Latest / The Curve / TCW89: BP’s climate u-turn & Google faces a breakup.

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TCW89: BP’s climate u-turn & Google faces a breakup. · The Curve

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Yeah, so there's some really cool stuff in there.
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So I saw myself.
1:48
I feel like I'm nervous.
1:49
I've never been nervous for a podcast.
1:51
I think it's because you cried on the podcast in a long, just release.
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It was, yeah, I remember our producer sending us highlights and I watched it.
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And I was like, so if I was like, have you ever cried on our social media?
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Yeah, she's like, no, I was like, cool, well, I'm about to, but it's no.
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It was just the context.
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If you haven't listened to Raising the Curve from last week, literally the previous one.
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Yeah, one more time.
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One through seven.
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I love me.
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She's like, I'm well aware.
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I cried in it.
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But we did it on Financial Burnout and it was, it was so interesting because we actually
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recorded this episode a while ago and we kind of went into it, not realising what was
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going to come out of it.
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And then, and we're kind of joking about a few things and like having a laugh.
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This sounds like that.
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And then after it's like, oh my gosh, yeah, I went through Financial Burnout and, but
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honestly, the most incredible messages I've received overnight from friends, our investors,
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like just, it's been quite amazing.
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And also concerning how many people have been through a similar situation.
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Or is it still going through?
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It's still going through it.
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Yeah.
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I think it's a really good reminder, one of the things that you spoke about in the episode
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in terms of what kind of advice you would give someone that's going through something
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similar is to reach out to people around you for help, not necessarily financial, but
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some kind of help.
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And it makes me think if this was six months ago and these people coming out of the
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woodworks with the support that you've received in the last 24 hours, how much that would
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have helped.
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100%.
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And it's almost just like in real time, a reminder that you don't need to struggle with these
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things alone.
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Like you have communities around you even if you don't feel like you do.
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But if you want to go back in less than it was a really, a really good episode and thanks
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for being here.
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I know that probably felt quite vulnerable.
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So yeah.
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Thanks for that.
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Thanks for that.
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Like so casual.
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Thanks for that.
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Thanks for that.
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Now onto the next video.
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But yeah, speaking of that and having like people around you to support you and everything,
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I think it kind of comes back to your birthday episode a bit.
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I actually haven't listened to that since we released it.
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I don't know why I think it felt like an emotionally vulnerable state.
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Yeah.
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And I think it's just a good reminder that like people around you love you so much.
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And it's in those times that you like forget that that's when you need it the most.
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Anyway, this is kind of a long winded segue.
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You're like, where are we going?
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I know.
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And it's a long story.
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And now it's his play voice note from DMs, so who's it from?
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So it's not from our DMs.
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Oh god.
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But I had to put it in there to throw you off guard a bit.
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This is very delayed.
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It was a voice note that I tried to get for your birthday and unfortunately it came back
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but it went to my junk and I was so gutted and I was so gutted.
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And so it's a bit of a delayed voice note, but where here we go.
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Oh my god.
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Happy birthday Sophie.
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This is Elizabeth Day.
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I'd be offended if you didn't recognise my voice because we are fellow podcasters and
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I know I was lucky enough to meet you recently at the podcast show and I just want to say keep
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doing what you're doing and keep being you because you are a wonder and a gift to the
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world and I'm so happy that I got to send you this message via the medium of your dear
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friend and co-host.
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Happy birthday.
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I'm someone who loves to celebrate her birthday and my top tip for you is to make it last at
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least a month.
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Just eke it out.
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Just make everyone keep celebrating you because you deserve it.
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Can you send me that so I can have it on my phone?
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I need to play that in the morning every morning.
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God am I a creep?
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I'm like, I just think she's so awesome.
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Yeah, no and I sent her the little snippet that we did when you were like, I'll put it
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on the podcast.
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Oh, I did too.
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Anyway, and then she came back and was like, yeah, here's a voice note and it went to my
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junk and I was so gutted when I found it.
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I was like, yeah.
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Oh my god, that's quite amazing.
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Yeah, your friends.
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Thanks.
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Your friends now?
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Okay, do you know what's funny as I had a dream last night but I was invited to speak
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at an event.
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It was about, I thought we would talk about Gossip Girl, which is something I watch all
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the time so embarrassingly.
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Anyway, I turned up to this event, really nervous, like, holy shit, I can't believe it.
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I'm going to be speaking for 10 minutes of the Elizabeth Day and then they got there
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and they're like, no, I'm not talking about Gossip Girl, I'm talking about some random
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book and I've got the details wrong and so I was standing there fumbling, like, no, I
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didn't want to talk to you now.
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And when I woke up this morning, I was like, even though I was having a near, that was
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a great dream.
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That was a bit of a random.
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Yeah, exactly.
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That's so cool.
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Yeah, you guys are mates now.
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Do you think she actually remembered who I was or do you think she was being polite?
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Well, I didn't mention.
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Did you not mention the, did you promise you didn't?
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I promise.
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I mean, I said, the clip, I can't remember what was on it.
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Maybe you said I met her at the podcast show.
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Maybe about you.
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Well, that's cool.
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That's a beautiful voice as well.
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Oh, I said, oh.
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Her book, by the way, if anyone wants a good read, it's called How to Fail.
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It's the one you gave me my birthday.
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It's kind of the idea of what you learn from things, not going right.
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And I think in the context of the financial burnout, mentioning everything, it's, yeah.
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I'm really like, gosh, it's so nice to not hear someone that's just like flapping around
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with all their successors and actually being honest about the shit that goes wrong.
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What a treat.
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What a treat.
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So I feel like it was gone from a really happy moment to now, I'm just going to crush
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your dreams.
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Okay.
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Yeah, sorry.
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So BP, I know how much.
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I say Rick Company.
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I know how much you love the planet.
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And so this one's going to kick you while you're down.
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Oh, sorry.
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This one's going to stab you, put salt in the wounds.
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Stab you.
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Good to go.
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I guess a bit of saying.
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Have you wear it hurts?
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Yeah, yeah, yeah.
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That's what I mean.
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Yeah, yeah.
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So they have dropped their targets.
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So they've stepped away from them in terms of their oil and gas production targets by 2030.
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So back in 2020, they put out a really ambitious target to cut oil and gas production by 40%
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by 2030.
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And everyone was like, well, that's ambitious for BP, one of the biggest oil and gas producers
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in the world.
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Last year, they were like, we're not going to be able to do that.
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We're going to cut it to a 25% cut.
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So they've gone from 40% to 25%.
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Now they've gone actually, we're going to be raising it.
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What?
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Yeah.
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What do you mean raising it?
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So they were trying to reduce their...
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So they're not even going to reduce it at all.
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That's actually increasing.
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That's actually increasing.
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Yeah.
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It's actually quite shocking.
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What have they said about it, though, like, what's the...
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So the argument is that renewable energy projects are too expensive.
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So they've been investing...
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The cost of investing in these projects, which will help them, you know, because they've
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still got to produce a certain number, just where they get that production from, whether
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it's, you know, your traditional means or your new...
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Each of them are energy.
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Energy, yeah, yeah.
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So...
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But the cost of investing in renewable energy projects is too high.
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So they're like, you know what, we're just going to have to keep the dressing.
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So sorry.
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Just to clarify.
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One of the wealthiest, biggest, enormous companies that definitely have the money.
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They're saying, we need the same amount of energy.
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And oh, it's a bit more expensive to do the renewables.
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So we're actually not.
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Is that their...
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That's genuinely their response.
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Yeah.
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So they've had to pause those projects and accelerate the traditional oil and gas production
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project to keep up with demand.
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What do you think our friend Greta Tunberg is saying about this?
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Is there people in outrage at what's happening on socials, what have investors' reactions
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been?
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Yeah.
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Investors' reactions are frustrated, but also it's interesting with BP because people
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that don't invest in it, because of that, because they produce oil and gas, there's
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not much they can do.
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You can protest and all that, but I think the thing with this is the dichotomy between
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having shareholders that want profitability and doing what's good for the planet and all
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of that.
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I just think it's...
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I'm not trying to create excuses.
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I'm just...
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No, no, it's not.
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It's this whole push and pull of like, okay, well, do we sacrifice profitability?
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And this is the decision that the board has made is that it's going to cost us too much
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to invest in these renewable energy projects, it's going to cost us profitability and investors
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want profitability and shareholders want that, so we have to do that option.
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I don't know.
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It is...
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Yeah.
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The fact that it's one of the largest oil and gas producers...
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It is so cool if they stood up and they said, profits will be dropping.
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We're taking this offer.
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I think they would see an uprising and investors, people wanting to support the change that
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they're genuinely trying to make, rather than...
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Or did they not see that when they announced the cuts?
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Like when they said, you know, in 2020, we're planning on reducing our gas production by
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40%.
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I wonder what happened to their share price, because you often speak about this such a
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push and pull between ESG investors, so you can call investing, because you can either
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choose to support companies that are trying to change knowing they're doing good, or you
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just go straight for a company that's not actually having a detrimental impact.
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In this case, supporting BP in 2020 would have been great, because you're supporting a company
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that's trying to say, we want to do different.
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But then for the four or five years, eight of them, to actually be like, kidding, it doesn't
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give you much hope in investing in companies with the hope that they're going to change
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is what I mean.
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And I think this is with ESG investing, you're right, there's kind of two angles.
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You could invest in BP and be like, I am going to be a really vocal, engaged investor
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and tell them what I think and rally support from other investors and really make a song
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and dance about their stupid changes, or you could be like, you know what, I'm just
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not going to invest in it.
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And if you get enough of those people, then their share price falls and falls and falls.
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Do you think we do something?
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There's two ways to go about being a voting with your wallet.
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It's by not investing, or it's investing and being active.
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And this is what fun managers do as well.
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Some are like, you know what, we're just not going to invest in any oil and gas companies,
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so no shell, no BP.
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And then others are like, no, no, we think we can have a better outcome, a better impact
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if we get in there by stocking these companies and actually bring about change.
12:31
So I would love to bring this to an investing club.
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I think it would be really interesting to hear people who haven't invested in BP,
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who haven't, and also just, because there will be so many different opinions on it,
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but I just, I can't imagine that there's that many people that are so desperate for
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returns that it's at the sacrifice of.
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Yeah, I mean, it's down 21% in the last 12 months, so it looks like people are actively
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getting fed up with BP and pulling them on out.
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I wonder if you know how?
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Hello Kitty, or pretty Kitty, or what's that guy that always like drawing Kitty?
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Drawing Kitty.
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So he does all these like memes, like memes stocks, and you'll get people to buy or sell.
13:13
I wonder if we just can see if the community can be a bit like, I don't know what we could
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do.
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Maybe it's just like a social post on everyone's shares, it'll something, but it's just
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rebrand tags, the BP.
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Yeah, just be like, is there an emoji that's the middle finger?
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Yeah.
13:27
Let's do that.
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Oh God.
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That's terrible.
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Hate that.
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So I would, this one as well, is like, I still jump in taxis and obers that use petrol.
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I find it really hard to sit here on my high horse and say, I'm not going to listen
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BP, yet I consume their products day in, day out.
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I think there's a real element of, if you're getting a private jet every two weeks, or
13:50
you're unnecessarily travelling, or you get in a car when you're down the road by
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two, I think there's the amount of guilt that we can take on is enormous.
14:01
At some stage, the change has to be systemic.
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It has to happen from big companies.
14:05
You can't sit there feelings like, yes, we can do our bit, we can be going vegan, using
14:10
a bike when you can, all those things, you know, there's lots we can do that is voting
14:15
with your behaviour, but to feel like you're the one that needs to feel incredibly guilty
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when there's an enormous billion dollar company that's not even making a tiny change
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in the amount, I don't know, I think it's a really funny one.
14:31
I agree with you.
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I'm just playing devil's advocate and it's like, okay, if they were like, you know what,
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we're going to focus on purely renewable energy, then that means increase costs for them.
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They're not going to cut their profit.
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They're going to just pass it on to people like you and me and we're going to have to
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end up paying more for them.
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I'd rather that.
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I would honestly rather.
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But if I think we could, there is a whole population out there that is already struggling
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to pay the bills and yeah, I don't know, it's sticky, it's a sticky one, but just throw
15:04
it out to you.
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What do you think?
15:06
Yeah, yeah, yeah.
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Just diffuse the, yeah, but yeah, there's also concerns now that Shell is going to come
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out and kind of say the same thing because it's like, we'll be paid, you know, they've
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done it in terms of they've kind of ripped the bandaid off and everyone's disappointed
15:20
in them.
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They're kind of flying with the radar and do it too and not get as much heat.
15:25
So sorry, planet.
15:26
No, no, no.
15:27
No, no, no.
15:28
Okay, let's move on to a different type of news, yeah, trying to find something more positive.
15:36
No, Google.
15:37
Yeah.
15:38
Yeah.
15:39
Tiny company.
15:40
No, no, no, no.
15:42
I do know what a Google is.
15:47
It's like a zillion trillion, billion, billion, like a Google is the most numbers or things
15:54
you can evagate.
15:55
Like a Google.
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Like I have a Google dollars is like, yeah, how have you never told me that it's such a
16:02
good fun fact?
16:03
So that's why like let's Google and it's like searching, like, yeah, so like we want the
16:07
curve to be a Google in terms of like, yeah, I feel like now it's kind of become a
16:11
verb.
16:12
Yeah, yeah, yeah, yeah.
16:13
So I had no idea.
16:15
So Google is more than a finian, by the way, you just said finian, I'm assuming that's
16:19
not a real.
16:21
But yes, it's like a trillion, trillion, trillion, trillion, trillion, whatever you get,
16:24
it's the most, yeah, quite cool.
16:26
I like that.
16:27
Yeah.
16:28
A Google.
16:29
Anyway, the newest government is trying to break up Google.
16:33
So this is major news and it's all because they've become way too dominant in search.
16:39
So they've got 90% market share in search and they're stifling competition, they're
16:46
preventing smaller companies from being innovative, they're really dominating their position
16:50
and the US government's like, you know what, I'm not having it.
16:53
It feels like this is happening a lot.
16:55
It feels like there's a lot of whether it be Google or Amazon or all of these massive,
17:02
massive companies, there's a real shift or focus on not letting them be so dominant.
17:08
Do you think it will actually happen or is it more of a, we're trying to look like we're
17:13
helping the little guys, you know?
17:14
No, I think it's just become more common.
17:17
Like there's definitely like the European Union's been issuing fines for your anti-competitive
17:23
behavior.
17:24
And it's just, it is because they're just getting too big.
17:26
Like all these companies, they're trillion dollar companies, you know, like we've never,
17:30
ever had companies this size before that have been so dominant.
17:33
But this is quite different in the fact that they're now going, we're going to break you
17:38
up.
17:39
Do you know what I mean?
17:40
It's not just stepping you with a couple of billion dollar fine, which you can pay,
17:43
which is probably one percent of your profit, you know, and then keep being big.
17:47
It's like, no, no, we're going to break you up so that you are two separate companies,
17:51
so you can't be as dominant.
17:52
Well, what would it be split between?
17:54
So I think a really good example is back in 2000s, Microsoft went through this, that went
18:00
through the court, and then went to the high court, and then went to, you know, like
18:02
went through a lot of court proceedings, and it was to break up the software and the operating
18:09
system of Microsoft because they were selling them as a package and therefore other companies
18:13
couldn't compete.
18:14
But anyway, it didn't end up being broken up, like Bill Gates left a CEO and they had to
18:19
make a whole lot of changes, but they didn't actually end up getting broken up, but it's
18:22
they're saying it's kind of the biggest case that's happened since then, and that was
18:26
in 2000.
18:27
So 24 years ago, yeah, yeah.
18:30
So I don't know what will come of Google, and this could take years, but I think the
18:35
takeaway from this that I see is that if this does go ahead for Google, it's very concerning
18:44
for Amazon, Apple, NVIDIA, all of those other companies because it just shows that there's
18:51
a ceiling.
18:52
There's a point in terms of the size of things.
18:55
And so if it didn't happen to Microsoft, what makes...
19:01
Well back then in 2000, Microsoft was much, much, much, much smaller.
19:05
And so the fact that they were even talking about it then, they still had to make a lot
19:10
of changes and split those two products and sell them separately, so other companies
19:14
could compete.
19:15
But it's just, it's interesting, I was having a conversation with Danny yesterday about
19:21
this, our commercial director, and about how the US government can step in, it's called
19:28
the regulator, the competition regulator, can step in if two companies are going to
19:32
merge.
19:33
So say you had...
19:34
Madeleine and Laurel.
19:35
Yeah, and they were, each had like 40% market share and skin care, they're coming together
19:40
again, have 90%.
19:41
They'd be like, no, that's not allowed because you're too big of a player in that sector
19:46
or that industry.
19:47
Who sets the rules as...
19:48
The regulator.
19:49
The government.
19:50
But is there, is there parameters?
19:51
Yep.
19:52
So then why would they...
19:53
So think about merging if they know they're not allowed.
19:54
Because you can kind of argue it, you can be like, oh no, it's not skin care, we're
19:57
also in like apparel and like, you've got to take the whole market into consideration.
20:02
So it's like, if we merged with another company that was similar to the curve and we
20:08
end up becoming quite big, we could be like, oh no, we're not just financial empowerment.
20:12
We're selling plants.
20:13
We're selling plants, we've got the whole, you know, we're, we're female empowerment,
20:16
which is way more massive and there's 10 other competitors.
20:19
So you try and argue your case or it might be the case of with us.
20:23
Oh, okay.
20:24
Well, the regulator might say, yeah, you can merge or you can acquire this company, but
20:28
you have to get rid of your podcast.
20:30
So you can, you can cycle up a little bit.
20:32
Honestly, dictate how the company is structured, how big it gets.
20:36
Yeah.
20:37
And sometimes investors get excited when two companies join together because they're going
20:39
to be bigger and better.
20:40
And then the share price goes up of the one that's, that's acquiring or being acquired.
20:44
And then it gets stopped by the regulator and the share price falls to them and say,
20:47
oh, it's really hard to know from an investing standpoint, if it's a good thing or not,
20:54
then when companies join together or when they split apart, do you think with this particular
20:59
example, with Google, I mean, hearing you speak about the regulator, I mean, I'm kind
21:05
of shocked that all of these massive tech companies have even been allowed to get as
21:08
big as they are, given the fact that I didn't even know that that was a thing.
21:13
So it doesn't seem totally wild to me to think that that could actually happen to Google.
21:18
Yeah.
21:19
But then on the flip side, I'm like, this is capitalism.
21:21
You know, you've got founders that have been hugely innovative and investing in their
21:26
businesses and they've grown to be massive.
21:28
They've changed our worlds.
21:30
And now you're penalizing them.
21:32
I kind of feel like, I don't know, that would be the other side of the argument, which
21:35
may be a lot of people don't agree with, but you should have tried to encourage innovation
21:39
with small companies, but you're also stifling it.
21:41
I don't know.
21:42
Yeah.
21:43
It's going to be interesting to see what it lands, but it's not good for a lot of the
21:45
big tech companies.
21:46
Have we seen any of the massive tech companies stop price falls since the start?
21:53
Google's has.
21:54
Yeah.
21:55
So Google's has fallen over the last week where that news came out, about 5%.
21:58
It's quite a lot.
21:59
Yeah.
22:00
For a big company like that.
22:01
I think the others are, it's a bit far-fetched yet, you know, like in this could take
22:06
years to play out, but yeah, quite fascinating.
22:09
Those tech companies make up a large percentage of the S&P 500 as well, so if you're
22:13
interested in that.
22:14
That's when thinking, is the whole economy going to go tits up if they all get split
22:17
up?
22:18
Tits up?
22:19
How does that phrase even work?
22:20
Oh my god, maybe it's because you're on your back.
22:21
Tits up.
22:22
Oh my god, yeah.
22:23
Oh, that's disgusting.
22:24
I'm never saying any ins.
22:25
Jesus.
22:26
But, yeah, could it be dangerous because that's what I was immediately thinking was there's
22:33
been such growth in the economy because of these massive tech companies, because they don't
22:38
have the opportunity to soar like they have been.
22:40
Does that mean that the stock market in general will look to, I don't know, stall a little
22:45
bit?
22:46
100%.
22:47
Not great.
22:48
Not great.
22:49
Have you heard of Henry?
22:50
Yeah, yeah, yeah.
22:51
As in the...
22:52
I was about...
22:53
Yes.
22:54
Is that...
22:55
Not for your day, does it?
22:56
I, yeah.
22:57
Let's move on from that terrible joke.
23:00
But...
23:01
Oh, you don't have few Henry's?
23:02
No, I haven't.
23:03
Oh.
23:04
Only two.
23:05
Anyway, Henry H in R Y is what we're referring to, right?
23:09
As in the accountancy software.
23:11
That's how you're talking, right?
23:13
No.
23:14
H-E-N-R-R.
23:15
I don't think it's actually spelled that way.
23:16
No, we're not talking about the accounting software.
23:18
We're talking about high-erna, not rich yet.
23:22
Oh, okay.
23:23
Definitely haven't heard of that.
23:24
At Cranham.
23:25
Oh my god, do I have it?
23:26
It's fun.
23:27
Yeah.
23:28
So, there was a study that came out that said, and a lot of people were like, probably
23:32
having a zero sympathy for these people, but it's when you're earning a high salary,
23:37
but your expenses are so high that you're just not rich.
23:39
You're not accumulating assets.
23:40
You're not putting away money for a time.
23:42
Like, we've heard of fire, which is financial independence retire early.
23:46
And, yeah, there's light.
23:47
Hold on, we did do an episode on that, if anyone's just airs pricked up,
23:49
and they're like, what is that?
23:51
It was raising the curve 111.
23:53
So, raising the curve one-on-one, and it's fire.
23:57
Financial independence retire early with Ana Christina.
24:00
Why you laugh?
24:01
It's just like, one-on-one, and it's a fiery episode.
24:05
I didn't even think of that.
24:06
I thought you were laughing because I was kind of doing chops at all my fingers.
24:10
Yeah, it's a really interesting.
24:11
It's basically the idea that you've got a squirrel all this money away
24:14
as early as you can so that you have as much time investing in the stock market
24:19
for that money to grow, so you can retire early.
24:20
It's kind of the, you can invest in a nutshell.
24:22
Yeah, so there's like another Cranham that started, which is Henry,
24:26
which is high in a not rich yet.
24:28
And it's all about the increase, like, cost of living.
24:31
And yes, you can increase your salary, but your expenses are still going up.
24:34
We're in this inflationary environment.
24:36
I know a few Henry's.
24:37
Yeah, I bet you do, girl.
24:40
No, no, do you need to lay him like, no.
24:42
I can think of people I know who they don't feel good about it either.
24:45
They've got, they earn a lot, but they spend so much and are quite stressed about it.
24:50
They know they're not putting it away.
24:52
And it's also not spending much on, like, discretionary things.
24:54
It's like child care, health care, schooling.
24:58
But it's, but it's the fact that everything's got so expensive
25:01
and they feel like they're on this hamster wheel.
25:03
And yes, you might feel like that on a, on a, and you're not a higher earner,
25:07
you might be a leaner, on a low.
25:11
Did you think about that when you were researching?
25:13
And you thought, I got a good one here.
25:15
I literally sort of with them.
25:17
Yeah, it was just like the study that had come out that in the US,
25:20
people are on $200,000 a year.
25:22
And still not feeling like they're on this hamster wheel.
25:24
And they're not progressing into like accumulating assets and saving their time.
25:28
And so isn't that kind of, it's, I know this,
25:30
I don't know if this is going to bring solace to anyone,
25:32
but from the amount of messages we got from raising the curve
25:35
on financial burnout last week, which we were talking about
25:37
at the end of the episode, the amount of people who could relate to that.
25:41
I honestly think it's people who don't earn much,
25:43
it's people who earn a medium amount, it's people who earn a lot.
25:46
And it's because we're always lifestyle creeping,
25:49
like the Henry's of the world.
25:51
And it's really hard to pull back expenses and feel like you're getting ahead.
25:55
I think, I think it would be very rare for there to be a huge amount of people
26:00
who are earning a okay amount, have their expenses low
26:05
and are feeling like they're getting ahead.
26:06
I think it's a pretty blanket feeling across the world right now.
26:11
It's doesn't matter how hard I work.
26:13
And I also, I think it's hard when you have dependents if you're in a family.
26:17
As you say, there's, there's childcare,
26:18
there's mortgage repayments, all that kind of thing.
26:20
Because once you've made that decision to stretch yourself to a certain level,
26:24
it's quite hard to pull yourself back.
26:26
For me, the biggest takeaway from this is that it doesn't matter how much you earn.
26:30
If you don't have a budget or you're not monitoring your spending,
26:34
whether you're earning a million or 10,000,
26:37
you're going to feel like you're on this hamster wheel.
26:39
And I've got to keep earning because I've got to sustain my lifestyle.
26:42
Whereas if you're putting away a little bit and you've got your budget,
26:46
you're monitoring what you're spending
26:47
and you're putting away a little bit each month, each year, what it red is,
26:51
then you're not going to have this feeling of I can't stop on this hamster wheel
26:56
because otherwise the juice is going to run out.
26:59
Just on that, we did a little internal product meeting
27:02
with me, Emily, our podcast producer, and Danny,
27:06
because she's really amazing with her financial planning.
27:09
And we set it because for the World's Biggest Investing Club,
27:12
we know that there's a lot of people that aren't in a position to invest yet.
27:16
So right now, the club is definitely more for people
27:18
who are investing or have invested, but it was really interesting.
27:23
We had this sort of internal session where we spoke about financial planning
27:26
and what is needed and what, because yeah, that step is often missing.
27:31
And unless you can get to a place where you at least have a financial plan,
27:35
you'll never ever ever going to have no financial stress
27:38
because it's just this constant money coming in, money going out,
27:42
and you do feel like you're never getting ahead.
27:44
And I actually think the henrys, you're right.
27:47
There's probably a lot of lean res, lean res, yeah.
27:49
But you don't need to be earning a lot to have a financial plan
27:53
and to feel like you're working towards something.
27:55
And I think that's also a big misconception is that I don't have enough to put away
28:00
or I don't have enough to invest.
28:02
And this is a pretty broad statement,
28:04
but I think a lot of people would be surprised
28:07
how easy it is from a habit perspective just to put away a dollar a week.
28:12
You know, and start very, very small.
28:14
We, yeah, I think it, I think for me,
28:17
it's not so much the idea if you can invest with a dollar
28:19
because I personally find it really unmotivating.
28:21
I don't know if some people find that motivating, but for me,
28:24
what's the biggest unlock is looking at what I've got,
28:29
figuring out what my priorities are,
28:31
and then making sure I prioritise the money that can go into investment.
28:36
Because there are ways of pulling back on your lifestyle or what you're spending.
28:40
It's just if you have no awareness or visibility as to where it's going.
28:43
I think that's a real problem.
28:45
I think we pause this conversation,
28:47
but only because we are working from a product perspective
28:50
of being able to help everyone with their financial planning.
28:52
But it would be cool to do some kind of action.
28:55
Because I think people listening will be thinking,
28:57
I'm a linear or a Henry.
28:58
Yeah, yeah.
28:59
What's like one small thing that we could all do this week that's motivating,
29:05
even though it's smaller, maybe isn't going to make a huge difference
29:07
in the long run, what's something that?
29:09
Yeah, I think it's opening your banking app or your desktop,
29:13
wherever you look at your transactions,
29:15
and just sit there and take a moment and look at what you've spent for the past week,
29:20
and just to have that consciousness of where your money's going.
29:23
Yeah, because I think that's a lot of us,
29:25
so we feel like we're so far away from a financial plan.
29:29
It's so easy to tap and tap and tap and tap and not be conscious of like that money going out
29:33
or that I'm spending actual cash.
29:35
It's a good first step, I think,
29:37
just to see what you've spent.
29:39
Yeah.
29:40
Because also it's something that made my chocolate.
29:43
Everyone should experience first class at least once in their lives,
29:47
and Annie shouldn't miss out just because she can't afford it.
29:49
Help me, I'm poor.
29:51
Oh gosh, so I've had a bit of a financial faux pas.
29:58
So I, it's been on my list for so long.
30:03
I want to say like six months to sort out pet insurance
30:06
for my darling me.
30:08
Oh no.
30:09
And anyway, I came home from work the other night.
30:13
I had the longest day and I was like, I'm so excited to just chill out and relax.
30:17
And then my flatmate said, Vick, I think me so's got a scratch or a bite on her neck
30:22
and it got infected.
30:23
Anyway, I was just like, I was like, can I leave it tomorrow?
30:27
And then I was like, no, anyway, call an emergency vet.
30:29
The vet was like, look, she's being bitten or something on her neck.
30:33
We're going to have to put her to sleep so that we can, she knows she's being talked about.
30:37
She's trying to get up and down.
30:38
Come on, Mason.
30:39
We're going to have to put her to sleep because she's not going to let me near it.
30:43
So put her to sleep.
30:45
Anyway, the cost of the call out for the vet, the way,
30:49
did you get them to come to your house?
30:51
Yeah, yeah.
30:52
And bring tools like a whole make up.
30:54
Honestly, it was like a whole backpack.
30:56
And she was like, look, it's going to be 700 pounds.
31:01
So yeah, I had to pull money from other places that I know,
31:05
or things I've been saving for.
31:06
Mason.
31:08
But yeah, there was definitely a,
31:11
we've only got yourself to blame because it's been on your to-do list to get pet insurance.
31:15
And it could probably cost you 50 pounds.
31:17
Damn, that's annoying.
31:19
So anyway.
31:20
Good reminder, insurance.
31:22
If it's not, if it's not your dog, it could have been me, you know,
31:26
it could have been somehow this year for myself.
31:28
We do have an insurance episode,
31:30
which could be with us eventually.
31:32
So raising the curve 63, a guide to adulting,
31:35
which is so true, getting insurance is such an adult move, isn't it?
31:38
Yeah.
31:39
If you need motivation or you want to understand insurance
31:41
from the different types you can get, that's a really good episode.
31:44
But yeah, and also, I'm sorry.
31:46
What I could have spent that 700 pounds on versus 50.
31:50
But it's expensive lesson.
31:53
But you're worth every dollar.
31:58
Do you know, when you text me that, I thought, yeah, I'm not really financially for a dog.
32:02
There's no way I could deal with a 700 pound random bill that would stress me out so much.
32:08
No, but also, like, you pay anything for your child.
32:11
You know, like I would borrow money from friends or I would call my parents.
32:15
Do you know this is going to sound so weird, but I'd be quite proud one day.
32:18
If you were to message me and be like, I really need some help financially.
32:21
Can you borrow it?
32:22
It was the money and I was like, yeah, no worries.
32:24
Yeah.
32:25
I mean, a bit of a concern is towards going on in your life.
32:28
I think I'm going to create more questions than answers, yeah.
32:31
Quick note for anyone who hasn't already entered our thermomix giveaway.
32:35
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32:38
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32:39
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32:40
Yeah, and honestly, no one has paid me to say that.
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To find out all the prize details and what you need to know,
32:47
we'll link that in the podcast show notes, but...
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32:51
Yeah, yeah, yeah.
32:53
Thank you so much for listening to the Curve Weekly.
32:55
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32:59
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33:04
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33:17
Bye.
33:18
Sweet.
33:19
Yeah.
33:20
See you next Tuesday.
33:21
See you next Tuesday.
33:22
I mean Monday.
33:23
No, actually though.
33:24
New episodes out every Tuesday.
33:25
Okay, quickly.
33:26
The Curve was created to empower and educate you about investing,
33:29
but we are not financial advisors.
33:31
Our platform exists for educational purposes only,
33:34
and it doesn't provide personalized investing advice for your individual needs,
33:37
and should not be relied upon to make an investment or financial decision.
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33:45
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