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MONEY DIARIES: Side hustle turned full time job · She's On The Money

• 0:00
  Speaker 1: She's on the Money. She's on the Money.
• 0:23
  Speaker 2: Hello, and welcome to She's on the Money, the podcast
• 0:26
  Speaker 2: for millennials who want financial freedom. My name is Tony Lodge,
• 0:30
  Speaker 2: and joining me for another shot back money Diary is
• 0:33
  Speaker 2: Miss Victoria Divine.
• 0:35
  Speaker 3: Hello, my friend.
• 0:36
  Speaker 2: Thank you for joining me again today on this sunny day.
• 0:39
  Speaker 2: It's not sunny outside.
• 0:39
  Speaker 3: No, it's really dreary. Yeah, but you're welcome.
• 0:42
  Speaker 2: It'll do. So we've got a little bit of a different,
• 0:46
  Speaker 2: different spin on a money Diary today, which I think
• 0:48
  Speaker 2: you're really going to like, and it might cross over
• 0:52
  Speaker 2: into one of our other podcasts called The Business Bible.
• 0:55
  Speaker 3: Oh will it.
• 0:57
  Speaker 2: C So if this are what will you have to
• 1:01
  Speaker 2: write and say? But if this podcast, you know, sparks
• 1:04
  Speaker 2: anything for you, you can jump over and listen to The
• 1:06
  Speaker 2: Business Bible and maybe have a look at some small
• 1:09
  Speaker 2: business tires.
• 1:10
  Speaker 3: I'm quite biased, but when it comes to business podcasts,
• 1:14
  Speaker 3: that is probably.
• 1:15
  Speaker 2: The best, definitely the best one. I don't think there
• 1:17
  Speaker 2: are any others.
• 1:18
  Speaker 3: I actually can't even think of another one better than
• 1:20
  Speaker 3: that podcast.
• 1:21
  Speaker 2: All right, should we get right into it?
• 1:23
  Speaker 3: Read out her email? Please don't elatch.
• 1:26
  Speaker 2: Hey, she's on the Money team. I saw that you
• 1:28
  Speaker 2: were looking for money diarists whose side hustles have become
• 1:31
  Speaker 2: their full time gigs, and I wanted to reach out
• 1:33
  Speaker 2: because that is me. I've just done it backwards. I
• 1:36
  Speaker 2: quit my full time job earlier this year to give
• 1:39
  Speaker 2: my side hustle a real go, as I knew I
• 1:41
  Speaker 2: wouldn't give it enough thought unless I took the plunge
• 1:43
  Speaker 2: and went all in. I do content creation and have
• 1:46
  Speaker 2: been working on and off as a photographer and in
• 1:48
  Speaker 2: production role since I was fourteen. I've always wanted to
• 1:51
  Speaker 2: give media work a shop, but was worried about not
• 1:53
  Speaker 2: being able to find enough clients to support myself financially.
• 1:56
  Speaker 2: A bit of a fickle.
• 1:57
  Speaker 3: Industry, actually such a hard industry. And I'm excited here
• 2:00
  Speaker 3: that she was like nop, I back myself enough to
• 2:02
  Speaker 3: know that if I don't have any other option, I'm
• 2:04
  Speaker 3: going to get it done. Yeah, that's so cool.
• 2:06
  Speaker 2: I'm super lucky to live with my parents rent free,
• 2:09
  Speaker 2: and like so many others, was meant to go backpacking
• 2:11
  Speaker 2: around Europe last year, so I had a ton of
• 2:13
  Speaker 2: money in savings old COVID. I decided that this year
• 2:17
  Speaker 2: was as good a time as any, so handed in
• 2:18
  Speaker 2: my notice, started focusing on publishing more of my own
• 2:21
  Speaker 2: photography online, and started live to create a creative media
• 2:25
  Speaker 2: agency with a few friends. We are slowly picking up
• 2:27
  Speaker 2: clients and looking forward to seeing where this endeavor takes us.
• 2:31
  Speaker 3: That's very cool. She's already on the line, because that's
• 2:34
  Speaker 3: how this works.
• 2:35
  Speaker 2: Guys.
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  Speaker 3: Hello, Money Diarist. Hello, how are you?
• 2:39
  Speaker 4: Guys?
• 2:40
  Speaker 3: We are so good. I want to know all about
• 2:43
  Speaker 3: your small business and what you've been up to and
• 2:45
  Speaker 3: how it's been going. But first we've got the questions
• 2:48
  Speaker 3: that we go through, so we get the bricks and
• 2:50
  Speaker 3: mortar of what's going on, so then we can deep
• 2:53
  Speaker 3: dive into it.
• 2:53
  Speaker 2: After bricks and mortar.
• 2:55
  Speaker 3: Yeah, that was wasn't it.
• 2:56
  Speaker 2: I was interesting? Thank you.
• 2:57
  Speaker 3: Yeah, interesting doesn't mean good. Sorry, I'll talk about this.
• 3:01
  Speaker 3: I'm taking this conversation offline, and what we're going to
• 3:05
  Speaker 3: talk about is money Diarist. What is your attitude towards money?
• 3:10
  Speaker 4: So from a really young age, my parents did teach
• 3:12
  Speaker 4: us about the value of money. So little things like
• 3:14
  Speaker 4: if you wanted something unnecessarily like a like a house,
• 3:18
  Speaker 4: bade pein at school or something we had to work
• 3:20
  Speaker 4: like extra tours around the house sale it or towards
• 3:23
  Speaker 4: those little things. So they did a really good job
• 3:25
  Speaker 4: of teaching us like money just doesn't growing tries from
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  Speaker 4: quite a young age. And then when I was about fourteen,
• 3:31
  Speaker 4: I did year ten work experience as a photographer and
• 3:33
  Speaker 4: got a job with that company straight after, and I've
• 3:36
  Speaker 4: been working as a photographer on and off since then
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  Speaker 4: pretty much.
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  Speaker 2: Oh that's so young to get into something like, so cool.
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  Speaker 3: And I loved that your parents yeah brought you from
• 3:44
  Speaker 3: a young page as well, and that you like remember
• 3:46
  Speaker 3: it because so many people are actually like, oh, I
• 3:49
  Speaker 3: actually can't remember like when I started having money conversations, because.
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  Speaker 2: When you're a kid, you don't care about it as
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  Speaker 2: long as you can't have lollies and you know, like
• 3:57
  Speaker 2: buying new toys and stuff. You're like, oh, I don't
• 3:59
  Speaker 2: care about money. Mum and dad just have it. That's
• 4:01
  Speaker 2: that's what they deal with. Yeah.
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  Speaker 3: Yeah, Like it's when we're like, well, back in now day,
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  Speaker 3: do you remember getting gold coins and thinking that was sick? Yeah?
• 4:10
  Speaker 3: Kids these days are probably like Tony, what are we
• 4:12
  Speaker 3: going to do with a coin?
• 4:13
  Speaker 2: Literally? Yeah, they're easy by coin? Yeah?
• 4:17
  Speaker 3: Do I get a big coin?
• 4:18
  Speaker 4: No?
• 4:18
  Speaker 3: Okay, I want doge coin. All right, So next question
• 4:23
  Speaker 3: is what do you currently do for work? I think
• 4:25
  Speaker 3: we already know, but you're going to explain it in
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  Speaker 3: a little more detail. And how much money do you earn?
• 4:31
  Speaker 4: So until earlier this year, I was working full time
• 4:34
  Speaker 4: as a photographers for a company. I was on fifty
• 4:37
  Speaker 4: thousand a years for that job. And then, as I
• 4:39
  Speaker 4: said earlier, I handed in my notice quit that and
• 4:42
  Speaker 4: started off a side hustle or content creation agency with
• 4:45
  Speaker 4: a few friends. And I'm also working at a pub
• 4:47
  Speaker 4: a couple hours a week just to avoid touching my
• 4:49
  Speaker 4: savings and I get about make county dollars a week
• 4:52
  Speaker 4: from that pub job.
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  Speaker 2: Oh cool, So that's enough to I mean you live
• 4:56
  Speaker 2: at home, which is really lucky. Yeah's hundred dollars a
• 5:00
  Speaker 2: week is more than enough to pay your phone bill
• 5:03
  Speaker 2: and groceries.
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  Speaker 3: You get to live at home exactly.
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  Speaker 4: I think it comes like petrol. And if I want
• 5:08
  Speaker 4: to go to dinner, I wants a few weeks every
• 5:09
  Speaker 4: few weeks as friends each rockhoun Hy they were to
• 5:13
  Speaker 4: go just do that with friends aout touching my savings account.
• 5:15
  Speaker 3: Yeah, I love that. And I mean if you're at
• 5:18
  Speaker 3: home and it's obviously a privilege, and like we all
• 5:20
  Speaker 3: know that, but I think it's one of those things
• 5:23
  Speaker 3: that if you're at home, like make hay while the
• 5:25
  Speaker 3: sun is shining, like how much can you set up
• 5:27
  Speaker 3: before you move out? And you have all of those
• 5:29
  Speaker 3: really big losts because I know when I was at
• 5:32
  Speaker 3: home and I did move out when I was eighteen,
• 5:34
  Speaker 3: but like I did not. I took it for granted,
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  Speaker 3: like I did not make the most of anything, even
• 5:39
  Speaker 3: at eighteen. And then I watched my little sister who
• 5:42
  Speaker 3: has lived at home on and off throughout that period,
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  Speaker 3: and I'm like, oh, she goes home and she saves,
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  Speaker 3: and like Mum and Dad want to support her, and
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  Speaker 3: I'm just like, oh, the envy is real. Yeah, anyway,
• 5:53
  Speaker 3: next question, what is currently your big money goal?
• 5:58
  Speaker 4: So kind of like everyone else, my big money goal
• 6:01
  Speaker 4: is to one day be able to afford a property.
• 6:03
  Speaker 4: So I do have quite a bit in savings at
• 6:05
  Speaker 4: the moment. That's been a long term savings account for
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  Speaker 4: that money goal. And then I also really want to
• 6:10
  Speaker 4: buy a van and drive Australia taking photos. Is like, oh,
• 6:14
  Speaker 4: that's kind.
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  Speaker 3: Of like.
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  Speaker 4: That's gonna happen yet, But that's been a goal since
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  Speaker 4: I was a kid.
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  Speaker 3: All right, But like you said, you've got heaps of savings,
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  Speaker 3: Like this is a money diary episode. What does heaps
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  Speaker 3: of savings mean?
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  Speaker 4: I have fifty five thousand in a long term account,
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  Speaker 4: almost under three in a holiday fund, and then a
• 6:35
  Speaker 4: support yourself fund which is just over two thousand dollars.
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  Speaker 3: What and how long did you say you.
• 6:41
  Speaker 4: Were again my friend, I'm twenty four.
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  Speaker 3: Oh my gosh, how do you do that?
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  Speaker 2: Afinitely? Making hey well the sunny yah.
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  Speaker 3: Take advantage of it like some people be like I've
• 6:52
  Speaker 3: got five grand saved. I can absolutely quit my job
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  Speaker 3: and like start this small business thing, honor. I've got
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  Speaker 3: fifty five thousand dollars saved. That's so excited.
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  Speaker 4: I don't know when I want to say for something,
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  Speaker 4: I really knuckle down and don't let myself spend money
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  Speaker 4: unless I really need to.
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  Speaker 3: How did you adopt the mindset of like, no, I
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  Speaker 3: really need to save even though you're at home, because
• 7:12
  Speaker 3: so many people are like, oh my gosh, I lived
• 7:14
  Speaker 3: at home and I never took advantage of it. Was
• 7:15
  Speaker 3: there like a moment in time where you were like,
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  Speaker 3: oh my gosh, like I actually have a great opportunity
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  Speaker 3: here to save, or like was it ingrained, or like
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  Speaker 3: how do other people get into that mindset and start
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  Speaker 3: doing exactly what you're doing if they're at home.
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  Speaker 2: Yeah, give us your saving.
• 7:28
  Speaker 3: Give us yours.
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  Speaker 4: I think for me, one of the big things was
• 7:32
  Speaker 4: if I love traveling. I absolutely love traveling, and I
• 7:36
  Speaker 4: know my parents weren't bet to fund that addiction to travel.
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  Speaker 4: So for me, the second I finished school, I started
• 7:41
  Speaker 4: saving for the holidays and then started UNI and got
• 7:44
  Speaker 4: the opportunity to go live overseas for a year for UNI.
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  Speaker 4: So I had to fund that entire year upfront before
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  Speaker 4: I left Australia.
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  Speaker 3: And you've gone all of that and saved fifty five
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  Speaker 3: grand plus all of your other accounts in addition to
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  Speaker 3: having funded a year abroad already. Yes, Oh my gosh.
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  Speaker 3: So what is your biggest saving tip? Come on, be
• 8:04
  Speaker 3: really stingy, stingy.
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  Speaker 2: I love it. It's it's the simpleste savings hack that
• 8:10
  Speaker 2: there is is just don't actually spend it. Yeah.
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  Speaker 4: Yeah, Like if you can avoid spending something unnecessarily, I
• 8:17
  Speaker 4: just don't. Or like if I know I need something,
• 8:19
  Speaker 4: I try and wait till there's a stay or coming
• 8:21
  Speaker 4: up so I can down the track buy it in
• 8:23
  Speaker 4: a month or two a little bit cheaper.
• 8:25
  Speaker 3: So moving back into questions do you currently invest.
• 8:29
  Speaker 4: I actually have recently started investing through Spaceship, so I
• 8:32
  Speaker 4: have about one thousand in a spaceship account at the moment.
• 8:35
  Speaker 4: But I have also been looking into other bigger investment platforms.
• 8:39
  Speaker 3: There's the last couple of months very cool, and what
• 8:42
  Speaker 3: are your plans on it? Like are you going to
• 8:44
  Speaker 3: stay on spaceship for a while or like what other
• 8:46
  Speaker 3: big platforms are you talking about?
• 8:49
  Speaker 4: I have been looking to a couple of ets that
• 8:51
  Speaker 4: you guys have mentioned over the last couple months, and
• 8:53
  Speaker 4: then also into the sixth park platform you guys are
• 8:56
  Speaker 4: talking about, and I think about taking maybe like ten
• 8:59
  Speaker 4: fifty ten thousand out of my long term savings to
• 9:02
  Speaker 4: start investing because it's not really earning any interest at
• 9:04
  Speaker 4: the moment in my long term savings account.
• 9:07
  Speaker 3: Yeah, interest rates at that moment and looking arguably dismal,
• 9:10
  Speaker 3: But that is okay. So I feel like I know
• 9:14
  Speaker 3: the answer to this. But do you have any debts?
• 9:18
  Speaker 4: Yes, I actually have a gigantic except my exit is
• 9:24
  Speaker 4: nearly fifty thousand dollars.
• 9:26
  Speaker 3: That's okay.
• 9:27
  Speaker 4: But other than that, I've never had a credit card,
• 9:30
  Speaker 4: and like even my car, I bought a brand new
• 9:32
  Speaker 4: car when I got home from Exchange and I paid
• 9:34
  Speaker 4: that upfront as well. So I've never had any other
• 9:36
  Speaker 4: debts other than my hex.
• 9:37
  Speaker 3: That is really impressive, and I feel like so many
• 9:40
  Speaker 3: people need to see their debt in that way, Like
• 9:43
  Speaker 3: hextet can feel really heavy if you're not educated on
• 9:46
  Speaker 3: what it means and what it gets you. But I
• 9:48
  Speaker 3: guess it's one of those things that once you actually
• 9:50
  Speaker 3: fully comprehend, like, oh, actually, that's kind of productive for
• 9:53
  Speaker 3: me to have, Like I don't need to stress about it.
• 9:56
  Speaker 3: It becomes so much easier.
• 9:58
  Speaker 2: Or even if you have no other debt, I can
• 10:01
  Speaker 2: understand how it would feel for you to be like
• 10:03
  Speaker 2: I've got one debt and it's this huge thing. You know.
• 10:06
  Speaker 2: When you've got a few other debts, you're like, all right,
• 10:08
  Speaker 2: my heck is like the least of my worries. Yeah,
• 10:10
  Speaker 2: But when you've got no other debt, you're kind of like, oh,
• 10:13
  Speaker 2: do I need to deal with this? But yeah, I
• 10:14
  Speaker 2: think that, like you always say Victoria, good and bad
• 10:17
  Speaker 2: debt and okay debt.
• 10:18
  Speaker 4: Yeah exactly. So like, I'm not stressed about paying that
• 10:21
  Speaker 4: one down or doing extra installments to that one because
• 10:23
  Speaker 4: it is good debt. It's not earning much interest. I
• 10:26
  Speaker 4: can deal with that as I start earning money.
• 10:28
  Speaker 3: Yeah, down the track, Yeah, fair fair, all right. Next
• 10:32
  Speaker 3: question that we've recently started asking. It's not even that
• 10:35
  Speaker 3: recent now, is it, Tony. It's been weeks.
• 10:37
  Speaker 2: Yeah, it's been a couple of weeks. But I like it.
• 10:39
  Speaker 3: I like hearing the hacks. So do you currently use
• 10:42
  Speaker 3: shot back?
• 10:43
  Speaker 4: I don't. I've looked into it a couple of times,
• 10:46
  Speaker 4: but then every time I go to buy something, I
• 10:50
  Speaker 4: seem to just forget about it until I get home
• 10:51
  Speaker 4: and I was like, oh, I should have looked through
• 10:52
  Speaker 4: shot back. So no, not at the moment.
• 10:55
  Speaker 3: So common. It's like one of those things where it
• 10:57
  Speaker 3: seems to be the people that are really good at
• 10:58
  Speaker 3: shotback make it to have it, and they like set
• 11:01
  Speaker 3: themselves up so that they only do it through that.
• 11:03
  Speaker 3: And Tony, you were saying the other day that you'd
• 11:04
  Speaker 3: added it to your mouth room. Yeah. Chrome, So it's
• 11:08
  Speaker 3: just kind of like is it back then?
• 11:10
  Speaker 2: Yeah, so you just download it as like an extension,
• 11:14
  Speaker 2: an extension. Yeah, I was gonna say add on, but
• 11:17
  Speaker 2: you seem to know all about it money don't. And
• 11:20
  Speaker 2: then there's like that little puzzle piece in the corner,
• 11:22
  Speaker 2: and when I go to check out, it'll be like, oh,
• 11:24
  Speaker 2: shot Back has found like three percent for your sofa
• 11:27
  Speaker 2: and it's so much better. And I've actually this is
• 11:31
  Speaker 2: my little hack. I've actually started telling myself that I'm
• 11:35
  Speaker 2: not allowed to buy things on my phone. If I'm
• 11:39
  Speaker 2: gonna buy something, I have to like grab my laptop
• 11:42
  Speaker 2: just because then there's that like one extra step because
• 11:44
  Speaker 2: if I'm just sitting on Instagram while I'm watching TV
• 11:47
  Speaker 2: at that time, I'm like, oh, yeah, buy that. But
• 11:50
  Speaker 2: if I'm like, okay, no, I've got to get my laptop,
• 11:52
  Speaker 2: then I know that i'll add in the shop back
• 11:53
  Speaker 2: as well, and I know that I can't just sit
• 11:56
  Speaker 2: there and like mindlessly spend while I'm watching.
• 12:00
  Speaker 4: I think it's very fair.
• 12:01
  Speaker 3: And I found that I wasn't as good at shop
• 12:04
  Speaker 3: Back when it was on my phone and I had
• 12:05
  Speaker 3: to like then.
• 12:06
  Speaker 2: Open the app.
• 12:07
  Speaker 3: Yeah it was really up and stuff.
• 12:08
  Speaker 2: Yeah it's so easy, but I'm just like so forgetful.
• 12:11
  Speaker 3: Yeah it's easy better, Yeah, it's same, Like I'm so
• 12:14
  Speaker 3: lazy when it comes up like, oh, another hurdle, but
• 12:17
  Speaker 3: reduces the hurdles.
• 12:18
  Speaker 2: I like that.
• 12:19
  Speaker 3: Hm. I feel like we like the perfect post to
• 12:21
  Speaker 3: people for shop back because we're like, yeah, save your money, get.
• 12:24
  Speaker 2: It, And I'm like, use your laptop to that You're
• 12:25
  Speaker 2: not just mindlessly spending on your fire. I'm so smart.
• 12:29
  Speaker 3: Yeah, right, Moving away, Moving away from that, next question
• 12:33
  Speaker 3: is what is your best money habit.
• 12:36
  Speaker 4: I don't buy anything unless I can afford it upfront. So,
• 12:39
  Speaker 4: like I said, I don't have credit cards. I've never
• 12:41
  Speaker 4: really needed them because I've always forced myself to save
• 12:44
  Speaker 4: the things beforehand. So even like with my twelve months overseas,
• 12:48
  Speaker 4: I worked really hard and I was working like three
• 12:51
  Speaker 4: or four jobs at one point to save enough so
• 12:53
  Speaker 4: I wouldn't have to get a loan or anything to
• 12:55
  Speaker 4: fund that twelve month.
• 12:56
  Speaker 3: I wish I'd done when I went overseas help myself
• 12:59
  Speaker 3: in a hot he of personal debt at UNI.
• 13:02
  Speaker 2: I wish I did that when I bought a brand
• 13:03
  Speaker 2: new car and I bought it up front.
• 13:05
  Speaker 3: Wish I'd spoken to you when I was planning to
• 13:07
  Speaker 3: go oversease. I do not regret that it has helped
• 13:11
  Speaker 3: me become who I am. But I always look at
• 13:14
  Speaker 3: people I'm like, you're smart cookie. Yeah, I wish I
• 13:16
  Speaker 3: knew that.
• 13:17
  Speaker 2: And again, it's such a simple thing to say, like, oh,
• 13:20
  Speaker 2: you know, and obviously everybody's situation is different sometimes to
• 13:24
  Speaker 2: you know, manage your cash flow and manage what you
• 13:27
  Speaker 2: need to do, like you need a credit card or
• 13:29
  Speaker 2: you know you work well with after.
• 13:32
  Speaker 3: Pay or whatever.
• 13:33
  Speaker 2: As we've said before, sometimes they are that necessary evil
• 13:36
  Speaker 2: or they're the best way for you to control your
• 13:38
  Speaker 2: your cash flow. But I think it's really cool that
• 13:40
  Speaker 2: you say like, Nope, well, if I don't have the
• 13:42
  Speaker 2: cash for it, I don't have the cash for it.
• 13:45
  Speaker 2: I saw this thing on Instagram once and it said
• 13:47
  Speaker 2: if you can't afford to buy it twice, don't buy it.
• 13:49
  Speaker 3: Yeah.
• 13:49
  Speaker 2: I like that too.
• 13:51
  Speaker 3: I never I don't listen to it purchases, but I
• 13:53
  Speaker 3: really liked the idea.
• 13:56
  Speaker 2: It's a great quote.
• 13:57
  Speaker 3: How often do you see quotes on the internet and
• 13:59
  Speaker 3: you're like that is so good. I remember that my
• 14:02
  Speaker 3: phone is full of stuff and you take screenshots my screenshots.
• 14:05
  Speaker 3: Yeah yeah, And then sometimes you're like looking for a
• 14:09
  Speaker 3: photo and you're scrolling through it and you're like Oh yeah,
• 14:11
  Speaker 3: why did I like that again? Because it was three am?
• 14:15
  Speaker 2: The story you liked it at three am.
• 14:18
  Speaker 3: The next question is what is your worst money habit?
• 14:22
  Speaker 4: I don't budget at all. When I had a full
• 14:25
  Speaker 4: time job, I had a rough budget going. But since
• 14:27
  Speaker 4: I've quit that, I just honestly wing it. Most weeks,
• 14:29
  Speaker 4: I chuck so doway sixty dollars goes into my into
• 14:33
  Speaker 4: my spaceship accounts. But other than that, I put a
• 14:35
  Speaker 4: little bit into like my long term savings, a little
• 14:37
  Speaker 4: bit into like support Yourself fund, and a little bit
• 14:39
  Speaker 4: to my holiday fund and just kind of hope that
• 14:41
  Speaker 4: the remainder gets you through the week. But more often
• 14:44
  Speaker 4: than not, I have to go into my support Yourself
• 14:46
  Speaker 4: fund and get a little bit more like a little
• 14:48
  Speaker 4: bit out if they would take like or go through
• 14:50
  Speaker 4: your something each week.
• 14:51
  Speaker 3: Yeah, so really, like is that something you would say
• 14:54
  Speaker 3: that I just want to be better at, Like I
• 14:55
  Speaker 3: want to work on it, because if you're going into like, yeah,
• 14:58
  Speaker 3: money around you find that successful? Or is that not
• 15:02
  Speaker 3: a stress because obviously you don't have overheads of living
• 15:04
  Speaker 3: at home? Like how does that feel?
• 15:07
  Speaker 4: And it is stressful because I don't like dipping into my funds, Like,
• 15:11
  Speaker 4: once they're out of my what's on my smart access,
• 15:13
  Speaker 4: I don't like touching them again. Yeah, so it does
• 15:15
  Speaker 4: get a bit stressful when things pop up and I
• 15:17
  Speaker 4: do have to go back into it. But also before
• 15:19
  Speaker 4: I quit my full time job, I put my last
• 15:22
  Speaker 4: two or three paychecks straight to the support yourself on
• 15:24
  Speaker 4: to then when things like my rego came up, I
• 15:26
  Speaker 4: wouldn't be ableforet that with my pub job, but I
• 15:29
  Speaker 4: had the money there, so I wasn't going to my
• 15:30
  Speaker 4: emergency savings.
• 15:31
  Speaker 3: Yeah, that's smart, and I think it's.
• 15:33
  Speaker 4: I think it's interesting their kind of stuff.
• 15:35
  Speaker 3: Yeah, I think it's interesting because so many people will
• 15:37
  Speaker 3: say like, oh, but she has so many savings, like
• 15:40
  Speaker 3: she shouldn't have to stress, and it's like, well no,
• 15:42
  Speaker 3: just because you've got savings, like money management can still
• 15:45
  Speaker 3: stress you out because I haven't got this. Yeah, definitely,
• 15:48
  Speaker 3: And it is so stressful. If you're like, oh my gosh,
• 15:50
  Speaker 3: there's not enough money on that card to pay for petrol.
• 15:52
  Speaker 3: I have to quickly transfer it and then you.
• 15:53
  Speaker 2: Feel guilty, which is the worst feeling.
• 15:55
  Speaker 3: Yeah, you're transferring it, yeah, from like what you thought
• 15:57
  Speaker 3: were savings, and you're like oh, well, I'm saving less
• 16:00
  Speaker 3: and it's not even a problem, Like it's not a
• 16:02
  Speaker 3: bad thing. It just mentally is this massive hurdle that
• 16:05
  Speaker 3: you have to jump over and you're like, ah, like
• 16:07
  Speaker 3: I if I did that differently, you wouldn't have those feelings.
• 16:10
  Speaker 3: And that's I guess what. Yeah, shitting does for you.
• 16:13
  Speaker 3: But we can work on that together, my friend. So
• 16:17
  Speaker 3: final question, what grade would you give your money habits?
• 16:21
  Speaker 3: If I forced you to give yourself a grade.
• 16:24
  Speaker 4: I'd probably say a B plus because I think in
• 16:26
  Speaker 4: order to get to an A, I want to start
• 16:28
  Speaker 4: investing my money smarter than how I currently am, and
• 16:31
  Speaker 4: I need to sit the unroad of my budget with
• 16:33
  Speaker 4: my current not earning much money fun.
• 16:37
  Speaker 3: I think that's fair enough. I think that's more fair enough.
• 16:39
  Speaker 3: I love that. Yeah, I love that. I'm really excited
• 16:42
  Speaker 3: about that. But after the break, I want to hear
• 16:45
  Speaker 3: all about your small business and how you started that up.
• 16:52
  Speaker 3: So we are back, and I am so excited to
• 16:55
  Speaker 3: ask you about your small business as a fellow small
• 16:57
  Speaker 3: business owner. Classic, So how did you make the jump?
• 17:01
  Speaker 3: How did you know? What was time? Like so many
• 17:03
  Speaker 3: people always like when should I start my small business?
• 17:06
  Speaker 3: Like when should I quit? Like how did you work
• 17:08
  Speaker 3: that out yourself?
• 17:10
  Speaker 4: So I've been doing freelance work on the side for
• 17:12
  Speaker 4: a couple of years, like very very odd jobs like
• 17:15
  Speaker 4: here and there, maybe a couple of years, and then
• 17:19
  Speaker 4: a couple of my friends and I were talking about
• 17:21
  Speaker 4: we all want to do something simil wrong. We all
• 17:22
  Speaker 4: want to quit our jobs, go all in and give
• 17:25
  Speaker 4: it a real shot. And then earlier this year, I
• 17:28
  Speaker 4: just kind of said now is as good a time
• 17:30
  Speaker 4: as any and candid in my notice and was going
• 17:33
  Speaker 4: to continue going freelance by myself, and then it just
• 17:36
  Speaker 4: kind of fell into place. Like the other people that
• 17:38
  Speaker 4: I'm working with now we're in a similar situation, and
• 17:43
  Speaker 4: we just started working together and started all pulling in
• 17:45
  Speaker 4: clients from different parts of our own lives to start
• 17:48
  Speaker 4: our own business. And it's seen a slow process, but
• 17:51
  Speaker 4: we're getting there slowly and it's being really exciting.
• 17:53
  Speaker 3: So how many friends are you in business with?
• 17:56
  Speaker 4: There's four of us in total now, And how.
• 17:59
  Speaker 3: Did you decide that going into because that's like a
• 18:02
  Speaker 3: fickle area, right, like going into business as a friend,
• 18:05
  Speaker 3: how did you like test the waters or set those
• 18:08
  Speaker 3: boundaries or like make that decision and know that going
• 18:11
  Speaker 3: into business as a group was a smarter idea than
• 18:14
  Speaker 3: you know, staying a freelancer and building up your own profile.
• 18:18
  Speaker 4: I think for us the biggest thing was We've all
• 18:20
  Speaker 4: got very different strengths. So I've got a degree in
• 18:23
  Speaker 4: video production media production, but I'm not good at editing videos,
• 18:27
  Speaker 4: whereas one of the other guys I work with is
• 18:29
  Speaker 4: a gun video editor. And then side like, I'm really
• 18:32
  Speaker 4: good at photography, and some of the others like they
• 18:35
  Speaker 4: might not be as strong as photography. So we've all
• 18:37
  Speaker 4: kind of realized that we all feel each other, like
• 18:40
  Speaker 4: the gaps in our own skill set, we feel for
• 18:42
  Speaker 4: each other. So it just worked really well, Like from
• 18:44
  Speaker 4: the start, our first clients, it just works like we
• 18:48
  Speaker 4: worked really well on set together to film a commercial
• 18:52
  Speaker 4: and just kind of going from there. It's been pretty
• 18:55
  Speaker 4: thorough failing so far, so you kind of got.
• 18:57
  Speaker 3: To test the waters a little bit before going there.
• 18:59
  Speaker 3: We Relicia business smart.
• 19:02
  Speaker 1: Yeah, yeah, it.
• 19:03
  Speaker 2: Must have been so exciting. So I've worked as a
• 19:06
  Speaker 2: freelancer as well. I'm sure that most people that are
• 19:08
  Speaker 2: listening have, and not only is it super exciting when
• 19:11
  Speaker 2: you get jobs, but like when you start getting those
• 19:13
  Speaker 2: clients where you know they call you every year because
• 19:16
  Speaker 2: they've got an event on or whatever. So it must
• 19:18
  Speaker 2: have been so exciting for you guys to land that
• 19:22
  Speaker 2: first client, Like it must have just felt amazing.
• 19:26
  Speaker 4: Yeah, it was awesome, and it was like it was
• 19:28
  Speaker 4: at a beach near around near our houses, so it
• 19:30
  Speaker 4: was just a fun day in the sun. Also commercials,
• 19:33
  Speaker 4: so it was really really good awesome.
• 19:36
  Speaker 2: So I know that before you said that you really
• 19:39
  Speaker 2: want to strengthen your skills at budgeting and you know,
• 19:42
  Speaker 2: organizing your cash flow and stuff like that. Do you
• 19:45
  Speaker 2: guys do all of the money side of things for
• 19:47
  Speaker 2: your business as well, or is that something where you're like, oh,
• 19:50
  Speaker 2: I could definitely sharpen up for the business and personally.
• 19:54
  Speaker 4: Definitely could use a bit of working brecarious in my
• 19:57
  Speaker 4: life at the moment. But at the moment BECAU, they
• 20:00
  Speaker 4: are still so new and so small as a business.
• 20:02
  Speaker 4: Everything we're earning is going straight back into the business,
• 20:05
  Speaker 4: so it's not good to having to worry about like
• 20:07
  Speaker 4: trying to pay salaries and stuff just yet in terms
• 20:09
  Speaker 4: of the business side. But I think budgeting could be
• 20:12
  Speaker 4: something we could all definitely work on in that business.
• 20:15
  Speaker 4: As well.
• 20:16
  Speaker 2: It just seems so simple, but like it makes so
• 20:18
  Speaker 2: much of a difference, just that that mental load of going, oh, yeah,
• 20:22
  Speaker 2: I do have to transfer money over or no, I
• 20:24
  Speaker 2: actually know that there's going to be enough money in
• 20:27
  Speaker 2: there when I have to pay my retule or whatever.
• 20:30
  Speaker 3: Yeah, I'm more pervy when it comes to money and
• 20:33
  Speaker 3: businesses because I know it can be a point of
• 20:36
  Speaker 3: contention for a lot of small businesses. Like if I
• 20:39
  Speaker 3: had a business with you, Tony, and we were putting
• 20:41
  Speaker 3: everything back into the business, Like, at what point do
• 20:43
  Speaker 3: we take a salary and how do we pay that? Like, so,
• 20:47
  Speaker 3: do you guys have a plan for that? Like are
• 20:49
  Speaker 3: you going to at some point all take salaries and
• 20:52
  Speaker 3: if so, will they be equal? And at what point
• 20:54
  Speaker 3: is that going to happen.
• 20:56
  Speaker 4: We've had a couple of conversations about it. We still
• 20:58
  Speaker 4: haven't really figured out exactly when that. We've said we're
• 21:01
  Speaker 4: going to go the first twelve months putting everything straight
• 21:04
  Speaker 4: into the company, and then from there we'll sit down
• 21:06
  Speaker 4: and kind of figure out, well, I'm working full time
• 21:08
  Speaker 4: on this company, so I'll take a certain salary, and
• 21:13
  Speaker 4: then one of the other guys, for example, might be
• 21:15
  Speaker 4: working like three US a week on it. He'll take
• 21:17
  Speaker 4: like a pro rated rate. So that's like how much
• 21:19
  Speaker 4: worky that was on the company.
• 21:21
  Speaker 3: Yeah, that's quite cool.
• 21:22
  Speaker 4: So you've got to go to hear that is very
• 21:25
  Speaker 4: very rough.
• 21:25
  Speaker 2: Yes, it's awesome that you guys have been so open
• 21:28
  Speaker 2: about your finances, which is something we spoke in the
• 21:32
  Speaker 2: shoes on the money to be a lot.
• 21:34
  Speaker 3: Would you be open about that, to talk.
• 21:36
  Speaker 2: About your finances, and you know, especially with a few
• 21:39
  Speaker 2: mates and you're going into business, it's kind of one
• 21:41
  Speaker 2: of those things where it's like, oh, it'll all work out, guys,
• 21:44
  Speaker 2: we'll figure it out when we get Yeah, but I
• 21:46
  Speaker 2: love that you guys have actually talked about it, and
• 21:48
  Speaker 2: I feel like Victoria will maybe expect I know that
• 21:50
  Speaker 2: I was expecting you to go, oh, we're just going
• 21:52
  Speaker 2: to figure it out, but you've actually talked about which
• 21:54
  Speaker 2: is awesome.
• 21:55
  Speaker 3: Well, it was kind of like, oh, how's this going
• 21:57
  Speaker 3: to go when it came to setting up for business,
• 22:00
  Speaker 3: like nobody knows where to start. Who did that? How
• 22:04
  Speaker 3: did they do that? What were the steps that you
• 22:06
  Speaker 3: guys talk to I guess establishing an official business instead
• 22:10
  Speaker 3: of just saying, hey, Tony, you do want to work
• 22:11
  Speaker 3: with me?
• 22:12
  Speaker 2: Yeah, like what do you do after that?
• 22:13
  Speaker 3: Like what were your steps? Obviously I do know, but
• 22:15
  Speaker 3: I want.
• 22:16
  Speaker 4: So we're actually really lucky that we're really lucky. One
• 22:18
  Speaker 4: of the guys that we work with, his dad has
• 22:21
  Speaker 4: a more business so his dad was kind of mentoring
• 22:25
  Speaker 4: us all with the whole how to register for a
• 22:27
  Speaker 4: business like an ABN how to your business name with
• 22:30
  Speaker 4: the registry. And I'm not the business side. I'm not
• 22:33
  Speaker 4: across the business side of it all. But yeah, the
• 22:36
  Speaker 4: boys have been really good talking to the dad and
• 22:39
  Speaker 4: trying to figure out, like what we need to do.
• 22:41
  Speaker 4: We do it legally, so we're not kind of skipping stuff.
• 22:44
  Speaker 4: And I remember one of your Business Bible episodes he
• 22:46
  Speaker 4: said to register the DSP at the start, so then
• 22:48
  Speaker 4: clients don't see that you're earning less than seventy five thousand. Yeah,
• 22:54
  Speaker 4: so I made sure the boys did. That's been running
• 22:58
  Speaker 4: fal you already.
• 22:59
  Speaker 3: You do know what you're talking about. I was about
• 23:01
  Speaker 3: to be like, oh, yeah, and totally you listen to
• 23:03
  Speaker 3: the Business Bible obviously, but I don't know. I really
• 23:08
  Speaker 3: liked that episode actually because I wanted to be like,
• 23:10
  Speaker 3: this is what I do and obviously it's not advice,
• 23:14
  Speaker 3: it's just more I did it for these reasons because
• 23:16
  Speaker 3: when you start off as a small business, you kind
• 23:20
  Speaker 3: of feel a little bit self conscious that people know
• 23:23
  Speaker 3: like that maybe they're one of your very first clients
• 23:25
  Speaker 3: and you're trying to impress them. It's just a way
• 23:27
  Speaker 3: to make you feel a little bit more confident because
• 23:30
  Speaker 3: they'll see that and go oh, like they're legit, and like,
• 23:33
  Speaker 3: I know, it's it's not lying, it's not fake. Like
• 23:36
  Speaker 3: it's actually really good to set that up at the
• 23:38
  Speaker 3: start and set the expectation with your client as well.
• 23:41
  Speaker 3: Because GST, which is goods and services tax, is ten percent.
• 23:45
  Speaker 3: And if you then at some point then say to
• 23:47
  Speaker 3: your client like, oh, hey, Tony, like I know it
• 23:48
  Speaker 3: was one hundred dollars, but next invoice is actually going
• 23:51
  Speaker 3: to be one hundred and ten, you vocally have to
• 23:54
  Speaker 3: go to your client and be like, cool, I'm now
• 23:55
  Speaker 3: earning more than seventy five grand. And that can happen
• 23:58
  Speaker 3: really quickly for some business and it can take a
• 24:01
  Speaker 3: really long time for some small businesses. And like sometimes
• 24:04
  Speaker 3: it just feels real awkward going to a client that
• 24:06
  Speaker 3: you weren't with it for two years and be like, oh,
• 24:08
  Speaker 3: I've finally gotten over seventy five grand, which is so
• 24:11
  Speaker 3: exciting for you. But at the same time, you don't
• 24:13
  Speaker 3: want to have to have that conversation with client to
• 24:16
  Speaker 3: be like, oh, I'm charging more and I've worked with
• 24:18
  Speaker 3: freelances historically who has said that to me? And I'd
• 24:21
  Speaker 3: be like, oh my god, yes, queen, like you are
• 24:23
  Speaker 3: now killing it. Yeah, but you know, I know that
• 24:26
  Speaker 3: for them it was kind of awkward because they were like,
• 24:28
  Speaker 3: it's going to cost you more, and like for a business,
• 24:31
  Speaker 3: it's left pocket, right pocket, Like if I am a
• 24:33
  Speaker 3: business paying invoices, I'm actually receiving it and it all
• 24:36
  Speaker 3: works out in the end. But it's one of those
• 24:38
  Speaker 3: things that just feels a bit awkward and if you
• 24:41
  Speaker 3: can avoid it, why not.
• 24:42
  Speaker 2: Yeah, for sure, exactly. Yeah.
• 24:44
  Speaker 3: So what would be your biggest money tip for anyone
• 24:48
  Speaker 3: wanting to start a small business?
• 24:51
  Speaker 4: Ooh, that's tricky. I think be realistic with the money goals,
• 24:57
  Speaker 4: Like I would love to have been able to afford
• 25:01
  Speaker 4: to actually continue my lifestyle that I had pre quitting
• 25:03
  Speaker 4: my full time job. Once I quit it and was
• 25:05
  Speaker 4: doing the start hustle, so I had do you really
• 25:07
  Speaker 4: realistic and say that I can't afford to go to
• 25:10
  Speaker 4: dinner every week if I want to go to dinner
• 25:12
  Speaker 4: right now because I don't have as much money coming
• 25:15
  Speaker 4: in as I used to at a full time job,
• 25:18
  Speaker 4: and kind of being realistic that you do have to
• 25:20
  Speaker 4: spend money to make money in a small business. You
• 25:22
  Speaker 4: do have to do things like your website and all
• 25:25
  Speaker 4: the little things.
• 25:26
  Speaker 3: Do add up. Yeah, but that's a really good one
• 25:29
  Speaker 3: for the long run. Yeah, that's awesome. It's actually really realistic. Yeah,
• 25:32
  Speaker 3: like so many people want to be and it's not
• 25:35
  Speaker 3: a bad thing to just be like, oh, inspirational, take
• 25:37
  Speaker 3: the jump. It's kind of like, well, actually work out
• 25:39
  Speaker 3: what that's going to look like for you and be realistic.
• 25:42
  Speaker 2: Yeah. Yeah, and if you can cop the lifestyle change
• 25:46
  Speaker 2: or not, you know, because if I left my full
• 25:49
  Speaker 2: time job here with cheese on the money started of
• 25:52
  Speaker 2: you know, my own business, it would be pretty different.
• 25:54
  Speaker 3: So yeah, I actually really love that tip. I feel
• 25:56
  Speaker 3: like it's really relatable and actually something we can all adopt,
• 25:59
  Speaker 3: Like you can start planning for a small business before
• 26:02
  Speaker 3: it starts, Like I think so many people think that
• 26:04
  Speaker 3: they have to take the plunge, quit their job and
• 26:06
  Speaker 3: their gure out, like have the entire game plan and
• 26:09
  Speaker 3: what that looks like financially, and like even just where
• 26:12
  Speaker 3: are you going to work from? Make the entire plan
• 26:14
  Speaker 3: before you take the plunge, so you know what to expect.
• 26:17
  Speaker 4: Yeah, definitely.
• 26:18
  Speaker 3: Yeah, as always, I do think that's all we have
• 26:21
  Speaker 3: time for today.
• 26:22
  Speaker 2: But thank you so much money Darus. It's been amazing
• 26:25
  Speaker 2: chatting to you and having you share your your little
• 26:27
  Speaker 2: tips and trips for small business.
• 26:30
  Speaker 3: Thank you so much for having me go and hearing
• 26:31
  Speaker 3: how much of a ball issues.
• 26:33
  Speaker 2: Yeah, thank you so much.
• 26:37
  Speaker 3: And just before we head off, we'd like to acknowledge
• 26:39
  Speaker 3: and pay respect to Australia's Aboriginal and Torres Strait Islander people's.
• 26:43
  Speaker 3: They're the traditional custodians of the lands, the waterways and
• 26:46
  Speaker 3: the skies all across Australia. We thank you for sharing
• 26:50
  Speaker 3: and for caring for the land on which we are
• 26:52
  Speaker 3: able to learn. We pay our respects to elders past
• 26:55
  Speaker 3: and present, and we share our friendship and our kindness.
• 26:58
  Speaker 2: The advice shared on Shees on the Money is generally
• 27:00
  Speaker 2: nature and does not consider your individual circumstances. She's on
• 27:04
  Speaker 2: the Money exists purely for educational purposes and should not
• 27:07
  Speaker 2: be relied upon to make an investment or any financial decision.
• 27:11
  Speaker 2: And I promise that Victoria Divine is an authorized representative
• 27:15
  Speaker 2: of Australia Pacific Funds Management Proprietary Limited ABN three four
• 27:19
  Speaker 2: one three two four six three two five seven AFSL
• 27:22
  Speaker 2: three three nine one five one.
• 27:24
  Speaker 3: And well, what were you going to say, were gonna
• 27:26
  Speaker 3: be good?
• 27:27
  Speaker 2: No, it wasn't. Actually, I was going to say, do
• 27:28
  Speaker 2: you reckon? The people that listen to the disclaimer every
• 27:30
  Speaker 2: week know all those numbers off by heart?
• 27:32
  Speaker 3: I'd like to hear it. If you know them all
• 27:34
  Speaker 3: off by heart, send us your voice memos and we'll
• 27:36
  Speaker 3: start editing them into the podcast. You can do our
• 27:39
  Speaker 3: disclaimer for us perfect.
• 27:40
  Speaker 2: I mean, that's a lot of work for me.
• 27:42
  Speaker 3: That's not my problem.
• 27:43
  Speaker 2: But okay, great, see next week, guys,