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MONEY DIARIES: 29 and catching up · She's On The Money

0:00
Speaker 1: She's on the Money.
0:02
Speaker 2: She's on the Money.
0:16
Speaker 3: Hello, and welcome to She's on the Money, the podcast
0:19
Speaker 3: for millennials who want financial freedom. My name is Tony
0:23
Speaker 3: Lodge and joining me for a money Diary on this
0:26
Speaker 3: sunny Monday. It might not be sunny where you are,
0:28
Speaker 3: it's probably not even sunny here in Melbourne. But joining
0:30
Speaker 3: me today is Victoria Devine.
0:32
Speaker 4: Hello, what a surprise seeing me here.
0:35
Speaker 3: I know it's like you're on every way, am I
0:39
Speaker 3: Maybe I should find someone else? No, don't know one panic.
0:41
Speaker 3: Please don't post in the group that Victoria is not
0:43
Speaker 3: going to be on the podcast next week.
0:45
Speaker 4: Oh my gosh, start drama.
0:47
Speaker 3: Yes, no, no, no, no, no, no, no, oh my gosh, let's
0:52
Speaker 3: get into this.
0:53
Speaker 1: We don't start drama.
0:55
Speaker 3: But we've got another money Diary this week. And I
0:58
Speaker 3: think you're I say this every week.
1:00
Speaker 1: I think you're really gonna like this one.
1:01
Speaker 4: But I think, do you know what? We picked the
1:03
Speaker 4: money dirries, but you like them, because how daft of
1:07
Speaker 4: us if we picked money diries. We were like, you
1:09
Speaker 4: know what, this week's one.
1:10
Speaker 1: You're gonna hate it?
1:11
Speaker 4: Pretty dry. They didn't tell us anything not that interesting.
1:15
Speaker 4: Five minutes m bam thank you, ma'am.
1:18
Speaker 1: So I'm gonna try and refrain from saying that. But
1:21
Speaker 1: you are gonna lie this one.
1:22
Speaker 4: It's a good one, okay, but I'm gonna like all
1:24
Speaker 4: of them. Yes, all right? Can you read out the
1:25
Speaker 4: email for me? All right?
1:27
Speaker 3: Here we go, Hi, she's on the money team. I
1:29
Speaker 3: went to UNI straight out of high school. I worked
1:32
Speaker 3: cash jobs up until the age of twenty one. From
1:34
Speaker 3: twenty one to twenty three, I worked part time whilst
1:37
Speaker 3: completing my studies, earning super for the first time, but
1:40
Speaker 3: I never paid any attention.
1:41
Speaker 1: I thought it was important.
1:43
Speaker 3: Finally, when I completed unit at age twenty three, I
1:45
Speaker 3: scraped just enough money together to go overseas on.
1:48
Speaker 1: A working holiday, where I accidentally stayed for four years.
1:51
Speaker 4: What a Cowinki Yeah, oh.
1:52
Speaker 3: Well, accidentally just living my best life. I returned to
1:56
Speaker 3: Australia with zero dollars at age twenty seven, spend year
2:00
Speaker 3: bouncing from casual job to casual job, and finally, at
2:03
Speaker 3: twenty eight I started my career, working full time for
2:05
Speaker 3: the first time in my life and earning super. I
2:08
Speaker 3: have now been in this job for one year now
2:10
Speaker 3: that I'm in the real world and no longer playing
2:12
Speaker 3: Peter Pan. I can't help but recognize the financial sacrifices
2:16
Speaker 3: I have made in the name of travel, and to
2:18
Speaker 3: compare myself to my friends and other money diarists, I
2:21
Speaker 3: very much feel like I'm playing catch up, and it's
2:23
Speaker 3: a tough.
2:23
Speaker 1: Position to be in. I call myself twenty nine and
2:26
Speaker 1: catching up.
2:27
Speaker 4: I like that, But also stop comparing yourself to everybody
2:30
Speaker 4: else's journey.
2:31
Speaker 1: It's really hard though.
2:33
Speaker 4: I know it's really hard, but it's also really upsetting
2:37
Speaker 4: when people compare themselves because you are rich in travel
2:40
Speaker 4: and rich in life experience, and you know, I didn't
2:42
Speaker 4: get to do any of that, and yeah, I've got
2:44
Speaker 4: other things going on, but like, that's pretty cool too,
2:47
Speaker 4: So I don't think we give ourselves enough credit, honestly.
2:49
Speaker 1: But we've got our money diarist on the line, and
2:51
Speaker 1: she can probably shed more light than your I could.
2:54
Speaker 4: On her own Story's probably for the best. Let's have
2:57
Speaker 4: a chat with her.
2:58
Speaker 1: Hello, Money Diarist.
3:00
Speaker 5: High ladies, how's it going.
3:02
Speaker 4: We are so good. We are so excited about this.
3:04
Speaker 4: I want to know all about your travels and all
3:07
Speaker 4: about how you are working now. But as always, we're
3:10
Speaker 4: going to start with destructured questions at the beginning. So
3:14
Speaker 4: to kick it off, what is your attitude towards money?
3:18
Speaker 5: So my attitude towards money has changed a lot in
3:22
Speaker 5: recent times. I bet no, pretty much. Up until a
3:27
Speaker 5: year ago, I just didn't pay any attention and I
3:31
Speaker 5: just always felt that I had such a long life
3:33
Speaker 5: ahead of me and there was plenty of time to
3:36
Speaker 5: make money. Yeah, I just thought, well, I'll enjoy life now,
3:40
Speaker 5: and you know money easy come, easygo kind of stuff.
3:43
Speaker 5: So it was just never a priority for me at all.
3:46
Speaker 5: Like up until about a year ago, money was to
3:50
Speaker 5: gain to be able to spend that on fun experiences.
3:55
Speaker 5: That's shifted enormously once I got into the real world,
3:59
Speaker 5: I would say, and I know that you mentioned before
4:02
Speaker 5: that it sounded like I was comparing myself to others,
4:06
Speaker 5: which I absolutely am, because just been quite curious about
4:09
Speaker 5: my friends and stuff. Once I got home and started
4:12
Speaker 5: to consider, oh, like these people have been working for
4:14
Speaker 5: like the last four years, what have I've been doing?
4:16
Speaker 5: But also like another I've mentioned my super a couple
4:20
Speaker 5: of times in my letter that I sent to you,
4:22
Speaker 5: and the reason for that was because I've seen like
4:25
Speaker 5: on the super websites and like on the morning shell
4:28
Speaker 5: and stuff that Tho's recommendations about how much you should
4:31
Speaker 5: have in your super for a comfortable retirement given your age.
4:35
Speaker 4: Yeah, they kins make that. They can make you feel
4:37
Speaker 4: so stressed.
4:38
Speaker 1: Very scary.
4:39
Speaker 5: Yes, So I've very much got that figure in mind
4:41
Speaker 5: and I'm like nowhere near it. And it just became
4:45
Speaker 5: quite interested in money once I started making it. And
4:48
Speaker 5: basically now, Maya, I'm giving a very long Listen, No,
4:51
Speaker 5: I like.
4:51
Speaker 4: You, I like learning, and I love how everybody's so
4:54
Speaker 4: willing to share their journeys with us. So do not
4:56
Speaker 4: apologize for it being too long, because we're all listening
4:59
Speaker 4: with baited b I promise.
5:02
Speaker 5: But now, basically my attitude to money is I really
5:06
Speaker 5: want to be for better or for worse, like meeting
5:10
Speaker 5: those targets, Like I want to be, you know, have
5:13
Speaker 5: the amount of super that is recommended for my age,
5:16
Speaker 5: and I just never want to be in a position
5:18
Speaker 5: again where I have to panic because my bread Jove's
5:21
Speaker 5: do and that my first ten years of adulthood and
5:26
Speaker 5: it was just so nice last year being able to
5:29
Speaker 5: pay that and you know, not having to eat rice
5:31
Speaker 5: and beans. So yeah, my attitude towards money now is
5:37
Speaker 5: very much a priority and it never has been.
5:39
Speaker 4: Yeah, I love that. It sounds like you're going through
5:41
Speaker 4: a fair bit of progression even now, which is let's
5:44
Speaker 4: get to that. Let's get to that. So what is
5:47
Speaker 4: currently your big money goal.
5:50
Speaker 5: Well, it is very much down the track. But like
5:53
Speaker 5: most people, it would be probably to buy a house. However,
5:57
Speaker 5: I'm not really dying to do that immediately. Like, even
6:01
Speaker 5: if I had the house to posit available now, I
6:03
Speaker 5: wouldn't actually buy a house because I'm not too sure
6:05
Speaker 5: where I want to set up. But I'm aware that,
6:09
Speaker 5: you know, future me will probably want that, So I
6:13
Speaker 5: save for that every paycheck. It's a good amount.
6:17
Speaker 1: So that's grown up.
6:19
Speaker 4: I love that you're like, you know what, it's not
6:20
Speaker 4: something I want now, but I know if you tore
6:22
Speaker 4: me will want that. I'm like, what, that's epic. Imagine
6:26
Speaker 4: having that level of insight.
6:27
Speaker 3: And even if you turn around and think, oh, actually
6:30
Speaker 3: I really don't mind not buying a house. You're going
6:32
Speaker 3: to have all that money saved that you can add
6:35
Speaker 3: to your super or invest or.
6:37
Speaker 4: You know, there's or travel more.
6:39
Speaker 1: Yeah, saving money is never a bad idea.
6:42
Speaker 4: Like, I don't think anyone has ever been like, oh damn.
6:45
Speaker 3: Save, I actually saved enough for a house to posit.
6:48
Speaker 1: How terrible.
6:51
Speaker 6: Yeah, that's it. Absolutely, Oh my gosh.
6:53
Speaker 4: All right, you mentioned super before. But next question is
6:56
Speaker 4: do you currently have any investments? I do very so.
7:03
Speaker 5: This year actually, I entered the share market for the
7:05
Speaker 5: first time, and I just invested a small amount. I
7:09
Speaker 5: bought three shares just to get some exposure to it.
7:12
Speaker 4: Basically, yes, I mean, this is what we love to hear.
7:17
Speaker 5: However, in hindsight, I'm probably recognizing that that that was
7:21
Speaker 5: potentially a bad choice because I can see myself again,
7:25
Speaker 5: I'm not sure that potentially buying a house in within
7:29
Speaker 5: five years. And I understand that the recommendation is not
7:34
Speaker 5: to buy shares if you see yourself wanting to sell
7:37
Speaker 5: within five years. But yeah, this is more about brow.
7:40
Speaker 4: Yeah, yes and no, my friend, So I agree with
7:43
Speaker 4: you there. And I never ever ever recommend clients invest
7:47
Speaker 4: or people invest when they have less than five years,
7:49
Speaker 4: just because you never know what's going to happen, right,
7:51
Speaker 4: Like with the fluctuations of the market, it could increase
7:54
Speaker 4: and you could be saying, well, Victoria doesn't matter, Like
7:57
Speaker 4: I actually made money and I'm going to sell it,
7:59
Speaker 4: and I'm now going to put it's a home, and
8:00
Speaker 4: I've got more money than I had before, and I'd go, great,
8:02
Speaker 4: that's fantastic. But what if it goes down and we
8:05
Speaker 4: actually haven't had enough time to ride the waves and
8:08
Speaker 4: we haven't had enough time for that compound interest to
8:10
Speaker 4: really kick in. So I think it's one of those
8:13
Speaker 4: things where if the market is down, you might actually
8:16
Speaker 4: change your mind to go. You know what, I actually
8:18
Speaker 4: don't want to sell those shares. I just don't want
8:20
Speaker 4: to take it off the table. I'll wait another twelve
8:22
Speaker 4: months and see where we're at. And it sounds like
8:24
Speaker 4: you're a little bit flexible when it comes to, you know,
8:26
Speaker 4: purchasing a home. There's no specific timeline, in which case
8:30
Speaker 4: I think you're probably making the right decision for you. Obviously,
8:33
Speaker 4: I can't say with absolute certainty because I don't know
8:35
Speaker 4: your entire financial situation.
8:37
Speaker 1: Yet or the future or the future.
8:40
Speaker 4: But I think a lot of people put a lot
8:41
Speaker 4: of pressure on themselves to, you know, make the right decisions.
8:45
Speaker 4: But if you've learned anything, it's the Investing's not that hard,
8:50
Speaker 4: is it not, my friend?
8:51
Speaker 5: Yes, it's been a good journey. Two of them are
8:55
Speaker 5: not doing well, but I feel very positive about the future,
8:58
Speaker 5: and the other one is doing very well.
9:00
Speaker 6: Overall, I feel good about it.
9:02
Speaker 4: I love that. I'm going to ask you more questions
9:03
Speaker 4: about that a little bit later. Next question is do
9:06
Speaker 4: you currently have any debts.
9:09
Speaker 5: I have a text set how much give us that
9:13
Speaker 5: twenty nine thousand dollars. But I don't feel too bad
9:17
Speaker 5: about it because I've actually I've never started paying it off,
9:20
Speaker 5: and this year, through my work, they spoke to me
9:23
Speaker 5: and they actually offered to make some arrangement where I
9:25
Speaker 5: pay extra towards my tex So tax time just around
9:30
Speaker 5: the corner. So I'm not.
9:32
Speaker 6: Too sure exactly how much will be paid off.
9:34
Speaker 4: But that's exciting to know that you're a little bit
9:36
Speaker 4: more in control of it.
9:38
Speaker 5: Yeah, but I think I've done some loose calculations, and
9:42
Speaker 5: I reckon a fair chunk will paid off be paid off.
9:44
Speaker 5: But the important thing is I will see it go
9:47
Speaker 5: down for the first time in my life. Every year,
9:49
Speaker 5: I see it go up and up.
9:50
Speaker 4: I love that.
9:52
Speaker 3: I've just realized we didn't ask our money dires what
9:55
Speaker 3: she does for work and how much she earns.
9:57
Speaker 4: Didn't I did? If that audacious of me, money diarist,
10:03
Speaker 4: can we go back in the questions? Sure thing, Oh,
10:07
Speaker 4: I'm so excited. All right, So what do you do
10:09
Speaker 4: for work? And how much money do you earn?
10:13
Speaker 5: I'm a drug and alcohol counselor, and how much I earn?
10:18
Speaker 5: So Actually, when I started this job a year ago,
10:20
Speaker 5: I started as a part timer, and my salary at
10:23
Speaker 5: that time was sixty six thousand.
10:27
Speaker 4: That's good. That was your first home time job, like
10:30
Speaker 4: as in, like first job straight out of traveling, right, yes,
10:35
Speaker 4: oh that's good.
10:36
Speaker 1: Nice.
10:38
Speaker 5: And then six months into that job, I got offered
10:41
Speaker 5: a full time position which is.
10:44
Speaker 6: Valued at eighty three thousand.
10:46
Speaker 1: Woaho before super in the last.
10:49
Speaker 4: And these women worried about being behind.
10:53
Speaker 5: Yes, before before super so averaging out the last twelve months,
10:59
Speaker 5: my income has been seventy four thousand, but from now
11:01
Speaker 5: on will be eighty three thousand.
11:03
Speaker 1: Great job, that's huge.
11:05
Speaker 4: I love that, and I love that you're like, yep,
11:07
Speaker 4: I'm really worried about being behind, and then you've actually
11:09
Speaker 4: got like a baller salary. That is so good.
11:14
Speaker 5: I think hearing that eighty thousand or eighty five thousand
11:17
Speaker 5: is about average.
11:18
Speaker 4: So it is, But I think that we say averages,
11:21
Speaker 4: and then I think you'll find that across the board
11:24
Speaker 4: it is average, but that is including everybody who has
11:27
Speaker 4: like higher education, and it's not taking into consideration the
11:31
Speaker 4: average population. I don't believe, and from my experience, you know,
11:35
Speaker 4: as a financial advisor, but also you know through our community,
11:39
Speaker 4: that's not the average of our community by any stretch
11:42
Speaker 4: of the imagination. Like I think if I went and
11:44
Speaker 4: looked at our stats and every single year I do
11:47
Speaker 4: our census for our Shees on the Money community, so
11:50
Speaker 4: I can understand you guys instead of understanding what we.
11:53
Speaker 1: Think, Yeah, what we think the average is what they are.
11:56
Speaker 4: Like, I'm not going to jump on the daily mail
11:57
Speaker 4: and be like, okay, cool, well they said that the
12:00
Speaker 4: research says it's eighty six thousand dollars a year, Like
12:02
Speaker 4: I'll just go off that, Like no, I'd prefer Fishes
12:05
Speaker 4: on the Money to tell me who what that is.
12:07
Speaker 4: And our average is about fifty three thousand dollars from memory,
12:11
Speaker 4: and that's for someone working full time, which I think
12:14
Speaker 4: is really good. But I think we need to just
12:16
Speaker 4: be really honest because there are going to be some
12:18
Speaker 4: people in our community they're like wow, like eighty six
12:20
Speaker 4: thousand dollars. Like, that's a lot of money, and I agree.
12:23
Speaker 4: But also we all live within our means, so even
12:26
Speaker 4: if you're on something you know higher like that, it's
12:30
Speaker 4: actually like hard still to manage cash flow, regardless of
12:35
Speaker 4: how much money you work.
12:36
Speaker 3: And just having more money doesn't mean that you know
12:38
Speaker 3: how to manage it better.
12:40
Speaker 4: No, In fact, it can make you worse.
12:42
Speaker 3: Well, if we're talking about managing your money, well not
12:45
Speaker 3: h let's honest.
12:47
Speaker 1: What's your best money habit?
12:48
Speaker 4: Oh, my gosh, we sound the like twim.
12:53
Speaker 5: My best money habit is that when I get paid fortnightly, basically,
12:57
Speaker 5: I say, I put twenty percent of my money towards
13:01
Speaker 5: a house deposit and ten percent towards a tribal account.
13:05
Speaker 5: And my best money habit is, come hell or high.
13:09
Speaker 6: Water, I will always.
13:11
Speaker 5: Save that twenty percent. Oh, I will, like ninety five
13:16
Speaker 5: percent of the time, saved the ten percent as well.
13:19
Speaker 5: And if I don't, that really stresses me out, and
13:22
Speaker 5: I write down what I owe myself. That's a bad account.
13:26
Speaker 4: Who is she?
13:28
Speaker 5: So? Yeah, very good at you know, like ninety eight
13:33
Speaker 5: cents at the time, I'm putting that thirty percent away.
13:35
Speaker 5: But always the twenty percent every time.
13:39
Speaker 4: I love that.
13:39
Speaker 3: And when you do it as soon as you get paid,
13:41
Speaker 3: it's so much easier because you don't even notice it.
13:44
Speaker 3: It's like how your hex gets taken away before you
13:46
Speaker 3: pay tax and stuff, like it's gone, you don't notice it.
13:49
Speaker 3: And if you transfer it right out rather than There's
13:51
Speaker 3: definitely been times where I've been like, oh, I'll probably
13:54
Speaker 3: save that money, but I'll just leave it in my
13:56
Speaker 3: access account, and then all of a sudden, you're like, oh,
13:59
Speaker 3: I bought a lot.
13:59
Speaker 1: Of ice cream this month, and now my money's gone.
14:03
Speaker 5: Yeah. Yeah, I wouldn't be able to manage because it
14:06
Speaker 5: would definitely disappear if I just left it there, all right.
14:09
Speaker 4: To flip this narrative for a hot second, what is
14:12
Speaker 4: your worst money habit?
14:15
Speaker 5: I did a lot of thinking on this. I think
14:16
Speaker 5: my worst money habit is I am guilty of I'm
14:22
Speaker 5: not so good at delaying gratification. If I see something
14:26
Speaker 5: or think of something that I want, I want it
14:29
Speaker 5: like right now, and you know maybe that won't.
14:32
Speaker 6: Always fit into the budget so well, but I'll just.
14:36
Speaker 5: Kind of like bite it then and then if I
14:38
Speaker 5: have to eat rite and beans because the rest of
14:41
Speaker 5: the week, I'll just make it work.
14:43
Speaker 4: But that sounds like I planned it. Like that's not like, Oh,
14:46
Speaker 4: I dipped into my savings and now I have no
14:48
Speaker 4: money for redro. That's like, oh, I've dipped into, you know,
14:51
Speaker 4: my spending, and now I am reallocating my spending to
14:54
Speaker 4: make sure I can still save. Like this girl's too
14:56
Speaker 4: smart for us.
15:00
Speaker 5: True, but I guess it just puts stress on me, and.
15:02
Speaker 4: I find that totally bad.
15:04
Speaker 5: The few days leading up to pay day, I'm like,
15:07
Speaker 5: I'm like peaching for it.
15:08
Speaker 1: And it's that guilt as well.
15:11
Speaker 5: Yeah, and especially for things that they're not going to
15:13
Speaker 5: go away, like they're always going to be there. But
15:15
Speaker 5: for some reason, I decided I need that skincare item
15:18
Speaker 5: like yesterday.
15:20
Speaker 4: Yeah, if it's skincare, I'm done for.
15:21
Speaker 1: Yeah.
15:22
Speaker 4: I spend so much money.
15:23
Speaker 1: On I want to glow. I will spend the money.
15:25
Speaker 4: Yes, it's so naughty, like I can't walk into like
15:28
Speaker 4: Mecca or go on a door or anything without like
15:31
Speaker 4: walking away with having purchased something is so annoying. It's bad.
15:35
Speaker 4: I just really like skincare, so I feel you, my friend.
15:38
Speaker 4: I have one last question for you before we jump
15:40
Speaker 4: to a really quick break because I'm really excited to
15:43
Speaker 4: ask you a whole heap of questions. So that question
15:46
Speaker 4: is what grade would you give yourself if I forced
15:48
Speaker 4: you to give your money habits a grade?
15:52
Speaker 5: I would use myself a BEE. And my reason for
15:55
Speaker 5: that is that I'm really happy with my money habits now. However,
16:01
Speaker 5: given my net worth, what's in my bank account, I
16:04
Speaker 5: just don't feel that that deserves an A. I'm a
16:07
Speaker 5: B until I've got more money.
16:10
Speaker 4: Do we agree with that, Tony? How do we feel
16:12
Speaker 4: about that?
16:13
Speaker 3: I think that the logic is sound, but I think
16:16
Speaker 3: that there's a problem with the out of it being
16:19
Speaker 3: more money. I don't think it's more money. I think
16:22
Speaker 3: that as soon as you reallocate and you know exactly
16:25
Speaker 3: where all of your money's sitting, and you kind of
16:27
Speaker 3: feel like you're on track, then But I think a.
16:30
Speaker 1: B is very fair.
16:31
Speaker 3: I think you're because you're working towards you feeling comfortable.
16:36
Speaker 3: It's not about me feeling comfortable or thinking it's a
16:37
Speaker 3: good amount.
16:38
Speaker 4: I think, yeah, I think you're on the right track. Yeah,
16:40
Speaker 4: like absolutely on the right track. And I feel like
16:43
Speaker 4: too many times we put too much pressure on ourselves
16:45
Speaker 4: to have more money, and that's actually not going to
16:47
Speaker 4: make us happier. We should just be really stoked about
16:49
Speaker 4: the process and about making sure that we do have
16:52
Speaker 4: everything set up. And as you said before, you're no
16:55
Speaker 4: longer stressed about paying regro. And I feel like that's
16:58
Speaker 4: that's a pretty gold standard of making sure that we've
17:01
Speaker 4: got some level of financial security and financial freedom before
17:04
Speaker 4: we get, you know, to retire an age, because not
17:07
Speaker 4: all of us can create passive incomes right here and now,
17:09
Speaker 4: right like that would be the dream. No, absolutely neither,
17:12
Speaker 4: because I don't worry. Don't worry, my friend. But I
17:15
Speaker 4: think that's that's fair.
17:16
Speaker 5: Yeah, I feel I guess to later on on the
17:20
Speaker 5: point a bit more like if I had thirty grand
17:23
Speaker 5: sitting in a bank account and I was practicing the habits,
17:25
Speaker 5: I'd be like, oh, yeah, I'm an a. But because
17:27
Speaker 5: my bank account isn't looking super healthy, I don't feel
17:30
Speaker 5: like that deserves the score of a.
17:32
Speaker 4: Well, that's fair. We'll check with you in like twelve months,
17:35
Speaker 4: and I know with the habits you've got that you'll
17:37
Speaker 4: be there. And I'm going to ask more about your
17:39
Speaker 4: habits right after this really quick break, All right, let's
17:51
Speaker 4: jump straight back into it. And I have so many questions,
17:55
Speaker 4: my friend. But the first is you said that you've
17:58
Speaker 4: been traveling, but you've also started How did it investing?
18:01
Speaker 4: How did you jump into that, and how did you
18:04
Speaker 4: make the decision to start investing? But also how did
18:07
Speaker 4: you make the decision of what to invest in? What
18:09
Speaker 4: steps did you take?
18:12
Speaker 5: So fortunately, my partner is very financially savvy, and one
18:18
Speaker 5: day we were just driving around and he just started
18:21
Speaker 5: talking to me like about the share market, kind of
18:24
Speaker 5: out of the blue, and he was just giving me
18:26
Speaker 5: so much information and I was just like, how.
18:29
Speaker 6: Do you have this knowledge in your brain?
18:31
Speaker 4: And road trips with me?
18:36
Speaker 5: Oh god, I would love that. Anyway, this is August
18:41
Speaker 5: last year, and he suggested that I read a particular
18:44
Speaker 5: book which gave me very good exposure to the world
18:48
Speaker 5: of finance, and oh.
18:50
Speaker 4: Well, someone hot tips, everybody else wants to read.
18:53
Speaker 6: It, therefore investor.
18:55
Speaker 4: Yeah, I feel like that's a good way to start.
18:57
Speaker 4: I feel like a lot of people pick that up
18:58
Speaker 4: as their first book and then go great, like this
19:01
Speaker 4: is you know, a really good structure for me, And
19:04
Speaker 4: it's the structure that so many people have been craving
19:06
Speaker 4: for a really long time. I think it's great.
19:08
Speaker 1: Plus your book wasn't out yet last August.
19:10
Speaker 4: Oh yeah, so no, no, no, bit genuinely like, I
19:13
Speaker 4: think he's done a really good job of changing financial
19:15
Speaker 4: literacy in Australia and it's just solid advice that makes
19:19
Speaker 4: you feel really comfortable and like you can do it yourself.
19:22
Speaker 5: Right, Yes, and don't worry Victoria, your book arrived yesterday
19:25
Speaker 5: on free order.
19:26
Speaker 4: I really did it. Actually, it's so excremely people have
19:30
Speaker 4: my book. But also I'm just more about financial literacy.
19:33
Speaker 4: So if you want to read Barefoot Investor, go for it.
19:35
Speaker 4: You want to read Cheese on the Money, fabulous, you
19:37
Speaker 4: want to read all of them even better. But at
19:40
Speaker 4: the end of the day, I'm just stoked that people
19:42
Speaker 4: read finance book.
19:43
Speaker 1: And actually want to educate themselves.
19:45
Speaker 4: Yet it's so good anyway, keep on keeping on.
19:48
Speaker 5: So yeah, I got my first exposure to it then,
19:50
Speaker 5: and over the next six months, my partner and I
19:54
Speaker 5: would just he's sort to share portfolio and we would
19:57
Speaker 5: just talk about it every so often and he would
19:59
Speaker 5: just show me like what's gone up and what's gone down.
20:02
Speaker 5: And with the increased exposure, which just seems less.
20:05
Speaker 6: Scary to me.
20:06
Speaker 5: Did a bit of research on trends and things like that,
20:09
Speaker 5: and as it turned out, you know, everything crashed about
20:11
Speaker 5: June last year and at the beginning of coronavirus fitting serious.
20:18
Speaker 5: Things are starting to improve earlier this year. But basically,
20:24
Speaker 5: what I chose to do was looking at shares that
20:26
Speaker 5: had crashed post COVID, and I chose to invest into
20:32
Speaker 5: tribal companies.
20:33
Speaker 4: That's like a really smart thing to do. I feel like, yeah,
20:37
Speaker 4: I didn't think of that. I wish I thought of that.
20:40
Speaker 5: One of them actually didn't crash that much, but they
20:42
Speaker 5: definitely did take a dip, and another one, you know,
20:45
Speaker 5: they went down like about seventy percent, And so I
20:49
Speaker 5: invested in those thinking one day of the world will
20:51
Speaker 5: be back to normal, and I think, you know, when
20:54
Speaker 5: the world opens up.
20:55
Speaker 6: People are going to want to travel more than ever.
20:56
Speaker 3: So smart that is thus hardest thing up over here.
21:01
Speaker 4: It's really intelligent. Yeah, I feel like a lot of
21:04
Speaker 4: people during corona, like we're looking at the stock market
21:06
Speaker 4: and picking shares based on that. And you know, I'm
21:09
Speaker 4: not unprovy to that because in financial advisorland, we definitely
21:13
Speaker 4: were having conversations about that. But me personally, I didn't
21:16
Speaker 4: think to buy any for myself. Why silly, I know,
21:21
Speaker 4: I was just caring about everybody else. I was like,
21:23
Speaker 4: all right, so my client portfolios look like X and
21:25
Speaker 4: why and we need to do this and this is
21:26
Speaker 4: how we're going to protect our assets, and you know,
21:28
Speaker 4: you kind of go into damage control. And I remember
21:30
Speaker 4: when it started hitting and I'm working from hoping like
21:33
Speaker 4: my clients are going to lose it, and then everything
21:35
Speaker 4: was all fine, and you know, everything is I wouldn't
21:37
Speaker 4: say sunshine and roses, but it's much more comfortable because
21:40
Speaker 4: the world knows how to deal with Corona, Like I mean,
21:43
Speaker 4: we don't know the outcome or how long lasting the
21:46
Speaker 4: impacts are going to be. And obviously there's been significant
21:49
Speaker 4: financial impact for so many people. But I remember at
21:51
Speaker 4: the start of it as a financial advisor being like
21:54
Speaker 4: strap in.
21:55
Speaker 1: We have a lot most go now for sure, Yeah, we.
21:58
Speaker 4: Know so much more. But I feel like that was
22:00
Speaker 4: a risk, and that was a cool risk that arguably
22:03
Speaker 4: is paying off. My friend, especially for.
22:04
Speaker 1: A first time investor, that's real risk.
22:08
Speaker 4: What led you to make such a risky decision instead
22:11
Speaker 4: of picking something like a managed fund or an ETF
22:14
Speaker 4: or even something that felt a little bit more stable.
22:17
Speaker 5: Well, one of the companies I invested in was Quantus,
22:21
Speaker 5: so they were the one that took less of a dip,
22:24
Speaker 5: but a dip regardless. And I just I mean, I
22:28
Speaker 5: could totally be wrong, but I just feel that Quantus
22:31
Speaker 5: is a really key Australian company and I just feel
22:34
Speaker 5: it they'll.
22:34
Speaker 6: Never go away.
22:34
Speaker 5: And I could be wrong that there's no guarantee with
22:37
Speaker 5: the share market, of course. And flight Center I invested in,
22:41
Speaker 5: and my theory with them was that even if they
22:44
Speaker 5: christ gets up to only half of what it was
22:47
Speaker 5: at its peak, I've still doubled my money, so doubled. Yes,
22:55
Speaker 5: And I'm not sure what you'll think about this. Probably
22:58
Speaker 5: you won't look at this favorably. Thought.
23:01
Speaker 4: I love how people are like Victoria Devine will judge us,
23:04
Speaker 4: and then everyone who actually knows me is like the
23:06
Speaker 4: last person to judge us is going to be Victoria Vine.
23:10
Speaker 3: No.
23:10
Speaker 1: I can guess what's coming.
23:11
Speaker 4: Yeah, she's going to say Cryptos, No, what is it?
23:16
Speaker 4: What is it?
23:17
Speaker 5: Last month I invested in after Pay when it's a bit.
23:21
Speaker 4: All right, interesting choice. It's in a lot of portfolios.
23:25
Speaker 4: At the moment, a lot of ETFs hold after pay.
23:28
Speaker 4: I feel like I've said this on the podcast before,
23:31
Speaker 4: I don't agree with consumers using it because it's a
23:33
Speaker 4: slippertty slope, right, Like, it's not something that you know,
23:36
Speaker 4: if I got after pay, I think personally i'd struggle
23:39
Speaker 4: because I wouldn't be able to see the full numbers.
23:42
Speaker 4: And I'm someone who you know, I'm actually just better
23:44
Speaker 4: with cash, and I know how much is in my
23:46
Speaker 4: bank account, so I know how much I can spend.
23:48
Speaker 4: But when it comes to an actual company, it's brilliantly run,
23:52
Speaker 4: like it's a great company with so much scope and
23:55
Speaker 4: so much growth. And I think that over the next
23:57
Speaker 4: few years as well, we're only going to see it
23:59
Speaker 4: increase inside because as much as she's on the money
24:02
Speaker 4: doesn't love it and doesn't advocate for it, people are
24:05
Speaker 4: still using it. They're still increasing their consumers, they are
24:08
Speaker 4: still increasing their profit margins, they are increasing their product
24:11
Speaker 4: offerings as well, like they're going I'm pretty sure they're
24:14
Speaker 4: going into the banking space next, which is wild.
24:17
Speaker 5: I just feel like it's growing, like it's had, you know,
24:20
Speaker 5: massive growth since it started. You know, you see on
24:22
Speaker 5: websites and stuff like now have after pay, We've nearly
24:26
Speaker 5: got after pay, and it just seems like it's something
24:29
Speaker 5: that more and more businesses are incorporating. So you know,
24:32
Speaker 5: that makes me think it's growing. And I know you
24:35
Speaker 5: won't like this, but it's up to stop.
24:37
Speaker 4: Saying I won't like it. I really love that you're
24:39
Speaker 4: making decisions based on research that you're doing, not just
24:43
Speaker 4: research of the company, but you're looking at it from
24:46
Speaker 4: a consumer perspective, and you're like, that's pretty prevalent. I
24:49
Speaker 4: feel like I will support that, and I understand how
24:52
Speaker 4: it's rolling out, like you sound really educated on what
24:55
Speaker 4: you're talking about. Ye, I love it. It makes me
24:57
Speaker 4: so excited, Like, don't say I wouldn't agree with it,
25:00
Speaker 4: because at the end of the day, if you're saying, look,
25:02
Speaker 4: I feel like I value that, I'm not going to
25:04
Speaker 4: argue with you. Who am I to tell you that
25:06
Speaker 4: your values aren't right? Like that would be rude.
25:09
Speaker 6: Yeah.
25:10
Speaker 5: I happen to like the company and totally understand not,
25:14
Speaker 5: you know, investing in things that don't align.
25:16
Speaker 6: To your values.
25:17
Speaker 5: But I actually use after pay and I feel that
25:19
Speaker 5: I use it very responsibly and that I never over
25:23
Speaker 5: purchased on it or anything. It's just as a cash
25:26
Speaker 5: flow management system. Sometimes I'll have to make two two
25:31
Speaker 5: hundred dollars purchases in a fortnight and you know, instead
25:34
Speaker 5: of just whacking out four hundred bucks from my fortnightly budget,
25:39
Speaker 5: it's only one hundred, which just like feels so much
25:41
Speaker 5: more manageable.
25:41
Speaker 4: Yeah, which I agree with. So I think that that's
25:44
Speaker 4: really important to actually talk about here. I've never said
25:48
Speaker 4: I do not love after pay full stop. No one
25:50
Speaker 4: should use it. If you're using it in line with
25:52
Speaker 4: your values and actually using it as a cashlow and
25:55
Speaker 4: budgeting tool, fantastic. I think I've spoken Tony about it
25:58
Speaker 4: on the podcast before. My best friend uses it a lot,
26:02
Speaker 4: she's great with it. I couldn't trust me with it, though,
26:05
Speaker 4: Like I know, it would be a really slippery slope.
26:07
Speaker 4: I know I would spend more money because.
26:09
Speaker 1: I'd be like, oh, well, I'm very trugger happy.
26:12
Speaker 4: Yes, Sayer. And I feel like it sounds so silly,
26:15
Speaker 4: but even when I've had like store credits, I suddenly
26:19
Speaker 4: I'll go, all right, two hundred dollars dress, Oh that's
26:22
Speaker 4: pretty expensive. But then somehow, if I've got a store credit,
26:25
Speaker 4: I'm unable to see the difference between a two hundred
26:27
Speaker 4: dollar dress and a two hundred and fifty dollar dress.
26:29
Speaker 4: I'm like, oh, well they're about the same, right, No,
26:32
Speaker 4: there's fifty dollars difference. And I know that if I
26:34
Speaker 4: had after pay, which I have never had, I would
26:37
Speaker 4: just pick the two hundred and fifty dollars one, because
26:39
Speaker 4: every oh what's the difference? Yeah, And I know other
26:42
Speaker 4: people do that, and that's the mentality behind it, right,
26:44
Speaker 4: that's the psychology behind using something like after pay or
26:48
Speaker 4: to be honest like any other by now pay later company,
26:52
Speaker 4: you just go okay, cool, Well that mentality works. But
26:55
Speaker 4: for someone like you money direst You're like, no, like
26:57
Speaker 4: I just use it as a cashulo and budgeting tool.
26:59
Speaker 4: And I'm like, you, my friend, are stronger than I am.
27:03
Speaker 3: Moving on from your investments though, so obviously you spent
27:08
Speaker 3: a bit of time overseas. You ended up living overseas
27:11
Speaker 3: by accident, and you said that that's led you to
27:14
Speaker 3: compare yourself a little bit to your friends that are
27:17
Speaker 3: I mean, you're twenty nine, I'm twenty seven.
27:19
Speaker 1: I'm twenty nine, you're twenty nine as well.
27:22
Speaker 3: I know that every person that I'm friends with on
27:26
Speaker 3: Facebook or Instagram is like, oh, we just bought a
27:28
Speaker 3: house or got a dog or having a baby, and
27:30
Speaker 3: it is really hard to not compare yourself.
27:32
Speaker 1: I guess do you feel that there is merit to
27:36
Speaker 1: what you did?
27:36
Speaker 3: Because there is, you know, you gained all that life
27:39
Speaker 3: experience and maybe you weren't working and saving your super
27:43
Speaker 3: or whatever. But money can always be earned. Is that
27:45
Speaker 3: like kind of how you still feel.
27:48
Speaker 5: I don't regret going overseas at all. So one of
27:52
Speaker 5: those of you guy actually earned pretty good money, but
27:56
Speaker 5: I completely wasted it. Like I had the same job
28:01
Speaker 5: as several of my friends that they managed their money
28:06
Speaker 5: like I just never had any money, and yet we
28:08
Speaker 5: had the same experiences that you know, they were able
28:12
Speaker 5: to save money at the same time. And honestly, I
28:16
Speaker 5: just like was so disorganized overseas.
28:19
Speaker 6: And I just like had no.
28:23
Speaker 5: I was But where I went wrong was the same
28:26
Speaker 5: amount of money as a whole out to my friends,
28:28
Speaker 5: and yet they were able to save money. So it's
28:30
Speaker 5: not that they made sacrifices like we had the exact
28:33
Speaker 5: same lifestyle. It's just that they manage things better. And
28:39
Speaker 5: I'm embarrassed to say that, like, I think that so
28:41
Speaker 5: much of my money disappeared on takeaway food and taxis.
28:46
Speaker 6: I think if I.
28:47
Speaker 5: Was just a bit more organized with meal prep and transport,
28:50
Speaker 5: I would suddenly have like thousands of dollars more.
28:53
Speaker 4: I agree, But I also think that we can't be
28:55
Speaker 4: harsh on past us. We can't judge them for the
28:58
Speaker 4: decisions that they made, because I think that at that
29:01
Speaker 4: time you were making the right decision for you and
29:03
Speaker 4: you were just living your life. And to be honest,
29:05
Speaker 4: sometimes we need to go through things like that to
29:07
Speaker 4: actually start valuing saving money. Because you know, let's take
29:11
Speaker 4: ourselves back to maybe that taxi that you took because
29:14
Speaker 4: you had some drinks out with the girls. If I
29:16
Speaker 4: was sitting beside you in that taxi and I said, hey,
29:19
Speaker 4: you should actually be saving you'll probably tell me to
29:21
Speaker 4: jump out of the taxi that you're not interested in
29:23
Speaker 4: You're living your best life. Like I think that we
29:25
Speaker 4: actually have to be ready to hear the advice and
29:28
Speaker 4: actually want the advice. And I often find, obviously because
29:31
Speaker 4: I took about money every single day, that people are
29:35
Speaker 4: sometimes just not ready and you might not have been ready.
29:38
Speaker 4: And I think that that's okay, but we can't just
29:40
Speaker 4: be harsh on past us for making decisions that current
29:43
Speaker 4: you would have, Like I know, current you would have
29:45
Speaker 4: saved past you might not have. That's okay, but don't go, oh,
29:49
Speaker 4: I'm so embarrassed about that. Like I have done so
29:52
Speaker 4: many embarrassing things, but I think that they've really helped
29:55
Speaker 4: me create who I am today and created the values
29:57
Speaker 4: I have today. And potentially you having gone through that
30:00
Speaker 4: means that's why you're so good at budget and cashlow now,
30:03
Speaker 4: it's probably why after pays not an issue for you.
30:06
Speaker 4: It's probably why you're going you know what, I actually
30:08
Speaker 4: think that I'm a bee, not an A plus because
30:10
Speaker 4: I want more money in my accounts. Like, your mindset
30:13
Speaker 4: isn't fixed, it changes over time, And I think that
30:16
Speaker 4: that's a really beautiful story of how you have been there.
30:20
Speaker 4: But like, I just don't want you to be embarrassed
30:21
Speaker 4: of that. That's not something to be embarrassed by by
30:24
Speaker 4: any stretch of the imagination.
30:26
Speaker 5: Oh no, I'm definitely definitely forgive myself for everything, but
30:31
Speaker 5: I yeah, I just see the missed opportunity. I came
30:34
Speaker 5: back flat broke.
30:36
Speaker 4: Yeah, but I'm pretty sure you had a good time,
30:39
Speaker 4: and I don't want you to be upset with it,
30:40
Speaker 4: and to be honest, from what it sounds like, with
30:43
Speaker 4: what you're doing with your super and your hexteat and
30:46
Speaker 4: the savings that you're making and the fact that you're
30:48
Speaker 4: saving non negotiably twenty percent, like what not many twenty
30:53
Speaker 4: nine year olds could say that they can do that.
30:55
Speaker 4: And sometimes, especially in the She's on the Money community,
30:58
Speaker 4: we forget that it's the life as voices that get
31:01
Speaker 4: the most exposure. So like we'll have money dires who
31:04
Speaker 4: have bought houses, or we might have you know, people
31:07
Speaker 4: in the Facebook group that are willing to comment. But
31:10
Speaker 4: I think we need to remember that sometimes if you're
31:12
Speaker 4: feeling flat, or you're feeling embarrassed about your situation, or
31:15
Speaker 4: you're not ready to talk about it, you're not going
31:16
Speaker 4: to be putting your hand up and being like, hey,
31:18
Speaker 4: I'm twenty nine and I don't feel like I've done enough.
31:21
Speaker 4: Like people don't usually come out with those stories. It's
31:23
Speaker 4: like social media. Because it is social media, you kind
31:27
Speaker 4: of only see the highlight reel. And as much as
31:29
Speaker 4: our community is so open and honest and generous, and
31:32
Speaker 4: I'm so grateful for the stories that we get even
31:34
Speaker 4: when they're like, hey, I'm struggling a bit, how can
31:36
Speaker 4: I do this? And I feel like our community jumps
31:38
Speaker 4: on board and they're like, oh my gosh, all right, Tony,
31:40
Speaker 4: this is what you should do, and you know, I'll
31:42
Speaker 4: give you this advice or I can help you, and
31:43
Speaker 4: it's just it's so kind. But it's not actually that
31:47
Speaker 4: common for people to put their hands up and go, hey, like,
31:49
Speaker 4: I'm not where I want to be and I'm struggling
31:51
Speaker 4: a little bit. And I think that it's really beautiful
31:53
Speaker 4: that you're saying that, But I also think that you know,
31:56
Speaker 4: it's also really easy to only hear the loudest voices.
32:00
Speaker 3: I also love that you said you've forgiven yourself for
32:02
Speaker 3: that time and you've learned from it, which it sounds
32:04
Speaker 3: like it has sounds like you're absolutely killing it and
32:07
Speaker 3: you're on your way to real financial success. So it's
32:09
Speaker 3: been amazing listening to your story from someone who traveled
32:13
Speaker 3: a lot and is now you know, getting their A
32:14
Speaker 3: into g It's like, it's really cool, Thank.
32:17
Speaker 5: You very much. I'm yeah, so happy to be able
32:20
Speaker 5: to talk with you guys today. And I suppose like
32:25
Speaker 5: my view when I was getting exposed to the financial world,
32:28
Speaker 5: was that I wasn't able to catch up, like that
32:32
Speaker 5: I'd really made sacrifices and I would forever stuff at
32:36
Speaker 5: the consequences. But I think today, I know it sounds
32:41
Speaker 5: like maybe you're thinking that I perhaps am in a
32:45
Speaker 5: position where I am able to catch up.
32:47
Speaker 1: Well, yeah, you're able.
32:49
Speaker 4: To catch up. I think you'll surpass so many things,
32:52
Speaker 4: like the fact that you don't have any You've gone
32:54
Speaker 4: through all this travel, right, but you don't have any
32:56
Speaker 4: consumer debt, you don't have any personal debt. The only
32:58
Speaker 4: date you've said you had was hex. Like, that's such
33:01
Speaker 4: a good position to be in. It sounds like you're
33:03
Speaker 4: going to absolutely kill it. Like I'm so excited about
33:05
Speaker 4: this and you probably just can't see it yet.
33:08
Speaker 5: Thank you very much.
33:09
Speaker 4: I think that's the perfect place to leave it. So,
33:12
Speaker 4: just before we head off, we'd like to acknowledge and
33:14
Speaker 4: pay respect to Australia's Aboriginal and torrest Rate islander peoples,
33:18
Speaker 4: the traditional custodians of the lands, the waterways and the
33:21
Speaker 4: skies all across Australia. We thank you for sharing and
33:24
Speaker 4: for caring for the land on which we are able
33:26
Speaker 4: to learn. We pay respects to elders past and present,
33:30
Speaker 4: and we share our friendship and our kindness.
33:32
Speaker 3: The advice shared on She's on the Money is generally
33:35
Speaker 3: nature and does not consider your individual circumstances. She's on
33:39
Speaker 3: the Money exists purely for educational purposes and should not
33:42
Speaker 3: be relied upon to make an investment or financial decision,
33:45
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33:48
Speaker 3: Australia Pacific Funds Management Proprietary Limited ABN three four one
33:52
Speaker 3: three two four six three two five seven AFSL three
33:55
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33:58
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34:01
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34:05
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34:09
Speaker 1: You can also join us on Instagram.
34:11
Speaker 4: By the way, it's one hundred and eighty thousand.
34:13
Speaker 3: But okay, pardon me, sorry, gosh dot I pay this week?
34:18
Speaker 4: Yeah, look, keep up with the times, Tonal Roddy.
34:21
Speaker 3: You can also join us on Instagram at She's on
34:23
Speaker 3: the Money AUS and don't forget to rate, review, and
34:26
Speaker 3: subscribe this podcast if you love it or if you
34:28
Speaker 3: don't because it does help us grow and you know,
34:31
Speaker 3: helps other people find us.
34:33
Speaker 4: Yeah, I love that. I feel like you just sounded
34:36
Speaker 4: like a flight attendant. Oh really you were like, Okay,
34:40
Speaker 4: thank you so much for flying Quantas. We hope you
34:42
Speaker 4: enjoyed giving us your business or whatever they say.
34:46
Speaker 3: Should I do it next time? I'll do the end
34:49
Speaker 3: part with more of a voiceover voice.
34:52
Speaker 4: Yeah, like it's a full voiceover voice.
34:54
Speaker 3: The advice shared on She's on the Money is generally
34:56
Speaker 3: nature and does not consider your individual circumstances.
35:00
Speaker 1: I know, I sound like I'm reading the time totally.
35:02
Speaker 4: Any are now going to dimmer lights for take off?
35:04
Speaker 4: If you're scared of the dark or that the boogey
35:06
Speaker 4: Man will get you, don't worry, he only flies Jet.
35:09
Speaker 1: Star Like, oh you think I work on Quantos? Bougie?
35:12
Speaker 4: You love boogie all right?
35:14
Speaker 1: Love you see you next week, bo