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Budgeting for Variable Income · She's On The Money

0:00
Speaker 1: She's on the Money. She's on the Money.
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Speaker 2: Hello, and welcome to She's on the Money, the podcast
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Speaker 2: for millennials who want financial freedom. Managing our budget and
0:21
Speaker 2: cash flow is probably the most important part of nailing
0:24
Speaker 2: our finances. If we don't understand our cash flow, then
0:27
Speaker 2: we can't create a plan for our money. And if
0:29
Speaker 2: we don't have a plan for our money, then we're
0:31
Speaker 2: like me on a road trip without Google Maps.
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Speaker 3: Yeah loss, Yeah, agreed, And I would say it's not
0:37
Speaker 3: like one of the most. I would say it is
0:39
Speaker 3: the most, But yeah, carry.
0:41
Speaker 1: On great well.
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Speaker 2: Budgeting is hard enough to nail at the best of times.
0:44
Speaker 2: It is made a whole lot harder when you don't
0:47
Speaker 2: earn the same income week in and week out.
0:50
Speaker 4: True.
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Speaker 1: Gking, my name.
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Speaker 2: Is Georgia King, and today to get to the bottom
0:55
Speaker 2: of how to budget if we are casual workers, freelancers,
0:58
Speaker 2: seasonal workers, or anyone who's in fluctuates from paypacket to
1:01
Speaker 2: pay packet, is financial advice of Victoria define the flesh
1:06
Speaker 2: out for us why this is such an important topic.
1:09
Speaker 3: Gee, you are not wrong. It's a topic that impacts
1:12
Speaker 3: such a significant number of our community, and arguably even
1:15
Speaker 3: more after COVID. As you said, it's casual workers and
1:19
Speaker 3: freelancers just like you, but it's people who might earn
1:22
Speaker 3: overtime occasionally, or who might run small businesses, or might
1:25
Speaker 3: have different incomes based on the time of the year.
1:27
Speaker 3: Variable incomes are just so common and need to be
1:30
Speaker 3: something we're talking more about and how to manage properly.
1:33
Speaker 3: So I saw you in the Facebook group this week
1:36
Speaker 3: having a little bit of a dig around asking some questions.
1:39
Speaker 3: Yes post, yeah, I did. I saw you posted in
1:42
Speaker 3: the group recently about this, and you had so many
1:45
Speaker 3: replies and so many questions, and so I know from
1:49
Speaker 3: that that it is a super relevant convo to be
1:51
Speaker 3: having together. And the reason it's so important that we
1:54
Speaker 3: get on top of things if we do earn an
1:56
Speaker 3: inconsistent income is that we need to make sure that
1:58
Speaker 3: we're looking after our selves. If we earn five thousand
2:01
Speaker 3: dollars one month, but then two hundred dollars the next,
2:04
Speaker 3: we need to make sure that we're not spending all
2:06
Speaker 3: of that five grand that we owned the first month. Similarly,
2:09
Speaker 3: I know we have some regional based listeners who work
2:12
Speaker 3: on farms, and that's obviously an incredibly seasonal industry, So
2:16
Speaker 3: we need to make sure that we do have a
2:17
Speaker 3: plan for our money so that we covered in the
2:19
Speaker 3: down months.
2:20
Speaker 2: We also know from our data fat and remember we
2:23
Speaker 2: did that census in twenty twenty twenty, Yeah we did.
2:26
Speaker 3: Yeah, we did a twenty nineteen one, a twenty twenty one,
2:29
Speaker 3: and you best believe it, there'll be a twenty twenty
2:31
Speaker 3: one one.
2:31
Speaker 1: Bu la la.
2:32
Speaker 2: Well, we know from the past census is that we've
2:35
Speaker 2: done the sense site that we do have an incredible
2:38
Speaker 2: amount of UNI students in our community and a lot
2:40
Speaker 2: of them do work casually, and then we also have
2:43
Speaker 2: a lot of students who go on placement for long
2:45
Speaker 2: periods of tire that dot we're frustrating.
2:47
Speaker 3: And I know that you've got friends, because I know
2:50
Speaker 3: your friends, and some of them are nurses and they
2:53
Speaker 3: have to go on these massive unpaid placements, and that
2:56
Speaker 3: is such an ask.
2:57
Speaker 1: Oh, one hundred percent, that's a lot.
2:59
Speaker 3: Of privilege to be asking for, Hey, can you give
3:01
Speaker 3: us a whole heap of unpaid time?
3:03
Speaker 4: Like what in the world?
3:04
Speaker 2: Entering the real world in quotation marks is quite difficult,
3:08
Speaker 2: I guess.
3:09
Speaker 1: You could say. So.
3:10
Speaker 2: The idea here is this chat today will help those
3:13
Speaker 2: students and all of our listeners really figure out what
3:16
Speaker 2: to do with their income when it does go up
3:18
Speaker 2: and down, so that people don't fall into the mindset
3:21
Speaker 2: of being like, oh, I'll just be better with my
3:22
Speaker 2: money when they have a quote unquote real job.
3:25
Speaker 3: No, you know, an mindsent We want to get on
3:27
Speaker 3: top of it right now.
3:28
Speaker 4: You are absolutely correct.
3:29
Speaker 2: So to make today's episode as digestible as possible, we
3:33
Speaker 2: will be breaking it down into five steps to nailing
3:35
Speaker 2: your budget on a variable income. And then in the
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Speaker 2: second half of the show, I'm going to be peppering
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Speaker 2: some of our community questions at UV.
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Speaker 1: So let's run through. Let's go start with step one.
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Speaker 3: Okay, So Step one is and I've thought about this
3:49
Speaker 3: good and hard as you would know, I've been yelling,
3:53
Speaker 3: not yelling, but I've been having heated conversations in the
3:56
Speaker 3: office being like, what are the steps? How do you
3:58
Speaker 3: think that we are going to make the moist out
4:00
Speaker 3: of this podcast? Because I think that you need to
4:02
Speaker 3: walk away with tangible things that you can action after
4:04
Speaker 3: listening to one of our podcasts. So step one is
4:07
Speaker 3: establishing your outgoings and discretionary and non discretionary spending. I've
4:12
Speaker 3: said this before about you know, normal cash flow and budgeting,
4:15
Speaker 3: but it is particularly important when you have a variable income.
4:19
Speaker 3: So we want to get a super clear idea of
4:21
Speaker 3: where you're spending each and every single month. Not necessarily
4:24
Speaker 3: what discretionary looks like, but what are your essential costs.
4:29
Speaker 4: Go through and.
4:30
Speaker 3: List what you pay on rent, your mortgage, your food,
4:32
Speaker 3: your bills, your insurances, etc. All of those essential expensive
4:36
Speaker 3: parts of life that you need to pay for non negotiably.
4:40
Speaker 3: It's also really important in budgeting, no matter if you're
4:42
Speaker 3: on a regular or variable income, that you establish where
4:45
Speaker 3: you're spending your money non essentially. Think of gym membership,
4:48
Speaker 3: just getting you nails done me when I used to
4:50
Speaker 3: get my lashes done, streaming services, online shopping, extra drinks
4:55
Speaker 3: when you go out, coffees, all of these things. While
4:57
Speaker 3: I'm not saying they are negative, they are just discretionary.
5:00
Speaker 3: So if we are having a little bit of a
5:02
Speaker 3: tighter month, those are things we could cut back on
5:05
Speaker 3: very easily without compromising the roof over our heads. So
5:09
Speaker 3: before we can map out a budget, we really need
5:11
Speaker 3: to have a clear understanding of the money that we
5:13
Speaker 3: have coming in and the money that we have going out,
5:17
Speaker 3: and later on we can see if our budget is
5:18
Speaker 3: suited to the amount we are spending on those non
5:21
Speaker 3: essential items, and if we're spending beyond our means, then
5:24
Speaker 3: it's maybe time to cut back a little bit. V.
5:26
Speaker 1: I know what you're going to say next. Okay, what
5:29
Speaker 1: this does come up?
5:30
Speaker 3: Okay, well, why don't you just take it over?
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Speaker 2: So V is going to suggest that the way that
5:36
Speaker 2: we establish what our discretionary shee slurs and non discretionary
5:41
Speaker 2: spending items are is to print out three to six
5:43
Speaker 2: months of our spending accounts. Okay, grab a highlighter, grub
5:48
Speaker 2: a couple of highlighters, highlight everything you've spent money on
5:51
Speaker 2: that you didn't need.
5:52
Speaker 1: To spend out.
5:53
Speaker 4: That's exactly what I'm going to say.
5:54
Speaker 2: Combine that together and there you go. There you're discretionary spending.
6:00
Speaker 3: Yeah, absolutely, not discretionary and non discretionary. I feel a
6:03
Speaker 3: little bit attacked, But if you've done my online course,
6:06
Speaker 3: you know that I would take you through that blow
6:08
Speaker 3: by blow because it is such an important piece to
6:11
Speaker 3: do because it really reflects to you what your values
6:14
Speaker 3: are and what you're actually on. So, yes, that's called
6:17
Speaker 3: a bank account audit by the way, Georgia bank account,
6:20
Speaker 3: bank account audit, and.
6:21
Speaker 1: Just to establish really clicks.
6:22
Speaker 3: I just made it up, by the way, that's not
6:24
Speaker 3: like your official term. I just made this idea of
6:27
Speaker 3: a bank account audit up and getting texts and coloring
6:30
Speaker 3: it in. I'm sure other people do something very similar,
6:32
Speaker 3: but I just want it right in your face.
6:34
Speaker 1: Shut shut.
6:35
Speaker 2: You've got discretionary non discretionary. What's the difference which ones which?
6:39
Speaker 3: So a discretionary item is something that you can choose
6:42
Speaker 3: to spend money on or choose not to spend money on.
6:44
Speaker 3: So that's like coffees and hair and nails and shoes
6:47
Speaker 3: and non essential spending. And then you've got your non
6:51
Speaker 3: discretionary spending, which is things that you don't have a
6:55
Speaker 3: lot of choice sofar. So whilst you know, we could
6:58
Speaker 3: argue that rent and mortgage is there's choice behind them.
7:01
Speaker 3: I get that, but month to month they're set fees
7:03
Speaker 3: that if you've already committed to them, we have to pay.
7:06
Speaker 3: So therefore you would have a base level of income
7:08
Speaker 3: that you need to derive to cover your expenses for
7:11
Speaker 3: that month. Because you need to keep a roof over
7:13
Speaker 3: your head, you need to pay your bills, and you
7:14
Speaker 3: need to put food on the table. So for me,
7:17
Speaker 3: those are those essential items that we can't budge on.
7:20
Speaker 1: Fabulous.
7:21
Speaker 2: Let's move on to step two, which is establishing your
7:25
Speaker 2: average income us through.
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Speaker 3: This one so you're right, we do need to establish
7:29
Speaker 3: our average income.
7:31
Speaker 4: We need to.
7:31
Speaker 3: Establish that because we need to ask ourselves what we
7:34
Speaker 3: think we're going to make and what we're actually going
7:36
Speaker 3: to make in a typical month. And the reason we
7:39
Speaker 3: need to do that is because we can't keep guestimating
7:42
Speaker 3: and when we have a variable income, it is so
7:44
Speaker 3: easy to get caught up and go, oh gee, I've
7:47
Speaker 3: had a really good month, let's go out for dinner,
7:49
Speaker 3: Let's do this, let's do that. But we actually need
7:52
Speaker 3: to remember that that money isn't ours to spend just
7:55
Speaker 3: to get because what if we have no money or
7:58
Speaker 3: no income next month. We really need to be thinking
8:01
Speaker 3: of future us and putting future us first. And this
8:04
Speaker 3: is not like having an emergency fund, So having an
8:07
Speaker 3: emergency fund is separate to that. Also, incredibly recommended is
8:11
Speaker 3: the number one thing that I want everybody to have.
8:14
Speaker 3: But making sure you know your average income so that
8:17
Speaker 3: you can maybe stockpile a couple of months in your
8:19
Speaker 3: cash hub and actually have that cash there. So if
8:22
Speaker 3: you don't have a heap of income coming in one month,
8:25
Speaker 3: you're okay, that's all right. It might be a little
8:27
Speaker 3: bit stressful, but you've already worked out that because you're
8:30
Speaker 3: on a variable income. That might be the case. And
8:32
Speaker 3: this can happen for so many people. You might be
8:34
Speaker 3: a seasonal worker. It might be UNI break. You might
8:37
Speaker 3: have gone on UNI break in your back your parents'
8:39
Speaker 3: house for a little while, and you know you're not
8:42
Speaker 3: working as much because you don't pick up as many
8:43
Speaker 3: shifts because at school, holidays or something, or you want
8:46
Speaker 3: to go on break. Like, we need to think about everything,
8:49
Speaker 3: and variable income doesn't just mean you don't know what
8:52
Speaker 3: to expect. It also means you just have different amounts
8:55
Speaker 3: coming in each and every single month, and that is
8:58
Speaker 3: so hard to predict. So the way you can figure
9:00
Speaker 3: this out is going back and looking at your income
9:03
Speaker 3: over the last three to six months and then averaging
9:06
Speaker 3: that out by literally adding it all together and then
9:08
Speaker 3: dividing it by the amount of months that you chose
9:11
Speaker 3: to do an average over or taking the lowest month's
9:14
Speaker 3: income and using that as your baseline, and then once
9:18
Speaker 3: you have your numbers, or what we're going to call
9:20
Speaker 3: a baseline, you can start framing a budget around that figure.
9:24
Speaker 3: And what that means is you're going to have this
9:26
Speaker 3: baseline of what you actually need to derive versus what
9:30
Speaker 3: is actually coming in on average, so that we can
9:33
Speaker 3: start to feel a little bit more stable in the
9:36
Speaker 3: income that's coming in versus what might be because as
9:39
Speaker 3: I said before, it is so easy to get frustrated
9:42
Speaker 3: when you don't have enough income coming in one month.
9:44
Speaker 3: And also you can just be a bit splurgy one
9:47
Speaker 3: month if you have more income then normally comes in.
9:50
Speaker 3: We tend to forget about future us and we go,
9:52
Speaker 3: oh my gosh, it's been so long since I've been
9:54
Speaker 3: able to do xyz. Whereas that's an opportunity in my eyes,
9:57
Speaker 3: to put yourself ahead so that that feel doesn't happen again.
10:01
Speaker 2: That really goes against human nature. I feel like every
10:05
Speaker 2: time I get paid, I'm like, oh my god, I'm
10:07
Speaker 2: filthy rich, Like I'm not. I'm not like, Okay, this
10:10
Speaker 2: is my opportunity to create a plan for future me.
10:12
Speaker 3: Like that doesn't quit no, and it's not something that
10:15
Speaker 3: normally comes naturally it is not human nature to do that.
10:19
Speaker 3: That's why we, you know, eat in abundance. Like if
10:22
Speaker 3: someone put this massive plate in front of you, my gosh,
10:25
Speaker 3: it was delicious food, you would eat as much of
10:27
Speaker 3: it as possible. And that's where that treat your self
10:30
Speaker 3: mentality comes from. And whilst I totally can get behind
10:33
Speaker 3: looking after yourself and self care, I just don't believe
10:36
Speaker 3: that putting future you first mean spending all the money
10:39
Speaker 3: that came in one month because you quote deserve it.
10:41
Speaker 3: I really think it's like shooting yourself in the foot
10:44
Speaker 3: and saying, oh, but I deserve it. Okay, So you're
10:47
Speaker 3: saying that right now you deserve to spend all the
10:49
Speaker 3: money that you've just worked your butt off to get
10:52
Speaker 3: so that in the future you have the same problem
10:54
Speaker 3: that you had the months before, where you were overly stressed.
10:57
Speaker 3: You know, you were upset, you couldn't sleep, you couldn't
10:59
Speaker 3: do all of these things because we didn't have sufficient
11:01
Speaker 3: cash flow. You're saying you're being gifted this opportunity to
11:04
Speaker 3: get ahead and you want to blow it going out
11:06
Speaker 3: for drinks with girls. Please don't get me wrong, I'm
11:09
Speaker 3: not you know, trying to crucify lifestyle choices. But I
11:13
Speaker 3: also think that we need to remember that future us
11:16
Speaker 3: is really important and we really.
11:18
Speaker 4: Need to put them first. Yeah.
11:20
Speaker 3: Yeah, that's I'm pretty passionate about this topic, as here
11:24
Speaker 3: probably did.
11:25
Speaker 2: And I mean, we always talk about future you. It's
11:27
Speaker 2: why we're kios to set ourselves up for a financially
11:29
Speaker 2: free future.
11:30
Speaker 1: Yeah.
11:31
Speaker 2: Let's move on, though, V to step number three, which
11:34
Speaker 2: is establishing a good banking structure.
11:37
Speaker 3: Okay, this is the number one thing that I think
11:40
Speaker 3: impacts the way we manage our cash flow. And I
11:43
Speaker 3: have an entire online course about this. This episode is
11:46
Speaker 3: not about that, but I would take you through the
11:48
Speaker 3: entire structure of what I do, and I actually teach
11:51
Speaker 3: you how to do it, but also automate the entire thing,
11:53
Speaker 3: which is honestly chef's kiss. Most of us don't want
11:58
Speaker 3: to do it ourselves. Cool, let me do it. Created
12:00
Speaker 3: a tool for that money win. But when you are
12:03
Speaker 3: going to establish a good cash flow, the number one
12:06
Speaker 3: thing I want you to do is have what is
12:08
Speaker 3: called a cash hub, and that is a centralized account
12:12
Speaker 3: that all your money comes into and.
12:14
Speaker 4: Goes out of.
12:15
Speaker 3: It's kind of like the what would you call it
12:18
Speaker 3: like the space station or whatever.
12:21
Speaker 1: Yeah, it's a bit fun.
12:22
Speaker 3: Yeah it's not as fun as I wanted it to be,
12:24
Speaker 3: but we're going to go with it. But it is
12:25
Speaker 3: that hub where everything needs to come into. But you
12:29
Speaker 3: don't have a debit card associated with that account, so
12:32
Speaker 3: you can't just go, oh, oh, my money's been paid,
12:35
Speaker 3: I can just start spending. You've got to actively go
12:38
Speaker 3: in there and transfer it to other accounts and actually
12:40
Speaker 3: transfer it to your savings, to your spending, to what
12:44
Speaker 3: you're actually needing, as opposed to going and just tapping
12:48
Speaker 3: away and not really thinking about it too much. So
12:51
Speaker 3: having this cash hub and side note hypothetically, because I
12:55
Speaker 3: obviously can't give advice on this podcast, Georgia, hypothetically if
12:59
Speaker 3: you had a more that would be a really great
13:01
Speaker 3: offset account so that your money is working as hard
13:03
Speaker 3: for you as you do for it. But back on track,
13:07
Speaker 3: that cash hub is going to enable you with a
13:09
Speaker 3: level of financial freedom because if one month you don't
13:13
Speaker 3: actually have the income that you want to have or
13:16
Speaker 3: need to have to cover your expenses, money hopefully has
13:19
Speaker 3: been banking up in there so that you can transfer
13:21
Speaker 3: it to your spending account even though you didn't get
13:24
Speaker 3: paid and still cover all your rent, cover all your bills,
13:26
Speaker 3: and be financially secure.
13:29
Speaker 2: So I guess b that really puts a barrier between
13:31
Speaker 2: you and impulse spending. As we were kind of talking
13:33
Speaker 2: about before, how everyone feels they're rich on payday.
13:36
Speaker 3: Absolutely, and that's why you don't have it brought into
13:39
Speaker 3: your main account, and you don't have a debit card
13:42
Speaker 3: associated with the account that you would get your income into.
13:45
Speaker 3: And that's why I have then a spending account. And
13:48
Speaker 3: you know, if you really want me to spell it out,
13:51
Speaker 3: definitely go and have a look at the online course
13:52
Speaker 3: where I literally tell you all the bank accounts you
13:55
Speaker 3: need for what saving schools you've gotten exactly to the dollar,
13:58
Speaker 3: how much you need to put in each and every
13:59
Speaker 3: single one of them. But for me, having that cash
14:03
Speaker 3: hub and then having an everyday spending account where you
14:06
Speaker 3: only transfer the money that you need, helps you really
14:09
Speaker 3: think about the money and financial decisions that you're making
14:12
Speaker 3: and what they actually mean.
14:14
Speaker 1: Primo.
14:14
Speaker 2: Okay, let's move on to step four, creating an emergency fund.
14:20
Speaker 1: No surprises that this this is going to be there.
14:22
Speaker 3: I'm actually surprised that I ended up putting it as
14:24
Speaker 3: step number four because I'm so passionate. But did you
14:27
Speaker 3: notice I swindled it into the earlier conversations about how
14:31
Speaker 3: you needed one?
14:31
Speaker 4: Earlier?
14:32
Speaker 1: I did? I did you wealth We're going to talk
14:34
Speaker 1: about that later. Stopping it all the way.
14:35
Speaker 3: Now you're giving all the secrets away. I'm not I promise.
14:39
Speaker 3: An emergency fund should be absolutely no secret. Absolutely everyone
14:43
Speaker 3: should have one or be working towards creating one, and
14:47
Speaker 3: this should have been step number one, like, let's be honest,
14:50
Speaker 3: but it wasn't because we're talking about cash flow, not
14:52
Speaker 3: about emergency funds. But it's so important because in case
14:56
Speaker 3: we mark up the maths around something or unexpectedly run
14:59
Speaker 3: into an exp Ben saw a spot of trouble, we're
15:01
Speaker 3: covered for it, like an emergency account is for that.
15:05
Speaker 3: It's for emergencies. And recently in our Facebook group, we've
15:08
Speaker 3: actually had some people who have been using their emergency
15:11
Speaker 3: fund so, which has been great. I'm very happy that
15:13
Speaker 3: you've had them. But the questions have been around like, oh,
15:16
Speaker 3: v I feel really guilty because you know my emergency
15:18
Speaker 3: fund's down. It's like no, no, no, never feel guilty
15:22
Speaker 3: for using your emergency fund for emergency expenses. Because that's
15:26
Speaker 3: what it's there for. Let's celebrate the fact that you're
15:28
Speaker 3: not in debt because of an unexpected cost, and that
15:32
Speaker 3: you're not financially struggling, and let's reflect on the privilege
15:35
Speaker 3: that you had to just go. Do you know what,
15:37
Speaker 3: I've got the cash for that. My tire might have blown,
15:40
Speaker 3: i might have had to have roadside assists come out,
15:42
Speaker 3: but I'm not financially in a worse off position because
15:45
Speaker 3: that happened to me, when for so many people that
15:49
Speaker 3: could have been something that really crippled their savings ability
15:51
Speaker 3: this month, or you know, crippled them being able to
15:54
Speaker 3: pay and put groceries on the table. Like for me,
15:57
Speaker 3: I think an emergency fund is really really important. Again,
16:01
Speaker 3: the amount is going to vary depending on your preference
16:03
Speaker 3: and what is important to you and how that works,
16:06
Speaker 3: but in general, the prescription is three months worth of
16:09
Speaker 3: living expenses and you know, whatever works for you. I've
16:12
Speaker 3: got clients who have two thousand doults in their emergency fund.
16:15
Speaker 3: I've got one client who has three years worth of
16:17
Speaker 3: expenses in her emergency fund. It is different for everybody,
16:21
Speaker 3: so there's no one size fits or answer there.
16:23
Speaker 2: I'm sorry and The last step here is step five five,
16:27
Speaker 2: and so that's setting up our budget and adjusting it accordingly.
16:31
Speaker 3: Now you've gone in set up an emergency fund or
16:34
Speaker 3: you're seriously considering it, which you all should be. And
16:37
Speaker 3: we know what your average monthly income is and what
16:39
Speaker 3: your outgoings are, we can set up a budget that
16:42
Speaker 3: is much the same as a regular budget income Ewner
16:45
Speaker 3: would have, so there's no real secrets when it comes
16:48
Speaker 3: to irregular income. And I think that a lot of
16:50
Speaker 3: people are going to be listening to this and think
16:52
Speaker 3: Victoria is going to have the key to our kingdom.
16:55
Speaker 4: She's going to tell us exactly.
16:56
Speaker 3: What's going on. And in reality, I'm just going to
16:58
Speaker 3: tell you budget, understand your income, understands your expenses, and
17:02
Speaker 3: we can put away money for future because sometimes income
17:07
Speaker 3: is not regular and that's okay. Was actually having this
17:10
Speaker 3: conversation complete sidetrack, But I was having this conversation with
17:14
Speaker 3: Ryan John the other day because we've just established a
17:17
Speaker 3: brand new business and a podcast called The Business Bible,
17:20
Speaker 3: which I'm very excited about, by the way, and he
17:23
Speaker 3: was saying that he has a friend who has a
17:25
Speaker 3: pub here in Melbourne and day to day they literally
17:29
Speaker 3: just break even like every day, like they don't make
17:32
Speaker 3: massive profit, but every Saint Patrick's Day they make mega profit.
17:36
Speaker 3: Like they are out in the car park, they have
17:39
Speaker 3: set up my keys, they have you know, this fancy
17:42
Speaker 3: band that comes. They do this massive thing. They make
17:45
Speaker 3: mega profit and for that year, that's where a majority
17:48
Speaker 3: of their profit comes from.
17:49
Speaker 1: But getting into the.
17:50
Speaker 3: Business, they knew day to day we're just going to
17:53
Speaker 3: break even. There's not going to be any sexy profits here.
17:56
Speaker 3: There are anywhere, but when it comes to Saint Pat's Day,
17:59
Speaker 3: that's when we go to rake it in. And that is,
18:02
Speaker 3: I guess a really good example and something that I
18:05
Speaker 3: found really interesting because it's genuine. But that profit that
18:09
Speaker 3: doesn't just mean, oh my gosh, one day we made
18:11
Speaker 3: this massive profit. We can start spending like crazy because
18:14
Speaker 3: we've just done this spat s Day thing, Like you
18:16
Speaker 3: need to average that out over the year and make
18:19
Speaker 3: sure that you can meet staff, payroll and you can,
18:22
Speaker 3: you know, pay for your expenses and know what's coming
18:25
Speaker 3: in and what's going out and what is a good
18:27
Speaker 3: profit for this business. And I think you need to
18:29
Speaker 3: start thinking about your income as a little bit of
18:32
Speaker 3: a business, especially if it's irregular. Like, just because you've
18:35
Speaker 3: had a massively profitable month one month doesn't mean you
18:38
Speaker 3: should go and blow it because we need to protect
18:41
Speaker 3: that business, We need to protect that structure, and you know,
18:44
Speaker 3: buffet up a little bit. So having a buffer in
18:47
Speaker 3: your cash hub is going to really really help. But
18:50
Speaker 3: at the end of the day, setting up a budget
18:52
Speaker 3: is about knowing what's coming in, what is going out,
18:55
Speaker 3: what you earn, what you spend, and how that's impacting
18:58
Speaker 3: what's coming into your banking count. And from there we're
19:01
Speaker 3: able to then go, okay, cool, I need gee, I've
19:05
Speaker 3: worked it all out. I need sixteen hundred dollars a
19:08
Speaker 3: month to pay my rent, to pay my bills, to
19:10
Speaker 3: put food on the table. That doesn't include discretionary costs.
19:14
Speaker 3: But if I lost my job tomorrow or I had
19:16
Speaker 3: no income, it's okay, I don't really need to go
19:18
Speaker 3: out for coffee or just have the next cafe that
19:20
Speaker 3: I think's in the back of the pantry. That'll be fine,
19:23
Speaker 3: But sixteen hundred bucks needs to come in. Whereas you
19:26
Speaker 3: know average monthly income, you might actually get two and
19:30
Speaker 3: a half thousand dollars, and you want to you know
19:32
Speaker 3: average that out. But what if you did a really
19:34
Speaker 3: big freelance month and you had five grand coming in.
19:37
Speaker 4: That doesn't mean you go buy.
19:38
Speaker 3: A new iPad and you go and treat yourself or go, oh,
19:41
Speaker 3: you know what, I've really wanted this, this is now
19:43
Speaker 3: the time to treat myself. I guess I'm trying to
19:46
Speaker 3: really just say we need to look after a future
19:48
Speaker 3: us and not be too impulsive with our spending, especially
19:52
Speaker 3: when we feel like we've been hanging out for a
19:54
Speaker 3: really big payday.
19:56
Speaker 2: See what if we've kind of undersold ourselves a little
19:59
Speaker 2: and we kind of we foresaw that we would earn
20:04
Speaker 2: sixteen hundred dollars a month as we suggested earlier, but
20:07
Speaker 2: we do have that four grand month, and then that
20:09
Speaker 2: happens again and again. What do we do with that
20:13
Speaker 2: surplus money? Are we meant to invest it?
20:14
Speaker 1: Save it?
20:15
Speaker 3: That's literally a golden question. So for me, I would
20:19
Speaker 3: want to see that consistently. If you know your income
20:22
Speaker 3: has increased, great, let's talk about lifestyle creep and making
20:25
Speaker 3: sure that we're not actually experiencing too much lifestyle creep.
20:29
Speaker 3: But that's going to be up to your personal financial goals.
20:33
Speaker 3: Is your goal to invest great? Then let's talk about investing.
20:36
Speaker 3: Is your goal to save fantastic, Let's start saving for
20:39
Speaker 3: that goal. But the number one thing I would say
20:42
Speaker 3: is emergency fund. Emergency fund, emergency fund, Like, get that
20:45
Speaker 3: established and sitting there so you can feel a little
20:48
Speaker 3: bit more financially secure. And then the second thing I'd
20:51
Speaker 3: want you to do, if you have a variable income
20:53
Speaker 3: is build up that cash buffer a little bit so
20:56
Speaker 3: that you do have a little bit of money to
20:58
Speaker 3: fall back on if one month you don't actually have
21:01
Speaker 3: as much income, Like what if your expenses are sixteen
21:03
Speaker 3: hundred dollars in a month like I was exampling before,
21:06
Speaker 3: but you actually only aren't twelve hundred dollars that month.
21:09
Speaker 3: I don't want you to feel like you can't make rent.
21:12
Speaker 3: I want you to have a little bit of a
21:13
Speaker 3: buffer in your cash hub, so no worries, I've still
21:16
Speaker 3: got that sixteen hundred dollars like a make rent, I
21:18
Speaker 3: can put food on the table.
21:19
Speaker 4: I'm all good.
21:21
Speaker 3: I don't want you to have to dip into an
21:23
Speaker 3: emergency fund, because this shouldn't be an emergency. An emergency
21:27
Speaker 3: is an unforeseen circumstance, not you not budgeting properly, So
21:32
Speaker 3: I think we really need to differentiate those two things,
21:35
Speaker 3: and go, oh, V, why are you saying that we
21:37
Speaker 3: need to have money in our cash hub if I've
21:38
Speaker 3: got an emergency fund, because ideally we don't have to
21:41
Speaker 3: touch our emergency fund unless it's a genuine emergency. Whereas
21:45
Speaker 3: a cash hub is going to have enough cash so
21:48
Speaker 3: that cash can flow in and out of your account
21:50
Speaker 3: seamlessly and cover your expenses and cover your bills and
21:54
Speaker 3: make you comfortable.
21:55
Speaker 1: Beautifully said there V.
21:57
Speaker 2: Okay, So to recap the five steps up, establish your outgoings,
22:02
Speaker 2: establish your average income, establish a good banking structure.
22:07
Speaker 1: Establish an emergency.
22:09
Speaker 2: Fund that should have been number one still, and establish
22:13
Speaker 2: your budget and adjust it accordingly. Do you think I
22:16
Speaker 2: said establish enough?
22:17
Speaker 3: Then No, I don't think you did. What about emergency fund?
22:20
Speaker 3: Should I mention that again?
22:23
Speaker 4: Okay?
22:23
Speaker 3: So yeah, if you haven't thought about it yet, establish
22:26
Speaker 3: an emergency fund.
22:27
Speaker 1: Heaven.
22:27
Speaker 2: We will be back right after the break, guys to
22:29
Speaker 2: answer your community questions. So please don't go anywhere now.
22:42
Speaker 1: Guys.
22:42
Speaker 2: Please remember, if you are big fans of the show,
22:45
Speaker 2: we would so love it if you could leave us
22:47
Speaker 2: a little five star review in our tunes. Slash you know,
22:51
Speaker 2: write everything you love about us in the in the
22:54
Speaker 2: section fee.
22:55
Speaker 3: That'd be kind of kind kind of nice.
22:58
Speaker 1: It would be kind of kind I.
23:00
Speaker 3: Thought you were going to talk about good podcasts for
23:02
Speaker 3: a second, and I was like, oh my gosh, I've
23:03
Speaker 3: been listening to Yeah, I've got one for you. You're ready,
23:06
Speaker 3: morbid Morbid. Yeah, it's like a true crime podcast. But
23:10
Speaker 3: these but these two girls who talk about true crime
23:14
Speaker 3: and I'm totally into it.
23:15
Speaker 1: Who are the hosts of this speech? We give them
23:16
Speaker 1: a little shout.
23:17
Speaker 4: Out, we should.
23:18
Speaker 3: It's hosted by a woman called Elaina and a girl
23:21
Speaker 3: called Ashley or they call it ash on the podcast,
23:24
Speaker 3: and they totally grow on you. Like I've started from
23:27
Speaker 3: the very start, which is something I seldom ever do.
23:30
Speaker 3: I usually just like, start from the most recent ones
23:32
Speaker 3: here if I like it. But I went all the
23:33
Speaker 3: way back because i'd heard great things. Anyway, it's true
23:35
Speaker 3: crime podcast and I'm loving it. I'm so so bingey
23:40
Speaker 3: on stuff like this when I find a good podcast. Anyway,
23:42
Speaker 3: this has nothing to do with the show, but I'm
23:44
Speaker 3: really glad that we've included it. Moving glad out Wednesday,
23:48
Speaker 3: Deep Dives have gone back to including a whole heap
23:50
Speaker 3: of Georgia and Victoria banter. So slide into our DMS
23:54
Speaker 3: if you don't want us to bant on the Epps.
23:56
Speaker 4: But you know what, it's our EP. We'll do what we.
23:59
Speaker 1: Want that from you. Okay.
24:01
Speaker 2: My first question, this one's from me, your co host,
24:05
Speaker 2: so Starlo Hi, dont you to tell us how we
24:10
Speaker 2: should be investing if we do have an income that fluctuates,
24:13
Speaker 2: like my good self, tell me how to invest one
24:16
Speaker 2: more time.
24:17
Speaker 3: Being, I have told you so many times to invest
24:19
Speaker 3: where I don't even like this question anymore. But when
24:23
Speaker 3: it comes to investing on a variable income, it's the
24:26
Speaker 3: same as the budget question. Work out what your expenses are,
24:30
Speaker 3: then work out on average what you would like to
24:32
Speaker 3: contribute on a monthly basis, and go from there.
24:35
Speaker 4: There's no magic key or.
24:37
Speaker 3: Secret when it comes to investing on a flexible income.
24:40
Speaker 3: I mean, some months you might have a little bit more,
24:43
Speaker 3: but I don't want you investing more just because you
24:45
Speaker 3: have a heap of money coming in. I actually want
24:48
Speaker 3: you to be setting yourself up so future you is okay.
24:51
Speaker 3: And then at the end of you know, a six
24:53
Speaker 3: month period, if you're sitting on a really nice amount
24:56
Speaker 3: of money in your cash hub that is left over,
24:58
Speaker 3: then let's talk about what you can invest it in
25:00
Speaker 3: addition to what your already existing investment plan was. So
25:05
Speaker 3: I'm really sorry, but there's no sexy answer. It's just
25:08
Speaker 3: let's work out what, on average per month you would
25:11
Speaker 3: like to invest, what that looks like, and let's go
25:14
Speaker 3: from there.
25:14
Speaker 1: So it definitely doesn't mean you can't invest. It's all about.
25:17
Speaker 3: Understanding your money exactly distributing and you might say the
25:21
Speaker 3: I have an additional two hundred dollars a month and
25:23
Speaker 3: I really want to invest that and go great, g
25:25
Speaker 3: let's try and do that consistently so that could become
25:29
Speaker 3: a part of your budget and cash flow, so that
25:31
Speaker 3: in your cash hub we allocate for that regardless of
25:33
Speaker 3: whether your income is high or low that month, because
25:37
Speaker 3: we've planned and I know that it is a very
25:40
Speaker 3: privileged position to be in. Okay, cool, set this cash
25:42
Speaker 3: ub up and hopefully sit on a little bit more cash.
25:45
Speaker 3: But at the end of the day, if we really
25:46
Speaker 3: want to get in control of our money, we need
25:48
Speaker 3: to start acting like we really respect the money that's
25:51
Speaker 3: coming in and out of our accounts. And whilst it
25:55
Speaker 3: can be really hard to get there over time. Once
25:58
Speaker 3: we start functioning in the right stemps and with the
26:01
Speaker 3: right you know, with the right structures in place, we're
26:04
Speaker 3: actually able to create that financial security for ourselves regardless
26:08
Speaker 3: of our income.
26:09
Speaker 2: All right, My next question here is from Brianna V.
26:11
Speaker 2: And it links perfectly back to our little conversation about
26:15
Speaker 2: emergency funds earlier. So, as a person who has a
26:19
Speaker 2: variable income, she has incredible guilt around spending on emergencies
26:23
Speaker 2: from her emergency fund.
26:24
Speaker 4: No we talked about the Yes.
26:27
Speaker 2: Watching her savings take a hit really hurts because she
26:30
Speaker 2: doesn't know when she's going to be able to replenish it.
26:32
Speaker 2: So she's feeling awful, and that makes her feel really
26:35
Speaker 2: anxious because she's not sure she's going to need that
26:36
Speaker 2: money again soon for something even more important and more emergency.
26:41
Speaker 4: S and that can make you a bit stressy.
26:44
Speaker 2: Right Yeah, So I guess the question here is how
26:47
Speaker 2: does she get past this?
26:49
Speaker 3: Okay, First things first, your emergency fund is not your savings,
26:52
Speaker 3: absolutely not. We do not refer to emergency funds as
26:56
Speaker 3: savings because they are not. We are not sacrificing savings
27:00
Speaker 3: for emergencies. That's why our emergency fund exists, and we
27:03
Speaker 3: need to get rid of that guilt because that's what
27:06
Speaker 3: your emergency fund was for. Like, let's start seeing it
27:09
Speaker 3: as a massive privilege. If you've got an emergency fund,
27:12
Speaker 3: an emergency popped up and you needed to purchase something,
27:15
Speaker 3: or you needed to pay for something, or you know,
27:17
Speaker 3: something came up that.
27:18
Speaker 4: Required casholer how cool is.
27:21
Speaker 3: It that you had that sitting there and you didn't
27:24
Speaker 3: need to go into debt, You didn't need to borrow,
27:26
Speaker 3: you didn't need to call anybody and ask for help.
27:28
Speaker 3: Like we need to start going, how cool is it
27:31
Speaker 3: that served its purpose?
27:32
Speaker 2: So an emergency, just for complete clarification, isn't like, ah,
27:36
Speaker 2: I fell off a hill and broke my leg and
27:40
Speaker 2: that's the emergency. It can be like what Brianna's said
27:43
Speaker 2: here is that she really needed a new laptop for university.
27:45
Speaker 1: She was using her mum's.
27:46
Speaker 2: So that's a valid emergency. You don't just have to
27:48
Speaker 2: be look super injured or whatever.
27:50
Speaker 3: Yeah, no, no, no, And it could absolutely be a laptop.
27:52
Speaker 4: Like I remember, was it.
27:54
Speaker 3: You that tipped liquid all over the girl?
27:57
Speaker 4: Yeah it was you.
27:57
Speaker 1: You tipped under my fraense.
27:59
Speaker 3: Yeah, coffee, But you need them for work, and you
28:02
Speaker 3: need them for UNI, and you actually need them to function.
28:06
Speaker 3: They're not actually a luxury in your life. There actually
28:09
Speaker 3: a vehicle that enables you to generate an income or
28:12
Speaker 3: go to university and get an education. So for me, yep, great,
28:15
Speaker 3: If you need to buy a new laptop with your
28:16
Speaker 3: emergency fund, that is a okay, it is a non issue.
28:20
Speaker 3: But we just need to start plodding away at how
28:22
Speaker 3: we could potentially build that back up again. It is
28:25
Speaker 3: not savings though, and I think that that's where we
28:27
Speaker 3: start to feel really guilty because you look at it
28:30
Speaker 3: and go, oh my gosh, I feel so guilty. I've
28:31
Speaker 3: spent X amount on this new laptop. If you're really
28:35
Speaker 3: regretting that purchase, was it a choice or was it
28:38
Speaker 3: actually an emergency? So I think we need to think
28:41
Speaker 3: about our spending again. I'm probably going to recommend here
28:44
Speaker 3: putting twenty four hours between you and your spending, or
28:46
Speaker 3: as much time as possible. It's not hey, I really
28:49
Speaker 3: just want a new laptop, it's I actually need this.
28:52
Speaker 4: You know what? This is going to help me?
28:53
Speaker 3: Rarah, does that make sense totally?
28:56
Speaker 1: I think that will give Brianna a lot of cluric.
28:58
Speaker 4: Feeling guilty, my friend, and stop it. It doesn't help anybody.
29:02
Speaker 3: And that's what I think is really important to point
29:04
Speaker 3: out here, to stop feeling feelings that don't help us constructively.
29:08
Speaker 3: If you're feeling guilty, sorry, who does that help? It
29:11
Speaker 3: doesn't even help you. Cut it out. You're worth more,
29:14
Speaker 3: my friend.
29:15
Speaker 2: Our next question comes from Rachel Fee. How do we
29:18
Speaker 2: go about getting a home loan or finance when we're
29:21
Speaker 2: working on a variable income?
29:23
Speaker 3: That is absolutely okay. I actually have a very variable income,
29:27
Speaker 3: as my team know, and I think some of you
29:29
Speaker 3: who are keen listeners to She's on the Money, No,
29:32
Speaker 3: And it's all about just proving to the banks that
29:34
Speaker 3: you are a responsible being and you can manage your
29:37
Speaker 3: cash flow. So I think it's about having that cash
29:40
Speaker 3: hub and having your savings account set up and showing
29:43
Speaker 3: them cool. I might be variable, but here's my consistency.
29:47
Speaker 3: I'm a consistent person. This is how I manage my income.
29:49
Speaker 3: This is what's going on. But the best thing to
29:52
Speaker 3: do here is actually have a chat with a good
29:54
Speaker 3: mortgage broker, because a mortgage broker is going to be
29:56
Speaker 3: able to show you exactly what is required. My personal situation,
30:01
Speaker 3: which I'm really happy to talk about. I actually needed
30:04
Speaker 3: to provide two years worth of financial statements to show
30:07
Speaker 3: them that I was consistent and I was good at
30:10
Speaker 3: what I was doing, and that I wasn't, you know,
30:12
Speaker 3: irresponsible or I just started saving three months ago. So
30:16
Speaker 3: for me, it required two years of financials, and it's
30:19
Speaker 3: going to be different for everybody. I don't mean to
30:21
Speaker 3: terrify you with that, but I think it's important to
30:23
Speaker 3: be honest and truthful.
30:25
Speaker 1: Yeah mm hmm, we love honesty.
30:28
Speaker 2: Next one is from Emma, who's asked, what if you
30:30
Speaker 2: share finances with a partner and one of you has
30:33
Speaker 2: an income that fluctuate?
30:35
Speaker 3: Same same, work out your budget, work out what that
30:37
Speaker 3: cash hub looks like, what's going to come in, and
30:40
Speaker 3: how much you're both contributing to goals. I think the
30:43
Speaker 3: second you work out exactly what you need to be
30:45
Speaker 3: paying for, it makes it a little bit easier for
30:48
Speaker 3: you to actually go, okay, cool, my income fluctuates, but
30:51
Speaker 3: one month I've got more, so I'm just going to
30:53
Speaker 3: put a little bit more aside so that in those
30:55
Speaker 3: months that I don't have quote enough to contribute, you
30:58
Speaker 3: can top it up and actually make use of that
31:01
Speaker 3: money and essentially give yourself the consistency that you're craving.
31:04
Speaker 1: Now. Not to plug the course here, V, but.
31:07
Speaker 3: We do feel like I did awkwardly before and it
31:09
Speaker 3: wasn't meaning to, but I obviously it was.
31:11
Speaker 1: Gonna come up. Yeah, it's a podcast on budgeting and
31:13
Speaker 1: cash flow.
31:14
Speaker 3: Yeah, and like I spent ages writing that course so
31:17
Speaker 3: it would work for you, GA precisely.
31:19
Speaker 2: So the question here from Kira V is about that
31:22
Speaker 2: master class. Is it suitable for people who do have
31:24
Speaker 2: a variable income?
31:25
Speaker 3: Absolutely, it is great functions on that cash flow basis,
31:29
Speaker 3: and the way I work it out is on your
31:31
Speaker 3: base income. So the tool that I've created is a tool.
31:35
Speaker 3: It's not actually me going and do this and then
31:37
Speaker 3: subtract that and do this and then follow that, like
31:40
Speaker 3: I literally get you to put all of your expenses
31:43
Speaker 3: and what your savings goals are into a spreadsheet, and
31:46
Speaker 3: then in the back end, I've worked out this fancy
31:48
Speaker 3: formula literally fancy. Everyone that sees it's like wow, she's
31:53
Speaker 3: she can really dance, but a fancy formula that then
31:57
Speaker 3: tells you, Okay, these are the bank accounts, this is
32:00
Speaker 3: what's coming into this bank account. This is what should
32:02
Speaker 3: be going out on a weekly basis. This is what's
32:04
Speaker 3: in your cash hub. These are your monthly expenses. This
32:07
Speaker 3: is what you need to be building up. So I've
32:09
Speaker 3: got a number of people on variable incomes that use
32:11
Speaker 3: the course and use the spreadsheet and use my system
32:14
Speaker 3: and love it. I heard you were one of them.
32:18
Speaker 4: Mm hmm.
32:19
Speaker 1: Would definitely recommend. We will link in the show.
32:22
Speaker 4: Not so awkward.
32:23
Speaker 2: Hey, you gotta plug it and you know you know
32:27
Speaker 2: what we're talking about soon on the podcast what imposter Syndrome?
32:30
Speaker 2: I like that.
32:33
Speaker 3: Ready, But on the online course, if you use the
32:35
Speaker 3: code pod pod fifty, you get fifty bucks off the course.
32:39
Speaker 1: Love, Yes, thanks money.
32:41
Speaker 4: It's in the show notes so you don't have to
32:43
Speaker 4: remember that.
32:43
Speaker 1: It's all good, guys, perfect.
32:44
Speaker 2: All right, let's wrap the show. They're be budgeting for
32:47
Speaker 2: a variable income to surmise the whole show. It's hard,
32:51
Speaker 2: but it's not impossible.
32:52
Speaker 4: Absolutely not.
32:53
Speaker 3: It can actually be really easy once you got five
32:55
Speaker 3: steps in place to do.
32:56
Speaker 1: You want me to repeat what they are one the time?
32:57
Speaker 3: Yeah, I really do.
32:59
Speaker 2: Number one, establish your outgoings. Number two, establish your income.
33:03
Speaker 2: Number three, establish a good banking structure. Number four establish
33:06
Speaker 2: an emergency fund. Number five, establish your budget.
33:11
Speaker 3: And if you didn't think that we said establish enough,
33:14
Speaker 3: we definitely didn't talk about emergency fees enough.
33:16
Speaker 1: Don't leave negative reviews about either of those things.
33:18
Speaker 3: Ah, can you imagine if people like she recommended an
33:21
Speaker 3: emergency fund orful advice.
33:23
Speaker 1: I will also write a little blog post for us
33:26
Speaker 1: on those fives.
33:27
Speaker 3: Would love that, and I'm sure everybody that's listening would
33:30
Speaker 3: love that too, because all they got from that list
33:32
Speaker 3: that you just read out was the wordest establish.
33:34
Speaker 1: All right, via, that is all we have time for today.
33:37
Speaker 3: But just before we head off, we'd like to acknowledge
33:40
Speaker 3: and pay respect to Australia's Aboriginal and Torrestrate island. To
33:43
Speaker 3: people's the traditional custodians of the lands, the waterways and
33:46
Speaker 3: the skies.
33:47
Speaker 4: All across Australia.
33:48
Speaker 3: We thank you for sharing and for caring for the
33:50
Speaker 3: land which we are able to learn on. We pay
33:52
Speaker 3: respects to elders past and present, and we share our
33:55
Speaker 3: friendship and our kindness.
33:57
Speaker 2: And please remember, friends, that the advice shared on She's
34:00
Speaker 2: the Money is general in nature and doesn't consider your
34:02
Speaker 2: individual circumstances. Never now, She's on the money, exists purely
34:07
Speaker 2: for educational purposes and should not be relied upon to
34:10
Speaker 2: make an investment or a financial decision, and we promise.
34:13
Speaker 2: Vicky d is an authorized representative of Australia Pacific Funds
34:17
Speaker 2: Management Proprietary Limited ABN three four one three two four
34:21
Speaker 2: six three two five seven AFSL three three nine one
34:25
Speaker 2: five one And a big thank you to Tourney Ludge.
34:29
Speaker 2: Our ap legends get together.
34:33
Speaker 3: And we get to hang out or I get to
34:35
Speaker 3: hang out with her every day of the week. You
34:38
Speaker 3: you just get to see her on Tuesdays.
34:40
Speaker 1: Tuesday's, Thursdays, on occasion and it's a joy. It makes
34:42
Speaker 1: my week.
34:43
Speaker 4: You love your tone A she's listening to True Day.
34:48
Speaker 3: She's listening This was meant to be a recording that
34:50
Speaker 3: she got when she was editing it. But she's standing
34:52
Speaker 3: outside our studio. You know what we've done here, friends,
34:55
Speaker 3: We are doing a really good week.
34:56
Speaker 1: Bye, guys,