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NZ Money Advice That Sounds Smart But Ruins Your Life · Making Cents

• 0:00
  There
• 0:00
  is
• 0:00
  some
• 0:01
  money
• 0:01
  advice
• 0:02
  that
• 0:02
  sounds
• 0:02
  good
• 0:03
  on
• 0:03
  the
• 0:03
  surface,
• 0:04
  very
• 0:05
  responsible,
• 0:06
  but
• 0:06
  you
• 0:06
  give
• 0:06
  it
• 0:06
  the
• 0:07
  smallest
• 0:08
  scratch
• 0:08
  and
• 0:08
  it's
• 0:08
  actually
• 0:09
  terrible
• 0:10
  for
• 0:10
  you.
• 0:11
  These
• 0:11
  big
• 0:12
  generic
• 0:13
  rules
• 0:13
  of
• 0:13
  thumb.
• 0:14
  Things
• 0:14
  like,
• 0:15
  you
• 0:15
  should
• 0:15
  buy
• 0:15
  a
• 0:15
  house
• 0:16
  as
• 0:16
  soon
• 0:16
  as
• 0:16
  possible,
• 0:17
  or
• 0:18
  never
• 0:18
  buy
• 0:19
  coffee
• 0:19
  or
• 0:20
  beers
• 0:20
  out,
• 0:20
  or
• 0:21
  never
• 0:21
  sell
• 0:22
  an
• 0:22
  investment,
• 0:23
  or
• 0:23
  you've
• 0:24
  always
• 0:24
  got
• 0:24
  to
• 0:24
  be
• 0:24
  maximizing
• 0:25
  the
• 0:25
  return
• 0:26
  on
• 0:26
  your
• 0:26
  money.
• 0:26
  These
• 0:27
  things
• 0:27
  can
• 0:28
  sound
• 0:28
  sensible,
• 0:29
  but
• 0:30
  if
• 0:30
  you
• 0:30
  follow
• 0:30
  them
• 0:31
  blindly,
• 0:31
  you
• 0:31
  will
• 0:32
  not
• 0:32
  only
• 0:32
  make
• 0:32
  your
• 0:33
  life
• 0:33
  smaller,
• 0:34
  you
• 0:34
  could
• 0:35
  end
• 0:35
  up
• 0:35
  hurting
• 0:36
  your
• 0:36
  financial
• 0:37
  life.
• 0:38
  Besides,
• 0:39
  the
• 0:39
  point
• 0:39
  of
• 0:39
  being
• 0:40
  good
• 0:40
  with
• 0:40
  money
• 0:41
  is
• 0:41
  not
• 0:41
  to
• 0:42
  build
• 0:42
  up
• 0:42
  a
• 0:42
  pile
• 0:43
  of
• 0:43
  cash
• 0:43
  that
• 0:44
  you
• 0:44
  just
• 0:44
  never
• 0:45
  spend
• 0:45
  to
• 0:45
  be
• 0:46
  hoarding
• 0:47
  it,
• 0:47
  like
• 0:47
  Smaug
• 0:48
  sitting
• 0:48
  on
• 0:48
  a
• 0:49
  pile
• 0:49
  of
• 0:49
  gold.
• 0:50
  The
• 0:50
  point
• 0:50
  of
• 0:50
  being
• 0:51
  good
• 0:51
  with
• 0:52
  money
• 0:52
  is
• 0:52
  that
• 0:53
  you
• 0:53
  use
• 0:53
  it
• 0:53
  to
• 0:53
  build
• 0:53
  a
• 0:54
  life
• 0:54
  that
• 0:54
  you
• 0:55
  love,
• 0:56
  whatever
• 0:56
  that
• 0:56
  looks
• 0:57
  like
• 0:57
  to
• 0:57
  you.
• 0:58
  And
• 0:58
  that's
• 0:59
  exactly
• 0:59
  why
• 1:00
  some
• 1:00
  decisions
• 1:01
  that
• 1:01
  on
• 1:02
  paper
• 1:03
  are
• 1:03
  bad.
• 1:03
  Financial
• 1:04
  decisions
• 1:04
  can
• 1:05
  actually
• 1:05
  be
• 1:06
  the
• 1:07
  best
• 1:07
  thing.
• 1:08
  So
• 1:08
  welcome
• 1:09
  to
• 1:09
  Making
• 1:09
  Sense.
• 1:10
  It's
• 1:10
  the
• 1:10
  podcast
• 1:11
  People
• 1:11
  who
• 1:11
  Want
• 1:11
  Financial
• 1:12
  Freedom
• 1:12
  Without
• 1:13
  Giving
• 1:13
  Up
• 1:13
  Their
• 1:13
  Coffee.
• 1:14
  And
• 1:14
  I'm
• 1:14
  Frances
• 1:15
  Cook,
• 1:15
  a
• 1:15
  financial
• 1:16
  journalist
• 1:16
  and
• 1:16
  fellow
• 1:17
  financial
• 1:17
  freedom
• 1:18
  seeker
• 1:18
  who
• 1:18
  makes
• 1:19
  money
• 1:19
  simple
• 1:19
  for
• 1:20
  you.
• 1:21
  These
• 1:21
  have
• 1:22
  been
• 1:22
  driving
• 1:22
  me
• 1:22
  crazy.
• 1:23
  So
• 1:23
  it
• 1:23
  is
• 1:24
  time
• 1:24
  to
• 1:25
  myth
• 1:25
  bust
• 1:25
  these
• 1:26
  seven
• 1:27
  common
• 1:27
  myths
• 1:28
  about
• 1:29
  bad
• 1:29
  financial
• 1:30
  decisions
• 1:30
  that
• 1:30
  can
• 1:31
  actually
• 1:31
  be
• 1:31
  really
• 1:32
  smart
• 1:33
  if
• 1:34
  you
• 1:35
  understand
• 1:35
  why
• 1:36
  you're
• 1:36
  making
• 1:36
  them
• 1:37
  and
• 1:37
  how
• 1:37
  to
• 1:38
  balance
• 1:38
  them
• 1:38
  out.
• 1:39
  So
• 1:40
  myth
• 1:40
  one.
• 1:41
  You
• 1:41
  should
• 1:41
  never
• 1:42
  spend
• 1:42
  money
• 1:43
  on
• 1:43
  socializing.
• 1:44
  Beers
• 1:45
  after
• 1:45
  work,
• 1:46
  terrible.
• 1:47
  Coffee
• 1:47
  out,
• 1:48
  financially
• 1:48
  reckless.
• 1:49
  Except
• 1:50
  actually
• 1:50
  not
• 1:51
  at
• 1:51
  all,
• 1:51
  because
• 1:52
  this
• 1:52
  is
• 1:52
  how
• 1:53
  social
• 1:53
  ties
• 1:54
  are
• 1:54
  built,
• 1:54
  and
• 1:55
  social
• 1:55
  ties
• 1:56
  are
• 1:56
  actually
• 1:57
  how
• 1:57
  we
• 1:57
  get
• 1:58
  ahead
• 1:58
  in
• 1:58
  life,
• 1:59
  including
• 2:00
  financially.
• 2:01
  Yes,
• 2:02
  sometimes
• 2:03
  you
• 2:03
  can
• 2:04
  actually
• 2:04
  mentally
• 2:05
  categorize
• 2:05
  the
• 2:06
  spending
• 2:06
  as
• 2:06
  a
• 2:06
  fairly
• 2:07
  cheap
• 2:07
  investment,
• 2:09
  especially
• 2:09
  in
• 2:09
  your
• 2:09
  earning
• 2:10
  power.
• 2:10
  Look,
• 2:11
  there
• 2:11
  are
• 2:11
  lots
• 2:11
  of
• 2:11
  different
• 2:11
  numbers
• 2:12
  around,
• 2:12
  but
• 2:12
  the
• 2:12
  lowest
• 2:13
  percentage
• 2:13
  I've
• 2:14
  seen
• 2:14
  is
• 2:15
  that
• 2:15
  70%
• 2:16
  of
• 2:16
  jobs
• 2:17
  are
• 2:17
  never
• 2:18
  advertised.
• 2:18
  And
• 2:19
  I've
• 2:19
  seen
• 2:19
  other
• 2:19
  studies
• 2:20
  saying
• 2:20
  that
• 2:21
  actually
• 2:21
  might
• 2:21
  be
• 2:21
  as
• 2:21
  much
• 2:22
  as
• 2:22
  80%
• 2:23
  of
• 2:23
  jobs
• 2:24
  never
• 2:24
  being
• 2:25
  advertised.
• 2:26
  It's
• 2:26
  called
• 2:27
  the
• 2:27
  hidden
• 2:27
  job
• 2:28
  market.
• 2:28
  And
• 2:29
  those
• 2:29
  jobs
• 2:29
  go
• 2:30
  to
• 2:30
  internal
• 2:31
  promotions
• 2:32
  or
• 2:32
  other
• 2:33
  employees
• 2:34
  who
• 2:34
  recommend
• 2:34
  someone,
• 2:35
  or
• 2:35
  people
• 2:36
  found
• 2:36
  through
• 2:36
  networking.
• 2:38
  Employers
• 2:39
  love
• 2:39
  it
• 2:39
  because
• 2:40
  it's
• 2:40
  faster
• 2:40
  for
• 2:41
  them.
• 2:41
  And
• 2:41
  a
• 2:41
  personal
• 2:42
  recommendation
• 2:42
  holds
• 2:43
  a
• 2:43
  lot
• 2:43
  of
• 2:43
  weight.
• 2:43
  And
• 2:44
  it
• 2:44
  might
• 2:44
  not
• 2:44
  really
• 2:45
  be
• 2:45
  fair,
• 2:46
  but
• 2:46
  it
• 2:46
  is
• 2:46
  reality.
• 2:47
  And
• 2:48
  it's
• 2:48
  often
• 2:48
  what's
• 2:49
  called
• 2:49
  your
• 2:49
  weak
• 2:50
  ties,
• 2:50
  not
• 2:51
  close
• 2:51
  friends,
• 2:52
  that
• 2:52
  get
• 2:53
  you
• 2:53
  those
• 2:53
  referrals.
• 2:55
  This
• 2:55
  means
• 2:55
  people
• 2:55
  that
• 2:56
  you
• 2:56
  bump
• 2:56
  into
• 2:56
  now
• 2:56
  and
• 2:57
  then,
• 2:57
  you're
• 2:58
  friendly
• 2:58
  with
• 2:58
  them,
• 2:59
  you
• 2:59
  kind
• 3:00
  of
• 3:00
  know
• 3:00
  them,
• 3:01
  but
• 3:01
  you're
• 3:02
  not
• 3:02
  telling
• 3:02
  them
• 3:02
  your
• 3:03
  deep,
• 3:03
  dark
• 3:04
  secrets.
• 3:05
  You
• 3:05
  can
• 3:05
  have
• 3:05
  a
• 3:05
  pretty
• 3:05
  wide
• 3:06
  network
• 3:06
  of
• 3:06
  these
• 3:06
  people,
• 3:07
  and
• 3:07
  it's
• 3:08
  almost
• 3:08
  always
• 3:10
  those
• 3:10
  people
• 3:10
  who
• 3:11
  end
• 3:11
  up
• 3:11
  recommending
• 3:12
  you
• 3:12
  like,
• 3:13
  oh,
• 3:13
  hang
• 3:14
  on,
• 3:14
  I
• 3:15
  think
• 3:15
  I
• 3:15
  know
• 3:15
  a
• 3:15
  guy
• 3:16
  that
• 3:16
  could
• 3:16
  be
• 3:17
  good
• 3:17
  for
• 3:17
  that.
• 3:17
  Let
• 3:18
  me
• 3:18
  send
• 3:18
  them
• 3:18
  a
• 3:18
  message.
• 3:20
  There
• 3:20
  is
• 3:20
  decades
• 3:21
  of
• 3:21
  research
• 3:22
  behind
• 3:22
  this
• 3:22
  one.
• 3:23
  We've
• 3:23
  got
• 3:23
  a
• 3:23
  sociologist,
• 3:24
  Mark
• 3:25
  granovetta,
• 3:26
  in
• 3:26
  the
• 3:26
  1970s,
• 3:27
  all
• 3:27
  the
• 3:28
  way
• 3:28
  up
• 3:28
  to
• 3:28
  a
• 3:29
  2022
• 3:29
  nature
• 3:30
  study
• 3:30
  that
• 3:30
  used
• 3:31
  LinkedIn
• 3:31
  data.
• 3:32
  And
• 3:33
  all
• 3:33
  of
• 3:33
  these
• 3:33
  other
• 3:33
  studies
• 3:34
  done
• 3:34
  in
• 3:34
  between
• 3:34
  the
• 3:35
  two
• 3:35
  of
• 3:35
  those
• 3:36
  masses
• 3:36
  of
• 3:36
  research,
• 3:37
  all
• 3:37
  showing
• 3:38
  that
• 3:38
  these
• 3:38
  weak
• 3:39
  ties
• 3:40
  built
• 3:40
  through
• 3:41
  casual
• 3:41
  work,
• 3:42
  drinks,
• 3:42
  the
• 3:42
  old
• 3:43
  uni
• 3:43
  friend,
• 3:44
  the
• 3:44
  person
• 3:44
  you
• 3:44
  chatted
• 3:45
  to
• 3:45
  at
• 3:45
  a
• 3:45
  conference,
• 3:47
  it
• 3:47
  gives
• 3:47
  you
• 3:47
  so
• 3:48
  many
• 3:48
  more
• 3:48
  job
• 3:48
  opportunities
• 3:50
  and
• 3:50
  therefore
• 3:51
  ways
• 3:51
  to
• 3:51
  build
• 3:52
  your
• 3:52
  income.
• 3:53
  These
• 3:53
  are
• 3:54
  the
• 3:54
  relationships
• 3:54
  that
• 3:55
  you
• 3:55
  build
• 3:55
  by
• 3:56
  just
• 3:56
  being
• 3:56
  out
• 3:56
  and
• 3:57
  about,
• 3:57
  bumping
• 3:58
  into
• 3:58
  people,
• 3:59
  being
• 4:00
  friendly.
• 4:00
  This
• 4:01
  hidden
• 4:01
  job
• 4:02
  market
• 4:02
  has
• 4:02
  existed
• 4:04
  forever
• 4:04
  and
• 4:05
  it's
• 4:05
  not
• 4:06
  going
• 4:06
  anywhere
• 4:07
  anytime
• 4:08
  soon.
• 4:08
  It's
• 4:08
  just
• 4:08
  human
• 4:09
  nature.
• 4:10
  And
• 4:10
  that
• 4:10
  doesn't
• 4:10
  even
• 4:11
  count
• 4:11
  that
• 4:12
  a
• 4:12
  lot
• 4:12
  of
• 4:12
  opportunities
• 4:13
  are
• 4:13
  never
• 4:14
  even
• 4:14
  listed
• 4:14
  as
• 4:15
  jobs
• 4:15
  at
• 4:16
  all,
• 4:16
  even
• 4:17
  hidden
• 4:17
  ones.
• 4:18
  Some
• 4:18
  opportunities
• 4:19
  are
• 4:19
  created
• 4:21
  by
• 4:21
  you
• 4:21
  being
• 4:22
  out
• 4:22
  and
• 4:22
  about,
• 4:23
  having
• 4:23
  conversations,
• 4:24
  sparks
• 4:25
  fly,
• 4:25
  ideas
• 4:26
  are
• 4:26
  battered
• 4:26
  back
• 4:27
  and
• 4:27
  forth,
• 4:27
  and
• 4:28
  an
• 4:28
  opportunity
• 4:29
  is
• 4:29
  created
• 4:30
  out
• 4:30
  of
• 4:30
  thin
• 4:31
  air
• 4:31
  force
• 4:31
  because
• 4:32
  you
• 4:32
  had
• 4:32
  the
• 4:32
  conversation
• 4:33
  and
• 4:33
  the
• 4:33
  idea
• 4:34
  together.
• 4:35
  Seeing
• 4:35
  people,
• 4:36
  talking
• 4:37
  to
• 4:37
  them,
• 4:38
  being
• 4:38
  friendly
• 4:39
  and
• 4:39
  building
• 4:39
  ties
• 4:40
  is
• 4:40
  not
• 4:41
  just
• 4:41
  good
• 4:41
  for
• 4:42
  our
• 4:42
  souls,
• 4:42
  and
• 4:43
  don't
• 4:43
  get
• 4:43
  me
• 4:43
  wrong,
• 4:44
  because
• 4:44
  it's
• 4:44
  also
• 4:45
  really
• 4:45
  good
• 4:46
  for
• 4:46
  our
• 4:46
  souls,
• 4:47
  and
• 4:47
  that's
• 4:47
  worth
• 4:47
  a
• 4:47
  lot
• 4:47
  in
• 4:48
  itself.
• 4:48
  But
• 4:49
  if
• 4:49
  you
• 4:49
  need
• 4:49
  an
• 4:50
  excuse
• 4:51
  for
• 4:51
  why
• 4:51
  it's
• 4:51
  good
• 4:52
  for
• 4:52
  you
• 4:52
  to
• 4:52
  socialize
• 4:53
  and
• 4:53
  why
• 4:54
  you
• 4:54
  can
• 4:54
  justify
• 4:55
  a
• 4:55
  reasonable
• 4:55
  amount
• 4:56
  of
• 4:56
  money
• 4:56
  on
• 4:56
  it,
• 4:57
  go
• 4:57
  buck
• 4:57
  wild
• 4:58
  or
• 4:58
  anything,
• 4:59
  but
• 4:59
  within
• 4:59
  reason,
• 5:00
  you
• 5:00
  can
• 5:00
  have
• 5:00
  this
• 5:01
  one.
• 5:02
  Being
• 5:02
  sociable
• 5:03
  and
• 5:03
  having
• 5:04
  conversations
• 5:05
  is
• 5:05
  also
• 5:06
  how
• 5:06
  you
• 5:07
  stay
• 5:07
  on
• 5:07
  top
• 5:07
  of
• 5:07
  what's
• 5:08
  happening
• 5:08
  in
• 5:08
  your
• 5:08
  industry,
• 5:09
  share
• 5:10
  ideas,
• 5:11
  learn
• 5:11
  new
• 5:11
  things,
• 5:12
  and
• 5:12
  hear
• 5:13
  about
• 5:13
  opportunities
• 5:14
  before
• 5:15
  they're
• 5:15
  official.
• 5:17
  This
• 5:17
  is
• 5:17
  what
• 5:17
  people
• 5:17
  really
• 5:18
  cringily
• 5:19
  call
• 5:20
  networking,
• 5:20
  and
• 5:21
  I
• 5:21
  hate
• 5:21
  that
• 5:21
  word,
• 5:22
  but
• 5:23
  let's
• 5:23
  rebrand
• 5:23
  it.
• 5:24
  It
• 5:24
  doesn't
• 5:24
  have
• 5:24
  to
• 5:24
  be
• 5:25
  official
• 5:26
  networking
• 5:26
  events.
• 5:27
  It
• 5:27
  can
• 5:27
  be
• 5:27
  just
• 5:28
  seeing
• 5:29
  people
• 5:30
  sharing
• 5:30
  a
• 5:30
  lunch
• 5:31
  break
• 5:31
  together,
• 5:32
  going
• 5:32
  to
• 5:32
  Friday
• 5:33
  drinks,
• 5:33
  and
• 5:33
  it's
• 5:34
  fun.
• 5:34
  So,
• 5:35
  you
• 5:35
  know,
• 5:36
  enjoy
• 5:36
  life
• 5:36
  a
• 5:37
  little
• 5:37
  and
• 5:38
  drop
• 5:38
  the
• 5:39
  guilt
• 5:39
  about
• 5:39
  it.
• 5:40
  Myth
• 5:41
  2
• 5:42
  Renting
• 5:43
  a
• 5:43
  house
• 5:43
  instead
• 5:44
  of
• 5:44
  buying
• 5:44
  is
• 5:44
  just
• 5:45
  wasting
• 5:45
  money.
• 5:46
  Or
• 5:47
  maybe
• 5:47
  we
• 5:47
  flip
• 5:48
  this
• 5:48
  one,
• 5:48
  you're
• 5:49
  buying
• 5:49
  flexibility.
• 5:51
  Look,
• 5:51
  buying
• 5:51
  a
• 5:51
  house
• 5:52
  can
• 5:52
  be
• 5:53
  really
• 5:53
  important
• 5:53
  to
• 5:53
  financial
• 5:54
  stability,
• 5:54
  but
• 5:55
  not
• 5:55
  if
• 5:55
  it
• 5:56
  comes
• 5:56
  at
• 5:56
  the
• 5:56
  wrong
• 5:57
  time
• 5:57
  in
• 5:57
  your
• 5:57
  life.
• 5:59
  Buying
• 5:59
  a
• 5:59
  house
• 6:00
  means
• 6:00
  putting
• 6:00
  down
• 6:00
  roots,
• 6:01
  staying
• 6:02
  in
• 6:02
  one
• 6:02
  place
• 6:03
  and
• 6:03
  committing
• 6:03
  to
• 6:04
  that
• 6:04
  mortgage.
• 6:04
  Again,
• 6:05
  great
• 6:05
  stuff
• 6:06
  if
• 6:06
  it's
• 6:07
  the
• 6:07
  right
• 6:07
  time
• 6:08
  in
• 6:08
  your
• 6:08
  life.
• 6:09
  But
• 6:09
  sometimes
• 6:10
  that
• 6:10
  is
• 6:11
  simply
• 6:11
  not
• 6:11
  the
• 6:11
  case.
• 6:13
  Sometimes
• 6:13
  it
• 6:13
  is
• 6:13
  not
• 6:14
  the
• 6:14
  right
• 6:15
  time
• 6:15
  in
• 6:15
  your
• 6:15
  life.
• 6:16
  And
• 6:17
  buying
• 6:17
  can
• 6:18
  actually
• 6:18
  be
• 6:18
  a
• 6:19
  bad
• 6:19
  idea.
• 6:20
  For
• 6:21
  instance,
• 6:21
  younger
• 6:22
  People
• 6:22
  who
• 6:22
  are
• 6:23
  in
• 6:23
  the
• 6:23
  early
• 6:23
  years
• 6:23
  of
• 6:24
  building
• 6:24
  their
• 6:24
  career
• 6:25
  may
• 6:25
  need
• 6:25
  more
• 6:26
  flexibility
• 6:27
  to
• 6:27
  move
• 6:28
  where
• 6:28
  the
• 6:28
  opportunities
• 6:29
  are
• 6:29
  to
• 6:29
  build
• 6:30
  skills
• 6:30
  rapidly
• 6:31
  and
• 6:31
  climb
• 6:32
  the
• 6:32
  ladder
• 6:32
  fast.
• 6:33
  Move
• 6:33
  once,
• 6:34
  move
• 6:34
  twice,
• 6:34
  keep
• 6:35
  building.
• 6:35
  And
• 6:36
  New
• 6:36
  Zealanders
• 6:37
  sure
• 6:37
  do
• 6:37
  love
• 6:38
  to
• 6:38
  move.
• 6:38
  Between
• 6:39
  2018
• 6:40
  and
• 6:40
  2023,
• 6:41
  Stats
• 6:42
  NZ
• 6:43
  tracked
• 6:43
  2.2
• 6:45
  million
• 6:45
  of
• 6:45
  us
• 6:46
  changing
• 6:47
  our
• 6:47
  address.
• 6:48
  A
• 6:48
  big
• 6:49
  driver
• 6:49
  of
• 6:49
  that
• 6:49
  is
• 6:49
  younger
• 6:50
  people
• 6:51
  moving
• 6:51
  to
• 6:51
  where
• 6:51
  they
• 6:51
  see
• 6:52
  more
• 6:52
  opportunity
• 6:53
  for
• 6:53
  building
• 6:53
  those
• 6:54
  crucial
• 6:55
  early
• 6:56
  wins.
• 6:56
  They're
• 6:57
  not
• 6:57
  wrong
• 6:58
  to
• 6:58
  make
• 6:58
  that
• 6:59
  a
• 6:59
  priority.
• 7:00
  Investing
• 7:01
  in
• 7:01
  your
• 7:01
  earning
• 7:01
  power
• 7:02
  can
• 7:02
  be
• 7:03
  a
• 7:03
  more
• 7:03
  powerful
• 7:04
  first
• 7:04
  step
• 7:04
  than
• 7:04
  paying
• 7:05
  off
• 7:05
  a
• 7:05
  giant
• 7:05
  mortgage.
• 7:07
  I
• 7:07
  often
• 7:08
  say
• 7:08
  your
• 7:09
  first
• 7:09
  investment
• 7:10
  isn't
• 7:10
  actually
• 7:11
  things
• 7:11
  like
• 7:12
  shares
• 7:12
  or
• 7:13
  property
• 7:13
  or
• 7:14
  anything
• 7:14
  like
• 7:14
  that.
• 7:15
  It's
• 7:15
  investing
• 7:15
  into
• 7:16
  your
• 7:16
  knowledge,
• 7:17
  then
• 7:18
  investing
• 7:18
  into
• 7:18
  your
• 7:19
  earning
• 7:19
  power.
• 7:20
  And
• 7:21
  that
• 7:21
  will
• 7:22
  make
• 7:22
  it
• 7:22
  so
• 7:22
  much
• 7:23
  easier
• 7:24
  to
• 7:24
  make
• 7:24
  those
• 7:25
  next
• 7:25
  more
• 7:26
  traditional
• 7:26
  investments
• 7:27
  that
• 7:27
  people
• 7:27
  think
• 7:28
  of.
• 7:29
  Buying
• 7:29
  and
• 7:29
  selling
• 7:30
  a
• 7:30
  house
• 7:30
  can
• 7:30
  be
• 7:30
  expensive.
• 7:31
  It
• 7:32
  takes
• 7:32
  months
• 7:33
  and
• 7:33
  you
• 7:34
  will
• 7:34
  be
• 7:34
  stopped
• 7:35
  from
• 7:35
  making
• 7:36
  those
• 7:36
  all
• 7:36
  important
• 7:37
  moves
• 7:38
  on
• 7:38
  the
• 7:38
  income
• 7:38
  side
• 7:39
  of
• 7:39
  things
• 7:40
  or
• 7:40
  a
• 7:40
  different
• 7:40
  side
• 7:41
  of
• 7:41
  this
• 7:41
  issue.
• 7:42
  Maybe
• 7:42
  you're
• 7:42
  in
• 7:42
  an
• 7:43
  expensive
• 7:43
  area
• 7:43
  and
• 7:44
  buying
• 7:44
  a
• 7:44
  house
• 7:44
  puts
• 7:45
  you
• 7:45
  right
• 7:45
  to
• 7:46
  the
• 7:46
  limits
• 7:46
  of
• 7:46
  what
• 7:46
  you
• 7:47
  can
• 7:47
  afford.
• 7:48
  One
• 7:48
  move
• 7:49
  on
• 7:49
  interest
• 7:49
  rates
• 7:50
  and
• 7:50
  the
• 7:50
  bank
• 7:51
  could
• 7:52
  end
• 7:52
  up
• 7:52
  selling
• 7:52
  it
• 7:53
  out
• 7:53
  from
• 7:53
  under
• 7:53
  you.
• 7:54
  It
• 7:54
  is
• 7:55
  better
• 7:55
  to
• 7:56
  get
• 7:56
  financially
• 7:56
  stable
• 7:57
  and
• 7:57
  make
• 7:58
  sure
• 7:58
  it's
• 7:58
  the
• 7:59
  right
• 7:59
  time
• 7:59
  to
• 8:00
  buy
• 8:01
  than
• 8:01
  it
• 8:01
  is
• 8:01
  to
• 8:01
  buy
• 8:02
  at
• 8:02
  the
• 8:02
  wrong
• 8:02
  time,
• 8:03
  get
• 8:04
  overstretched,
• 8:05
  and
• 8:05
  then
• 8:05
  be
• 8:06
  absolutely
• 8:07
  miserable
• 8:08
  trying
• 8:08
  to
• 8:08
  stay
• 8:09
  ahead
• 8:09
  of
• 8:09
  things,
• 8:09
  or
• 8:10
  worst
• 8:10
  case,
• 8:11
  losing
• 8:11
  the
• 8:11
  house
• 8:12
  because
• 8:12
  you
• 8:12
  couldn't
• 8:13
  make
• 8:13
  the
• 8:13
  payments
• 8:14
  anymore.
• 8:15
  Now,
• 8:16
  whatever
• 8:17
  reason
• 8:17
  that
• 8:18
  buying
• 8:18
  a
• 8:18
  house
• 8:18
  may
• 8:19
  not
• 8:19
  be
• 8:19
  for
• 8:19
  you
• 8:20
  right
• 8:20
  now,
• 8:21
  I
• 8:21
  do
• 8:21
  hope
• 8:22
  that
• 8:22
  you
• 8:22
  still
• 8:22
  continue
• 8:23
  to
• 8:23
  build
• 8:23
  financial
• 8:23
  stability
• 8:24
  in
• 8:25
  other
• 8:25
  ways.
• 8:25
  In
• 8:25
  either
• 8:26
  of
• 8:26
  those
• 8:26
  scenarios
• 8:27
  that
• 8:27
  I
• 8:27
  just
• 8:27
  laid
• 8:27
  out,
• 8:28
  putting
• 8:28
  money
• 8:28
  towards
• 8:29
  investments
• 8:30
  such
• 8:30
  as
• 8:30
  shares
• 8:32
  while
• 8:32
  you
• 8:32
  continue
• 8:33
  to
• 8:33
  rent
• 8:34
  can
• 8:34
  actually
• 8:34
  mean
• 8:35
  you
• 8:35
  still
• 8:36
  get
• 8:36
  ahead
• 8:37
  even
• 8:37
  without
• 8:37
  buying
• 8:38
  that
• 8:38
  first
• 8:38
  home.
• 8:39
  Just
• 8:39
  make
• 8:40
  sure
• 8:40
  you
• 8:40
  stay
• 8:40
  tactical.
• 8:42
  Don't
• 8:42
  necessarily
• 8:42
  use
• 8:43
  it
• 8:43
  as
• 8:43
  an
• 8:43
  excuse
• 8:43
  to
• 8:44
  do
• 8:44
  nothing
• 8:45
  with
• 8:45
  your
• 8:45
  money.
• 8:46
  But
• 8:46
  yeah,
• 8:47
  renting
• 8:47
  can
• 8:48
  absolutely
• 8:49
  be
• 8:49
  a
• 8:49
  smart
• 8:50
  financial
• 8:50
  decision
• 8:51
  depending
• 8:52
  on
• 8:52
  where
• 8:53
  you're
• 8:53
  at
• 8:53
  in
• 8:53
  life.
• 8:54
  Myth
• 8:55
  3
• 8:56
  Save
• 8:56
  money
• 8:56
  by
• 8:57
  DIYing
• 8:58
  everything
• 8:58
  or
• 8:59
  you're
• 8:59
  lazy.
• 9:00
  Getting
• 9:00
  a
• 9:00
  cleaner
• 9:01
  in
• 9:01
  outsourcing
• 9:02
  your
• 9:02
  laundry?
• 9:03
  Terrible.
• 9:04
  It
• 9:04
  only
• 9:05
  takes
• 9:05
  a
• 9:05
  couple
• 9:05
  of
• 9:05
  hours.
• 9:06
  Just
• 9:06
  save
• 9:06
  a
• 9:06
  few
• 9:06
  bucks
• 9:07
  and
• 9:07
  have
• 9:07
  some
• 9:08
  pride.
• 9:09
  Except
• 9:10
  if
• 9:10
  you
• 9:10
  can
• 9:11
  afford
• 9:11
  it.
• 9:12
  I
• 9:12
  don't
• 9:12
  think
• 9:12
  you
• 9:12
  should
• 9:13
  ever
• 9:13
  feel
• 9:13
  bad
• 9:14
  about
• 9:14
  making
• 9:14
  your
• 9:15
  life
• 9:15
  easier
• 9:16
  and
• 9:16
  there
• 9:16
  might
• 9:17
  be
• 9:17
  a
• 9:17
  better
• 9:17
  use
• 9:17
  of
• 9:17
  your
• 9:17
  time.
• 9:18
  Are
• 9:19
  you
• 9:19
  trying
• 9:19
  to
• 9:19
  build
• 9:19
  skills
• 9:20
  so
• 9:20
  that
• 9:21
  you
• 9:21
  can
• 9:21
  get
• 9:21
  a
• 9:21
  pay
• 9:21
  rise
• 9:21
  or
• 9:22
  promotion?
• 9:23
  Are
• 9:23
  you
• 9:24
  someone
• 9:24
  with
• 9:24
  a
• 9:24
  high
• 9:25
  hourly
• 9:25
  rate?
• 9:26
  Or
• 9:26
  you're
• 9:27
  trying
• 9:27
  to
• 9:27
  build
• 9:27
  a
• 9:27
  business
• 9:28
  which
• 9:28
  could
• 9:29
  increase
• 9:29
  your
• 9:29
  income
• 9:30
  if
• 9:30
  you
• 9:31
  can
• 9:31
  spend
• 9:31
  more
• 9:31
  time
• 9:31
  on
• 9:32
  that
• 9:32
  and
• 9:33
  have
• 9:33
  someone
• 9:33
  else
• 9:34
  take
• 9:34
  the
• 9:34
  chores
• 9:35
  off
• 9:35
  your
• 9:35
  hands
• 9:36
  while
• 9:36
  you're
• 9:36
  focused
• 9:37
  on
• 9:37
  building
• 9:37
  your
• 9:37
  earning
• 9:38
  power.
• 9:39
  Why
• 9:40
  wouldn't
• 9:40
  you?
• 9:41
  The
• 9:42
  cost
• 9:42
  of
• 9:42
  having
• 9:42
  someone
• 9:43
  help
• 9:43
  you
• 9:43
  out
• 9:43
  with
• 9:44
  some
• 9:44
  of
• 9:44
  your
• 9:44
  chores
• 9:44
  in
• 9:45
  life
• 9:45
  might
• 9:46
  actually
• 9:46
  be
• 9:47
  lower
• 9:47
  than
• 9:48
  than
• 9:48
  the
• 9:48
  opportunity
• 9:49
  cost
• 9:49
  of
• 9:50
  those
• 9:50
  other
• 9:50
  things
• 9:50
  that
• 9:51
  you
• 9:51
  could
• 9:51
  be
• 9:51
  doing
• 9:51
  instead.
• 9:53
  If
• 9:53
  you're
• 9:54
  able
• 9:54
  to
• 9:54
  use
• 9:54
  your
• 9:55
  time
• 9:55
  to
• 9:56
  invest
• 9:56
  in
• 9:56
  yourself
• 9:57
  or
• 9:58
  say
• 9:59
  you
• 9:59
  could
• 9:59
  earn
• 9:59
  $45,
• 10:01
  hiring
• 10:02
  someone
• 10:02
  for
• 10:02
  an
• 10:03
  hour
• 10:03
  of
• 10:03
  help
• 10:03
  at
• 10:04
  $40
• 10:04
  an
• 10:05
  hour
• 10:06
  could
• 10:06
  be
• 10:06
  a
• 10:06
  brilliant
• 10:06
  use
• 10:07
  of
• 10:07
  your
• 10:07
  money.
• 10:08
  If
• 10:08
  you're
• 10:08
  a
• 10:09
  lawyer
• 10:09
  billing
• 10:10
  $250
• 10:11
  an
• 10:11
  hour
• 10:11
  and
• 10:12
  you
• 10:12
  spend
• 10:12
  Saturday
• 10:13
  scrubbing
• 10:13
  bathrooms
• 10:14
  for
• 10:14
  three
• 10:14
  hours
• 10:14
  to
• 10:15
  save
• 10:15
  $120,
• 10:17
  you
• 10:18
  haven't
• 10:18
  actually
• 10:18
  saved
• 10:19
  money.
• 10:19
  You've
• 10:20
  just
• 10:20
  swapped
• 10:21
  high
• 10:21
  value
• 10:21
  time
• 10:23
  for
• 10:23
  low
• 10:23
  value
• 10:23
  time.
• 10:25
  Or
• 10:25
  even
• 10:25
  if
• 10:25
  you
• 10:26
  can
• 10:26
  simply
• 10:27
  afford
• 10:27
  it
• 10:27
  and
• 10:28
  just
• 10:28
  want
• 10:28
  a
• 10:28
  little
• 10:29
  life
• 10:29
  boost,
• 10:29
  I
• 10:29
  just
• 10:30
  think,
• 10:31
  why
• 10:31
  not?
• 10:32
  Let
• 10:32
  me
• 10:33
  give
• 10:33
  you
• 10:33
  some
• 10:33
  science
• 10:33
  to
• 10:34
  back
• 10:34
  this
• 10:34
  up
• 10:34
  if
• 10:34
  you
• 10:34
  really
• 10:35
  want.
• 10:36
  There
• 10:36
  is
• 10:36
  a
• 10:36
  lovely
• 10:37
  recent
• 10:37
  study,
• 10:37
  a
• 10:38
  2017
• 10:38
  one
• 10:39
  called
• 10:40
  Buying
• 10:40
  Time
• 10:41
  Promotes
• 10:41
  Happiness,
• 10:42
  which
• 10:43
  does
• 10:43
  exactly
• 10:43
  what
• 10:43
  it
• 10:43
  says
• 10:43
  on
• 10:44
  the
• 10:44
  tin.
• 10:44
  The
• 10:44
  biggest
• 10:45
  finding
• 10:45
  was
• 10:46
  that
• 10:46
  people
• 10:46
  who
• 10:46
  spend
• 10:47
  money
• 10:47
  to
• 10:47
  buy
• 10:48
  time,
• 10:49
  like
• 10:49
  outsourcing
• 10:50
  chores,
• 10:51
  report
• 10:51
  higher
• 10:52
  life
• 10:52
  satisfaction
• 10:53
  and
• 10:53
  lower
• 10:54
  stress.
• 10:55
  Now
• 10:55
  obviously
• 10:57
  everything
• 10:57
  takes
• 10:57
  balance.
• 10:58
  You
• 10:58
  don't
• 10:59
  necessarily
• 10:59
  want
• 11:00
  lifestyle
• 11:01
  creep,
• 11:01
  blah
• 11:02
  blah
• 11:02
  blah.
• 11:02
  We
• 11:03
  know
• 11:03
  that,
• 11:03
  but
• 11:03
  also
• 11:04
  trust
• 11:04
  yourself
• 11:05
  to
• 11:06
  know
• 11:06
  the
• 11:06
  difference.
• 11:07
  Sometimes
• 11:08
  getting
• 11:08
  the
• 11:08
  chores
• 11:09
  out
• 11:09
  of
• 11:09
  the
• 11:09
  way
• 11:10
  is
• 11:10
  actually
• 11:11
  the
• 11:11
  better
• 11:11
  financial
• 11:12
  move.
• 11:13
  Myth
• 11:13
  4
• 11:14
  you
• 11:14
  need
• 11:15
  to
• 11:15
  keep
• 11:15
  climbing
• 11:15
  that
• 11:16
  career
• 11:16
  ladder
• 11:16
  and
• 11:17
  chasing
• 11:17
  every
• 11:18
  pay
• 11:18
  rise
• 11:18
  that
• 11:18
  you
• 11:18
  can.
• 11:19
  Now,
• 11:19
  there
• 11:19
  has
• 11:19
  been
• 11:19
  a
• 11:20
  bit
• 11:20
  of
• 11:20
  a
• 11:20
  theme
• 11:20
  so
• 11:20
  far
• 11:21
  on
• 11:21
  earning
• 11:22
  more.
• 11:22
  And
• 11:22
  yes,
• 11:23
  of
• 11:23
  course
• 11:23
  your
• 11:24
  money
• 11:24
  life
• 11:24
  can
• 11:25
  be
• 11:25
  easier
• 11:25
  if
• 11:26
  you
• 11:26
  have
• 11:26
  more
• 11:27
  of
• 11:27
  that
• 11:27
  money
• 11:27
  coming
• 11:28
  in.
• 11:29
  But
• 11:29
  there
• 11:29
  is
• 11:30
  also
• 11:30
  the
• 11:30
  times
• 11:31
  when
• 11:31
  I've
• 11:31
  talked
• 11:32
  to
• 11:32
  people
• 11:32
  who
• 11:32
  are
• 11:32
  considering
• 11:33
  a
• 11:33
  drop
• 11:33
  in
• 11:33
  salary
• 11:34
  in
• 11:34
  order
• 11:35
  to
• 11:35
  make
• 11:35
  a
• 11:35
  career
• 11:35
  change
• 11:36
  and
• 11:37
  they
• 11:37
  are
• 11:37
  just
• 11:38
  terrified
• 11:39
  to
• 11:39
  talk
• 11:39
  to
• 11:40
  me
• 11:40
  about
• 11:40
  it,
• 11:40
  thinking
• 11:40
  I'm
• 11:41
  about
• 11:41
  to
• 11:41
  judge
• 11:41
  them.
• 11:42
  Let
• 11:42
  me
• 11:42
  tell
• 11:42
  you
• 11:42
  right
• 11:43
  now,
• 11:43
  I
• 11:43
  will
• 11:43
  not
• 11:44
  be
• 11:44
  judging
• 11:44
  you
• 11:45
  because
• 11:45
  there
• 11:46
  are
• 11:46
  times
• 11:47
  that
• 11:47
  that
• 11:47
  is
• 11:47
  absolutely
• 11:48
  the
• 11:49
  right
• 11:49
  move
• 11:49
  to
• 11:49
  make.
• 11:51
  Now
• 11:51
  caveat
• 11:52
  on
• 11:52
  this
• 11:52
  because
• 11:53
  I
• 11:54
  don't
• 11:54
  think
• 11:54
  you
• 11:54
  always
• 11:55
  have
• 11:56
  to
• 11:56
  have
• 11:56
  a
• 11:57
  drop
• 11:57
  in
• 11:57
  salary
• 11:57
  if
• 11:58
  you're
• 11:58
  wanting
• 11:58
  to
• 11:58
  make
• 11:59
  a
• 11:59
  career
• 11:59
  change.
• 11:59
  I've
• 12:00
  known
• 12:00
  plenty
• 12:01
  of
• 12:01
  people
• 12:01
  who
• 12:02
  changed
• 12:02
  industry
• 12:03
  exactly
• 12:04
  because
• 12:05
  that
• 12:05
  would
• 12:05
  earn
• 12:05
  them
• 12:06
  more
• 12:06
  money.
• 12:07
  Or
• 12:07
  even
• 12:07
  people
• 12:08
  who
• 12:08
  wanted
• 12:08
  to
• 12:08
  change
• 12:09
  career
• 12:09
  paths
• 12:10
  and
• 12:10
  they
• 12:10
  took
• 12:10
  a
• 12:11
  few
• 12:11
  months
• 12:12
  to
• 12:12
  lay
• 12:12
  out
• 12:13
  a
• 12:13
  strategy
• 12:14
  and
• 12:14
  network,
• 12:15
  get
• 12:15
  a
• 12:15
  couple
• 12:16
  of
• 12:16
  extra
• 12:16
  skills,
• 12:17
  and
• 12:17
  then
• 12:17
  they
• 12:17
  jumped
• 12:18
  ship
• 12:18
  in
• 12:18
  a
• 12:18
  way
• 12:18
  that
• 12:19
  meant
• 12:19
  they
• 12:19
  didn't
• 12:20
  have
• 12:20
  to
• 12:20
  lose
• 12:20
  any
• 12:20
  pay.
• 12:20
  So
• 12:21
  first,
• 12:21
  do
• 12:22
  your
• 12:22
  research.
• 12:23
  See
• 12:23
  if
• 12:23
  there's
• 12:24
  a
• 12:24
  way
• 12:24
  you
• 12:24
  can
• 12:24
  do
• 12:24
  this
• 12:25
  without
• 12:25
  the
• 12:26
  drop
• 12:26
  in
• 12:26
  income.
• 12:26
  But
• 12:27
  if
• 12:28
  it
• 12:28
  is
• 12:28
  genuinely
• 12:29
  the
• 12:29
  case
• 12:30
  that
• 12:30
  you
• 12:30
  want
• 12:30
  to
• 12:30
  make
• 12:30
  a
• 12:30
  career
• 12:31
  switch
• 12:31
  in
• 12:31
  order
• 12:31
  to
• 12:32
  improve
• 12:32
  your
• 12:32
  quality
• 12:32
  of
• 12:33
  life
• 12:34
  and
• 12:34
  that's
• 12:34
  going
• 12:34
  to
• 12:35
  mean
• 12:35
  a
• 12:35
  drop
• 12:35
  in
• 12:36
  salary,
• 12:37
  yet
• 12:37
  you've
• 12:37
  done
• 12:37
  the
• 12:38
  numbers
• 12:39
  and
• 12:39
  you
• 12:39
  can
• 12:40
  still
• 12:40
  make
• 12:40
  it
• 12:40
  work,
• 12:42
  do
• 12:42
  it.
• 12:43
  We
• 12:44
  spend
• 12:44
  more
• 12:44
  time
• 12:44
  at
• 12:45
  work
• 12:45
  than
• 12:45
  with
• 12:45
  our
• 12:45
  spouse
• 12:46
  or
• 12:46
  other
• 12:47
  loved
• 12:47
  ones.
• 12:48
  Let's
• 12:48
  make
• 12:48
  sure
• 12:48
  this
• 12:49
  is
• 12:49
  a
• 12:49
  life
• 12:49
  that
• 12:49
  you
• 12:50
  enjoy.
• 12:51
  And
• 12:51
  honestly,
• 12:52
  it
• 12:53
  still
• 12:53
  usually
• 12:54
  works
• 12:54
  out
• 12:54
  financially
• 12:55
  anyway.
• 12:56
  There's
• 12:57
  some
• 12:57
  2020
• 12:57
  research
• 12:58
  from
• 12:59
  the
• 12:59
  New
• 12:59
  Zealand
• 12:59
  Productivity
• 13:00
  Commission
• 13:01
  found
• 13:01
  that
• 13:01
  people
• 13:01
  who
• 13:02
  stayed
• 13:02
  loyal
• 13:03
  to
• 13:03
  a
• 13:03
  job
• 13:04
  had
• 13:04
  average
• 13:05
  wage
• 13:05
  growth
• 13:06
  of
• 13:06
  3%
• 13:07
  per
• 13:07
  year.
• 13:09
  Those
• 13:09
  who
• 13:09
  switched
• 13:10
  job
• 13:11
  average
• 13:11
  wage
• 13:12
  growth
• 13:13
  4.6%
• 13:14
  per
• 13:14
  year.
• 13:14
  Now
• 13:15
  as
• 13:15
  always,
• 13:15
  right?
• 13:16
  This
• 13:16
  is
• 13:16
  like
• 13:16
  when
• 13:16
  we
• 13:16
  look
• 13:16
  at
• 13:17
  investing.
• 13:17
  Don't
• 13:18
  be
• 13:18
  fooled
• 13:19
  by
• 13:19
  what
• 13:19
  could
• 13:20
  look
• 13:20
  like
• 13:20
  a
• 13:20
  small
• 13:21
  percentage
• 13:21
  difference
• 13:22
  if
• 13:22
  you
• 13:22
  start
• 13:22
  your
• 13:23
  career
• 13:23
  at
• 13:23
  minimum
• 13:24
  wage.
• 13:25
  Currently
• 13:25
  that's
• 13:26
  $48,880
• 13:28
  per
• 13:28
  year
• 13:29
  in
• 13:29
  New
• 13:29
  Zealand,
• 13:30
  right?
• 13:30
  We
• 13:31
  look
• 13:31
  at
• 13:31
  a
• 13:31
  45
• 13:32
  year
• 13:32
  career.
• 13:32
  If
• 13:32
  you
• 13:33
  stay
• 13:33
  loyal,
• 13:33
  clock
• 13:34
  in
• 13:34
  at
• 13:34
  that
• 13:35
  3%
• 13:35
  average
• 13:36
  pay
• 13:36
  rise
• 13:36
  per
• 13:37
  year.
• 13:38
  That
• 13:38
  loyal
• 13:38
  person
• 13:39
  has
• 13:39
  a
• 13:39
  lifetime
• 13:40
  earning
• 13:41
  $4.5
• 13:42
  million.
• 13:44
  Not
• 13:44
  bad.
• 13:45
  But
• 13:45
  the
• 13:46
  person
• 13:46
  who
• 13:46
  job
• 13:46
  switches
• 13:48
  gets
• 13:48
  that
• 13:48
  average
• 13:49
  wage
• 13:49
  growth
• 13:49
  of
• 13:50
  4.6%
• 13:51
  per
• 13:51
  year.
• 13:52
  They
• 13:53
  build
• 13:53
  lifetime
• 13:54
  earnings
• 13:55
  of
• 13:56
  7
• 13:57
  million.
• 13:58
  That's
• 13:58
  a
• 13:58
  difference
• 13:59
  of
• 14:00
  2.5
• 14:02
  million.
• 14:03
  So,
• 14:04
  looking
• 14:04
  for
• 14:04
  opportunities,
• 14:05
  changing,
• 14:06
  being
• 14:06
  strategic,
• 14:08
  really
• 14:08
  smart.
• 14:09
  And
• 14:09
  maybe
• 14:10
  sometimes
• 14:10
  you
• 14:10
  have
• 14:10
  to
• 14:10
  go
• 14:11
  backwards
• 14:11
  to
• 14:11
  go
• 14:11
  forwards
• 14:12
  again.
• 14:12
  Just
• 14:13
  be
• 14:13
  strategic,
• 14:14
  have
• 14:14
  clear
• 14:15
  eyes,
• 14:15
  know
• 14:15
  what
• 14:15
  you're
• 14:16
  doing,
• 14:16
  then
• 14:16
  go
• 14:17
  for
• 14:17
  it.
• 14:18
  Look
• 14:18
  at
• 14:19
  the
• 14:19
  various
• 14:19
  options
• 14:19
  to
• 14:19
  make
• 14:20
  it
• 14:20
  work.
• 14:20
  If
• 14:20
  this
• 14:21
  is
• 14:21
  purely
• 14:21
  a
• 14:21
  lifestyle
• 14:22
  move,
• 14:23
  then
• 14:23
  have
• 14:24
  you
• 14:24
  built
• 14:24
  up
• 14:24
  investments
• 14:25
  and
• 14:25
  kiwisaver
• 14:26
  in
• 14:26
  order
• 14:27
  to
• 14:27
  give
• 14:27
  you
• 14:27
  a
• 14:27
  solid
• 14:28
  financial
• 14:28
  base
• 14:29
  still
• 14:29
  to
• 14:29
  work
• 14:30
  from?
• 14:31
  Or
• 14:31
  is
• 14:31
  it
• 14:31
  a
• 14:31
  move
• 14:31
  where
• 14:32
  you
• 14:32
  accept
• 14:32
  a
• 14:32
  small
• 14:33
  salary
• 14:33
  drop
• 14:33
  now
• 14:34
  in
• 14:34
  the
• 14:34
  hope
• 14:34
  of
• 14:35
  big
• 14:35
  gains
• 14:36
  in
• 14:36
  a
• 14:36
  booming
• 14:36
  industry
• 14:37
  later?
• 14:39
  Get
• 14:39
  planning
• 14:40
  and
• 14:40
  get
• 14:40
  moving.
• 14:43
  It's
• 14:43
  not
• 14:43
  worth
• 14:43
  going
• 14:43
  back
• 14:44
  to
• 14:44
  work
• 14:44
  if
• 14:44
  you're
• 14:45
  paying
• 14:45
  just
• 14:45
  as
• 14:45
  much
• 14:45
  for
• 14:46
  childcare.
• 14:47
  Now,
• 14:48
  let
• 14:48
  me
• 14:48
  head
• 14:49
  off
• 14:49
  any
• 14:49
  parenting
• 14:50
  debate
• 14:50
  first
• 14:51
  by
• 14:52
  saying
• 14:52
  whether
• 14:52
  you
• 14:53
  choose
• 14:53
  to
• 14:53
  go
• 14:53
  back
• 14:53
  to
• 14:53
  work
• 14:54
  after
• 14:54
  having
• 14:54
  kids
• 14:55
  or
• 14:55
  become
• 14:56
  a
• 14:56
  full
• 14:56
  time
• 14:56
  parent,
• 14:57
  I
• 14:58
  don't
• 14:58
  care.
• 14:58
  As
• 14:59
  in,
• 14:59
  I
• 14:59
  do
• 14:59
  care
• 15:00
  about
• 15:00
  you
• 15:01
  building
• 15:01
  the
• 15:01
  best
• 15:01
  life
• 15:02
  that
• 15:02
  you
• 15:02
  want.
• 15:02
  I
• 15:03
  don't
• 15:03
  care
• 15:04
  how
• 15:04
  you
• 15:04
  choose
• 15:04
  to
• 15:04
  do
• 15:04
  it.
• 15:05
  That
• 15:05
  one
• 15:05
  is
• 15:05
  up
• 15:06
  to
• 15:06
  you.
• 15:07
  Whatever
• 15:07
  one
• 15:07
  is
• 15:07
  important
• 15:08
  to
• 15:08
  you,
• 15:09
  go
• 15:09
  for
• 15:09
  it.
• 15:10
  And
• 15:10
  I
• 15:10
  think
• 15:10
  you
• 15:11
  can
• 15:11
  only
• 15:11
  know
• 15:12
  which
• 15:12
  one
• 15:12
  you'll
• 15:13
  really
• 15:13
  want
• 15:14
  after
• 15:14
  Bub
• 15:14
  arrives.
• 15:16
  However,
• 15:17
  I
• 15:17
  have
• 15:18
  heard
• 15:18
  some
• 15:18
  people
• 15:19
  weighing
• 15:19
  the
• 15:19
  debate
• 15:20
  by
• 15:20
  saying
• 15:20
  it's
• 15:21
  not
• 15:21
  worth
• 15:21
  going
• 15:22
  back
• 15:22
  to
• 15:22
  work
• 15:23
  because
• 15:23
  it
• 15:23
  costs
• 15:24
  the
• 15:24
  same
• 15:24
  as
• 15:25
  daycare
• 15:25
  costs.
• 15:26
  And
• 15:27
  that
• 15:27
  is
• 15:27
  one
• 15:27
  consideration
• 15:29
  that
• 15:29
  I
• 15:29
  think
• 15:30
  should
• 15:30
  be
• 15:30
  taken
• 15:31
  off
• 15:32
  the
• 15:32
  table.
• 15:33
  For
• 15:33
  starters,
• 15:34
  it
• 15:34
  only
• 15:35
  ever
• 15:36
  seems
• 15:36
  to
• 15:36
  be
• 15:36
  Mum's
• 15:37
  salary
• 15:37
  that
• 15:38
  is
• 15:38
  compared
• 15:38
  to
• 15:38
  childcare
• 15:39
  costs.
• 15:40
  For
• 15:40
  some
• 15:40
  reason
• 15:42
  we
• 15:42
  never
• 15:42
  say
• 15:43
  that
• 15:43
  it's
• 15:43
  not
• 15:43
  worth
• 15:44
  dad
• 15:44
  going
• 15:44
  back
• 15:45
  to
• 15:45
  work
• 15:46
  because
• 15:46
  it
• 15:46
  cancels
• 15:47
  out
• 15:47
  his
• 15:48
  pay,
• 15:49
  which
• 15:49
  I
• 15:50
  just
• 15:52
  that's
• 15:53
  interesting.
• 15:54
  Besides
• 15:55
  that
• 15:55
  factor
• 15:56
  though,
• 15:56
  time
• 15:57
  out
• 15:57
  of
• 15:57
  the
• 15:57
  workforce
• 15:58
  can
• 15:58
  mean
• 15:58
  it's
• 15:59
  harder
• 15:59
  to
• 15:59
  progress
• 16:00
  later,
• 16:01
  such
• 16:01
  as
• 16:02
  by
• 16:02
  getting
• 16:03
  a
• 16:03
  promotion
• 16:04
  that
• 16:04
  comes
• 16:04
  with
• 16:04
  a
• 16:04
  pay
• 16:05
  rise
• 16:05
  to
• 16:05
  so
• 16:06
  it's
• 16:06
  not
• 16:06
  just
• 16:06
  the
• 16:06
  earning
• 16:07
  power
• 16:07
  right
• 16:08
  now
• 16:08
  that
• 16:09
  you
• 16:09
  need
• 16:09
  to
• 16:09
  factor
• 16:10
  in.
• 16:10
  Even
• 16:10
  if
• 16:11
  your
• 16:11
  salary
• 16:11
  ends
• 16:12
  up
• 16:12
  being
• 16:12
  the
• 16:12
  exact
• 16:13
  same
• 16:13
  cost
• 16:13
  as
• 16:14
  any
• 16:14
  childcare,
• 16:15
  it's
• 16:15
  only
• 16:15
  a
• 16:16
  few
• 16:16
  years
• 16:17
  and
• 16:17
  you
• 16:17
  need
• 16:18
  to
• 16:18
  think
• 16:18
  about
• 16:18
  the
• 16:19
  future
• 16:19
  factor
• 16:20
  too.
• 16:21
  Like
• 16:21
  I
• 16:21
  say,
• 16:22
  if
• 16:22
  you
• 16:22
  want
• 16:23
  to
• 16:23
  parent
• 16:23
  full
• 16:24
  time
• 16:24
  for
• 16:24
  other
• 16:25
  reasons,
• 16:26
  absolutely,
• 16:28
  go
• 16:28
  for
• 16:28
  it.
• 16:29
  But
• 16:29
  childcare
• 16:30
  doesn't
• 16:31
  have
• 16:31
  to
• 16:31
  be
• 16:31
  a
• 16:31
  bad
• 16:32
  financial
• 16:32
  decision
• 16:34
  that
• 16:34
  weighs
• 16:34
  on
• 16:34
  that
• 16:34
  choice
• 16:36
  myth
• 16:37
  6
• 16:38
  never
• 16:38
  sell
• 16:38
  your
• 16:39
  investments
• 16:40
  Even
• 16:40
  if
• 16:40
  it's
• 16:40
  stressing
• 16:41
  you
• 16:41
  out,
• 16:41
  you
• 16:41
  just
• 16:41
  need
• 16:42
  to
• 16:42
  toughen
• 16:42
  up.
• 16:42
  In
• 16:43
  investing,
• 16:43
  we
• 16:44
  often
• 16:44
  talk
• 16:44
  about
• 16:44
  knowing
• 16:45
  your
• 16:45
  risk
• 16:45
  tolerance
• 16:46
  because
• 16:47
  even
• 16:47
  if
• 16:48
  the
• 16:48
  numbers
• 16:48
  look
• 16:48
  good,
• 16:49
  if
• 16:49
  a
• 16:50
  normal
• 16:50
  share
• 16:50
  market
• 16:51
  dip
• 16:51
  means
• 16:51
  you're
• 16:52
  laying
• 16:52
  awake
• 16:52
  at
• 16:52
  3am
• 16:54
  panicking
• 16:54
  that
• 16:54
  you're
• 16:55
  getting
• 16:55
  it
• 16:55
  wrong,
• 16:56
  it
• 16:56
  simply
• 16:57
  might
• 16:57
  not
• 16:57
  be
• 16:57
  worth
• 16:58
  it
• 16:58
  to
• 16:58
  you.
• 16:59
  The
• 16:59
  Financial
• 17:00
  Markets
• 17:00
  Authority,
• 17:01
  that's
• 17:01
  our
• 17:01
  money
• 17:01
  police,
• 17:02
  they
• 17:02
  put
• 17:02
  out
• 17:02
  some
• 17:03
  interesting
• 17:03
  research
• 17:04
  back
• 17:04
  in
• 17:04
  2023.
• 17:06
  One
• 17:06
  in
• 17:07
  four
• 17:07
  of
• 17:07
  us,
• 17:08
  that's
• 17:09
  a
• 17:09
  lot
• 17:10
  struggle
• 17:11
  to
• 17:11
  not
• 17:12
  change
• 17:12
  our
• 17:12
  investments.
• 17:13
  When
• 17:13
  the
• 17:13
  market
• 17:13
  goes
• 17:13
  down,
• 17:15
  we
• 17:15
  feel
• 17:15
  confident
• 17:16
  until
• 17:16
  that
• 17:16
  moment
• 17:17
  that
• 17:17
  we
• 17:17
  can
• 17:18
  handle
• 17:18
  it
• 17:18
  and
• 17:18
  then
• 17:19
  something
• 17:19
  happens
• 17:20
  and
• 17:20
  then
• 17:21
  it's
• 17:21
  human
• 17:21
  nature
• 17:22
  to
• 17:22
  feel
• 17:22
  a
• 17:22
  bit
• 17:22
  nervous
• 17:23
  and
• 17:24
  panicky.
• 17:25
  This
• 17:25
  is
• 17:25
  why
• 17:26
  I'm
• 17:26
  a
• 17:26
  big
• 17:26
  fan
• 17:27
  of
• 17:27
  having
• 17:27
  some
• 17:27
  guardrails
• 17:28
  in
• 17:28
  place
• 17:29
  with
• 17:29
  your
• 17:29
  investing
• 17:30
  from
• 17:30
  the
• 17:31
  beginning
• 17:31
  to
• 17:31
  protect
• 17:32
  against
• 17:32
  these
• 17:33
  very
• 17:33
  natural
• 17:34
  impulses.
• 17:35
  Starting
• 17:36
  small
• 17:36
  with
• 17:36
  your
• 17:36
  investments,
• 17:37
  such
• 17:37
  as
• 17:37
  just
• 17:38
  20
• 17:38
  bucks
• 17:38
  a
• 17:39
  week,
• 17:39
  you
• 17:39
  can
• 17:40
  learn
• 17:40
  by
• 17:40
  doing,
• 17:41
  but
• 17:41
  you
• 17:41
  also
• 17:42
  get
• 17:42
  the
• 17:42
  chance
• 17:42
  to
• 17:43
  experience
• 17:43
  investments
• 17:44
  going
• 17:44
  up
• 17:44
  and
• 17:45
  down
• 17:45
  in
• 17:45
  value
• 17:46
  while
• 17:46
  you
• 17:46
  have
• 17:47
  less
• 17:47
  money
• 17:47
  on
• 17:47
  the
• 17:47
  line.
• 17:48
  You
• 17:48
  see
• 17:49
  how
• 17:49
  it
• 17:49
  all
• 17:49
  works.
• 17:50
  You
• 17:50
  toughen
• 17:51
  up
• 17:51
  and
• 17:52
  by
• 17:52
  the
• 17:52
  time
• 17:52
  you
• 17:52
  build
• 17:53
  up
• 17:53
  to
• 17:53
  investing
• 17:54
  more,
• 17:54
  it
• 17:55
  truly
• 17:55
  doesn't
• 17:55
  bother
• 17:55
  you
• 17:56
  anymore.
• 17:57
  And
• 17:57
  another
• 17:58
  tactic
• 17:58
  is
• 17:58
  to
• 17:58
  put
• 17:58
  it
• 17:58
  into
• 17:59
  something
• 17:59
  like
• 17:59
  an
• 17:59
  index
• 18:00
  fund
• 18:00
  where
• 18:00
  you've
• 18:00
  got
• 18:01
  hundreds
• 18:01
  of
• 18:02
  companies
• 18:02
  in
• 18:02
  there.
• 18:03
  If
• 18:03
  it
• 18:03
  goes
• 18:04
  down,
• 18:04
  it's
• 18:05
  not
• 18:05
  likely
• 18:05
  to
• 18:06
  be
• 18:06
  because
• 18:06
  one
• 18:07
  company
• 18:07
  is
• 18:08
  having
• 18:08
  a
• 18:08
  really
• 18:08
  bad
• 18:08
  time
• 18:09
  and
• 18:09
  could
• 18:10
  be
• 18:10
  about
• 18:10
  to
• 18:10
  go
• 18:10
  under.
• 18:11
  That
• 18:12
  is
• 18:12
  a
• 18:12
  situation
• 18:13
  that
• 18:13
  really
• 18:13
  is
• 18:13
  a
• 18:13
  worry
• 18:14
  for
• 18:14
  your
• 18:14
  investments.
• 18:15
  If
• 18:16
  a
• 18:16
  fund
• 18:16
  goes
• 18:17
  down
• 18:17
  in
• 18:17
  value,
• 18:17
  it's
• 18:18
  often
• 18:18
  because
• 18:18
  the
• 18:18
  economy
• 18:19
  itself
• 18:19
  isn't
• 18:20
  doing
• 18:20
  great.
• 18:21
  And
• 18:21
  that's
• 18:22
  something
• 18:22
  where
• 18:23
  you
• 18:23
  can
• 18:23
  just
• 18:23
  wait.
• 18:24
  It
• 18:24
  out,
• 18:25
  wait
• 18:25
  for
• 18:25
  it
• 18:25
  to
• 18:25
  recover.
• 18:26
  No
• 18:27
  need
• 18:27
  to
• 18:27
  lose
• 18:27
  sleep.
• 18:29
  And
• 18:29
  if
• 18:29
  you've
• 18:29
  started
• 18:30
  small
• 18:31
  into
• 18:31
  a
• 18:32
  fund,
• 18:32
  built
• 18:33
  that
• 18:33
  muscle,
• 18:34
  built
• 18:34
  that
• 18:34
  resilience,
• 18:35
  then
• 18:35
  you're
• 18:36
  likely
• 18:37
  not
• 18:37
  to
• 18:38
  be
• 18:38
  losing
• 18:38
  sleep.
• 18:39
  If
• 18:39
  that
• 18:39
  happens
• 18:40
  because
• 18:40
  you
• 18:40
  got
• 18:41
  yourself
• 18:41
  used
• 18:41
  to
• 18:42
  it
• 18:42
  a
• 18:43
  bit
• 18:43
  at
• 18:43
  a
• 18:43
  time.
• 18:45
  Until
• 18:45
  then,
• 18:46
  if
• 18:46
  you've
• 18:46
  made
• 18:47
  a
• 18:47
  big
• 18:47
  investment,
• 18:49
  maybe
• 18:49
  into
• 18:49
  one
• 18:49
  company,
• 18:50
  maybe
• 18:51
  it's
• 18:51
  not
• 18:51
  going
• 18:51
  how
• 18:51
  you
• 18:52
  expected
• 18:52
  and
• 18:53
  it's
• 18:53
  weighing
• 18:53
  on
• 18:54
  you,
• 18:55
  then
• 18:56
  maybe
• 18:56
  it's
• 18:56
  time
• 18:57
  to
• 18:57
  start
• 18:57
  over,
• 18:58
  start
• 18:58
  smaller,
• 18:59
  give
• 19:00
  yourself
• 19:00
  a
• 19:00
  mental
• 19:01
  break.
• 19:02
  None
• 19:02
  of
• 19:02
  us
• 19:02
  are
• 19:02
  perfect
• 19:03
  in
• 19:03
  any
• 19:03
  area
• 19:04
  of
• 19:04
  our
• 19:04
  life.
• 19:04
  Our
• 19:05
  money
• 19:05
  is
• 19:05
  the
• 19:05
  same.
• 19:06
  So
• 19:06
  if
• 19:07
  you
• 19:07
  give
• 19:07
  it
• 19:07
  a
• 19:07
  try,
• 19:08
  it's
• 19:08
  not
• 19:08
  working
• 19:09
  and
• 19:10
  you
• 19:10
  want
• 19:10
  to
• 19:10
  start
• 19:11
  over,
• 19:12
  then
• 19:12
  that's
• 19:12
  fine.
• 19:13
  Just
• 19:14
  make
• 19:14
  sure
• 19:15
  that
• 19:15
  you're
• 19:15
  learning
• 19:16
  from
• 19:16
  it
• 19:17
  and
• 19:17
  not
• 19:17
  giving
• 19:17
  up
• 19:17
  entirely.
• 19:19
  The
• 19:19
  next
• 19:19
  mistake
• 19:20
  that
• 19:20
  isn't
• 19:20
  is
• 19:21
  actually
• 19:21
  the
• 19:21
  flip
• 19:21
  side
• 19:21
  of
• 19:22
  this
• 19:22
  myth
• 19:23
  7.
• 19:24
  Your
• 19:24
  money
• 19:24
  should
• 19:25
  be
• 19:25
  getting
• 19:25
  maximum
• 19:26
  growth
• 19:26
  at
• 19:26
  all
• 19:27
  times
• 19:28
  now.
• 19:28
  I
• 19:28
  love
• 19:28
  investing.
• 19:29
  I'm
• 19:30
  a
• 19:30
  huge
• 19:30
  believer
• 19:31
  in
• 19:31
  it.
• 19:31
  I
• 19:32
  think
• 19:32
  more
• 19:32
  of
• 19:32
  us
• 19:32
  need
• 19:32
  to
• 19:33
  be
• 19:33
  investing,
• 19:33
  especially
• 19:34
  into
• 19:34
  things
• 19:34
  like
• 19:34
  the
• 19:34
  share
• 19:35
  market,
• 19:35
  and
• 19:36
  it
• 19:36
  would
• 19:36
  make
• 19:36
  our
• 19:36
  lives
• 19:37
  so
• 19:38
  much
• 19:38
  easier.
• 19:39
  But
• 19:39
  should
• 19:40
  every
• 19:40
  dollar
• 19:41
  be
• 19:41
  growing
• 19:41
  in
• 19:42
  the
• 19:42
  share
• 19:42
  market?
• 19:44
  No.
• 19:44
  That's
• 19:45
  not
• 19:45
  balance
• 19:45
  either.
• 19:46
  You
• 19:47
  need
• 19:47
  a
• 19:47
  certain
• 19:47
  amount
• 19:48
  of
• 19:48
  your
• 19:48
  money
• 19:49
  in
• 19:49
  cash
• 19:50
  in
• 19:50
  order
• 19:50
  to
• 19:51
  give
• 19:51
  you
• 19:51
  the
• 19:51
  confidence
• 19:52
  to
• 19:52
  make
• 19:53
  aggressive
• 19:54
  money
• 19:54
  moves
• 19:54
  elsewhere.
• 19:55
  There
• 19:56
  will
• 19:56
  always
• 19:57
  be
• 19:57
  times
• 19:58
  when
• 19:58
  your
• 19:58
  car
• 19:58
  suddenly
• 19:59
  needs
• 19:59
  a
• 19:59
  repair
• 20:00
  or
• 20:01
  the
• 20:01
  cat
• 20:01
  has
• 20:01
  to
• 20:01
  go
• 20:01
  to
• 20:02
  the
• 20:02
  vet.
• 20:02
  God
• 20:03
  forbid
• 20:03
  you
• 20:03
  lose
• 20:03
  your
• 20:03
  job.
• 20:04
  You
• 20:04
  need
• 20:05
  cash
• 20:05
  ready
• 20:05
  to
• 20:05
  pay
• 20:06
  bills
• 20:06
  while
• 20:07
  you
• 20:07
  scramble
• 20:07
  to
• 20:07
  sort
• 20:08
  something
• 20:08
  else
• 20:08
  out.
• 20:10
  Cash
• 20:11
  is
• 20:11
  your
• 20:11
  safety
• 20:11
  net.
• 20:12
  It
• 20:12
  is
• 20:12
  the
• 20:13
  money
• 20:13
  that
• 20:13
  you
• 20:13
  have
• 20:13
  there
• 20:14
  ready
• 20:15
  to
• 20:15
  go
• 20:16
  when
• 20:16
  life
• 20:16
  happens.
• 20:17
  We
• 20:18
  all
• 20:18
  know
• 20:19
  that
• 20:19
  life
• 20:19
  happens.
• 20:20
  Do
• 20:20
  not
• 20:20
  kid
• 20:21
  yourself
• 20:21
  that
• 20:22
  it
• 20:22
  won't
• 20:22
  happen
• 20:22
  to
• 20:22
  you.
• 20:23
  It
• 20:23
  can
• 20:23
  always
• 20:24
  happen
• 20:25
  to
• 20:25
  you.
• 20:26
  And
• 20:27
  you
• 20:27
  don't
• 20:27
  want
• 20:27
  to
• 20:27
  be
• 20:27
  suddenly
• 20:28
  selling
• 20:28
  investments
• 20:29
  to
• 20:29
  pay
• 20:29
  for
• 20:29
  things
• 20:30
  the
• 20:31
  market
• 20:31
  might
• 20:31
  have
• 20:31
  just
• 20:32
  gone
• 20:32
  down.
• 20:32
  Or
• 20:32
  you
• 20:33
  might
• 20:33
  just
• 20:33
  be
• 20:34
  selling
• 20:34
  at
• 20:35
  the
• 20:35
  wrong
• 20:35
  time.
• 20:36
  We
• 20:36
  do
• 20:36
  not
• 20:36
  want
• 20:37
  to
• 20:37
  sell
• 20:37
  investments
• 20:38
  because
• 20:38
  life
• 20:39
  happened.
• 20:40
  We
• 20:40
  want
• 20:40
  to
• 20:40
  sell
• 20:41
  them
• 20:41
  because
• 20:42
  it's
• 20:42
  the
• 20:42
  right
• 20:42
  time.
• 20:44
  Having
• 20:44
  cash
• 20:44
  savings
• 20:46
  means
• 20:46
  that
• 20:46
  you
• 20:46
  can
• 20:46
  be
• 20:46
  aggressive
• 20:47
  in
• 20:47
  your
• 20:47
  career,
• 20:48
  in
• 20:49
  your
• 20:49
  other
• 20:49
  investments
• 20:51
  because
• 20:51
  you
• 20:51
  know
• 20:52
  that
• 20:52
  you
• 20:52
  have
• 20:53
  that
• 20:53
  safety
• 20:54
  net
• 20:54
  there.
• 20:56
  The
• 20:56
  rule
• 20:56
  of
• 20:56
  thumb
• 20:57
  is
• 20:57
  about
• 20:58
  three
• 20:58
  months
• 20:58
  of
• 20:58
  your
• 20:58
  living
• 20:59
  expenses
• 20:59
  if
• 20:59
  you
• 20:59
  have
• 21:00
  a
• 21:00
  salary
• 21:00
  job,
• 21:01
  maybe
• 21:01
  six
• 21:02
  months
• 21:02
  of
• 21:02
  your
• 21:03
  living
• 21:03
  expenses
• 21:03
  in
• 21:04
  a
• 21:04
  savings
• 21:04
  account
• 21:04
  if
• 21:05
  you're
• 21:05
  a
• 21:05
  bit
• 21:05
  more
• 21:06
  nervous.
• 21:07
  Or
• 21:07
  maybe
• 21:08
  your
• 21:08
  income
• 21:08
  can
• 21:09
  fluctuate
• 21:09
  a
• 21:10
  bit,
• 21:10
  such
• 21:10
  as
• 21:10
  you're
• 21:11
  self
• 21:11
  employed,
• 21:12
  something
• 21:12
  like
• 21:12
  that.
• 21:13
  That
• 21:13
  money
• 21:15
  doesn't
• 21:15
  have
• 21:15
  to
• 21:16
  be
• 21:16
  earning
• 21:16
  the
• 21:16
  maximum.
• 21:17
  It
• 21:17
  is
• 21:17
  your
• 21:18
  safety
• 21:19
  money.
• 21:19
  The
• 21:20
  price
• 21:20
  of
• 21:20
  that
• 21:20
  safety
• 21:21
  is
• 21:22
  that
• 21:22
  you
• 21:22
  don't
• 21:22
  earn
• 21:23
  the
• 21:23
  maximum
• 21:24
  on
• 21:24
  it.
• 21:25
  But
• 21:26
  that
• 21:26
  safety
• 21:27
  net
• 21:27
  means
• 21:28
  you
• 21:28
  can
• 21:28
  be
• 21:28
  aggressive
• 21:29
  everywhere
• 21:30
  else
• 21:31
  and
• 21:31
  earning
• 21:32
  high
• 21:33
  elsewhere.
• 21:34
  So
• 21:34
  really
• 21:34
  it
• 21:35
  is
• 21:35
  earning
• 21:35
  for
• 21:36
  you.
• 21:36
  It's
• 21:37
  just
• 21:37
  not
• 21:38
  directly
• 21:39
  look
• 21:40
  so
• 21:40
  many
• 21:41
  of
• 21:41
  these
• 21:41
  financial
• 21:41
  myths
• 21:42
  and
• 21:42
  the
• 21:43
  flip
• 21:43
  side
• 21:43
  of
• 21:44
  them
• 21:44
  it
• 21:44
  really
• 21:45
  boils
• 21:45
  down
• 21:45
  to
• 21:46
  just
• 21:47
  stay
• 21:48
  in
• 21:48
  the
• 21:48
  game
• 21:49
  and
• 21:49
  build
• 21:49
  a
• 21:50
  life
• 21:51
  while
• 21:51
  building
• 21:51
  your
• 21:51
  money.
• 21:52
  It's
• 21:52
  all
• 21:53
  too
• 21:53
  easy
• 21:53
  to
• 21:54
  cling
• 21:54
  to
• 21:54
  hard
• 21:55
  and
• 21:55
  fast
• 21:55
  money
• 21:55
  rules
• 21:56
  like
• 21:57
  buying
• 21:57
  a
• 21:57
  house
• 21:57
  is
• 21:58
  always
• 21:58
  good
• 21:59
  or
• 21:59
  never
• 22:00
  sell
• 22:00
  your
• 22:00
  investments
• 22:01
  or
• 22:02
  pursue
• 22:02
  the
• 22:02
  pay
• 22:03
  rise
• 22:03
  at
• 22:03
  any
• 22:04
  cost.
• 22:05
  But
• 22:05
  sometimes
• 22:06
  a
• 22:06
  bad
• 22:07
  financial
• 22:08
  decision
• 22:09
  is
• 22:09
  the
• 22:09
  best
• 22:10
  way
• 22:10
  to
• 22:11
  preserve
• 22:11
  your
• 22:11
  cash.
• 22:12
  If
• 22:12
  you
• 22:13
  try
• 22:13
  to
• 22:13
  force
• 22:14
  something
• 22:14
  that
• 22:15
  simply
• 22:15
  isn't
• 22:16
  working
• 22:17
  for
• 22:17
  your
• 22:17
  life,
• 22:18
  you
• 22:18
  run
• 22:19
  the
• 22:19
  risk
• 22:19
  of
• 22:19
  burnout
• 22:20
  or
• 22:21
  making
• 22:21
  a
• 22:21
  reactive
• 22:22
  decision
• 22:22
  later
• 22:22
  that's
• 22:23
  even
• 22:23
  worse.
• 22:25
  Or
• 22:25
  if
• 22:25
  something
• 22:25
  like
• 22:26
  an
• 22:26
  investment
• 22:26
  is
• 22:26
  stressing
• 22:27
  you
• 22:27
  out,
• 22:27
  trying
• 22:28
  to
• 22:28
  grit
• 22:28
  through
• 22:28
  it
• 22:28
  at
• 22:29
  all
• 22:29
  costs
• 22:30
  might
• 22:30
  mean
• 22:31
  that
• 22:31
  you
• 22:31
  just
• 22:31
  eventually
• 22:32
  quit
• 22:32
  investing
• 22:33
  entirely,
• 22:35
  when
• 22:35
  instead
• 22:35
  you
• 22:36
  could
• 22:36
  have
• 22:36
  switched
• 22:37
  to
• 22:37
  a
• 22:37
  more
• 22:37
  moderate
• 22:38
  strategy
• 22:39
  that
• 22:39
  works
• 22:39
  better
• 22:39
  for
• 22:40
  you.
• 22:41
  Very
• 22:42
  few
• 22:42
  decisions
• 22:44
  are
• 22:44
  truly
• 22:44
  fatal
• 22:45
  for
• 22:45
  your
• 22:45
  finances.
• 22:46
  A
• 22:47
  bankruptcy
• 22:47
  level
• 22:48
  mistake
• 22:49
  is
• 22:49
  rare,
• 22:51
  but
• 22:51
  burnout,
• 22:52
  resentment
• 22:53
  and
• 22:53
  quitting
• 22:54
  entirely
• 22:54
  are
• 22:55
  actually
• 22:55
  rather
• 22:55
  common
• 22:56
  and
• 22:56
  a
• 22:57
  more
• 22:57
  realistic
• 22:57
  danger
• 22:58
  to
• 22:58
  your
• 22:59
  money
• 22:59
  life.
• 22:59
  So
• 23:00
  it's
• 23:01
  really
• 23:01
  worth
• 23:01
  thinking
• 23:02
  it
• 23:02
  through,
• 23:03
  deciding
• 23:03
  on
• 23:03
  what's
• 23:04
  best
• 23:04
  for
• 23:04
  your
• 23:05
  long
• 23:05
  term
• 23:05
  goals
• 23:06
  and
• 23:06
  then
• 23:06
  having
• 23:07
  the
• 23:07
  courage
• 23:07
  to
• 23:08
  take
• 23:08
  the
• 23:08
  path
• 23:09
  less
• 23:09
  traveled
• 23:10
  if
• 23:11
  that
• 23:11
  is
• 23:11
  what
• 23:12
  is
• 23:12
  right
• 23:12
  for
• 23:12
  you.
• 23:13
  So
• 23:14
  send
• 23:14
  this
• 23:14
  episode
• 23:15
  to
• 23:15
  a
• 23:15
  friend
• 23:15
  if
• 23:15
  it
• 23:16
  was
• 23:16
  useful
• 23:16
  to
• 23:16
  you.
• 23:17
  Make
• 23:17
  sure
• 23:17
  that
• 23:17
  we
• 23:17
  all
• 23:18
  level
• 23:18
  up
• 23:18
  our
• 23:18
  money
• 23:18
  together.
• 23:19
  Until
• 23:19
  next
• 23:19
  time,
• 23:20
  have
• 23:20
  a
• 23:20
  great
• 23:20
  day.
• 23:22
  This
• 23:23
  podcast
• 23:23
  can
• 23:23
  only
• 23:23
  give
• 23:24
  you
• 23:24
  general
• 23:24
  information
• 23:25
  about
• 23:25
  how
• 23:25
  things
• 23:26
  work
• 23:26
  in
• 23:26
  most
• 23:27
  situations.
• 23:28
  It's
• 23:28
  not
• 23:28
  individual
• 23:29
  financial
• 23:29
  advice.
• 23:30
  If
• 23:30
  you're
• 23:30
  after
• 23:31
  that,
• 23:31
  a
• 23:31
  financial
• 23:32
  advisor
• 23:32
  is
• 23:32
  always
• 23:33
  the
• 23:33
  best
• 23:33
  bet.