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Money Talk With A 10-Year-Old · That Home Loan Hub

• 0:10
  SPEAKER_00: Hello and welcome to the School Holiday Edition.
• 0:13
  SPEAKER_00: Today I have another guest, and his name is Aslan Nemousel.
• 0:19
  SPEAKER_00: Hello, Aslan.
• 0:20
  SPEAKER_00: How are you?
• 0:21
  SPEAKER_01: Good, how are you?
• 0:22
  SPEAKER_00: Good.
• 0:22
  SPEAKER_00: How are you related to me?
• 0:24
  SPEAKER_01: I'm kind of your son right now.
• 0:26
  SPEAKER_00: Kind of my son right now.
• 0:27
  SPEAKER_00: Yeah.
• 0:28
  SPEAKER_00: Okay.
• 0:29
  SPEAKER_00: And how old are you?
• 0:31
  SPEAKER_01: 10.
• 0:31
  SPEAKER_01: Turning 11 in July.
• 0:33
  SPEAKER_00: Cool.
• 0:34
  SPEAKER_00: And can you tell me what do you think we're going to talk about today?
• 0:40
  SPEAKER_01: Money.
• 0:41
  SPEAKER_00: You want to talk about money?
• 0:42
  SPEAKER_01: Insurance.
• 0:43
  SPEAKER_00: You want to talk about insurance?
• 0:44
  SPEAKER_00: Yeah.
• 0:45
  SPEAKER_00: Okay, cool.
• 0:45
  SPEAKER_00: Let's start with money.
• 0:46
  SPEAKER_00: What do we know about money?
• 0:48
  SPEAKER_01: That you can buy a lot of stuff with it.
• 0:50
  SPEAKER_00: What sort of stuff do you want to buy with money?
• 0:53
  SPEAKER_01: A car, a house, lollies.
• 0:55
  SPEAKER_00: A house.
• 0:55
  SPEAKER_00: A car, a house, and lollies.
• 0:58
  SPEAKER_00: Yeah.
• 0:58
  SPEAKER_00: That's a lot of stuff you can buy with money.
• 1:01
  SPEAKER_00: Okay.
• 1:02
  SPEAKER_00: And Aslan, for those that are listening, and if you are 10 years old, what do you think they should know about money?
• 1:09
  SPEAKER_01: How to make it, uh to what to do with it, and to save up.
• 1:15
  SPEAKER_00: Okay.
• 1:16
  SPEAKER_00: So if you think that people should know how to make money, how should they make money if they're only 10 years old?
• 1:24
  SPEAKER_01: Maybe do a business like uh like lawn do the lawn mowers or help your parents.
• 1:31
  SPEAKER_00: And how are they gonna do that?
• 1:33
  SPEAKER_00: If they don't have a lawn mower?
• 1:34
  SPEAKER_00: How are they gonna do lawn mowing?
• 1:36
  SPEAKER_01: Uh ask their mom or dad for it.
• 1:39
  SPEAKER_00: For a lawn mower?
• 1:41
  SPEAKER_01: Yeah, and ha and then like clean around the house.
• 1:43
  SPEAKER_00: Oh yeah, okay.
• 1:45
  SPEAKER_00: So if you clean around the house, you can get some pocket money.
• 1:48
  SPEAKER_00: Yeah.
• 1:49
  SPEAKER_00: And then what do you do with that money?
• 1:50
  SPEAKER_01: You can spend it or save it.
• 1:53
  SPEAKER_00: Okay.
• 1:54
  SPEAKER_00: And if you spend it all at once, then there'll be nothing to save.
• 1:57
  SPEAKER_01: Yeah, so you should save around half of it and then spend other half.
• 2:01
  SPEAKER_00: Okay.
• 2:02
  SPEAKER_00: So if you get ten dollars in a week or a day?
• 2:07
  SPEAKER_00: A week.
• 2:08
  SPEAKER_01: Okay.
• 2:09
  SPEAKER_00: And what are you gonna do with five dollars?
• 2:11
  SPEAKER_01: I'll probably put in my bank for college or I'd save up to get like something good, like an electric scooter or something else.
• 2:22
  SPEAKER_00: What are you gonna get?
• 2:24
  SPEAKER_01: An electric scooter or like a TV or something.
• 2:27
  SPEAKER_01: Or PS5.
• 2:28
  SPEAKER_00: What are you gonna do with an electric scooter?
• 2:31
  SPEAKER_01: What do you think?
• 2:33
  SPEAKER_01: Ride around it.
• 2:36
  SPEAKER_00: Ride around.
• 2:37
  SPEAKER_00: Can you make money with the electric scooter?
• 2:39
  SPEAKER_01: Oh yeah, you can rent it.
• 2:41
  SPEAKER_00: You can rent it.
• 2:42
  SPEAKER_01: Yeah.
• 2:43
  SPEAKER_00: Okay, who are you gonna rent it to?
• 2:44
  SPEAKER_01: My friends and you.
• 2:46
  SPEAKER_00: Your friends and me?
• 2:47
  SPEAKER_00: Yeah.
• 2:47
  SPEAKER_00: Lovely.
• 2:49
  SPEAKER_00: Okay, so if you were to save money, how where are you gonna put it again?
• 2:56
  SPEAKER_01: Uh my bank.
• 2:58
  SPEAKER_00: And where is your bank?
• 3:01
  SPEAKER_01: In your phone.
• 3:03
  SPEAKER_00: Your bank is in my phone.
• 3:06
  SPEAKER_00: Fair enough.
• 3:07
  SPEAKER_00: Okay, and you also know about shares, right?
• 3:09
  SPEAKER_00: Oh yeah.
• 3:10
  SPEAKER_00: Yeah.
• 3:10
  SPEAKER_00: What sort of shares do you have?
• 3:12
  SPEAKER_01: I have Tesla, I have flight the flight places, I have car places, my Coca-Cola, I have iPhone, I have Apple.
• 3:26
  SPEAKER_00: How did you buy those shares?
• 3:28
  SPEAKER_01: With money.
• 3:29
  SPEAKER_00: And how did you make that money?
• 3:32
  SPEAKER_01: By working.
• 3:33
  SPEAKER_00: And where where else do you work?
• 3:35
  SPEAKER_00: Do you want to tell our listeners where you work?
• 3:37
  SPEAKER_01: I work at Taekwondo.
• 3:39
  SPEAKER_00: Yeah.
• 3:39
  SPEAKER_00: What do you do there?
• 3:41
  SPEAKER_01: Coach.
• 3:41
  SPEAKER_00: How long have you been doing that for?
• 3:44
  SPEAKER_01: A year or two.
• 3:46
  SPEAKER_00: Yeah.
• 3:46
  SPEAKER_00: Are you liking it?
• 3:47
  SPEAKER_00: Yeah.
• 3:48
  SPEAKER_00: Yeah?
• 3:49
  SPEAKER_00: What do you want to be when you grow up?
• 3:52
  SPEAKER_00: You want to be a taekwondo coach?
• 3:53
  SPEAKER_01: Yeah, or the thing you do, which is like insur help people with insurances.
• 3:59
  SPEAKER_00: When there's insurances and mortgages?
• 4:00
  SPEAKER_00: Yeah.
• 4:01
  SPEAKER_00: What's a what's a mortgage, hasn't it?
• 4:03
  SPEAKER_01: Like a house or like if you want to like buy a house, you go to Sebony Salymov because she's the best.
• 4:12
  SPEAKER_00: A little promotion.
• 4:14
  SPEAKER_00: Okay, so I help people buy houses by giving them a mortgage.
• 4:18
  SPEAKER_00: Yeah.
• 4:19
  SPEAKER_00: But what is a mortgage?
• 4:20
  SPEAKER_00: Can you explain to someone that's 10 years old like you what is a mortgage?
• 4:24
  SPEAKER_01: A mortgage is like a house, or like if you want to buy a house, that's basically like a mortgage.
• 4:33
  SPEAKER_01: Yeah, I think so.
• 4:35
  SPEAKER_01: That's it.
• 4:36
  SPEAKER_00: It's a loan.
• 4:37
  SPEAKER_01: A loan, yeah, yeah, that's what I'm thinking of.
• 4:39
  SPEAKER_01: Um so you can buy like a house and then you have to pay the bank if you don't have enough money, so you get a loan from the bank, and you have to pay back the loan even more.
• 4:50
  SPEAKER_01: So if you get a million, if you let's say you get a million dollars for a m for a house, you have to pay no loan, let's say, for 1.2 million or 1.5 million over time.
• 5:01
  SPEAKER_00: Why is that?
• 5:02
  SPEAKER_01: Because that's how they make money.
• 5:04
  SPEAKER_00: Mmm.
• 5:05
  SPEAKER_00: That's because of the interest rate.
• 5:07
  SPEAKER_01: Yeah, interest rate.
• 5:08
  SPEAKER_00: Yeah.
• 5:09
  SPEAKER_00: Do you know about interest rates?
• 5:10
  SPEAKER_01: It's nothing that goes up and never goes down.
• 5:14
  SPEAKER_00: Oh.
• 5:15
  SPEAKER_00: Okay.
• 5:16
  SPEAKER_00: Okay.
• 5:16
  SPEAKER_00: And do you know anything about the compounding interest?
• 5:19
  SPEAKER_00: No.
• 5:19
  SPEAKER_00: Okay.
• 5:20
  SPEAKER_00: Maybe next episode when you come back, we can talk about compounding interest.
• 5:23
  SPEAKER_00: Yeah.
• 5:24
  SPEAKER_00: Yep.
• 5:24
  SPEAKER_00: And did you enjoy your school holidays so far?
• 5:26
  SPEAKER_01: Yeah, it's been fun.
• 5:27
  SPEAKER_00: It's been fun?
• 5:28
  SPEAKER_00: Yeah.
• 5:29
  SPEAKER_00: Okay.
• 5:29
  SPEAKER_00: What did you do?
• 5:30
  SPEAKER_01: We had a couple Easter hunts.
• 5:32
  SPEAKER_01: We had chocolate eggs.
• 5:35
  SPEAKER_01: We watched a few movies.
• 5:38
  SPEAKER_01: What else did we do?
• 5:39
  SPEAKER_01: We went out, we did talk and dough.
• 5:42
  SPEAKER_01: We had dinner at some places.
• 5:45
  SPEAKER_01: And we went to a few bakery bakeries.
• 5:48
  SPEAKER_00: We had a mixture of free fun and paid fun.
• 5:51
  SPEAKER_00: Yeah.
• 5:51
  SPEAKER_00: Yeah.
• 5:52
  SPEAKER_00: So it's important for you to remind people that having fun shouldn't cost a lot of money.
• 5:57
  SPEAKER_01: Yeah.
• 5:57
  SPEAKER_00: Yeah.
• 5:58
  SPEAKER_00: What would you suggest someone that's ten years old and wants to have fun and say that they're bored?
• 6:02
  SPEAKER_00: What should they do?
• 6:04
  SPEAKER_01: Uh go on the TV or phone.
• 6:07
  SPEAKER_01: But if they're not allowed to do that, go maybe like a bike ride or play some sports.
• 6:12
  SPEAKER_00: Read a book?
• 6:14
  SPEAKER_01: Yeah, and read a book.
• 6:15
  SPEAKER_00: What sort of books do you like?
• 6:18
  SPEAKER_01: I don't know.
• 6:20
  SPEAKER_01: Any?
• 6:21
  SPEAKER_00: Do you like any books?
• 6:22
  SPEAKER_00: Do you like reading?
• 6:23
  SPEAKER_01: A little bit.
• 6:25
  unknown: Yeah.
• 6:25
  SPEAKER_00: Do you like writing?
• 6:26
  SPEAKER_01: No.
• 6:27
  SPEAKER_00: You write some stories sometimes.
• 6:30
  unknown: I never.
• 6:31
  unknown: You never do.
• 6:32
  unknown: Okay.
• 6:33
  unknown: You never do.
• 6:34
  unknown: Apparently.
• 6:35
  SPEAKER_00: Aslan, do you want to tell our listeners about your lemonade business and how profitable that was one time?
• 6:41
  SPEAKER_01: Oh, yeah.
• 6:42
  SPEAKER_00: Yeah.
• 6:43
  SPEAKER_01: So I got some lemons from Lorraine and then I made some lemonade freshly squeezed, and then I sold it for a two dollars a cup, and then people bought it for me, and then I made lots of money and made almost a hundred dollars.
• 6:58
  SPEAKER_00: In one day.
• 6:59
  SPEAKER_01: Yeah.
• 7:00
  SPEAKER_00: Yeah.
• 7:00
  SPEAKER_00: What did you do with that money?
• 7:03
  SPEAKER_01: I don't even know.
• 7:04
  SPEAKER_00: Mmm.
• 7:05
  SPEAKER_01: I gave some to Ami and Zara 10%, which is so I had$80 left.
• 7:10
  SPEAKER_01: And then bought some ice cream and then I think I did some cheers.
• 7:15
  SPEAKER_00: Mmm.
• 7:16
  unknown: Yeah.
• 7:17
  SPEAKER_00: Are you gonna do any business activities this school holidays?
• 7:19
  SPEAKER_01: I hope so.
• 7:20
  SPEAKER_00: Yeah.
• 7:21
  SPEAKER_00: What else do you want to do?
• 7:23
  SPEAKER_01: I don't know.
• 7:24
  SPEAKER_01: Maybe sell some more lemonade, but no, it's cold, so winter.
• 7:28
  SPEAKER_00: So maybe you should m sell people some hot tea with lemon and ginger and honey.
• 7:34
  SPEAKER_00: Yeah.
• 7:35
  SPEAKER_00: Yeah.
• 7:36
  SPEAKER_00: Okay.
• 7:36
  SPEAKER_00: Alright, Aslan, did you have fun today with me talking on podcast?
• 7:39
  SPEAKER_00: Um yeah.
• 7:40
  SPEAKER_00: Are you gonna come back?
• 7:41
  SPEAKER_01: Yep.
• 7:42
  SPEAKER_00: And next time when you come back, what do you want to talk about?
• 7:44
  SPEAKER_01: Uh inflation.
• 7:46
  SPEAKER_00: You wanna talk about inflation?
• 7:47
  SPEAKER_00: Well, do you want to mention quickly what is inflation?
• 7:50
  SPEAKER_01: It's when stuff go up.
• 7:52
  SPEAKER_01: So let's say you bought a lolly packet for five dollars, and then when and then if it's 150% inflation, it will be seven dollars and fifty cents.
• 8:03
  SPEAKER_00: For the same packet of lollies.
• 8:05
  SPEAKER_00: Yeah.
• 8:05
  SPEAKER_00: But you know, sometimes they're even cheekier and they actually put less lollies.
• 8:09
  SPEAKER_00: They make the packets even smaller.
• 8:11
  SPEAKER_00: Yeah.
• 8:11
  SPEAKER_00: That also could be part of the inflation.
• 8:13
  SPEAKER_00: Yeah.
• 8:14
  SPEAKER_00: Okay.
• 8:14
  SPEAKER_00: Well, thank you for so much for coming.
• 8:16
  SPEAKER_00: It was lovely having you as a guest and see you soon again.
• 8:19
  SPEAKER_01: Yeah, and buy a house before inflation goes up again.
• 8:21
  SPEAKER_01: Bye.
• 8:22
  unknown: Bye.