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She works hard for the money · She's On The Money

• 0:00
  Speaker 1: She's on the Money. She's on the Money.
• 0:12
  Speaker 2: Hello and welcome to She's on the Money, the podcast
• 0:15
  Speaker 2: for millennials who want financial freedom. This episode of She's
• 0:18
  Speaker 2: on the Money has been proudly brought to you by
• 0:20
  Speaker 2: our friends at eighty six four hundred, Australia's first ever
• 0:23
  Speaker 2: smart bank. But more on them later. My name is
• 0:26
  Speaker 2: Georgia King, a copywriter and TV assistant who has us
• 0:29
  Speaker 2: stacked to learn about money and as always, joining me
• 0:33
  Speaker 2: today is the brilliant, the wise, the wonderful finance wizard,
• 0:37
  Speaker 2: Miss Victoria Divine.
• 0:38
  Speaker 3: Hi.
• 0:39
  Speaker 1: V Oh, honestly, you need to calm down on these introductions.
• 0:42
  Speaker 1: I'll let you have an inch and you run a mile. Okay.
• 0:46
  Speaker 2: Today on the show, we are going to be immersing
• 0:48
  Speaker 2: ourselves in the awkward but necessary subject of pay rises,
• 0:52
  Speaker 2: helping you figure out when to ask for one and
• 0:54
  Speaker 2: how exactly to have the nerve racking chat with your boss.
• 0:57
  Speaker 2: Plus we'll delve into how you can make sure you
• 1:00
  Speaker 2: actually deserve one before going ahead and asking for it.
• 1:03
  Speaker 2: But before we get there, V, Money wins and Confessions.
• 1:07
  Speaker 2: How did you go this week?
• 1:07
  Speaker 1: Mate? All right? I am this season. Honestly, it's just
• 1:10
  Speaker 1: money when after money. I'm sorry if anyone wants to
• 1:14
  Speaker 1: hear my money confessions, I've hidden them all, only showing
• 1:17
  Speaker 1: my best self. It's Friday twenty so I told you
• 1:20
  Speaker 1: on another podcast that Morgan and I swapped gyms, right,
• 1:23
  Speaker 1: So this year we have been so committed and we've
• 1:26
  Speaker 1: been going very often. So cost per ware of our
• 1:29
  Speaker 1: Dum membership pretty high, pretty good. But to add to that,
• 1:34
  Speaker 1: Morgan and I used to go for sneaky eggs on
• 1:37
  Speaker 1: toast maybe once a week to scandalous.
• 1:40
  Speaker 2: Yeah, but like smashed up.
• 1:42
  Speaker 1: No notice about. We definitely want houses, but we are
• 1:45
  Speaker 1: in this position where we used to sneak at breakfast
• 1:48
  Speaker 1: maybe like on a Thursday or a Friday morning before work.
• 1:51
  Speaker 1: Treat yourself, but that's easily forty five dollars, bit snaky,
• 1:54
  Speaker 1: treat yourself whatever. I was going through the supermarket the
• 1:57
  Speaker 1: other day and I saw a microwave egg poke interesting
• 2:01
  Speaker 1: sale or worth here for it, purchased it. Now, I'm
• 2:05
  Speaker 1: Morgan and I have eggs every morning at work and
• 2:08
  Speaker 1: they taste cafe quality. They are cafe quality. Gee, you
• 2:12
  Speaker 1: actually like you don't know about this egg. I'm surprised.
• 2:14
  Speaker 1: What did you have for breakfast to.
• 2:16
  Speaker 2: Girls whipping up some googies this morning, and they have
• 2:18
  Speaker 2: a flawless yes.
• 2:20
  Speaker 1: Thank you. So now every day we're having poached eggs
• 2:23
  Speaker 1: on toast in the office and we can afford houses.
• 2:26
  Speaker 2: Yeah, honestly, girls, proud of you.
• 2:29
  Speaker 1: Tell me you've got a better money than being able
• 2:31
  Speaker 1: to afford house.
• 2:31
  Speaker 2: Look, it's not better than that, but mine this week
• 2:35
  Speaker 2: is a win as well. Not getting eggs this morning,
• 2:38
  Speaker 2: well that is a win, I say, for twenty bucks.
• 2:40
  Speaker 2: So one of my New Year's resolutions this year was
• 2:44
  Speaker 2: to do a little bit more yoga, get a little
• 2:46
  Speaker 2: bit more zen.
• 2:47
  Speaker 1: So I found this cea working with me. She needs
• 2:50
  Speaker 1: it too.
• 2:51
  Speaker 2: So I found this beautiful yoga studio on the Mornington Peninsula.
• 2:55
  Speaker 2: And admittedly it's quite expensive to go to just to
• 2:57
  Speaker 2: one of classes, but I was scrolling up on the
• 3:00
  Speaker 2: app and found that they have this ten class past
• 3:02
  Speaker 2: deal saving you ten dollars per session. So I've actually
• 3:05
  Speaker 2: saved myself like one hundred bucks because I literally love
• 3:08
  Speaker 2: it and I do go quite regularly, so I think
• 3:12
  Speaker 2: that's a win. Good word, it's treating myself, but no
• 3:14
  Speaker 2: still wit.
• 3:15
  Speaker 1: Tweating yourself while saving I love it.
• 3:17
  Speaker 2: Good work gee, and as always, it's been a pearler
• 3:20
  Speaker 2: of a week for so many in the shoes on
• 3:22
  Speaker 2: the money At Facebook community Victoria, did anyone stick out
• 3:25
  Speaker 2: to you this week?
• 3:26
  Speaker 1: I have a money win from Rose. Think you had
• 3:29
  Speaker 1: a money win for a Rose last week? I think
• 3:31
  Speaker 1: I could too. Yeah. Rose is the name of the
• 3:33
  Speaker 1: month and the Facebook group she said money Win. I
• 3:36
  Speaker 1: started my first full time job after UNI and went
• 3:39
  Speaker 1: and saw an accountant and financial planner this week to
• 3:42
  Speaker 1: discuss my money goals and plan. Feeling so much more
• 3:45
  Speaker 1: educated after listening to the podcast series. Told my accountant
• 3:49
  Speaker 1: all about it and she was super impressed.
• 3:51
  Speaker 2: Amazing.
• 3:52
  Speaker 1: Well, I don't know. I liked that one. I love
• 3:54
  Speaker 1: that she's prioritizing getting financial advice from the very beginning
• 3:58
  Speaker 1: of her journey instead of waiting and further down the track,
• 4:01
  Speaker 1: because you can start now.
• 4:03
  Speaker 2: Very sensible.
• 4:03
  Speaker 1: What have you got?
• 4:04
  Speaker 2: G So my money win is from Rachel who says
• 4:07
  Speaker 2: money win two smiley face emojis with the love hearts
• 4:10
  Speaker 2: on the ice. I run my own business, so usually
• 4:12
  Speaker 2: the only letters I get in the mail unnotices to
• 4:15
  Speaker 2: say it's time to pay my insurance or tax or
• 4:18
  Speaker 2: GSD but today I got a letter to say I've
• 4:20
  Speaker 2: paid off my car loan, which now gives me six hundred.
• 4:23
  Speaker 1: And sixty dollars a month.
• 4:24
  Speaker 2: Why And it's perfect timing because she leaves to go
• 4:27
  Speaker 2: to Canada for three weeks on Saturday, where she will
• 4:29
  Speaker 2: try not to spend all of her savings.
• 4:31
  Speaker 1: Try hard, Rachel. I also love that you've been literally
• 4:35
  Speaker 1: describing the emoji that the people are us. Yeah. I
• 4:37
  Speaker 1: feel like that's really crucial.
• 4:39
  Speaker 2: I should a she She did add a crying face
• 4:41
  Speaker 2: laughing emoji at the end of that as well.
• 4:43
  Speaker 1: So okay, good, good description, Thanks.
• 4:45
  Speaker 2: You, and now into the juicy main chat for today.
• 4:48
  Speaker 2: Pay rises research indicates that millennials are more optimistic and
• 4:52
  Speaker 2: confident than generations before them in the area of pay rises,
• 4:55
  Speaker 2: with higher levels of assertiveness and self esteem. But there
• 4:58
  Speaker 2: definitely seems to be perception out there that millennials are
• 5:01
  Speaker 2: entitled within this space, V do you think that this
• 5:04
  Speaker 2: perception holds any truth to it?
• 5:06
  Speaker 1: I think that this is actually a little bit twofold.
• 5:08
  Speaker 1: There is definitely more of a sense of me, me, me,
• 5:12
  Speaker 1: and taking care of ourselves, which I actually really like
• 5:15
  Speaker 1: and think it's putting our mental and physical health first
• 5:17
  Speaker 1: and as a priority. But I can also see why
• 5:20
  Speaker 1: previous generations see us as being more entitled and more
• 5:23
  Speaker 1: flexible and have more expectations on our employers, or our
• 5:27
  Speaker 1: family or our friends because we don't work in the
• 5:30
  Speaker 1: same way that they used to. If we think about it,
• 5:33
  Speaker 1: they didn't have access to the internet. And whilst I'm
• 5:36
  Speaker 1: not talking about a lack of education here, I'm talking
• 5:39
  Speaker 1: about a lack of freedom. So we have so much
• 5:42
  Speaker 1: freedom nowadays to work from wherever we want. We have
• 5:45
  Speaker 1: access to information that previously we would have had to
• 5:48
  Speaker 1: travel to a library to access or you know, get
• 5:51
  Speaker 1: the encyclopedia out, Whereas now I ask Siri every single morning,
• 5:55
  Speaker 1: what's the weather, what's this, what's the traffic? Like, how's
• 5:58
  Speaker 1: that going to work? And the Internet enabling us to
• 6:01
  Speaker 1: be far more productive, but also see the opportunity. So
• 6:05
  Speaker 1: employers are seeing this and being more flexible and allowing
• 6:08
  Speaker 1: us to work more flexible. But the more this is happening,
• 6:10
  Speaker 1: the more people are expecting it. I feel like entitlement
• 6:13
  Speaker 1: is a really harsh word and something that is quite
• 6:16
  Speaker 1: negatively connotated, which is completely undeserving. Yes, I do expect
• 6:21
  Speaker 1: better from my employers. Yes, I do expect better from
• 6:24
  Speaker 1: my peers and family and friends. And it's not because
• 6:27
  Speaker 1: I'm an entitled person. It's because I want a quality
• 6:30
  Speaker 1: for everybody, and I want people to be treated exactly
• 6:33
  Speaker 1: the same. I want people to be treated well. I
• 6:35
  Speaker 1: don't want people to be in a situation where they
• 6:38
  Speaker 1: are changed to their desk Monday to Friday, nine till
• 6:41
  Speaker 1: five and feel as though they are a cog in
• 6:45
  Speaker 1: a bigger wheel. I want people to contribute. I want
• 6:47
  Speaker 1: them to be a part of the bigger journey, and
• 6:49
  Speaker 1: I feel like we can expect that from our employers.
• 6:52
  Speaker 2: I was going to say, be as well. The nine
• 6:54
  Speaker 2: to five culture, I think has completely shifted. We no
• 6:57
  Speaker 2: longer go home, shut off dinner, go to bed. Now
• 7:02
  Speaker 2: we've got emails on our phones. We're looking at them
• 7:04
  Speaker 2: all night long. Like there's kind of more expected of
• 7:07
  Speaker 2: us now because we're never really removed from the workplace.
• 7:09
  Speaker 2: If that makes any kind of sense.
• 7:10
  Speaker 1: Yeah, absolutely. And I think that plays into what work
• 7:13
  Speaker 1: life balance is and how that works and what that
• 7:15
  Speaker 1: looks like, because work life balance used to look like
• 7:19
  Speaker 1: you put your pen down, you get up from your desk,
• 7:21
  Speaker 1: and you walk out and you actually can't do any work,
• 7:24
  Speaker 1: whereas I take my work home with me. And I'm
• 7:26
  Speaker 1: probably a really bad example of someone who has a
• 7:29
  Speaker 1: terrible work life balance, as you would know, Gee, But
• 7:32
  Speaker 1: I'm someone who also loves the flexibility that having access
• 7:36
  Speaker 1: to my emails and my work and my team on
• 7:39
  Speaker 1: my phone is so empowering. Like I know that I
• 7:42
  Speaker 1: can step away for a coffee or I cannot come
• 7:44
  Speaker 1: to work that day and work from home while still
• 7:47
  Speaker 1: having the same level of access to my team and
• 7:49
  Speaker 1: my workplace as I did previously being in the office.
• 7:53
  Speaker 1: So I think it has shifted, but our work life
• 7:55
  Speaker 1: balances have changed, and now work is seeping into life
• 7:59
  Speaker 1: and life is seeping in to work. So I don't
• 8:01
  Speaker 1: actually believe in this idea of having a professional you
• 8:05
  Speaker 1: versus a personal you. I'm very much a believer of
• 8:08
  Speaker 1: it is a holistic que and you are you at
• 8:11
  Speaker 1: work and you are you at home, and it is
• 8:12
  Speaker 1: one person fronting up and we need to take that
• 8:15
  Speaker 1: into consideration. I think talking about things at work is
• 8:18
  Speaker 1: really important. I think being on the same page as
• 8:20
  Speaker 1: your employees and your employers is essential for a successful
• 8:24
  Speaker 1: business relationship. Alrighty VZ.
• 8:26
  Speaker 2: So we've done some research and according to the Human
• 8:29
  Speaker 2: Rights Commission, the average Australian woman, just like you and I,
• 8:32
  Speaker 2: has to work an extra fifty six days a year
• 8:35
  Speaker 2: in order to earn as much as a man doing
• 8:37
  Speaker 2: the exact same thing.
• 8:39
  Speaker 1: Yes, I have heard this terrible.
• 8:41
  Speaker 2: One factor contributing to this issue is that women are
• 8:44
  Speaker 2: less likely than men to ask for a.
• 8:46
  Speaker 1: Pay right they are. And there's also a stat that
• 8:50
  Speaker 1: I don't love but I love to talk about, and
• 8:52
  Speaker 1: that's that men apply for a job when they feel
• 8:54
  Speaker 1: like they meet sixty percent of the qualifications. Well, women
• 8:58
  Speaker 1: only ever apply for that job if they meet one
• 9:00
  Speaker 1: hundred percent of that qualification particular. Yeah, I read that
• 9:03
  Speaker 1: in a book called Lean In Yeah a little while ago,
• 9:05
  Speaker 1: and I have been obsessed with it since then. It
• 9:07
  Speaker 1: actually really frustrates me because I feel like that plays
• 9:11
  Speaker 1: into confidence as well, Like that is telling me that
• 9:14
  Speaker 1: men are more confident about their ability at sixty percent
• 9:17
  Speaker 1: than a lot of women are when they feel like
• 9:19
  Speaker 1: they're at one hundred percent. And to me, that's too
• 9:21
  Speaker 1: much and it tells me that we as women, and
• 9:24
  Speaker 1: I know there are a number of men that listen
• 9:26
  Speaker 1: to this podcast but this is more I guess it
• 9:29
  Speaker 1: is more fearmale orientated. It's just we as women need
• 9:32
  Speaker 1: to have more faith in ourselves when applying for jobs
• 9:35
  Speaker 1: and know that we shouldn't be putting ourselves out of
• 9:38
  Speaker 1: the job market because we don't meet one hundred percent
• 9:40
  Speaker 1: of the criteria. Like we can learn things on the job.
• 9:43
  Speaker 1: You are smart, you are independent, and you have the
• 9:45
  Speaker 1: ability to learn. So if you are in a physition
• 9:47
  Speaker 1: where you're deciding not to apply for a job because
• 9:49
  Speaker 1: you didn't meet one hundred percent of the qualifications, why
• 9:52
  Speaker 1: didn't you just apply and see what happened. I also
• 9:55
  Speaker 1: recently read a study that was published in Linda Babcock's
• 9:59
  Speaker 1: book Women Don't, and she found the only seven percent
• 10:02
  Speaker 1: of women will actually try and negotiate a salary when
• 10:05
  Speaker 1: applying for a new job. They'll just often just accept, yeah,
• 10:09
  Speaker 1: just take what is offered, thinking it's not negotiable, compared
• 10:12
  Speaker 1: to fifty seven percent of men who will go into
• 10:15
  Speaker 1: that and ask for a different salary if they feel
• 10:17
  Speaker 1: like they deserve it, and then once they're working, less
• 10:21
  Speaker 1: than one in five women actually ask for a pay
• 10:23
  Speaker 1: rise without being prompted by their manager or a colleague
• 10:26
  Speaker 1: compared to one in three men. So for me, I
• 10:29
  Speaker 1: don't know if this is just a confidence issue, but
• 10:32
  Speaker 1: I do think the bias comes into play because there
• 10:35
  Speaker 1: was an Australian study that happened recently that found that
• 10:37
  Speaker 1: when women asked for pay rises, they were twenty five
• 10:41
  Speaker 1: percent less likely to get them than men. Really, so
• 10:44
  Speaker 1: I feel like we are actually on the back foot here.
• 10:47
  Speaker 1: We aren't asking for them, but then when we do,
• 10:49
  Speaker 1: we're less likely to get them. So it does feel
• 10:51
  Speaker 1: a little bit unfair and exactly why you and I
• 10:54
  Speaker 1: decided to do a podcast on exactly how this works. Yeah,
• 10:58
  Speaker 1: so g with all of that in line and knowing
• 11:01
  Speaker 1: that this is something that I am honestly, wildly passionate about,
• 11:05
  Speaker 1: Like I say this all the time. I fosed it
• 11:07
  Speaker 1: all over my Instagram. Know you're worth and then add tax? Yeah,
• 11:10
  Speaker 1: where do we start?
• 11:11
  Speaker 2: Like?
• 11:11
  Speaker 1: What do you need to know to be able to
• 11:13
  Speaker 1: be confident in negotiating your salaries and pay rises?
• 11:16
  Speaker 2: How do we empower ourselves to have those conversations with
• 11:19
  Speaker 2: our bosses? And how do we first know what we're worth?
• 11:23
  Speaker 1: Look, we've talked about entitlement and stuff like that, and
• 11:25
  Speaker 1: I think this is a different conversation. I think we
• 11:27
  Speaker 1: need to pick up entitlement and put it on the
• 11:29
  Speaker 1: side and start with, well, do your research, work out
• 11:33
  Speaker 1: what your role is actually worth. Don't just walk into
• 11:36
  Speaker 1: your boss's office and be like I listen to the
• 11:38
  Speaker 1: She's on the Money podcast, I should negotiate my salary, like,
• 11:42
  Speaker 1: do your research and not just what your role is worth.
• 11:45
  Speaker 1: Have a look at your job description. Are you actually
• 11:47
  Speaker 1: meeting all of the kbis and targets set out in that?
• 11:50
  Speaker 1: Because it's very hard as someone who manages people to
• 11:54
  Speaker 1: say all right, you can have a salary increase when
• 11:57
  Speaker 1: they are just expecting it. I think that you really
• 12:00
  Speaker 1: need to take this piece of entitlement, put it to
• 12:02
  Speaker 1: the side and say well, I've got it to the side,
• 12:04
  Speaker 1: but also take it into consideration. Just because you've worked
• 12:07
  Speaker 1: somewhere for twelve months does not mean that you deserve
• 12:11
  Speaker 1: a salary increase. You need to prove your worth, like
• 12:14
  Speaker 1: jot down all of the things that you've done to
• 12:16
  Speaker 1: add value that have been above and beyond the role
• 12:18
  Speaker 1: that you're doing. Because, in my opinion, if you've got
• 12:21
  Speaker 1: a job description and you're just meeting the criteria of
• 12:24
  Speaker 1: that job description. There's absolutely no need for a salary
• 12:27
  Speaker 1: increase beyond CBI because you're doing the job that you're
• 12:30
  Speaker 1: being paid to exactly, Like what additional value are you adding? Yep,
• 12:34
  Speaker 1: and how do you articulate that? And that takes a
• 12:36
  Speaker 1: little bit of confidence too.
• 12:38
  Speaker 2: Absolutely, so you're saying that there isn't a year or
• 12:41
  Speaker 2: year increase in pay. I know a few of my
• 12:44
  Speaker 2: friends think that that's a thing, and I can't have
• 12:46
  Speaker 2: thought it was a thing when I'd been in my
• 12:47
  Speaker 2: job for a year and then it came to twelve
• 12:50
  Speaker 2: months and they were like.
• 12:51
  Speaker 1: No salary periace. Yeah. Yeah, Look, it's not government enforce
• 12:55
  Speaker 1: to get a salary increase. It is quite common for
• 12:57
  Speaker 1: people to write into their contracts that you get a
• 13:00
  Speaker 1: salary increase in line with inflation. So you might have
• 13:05
  Speaker 1: your salary increase by like one point eight to three
• 13:07
  Speaker 1: percent depending on the year, but often that is in
• 13:11
  Speaker 1: your contract and predetermined. So that's definitely something that you
• 13:14
  Speaker 1: should be talking about when setting your salary in a
• 13:17
  Speaker 1: new role, because if you are going to be in
• 13:20
  Speaker 1: that role for ten years and inflation has gone up
• 13:22
  Speaker 1: by ten percent in that period of time, you're actually
• 13:25
  Speaker 1: on the back foot. If you're still on the same.
• 13:26
  Speaker 2: Salary already, V, what else do I need to consider?
• 13:29
  Speaker 1: So once you've armed yourself with information and done some research,
• 13:32
  Speaker 1: so you actually understand the industry and you understand what
• 13:36
  Speaker 1: you're asking for, So look into changes in your industry,
• 13:39
  Speaker 1: understand market conditions, and even your own workload and qualifications.
• 13:43
  Speaker 1: All of these things come into play. It's really important
• 13:46
  Speaker 1: to not focus on your personal goals. Don't go, oh, well,
• 13:50
  Speaker 1: I had the goal of earning sixty five thousand dollars
• 13:52
  Speaker 1: by the end of the year, so therefore I would
• 13:54
  Speaker 1: like a pay increase. You really need to focus on
• 13:57
  Speaker 1: outcomes instead of forming your approach around and why you
• 14:00
  Speaker 1: want to pay rise. It's more about positioning it in
• 14:03
  Speaker 1: terms of an argument to say, well, I believe I
• 14:05
  Speaker 1: deserve a pay rise because I've done these things, and
• 14:07
  Speaker 1: I've contributed to the business in this way, and I
• 14:10
  Speaker 1: understand that I'm helping you be successful, and therefore I
• 14:13
  Speaker 1: believe this, this and this. It becomes far more of
• 14:15
  Speaker 1: a pragmatic conversation than I would like a pay rise,
• 14:20
  Speaker 1: because that honestly doesn't stand up nearly well enough. And
• 14:23
  Speaker 1: I mean, there are going to be people who are like, well,
• 14:25
  Speaker 1: I just asked for a pay rise and I got it. Yeah,
• 14:27
  Speaker 1: and that's fair. But I think we really need to
• 14:29
  Speaker 1: do a little bit of self reflection to understand what
• 14:32
  Speaker 1: that actually means and why we're asking for it, so
• 14:34
  Speaker 1: that we can take that entitlement piece off the table
• 14:37
  Speaker 1: to say, well, actually, I'm not entitled about this. I'm
• 14:39
  Speaker 1: going above and beyond. I'm worth more. I know this,
• 14:42
  Speaker 1: and it becomes a one sided argument, Like you can't
• 14:45
  Speaker 1: walk into someone's office and say, all right, well, I
• 14:48
  Speaker 1: believe I'm worth more because of these reasons. You've got
• 14:50
  Speaker 1: really solid facts, and then go, no, you haven't done that,
• 14:53
  Speaker 1: like put them in a position where all of your
• 14:56
  Speaker 1: facts are indispakable. Yeah, exactly.
• 14:59
  Speaker 2: So I need to be proving my worth, which is
• 15:01
  Speaker 2: absolutely fair, before I'm ready for a pay rise.
• 15:03
  Speaker 1: Yes, if you want more money, do the work.
• 15:06
  Speaker 2: But does that mean that I need to be the
• 15:07
  Speaker 2: first one in the office in the morning and then
• 15:09
  Speaker 2: the last one to leave.
• 15:11
  Speaker 4: No.
• 15:11
  Speaker 1: And I think that that's such a bad example of
• 15:14
  Speaker 1: what's going on. And I'm pretty opinionated on this, I
• 15:17
  Speaker 1: know if you guys know, but I do have a
• 15:19
  Speaker 1: couple of opinions like to throw around. I think that
• 15:22
  Speaker 1: if you have a nine to five job, it's your
• 15:24
  Speaker 1: manager or your business's job to make sure that the
• 15:26
  Speaker 1: workload they are providing you with fits between those hours.
• 15:29
  Speaker 1: Ye and if you are working stupidly long hours that
• 15:32
  Speaker 1: are outside of that, one of two things is happening.
• 15:35
  Speaker 1: They are either giving you too much work and you
• 15:37
  Speaker 1: really need to go back and renegotiate your workload with
• 15:40
  Speaker 1: your employer and talk about what you're doing. In addition,
• 15:43
  Speaker 1: or you're fluffing around a little bit at work and
• 15:46
  Speaker 1: not getting the job done within the period of time
• 15:49
  Speaker 1: that is expected to get done. In Whilst I do
• 15:52
  Speaker 1: absolutely well and truly appreciate people going above and beyond,
• 15:56
  Speaker 1: I don't believe that going above and beyond is related
• 15:58
  Speaker 1: to additional workouts and being that person who's last out
• 16:02
  Speaker 1: of the office and first in in the morning. I
• 16:04
  Speaker 1: think that's a ridiculous expectation. It's about the value that
• 16:07
  Speaker 1: you are adding while you are in the office during
• 16:10
  Speaker 1: work hours. Are you that guy that's hanging out at
• 16:12
  Speaker 1: the coffee machine every day and maybe wearing a pair
• 16:15
  Speaker 1: of jeans when it's actually a corporate office, I'm wearing
• 16:18
  Speaker 1: jeans right now. Yeah, I'm sorry g Or to flip that.
• 16:22
  Speaker 1: Are you showing up present, excited about the work that
• 16:25
  Speaker 1: you're doing, proving that you are wanting to be there?
• 16:28
  Speaker 1: You are showing up confidently. You are handing over concrete
• 16:31
  Speaker 1: data that shows your boss that you are putting in
• 16:34
  Speaker 1: the energy and the time and that you value your job.
• 16:37
  Speaker 1: I feel like Effet won't betray you in this situation.
• 16:40
  Speaker 1: And it's not about the hours. It's actually about the
• 16:43
  Speaker 1: value and having a think about well, how do I
• 16:46
  Speaker 1: show my boss that I'm more valuable? Is it going
• 16:48
  Speaker 1: all right? Well, I prove checked this a couple more times,
• 16:50
  Speaker 1: like I've got this idea. And I'm a very very
• 16:53
  Speaker 1: big believer in never asking your manager for something without
• 16:56
  Speaker 1: having an answer for them, always going to a manager like, hey, cool,
• 16:59
  Speaker 1: I would like to do this in this or I've
• 17:01
  Speaker 1: got a question on A, B and C thinking the
• 17:03
  Speaker 1: answer is this because I've already done the research, but
• 17:05
  Speaker 1: you know, is this right is really important? Instead of going,
• 17:08
  Speaker 1: oh help me, I don't get it, I don't understand.
• 17:11
  Speaker 1: Don't be that person. Be proactive, go above and beyond.
• 17:15
  Speaker 1: And that's what I mean when I say.
• 17:16
  Speaker 2: That that makes complete sense fee. So it's all about
• 17:19
  Speaker 2: providing as much value as you can instead of just
• 17:21
  Speaker 2: slogging it out and working twelve hours and thinking that
• 17:23
  Speaker 2: that's the way to getting where you want to go.
• 17:25
  Speaker 1: Absolutely yes, So what if.
• 17:27
  Speaker 2: You're in an industry under an enterprise bargaining agreement where
• 17:30
  Speaker 2: you can't earn any more money than you're currently making.
• 17:33
  Speaker 1: Yeah, Sometimes that happens where you're in a job and
• 17:36
  Speaker 1: it has salary bands for that specific role, and you know,
• 17:40
  Speaker 1: for an example, you do see that a lot in
• 17:42
  Speaker 1: an accounting practice where accountant has a certain band and
• 17:45
  Speaker 1: then the intermediate accountant has another, and the senior accountant
• 17:48
  Speaker 1: has another, and I feel like that's quite hard. Sometimes
• 17:52
  Speaker 1: it gives you a really good, clear career pathway because
• 17:55
  Speaker 1: you can see, all right, I've reached the cap of this,
• 17:57
  Speaker 1: my next step is into this role, and there's a
• 17:59
  Speaker 1: really clear outline of what that looks like. But then
• 18:02
  Speaker 1: sometimes you're in a job and you've absolutely killed it
• 18:05
  Speaker 1: and you've aised it and you're at the top of
• 18:07
  Speaker 1: your game, but there isn't anywhere to go above that,
• 18:10
  Speaker 1: And to me, that's a very frustrating position. Or I
• 18:12
  Speaker 1: can imagine it to be a very frustrating position for
• 18:15
  Speaker 1: someone to be in because you feel capped out. And
• 18:18
  Speaker 1: that to me is not the glass ceiling. It's not
• 18:20
  Speaker 1: being held back. It's actually just that you've reached the
• 18:23
  Speaker 1: top in that role and you really need to consider
• 18:25
  Speaker 1: where you're going. Like you might love your job and
• 18:28
  Speaker 1: not need a salary increase, and you go, well, this
• 18:30
  Speaker 1: is my job and that's probably there. I'm at the
• 18:32
  Speaker 1: top of my game. I'm earning as much as I
• 18:33
  Speaker 1: possibly can. But if that is something that is worrying
• 18:36
  Speaker 1: you and you do feel like you want a salary increase,
• 18:39
  Speaker 1: I think it's then your turn to think about, well,
• 18:42
  Speaker 1: how do I reskill how do I take these skills
• 18:44
  Speaker 1: and transfer them to a different career pathway that I
• 18:47
  Speaker 1: could potentially, you know, move all of these things into
• 18:50
  Speaker 1: and earn more money. It's really down to your values
• 18:53
  Speaker 1: and what is a value to you. But I don't
• 18:56
  Speaker 1: want people to think that if they've reached the top
• 18:58
  Speaker 1: of their game that people are valuing them less because
• 19:01
  Speaker 1: they are, you know, at the top of the band
• 19:03
  Speaker 1: and you know they're restricted in salary. I think you
• 19:06
  Speaker 1: really need to see it as well. Those are the limitations.
• 19:09
  Speaker 1: What things can I do outside of salary that I
• 19:12
  Speaker 1: could negotiate that'll become a part of my role, Like
• 19:16
  Speaker 1: could you negotiate more flexible working hours, could you negotiate
• 19:19
  Speaker 1: work from home days, Could you negotiate different leave entitlements
• 19:24
  Speaker 1: or you know, benefits that you have at work that
• 19:26
  Speaker 1: play into that that you can go above and beyond
• 19:29
  Speaker 1: with there. So I don't think it caps you forever,
• 19:32
  Speaker 1: and I don't think it's a negative thing to be
• 19:33
  Speaker 1: in a role like that, but it is worthy of
• 19:35
  Speaker 1: mentioning and I'm glad you brought it up because an
• 19:38
  Speaker 1: EBA can feel a little bit restrictive. And that's where
• 19:41
  Speaker 1: if you're doing your research into a new career or
• 19:43
  Speaker 1: a new job, really understand those brackets and understand those metrics,
• 19:48
  Speaker 1: because it would be really disappointing getting into a role
• 19:50
  Speaker 1: being like I'm going to smash this out and I'm
• 19:52
  Speaker 1: going to have a salary increase year on year. Don't
• 19:55
  Speaker 1: expect anything. Understand everything. And that's what I mean when
• 19:58
  Speaker 1: I say go do your research. Understand the role you're
• 20:00
  Speaker 1: going into, Understand where you can go and what you
• 20:03
  Speaker 1: can actually do in the future as well.
• 20:05
  Speaker 2: So V we've done our research. We've been working as
• 20:08
  Speaker 2: hard as we can. We know what we're worth now.
• 20:10
  Speaker 2: But we tee up our meeting with our boss and
• 20:13
  Speaker 2: they say no to our requests for a payers what do.
• 20:15
  Speaker 1: We do at the end of the day. If you
• 20:17
  Speaker 1: don't get the salary increase that you want this time around,
• 20:21
  Speaker 1: it's this time around, so it's not no forever. And
• 20:25
  Speaker 1: I think if your boss is in a position where
• 20:27
  Speaker 1: they say no never, this isn't going to happen. I
• 20:30
  Speaker 1: think you really do need to consider what your options
• 20:33
  Speaker 1: look like. But going to your boss is a really
• 20:35
  Speaker 1: big thing. Presenting a new proposal for a salary is massive,
• 20:38
  Speaker 1: and I think you should be really proud of yourself
• 20:41
  Speaker 1: for taking that step and having that conversation. Like learning
• 20:44
  Speaker 1: how to negotiate is a really, really wonderful skill to have.
• 20:48
  Speaker 1: Even if you don't get the salary increase this time around,
• 20:51
  Speaker 1: If you've presented an amazing proposal and an argument for
• 20:54
  Speaker 1: why you should be getting a raise, you're going to
• 20:56
  Speaker 1: be top of mind when the next conversation about salary
• 20:59
  Speaker 1: comes around. And just be patient if you feel as
• 21:02
  Speaker 1: though you're being told no over and over again, though,
• 21:05
  Speaker 1: keep an eye out for other companies that actually value
• 21:08
  Speaker 1: you and that do offer the things that you're asking for.
• 21:11
  Speaker 1: Like if you sat down and said, well, actually, now
• 21:13
  Speaker 1: I've done on my research and I'm worth so much more,
• 21:16
  Speaker 1: don't settle.
• 21:17
  Speaker 2: What about if you do get a pay rise but
• 21:19
  Speaker 2: it's not quite the amount you're expecting. So you went
• 21:21
  Speaker 2: in in the hopes of a ten or fifteen grand
• 21:24
  Speaker 2: pay rise and you're on the given five grand. Do
• 21:26
  Speaker 2: you just kind of take that and run with it
• 21:28
  Speaker 2: or should you challenge it?
• 21:29
  Speaker 1: I think you should challenge it and be like, thank
• 21:31
  Speaker 1: you so much for considering this pay rise, but that
• 21:34
  Speaker 1: wasn't actually in line with my expectations. Explain why you
• 21:37
  Speaker 1: think that you were deserving of more, or go okay,
• 21:40
  Speaker 1: no problems, thank you so much. I'm assuming that this
• 21:42
  Speaker 1: means we can review again in another three months and
• 21:44
  Speaker 1: maybe put on the table some KPIs for them to
• 21:47
  Speaker 1: keep an eye on, so that all right, well, no problems,
• 21:49
  Speaker 1: But what do I need to achieve to have my
• 21:52
  Speaker 1: salary reviewed again? Ask for some specific mark, guys, some
• 21:56
  Speaker 1: queer guidance of saying, well, okay, no problems if I
• 21:58
  Speaker 1: achieve this amount in sales, or if I finished this
• 22:01
  Speaker 1: amount of work. Can we please renegotiate this again to
• 22:04
  Speaker 1: this level so that they're expecting you to come back
• 22:07
  Speaker 1: for what you think you deserve. But sometimes it does
• 22:10
  Speaker 1: take employers a couple of steps because it is really big.
• 22:13
  Speaker 1: If you are asking for something like a fifteen thousand
• 22:15
  Speaker 1: dollars pay rise, yeah that's not small. A business does
• 22:18
  Speaker 1: have to pay for it. But at the end of
• 22:20
  Speaker 1: the day, if you, as an employee are worth that,
• 22:22
  Speaker 1: they'll be happy with that. Yes, but maybe they'll want
• 22:24
  Speaker 1: to stage it.
• 22:25
  Speaker 2: Lastly, I guess for those listeners who are feeling a
• 22:27
  Speaker 2: little bit queasy or intimidated by actually making the time
• 22:31
  Speaker 2: to have this conversation with their boss, what words of
• 22:34
  Speaker 2: wisdom would you offer them?
• 22:35
  Speaker 1: The worst thing that they can say is no yes,
• 22:38
  Speaker 1: And there's absolutely no harm in asking. So I think
• 22:42
  Speaker 1: it's very valid for you to approach your boss after
• 22:45
  Speaker 1: you have done all your research and you understand the market,
• 22:48
  Speaker 1: you understand the scope of your role, and say, hey,
• 22:50
  Speaker 1: i'd like this to be renegotiated. I think you should
• 22:53
  Speaker 1: be approaching it in a very gentle way as well.
• 22:55
  Speaker 1: Don't go in and be like, I've done my research,
• 22:57
  Speaker 1: I'm so deserving of this. At the end of the day,
• 23:00
  Speaker 1: the worst thing that they can say is no, and
• 23:02
  Speaker 1: don't settle for a place that doesn't see your value.
• 23:12
  Speaker 5: Hi.
• 23:12
  Speaker 2: There, you've reached the Shoes on the Money mailbox. Do
• 23:14
  Speaker 2: you have a money problem you want help solving. Do
• 23:17
  Speaker 2: you have a money dilemma you just want to chat about.
• 23:19
  Speaker 2: Victoria is here to help. Every week, we'll be playing
• 23:22
  Speaker 2: your questions to help make sense of a money mess
• 23:24
  Speaker 2: you may have found yourself in. Make a quick recording
• 23:27
  Speaker 2: on your phone and send it through to podcast at
• 23:29
  Speaker 2: Shoesodthemoney dot com DOTU and you might find yourself on
• 23:32
  Speaker 2: the show. But for now, here's this week's listener question.
• 23:36
  Speaker 4: Hey, guys, absolutely love the podcast. I was just wondering
• 23:39
  Speaker 4: if you could answer a question for me. I'm currently
• 23:41
  Speaker 4: being paid sixty thousand dollars per annum, but the new
• 23:44
  Speaker 4: roles that I'm applying for are around eighty thousand, and
• 23:47
  Speaker 4: I know that I've definitely got the experience and the
• 23:49
  Speaker 4: ability for the highest salary, but the recruiters are asking
• 23:53
  Speaker 4: me what I'm currently being paid, So I'm just wondering
• 23:57
  Speaker 4: do you think that I have to tell them I'm
• 23:59
  Speaker 4: not really comfortab letting them know, because obviously that's not
• 24:01
  Speaker 4: my expectation moving forward. But I'm just wondering, if you
• 24:05
  Speaker 4: think whether I have to let them know, and if
• 24:06
  Speaker 4: I don't, how do I go about that? Thank you?
• 24:10
  Speaker 2: It's a weird one, fear. I don't know how i'd
• 24:12
  Speaker 2: tackle that. Too many advice or I did.
• 24:14
  Speaker 1: I think that's such a hard one because when recruiters
• 24:18
  Speaker 1: are doing their job, they're just trying to understand the
• 24:21
  Speaker 1: scope of your role, and a really good indicator of
• 24:24
  Speaker 1: your performance is your salary. Yes, and back to my
• 24:27
  Speaker 1: accounting example, there are different bands that people get paid
• 24:31
  Speaker 1: in this industry, and if you fit within a band,
• 24:34
  Speaker 1: it can be assumed a certain capability. But if you
• 24:37
  Speaker 1: believe you've been undervalued and you're now going for roles
• 24:39
  Speaker 1: that are above and beyond what you were being paid,
• 24:42
  Speaker 1: I do think it's in your best interest to hold
• 24:45
  Speaker 1: that information pretty close. And when someone says to you, hey,
• 24:49
  Speaker 1: g what salary are you currently on, instead of going oh,
• 24:53
  Speaker 1: this much money, go back and say, well, actually, I
• 24:56
  Speaker 1: was wondering about salary, what's this role? Worse right, and
• 25:00
  Speaker 1: trying to understand the scope of that role because your
• 25:03
  Speaker 1: remuneration is not directly related to the next role. It
• 25:07
  Speaker 1: so your skill set, it's your capability and your competency
• 25:10
  Speaker 1: to do the role. And I don't think our listener
• 25:12
  Speaker 1: question is absolutely out of line because your current compensation
• 25:17
  Speaker 1: for recruiters and for a future employers often acts as
• 25:20
  Speaker 1: a really strong anchor when they're trying to make decisions.
• 25:24
  Speaker 1: So often they'll go, oh, well, she was on sixty
• 25:26
  Speaker 1: so that's her expectation. Maybe she's expecting that, or we
• 25:30
  Speaker 1: could comfortably offer her sixty five. That's more than what
• 25:33
  Speaker 1: she was on before. She'll be happy with that. She'll
• 25:35
  Speaker 1: be happy with that, and they make decisions for you
• 25:37
  Speaker 1: instead of saying, well, actually, my expectation for this role
• 25:40
  Speaker 1: is eighty thousand dollars. When they say, hey, g what's
• 25:43
  Speaker 1: your current salary, maybe go back straight away with well,
• 25:46
  Speaker 1: actually my expectation for this role would be this. Yes,
• 25:50
  Speaker 1: it's not essential that you disclose your salary when discussing
• 25:53
  Speaker 1: things with recruiters, but I can absolutely understand why she's
• 25:57
  Speaker 1: justifiably reluctant to disclose that number because it sounds like
• 26:02
  Speaker 1: her salary is much lower than the role that she
• 26:05
  Speaker 1: was actually completing.
• 26:07
  Speaker 2: So be you can turn it straight back onto the
• 26:09
  Speaker 2: employer or the recruiter and say, my expectation for this
• 26:13
  Speaker 2: role is this dollar amount, rather than disclosing yeah, yeah.
• 26:16
  Speaker 1: Absolutely, And if you feel pressured to continue that and
• 26:19
  Speaker 1: you know you've been trying to dodge the question by
• 26:21
  Speaker 1: being like, all right, well, what's this role worth and
• 26:24
  Speaker 1: having that conversation, there is so so so much power
• 26:27
  Speaker 1: in just saying no, like no, I don't particularly want
• 26:30
  Speaker 1: to disclose that I don't believe that it is helpful
• 26:33
  Speaker 1: in us finding a new role. At the end of
• 26:35
  Speaker 1: the day, headhunters and recruiters make a lot of money
• 26:37
  Speaker 1: based on putting you into the right role, and you're
• 26:40
  Speaker 1: helping them in a way put you into the right
• 26:43
  Speaker 1: role by them understanding your expectations. The right role for
• 26:47
  Speaker 1: you isn't the one where people are just going to
• 26:49
  Speaker 1: pay you. It's one where you feel valued and you
• 26:51
  Speaker 1: feel as though they respect you, and a recruiter should
• 26:55
  Speaker 1: see that. At the end of the day, they get
• 26:57
  Speaker 1: paid more based on how much you are earning as well,
• 27:01
  Speaker 1: so it's in their best interest to get you the
• 27:03
  Speaker 1: best possible salary package. But there's so much power in
• 27:07
  Speaker 1: saying no. Saying no to employers that you don't feel
• 27:09
  Speaker 1: like are treating your right saying no to salary packages
• 27:12
  Speaker 1: that aren't the right fit for you, and saying no
• 27:14
  Speaker 1: to people who are asking questions that you don't want
• 27:16
  Speaker 1: to answer. So at the end of the day, I've
• 27:18
  Speaker 1: said it a million times, but know you're worth and
• 27:20
  Speaker 1: then add tax.
• 27:24
  Speaker 2: It's time for money diary. Let's get into it.
• 27:27
  Speaker 3: My relationship with money is getting better. For a long time,
• 27:30
  Speaker 3: wasn't that great. Most of the time it was paycheck
• 27:32
  Speaker 3: to paycheck and trying to just make sure that everything
• 27:35
  Speaker 3: was covered. My partner and I are getting married and
• 27:37
  Speaker 3: halfway through this year, which is really exciting, so organizing
• 27:40
  Speaker 3: a wedding and finding some overseas trips a honeymoon, so
• 27:45
  Speaker 3: that's sort of the big plans at the moment, and
• 27:46
  Speaker 3: potentially buying a house, but that's further down.
• 27:49
  Speaker 2: Today's money diary is from twenty eight and getting better.
• 27:51
  Speaker 2: Who recently made the big decision to leave a job
• 27:54
  Speaker 2: she loved but that wasn't paying her appropriately.
• 27:56
  Speaker 3: So I've been teaching for about six years. This is
• 27:58
  Speaker 3: my sixty year and so I've had quite a bit
• 28:00
  Speaker 3: of differences during that time. I love the students and
• 28:03
  Speaker 3: I really love the people I worked with, But yeah,
• 28:05
  Speaker 3: the pay was a big factor. So while I was
• 28:08
  Speaker 3: working as a casual worker, I would get paid for
• 28:11
  Speaker 3: the hours I taught, and then for every hour taught,
• 28:14
  Speaker 3: i'd get half an hour planning time. So if I
• 28:16
  Speaker 3: taught for two hours, i'd have essentially i'd be paid
• 28:18
  Speaker 3: for three hours, which was in theory great, but that
• 28:21
  Speaker 3: hour was basically me uploading all of the resources to
• 28:24
  Speaker 3: an online portal, checking the role, emailing students. That didn't
• 28:28
  Speaker 3: cover any planning, didn't cover any marketing, and because it
• 28:31
  Speaker 3: was a VC program, there's a lot.
• 28:33
  Speaker 5: Of additional work.
• 28:35
  Speaker 3: I remember working it out once that I would be
• 28:38
  Speaker 3: paid for twenty five hours a week, and on average
• 28:41
  Speaker 3: I was working sixty hours a week, so it just
• 28:44
  Speaker 3: didn't match. My partner and I at the time, we
• 28:47
  Speaker 3: were just talking about actually sitting down and talking about marriage,
• 28:51
  Speaker 3: and by about maybe getting a house and looking at
• 28:54
  Speaker 3: it and going there's no way we're going to ever own,
• 28:56
  Speaker 3: We're never going to be able to travel again. We're
• 28:58
  Speaker 3: not in a position where we can actually have the
• 29:00
  Speaker 3: life that we deserve or that we have set.
• 29:03
  Speaker 5: Out for ourselves.
• 29:04
  Speaker 3: Moving schools and moving to a different environment was definitely
• 29:07
  Speaker 3: the best decision, both financially and mentally. Definitely needed that
• 29:10
  Speaker 3: change and far less stress.
• 29:12
  Speaker 5: Now.
• 29:13
  Speaker 2: Okay, so now we know what she does, Let's get
• 29:15
  Speaker 2: into the juicy stuff. How much does she earn and
• 29:17
  Speaker 2: how much is sitting in her bank account right now?
• 29:20
  Speaker 3: So in my previous job, I was earning about forty
• 29:23
  Speaker 3: eight thousand dollars a year. Now I'm earning about sixty thousand,
• 29:26
  Speaker 3: but I know that will increase by halfway.
• 29:29
  Speaker 5: Through the year bank accounts.
• 29:30
  Speaker 3: At the moment, I've got about five grand in my
• 29:34
  Speaker 3: high interest savings.
• 29:35
  Speaker 2: And what exactly happens to that money after it's deposited
• 29:38
  Speaker 2: into her account?
• 29:40
  Speaker 3: So it goes straight into my account, and then the
• 29:42
  Speaker 3: next day an amount goes so eight hundred dollars goes
• 29:45
  Speaker 3: into the billing account. I get paid fortnightly, so that
• 29:49
  Speaker 3: covers our rent, which is about two thousand a month,
• 29:51
  Speaker 3: and then our phone bells and all of that. So
• 29:54
  Speaker 3: eight hundred and fortnite goes straight in that way, it's
• 29:56
  Speaker 3: always covered. Six hundred goes into my save and that
• 30:01
  Speaker 3: I end up with about four hundred and fifty dollars.
• 30:02
  Speaker 2: Okay, then, so how does twenty eight and getting better
• 30:05
  Speaker 2: feel about investing. Does she invest and if so, how so?
• 30:09
  Speaker 5: I've always had the goal to invest.
• 30:11
  Speaker 3: I do have a raise account, and so there's sort
• 30:14
  Speaker 3: of that micro investing. Somehow, it's not working particularly well
• 30:18
  Speaker 3: for me. I think I've set up something wrong, so
• 30:21
  Speaker 3: that's something I need to fix. My partner also does
• 30:23
  Speaker 3: invest through rays, and he's doing far better than I am,
• 30:25
  Speaker 3: which is fine. It means that we always we have
• 30:27
  Speaker 3: some money being invested. I think the goal though, is
• 30:30
  Speaker 3: we want to get rid of the credit card completely,
• 30:31
  Speaker 3: and then we will actually sit down and we'll go
• 30:34
  Speaker 3: and see a broker and make the decision too of
• 30:36
  Speaker 3: where and what and how much and all of that.
• 30:38
  Speaker 3: But until that debt is gone, we don't want to
• 30:41
  Speaker 3: stretch our money more than it is at the moment.
• 30:43
  Speaker 3: Even though I know that it will bring us more money,
• 30:45
  Speaker 3: it will just give me more anxiety than I would
• 30:47
  Speaker 3: like to deal with right now.
• 30:48
  Speaker 2: What about debts like credit cards or personal loans?
• 30:51
  Speaker 3: I technically have only got one big debt, which is
• 30:54
  Speaker 3: my hex debt, so it's about thirty one thousand dollars.
• 30:56
  Speaker 3: My partner has a seven thousand dollars debt with a
• 30:58
  Speaker 3: credit card, whilst technically it's his.
• 31:00
  Speaker 5: We're getting married. My money is his money. His money
• 31:03
  Speaker 5: is my money. Our goal is to have that eradicated
• 31:05
  Speaker 5: by our wedding.
• 31:06
  Speaker 2: Does twenty eight and getting better. Have any good money
• 31:08
  Speaker 2: habits that she's especially powder.
• 31:10
  Speaker 3: I always go for sales or opshop fines when it
• 31:12
  Speaker 3: comes to clothes.
• 31:13
  Speaker 5: Not really a big man on buying brand new.
• 31:16
  Speaker 3: I mean I even bought my wedding dress on a
• 31:17
  Speaker 3: huge sale and it was a little bit damaged, and
• 31:19
  Speaker 3: I thought, you know what a little bit damage.
• 31:20
  Speaker 5: I can fix that.
• 31:21
  Speaker 2: And what about her worst money habit?
• 31:23
  Speaker 3: Probably if I'm catching up with friends for drinks, I
• 31:27
  Speaker 3: ignore a budget I may have set myself for that
• 31:30
  Speaker 3: night and kind of go overboard.
• 31:32
  Speaker 2: So what's today's money diarist? Actually saving for? What's her
• 31:34
  Speaker 2: big money goal?
• 31:36
  Speaker 5: So we've kind of got multiple big money goals or.
• 31:38
  Speaker 3: Running her currently at the moment, it's our wedding, our
• 31:41
  Speaker 3: friend's wedding in Germany, and our honeymoon, so those sort
• 31:45
  Speaker 3: of this year alone big money goals. But we do
• 31:49
  Speaker 3: want to buy a house in the next two or
• 31:50
  Speaker 3: three years.
• 31:51
  Speaker 2: So how about twenty eight and getting there rate herself?
• 31:53
  Speaker 2: If we forced her to give herself a.
• 31:55
  Speaker 3: Great I would rate myself probably at a B plus,
• 31:58
  Speaker 3: mostly because of ignoring the credit card for as long
• 32:01
  Speaker 3: as I have, even though it's not technically mine, so
• 32:04
  Speaker 3: it's out of sight, out of mind for me, and
• 32:05
  Speaker 3: it has been for a long time, and also taking
• 32:08
  Speaker 3: as long as I have to make a good or
• 32:10
  Speaker 3: set of financial decisions. So if the credit card wasn't there,
• 32:14
  Speaker 3: I would break myself an.
• 32:15
  Speaker 2: Eight twenty eight and getting better. Victoria, it was very
• 32:19
  Speaker 2: interesting one.
• 32:21
  Speaker 1: I loved it. I thought it was really good. It
• 32:23
  Speaker 1: wasn't your typical money diary where you know they've saved
• 32:26
  Speaker 1: up and tieved all their dreams already. But I feel
• 32:29
  Speaker 1: like this was such a good story to share. And
• 32:31
  Speaker 1: when we sat down with her, it really was obvious
• 32:34
  Speaker 1: that she knew her worth and what.
• 32:36
  Speaker 5: She was doing.
• 32:37
  Speaker 1: Yeah, And I think, to me, that's really important, especially
• 32:40
  Speaker 1: she had all these goals. She was saying that she's
• 32:42
  Speaker 1: wanting to get married, or she is getting married really soon,
• 32:45
  Speaker 1: she wants to go overseas for a friend's wedding. She's
• 32:47
  Speaker 1: got all of these other goals, and she just knew
• 32:49
  Speaker 1: that that job wasn't going to give it to her.
• 32:52
  Speaker 1: She had a heap of loyalty to her previous employer
• 32:54
  Speaker 1: because it was her first employer. And I think it's
• 32:56
  Speaker 1: really important to actually highlight that, you know, sometimes and
• 33:00
  Speaker 1: you do ask for a pay rise, it doesn't mean
• 33:01
  Speaker 1: you're going to get it, yeah, but it means that
• 33:03
  Speaker 1: you are committed to understanding your value and what you
• 33:06
  Speaker 1: bring to the table. And sometimes the best thing to
• 33:08
  Speaker 1: do is to actually walk away. Yeah, and that's really
• 33:11
  Speaker 1: hard to hear for some people.
• 33:13
  Speaker 2: Well didn't you say as well, she was meant to
• 33:14
  Speaker 2: be working twenty five hours or so, but was dedicating
• 33:17
  Speaker 2: sixty hours a week to that and getting paid just
• 33:19
  Speaker 2: for the twenty five that's outrageous.
• 33:21
  Speaker 1: It was a lot. And I think that that story
• 33:23
  Speaker 1: is actually going to resonate with a lot of people
• 33:25
  Speaker 1: who are listening, especially in that field, because I think
• 33:28
  Speaker 1: that teachers and nurses and these service industries are actually
• 33:32
  Speaker 1: really undervalued. So more often than not, we see them
• 33:36
  Speaker 1: as people who don't work in that industry and go, oh,
• 33:39
  Speaker 1: teachers get twelve weeks of and you'll leave each year.
• 33:41
  Speaker 1: That's amazing. Yeah, It's like they absolutely do not. They
• 33:44
  Speaker 1: have so much work above and beyond what the average
• 33:47
  Speaker 1: employee has and a heap of responsibilities that we just
• 33:51
  Speaker 1: don't see. So I think it's really important that she's
• 33:53
  Speaker 1: actually brought her hand up and said, well, actually, I
• 33:56
  Speaker 1: need to be remunerated for this, especially so early on,
• 33:59
  Speaker 1: because this is important to me and this is my career.
• 34:01
  Speaker 1: And it was evident that she was really passionate about that,
• 34:04
  Speaker 1: and I loved that.
• 34:05
  Speaker 2: And what did you think of her rating?
• 34:06
  Speaker 1: I thought it was appropriate. I thought it was quite
• 34:09
  Speaker 1: in line with where she's at. She did mention she
• 34:11
  Speaker 1: had a small amount or they had a small amount
• 34:13
  Speaker 1: of credit card debts still and that they were getting
• 34:15
  Speaker 1: through that. However, it sounds like she's completely flipped her
• 34:19
  Speaker 1: money habits And what more can you ask?
• 34:21
  Speaker 2: And was there anything you think she could improve upon Victoria.
• 34:24
  Speaker 1: I think it'd just be around planning. So she had
• 34:26
  Speaker 1: a whole heap of goals that she said, and I
• 34:28
  Speaker 1: want to go on an overseas trip, and I want
• 34:30
  Speaker 1: to do this, and I want to do that, And
• 34:31
  Speaker 1: she said that she had five thousand dollars in savings,
• 34:33
  Speaker 1: but she's also got her own wedding at the end
• 34:35
  Speaker 1: of this year. I think it would be really important
• 34:38
  Speaker 1: to sit down and put together some really tangible goals
• 34:41
  Speaker 1: that you can say, all right, well, this is how
• 34:43
  Speaker 1: much I need for this goal, this is how much
• 34:45
  Speaker 1: I need for my wedding, And the best way to
• 34:48
  Speaker 1: actually approach those things is to just be really pragmatic
• 34:51
  Speaker 1: and have a goal and organize what that looks like upfront,
• 34:55
  Speaker 1: so that you one know what to expect, but to
• 34:57
  Speaker 1: know when you've achieved those things.
• 35:00
  Speaker 2: Thanks so much for sharing, tony ete and getting better,
• 35:05
  Speaker 2: And that is all we have time for today on
• 35:07
  Speaker 2: our pay rise pod. But just before we head off,
• 35:10
  Speaker 2: let's quickly wrap the boring but important stuff. The advice
• 35:14
  Speaker 2: shared on Shees on the Money is general in nature
• 35:16
  Speaker 2: and does not consider your individual circumstances. She's on the
• 35:19
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• 35:23
  Speaker 2: relied upon to make an investment or financial decision. And yes,
• 35:27
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• 35:31
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• 35:55
  Speaker 2: See you next week, guys, see you