: regular splurges or you're spending beyond your means. Like one
• 12:40
  Speaker 1: of the things I've talked about so consistently on this
• 12:43
  Speaker 1: podcast is lifestyle creep and what it actually looks like.
• 12:46
  Speaker 1: So way back when, and you know, Beck, you don't
• 12:48
  Speaker 1: buy a makeup no, because you're a better person than me.
• 12:51
  Speaker 1: But I used to buy makeup at the supermarket and
• 12:55
  Speaker 1: like you know, if my Mabeline mascara was on sale,
• 12:58
  Speaker 1: money win eight bucks. But then my life got more
• 13:02
  Speaker 1: expensive and I discovered Mecca and everything got really expensive
• 13:06
  Speaker 1: and I justified that because I was older, I deserved it.
• 13:09
  Speaker 1: That was what lifestyle creep looked like for me, and
• 13:12
  Speaker 1: my spending got out of control. You need to deeply
• 13:15
  Speaker 1: look at where's your spending going because you might go, oh, Victoria,
• 13:19
  Speaker 1: I spend money on cosmetics, but I have to spend
• 13:22
  Speaker 1: that amount of money. No, you don't, you absolutely don't
• 13:25
  Speaker 1: and you are just deluding yourself when it comes to
• 13:28
  Speaker 1: the reality of your situation. Maybe you're falling prey to
• 13:33
  Speaker 1: like present bias, where we really overvalue the benefit of
• 13:37
  Speaker 1: having a shiny new thing today over the pain of
• 13:41
  Speaker 1: paying for it tomorrow. I'll just work it out later,
• 13:44
  Speaker 1: doesn't matter. I'll just get it today, I'll work it
• 13:45
  Speaker 1: out later. I won't do it again. But then what
• 13:49
  Speaker 1: do we do back?
• 13:49
  Speaker 3: We do it again? We do it again, hopefully, Like
• 13:52
  Speaker 3: I feel like I'm a combination of some people out
• 13:55
  Speaker 3: there that might be listening being like, oh, I can
• 13:56
  Speaker 3: find a job for a long time.
• 13:58
  Speaker 1: That's a different story.
• 14:00
  Speaker 3: Had to And in that case, maybe there's no underlying
• 14:02
  Speaker 3: issue where you you will do it again and again
• 14:05
  Speaker 3: when your life just got hard exactly is very different.
• 14:08
  Speaker 3: So you just wanted to mention that in case you're
• 14:11
  Speaker 3: listening and.
• 14:12
  Speaker 1: Like, hey, we get you though, but like, that's why
• 14:14
  Speaker 1: I'm saying things like lifestyle creep or getting a dopamine hit,
• 14:18
  Speaker 1: or you know, you really like shiny things and you
• 14:20
  Speaker 1: haven't really thought about having to pay them back tomorrow
• 14:22
  Speaker 1: because you think it's a tomorrow problem. And he's always
• 14:25
  Speaker 1: a tomorrow problem, right, Yes, I'm not saying, oh, life
• 14:29
  Speaker 1: got really expensive and you had school fees coming up
• 14:31
  Speaker 1: and you didn't want your kids to go to school
• 14:33
  Speaker 1: without shoes. That is not the circumstance I'm talking about here.
• 14:37
  Speaker 1: And if you're going into debt for those reasons, or
• 14:39
  Speaker 1: you're going into debt to put food on your table,
• 14:40
  Speaker 1: pop off, Queen. Absolutely I back you. I don't want
• 14:43
  Speaker 1: you to be there forever, which is also why we
• 14:46
  Speaker 1: have all these tools and resources, and you still need
• 14:48
  Speaker 1: to kind of like be on top of it. Yeah,
• 14:50
  Speaker 1: but like I will never crucify someone young. Got nothing
• 14:53
  Speaker 1: to worry about in that case exactly. But what we
• 14:56
  Speaker 1: do need to do, Beck, is get to know why
• 14:59
  Speaker 1: you spend the way that you do so that you
• 15:01
  Speaker 1: can kindly adjust your mindset to better support your money goals.
• 15:06
  Speaker 3: So what if, say, like you've sorted out your mindset,
• 15:09
  Speaker 3: what are some practical tips to help you spend more responsibly.
• 15:12
  Speaker 1: Automate your pay And you know what, Beck, you still
• 15:16
  Speaker 1: haven't done this. I know you haven't done this because
• 15:19
  Speaker 1: I just know that this would be something that really
• 15:22
  Speaker 1: helped you because you chase dopamine in the same way
• 15:25
  Speaker 1: that I do.
• 15:26
  Speaker 3: And if the money is in my account. I'm a
• 15:28
  Speaker 3: duer spending that's true, I'm going to do it. So
• 15:31
  Speaker 3: I actually need a bigger system than myself to take
• 15:34
  Speaker 3: the money away from me and stop me from spending
• 15:37
  Speaker 3: it and transfer it automatically somewhere else. And this is
• 15:41
  Speaker 3: something that we mention in our episode on investing your twenties,
• 15:45
  Speaker 3: thirties and forties and beyond.
• 15:46
  Speaker 1: And if you haven't already, please go back and listen
• 15:48
  Speaker 1: to this. But essentially, if all your money gets allocated
• 15:51
  Speaker 1: to things like rent and bills and petrol, it is
• 15:55
  Speaker 1: so much harder to commit to things that are outside
• 15:58
  Speaker 1: of your budget because like in your immediate debit card
• 16:01
  Speaker 1: that you actually do the spending on, it's not there
• 16:05
  Speaker 1: and you have to go, oh, I wonder, but I've
• 16:07
  Speaker 1: already separated off the money for your rent beck and
• 16:09
  Speaker 1: you know that's rent money. That becomes much harder to
• 16:12
  Speaker 1: spend because like, oh, yeah, actually that's rent money. Yeah, Like,
• 16:16
  Speaker 1: I'm making it harder for you on purpose, And this
• 16:19
  Speaker 1: behavior is going to prioritize saving as an automated behavior
• 16:24
  Speaker 1: because honestly, we're human beings. Sometimes we just can't be trusted,
• 16:29
  Speaker 1: like even with ourselves. But it's going to reduce the
• 16:32
  Speaker 1: strength of tempting purchases. So you can also bolster this
• 16:36
  Speaker 1: with a spending buffer for any like non essential purposes.
• 16:39
  Speaker 1: I'm not saying don't have fun, but if you want
• 16:43
  Speaker 1: to do some spending, maybe waiting twenty four or forty
• 16:46
  Speaker 1: eight hours before dropping the money on an online sale
• 16:49
  Speaker 1: is a really good idea, because you actually don't want
• 16:51
  Speaker 1: those leggings totally. Yeah, I thought I really, really really
• 16:55
  Speaker 1: wanted them, and then all of a sudden the spending
• 16:57
  Speaker 1: dopamine high wasn't there, and now it just because it
• 17:00
  Speaker 1: is a logistical thing, I have to go back and
• 17:01
  Speaker 1: I have to find it and have to put them
• 17:02
  Speaker 1: back in my cart, and I just can't be bothered totally.
• 17:05
  Speaker 3: And actually, like a step further, if you imagine yourself
• 17:07
  Speaker 3: receiving the package and then having to throw away the packaging.
• 17:13
  Speaker 3: You're to find a spot for it.
• 17:15
  Speaker 1: And what if it doesn't fit right, and what if
• 17:17
  Speaker 1: it doesn't look like on me what it looked like
• 17:19
  Speaker 1: on the model, and then.
• 17:20
  Speaker 3: You gotta take it back to the post office.
• 17:22
  Speaker 1: No oh no, And you all know I'm not going
• 17:24
  Speaker 1: to take it back to the post office. And it's
• 17:26
  Speaker 1: just going to be a giant money loss save yourself.
• 17:28
  Speaker 3: So I guess buffer is really smart, especially if you
• 17:30
  Speaker 3: love an impulse by Yes, but back to automation, how
• 17:34
  Speaker 3: do you know how much to automate? Are there any
• 17:35
  Speaker 3: helpful rules or spreadsheets and things we can offer to
• 17:39
  Speaker 3: our listeners?
• 17:39
  Speaker 1: Okay, so I hate this, but I'm going to mention
• 17:42
  Speaker 1: it because the community talks about it a lot, not
• 17:45
  Speaker 1: because I believe in it. Because I'm going to talk
• 17:48
  Speaker 1: about really quickly, like a percentage based rule, and I'm
• 17:51
  Speaker 1: going to do it because it might work for you.
• 17:53
  Speaker 1: And I'm not one to gate keep stuff just because
• 17:55
  Speaker 1: I don't think it works for me. Sure, I'm just
• 17:58
  Speaker 1: going to give you the information. Why don't I think
• 18:00
  Speaker 1: a percentage based budget works? Because Beck, if you earn
• 18:03
  Speaker 1: forty thousand dollars and I tell you to save twenty percent,
• 18:08
  Speaker 1: immediately you feel like trash. Yeah, because I've said, Beck,
• 18:12
  Speaker 1: you need to save twenty percent, you go Victoria, don't
• 18:14
  Speaker 1: have twenty percent, Say you're already I'm already behind. And
• 18:18
  Speaker 1: then because I said twenty percent, you go, well, anything
• 18:21
  Speaker 1: less there's a failure.
• 18:22
  Speaker 3: Yeah, yeah, that's true.
• 18:24
  Speaker 1: That banks my community feel like trash but some people
• 18:29
  Speaker 1: have been really liking applying what they call the fifty
• 18:31
  Speaker 1: to thirty twenty rule, and it means keeping fifty percent
• 18:35
  Speaker 1: of their earnings for things they need, thirty percent for
• 18:38
  Speaker 1: things that they want, and twenty percent of their income
• 18:41
  Speaker 1: for savings. Okay, now, do I think that in this
• 18:45
  Speaker 1: economy that works perfectly? No, because for some of us,
• 18:49
  Speaker 1: fifty percent that's actually just our rent exactly, that's just rent,
• 18:54
  Speaker 1: and it's already gone. But I think sharing these you
• 18:59
  Speaker 1: might go, oh, actually, I just cannot, Victoria, get my
• 19:03
  Speaker 1: head around doing a whole budget. I'd really like just
• 19:07
  Speaker 1: to be told transfer, you know, twenty percent of my
• 19:09
  Speaker 1: income and then we're just going to call it like,
• 19:11
  Speaker 1: I don't want to think about it. And if that
• 19:13
  Speaker 1: helps you pop off, Queen, I'd love that. But for
• 19:16
  Speaker 1: a lot of people, that's just not going to work.
• 19:18
  Speaker 1: But of course you might also choose to adjust this
• 19:22
  Speaker 1: like plan based on a monthly target or an investment plan.
• 19:26
  Speaker 1: And I'm going to explain what I mean by this
• 19:28
  Speaker 1: later in that episode, but it could also be about
• 19:31
  Speaker 1: like applying a ratio.
• 19:32
  Speaker 3: Okay.
• 19:33
  Speaker 1: Additionally, free on our website, we have so many resources
• 19:37
  Speaker 1: that you can just download print, you know, use as
• 19:39
  Speaker 1: a spreadsheet to help you establish yours on your way
• 19:42
  Speaker 1: to one hundred K. So you can work that out.
• 19:45
  Speaker 1: But the first step is really recognizing what you spend
• 19:48
  Speaker 1: each and every single month, which can be very confronting.
• 19:52
  Speaker 1: And I'm sure if I said, beck can I see
• 19:54
  Speaker 1: your bank statements right now? You'd be like, ah, no,
• 19:56
  Speaker 1: maybe later, do you know what I mean? Like, not
• 19:58
  Speaker 1: all of us are comfortable with that. I'm not even
• 20:00
  Speaker 1: comfortable with that. If you said, Victoria, can I see
• 20:02
  Speaker 1: bank statements? I'd be like, no, no, yes, And that's okay,
• 20:08
  Speaker 1: But I promise just doing it with yourself, like you
• 20:11
  Speaker 1: don't have to show anybody else. It's confronting, but it
• 20:14
  Speaker 1: is worth it because when you have a very clear
• 20:17
  Speaker 1: idea of what you've been spending in a normal month
• 20:19
  Speaker 1: and we can add it up, I can go back,
• 20:21
  Speaker 1: did you know that you spent X on X? You
• 20:24
  Speaker 1: go fire out? That does add up. It is going
• 20:27
  Speaker 1: to help you change your behaviors more significantly than me
• 20:31
  Speaker 1: just saying, Hey, that thing you do, I don't think
• 20:33
  Speaker 1: you should do it?
• 20:34
  Speaker 3: Yeah?
• 20:34
  Speaker 1: Cool?
• 20:35
  Speaker 3: Why for sure?
• 20:36
  Speaker 1: Like I need to give you a really solid reason
• 20:38
  Speaker 1: and then you'll be able to set like a really
• 20:40
  Speaker 1: clear runway of what you need to save and what
• 20:43
  Speaker 1: you need to earn in order to move forward and
• 20:45
  Speaker 1: keep managing your money.
• 20:47
  Speaker 3: Okay, So say we've done the audit and there are
• 20:50
  Speaker 3: a bunch of things and buying every month that fall
• 20:52
  Speaker 3: under the one list. Yes, So what can we do
• 20:55
  Speaker 3: then to help produce outgoings without compromising on what we enjoy?
• 20:59
  Speaker 1: Yeah? Because I love coffee, and I think you and
• 21:02
  Speaker 1: I are on the same page. We adore Brook. We
• 21:06
  Speaker 1: think she's absolutely fantastic, and I am so proud and
• 21:09
  Speaker 1: honestly in awe of the fact that she is saving
• 21:11
  Speaker 1: seventy percent of your income and plans to be in
• 21:14
  Speaker 1: a situation where she could retire by the age of
• 21:17
  Speaker 1: thirty five. Crazy, you and I. That's not our journey.
• 21:20
  Speaker 1: Couldn't be us, couldn't be us. And that's okay. But
• 21:24
  Speaker 1: I suppose you have to ask yourself, how much do
• 21:26
  Speaker 1: you want to achieve this goal of saving one hundred
• 21:29
  Speaker 1: thousand dollars by thirty five and what it might mean
• 21:31
  Speaker 1: to you? Is it more meaningful than a nice matcher
• 21:34
  Speaker 1: that cost you eight dollars? Is it worth swapping a
• 21:37
  Speaker 1: coffee date? For a walking one. Is it, you know,
• 21:40
  Speaker 1: a subscription? Is it necessary? Or could you find another
• 21:43
  Speaker 1: source of entertainment that's maybe more affordable in the meantime,
• 21:47
  Speaker 1: Because I'm not saying that you can't do these things,
• 21:52
  Speaker 1: but unfortunately in life we have to compromise, sure, and
• 21:56
  Speaker 1: you get to choose what you compromise.
• 21:58
  Speaker 3: It's a great hall. I do hear a bunch of
• 22:01
  Speaker 3: people are going back to DVDs, chic. I know, if
• 22:05
  Speaker 3: there's something that you enjoy, like you maybe you have
• 22:07
  Speaker 3: a streaming service, You're like, hey, go back to DVDs
• 22:09
  Speaker 3: all buying secondhand or learning how to mend clothes or
• 22:12
  Speaker 3: repair things, or heaps of new social groups popping up
• 22:15
  Speaker 3: where people are skill sharing saved money while building community.
• 22:18
  Speaker 1: Yeah. Like Jess and how she goes to sewing class. Yes,
• 22:21
  Speaker 1: isn't that cute? It's actually the most wholesome thing ever. Like,
• 22:24
  Speaker 1: I love it so much. I was telling my sister
• 22:26
  Speaker 1: the other day because she was like, oh, because for
• 22:29
  Speaker 1: some reason, I was the one paying attention when my
• 22:31
  Speaker 1: mom taught us to sew, and my sister was always like, no,
• 22:34
  Speaker 1: go away, I'm going to my room, and like she
• 22:35
  Speaker 1: never learnt sew properly, and she's like, maybe I'll go
• 22:38
  Speaker 1: to sewing class, and I'm like, do it.
• 22:40
  Speaker 3: That's cute.
• 22:41
  Speaker 1: Anyway you can live below your means or find thrifty
• 22:45
  Speaker 1: ways to enjoy things that you love. I promise again,
• 22:49
  Speaker 1: you might have to step out of your comfort zone
• 22:51
  Speaker 1: to work out what that looks like. That's okay, and
• 22:55
  Speaker 1: maybe you start going out less or you just say,
• 22:57
  Speaker 1: you know what, when I go out, I'm not going
• 22:59
  Speaker 1: to order a wine because that will cost me fourteen dollars.
• 23:01
  Speaker 1: I'm just gonna swap it for like a non alcoholic one.
• 23:04
  Speaker 1: And yes, I'll still order myself and I drink, but
• 23:07
  Speaker 1: I'll just have a coke or something. And we can
• 23:09
  Speaker 1: start saving in really small ways because all of those
• 23:12
  Speaker 1: things add up in the long term. Beck, let's pivot, yeah,
• 23:17
  Speaker 1: because you can only save so much, Like you can
• 23:21
  Speaker 1: only save on things and scrimp and you know, rejustify
• 23:26
  Speaker 1: you're spending. Yeah, Like, and I think if you've gotten
• 23:30
  Speaker 1: this far in the episode, to think of Victoria not
• 23:33
  Speaker 1: having the eight dollar iced matcher and not having a
• 23:35
  Speaker 1: fourteen dollar wine when I go about is not going
• 23:38
  Speaker 1: to get me to one hundred thousand dollars, Like Queen,
• 23:41
  Speaker 1: you would be correct, because we need to talk about earning.
• 23:45
  Speaker 3: Yes, at the end of the day, if you don't
• 23:46
  Speaker 3: have money coming in the door, how do you think
• 23:48
  Speaker 3: you're gonna save it? Very true?
• 23:50
  Speaker 1: Now, Beck, you might be thinking saving one hundred thousand
• 23:53
  Speaker 1: dollars by the age of thirty five would be easier
• 23:56
  Speaker 1: if I just earned more. And I mean that's definitely
• 23:59
  Speaker 1: one of the level that you could pull, but it
• 24:01
  Speaker 1: is not the be all, end all, And if you
• 24:02
  Speaker 1: haven't already thought about it, I want you to see
• 24:06
  Speaker 1: whether you can negotiate your worth in your current job.
• 24:09
  Speaker 1: It might be hard, it might be overwhelming. But if
• 24:11
  Speaker 1: you haven't asked for a pay rise in a while,
• 24:13
  Speaker 1: and you've worked for that company for a few years,
• 24:15
  Speaker 1: my queen, what are you doing?
• 24:16
  Speaker 3: Sure?
• 24:17
  Speaker 1: Yeah, can you maybe make a case for a pay
• 24:19
  Speaker 1: rise or a salary review? If you're not sure how
• 24:22
  Speaker 1: to do this, Beck, and I have your back, don't worry.
• 24:26
  Speaker 1: Or maybe it's your first rodeo and you're like, I
• 24:28
  Speaker 1: just don't know what to do. I know that you've
• 24:30
  Speaker 1: got my back. I would start with our blog that
• 24:33
  Speaker 1: I'm going to link in the show notes, which is
• 24:35
  Speaker 1: completely dedicated to asking for a pay rise, including scripts
• 24:39
  Speaker 1: and things like that that you can use in an
• 24:41
  Speaker 1: email to start the conversation, because sometimes just starting the
• 24:44
  Speaker 1: conversation is the hardest part, which to be like, I
• 24:47
  Speaker 1: don't know what to say, I don't know what to do.
• 24:48
  Speaker 1: And also I'll tell you what you don't deserve a
• 24:50
  Speaker 1: pay rise for, because I'm not going to be like, oh, Beck,
• 24:52
  Speaker 1: just ask for more money. Yeah, like that's not realistic.
• 24:56
  Speaker 1: And of course another way to get a pay rise,
• 24:59
  Speaker 1: and employers are not going to like this is to
• 25:01
  Speaker 1: consider switching workplaces, which can often result in a bigger
• 25:05
  Speaker 1: leap in income. I have and I'm I don't know
• 25:08
  Speaker 1: if you've noticed that, but I'm born to yap crazy.
• 25:11
  Speaker 1: I had noticed I having yap into some girls in
• 25:14
  Speaker 1: my Instagram dms recently and they were like, V I
• 25:18
  Speaker 1: want to earn more money, I want this, I want that.
• 25:20
  Speaker 1: And I told one of the girls in my DMS,
• 25:25
  Speaker 1: I said, look, being really blunt, you are like, because
• 25:28
  Speaker 1: she actually worked in the financial services industry in a
• 25:31
  Speaker 1: broking role, being quite blunt, you are being very underpaid.
• 25:35
  Speaker 1: And you know she showed me the email. Because I'm pervy,
• 25:37
  Speaker 1: I was like, show me the email that your employer
• 25:39
  Speaker 1: like sent back about you not getting a pay rise,
• 25:41
  Speaker 1: and I was like, they are disrespecting the hell out
• 25:44
  Speaker 1: of you. I'm so sorry, but like for them to
• 25:46
  Speaker 1: send you that and have the audacity to do what
• 25:49
  Speaker 1: they were doing, Oh my god, why don't you go shopping?
• 25:52
  Speaker 1: And she I was like, go shopping, Like you know
• 25:54
  Speaker 1: how sometimes you go shopping back and you don't buy anything. Yeah,
• 25:57
  Speaker 1: and that's okay because you still went shopping and then
• 25:59
  Speaker 1: you went home and you were like maybe like, oh,
• 26:01
  Speaker 1: well the jeans I have already are really good because
• 26:03
  Speaker 1: like the ones that I went shopping for they didn't
• 26:05
  Speaker 1: fit quite right and so I didn't get them. Yeah,
• 26:08
  Speaker 1: is it? Goes shopping? Go see what other jobs are
• 26:10
  Speaker 1: on the market, Like you're not accepting a new job,
• 26:12
  Speaker 1: and I think sometimes people get a little bit angsty.
• 26:14
  Speaker 1: You're like, oh, I don't know, v if I want
• 26:16
  Speaker 1: to like leave my current role, will go shopping. Just
• 26:20
  Speaker 1: have a look, Just have a look, see what's out there,
• 26:23
  Speaker 1: see what other jobs are playing at. Yeah, and she did,
• 26:27
  Speaker 1: and she got a twenty thousand old pay rice.
• 26:28
  Speaker 3: Oh my god, that's so good.
• 26:30
  Speaker 1: And I'm just so happy that I got to be
• 26:32
  Speaker 1: part of that like live journey. Yes, because I was like, no,
• 26:35
  Speaker 1: do it.
• 26:35
  Speaker 3: She's like I'm really anxious, and I'm like knuckuen get it,
• 26:38
  Speaker 3: Like go to this interview, and if you don't get it,
• 26:40
  Speaker 3: Like if they say no, who cares?
• 26:43
  Speaker 1: Because you already have a solid job for sure. Like
• 26:45
  Speaker 1: the best time to interview is when you don't desperately
• 26:48
  Speaker 1: need the job exactly right, because you're not anxious about
• 26:50
  Speaker 1: getting it, you'll probably show up as your more authentic
• 26:52
  Speaker 1: self anyway, which is exactly why she probably got the
• 26:55
  Speaker 1: job exactly But that's why I said, employees aren't going
• 26:58
  Speaker 1: to like what I have to say, because I want
• 27:01
  Speaker 1: you to take a look around. I want you to
• 27:03
  Speaker 1: see what other employers are paying and you can go
• 27:05
  Speaker 1: from there. Can you get like an extra ten percent
• 27:07
  Speaker 1: per year? Could you get more? Have you listened to
• 27:10
  Speaker 1: any of our other episodes about what that ten percent
• 27:12
  Speaker 1: could mean for your future wealth? Like we did a
• 27:15
  Speaker 1: whole episode on supernuation salary sacrificing and that was based
• 27:18
  Speaker 1: on five percent, Yeah, and that got most people to
• 27:20
  Speaker 1: having a million dollars in there? Super what's ten percent
• 27:23
  Speaker 1: going to do for you? Exactly? Right?
• 27:25
  Speaker 3: Oh my god, s, guy's a limit. What if you're
• 27:27
  Speaker 3: a nurse or something, or someone who works in a
• 27:28
  Speaker 3: rural town or in an industry where it's harder to
• 27:31
  Speaker 3: just demand a pay right.
• 27:32
  Speaker 1: Oh yeah, that advice does not work for everybody, because
• 27:35
  Speaker 1: some people, like our nursing friends, who like you guys,
• 27:38
  Speaker 1: need to be paid so much more. But that's again
• 27:40
  Speaker 1: a conversation for another day. You're on a salary band,
• 27:44
  Speaker 1: You're like, I actually can't be legally paid more than this,
• 27:47
  Speaker 1: Like I'm never going to get a pay rise. Of course,
• 27:50
  Speaker 1: things like location and your industry and even your gender
• 27:53
  Speaker 1: are going to be affecting how much you are getting
• 27:56
  Speaker 1: paid before you've even had a say in it is
• 28:00
  Speaker 1: not I'm not saying that this advice works for everybody.
• 28:03
  Speaker 1: And if you're wondering what gender has to do with this,
• 28:06
  Speaker 1: please check out one of our episodes about the gender
• 28:08
  Speaker 1: pay gap to learn much more about that and what
• 28:11
  Speaker 1: I'm talking about. Because again, conversation for another day. But
• 28:14
  Speaker 1: let's say you're in an industry where unpaid placements are
• 28:18
  Speaker 1: completely unavoidable as a part of your career progression, paid them.
• 28:22
  Speaker 1: Oh it makes me.
• 28:23
  Speaker 3: So mad, you know, and it's full time too, like
• 28:25
  Speaker 3: one day, sure, full time, unpaid, and how to study.
• 28:30
  Speaker 1: Five in this economy, even any other economy, How is
• 28:33
  Speaker 1: that reasonable?
• 28:34
  Speaker 3: I know, I cannot believe. That's a thing.
• 28:36
  Speaker 1: I got so unnecessarily mad when I was building Sheese
• 28:40
  Speaker 1: on the Money because somebody suggested to me to get
• 28:42
  Speaker 1: unpaid interns to help with the work. And I was like,
• 28:44
  Speaker 1: I can't even justify that, and they were like, well,
• 28:46
  Speaker 1: you know, the nursing industry does.
• 28:48
  Speaker 3: And I was like, sickening gross, I.
• 28:50
  Speaker 1: Know, so gross. But let's just say that you're in
• 28:53
  Speaker 1: that space. How do you think you could earn more
• 28:57
  Speaker 1: when your position and your seniority and your industry died,
• 29:00
  Speaker 1: your financial situation Beck exactly exactly.
• 29:03
  Speaker 3: So well, guess we're gonna get creative.
• 29:05
  Speaker 1: We get creative, exactly.
• 29:08
  Speaker 2: Now.
• 29:08
  Speaker 1: There is a whole episode that you and Jess actually recorded.
• 29:11
  Speaker 1: I remember this one because I'm having nothing to do
• 29:13
  Speaker 1: with this one U two Psychos. It's dedicated to unhinged
• 29:17
  Speaker 1: ways to earn extra income, which our listeners might want
• 29:21
  Speaker 1: to return to or at least use to inspire their
• 29:24
  Speaker 1: future earnings. But some of the suggestions included things like
• 29:28
  Speaker 1: selling second hand items or flipping thrifted clothes online or
• 29:31
  Speaker 1: taking up a side hustle or value creation. So there
• 29:35
  Speaker 1: are a lot of them, and there are literal episodes
• 29:37
  Speaker 1: that we have dedicated to this totally.
• 29:40
  Speaker 3: And I think I mentioned like how I got extra
• 29:42
  Speaker 3: HOSPO shifts by using the platform or the app called
• 29:46
  Speaker 3: sup supp which we can include in the show notes.
• 29:49
  Speaker 3: But you can apply for full time jobs or just
• 29:51
  Speaker 3: single one off shifts that that is.
• 29:54
  Speaker 1: So close to you. I didn't know it had changed
• 29:56
  Speaker 1: into an app because years ago, and I'm talking like, oh,
• 30:00
  Speaker 1: this would be like twenty ten, twenty eleven when I
• 30:02
  Speaker 1: was in early UNI and I had two jobs because
• 30:07
  Speaker 1: again I was crazy, but also I had to fund
• 30:10
  Speaker 1: my life, and it turns out life is expensive. I
• 30:13
  Speaker 1: also worked with this group and I don't know if
• 30:15
  Speaker 1: it's still around. It was called Octopus.
• 30:17
  Speaker 3: Oh that sounds familiar.
• 30:18
  Speaker 1: And I worked for a group called Peter Rowland as well,
• 30:21
  Speaker 1: and so they were like Hospo kind of like contract jobs,
• 30:25
  Speaker 1: and we didn't have an app, and app would make
• 30:27
  Speaker 1: it much better. But they used to send around emails
• 30:30
  Speaker 1: and it was basically a first investorss as to who replied,
• 30:33
  Speaker 1: and they'd be like, hey, we have a random shift,
• 30:35
  Speaker 1: and this is how we ended up working at the
• 30:37
  Speaker 1: most random locations. Hey we have a random shift at
• 30:40
  Speaker 1: the Melbourne Aquarium for a wedding, Right, great, I'll do it.
• 30:44
  Speaker 1: Hey we have shifts for the Melbourne Cup. How we
• 30:48
  Speaker 1: have shifts for like these events that would come up
• 30:50
  Speaker 1: and I'd go and be a waitress or I'd go
• 30:52
  Speaker 1: and work behind the bar. And if you've got those skills,
• 30:55
  Speaker 1: maybe like something like that could work. Because if they
• 30:58
  Speaker 1: came up and they didn't sue me at it, take them.
• 31:00
  Speaker 1: But if they came up and I'd be like, oh
• 31:02
  Speaker 1: my goodness, like, yes, I would like a Sunday shift
• 31:05
  Speaker 1: because I was getting double time and a half to
• 31:07
  Speaker 1: do some hosp bow stuff. Yes, of course I'll take
• 31:10
  Speaker 1: a four hour shift. Why the hell not exactly. So
• 31:13
  Speaker 1: that is a very cool way of going about it
• 31:15
  Speaker 1: because you don't need to commit to an ongoing like
• 31:18
  Speaker 1: every single Saturday shift or in every single weeknight shift.
• 31:21
  Speaker 1: You can be like, all right, I'm gonna knuckle down.
• 31:23
  Speaker 1: This could even be for a holiday. I'm gonna knuckle down.
• 31:26
  Speaker 1: I'm gonna pick up some random shifts of stuff. Just
• 31:29
  Speaker 1: get it done. Get some extra cash in my dad
• 31:31
  Speaker 1: can be ahead, so cool.
• 31:33
  Speaker 3: And if you have a mode of transport, so if
• 31:37
  Speaker 3: you've got a car, or you've got a bike, or
• 31:39
  Speaker 3: you've got a little scooter, beck, you could be like
• 31:41
  Speaker 3: a door dusher and earn. Like you could join uber
• 31:44
  Speaker 3: and you could earn a little on the side by
• 31:46
  Speaker 3: making deliveries. And maybe you're also like a multidisciplinarian queen
• 31:52
  Speaker 3: and you do some sewing, or maybe you do some
• 31:54
  Speaker 3: babysitting or dog walking on the side. All of those
• 31:57
  Speaker 3: things can help add to your earnings and eventually savings.
• 32:01
  Speaker 1: Potential for sure. And recently I've joined a few and
• 32:05
  Speaker 1: it's just because I'm really stepping into my millennial era.
• 32:09
  Speaker 1: I've joined some local Facebook groups for my community, and
• 32:13
  Speaker 1: I'm seeing lots of people post, hey, like I would
• 32:16
  Speaker 1: love to walk some people's dogs, like for some extra
• 32:19
  Speaker 1: cash on the side. Those posts pop off.
• 32:22
  Speaker 3: Yeah, So like, maybe like local Facebook groups and stuff.
• 32:25
  Speaker 3: If you're like Victoria, I don't know where to get
• 32:27
  Speaker 3: babysitting shifts, put an ad up in your local Facebook group.
• 32:31
  Speaker 1: Absolutely, how cool.
• 32:32
  Speaker 3: That's such a great idea. And I know just mentioned
• 32:34
  Speaker 3: creating things that can be sold on Pinterest or I
• 32:38
  Speaker 3: know you could sell on Pinterest, but you.
• 32:39
  Speaker 1: Can sell on Pinterest, you can sell on its, sell
• 32:41
  Speaker 1: on Facebook market places exactly.
• 32:44
  Speaker 3: There was maybe another one, but yeah, that's well, I
• 32:46
  Speaker 3: can remember right now. I actually did take the Etsy
• 32:48
  Speaker 3: advice and put some random PDFs up there?
• 32:51
  Speaker 1: Did you actually? How good?
• 32:52
  Speaker 3: I know? And so I'm like, you know, why not?
• 32:54
  Speaker 3: Because someone had in the thing, someone had sold like
• 32:57
  Speaker 3: five thousand dollars worth of just just a little times
• 33:00
  Speaker 3: table or something like that they had up there. That
• 33:02
  Speaker 3: was one hundred percent Like this is such a great idea,
• 33:04
  Speaker 3: So yeah, definitely go.
• 33:05
  Speaker 1: Have listen exactly, and good suggestion because have a think,
• 33:09
  Speaker 1: is there a way that you could create some value
• 33:11
  Speaker 1: and also generate some passive income like selling a PDF,
• 33:14
  Speaker 1: Like even if it's a couple of dollars here and there,
• 33:16
  Speaker 1: that's a couple of dollars you didn't have before there
• 33:18
  Speaker 1: exactly right, And I mean passive in that it's something
• 33:22
  Speaker 1: that you set up and create once that continues to
• 33:25
  Speaker 1: earn you money over and over again. So like things
• 33:27
  Speaker 1: like your PDFs or printables or like an online course
• 33:30
  Speaker 1: or a workshop, that sort of thing really really smart.
• 33:33
  Speaker 3: For sure, and all of these are good ideas, but
• 33:36
  Speaker 3: I feel like earning an extra hundred dollars here and
• 33:38
  Speaker 3: there won't help me reach one hundred thousand dollars.
• 33:41
  Speaker 1: I agree, and I don't want you being like Victoria
• 33:43
  Speaker 1: is so out of touch. That's not going to get
• 33:45
  Speaker 1: me to one hundred K. There are lots of people
• 33:47
  Speaker 1: in our community and it has got them to one
• 33:49
  Speaker 1: hundred K. So like, is it that out of touch
• 33:51
  Speaker 1: if someone has done it before, Well, true, we can
• 33:53
  Speaker 1: learn from them. But that's also where investing comes in.
• 33:57
  Speaker 1: So if you're in your early to mid twenties, my friend,
• 33:59
  Speaker 1: you are in an excellent position to be able to
• 34:03
  Speaker 1: save one hundred thousand dollars by the time you turn
• 34:05
  Speaker 1: thirty five. Why you might ask, because you've got time
• 34:08
  Speaker 1: on your side, and unlike Beck and I who we're
• 34:11
  Speaker 1: not going to be able to achieve that, but we
• 34:13
  Speaker 1: might also still be able to achieve that by forty.
• 34:15
  Speaker 1: That's very cool. Yeah, because you've got time on your side.
• 34:19
  Speaker 1: Things like compounding interest can really help your money earn money.
• 34:23
  Speaker 1: And it's not a secret, but that is my favorite.
• 34:25
  Speaker 1: And according to the Australian Financial Review, the share market
• 34:30
  Speaker 1: returns an average of seven percent per annum, which is
• 34:33
  Speaker 1: a relatively conservative reflection of how well Australian shares or
• 34:37
  Speaker 1: ETFs are performing adjusted for inflation. So, if you invested
• 34:41
  Speaker 1: five hundred and fifty dollars per month from the age
• 34:44
  Speaker 1: of twenty five, the market continues to perform at seven percent, Well, yep,
• 34:49
  Speaker 1: you're going to reach one hundred grand by the age
• 34:51
  Speaker 1: of thirty five. Wow, okay, isn't that cool? Yeah, so
• 34:54
  Speaker 1: just for a little bit more context, that's roughly one
• 34:57
  Speaker 1: hundred and thirty eight dollars a week. Do you reckon
• 35:00
  Speaker 1: that over the next ten years? We could find one
• 35:02
  Speaker 1: hundred and thirty eight dollars a week.
• 35:04
  Speaker 3: I it's going to be hard, but maybe like when
• 35:08
  Speaker 3: you say like that, it kind of seems.
• 35:09
  Speaker 1: But if you really want something, yeah, yeah, yeah, you
• 35:12
  Speaker 1: would go, well, what one hundred and thirty eight bucks
• 35:15
  Speaker 1: after tax? Like that could be a four hour hospital shift,
• 35:17
  Speaker 1: that's true. Actually, that could be a few things that
• 35:20
  Speaker 1: you do in your free time. Yeah, so that could
• 35:22
  Speaker 1: be you know, you know, doing some hustling online, like
• 35:25
  Speaker 1: with your PDFs. It could be you know, maybe not
• 35:28
  Speaker 1: one hundred and thirty eight dollars a week, but combine
• 35:29
  Speaker 1: that with some dog walking, or combine that with the
• 35:32
  Speaker 1: fact that you know, babysitters cost on average nowadays like
• 35:36
  Speaker 1: forty bucks an hour. If you do babysitting and you
• 35:39
  Speaker 1: get a little reputation in the area, I can almost
• 35:41
  Speaker 1: guarantee you'll be booked out.
• 35:43
  Speaker 3: So true, it does sound that seems.
• 35:46
  Speaker 1: But slow and steady wins the race. And it's just
• 35:48
  Speaker 1: like these small things that could add up. And we're
• 35:50
  Speaker 1: not even talking about you saving any of your like
• 35:53
  Speaker 1: income that you earned from your job. Yeah, those were
• 35:56
  Speaker 1: just additional things. Additional but if you could find one
• 35:59
  Speaker 1: hundred and thirty eight dollars from your current income back,
• 36:01
  Speaker 1: that could become one hundred grand in ten years.
• 36:03
  Speaker 3: Yeah.
• 36:04
  Speaker 1: True, that's very cool.
• 36:05
  Speaker 3: Okay, it does sound more achievable actually when you say
• 36:08
  Speaker 3: it like that.
• 36:08
  Speaker 1: And do you want to do some maths?
• 36:10
  Speaker 3: Yes, please, will want to do it.
• 36:12
  Speaker 1: Oh do you want me to do the math You
• 36:14
  Speaker 1: could do the maths? Yeah, okay, Well I'm happy to
• 36:17
  Speaker 1: do the maths. And so if we go back to
• 36:19
  Speaker 1: that formula ratio, yeah, that a lot of people in
• 36:23
  Speaker 1: our community are using that fifty to thirty twenty ratio,
• 36:26
  Speaker 1: and we applied here one hundred and thirty eight dollars
• 36:29
  Speaker 1: a week is roughly five hundred and fifty two dollars
• 36:32
  Speaker 1: a month, which is twenty percent of two thousand, seven
• 36:35
  Speaker 1: hundred and sixty dollars. So if you had earned twenty
• 36:40
  Speaker 1: seven hundred and sixty dollars a month, which a lot
• 36:43
  Speaker 1: of people in our community are earning more, and you
• 36:45
  Speaker 1: put away fifty percent for your needs, thirty percent for
• 36:48
  Speaker 1: your wants, and twenty percent away for savings by investing it,
• 36:51
  Speaker 1: you might expect to reach the one hundred k mark
• 36:53
  Speaker 1: within ten years. And that's if you're earning under the
• 36:57
  Speaker 1: mean gross annual income for someone aged twenty in Australia
• 37:01
  Speaker 1: according to Cansta, which is roughly at the minimum amount
• 37:06
  Speaker 1: is sixty four thousand dollars a year for full time income.
• 37:10
  Speaker 3: Okay, okay, that's pretty doable, it sounds like, but that's
• 37:16
  Speaker 3: like renting that cheap.
• 37:18
  Speaker 1: So no, And that's why I'm like, look, let's use
• 37:21
  Speaker 1: this model because it might click for somebody, sure, but
• 37:25
  Speaker 1: for me that might work, like it kind of like
• 37:29
  Speaker 1: extrapolated out right, So like, if you earn forty thousand dollars,
• 37:32
  Speaker 1: me telling you to save twenty percent wild, Like, that's
• 37:35
  Speaker 1: so rude if you earn four hundred thousand dollars, I'm
• 37:38
  Speaker 1: so sorry. If you're not saving more or saving and
• 37:41
  Speaker 1: investing more than twenty percent of your income, you're doing
• 37:44
  Speaker 1: something wrong. Like imagine earning four hundred grand a year
• 37:48
  Speaker 1: and not being able to save or invest twenty percent
• 37:50
  Speaker 1: of it. Yeah true, yes, Like so it doesn't actually
• 37:53
  Speaker 1: like extrapolate out. Well sure, but some people in the
• 37:57
  Speaker 1: community have been asking me for different strategies and like, oh,
• 38:00
  Speaker 1: can you give me a percentage base? My friends, this
• 38:02
  Speaker 1: is why I haven't given you a percentage base. But
• 38:05
  Speaker 1: I want you to go back and have a look at, well,
• 38:07
  Speaker 1: how much is rent, how much are my bills? How
• 38:09
  Speaker 1: much is left after that? And what can I do
• 38:12
  Speaker 1: with that? And that's where I would be heading. So beck,
• 38:15
  Speaker 1: while we let that sink in and simmer, we're going
• 38:17
  Speaker 1: to go for a really quick break, and when we return,
• 38:19
  Speaker 1: we're going to be talking about some of the ongoing
• 38:21
  Speaker 1: things that you can do to manage your funds along
• 38:23
  Speaker 1: the way.
• 38:28
  Speaker 3: Welcome back, everyone. So we left you in a bit
• 38:30
  Speaker 3: of a cliffhanger, and vd you let us know how
• 38:32
  Speaker 3: we're going to maintain or even get to our savings goal.
• 38:36
  Speaker 3: Of one hundred k.
• 38:37
  Speaker 1: We're trying. We're trying, and I feel like there have
• 38:40
  Speaker 1: been some glaring oversights in the first half of the episode. Sure,
• 38:45
  Speaker 1: and we've just mentioned some things like how do we
• 38:47
  Speaker 1: build ongoing skills to maintain good savings habits so that
• 38:50
  Speaker 1: we don't self sabotage? So would you like to get
• 38:53
  Speaker 1: into that? Yes, all right, So there are some things
• 38:56
  Speaker 1: that you can do to ensure that there aren't any
• 38:58
  Speaker 1: leaks in your budget or in your ongoing earnings. And
• 39:02
  Speaker 1: the first one it's super easy. Okay, you're gonna get
• 39:05
  Speaker 1: rid of by now, pay later.
• 39:06
  Speaker 3: Okay, that's really sad, is it?
• 39:09
  Speaker 1: Okay, we can do what's sad about it?
• 39:11
  Speaker 3: But I just love to have things now.
• 39:14
  Speaker 1: Okay, and at what cost?
• 39:16
  Speaker 3: God, that's a great question. VD. And see, there's a
• 39:19
  Speaker 3: little bit of work to do on me here. But
• 39:21
  Speaker 3: I will listen to you. I will listen to you.
• 39:24
  Speaker 1: That's okay. But like work in progress, still progress.
• 39:28
  Speaker 3: Exactly, still progress.
• 39:30
  Speaker 1: I'm not mad. Like literally, I think people think, oh
• 39:33
  Speaker 1: my god, Victoria would be so disappointed. No, Queen, like,
• 39:36
  Speaker 1: you're here, you're listening, you're trying, and like that's the
• 39:39
  Speaker 1: best thing that we can ask for right, so it
• 39:43
  Speaker 1: is easier said than done, I suppose, But like that
• 39:46
  Speaker 1: is putting you in such a bad position, like they
• 39:51
  Speaker 1: represent too much of our country's debt people, particularly across
• 39:55
  Speaker 1: US millennials and also gen zs. There's another one, super
• 39:59
  Speaker 1: boring but really important. Okay, do you have an emergency fund?
• 40:04
  Speaker 1: If not, I need you to set one up. And
• 40:07
  Speaker 1: we are slowly working our way towards having three months
• 40:10
  Speaker 1: of our living expenses in there. And I say this
• 40:12
  Speaker 1: because you might be well on your way to reaching
• 40:14
  Speaker 1: your goal, but then like life happens, pets get sick,
• 40:19
  Speaker 1: cars need repairing, and maybe you need a surprise wisdom
• 40:22
  Speaker 1: tooth out, and that's when your budget is going to
• 40:26
  Speaker 1: least expect it. For some reason in my life and
• 40:29
  Speaker 1: I don't know about your life back, but the big costs,
• 40:32
  Speaker 1: they're like wait in the background until you have already
• 40:35
  Speaker 1: just made a big purchase or you've already done something,
• 40:38
  Speaker 1: and then they're like, ah, what about me? And you're like,
• 40:39
  Speaker 1: oh my goodness, why why did you do that? Why
• 40:43
  Speaker 1: didn't you tell me about you the week before so
• 40:45
  Speaker 1: it could feel more in control.
• 40:46
  Speaker 3: Exactly exactly, that's what.
• 40:48
  Speaker 1: Our emergency fund is for right. An emergency fund can
• 40:51
  Speaker 1: help you remain on track so that you don't have
• 40:53
  Speaker 1: to dip into your investments to free up some cash,
• 40:55
  Speaker 1: so that you don't have to rely on a buy now,
• 40:58
  Speaker 1: pay later, so you don't have to rely on a
• 41:00
  Speaker 1: credit card, because if you keep going back to those
• 41:04
  Speaker 1: same habits that got you in trouble in the first place,
• 41:07
  Speaker 1: you're on a path to self sabotage, like you are
• 41:10
  Speaker 1: not helping future you. Yeah, I care a lot about future.
• 41:13
  Speaker 3: You, for sure. That's a really great call. We could
• 41:16
  Speaker 3: also think about like insurances. What about insurance, Like what
• 41:19
  Speaker 3: if you need to take some unexpected time off.
• 41:22
  Speaker 1: Exactly, and please make sure you check on your insurances
• 41:25
  Speaker 1: inside super, actually scratch that, just check on your super
• 41:29
  Speaker 1: as a whole. Let's have a look at everything. Check
• 41:31
  Speaker 1: to make sure that money is actually going in every
• 41:33
  Speaker 1: single payday and your employer is paying your super. Because
• 41:37
  Speaker 1: if you right now just trust that they're doing it
• 41:41
  Speaker 1: and they haven't, it's going to be a really big
• 41:44
  Speaker 1: problem down the line. And now we have payday super
• 41:47
  Speaker 1: that just means that every single time you get paid back,
• 41:50
  Speaker 1: money should be being deposited into your superannuation. If that
• 41:53
  Speaker 1: is not happening, bring it up with your employer asap. Also,
• 41:57
  Speaker 1: let's just make sure that we don't have more than
• 41:59
  Speaker 1: one account where we're paying exorbitant fees, and that you
• 42:03
  Speaker 1: aren't paying unnecessary fees on multiple accounts and for multiple insurances.
• 42:07
  Speaker 1: And you can do this through the ATO portal. And finally,
• 42:11
  Speaker 1: just make sure you're not bleeding fees. Compare your super
• 42:14
  Speaker 1: to other supers on the market. There's a website that
• 42:17
  Speaker 1: you can go to that is government run that just
• 42:19
  Speaker 1: compares your superannuation and make sure that the link is
• 42:21
  Speaker 1: in the show notes. But you could be getting the
• 42:24
  Speaker 1: same coverage. You could be getting the same performance for
• 42:26
  Speaker 1: less fees. Money win. Or you could go talk to
• 42:29
  Speaker 1: your friends at sky Wealth who'll sort all your insurances
• 42:32
  Speaker 1: for you. Easy money win, money win.
• 42:35
  Speaker 3: I hate surprise fees.
• 42:36
  Speaker 1: Everybody does. Don't worry, I know.
• 42:38
  Speaker 3: And so are there anyways to safeguard your savings?
• 42:41
  Speaker 1: Well, if you need a holding account for your savings
• 42:44
  Speaker 1: before any of it is invested, that sort of thing,
• 42:46
  Speaker 1: you might want to look at opening a high interest
• 42:48
  Speaker 1: savings account so that way your money is earning money
• 42:51
  Speaker 1: each and every single month based on the latest interest
• 42:54
  Speaker 1: rate which I just checked was excellent for savers. It's
• 42:57
  Speaker 1: more than five percent money win. You're recive for those
• 43:00
  Speaker 1: who have a mortgage, I see because like, if your
• 43:03
  Speaker 1: savings are doing well, your mortgage is usually a little
• 43:05
  Speaker 1: bit high and vice versa. But before you do, please
• 43:08
  Speaker 1: make sure that you've read the frime print to ensure
• 43:10
  Speaker 1: that you understand how your rate is affected and if
• 43:13
  Speaker 1: and when you need to withdraw it and what that
• 43:15
  Speaker 1: looks like. Our team read a really good blog recently
• 43:18
  Speaker 1: which was identifying the top five savings accounts in Australia
• 43:23
  Speaker 1: that don't have any hoops that you need to jump
• 43:25
  Speaker 1: through to get your interest. Go have a look at that,
• 43:28
  Speaker 1: so beg. I feel like we're running out of time,
• 43:31
  Speaker 1: But what do you think? Have I made the runway
• 43:33
  Speaker 1: to one hundred K a little bit more manageable? Actually
• 43:35
  Speaker 1: it was.
• 43:36
  Speaker 3: Pretty intimidating at the start, but it does seem more achievable.
• 43:40
  Speaker 3: Like I think it was the one hundred and thirty
• 43:41
  Speaker 3: eight dollars a week part that kind of did it
• 43:43
  Speaker 3: for me, especially when I think that oh yeah, you
• 43:45
  Speaker 3: can just like well not everyone, you can kind of
• 43:47
  Speaker 3: pick up a little side hustle here or there, just like, yeah,
• 43:50
  Speaker 3: I reckon, it's doable. I reckon it's doable, exactly.
• 43:52
  Speaker 1: And what a privilege is to have that opportunity. Yeah,
• 43:55
  Speaker 1: And these strategies can be applied whether you're in your
• 43:58
  Speaker 1: twenties or you're in your thirties, or you're even in
• 44:00
  Speaker 1: your forties, because they're actually not about age. They're just
• 44:03
  Speaker 1: about organizing a money habit. And to be honest, it
• 44:06
  Speaker 1: was a really good hook to be like one hundred
• 44:08
  Speaker 1: grand before thirty five. I knew I'd get you guys
• 44:10
  Speaker 1: with that one, because see listen, you're still here. Yeah,
• 44:13
  Speaker 1: hell so you still want to save money, So let's
• 44:16
  Speaker 1: just do that. And what if your goal isn't to
• 44:18
  Speaker 1: reach that one hundred k, maybe it's to reach a
• 44:21
  Speaker 1: million dollars in your superannuation, my friend, you can also
• 44:24
  Speaker 1: apply that to make your supernuation have a healthy balance
• 44:28
  Speaker 1: or hi cold goal on forever honestly lovely listeners. Unfortunately,
• 44:33
  Speaker 1: I'm so sorry this is all we have time for today.
• 44:35
  Speaker 1: But if you found a juicy, a little tipbit in
• 44:38
  Speaker 1: this episode, please tell a friend or leave us a
• 44:41
  Speaker 1: review wherever you get your podcasts. We'll be back on
• 44:43
  Speaker 1: Friday with another I would say, very entertaining edition of
• 44:46
  Speaker 1: Friday Drinks and until then, thank you for being here,
• 44:49
  Speaker 1: thank you for being part of our community, and have
• 44:52
  Speaker 1: a lovely week by guys. The advice shared on Cheese
• 44:59
  Speaker 1: on the Money is rural in nature and does not
• 45:01
  Speaker 1: consider your individual circumstances. She's on the Money exists purely
• 45:05
  Speaker 1: for educational purposes and should not be relied upon to
• 45:08
  Speaker 1: make an investment or financial decision. If you do choose
• 45:12
  Speaker 1: to buy a financial product, read the PDS TMD and
• 45:15
  Speaker 1: obtain appropriate financial advice tailored towards your needs. Victoria Divine
• 45:19
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