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The Questions Everyone Has About Investing in the Share Market, Finally Answered · She's On The Money

• 0:00
  Speaker 1: My name is Tatasha Bamblet. I'm a proud First Nations
• 0:03
  Speaker 1: woman and I'm here to acknowledge country t Glenn Young
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  Speaker 1: Ganya Niana Kaka yah Ya bin ahaka nian Arka in
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  Speaker 1: Mbina yak um jar Dominyama Umagahawakawaman damon imlan Bumba bang
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  Speaker 1: Gadabomba in and now in wakah ghana on yakraum jar Watnadaa. Hello,
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  Speaker 1: beautiful friends, we gather on the lands of the Aboriginal people.
• 0:26
  Speaker 1: We thank I acknowledge and respect the Abiginal people's land
• 0:29
  Speaker 1: that we're gathering on today. Take pleasure in all the
• 0:31
  Speaker 1: land and respect all that you see. She's on the
• 0:35
  Speaker 1: Money podcast acknowledges culture, country, community and connections, bringing you
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  Speaker 1: the tools, knowledge and resources for you to thrive.
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  Speaker 2: She's on the Money.
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  Speaker 3: She's on the Money. Hello and welcome to Shes on
• 1:09
  Speaker 3: the Money, the podcast that's here to show you that
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  Speaker 3: investing is not just for the rich, it's for you too,
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  Speaker 3: And just because it's for you doesn't mean you're expected
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  Speaker 3: to know everything already. Wanting to build wealth through investing
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  Speaker 3: and still having questions is totally normal, and that's exactly
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  Speaker 3: why we're here today. I'm Jess Ricky, and with me
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  Speaker 3: is a woman who has helped thousands of our community
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  Speaker 3: change their financial futures by investing in the share market.
• 1:33
  Speaker 3: Queen Victoria Divine.
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  Speaker 4: I am so excited because I get another investing episode,
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  Speaker 4: but this time it's with you. You've replaced Beck, and like,
• 1:43
  Speaker 4: that's fun. Not replaced Beck Scott of soul Foot couldn't
• 1:45
  Speaker 4: come in and I was like, would you like to
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  Speaker 4: do an investing episode? And you said say less?
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  Speaker 3: Sending thoughts and press to Beck, but honestly thrilled to.
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  Speaker 4: Be sorry, sorry about your foot anyway, let me out. Well,
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  Speaker 4: you obviously already know that investing is one of my
• 2:02
  Speaker 4: favorite topics to yap about so much so I've dedicated hundreds,
• 2:06
  Speaker 4: actually thousands of hours to this podcast. But understandably, you
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  Speaker 4: guys still have questions, and guys, I get it, I
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  Speaker 4: still have answers. I'm not done.
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  Speaker 3: You know.
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  Speaker 4: When people are like answered that before, I'm like, I
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  Speaker 4: am like a goldfish, can't remember if I did anyway,
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  Speaker 4: So we'll just do it again. So every now and
• 2:24
  Speaker 4: then I like to hand the podcast over to you,
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  Speaker 4: our incredible community, and let you ask the biggest questions
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  Speaker 4: that are on your mind, and this time it's all
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  Speaker 4: about investing, because if you're wondering about something, and I
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  Speaker 4: hate how, especially as women, we often preface it with like,
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  Speaker 4: oh my god, this might be a silly question, but
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  Speaker 4: like girl, it's not because there are probably hundreds of
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  Speaker 4: other people thinking exactly the same thing.
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  Speaker 2: You were.
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  Speaker 3: Absolutely and we got so many really fantastic questions. And
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  Speaker 3: the one that I pulled out to start with is
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  Speaker 3: one that I feel like a lot of the community
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  Speaker 3: have mentioned to us before or might be thinking themselves,
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  Speaker 3: and that is victoria. If I only have ten dollars
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  Speaker 3: a week to invest, is it even still worth it?
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  Speaker 4: Yes? And that's the end of the podcast. Thanks listen,
• 3:06
  Speaker 4: everybody having a day? Yes, like a thousand times Yes.
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  Speaker 4: I can't begin to tell you how much. It's not
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  Speaker 4: about the ten dollars. Like, if you've got ten dollars money,
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  Speaker 4: when you've got some free cash flow in this economy,
• 3:18
  Speaker 4: that is a flex. But then on top of that,
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  Speaker 4: it's about setting up your habits and your intention and
• 3:24
  Speaker 4: getting the ball rolling. Because if ten dollars doesn't feel
• 3:27
  Speaker 4: scary and you're investing that and you're like, well, girl,
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  Speaker 4: that's because that's all I can afford. Fantastic, But what
• 3:32
  Speaker 4: if you then have twenty dollars and you've been experiencing
• 3:34
  Speaker 4: the sheer market for the last year or two, and
• 3:36
  Speaker 4: you're like, well, I love it. I've been watching it
• 3:39
  Speaker 4: come up, I've been watching it go down. I've been
• 3:41
  Speaker 4: on the journey, and I feel really confident that twenty
• 3:44
  Speaker 4: dollars isn't going to feel scary, the next fifty dollars
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  Speaker 4: isn't going to feel scary. Everything is going to start,
• 3:49
  Speaker 4: you know, not being overwhelming. And it's like, you know
• 3:53
  Speaker 4: how people say, oh, you learn the most on the job,
• 3:56
  Speaker 4: same thing happens in the investing world. You can study
• 3:58
  Speaker 4: till your heart's content, go do a finance degree. You
• 4:03
  Speaker 4: could go and watch every single investing video on YouTube
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  Speaker 4: and still not feel prepared because you've probably given yourself
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  Speaker 4: analysis paralysis. What we should have done is play with
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  Speaker 4: ten bucks.
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  Speaker 3: Yeah, And it's having those habits set up is like
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  Speaker 3: the hardest thing for a lot of people, right, Like
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  Speaker 3: getting the habit going and sticking to it.
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  Speaker 4: Yeah, and then once you stick to it, like I'm
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  Speaker 4: not gonna lie, it's like a gateway. You will become
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  Speaker 4: addicted to it and then we'll all be filthy rich.
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  Speaker 4: And I am hoping that when we're like in our sixties, Jess,
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  Speaker 4: I still get to do this as a job. That
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  Speaker 4: would be very cool. But all of you listening today
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  Speaker 4: owe me a coffee. So I do not want to
• 4:37
  Speaker 4: go to a cafe when I'm sixty five and be like, oh,
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  Speaker 4: I'm paying for my own coffee. You'll be like, oh,
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  Speaker 4: I owe you a coffee. I'm filthy rich now to
• 4:44
  Speaker 4: be like sligh.
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  Speaker 3: Yeah, it's like compact interest coming in hot.
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  Speaker 4: Yeah, Like I'm getting paid in coffee for this the dream.
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  Speaker 3: Now that we've cleared that one up, I wanted to
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  Speaker 3: move on to the next question because when we pulled
• 4:55
  Speaker 3: the community last year about what was stopping people from investing,
• 4:59
  Speaker 3: this one came up a lot, which is people are
• 5:01
  Speaker 3: feeling confused and even scared of the tax implications and
• 5:05
  Speaker 3: the records that they have to keep. So can you
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  Speaker 3: take us through the situations where you would have to
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  Speaker 3: pay tax on an investment and how much extra work
• 5:13
  Speaker 3: that might look like for us at tax time?
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  Speaker 4: Yeah, okay, So I'm going to simplify it and say
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  Speaker 4: tax is very easy. And I don't mean that in
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  Speaker 4: a condescending way because you're like, oh, I asked, because
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  Speaker 4: it's not easy. But we only pay tax on money
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  Speaker 4: that we have earned. Yeah, right, So every single dollar
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  Speaker 4: that you earn in Australia you are going to pay
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  Speaker 4: tax on. That is just how it works. We can't
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  Speaker 4: get out of it. That tax is going to be
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  Speaker 4: at your marginal tax rate. So it will depend how
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  Speaker 4: much money you are earning. But jess, if you've already
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  Speaker 4: earned the money and it's in your account, and say
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  Speaker 4: you've got I'm going to use a round number here,
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  Speaker 4: so you've got like a thousand dollars, I really want
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  Speaker 4: to invest that amount And you go, oh, but I'm
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  Speaker 4: so worried about the tax implications of that, Like what's
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  Speaker 4: that going to look like a year from now? Is
• 5:55
  Speaker 4: my tax return going to look like? Well, just that
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  Speaker 4: thousand dollars already came into your account. You already paid
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  Speaker 4: tax on it, right, Yes, So if you invested it
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  Speaker 4: and it didn't make a dollar, you owe nothing. Love
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  Speaker 4: that you own not one thing. If you invested and
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  Speaker 4: your asset grows in value, you do not owe much
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  Speaker 4: because at the end of the day, did you receive
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  Speaker 4: any income Jess, No, But if your thousand dollars gets
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  Speaker 4: invested and you've got a ten percent return, money win,
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  Speaker 4: you've made one hundred dollars. The taxman is then going
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  Speaker 4: to go how much did you earn from your share
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  Speaker 4: portfolio this year? And you go, well, now it's worth
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  Speaker 4: eleven hundred dollars And that might feel overwhelming, But the
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  Speaker 4: taxable component is the one hundred dollars that you made
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  Speaker 4: and you probably are on. And I'm going to take
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  Speaker 4: a stab in the dark and say you're probably on
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  Speaker 4: a marginal tax rate of thirty percent. And the reason
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  Speaker 4: I say that is because most of our community are.
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  Speaker 4: We survey you guys all the time. It's the average
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  Speaker 4: marginal tax rate in Australia. Thirty percent of the one
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  Speaker 4: hundred dollars you made is thirty dollars on your eleven
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  Speaker 4: hundred dollar portfolio made seventy bucks money when you pay
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  Speaker 4: thirty to the taxman and you're still ahead. We only
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  Speaker 4: pay tax when we make money. You're never going to
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  Speaker 4: pay tax just because you invested. You're only ever going
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  Speaker 4: to pay tax on the money that you made.
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  Speaker 3: And for clarity for the listeners, when you're saying when
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  Speaker 3: you made that hundred dollars, you're talking about that being
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  Speaker 3: paid out to you as a dividend, right, not your
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  Speaker 3: share just going up into value.
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  Speaker 4: Yeah, because like you only have to pay tax on
• 7:27
  Speaker 4: money that hits your account. So like if it increased
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  Speaker 4: in value tomorrow, So say you have a thousand dollars
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  Speaker 4: worth of shares and the share market skyrockets, sexy love
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  Speaker 4: that it's worth fifteen hundred dollars tomorrow you wake up
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  Speaker 4: and you're like, Okay, thank you. That's only what it's worth.
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  Speaker 4: You don't have that money in your hot little hands. Yeah,
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  Speaker 4: you could cash it out, and at that point the
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  Speaker 4: taxman will be like, I see you've got some cash
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  Speaker 4: in your hot little hands. We need to pay tax
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  Speaker 4: because that's income. But just because it's worth more doesn't
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  Speaker 4: mean we pay more.
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  Speaker 2: Yeah.
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  Speaker 4: So that's where and I'll go down a rabbit hole
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  Speaker 4: another time, but that's where there's a very big difference.
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  Speaker 4: And we actually recorded an episode recently talking about like
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  Speaker 4: different investment strategies and how some people are growth investors
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  Speaker 4: because that minimizes tax, and some people are dividend investors
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  Speaker 4: because they want the money to then reinvest and get
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  Speaker 4: more shares. But other people are like, no, I would
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  Speaker 4: really like to own this particular share because I see
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  Speaker 4: a lot of trajectory in it. I'm not going to
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  Speaker 4: have to pay any tax if it just increases in value. Yeah,
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  Speaker 4: so it really depends. And I feel like you think
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  Speaker 4: it's so much extra work and you don't have to
• 8:30
  Speaker 4: do the calculations. So like if you're on shares is,
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  Speaker 4: for example, come tax time, they're going to send you
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  Speaker 4: your tax statement. And yes, it's not going to come
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  Speaker 4: on the thirtieth of June because they get all of
• 8:40
  Speaker 4: their numbers on the thirtieth of June two and then
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  Speaker 4: all of their accountants go back and do all of
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  Speaker 4: the maths for you and then send out a tax
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  Speaker 4: payment to say, hey, Jess, here's a summary of your
• 8:48
  Speaker 4: investment portfolio over the last twelve months. And you say thanks.
• 8:52
  Speaker 4: You don't even have to read it, Like I would
• 8:54
  Speaker 4: love for you to read it, but you don't even
• 8:55
  Speaker 4: have to read it. But that's the document you give
• 8:57
  Speaker 4: to your accountant, or that's the document you upload to
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  Speaker 4: the eight. It's very simple, it's really easy.
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  Speaker 3: There's a section if you're doing your own tax there
• 9:04
  Speaker 3: is literally a section for investment income. So yeah, you
• 9:07
  Speaker 3: has shares and you go yes, yeah, So it's really
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  Speaker 3: really straightforward. I feel like that shouldn't be something that
• 9:12
  Speaker 3: really stops people from getting invested. And that leads to
• 9:16
  Speaker 3: the next question, which is what actually happens when you
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  Speaker 3: sell a share.
• 9:19
  Speaker 4: Okay, so two things could happen. You could trigger a
• 9:23
  Speaker 4: capital gains tax event and that sounds terrifying, but it's not,
• 9:27
  Speaker 4: yes scary, or you could sell it at a loss.
• 9:29
  Speaker 4: So say we go and buy like a West Farmers share.
• 9:32
  Speaker 4: I believe a West Farmer share at this point in
• 9:33
  Speaker 4: times probably worth eighty bucks. It's been decreasing recently. I
• 9:37
  Speaker 4: own West Farmers. So I'm a little bit like salty
• 9:39
  Speaker 4: on at that moment because someone, excuse me, you were
• 9:41
  Speaker 4: doing so well and everyone's been raving about you. You've
• 9:44
  Speaker 4: been in my portfolio for years, really really good performer.
• 9:48
  Speaker 4: But if I went to sell some of those shares, yes,
• 9:52
  Speaker 4: they're going to look at it and go, well, how
• 9:53
  Speaker 4: much money are you making by realizing this gain? And
• 9:57
  Speaker 4: so if I sold one of the shares that I
• 9:59
  Speaker 4: perch just maybe five years ago, they're going to tax
• 10:03
  Speaker 4: me so that I pay tax on the income that
• 10:06
  Speaker 4: I derived. However, if I owned that share for less
• 10:09
  Speaker 4: than twelve months, I'm not going to get any type
• 10:13
  Speaker 4: of tax discount. So the Australian government is really trying
• 10:17
  Speaker 4: to encourage long term investing, not burn and churn, not crypto,
• 10:21
  Speaker 4: not any of that stuff. So they go, well, Jess,
• 10:24
  Speaker 4: what will happen is if you own a share for
• 10:26
  Speaker 4: more than twelve months and then you sell it, your
• 10:29
  Speaker 4: capital gains, so the capital gains that you acquired from
• 10:33
  Speaker 4: owning that share will give you a fifty percent tax deduction.
• 10:37
  Speaker 4: So you get fifty percent off if you hold it
• 10:38
  Speaker 4: for more than a year. But if you buy it
• 10:40
  Speaker 4: and then three months later sell it and you're flipping
• 10:42
  Speaker 4: back and forth and you're doing penny stock trading, yeah
• 10:45
  Speaker 4: we're going to charge you a bit more tax because
• 10:47
  Speaker 4: we actually don't want you doing that. So what happens
• 10:50
  Speaker 4: when you sell a share really simple. You would log
• 10:53
  Speaker 4: into whatever app you're on and you would hit the
• 10:55
  Speaker 4: button sell. Nothing would happen immediately. It's not like an
• 11:00
  Speaker 4: OSCO payment where you transfer cash to another account. What
• 11:03
  Speaker 4: happens is that triggers a sale and that sale has
• 11:07
  Speaker 4: to go through because if you're owning a share. We
• 11:09
  Speaker 4: now need the broker to sell the share and get
• 11:12
  Speaker 4: the money back themselves and then give the money to you.
• 11:14
  Speaker 4: And that takes on average about three business days. So
• 11:17
  Speaker 4: the first day, I always say, is the day that
• 11:19
  Speaker 4: you've triggered the sale and your broker's like, Okay, no worries,
• 11:21
  Speaker 4: I'll sell jess Is stuff. The next day that money
• 11:23
  Speaker 4: goes into your broker's account, Jess and they go, oh,
• 11:25
  Speaker 4: look at that, I've got that. I'll transfer that to Jess.
• 11:28
  Speaker 4: Because nothing is instant in the banking and finance. Well,
• 11:31
  Speaker 4: they don't get to play with OSCO. It's probably in
• 11:34
  Speaker 4: your account the next day. So that's what happens when
• 11:37
  Speaker 4: you sell a share.
• 11:38
  Speaker 3: Yeah. And then once you have that money, Am I
• 11:41
  Speaker 3: right in thinking that it is your responsibility to set
• 11:44
  Speaker 3: some money aside for the taxman? It's not done automatically
• 11:47
  Speaker 3: for you the way it would be done with your
• 11:49
  Speaker 3: PAYG salary.
• 11:50
  Speaker 4: Yes, absolutely, And I think that that's where we need
• 11:52
  Speaker 4: we get a little bit complicated, or we get a
• 11:54
  Speaker 4: little bit overwhelmed because we're like, but I want to
• 11:56
  Speaker 4: spend all of the money that comes into my account,
• 11:59
  Speaker 4: and that's where I always recommend not having your dividends
• 12:01
  Speaker 4: paid into your normal banking account. You have your dividends
• 12:05
  Speaker 4: paid into your investment account, which most platforms will have
• 12:09
  Speaker 4: you set up, or you can set up on your
• 12:10
  Speaker 4: own as a separate account, just so you can reserve
• 12:13
  Speaker 4: a little bit of cash.
• 12:14
  Speaker 3: Yeah.
• 12:15
  Speaker 4: Personally, I chuck that additional cash into my emergency fund
• 12:18
  Speaker 4: so that I've got a bit of more wiggle room
• 12:20
  Speaker 4: throughout the year, and then when it comes to tax time,
• 12:23
  Speaker 4: I will pull it back out of that and put
• 12:25
  Speaker 4: it somewhere else. Yeah. And also that fund is a
• 12:27
  Speaker 4: high interest savings account, because money should work for us.
• 12:31
  Speaker 3: Absolutely, it should NAVI. You've mentioned a few times lately
• 12:35
  Speaker 3: your Asia ETF closing.
• 12:37
  Speaker 4: I am my old stars.
• 12:39
  Speaker 3: Yeah, I'm not up with this. Can you explain to
• 12:40
  Speaker 3: me what happened?
• 12:41
  Speaker 4: So the company just decided that they didn't want to
• 12:44
  Speaker 4: have that ETF anymore, which is a very simple thing
• 12:47
  Speaker 4: that can happen. You might not love the idea of
• 12:50
  Speaker 4: getting cash back in your account, but that's basically what happened.
• 12:54
  Speaker 4: They said, Hey, we're closing this ETF. We're going to
• 12:57
  Speaker 4: sell down all of your shares by a particular date.
• 13:00
  Speaker 4: Let us know where you want us to put that money,
• 13:02
  Speaker 4: and then they gave me the money from that share
• 13:05
  Speaker 4: or from that ETF, and I just redistributed it into
• 13:07
  Speaker 4: my portfolio. It's the reality of owning an ETF, right,
• 13:11
  Speaker 4: they can go, we just don't want to do this
• 13:12
  Speaker 4: fund anymore. And the ETF that I owned was a
• 13:15
  Speaker 4: bit more niche so like not it was definitely more Reski.
• 13:20
  Speaker 4: But you're probably not going to see the same with
• 13:23
  Speaker 4: like a Vanguard high yield. Like a Vanguard's probably not
• 13:27
  Speaker 4: going to pull that stunt on you. But if they do,
• 13:29
  Speaker 4: it's actually not the end of the world, because you
• 13:32
  Speaker 4: can pick another ETF and redistribute the income that you've got. Yes,
• 13:35
  Speaker 4: you don't really want to have to do that, but
• 13:38
  Speaker 4: that's the reality of it. They sold it, I got
• 13:41
  Speaker 4: to sell down. I got a heap of cash put
• 13:43
  Speaker 4: into my investment account, and then I picked another ETF
• 13:47
  Speaker 4: to redistribute it to.
• 13:48
  Speaker 3: And in that instance it did that trigger a tax
• 13:51
  Speaker 3: payment for you, did you know? And that's why it
• 13:54
  Speaker 3: was really frustrating. But that's also why it's really important
• 13:58
  Speaker 3: to be well diversified. So for me personally, that was
• 14:02
  Speaker 3: never my main ETF. That was one that I liked
• 14:04
  Speaker 3: and I loved following. But I've talked about it before.
• 14:07
  Speaker 3: Most of my portfolio is made up of not fifty,
• 14:11
  Speaker 3: but like half half and then like some satellite stuff,
• 14:14
  Speaker 3: but half an Australian like a high growth Australian ETF,
• 14:18
  Speaker 3: and then half an international high growth ETF that is
• 14:21
  Speaker 3: mainly based out of America. And so I just sit
• 14:24
  Speaker 3: on those two and they are very big ETFs that
• 14:26
  Speaker 3: most of our community knows talks about investing themselves. And
• 14:31
  Speaker 3: then yeah, that was a smaller portion of it, so
• 14:34
  Speaker 3: it wasn't the end of the world. But again that's
• 14:36
  Speaker 3: why I'm a little bit more conservative, because I just
• 14:39
  Speaker 3: don't want to trigger a whole damn CGT event. No,
• 14:42
  Speaker 3: and that's so fair. Somebody else asked, if a share
• 14:45
  Speaker 3: or an ETF is performing badly, how do you know
• 14:48
  Speaker 3: when it is actually time to sell.
• 14:49
  Speaker 4: Yeah, I'm sitting on this at the moment, and you
• 14:51
  Speaker 4: are too. You're doing better than I am. Jess and
• 14:55
  Speaker 4: I own this share that paradim Yeah, paradigm, And that's
• 14:59
  Speaker 4: not a recommendation. In fact, it's a reverse recommendation because
• 15:02
  Speaker 4: we both bought it when it was much higher Jess.
• 15:05
  Speaker 4: It's actually a really interesting case study because I put
• 15:08
  Speaker 4: some cash into it and then stopped investing into it
• 15:10
  Speaker 4: because I just wanted some exposure to it and then
• 15:14
  Speaker 4: maintained my ETF portfolio and kept pouring cash into that,
• 15:18
  Speaker 4: whereas Jess, you were like, no, I'm just going to
• 15:19
  Speaker 4: be consistent with it, Like you didn't have the funds
• 15:21
  Speaker 4: at the time to drop the cash that I dropped
• 15:23
  Speaker 4: into it, So you just consistently invested and you're in
• 15:28
  Speaker 4: a better position than I am, which is a great
• 15:31
  Speaker 4: case study for time in the market, not timing the market.
• 15:36
  Speaker 4: I'm not saying I like put thousands and thousands and
• 15:38
  Speaker 4: thousands of dollars into this. This is just the example.
• 15:41
  Speaker 4: But both of us are looking at this going do
• 15:44
  Speaker 4: we believe in it?
• 15:45
  Speaker 1: Do we not?
• 15:45
  Speaker 4: But what we have to do is zoom out. So
• 15:48
  Speaker 4: if a share or ETF is performing badly when in doubt,
• 15:51
  Speaker 4: we zoom out and we first look at the market.
• 15:54
  Speaker 4: So what's the market doing, what's the whole economy doing.
• 15:57
  Speaker 4: What does the Australian economy look like? It's an Australian
• 16:00
  Speaker 4: share and then let's look at the like micro or
• 16:05
  Speaker 4: macro sorry economy that exists in, for example, for us,
• 16:08
  Speaker 4: the healthcare space. So Jess and I, we've got Paradigm,
• 16:12
  Speaker 4: it's in the healthcare space. What's happening there? Like, is
• 16:15
  Speaker 4: it on average? Yeah, actually it's pretty similar to what
• 16:18
  Speaker 4: health Like other health companies are overperforming, but like similar
• 16:23
  Speaker 4: ones to Paradigm, they're just tracking along the way ours
• 16:26
  Speaker 4: is and it's a bit annoying. Then we look at
• 16:29
  Speaker 4: the annual report and go, all right, well, what's going
• 16:32
  Speaker 4: on in the company. Is this performance because it's actually
• 16:35
  Speaker 4: a terrible company, or is this performance happening because like
• 16:40
  Speaker 4: something in the business is not getting passed through, or
• 16:43
  Speaker 4: maybe they've had a bad year, or maybe the cash
• 16:46
  Speaker 4: rate has impacted them, Like what's going on? Where do
• 16:48
  Speaker 4: we think that's going? And Jess, you and I we've
• 16:49
  Speaker 4: both read the annual reports, and we've both decided to
• 16:52
  Speaker 4: stay invested and not bullet this out of our portfolio
• 16:56
  Speaker 4: because we go, oh, we still kind of believe in it,
• 16:59
  Speaker 4: Like do I back it in? Yeah, we back it in.
• 17:02
  Speaker 4: But we back it in because we've been able to
• 17:04
  Speaker 4: do some deep dive research and realize, Okay, a lot
• 17:08
  Speaker 4: of the things that were meant to happen earlier because
• 17:11
  Speaker 4: of legislation and law, and you know they work in pharmaceuticals,
• 17:15
  Speaker 4: just hasn't been able to go through yet. But we
• 17:16
  Speaker 4: know in the background they're still working on it. So
• 17:19
  Speaker 4: we're happy with that. But on the flip side, if
• 17:22
  Speaker 4: something's performing badly and it's consistently performing badly and you're
• 17:26
  Speaker 4: seeing the rest of the market and similar companies do
• 17:28
  Speaker 4: really well when yours isn't, sit on it for a
• 17:32
  Speaker 4: little bit, have a think about it. We don't need
• 17:34
  Speaker 4: to be like trigger happy and be like sell sale, sell,
• 17:37
  Speaker 4: but I would consider how much value it's adding to
• 17:40
  Speaker 4: your portfolio and how much stress it's bringing you. Is
• 17:43
  Speaker 4: it better to pull it out and redistribute it into
• 17:46
  Speaker 4: something that you feel like is performing better or is
• 17:49
  Speaker 4: it better to sit on it and wait. It just depends,
• 17:52
  Speaker 4: like because for me on the flip side on paradigm,
• 17:54
  Speaker 4: I've lost a lot of money even if the annual
• 17:58
  Speaker 4: reports weren't amazed, because I don't have so much money
• 18:02
  Speaker 4: that it's going to impact my long term wealth. To
• 18:04
  Speaker 4: be honest, even if the annual reports were looking not
• 18:06
  Speaker 4: that great, I'd probably leave it there and hope that
• 18:08
  Speaker 4: something in the market happened, and then if it's Spike,
• 18:11
  Speaker 4: Dud'd sell it at that point because I'm just like,
• 18:13
  Speaker 4: I'm not willing to take that big of a loss.
• 18:15
  Speaker 4: I don't need that amount of cash right now. I'm
• 18:18
  Speaker 4: not stressed about it. Yeah, but you need to look
• 18:21
  Speaker 4: at like your emotions and the market and what that
• 18:23
  Speaker 4: looks like. I make a decision that's right for you,
• 18:25
  Speaker 4: Because for one person, selling that asset might be the
• 18:28
  Speaker 4: smartest thing because you just can't sleep. Another person like me, well,
• 18:32
  Speaker 4: I'm just gonna wait till it comes up a bit
• 18:34
  Speaker 4: because it would be nice to get some of my
• 18:36
  Speaker 4: money back.
• 18:36
  Speaker 3: You know. Yeah. I've only ever sold a share down once,
• 18:38
  Speaker 3: and when I did it, that was very much my philosophies.
• 18:41
  Speaker 3: I was like, oh, I would just like it to
• 18:42
  Speaker 3: come as close as possible to kind of my original
• 18:46
  Speaker 3: my money back. Yeah, And that's what I did, is
• 18:48
  Speaker 3: I kind of waited. I still sold it a loss,
• 18:50
  Speaker 3: but it was a very very minimal loss, and I
• 18:52
  Speaker 3: was like, well, at least I'm not going to pay
• 18:53
  Speaker 3: CDT on it. Yeah, and I'm me to lose a
• 18:56
  Speaker 3: nominal amount in the interest of them being able to
• 18:58
  Speaker 3: move it into something that I felt black was a
• 19:00
  Speaker 3: much better choice for me.
• 19:01
  Speaker 4: Yeah, and if you have a loss, you can actually
• 19:05
  Speaker 4: track that on your tax return and say, hey, I
• 19:07
  Speaker 4: lost money over here, and they'll counteract it on some
• 19:10
  Speaker 4: profits over there, so that then it all comes out
• 19:13
  Speaker 4: in the wash and you end up in a pretty
• 19:14
  Speaker 4: good tax position as well. So, yes, we don't want
• 19:16
  Speaker 4: to lose money, but if we are losing money, don't
• 19:19
  Speaker 4: lose sight of the forms and all of the admin
• 19:23
  Speaker 4: side of it, because I want to use that loss,
• 19:25
  Speaker 4: like I've already lost money, Lise, let me claim something back.
• 19:29
  Speaker 3: Yeah, make it work in your favor.
• 19:30
  Speaker 4: Abs orways.
• 19:31
  Speaker 3: Let's take a really quick break, because when we come back,
• 19:33
  Speaker 3: I've got some great questions about the strategy behind investing.
• 19:37
  Speaker 3: So don't go in where welcome back everybody. We are
• 19:45
  Speaker 3: just about it into the juicy part of investing and
• 19:48
  Speaker 3: the strategy behind it. And I thought a really good
• 19:51
  Speaker 3: place to start is with this question that someone submitted
• 19:54
  Speaker 3: they wanted to know is investing in one Australian ETF
• 19:58
  Speaker 3: and one international eating Yes enough.
• 20:01
  Speaker 4: It could be or it might not be. The answer
• 20:05
  Speaker 4: is actually not about strategy and the right thing to do,
• 20:08
  Speaker 4: but about you. Are you comfortable with that. Now, I
• 20:12
  Speaker 4: can't give you personal advice because I was a financial advisor.
• 20:15
  Speaker 4: I'm no longer a financial advisor, and I'm definitely not
• 20:18
  Speaker 4: your personal financial advisor, so I cannot give you personal advice. However,
• 20:22
  Speaker 4: I shared before a majority of my portfolio is to ETFs.
• 20:26
  Speaker 3: You should say that, and I do believe you said
• 20:28
  Speaker 3: that one was international and one was Australian.
• 20:31
  Speaker 4: I did, and I've always been really open and honest
• 20:34
  Speaker 4: about that. Will it stay that way forever? Like, I
• 20:37
  Speaker 4: don't know. Maybe I'll discover another ETF that I'm excited
• 20:40
  Speaker 4: about and want to add to the mix, and I'll
• 20:41
  Speaker 4: have three. So for me personally, I feel like it's enough.
• 20:45
  Speaker 4: I feel like we overcomplicate things I've said on the
• 20:48
  Speaker 4: podcast before. If we rewind and we go back to
• 20:50
  Speaker 4: like twenty eighteen twenty nineteen, when I was actively working
• 20:54
  Speaker 4: as a financial advisor, my portfolio looked very different. So
• 20:58
  Speaker 4: I worked in the high net welst base, so it
• 21:00
  Speaker 4: was investing millions for people, which feels very very bougie.
• 21:04
  Speaker 4: But what that gave me was exposure to talking to brokers.
• 21:08
  Speaker 4: Literally every day I would call people and be like, Hey,
• 21:11
  Speaker 4: tell me about the stock market, like, hey, what's going
• 21:13
  Speaker 4: on here? What are your predictions? I'd call, you know,
• 21:15
  Speaker 4: a different share trader and ask their predictions. I would like,
• 21:20
  Speaker 4: it was so fun, Jess, I miss it so so
• 21:22
  Speaker 4: much because it was just like all these people who
• 21:24
  Speaker 4: wanted to talk investing, like the people said literal job.
• 21:28
  Speaker 4: I would call like bdms from funds and be like, so,
• 21:31
  Speaker 4: what's up with your fund and they'd be like, oh
• 21:32
  Speaker 4: my gosh, girl, juice, so this company's moving here and
• 21:35
  Speaker 4: they're doing this anyway. It was very fun. But I
• 21:37
  Speaker 4: would spend forty hours a week plus, like obviously full
• 21:41
  Speaker 4: time just talking about investing and talking about like what's
• 21:45
  Speaker 4: going on in the market. And my share portfolio was
• 21:48
  Speaker 4: made up of I believe eight to twelve different individual shares,
• 21:52
  Speaker 4: so I was owning assets directly, and that was really
• 21:56
  Speaker 4: fun because obviously I was working with clients, and then
• 21:58
  Speaker 4: I was stealing all the advice I was giving to
• 22:00
  Speaker 4: clients and implementing it myself because like, sorry, you would too.
• 22:05
  Speaker 4: And then as I started to transition a bit more
• 22:07
  Speaker 4: into doing Sheese on the Money and I decided that
• 22:11
  Speaker 4: financial advice wasn't for me, Like loved financial advice, but sorry.
• 22:15
  Speaker 4: Someone asked me the other day, They're like, why did
• 22:16
  Speaker 4: you get out of it if you love it so much?
• 22:19
  Speaker 4: Because I could only see one hundred, two hundred and
• 22:21
  Speaker 4: twenty clients a year. I get to yap two thousands
• 22:24
  Speaker 4: of women and changed thousands of women's financial situations through
• 22:28
  Speaker 4: the podcast, and I'm so impact driven. That's what I
• 22:32
  Speaker 4: want to do instead. So whilst I missed there like
• 22:34
  Speaker 4: one on one because it was really cool and you know,
• 22:37
  Speaker 4: being in the needy gritty, I also just go I've
• 22:40
  Speaker 4: got a better deal over here. But I lost all
• 22:44
  Speaker 4: of that, So I lost the talking to brokers every
• 22:46
  Speaker 4: single day and feeling like I had my finger on
• 22:49
  Speaker 4: the pulse on a regular basis. That I maintained it
• 22:52
  Speaker 4: for a few years and then started selling it down
• 22:55
  Speaker 4: because I wanted to be in an ETF where a
• 22:57
  Speaker 4: fund manager was making those decisions he was or they
• 23:01
  Speaker 4: were looking at my portfolio or the ETF and bulleting
• 23:05
  Speaker 4: companies that weren't performing and adding new companies that had opportunity,
• 23:08
  Speaker 4: and like, I just didn't have my finger on the
• 23:10
  Speaker 4: pulse in the same way that they did. So I
• 23:13
  Speaker 4: was like, great, I want an Australian one. The reason
• 23:16
  Speaker 4: I don't own multiple Australian ETFs is because if you
• 23:20
  Speaker 4: go to all of the big investing houses, So if
• 23:23
  Speaker 4: you go to a black Rock, a Vanguard, you go
• 23:26
  Speaker 4: to a Beta Shares, most of them are going to
• 23:28
  Speaker 4: have a pretty solid, high growth Australian ETF. Right, But
• 23:34
  Speaker 4: if you go and buy them, you're like, oh, well,
• 23:36
  Speaker 4: I'd love to be with black Rock and Vanguard. If
• 23:38
  Speaker 4: you start to compare them, they're actually going to hold
• 23:42
  Speaker 4: i'd say ninety percent of the similar stuff. So like,
• 23:45
  Speaker 4: why are we paying two different fees for two different
• 23:48
  Speaker 4: ETFs to have exposure to the same assets. So I
• 23:51
  Speaker 4: just picked one Australian that works really well for me
• 23:53
  Speaker 4: and one international that works really well for me. As
• 23:56
  Speaker 4: I've spoken about before, I used to have an Asian ETF.
• 24:00
  Speaker 4: Haven't replaced her since she got sold down, which is
• 24:03
  Speaker 4: absolutely fine, Still looking not sure if I want to
• 24:06
  Speaker 4: go into another one very similar or not. And then
• 24:09
  Speaker 4: I have minor holdings in different things that genuinely are
• 24:12
  Speaker 4: there because I'm interested in them. Yeah, so is true enough?
• 24:16
  Speaker 4: I can't tell you.
• 24:17
  Speaker 3: Yeah, it depends on you. But I have to do
• 24:20
  Speaker 3: with that information. What you will everybody. That does lead
• 24:22
  Speaker 3: into the next question, which is, apart from diversification, why
• 24:25
  Speaker 3: would somebody invest in Australian shares and ETFs over US
• 24:29
  Speaker 3: ones if historically the US has had better returns.
• 24:32
  Speaker 4: Volatility, So the American share market is wild in a
• 24:36
  Speaker 4: good way. Like, yes, historically they have had better returns
• 24:40
  Speaker 4: because they're more aggressive, because they have less strict controls,
• 24:44
  Speaker 4: because they have a bigger economy and bigger trade agreements.
• 24:49
  Speaker 4: They have bigger businesses like you think of all of
• 24:51
  Speaker 4: the world's biggest companies. Unfortunately they're not in Australia, like
• 24:55
  Speaker 4: we're talking Apple, Microsoft, Alphabet, all of that, right, But
• 25:00
  Speaker 4: on the flip side, what Australia has is continuity and consistency.
• 25:04
  Speaker 4: So if you look at the two share markets, you
• 25:06
  Speaker 4: will see that the US market has the highest highs
• 25:10
  Speaker 4: and the lowest lows. She's drama. She can be absolutely
• 25:14
  Speaker 4: tanked by one thing. Their president says, ah the cheetah
• 25:18
  Speaker 4: at all. Yeah, he is so fantastic. Anyway, they have
• 25:23
  Speaker 4: a lot more volatility, and volatility literally just means how
• 25:27
  Speaker 4: consistently goes up and down. I feel like so many
• 25:29
  Speaker 4: finance bros Are throwing out like, oh, yes, volatility in
• 25:32
  Speaker 4: the market has been wild recently, and I'm like, hey,
• 25:35
  Speaker 4: so the share market's like a rollercoaster this week. Like
• 25:38
  Speaker 4: I just I get so frustrated because these words you
• 25:41
  Speaker 4: just don't use in your avery day vocabulary, but when
• 25:44
  Speaker 4: you understand them, you're like, oh, it's actually not that deep,
• 25:46
  Speaker 4: very simple. So actually very simple but literal volatility. So
• 25:51
  Speaker 4: the US market has better returns, but you're going to
• 25:54
  Speaker 4: see lower lows and higher highs and it's a little
• 25:56
  Speaker 4: bit more inconsistent the Australian market. We are very luck
• 26:00
  Speaker 4: because we're on a little island by ourselves. We're away
• 26:03
  Speaker 4: from so much stuff, so when really big things and
• 26:06
  Speaker 4: bad things happen in the world, we are usually a
• 26:09
  Speaker 4: bit more sheltered because we are also very good at
• 26:12
  Speaker 4: resourcing ourselves.
• 26:13
  Speaker 3: Yeah, we're quite insulated.
• 26:15
  Speaker 4: We are quite insulated. So it's very good. And that's
• 26:18
  Speaker 4: why I have both because I want exposure to the
• 26:21
  Speaker 4: Australian market because I love a consistent baby that just
• 26:25
  Speaker 4: does exactly what you think they're going to do. Yeah,
• 26:27
  Speaker 4: but I also want exposure to get more gains, but
• 26:30
  Speaker 4: I also want to make sure that I'm balancing it
• 26:32
  Speaker 4: out so yes, you're not just diversifying, but that's why
• 26:36
  Speaker 4: you're diversifying.
• 26:37
  Speaker 3: Yeah, I would say diversifying. I feel like it's such
• 26:39
  Speaker 3: a fundamental reason too, Like I understand it.
• 26:42
  Speaker 4: Don't put all your eggs in one basket because ye
• 26:43
  Speaker 4: a trip and for all those eggs are going to
• 26:45
  Speaker 4: break all at one time.
• 26:46
  Speaker 3: Yeah, it's like a very good reason to be making
• 26:48
  Speaker 3: decisions from my perspective. A lot of the community, we're
• 26:51
  Speaker 3: asking this next one, which is when it comes to
• 26:53
  Speaker 3: their strategy and what they have in their share portfolio,
• 26:57
  Speaker 3: how can they be confident that they're doing the right
• 26:59
  Speaker 3: thing and that they don't need to swop their strategy.
• 27:01
  Speaker 4: So stop looking at your portfolio completely, pretend she doesn't exist. Now,
• 27:06
  Speaker 4: write down your goals. What are we trying to achieve here?
• 27:09
  Speaker 4: So everybody is going to have a different reason as
• 27:11
  Speaker 4: to why they're investing. Personally, I want to retire early
• 27:15
  Speaker 4: and I want to have enough of an income that
• 27:17
  Speaker 4: means I don't have to work, So that's my goal.
• 27:20
  Speaker 4: Somebody else might say, well, I'm investing because I have
• 27:23
  Speaker 4: really teeny tiny children right now, and by the time
• 27:26
  Speaker 4: they get to grade seven, I want to be able
• 27:28
  Speaker 4: to afford private school, great, different timeframe. Someone else might say, well,
• 27:32
  Speaker 4: I'm doing the same as UV. I want financial freedom,
• 27:36
  Speaker 4: but I'm also fifty and so I have maybe a
• 27:39
  Speaker 4: fifteen year timeframe and I just want to retire comfortably.
• 27:43
  Speaker 4: So there's so many different reasons why, and what those
• 27:46
  Speaker 4: reasons why are going to do is tell us timeframe,
• 27:49
  Speaker 4: so then we know why and how we're investing, and
• 27:53
  Speaker 4: that is going to dictate what strategy is going to
• 27:55
  Speaker 4: work for you. So, if you're retiring soon, a growth
• 27:58
  Speaker 4: strategy is pretty dumb, to be honest.
• 28:01
  Speaker 3: You didn't have as much time as someone.
• 28:03
  Speaker 4: Yeah, and what are you going to do with a
• 28:04
  Speaker 4: growth strategy? Like a growth strategy is a strategy that
• 28:08
  Speaker 4: we would implement where we're trying to invest in assets
• 28:11
  Speaker 4: the increase in value over time, but don't necessarily pay
• 28:14
  Speaker 4: us a dividend. So what you get to sixty five
• 28:17
  Speaker 4: and you have to sell your portfolio to live? Was
• 28:20
  Speaker 4: that part of the strategy or should we be investing
• 28:24
  Speaker 4: for dividends and going okay, cool, I'm going to slam
• 28:28
  Speaker 4: as much money into the share market as possible or
• 28:30
  Speaker 4: into my superannuation as possible in order to create an
• 28:34
  Speaker 4: income stream for myself, why are we investing, Because that's
• 28:38
  Speaker 4: then going to tell you what your strategy is. And
• 28:40
  Speaker 4: my strategy is such that I want an income stream
• 28:44
  Speaker 4: by the time I'm fifty that can pay for my
• 28:47
  Speaker 4: entire lifestyle. And I've been quite brazen about that. That
• 28:50
  Speaker 4: might not be your strategy. And I think it's so
• 28:52
  Speaker 4: easy to listen to these podcasts I heard about another strategy.
• 28:56
  Speaker 4: Is that strategy better? No, because if we compare all
• 28:59
  Speaker 4: of the strategies, it's not about like, well, that strategy
• 29:01
  Speaker 4: has better performance. It's like, well, how does that strategy
• 29:05
  Speaker 4: support your goals and support what you're working towards and
• 29:08
  Speaker 4: how you want to structure your life? Yeah, does that
• 29:11
  Speaker 4: make sense? Absolutely?
• 29:12
  Speaker 3: It's like we always say personal finance is personal, and
• 29:14
  Speaker 3: like the concept of the right strategy I think is
• 29:18
  Speaker 3: a bit as an exist Yeah, because it's like the
• 29:20
  Speaker 3: right strategy for you, but also exactly is what you
• 29:23
  Speaker 3: were saying. There might be multiple strategies that could serve
• 29:26
  Speaker 3: your purpose. And it then goes well, which is more
• 29:28
  Speaker 3: aligned to your risk profile or which is more aligned
• 29:30
  Speaker 3: to all of these other things. And so I feel
• 29:33
  Speaker 3: like this is a barrier for a lot of people.
• 29:35
  Speaker 3: Is you get so caught up in wanting to make
• 29:36
  Speaker 3: the right choice, have the right strategy, pick the right shares,
• 29:39
  Speaker 3: pick the right atf.
• 29:41
  Speaker 4: And not that deep. Being honest, like, a lot of people.
• 29:45
  Speaker 3: Probably invest in the exact same things that I invest in.
• 29:47
  Speaker 3: They probably have different goals and different ideals, But it's
• 29:51
  Speaker 3: just the The option is quite simple to me, I
• 29:55
  Speaker 3: guess when you look at it. Our next question asks,
• 29:57
  Speaker 3: if you are investing for multiple goals, should you invent
• 30:00
  Speaker 3: all of your money in one pool or should you
• 30:02
  Speaker 3: have different shares or ETFs dedicated to each goal you're
• 30:06
  Speaker 3: working towards.
• 30:07
  Speaker 4: Well, it depends again on your time frame. Yeah, so
• 30:10
  Speaker 4: you've got short, medium, and long term goals. If you've
• 30:12
  Speaker 4: got a short term goal, baby cakes, we are not investing.
• 30:14
  Speaker 4: So sorry, like and I mean that in the least
• 30:17
  Speaker 4: condesce any way possible. Do not invest for your short
• 30:19
  Speaker 4: term goals. I don't care how sexy it looks, because
• 30:22
  Speaker 4: we don't have enough time in the market to guarantee
• 30:25
  Speaker 4: that you'll be able to achieve that goal by pulling
• 30:27
  Speaker 4: your money out. No one predicted COVID. No one predicted
• 30:30
  Speaker 4: the fact that you know the cash rate last year
• 30:33
  Speaker 4: stayed exactly the same, Like, you can't predict the future.
• 30:37
  Speaker 4: How many times do I have to say if I could,
• 30:39
  Speaker 4: I'd be so rich, Jess, if only, Oh, Like, if
• 30:42
  Speaker 4: I could go to a clairvoyant and she could just
• 30:44
  Speaker 4: tell me, like the lotto numbers I would pay. I
• 30:47
  Speaker 4: pay her half the lotto literally, whatever I win fifty mil, great,
• 30:50
  Speaker 4: you can have twenty five if you give me the numbers.
• 30:53
  Speaker 3: I fear then they would just be doing that for themselves, right.
• 30:56
  Speaker 4: You know, we like something's not mathing here anyway. I
• 31:01
  Speaker 4: don't personally believe so. And again not personal advice when
• 31:05
  Speaker 4: it comes to me. If I was investing for multiple
• 31:07
  Speaker 4: different goals and they were all long term, because that's
• 31:09
  Speaker 4: what we invest for, I wouldn't want different shares or
• 31:13
  Speaker 4: ETFs for different goals. And the reason for that is
• 31:16
  Speaker 4: I don't want to pay multiple fees for no reason.
• 31:19
  Speaker 4: I want to pay fees for one thing and then
• 31:23
  Speaker 4: have a big pool of money that I can make
• 31:25
  Speaker 4: a lot of different decisions about. Yeah, the other thing
• 31:28
  Speaker 4: I would say is goals change, people change, circumstances change,
• 31:33
  Speaker 4: so breaking it all up too much might feel really limiting.
• 31:38
  Speaker 4: And I want you to be able to get to
• 31:39
  Speaker 4: a point where be like, oh, I invested because I
• 31:42
  Speaker 4: had ten plus years before I knew that I'd be
• 31:45
  Speaker 4: in a position to buy a house, and now I've
• 31:46
  Speaker 4: gotten to the point where I don't need to buy
• 31:48
  Speaker 4: a house, or I don't want to buy a house,
• 31:49
  Speaker 4: or my circumstances have changed and are moving to London
• 31:52
  Speaker 4: and I want to use that cash for something different,
• 31:55
  Speaker 4: Like I just don't like the idea of pigeonholing ourselves.
• 31:58
  Speaker 4: So it's all about getting the right streategy. But often
• 32:01
  Speaker 4: your strategy is going to be reflective of your age,
• 32:05
  Speaker 4: And that's not me saying strategy is always reflective of
• 32:07
  Speaker 4: your age. But like as I was saying before, a
• 32:10
  Speaker 4: growth strategy is probably not something that someone older is
• 32:13
  Speaker 4: going to pick, but it might be something that someone
• 32:16
  Speaker 4: younger picks for a plethora of different goals. Right, So
• 32:20
  Speaker 4: I think it really just depends on what you want
• 32:23
  Speaker 4: to do. I mean, you could break it up. But
• 32:25
  Speaker 4: if you're then going and picking lots of different ETFs
• 32:27
  Speaker 4: for lots of different.
• 32:28
  Speaker 3: Goals, like that feels like a lot of extra life
• 32:31
  Speaker 3: admin to me, like a lot of extra stress because
• 32:33
  Speaker 3: you can have like if you pull like let's say
• 32:36
  Speaker 3: in my head, I'm thinking someone like me. For example,
• 32:38
  Speaker 3: I before I started building my house, I had money
• 32:42
  Speaker 3: that I was obviously saving for, like my house deposit.
• 32:44
  Speaker 3: I had money that I was investing for like hopefully
• 32:47
  Speaker 3: one day early retirement. And then I had money that
• 32:49
  Speaker 3: I was investing for let's say maybe another bigger goal
• 32:53
  Speaker 3: that's like more medium term. I can have all the
• 32:56
  Speaker 3: funds for all of those things, not my house deposit
• 32:59
  Speaker 3: because that term goal, but I could have the funds
• 33:01
  Speaker 3: for my medium term goal and for my future retirement
• 33:04
  Speaker 3: all in one thing. Yeah, Like, let's say I have
• 33:07
  Speaker 3: ten thousand dollars invested mentally, five thousand of that could
• 33:11
  Speaker 3: be allocated to retirement, and five thousand of that could
• 33:13
  Speaker 3: be allocated to a medium term goal. Like, just because
• 33:15
  Speaker 3: it's all in one share or ETF or fund or
• 33:19
  Speaker 3: whatever you've chosen, doesn't mean that you can't sell down
• 33:22
  Speaker 3: a portion.
• 33:22
  Speaker 4: Of that, Yeah, if you wanted to, absolutely, And I
• 33:25
  Speaker 4: think that that just gives you the flexibility as well.
• 33:28
  Speaker 4: And then on that, if we think about like tax,
• 33:32
  Speaker 4: if you ever sell down, you want to be selling
• 33:34
  Speaker 4: down your oldest shares, not your newest shares. So like
• 33:37
  Speaker 4: if everything's all in one bucket. As we were talking
• 33:39
  Speaker 4: about earlier in the episode, you will get a fifty
• 33:42
  Speaker 4: percent CGT discount if you hold your assets for more
• 33:46
  Speaker 4: than twelve months. So if you then have been investing
• 33:48
  Speaker 4: every week or every month, or you know, whenever you
• 33:51
  Speaker 4: are investing, and you go, oh, I really want to
• 33:54
  Speaker 4: achieve that goal. But you've got lots of assets that
• 33:57
  Speaker 4: were purchased in the last twelve months. Why are we
• 33:59
  Speaker 4: selling that down when we don't have to. We'll take
• 34:02
  Speaker 4: the oldest ones first, sell those and keep the newest
• 34:06
  Speaker 4: ones until they kind of like get the CGT discount fast.
• 34:10
  Speaker 3: The silly question. Let's in that exact example, I've been
• 34:13
  Speaker 3: investing in Paradigm for the last four years. Let's say
• 34:16
  Speaker 3: I decided to sell half of that down tomorrow. Some
• 34:19
  Speaker 3: of those shares that I've purchased were purchased within the
• 34:21
  Speaker 3: last year. Many of those shares were purchased in the
• 34:24
  Speaker 3: previous three years. If I just click sell on my
• 34:27
  Speaker 3: Sharesy's app, does sharesse figure out and sell down the
• 34:31
  Speaker 3: oldest They do that for you.
• 34:33
  Speaker 4: But if you were going to go to a more
• 34:34
  Speaker 4: manual platform and you hit sell, it would actually get
• 34:38
  Speaker 4: you to select them, and this is where the complexity
• 34:42
  Speaker 4: of tax reporting comes in and why people are a
• 34:45
  Speaker 4: little bit worried and they get a little bit overwhelmed
• 34:47
  Speaker 4: because they're like, what do you mean? Like Paradigm, for example,
• 34:51
  Speaker 4: is a share that Jess and I've been buying for
• 34:53
  Speaker 4: literal years now, but we've always been purchasing it at
• 34:56
  Speaker 4: different prices, So like maybe one day it's a dollar,
• 34:59
  Speaker 4: maybe one day's dollar ten, dollar thirty, maybe it's ninety cents.
• 35:03
  Speaker 3: I get everywhere from a dollar seventy to like twenty
• 35:05
  Speaker 3: one cents.
• 35:05
  Speaker 4: Yeah, it's crazy, right, So it's up and down, but
• 35:08
  Speaker 4: that means your capital gains are going to be calculated
• 35:10
  Speaker 4: differently on each share, and each and every single one
• 35:12
  Speaker 4: of those little shares has a different profit associated with it, right,
• 35:16
  Speaker 4: So like if you purchase a share at twenty one
• 35:18
  Speaker 4: cents and now it's valued at two dollars example, not reality,
• 35:21
  Speaker 4: that's obviously a better deal than the deal where you
• 35:23
  Speaker 4: were purchasing it at a dollar seventy. And that's where
• 35:27
  Speaker 4: your share trading platform does all of that in the
• 35:29
  Speaker 4: background for you and then puts it on a silver
• 35:31
  Speaker 4: platter that you just upload to the ATO or that
• 35:33
  Speaker 4: you just give to your accountant to say, this is
• 35:35
  Speaker 4: the profit from this year, this is the profit from
• 35:38
  Speaker 4: previous years, and it's dollar cost averaging. That's what we
• 35:41
  Speaker 4: want you to do. But I think that's where people
• 35:43
  Speaker 4: get really overwhelmed and they go, but if I purchase it,
• 35:46
  Speaker 4: this amount the tax on that if we sell is more. Yes,
• 35:49
  Speaker 4: but that's why you want automated a reporting.
• 35:52
  Speaker 3: The less math I have to do, the better. Yeah,
• 35:53
  Speaker 3: as I'm concerned now, a little bit of a gear change.
• 35:57
  Speaker 3: This topic came up quite a few times. I know
• 35:59
  Speaker 3: it's something that you and I have spoken about a bit.
• 36:01
  Speaker 3: People want to know about the ethics of investing and
• 36:03
  Speaker 3: how to know if they are investing in something that
• 36:06
  Speaker 3: is ethical.
• 36:06
  Speaker 4: Well, what's ethical, Jess?
• 36:09
  Speaker 3: This is the question. This is the big debate, isn't it.
• 36:12
  Speaker 4: I feel like I haven't spoken about it in a
• 36:14
  Speaker 4: long time on the podcast. But ethically investing is not
• 36:18
  Speaker 4: a regulated term. Yes, and personally I see a lot
• 36:21
  Speaker 4: of greenwashing happening in that industry. So they'll convince you
• 36:25
  Speaker 4: that it feels a little bit comfit, it feels a
• 36:27
  Speaker 4: little bit ethical, it's a little bit aligned to your values. Now,
• 36:31
  Speaker 4: ethical investing. I think a lot of us just assume
• 36:33
  Speaker 4: might be like organic. And when I say organic, I
• 36:37
  Speaker 4: mean you know when you go to Cohal's and you
• 36:38
  Speaker 4: walk in, you're in the fruit and veg section, and
• 36:40
  Speaker 4: then there's a whole segment that says organic fruit and vege. Yes,
• 36:44
  Speaker 4: it's packaged differently, it looks different, it's more expensive, there's
• 36:49
  Speaker 4: a premium associated. But if you googled what are the
• 36:53
  Speaker 4: rules and regulations on organic fruit and vegetables in Australia,
• 36:56
  Speaker 4: you are going to get a laundry list of hard
• 36:59
  Speaker 4: and fast rules. It is not organic if they use pesticides.
• 37:02
  Speaker 4: It is not organic if they ab CD right, So
• 37:05
  Speaker 4: you can guarantee that that section has had a number
• 37:08
  Speaker 4: of different specific rules that are regulated applied to it.
• 37:12
  Speaker 4: That does not exist in investing, Like there's no banana
• 37:15
  Speaker 4: sticker that you put on an ETF and go this
• 37:18
  Speaker 4: one good. And that really is quite frustrating because what's
• 37:21
  Speaker 4: ethical to one person is not ethical to another. And
• 37:24
  Speaker 4: if you've listened to so many of my podcasts that
• 37:26
  Speaker 4: like you've been here since twenty nineteen, I love you,
• 37:28
  Speaker 4: thanks for being here. I'm sorry. I'm about to reshare
• 37:31
  Speaker 4: the same story. But I remember when I was a
• 37:34
  Speaker 4: financial advisor sitting down with a client who I was
• 37:37
  Speaker 4: arguably finding a little bit of frustrating at the time
• 37:39
  Speaker 4: because I was trying to do my fact find process
• 37:42
  Speaker 4: with him, and I'm going through, Okay, cool, can we
• 37:44
  Speaker 4: talk about your history, your goals or whatever, and he
• 37:47
  Speaker 4: kept being like, look, I just really want to talk
• 37:48
  Speaker 4: about ethical investing. I'd be like, yes, absolutely, I want
• 37:51
  Speaker 4: to get to that, but I actually need to understand
• 37:53
  Speaker 4: your goals and you know, everything before we even talk
• 37:55
  Speaker 4: about the assets. He kept trying to jump ahead, if
• 37:58
  Speaker 4: that makes sense. Ethical inves came up all of the time,
• 38:01
  Speaker 4: like throughout this whole two hour meeting I had with him.
• 38:05
  Speaker 4: And then we got to the segment in the fact
• 38:06
  Speaker 4: fine where I'm like, Okay, let's talk about ethical investing,
• 38:09
  Speaker 4: so we know what you're doing, we know what your
• 38:11
  Speaker 4: risk profile is, so I can kind of like curate
• 38:13
  Speaker 4: the conversation in a way that actually is constructive. He said, yeah,
• 38:17
  Speaker 4: ethical investing is really important to me. I said, great,
• 38:20
  Speaker 4: tell me what that means. He said, I just don't
• 38:22
  Speaker 4: want any nukes haha.
• 38:25
  Speaker 3: And I was like, what perfect Not many people.
• 38:27
  Speaker 4: Do, And I said you don't. He's like, none of
• 38:30
  Speaker 4: that Russia stuff, no nuclear and nothing in Russia. And
• 38:34
  Speaker 4: I said, wait, what, like because that's the first time
• 38:36
  Speaker 4: I've heard that line of thought when we're talking about
• 38:38
  Speaker 4: ethical investing. I said, okay, so let's just start at
• 38:43
  Speaker 4: like the base talk to me about gambling. Oh, gamble
• 38:45
  Speaker 4: all the time, So would you invest in a gambling company?
• 38:49
  Speaker 2: Yeah?
• 38:49
  Speaker 4: Absolutely, they got all my money. I'm like, okay, no worries,
• 38:52
  Speaker 4: and like that's fine, no literally, no judgment. But like,
• 38:55
  Speaker 4: if you're talking about ethical investing, I would say the
• 38:57
  Speaker 4: most stereotypical exclusions alcohol, gambling, and tobacco, I would say,
• 39:01
  Speaker 4: are the most common ethical exclusions. And I was like, okay,
• 39:05
  Speaker 4: what about like tobacco and alcohol. He's like, yep, that's
• 39:07
  Speaker 4: why I'm gambling. Like okay, cool, So would you be
• 39:10
  Speaker 4: comfortable investing in those companies? They said, yeah, but just
• 39:13
  Speaker 4: no nukes. I'm like, no worries. I actually don't even
• 39:16
  Speaker 4: know how to invest in a new so I can
• 39:19
  Speaker 4: absolutely it's not an issue, not an issue. In fact,
• 39:22
  Speaker 4: I'd have to do a lot of research to see
• 39:24
  Speaker 4: how I would invest in Russia's nuclear plants. That is
• 39:28
  Speaker 4: just an example of how everybody has a different idea.
• 39:32
  Speaker 4: Some people might be wildly passionate about the Great Barrier reef.
• 39:35
  Speaker 4: Some people might be vegan and don't want to invest
• 39:37
  Speaker 4: in supermarkets that sell meat. Some people might be really
• 39:41
  Speaker 4: really passionate about skin care, so they refuse to invest
• 39:44
  Speaker 4: in companies like Laurel. That is a conversation you have
• 39:47
  Speaker 4: to have with yourself, and you have to have with
• 39:49
  Speaker 4: your financial advisor if you've got one, because I can't
• 39:52
  Speaker 4: tell you what is ethical, yeah, because only you can
• 39:55
  Speaker 4: decide that.
• 39:56
  Speaker 3: Yeah.
• 39:57
  Speaker 4: What you can do if you're like, well, I just
• 39:59
  Speaker 4: want what's good for the environment is ESG invest So
• 40:03
  Speaker 4: there is a badge in our industry called ESG investing.
• 40:06
  Speaker 4: It's ethical sustainability and governance, so very exciting, but it's
• 40:11
  Speaker 4: making sure that the companies that you're investing in are ethical,
• 40:14
  Speaker 4: they are sustainable, and they have really good governance, so
• 40:17
  Speaker 4: like they're doing good, they're being good, they're being good
• 40:19
  Speaker 4: to their people. And I usually would start there if
• 40:21
  Speaker 4: you're really worried about getting something that is quote the
• 40:25
  Speaker 4: right thing, because that's as close to ethical as investing
• 40:29
  Speaker 4: as we have. Yeah, and then it's all about nuance
• 40:32
  Speaker 4: and it's all about your personal decisions. And you know,
• 40:35
  Speaker 4: if you're going to go pick an etf like, maybe
• 40:37
  Speaker 4: you pick a green one, but just be really careful
• 40:40
  Speaker 4: when you see companies being like, this is our green
• 40:42
  Speaker 4: portfolio might just be the color.
• 40:45
  Speaker 3: Yeah, And it's really interesting because you can extrapolate it
• 40:48
  Speaker 3: out so far wherein exactly as you were saying, the
• 40:51
  Speaker 3: company itself might meet your standards for what you would
• 40:53
  Speaker 3: deem ethical. But people sometimes will take it a step
• 40:57
  Speaker 3: further and say, well, even if the company itself meets
• 40:59
  Speaker 3: my standard for being ethical, if they then invest or
• 41:04
  Speaker 3: support other companies that don't align with my values in
• 41:08
  Speaker 3: that space, you know how deeper we go in. Yeah,
• 41:10
  Speaker 3: we've seen a lot of that with you know, the
• 41:13
  Speaker 3: war and everything that's happening overseas, people saying, well, I
• 41:16
  Speaker 3: have no issues with this company's manufacturing standards, but I
• 41:19
  Speaker 3: know that they then fund these political groups that are
• 41:21
  Speaker 3: in support of certain things. Yea, Like you can really
• 41:24
  Speaker 3: take the umbrella out quite far.
• 41:26
  Speaker 4: Yeah, I would say the same thing happens in beauty.
• 41:29
  Speaker 4: So yeah, A really good example of this is the
• 41:31
  Speaker 4: backlash that I'm seeing lorel Get. They've been getting this
• 41:35
  Speaker 4: for years right, So animal testing, yes, and it's not
• 41:38
  Speaker 4: because Loreal animal tests. In fact, Lorel all around the
• 41:42
  Speaker 4: world except for in China, do not animal test. They
• 41:45
  Speaker 4: don't like animal testing. But one of the caveats of
• 41:49
  Speaker 4: being able to sell in China is that you have
• 41:52
  Speaker 4: to test on animals to get into their market. So
• 41:56
  Speaker 4: if you want to sell your product in the Chinese
• 41:59
  Speaker 4: market and it is a cosmetic, it needs to be tested. Yeah,
• 42:03
  Speaker 4: so they obviously had to go through that hurdle. They're
• 42:05
  Speaker 4: a massive company that is a massive market they would
• 42:08
  Speaker 4: be missing out on. But the nuance that you see
• 42:11
  Speaker 4: on TikTok and on Instagram, and you know when people
• 42:13
  Speaker 4: talk about it is like, well Lorel do animal testing.
• 42:16
  Speaker 4: It's like, well, if you look into it, I would
• 42:19
  Speaker 4: say that Lorel's against animal testing and they don't do
• 42:23
  Speaker 4: it anywhere else, but the places that they're forced to
• 42:25
  Speaker 4: do it, How does that make you feel? Yeah, And yes,
• 42:28
  Speaker 4: you could go on about them, you know, prioritizing profit
• 42:30
  Speaker 4: and they should pull out of the Chinese market, but
• 42:32
  Speaker 4: again they're a business and they have to make money
• 42:35
  Speaker 4: to make it sustainable, to make products accessible. Like there's
• 42:38
  Speaker 4: just so much again nuance to the situation where it's like,
• 42:42
  Speaker 4: if you dug a little bit deeper, do you actually
• 42:44
  Speaker 4: understand why that company is making the decision or if
• 42:46
  Speaker 4: you just wiped them off because you heard someone tell
• 42:48
  Speaker 4: you will they test on animals?
• 42:50
  Speaker 3: Yeah, it's such a complex topic, very interesting. We could
• 42:53
  Speaker 3: talk about it.
• 42:53
  Speaker 4: Oh kay, absolutely could, and if you let me, I.
• 42:56
  Speaker 3: Would, Yes, But I feel like we've got we've been
• 42:58
  Speaker 3: talking for a while, so I'm going to around us
• 42:59
  Speaker 3: out with one last questions. Okay's all right. A lot
• 43:02
  Speaker 3: of people were asking what media are you consuming and
• 43:05
  Speaker 3: how are you researching the investments that you're choosing to make?
• 43:09
  Speaker 4: So what media I'm consuming? Or for media terrible, the worst,
• 43:13
  Speaker 4: Instagram TikTok, I'm all over it. Yeah, but when it
• 43:16
  Speaker 4: comes to investing, I don't listen to any of that.
• 43:19
  Speaker 4: It's something that concerns me about the industry. Actually, is
• 43:22
  Speaker 4: that you know, and maybe this is me being on
• 43:24
  Speaker 4: my high horse, and I promise promise it's not me
• 43:27
  Speaker 4: being like, oh my god, like I know so much
• 43:29
  Speaker 4: more than other people. But when you listen to it,
• 43:32
  Speaker 4: and this is just maybe my high horse, so let
• 43:34
  Speaker 4: me have my moment. When you listen to shees on
• 43:36
  Speaker 4: the money. We have a financial services license. I was
• 43:40
  Speaker 4: a financial advisor for a long time. I had a
• 43:43
  Speaker 4: very successful business that I sold. I have a mortgage
• 43:46
  Speaker 4: broking business. I know the industry. I have a credit license.
• 43:50
  Speaker 4: I have been running this company now for ten years,
• 43:54
  Speaker 4: which is insane to me. So when we talk about finance,
• 43:58
  Speaker 4: we are walking the walk. We are, you know, in
• 44:00
  Speaker 4: the industry. I am able to access industry experts. I
• 44:03
  Speaker 4: have been trained to read annual reports like they're the
• 44:06
  Speaker 4: back of a cereal box. Like I love it, and
• 44:09
  Speaker 4: it's one of the things that I get really excited about, like, oh,
• 44:11
  Speaker 4: have you got a PDS? Let me add it, Like
• 44:14
  Speaker 4: it's not something that I just have an interest in
• 44:17
  Speaker 4: and I've decided to start sharing whereas you get on
• 44:20
  Speaker 4: social media. And don't get me wrong, I love it.
• 44:22
  Speaker 4: We should be doing more budgeting content, we should be
• 44:24
  Speaker 4: doing more investing content. But I feel like it's a
• 44:27
  Speaker 4: very dangerous space to learn unless you fact checked the
• 44:31
  Speaker 4: person you're getting your information from. America is pretty bad
• 44:35
  Speaker 4: at this because they don't have any real legislation around caculated.
• 44:39
  Speaker 2: Yeah.
• 44:40
  Speaker 4: So in Australia, the way that it works is as
• 44:43
  Speaker 4: the professional it is my job to put you, as
• 44:46
  Speaker 4: the consumer, in the best possible position. It is my
• 44:49
  Speaker 4: job to you know when I'm in This is like
• 44:51
  Speaker 4: a side note, but I think it's interesting. When I
• 44:53
  Speaker 4: am working in my mortgage broking business and one of
• 44:56
  Speaker 4: my brokers sees a client, they have to present the
• 44:58
  Speaker 4: client with three viable options for their home loan to
• 45:02
  Speaker 4: make sure that the client is given choice, but choice
• 45:05
  Speaker 4: that makes sense to them if you flip it. In America,
• 45:10
  Speaker 4: the onus is actually on the consumer to make the
• 45:12
  Speaker 4: right decision for themselves, so their government says, no, jess,
• 45:15
  Speaker 4: it's up to you personally to work out what is
• 45:19
  Speaker 4: right for you and what is wrong for you. The
• 45:20
  Speaker 4: professional can sell their stuff. They're a salesperson. They do
• 45:23
  Speaker 4: not have any obligation to give you comparisons. They do
• 45:26
  Speaker 4: not have any obligation to caveat what they're saying. Say
• 45:30
  Speaker 4: whatever they want. They can go out and say I
• 45:32
  Speaker 4: think you should invest in this ETF because I really
• 45:35
  Speaker 4: like it. In Australia that is illegal.
• 45:38
  Speaker 3: So it doesn't stop people from doing it.
• 45:39
  Speaker 4: Oh no, they still do it. There's still much cut
• 45:41
  Speaker 4: up online right So I think when I'm saying what
• 45:45
  Speaker 4: media am I consuming? I'm consuming all that junk because
• 45:47
  Speaker 4: I find it really interesting, and like Jess, your dms
• 45:50
  Speaker 4: blow up on a weekly basis from me being like,
• 45:52
  Speaker 4: what the heck is this? Oh my god, I can't
• 45:53
  Speaker 4: believe they say that. But when it comes to making
• 45:56
  Speaker 4: actual decisions about my investment portfolio boring, like you've seen it.
• 46:02
  Speaker 4: When I am like diving deep into something, I will
• 46:05
  Speaker 4: honestly start with Google. I'll look up the investment house
• 46:08
  Speaker 4: that I want to invest with, so let's say that's Vanguard,
• 46:11
  Speaker 4: and then going through their whole website, like and it's
• 46:14
  Speaker 4: not just like going through their website and clicking on
• 46:16
  Speaker 4: who are our team, what is our board? What are
• 46:18
  Speaker 4: our values? It's not that it's going through the page
• 46:21
  Speaker 4: that outlines who's been held in their ETF or why
• 46:24
  Speaker 4: this ETF was constructed? How long has that ETF existed
• 46:28
  Speaker 4: and going is that what I want to add to
• 46:30
  Speaker 4: my portfolio? What other examples exist? I do use chat GPT,
• 46:34
  Speaker 4: and I would encourage all of you to use chat GPT,
• 46:38
  Speaker 4: not to decision make, but to help you compare and contrast.
• 46:41
  Speaker 4: So you can upload the pds and be like, hey,
• 46:43
  Speaker 4: could you just tell me what the difference between this
• 46:46
  Speaker 4: black rock and this Vanguard portfolio are like two ETFs.
• 46:50
  Speaker 4: They both say top two hundred. Yeah, what the heck
• 46:53
  Speaker 4: is the difference. It will be able to give you
• 46:56
  Speaker 4: information but never make a decision based on what chat
• 46:58
  Speaker 4: GPT says. So I think for me, the research that
• 47:03
  Speaker 4: goes into my investments is very boring. It's not looking
• 47:07
  Speaker 4: up the ATF on TikTok and seeing what other people
• 47:09
  Speaker 4: have to say about it. Because I can guarantee the
• 47:12
  Speaker 4: most successful investors they can't be bothered making a TikTok.
• 47:16
  Speaker 4: They're not out there making tiktoks about their investments. They're
• 47:18
  Speaker 4: out there sleeping well because their investments are performing. So
• 47:23
  Speaker 4: I'd take everything you see in the media with a
• 47:25
  Speaker 4: grain of salt because also, you know what sells in
• 47:27
  Speaker 4: media drama. You know what doesn't sell people actually just
• 47:30
  Speaker 4: making money in it being boring.
• 47:32
  Speaker 3: Yeah, people making solid decision. Yeah.
• 47:34
  Speaker 4: So we're reading the pds, we're doing our research on
• 47:37
  Speaker 4: what's been performing, We're looking at the ASX website. It's
• 47:41
  Speaker 4: not sexy. I do teach you all of this and
• 47:43
  Speaker 4: exactly what to dive into in my investing master class
• 47:45
  Speaker 4: because I'm obsessed. In fact, it was so funny. I
• 47:49
  Speaker 4: was talking to the team the other day and they're like, Oh,
• 47:51
  Speaker 4: what's tax time like for you? And I was like chaos.
• 47:53
  Speaker 4: And they're like, why don't you have a good accountant
• 47:55
  Speaker 4: and I was like yes. But he hates me because
• 47:58
  Speaker 4: I basically have every single share trading platform under the sun,
• 48:01
  Speaker 4: because I recorded once all of these videos of how
• 48:03
  Speaker 4: to buy a share on com sick, how to buy
• 48:05
  Speaker 4: a share on Pearl, that how to buy a share
• 48:07
  Speaker 4: on shares is, how to buy a share on self Wealth. Like,
• 48:10
  Speaker 4: I'm Delulu when it comes to this stuff. But we're
• 48:13
  Speaker 4: not consuming clickbait media. Yeah, end of story. Sorry, that's
• 48:17
  Speaker 4: my rant.
• 48:17
  Speaker 3: I could not agree more.
• 48:19
  Speaker 4: You said, oh, we're nearly done, and I was like, no, no, no, no,
• 48:21
  Speaker 4: I've got some yap Yeah, I go some left in
• 48:23
  Speaker 4: the tank. So I think we're done with questions for today.
• 48:26
  Speaker 4: I'm going to put a pin in it there. You
• 48:27
  Speaker 4: are probably very grateful, But if you have more questions,
• 48:31
  Speaker 4: because I'm so self indulgent about this topic, if you've
• 48:35
  Speaker 4: got more questions about investing, we have literally a whole
• 48:37
  Speaker 4: investing hub on our website and I'll link that below
• 48:40
  Speaker 4: in the show notes, it's got his or free resources.
• 48:43
  Speaker 4: It's got links to the course that I just mentioned,
• 48:45
  Speaker 4: and links to our playlists of all of the investing
• 48:47
  Speaker 4: episodes from the podcast over the last few years in
• 48:50
  Speaker 4: one place to make it really easy for you.
• 48:53
  Speaker 3: And there is so much good content there. Of course,
• 48:55
  Speaker 3: if I made it, thanks you did a great job.
• 48:57
  Speaker 3: If you haven't already, guys, don't get hit subscribed to
• 49:00
  Speaker 3: miss any of the great investing all Money episodes we've
• 49:02
  Speaker 3: got coming up.
• 49:03
  Speaker 4: All right, we'll see you guys on Friday for something
• 49:05
  Speaker 4: a little bit lighter. Bye bye.
• 49:12
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