Latest / She's On The Money / What's Your Investing Personality?

Transcript

What's Your Investing Personality? · She's On The Money

0:00
Speaker 1: Hello.
0:01
Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud yr the
0:05
Speaker 2: Order Kerney Whoalbury and a waddery woman. And before we
0:08
Speaker 2: get started on She's on the Money podcast, I would
0:11
Speaker 2: like to acknowledge the traditional custodians of the land of
0:14
Speaker 2: which this podcast is recorded on a wondery country, acknowledging
0:18
Speaker 2: the elders, the ancestors and the next generation coming through
0:23
Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and
0:27
Speaker 2: the storytelling of you to make a difference for today
0:31
Speaker 2: and lasting impact for tomorrow.
0:33
Speaker 1: Let's get into it.
0:34
Speaker 3: She's on the Money, She's on the Money.
0:57
Speaker 1: Hello, and welcome to She's the Podcast Millennials who Want
1:02
Speaker 1: Financial Freedom. My name is Jessica Ricky, and today with me,
1:05
Speaker 1: I have finance expert Victoria Devine. Hello, mis jess Grichi Hello, Hello.
1:10
Speaker 1: How you still can't get your name right, can you? Jessica,
1:13
Speaker 1: You're going to talk about personality today. I'm very excited
1:16
Speaker 1: about this episode because I feel like so many times
1:19
Speaker 1: we talk about risk and stuff and it's like not
1:21
Speaker 1: nearly a sexy as stereotype. Yes, strap in, it's going
1:26
Speaker 1: to be a fun one, but we're all kind of
1:29
Speaker 1: self reflecting, I think coming up to the new year,
1:31
Speaker 1: and over the past decade or so, there has been
1:33
Speaker 1: a real boom of money personalities, BuzzFeed quizzes, books and
1:38
Speaker 1: courses and websites, And it makes a lot of sense
1:41
Speaker 1: because obviously it's totally essential that we have a deep
1:45
Speaker 1: understanding of our attitudes towards money and investing, as well
1:48
Speaker 1: as the emotions that hide behind the decisions that we're
1:51
Speaker 1: making around money. Obviously very important or also important. Which
1:55
Speaker 1: Disney Princess am I my favorite BuzzFeed quiz? Which one
1:59
Speaker 1: did you come out as? I think I got Cinderella? Yeah,
2:01
Speaker 1: I got Bell, So this is not surprising. Also, that's
2:05
Speaker 1: what we did over our Christmas period. If you guys
2:06
Speaker 1: want to know if we switched off, obviously we did.
2:09
Speaker 1: But I'm excited to talk about this because obviously at
2:12
Speaker 1: this point of the year, as you were saying, Jess,
2:14
Speaker 1: like we're being reflective. But at this particular point of
2:17
Speaker 1: the year, I feel like we're over the Christmas stuff,
2:20
Speaker 1: We've gotten through getting back to work, and now we're
2:22
Speaker 1: really like what is going on with our lives? So
2:24
Speaker 1: now is a great time to I guess talk about
2:27
Speaker 1: different money personalities and one that you might resonate with,
2:30
Speaker 1: because it's not actually that exciting to talk about risk profile.
2:33
Speaker 1: Really important to talk about risk profiles and understand them,
2:36
Speaker 1: but sometimes it's kind of like, well, what do I
2:38
Speaker 1: actually align with? What might my money story be guiding
2:42
Speaker 1: me down the path? Too? And I wrote about this
2:44
Speaker 1: in my first book, and I think I summarized it
2:46
Speaker 1: a little in my second, because I do think it's
2:48
Speaker 1: important to even just reflect on these things and be like, well,
2:51
Speaker 1: why would I fit in that personality type? So we're
2:54
Speaker 1: going to go through all of them today. And this
2:56
Speaker 1: isn't just Jess and I'm making up like star sign content.
2:59
Speaker 1: I promise you this has actually come from real research.
3:01
Speaker 1: So all of this has come from doctor Kathleen Gurney,
3:04
Speaker 1: who is a financial psychology pioneer, you would say, and
3:08
Speaker 1: she found that investors fit into one of nine different
3:11
Speaker 1: personality types. So today we're going to go over those
3:14
Speaker 1: nine personality types. And do you want to kick it off, Joci.
3:17
Speaker 1: I'm excited to learn which one I am. Do you
3:19
Speaker 1: reckon At the end of the episode, we like identify
3:22
Speaker 1: which one we are, and then we'll do a thread
3:23
Speaker 1: in the Facebook proceis because I want to know what
3:25
Speaker 1: everybody else is and what they most resonate with or
3:28
Speaker 1: I'm not going to ask you now, but I want
3:29
Speaker 1: to know what you think most of the shees on
3:31
Speaker 1: the money community are as well. Okay, there's one that
3:34
Speaker 1: I think most people will fall into. The bucket off.
3:36
Speaker 1: Oh I'm interested, all right, kick it off. Tell me
3:38
Speaker 1: what is the first one? All right? So the first
3:40
Speaker 1: money personality, Gurnie outlines it's called a high roll them.
3:44
Speaker 1: It's Jessic Gouchies. So these guys, they are thrill seekers
3:48
Speaker 1: who enjoy financial risk, Not you are. I For them,
3:52
Speaker 1: money brings instant power and recognition. They're creative, they're extroverted
3:57
Speaker 1: and arguably very competitive. And can they prefer to risk
4:01
Speaker 1: their assets rather than be bored by financial security? Definitely?
4:05
Speaker 1: Not me, Definitely, not anyone in the She's on the
4:07
Speaker 1: money community so kind of like a Samantha from Sex
4:10
Speaker 1: and the City. Oh, she likes risk, but I feel
4:12
Speaker 1: like it's a different type of risk. Jess Yeah, you're
4:14
Speaker 1: not wrong. I don't think her financial literacy was up
4:18
Speaker 1: there in the show. Hopefully it's improved since then. If not,
4:21
Speaker 1: she can slide into my DM we can have a chat. Yeah,
4:24
Speaker 1: but I feel like this is less likely to be
4:27
Speaker 1: someone in the she's on the money community. Not because
4:29
Speaker 1: risk taking is bad. Risk taking is something that I
4:32
Speaker 1: align with, to be honest, It's just that I would
4:35
Speaker 1: not take a risk that would compromise my financial security, Like,
4:39
Speaker 1: it's just not an option to me. I just don't
4:41
Speaker 1: want to do that. And the idea that you would
4:42
Speaker 1: prefer to risk your assets then be bored by financial
4:45
Speaker 1: security Like no, sorry, because yeah, as you said, risk
4:48
Speaker 1: taking inherently isn't a bad thing, and there are a
4:49
Speaker 1: lot of people who do her on the side of
4:52
Speaker 1: riskier risk profiles. I guess on money diaries late last year,
4:55
Speaker 1: we spoke to a diarist who sold their entire house
4:59
Speaker 1: to start a business and like that obviously was a
5:01
Speaker 1: really big risk with a lot of return, but like
5:04
Speaker 1: really big risk. I couldn't do it, but they did.
5:07
Speaker 1: So maybe they're a high roller, maybe, But I don't
5:09
Speaker 1: think that that choice was made because they were bored
5:12
Speaker 1: by the thought of being secure financially. No, but like
5:15
Speaker 1: bored with the status quo. Maybe true, true, true, true.
5:19
Speaker 1: So the second money personality is called an optimist, And
5:22
Speaker 1: for optimists, money brings them a sense of peace of mind.
5:25
Speaker 1: They're far more interested in enjoying it than making it grow.
5:29
Speaker 1: They're not highly involved with their money, their taxes, their investments,
5:33
Speaker 1: mainly because they find it too stressful. So they're always
5:36
Speaker 1: it'll happen one day, it'll be fine. I don't need
5:39
Speaker 1: to worry about it at all right now. And they're
5:41
Speaker 1: kind of just maybe the type of people from my perspective,
5:45
Speaker 1: who just live paycheck to paycheck but are super happy
5:47
Speaker 1: with that, and they're not interested in engaging with an
5:50
Speaker 1: investment journey. I don't know if that's because they're not
5:53
Speaker 1: interested or educated in it, but the idea that they
5:56
Speaker 1: just find it too stressful. I'm like, it's not stressful.
5:58
Speaker 1: I promise it's fine. We can make it easy. Yeah.
6:01
Speaker 1: Maybe the kind of person who's had some kind of
6:03
Speaker 1: financial trauma in their past. Yeah, potentially, and that's what's
6:07
Speaker 1: triggering off those feelings of stress and anxiety as well,
6:10
Speaker 1: might fall into that basket. Absolutely. And I think optimists
6:13
Speaker 1: are what our community were before they came here. Yeah, right,
6:16
Speaker 1: Like so many people say that to us. They're like,
6:18
Speaker 1: oh my gosh, money used to give me mad anxiety
6:19
Speaker 1: or burying my head in the sand. I wouldn't do
6:21
Speaker 1: anything because money personalities aren't set. They are actually quite fluid,
6:25
Speaker 1: and they're based on your education, your background, your history,
6:28
Speaker 1: your money story, and obviously if you're someone who was
6:31
Speaker 1: an optimist and you're like, I'm not going to focus
6:33
Speaker 1: on any of these because it's too stressful. But then
6:36
Speaker 1: you learn more about it and really reflect on your
6:38
Speaker 1: money story and understand where you've come from, where you
6:40
Speaker 1: want to go, like you can move out of that.
6:43
Speaker 1: I don't think it's a bad thing, though, because if
6:45
Speaker 1: you're happy, are we really the ones to say that
6:47
Speaker 1: you're doing the wrong thing? No? And I think none
6:50
Speaker 1: of these I would assume personalities are bad things, right,
6:52
Speaker 1: Like No, it's just you know, you fall into one,
6:55
Speaker 1: and maybe that helps you identify your strength and your
6:57
Speaker 1: weaknesses because every category, like every person is going to
7:00
Speaker 1: have them agreed. And I think it's a bit like
7:02
Speaker 1: star signs, right, So, like I would love to think
7:05
Speaker 1: that I'm a big star signce person, but it's kind
7:08
Speaker 1: of like I'm also a very technical, scientific person. So
7:12
Speaker 1: I love star signs because I just love the dramma
7:15
Speaker 1: of it, the fact like, I love the fun I
7:17
Speaker 1: love reading them in the newspaper. I love, you know,
7:19
Speaker 1: aligning to something and being like, oh my god, that's me. Haha.
7:22
Speaker 1: I think we all like content that reflects us, right,
7:25
Speaker 1: Like if I sat you down and said, yes, this
7:27
Speaker 1: is you, you'd be like, oh my god. It totally
7:28
Speaker 1: is like, we as humans like stability, we like consistency,
7:33
Speaker 1: and we really like knowing where we're going. So if
7:36
Speaker 1: I say this is you, You're like, oh my gosh,
7:37
Speaker 1: I feel in control. So it's something that as humans
7:40
Speaker 1: we actually gravitate towards stereotypes, which is why they're so
7:44
Speaker 1: easy to make. And while these aren't stereotypes, I feel
7:47
Speaker 1: like it's kind of similar in a way. Yeah, for sure,
7:50
Speaker 1: what have you got for option number three?
7:52
Speaker 2: Right?
7:52
Speaker 1: So money Personality number three is entrepreneurs. So these guys
7:56
Speaker 1: are high income owners who enjoy the power and prestige
8:00
Speaker 1: of money. They are mostly male dominated. They're driven by
8:04
Speaker 1: a passion for excellence and achievement, and investing in the
8:08
Speaker 1: share market is their favorite strategy. So I mean, I
8:11
Speaker 1: don't really like that it's male dominated. Interesting that the
8:15
Speaker 1: name that was given to it was entrepreneur because I
8:18
Speaker 1: feel like, especially in our community, so many people are entrepreneurs.
8:21
Speaker 1: You're an entrepreneur, I would argue on some level, so
8:23
Speaker 1: am I. And we're both women, so I find it
8:25
Speaker 1: interesting that that was the name that she chose to
8:28
Speaker 1: give to it, even though it's like mostly male dominated
8:31
Speaker 1: from my perspective. And I've just googled the definition, Jess. Entrepreneur.
8:36
Speaker 1: The Dictionary definition is a person who sets up a
8:39
Speaker 1: business or business says, taking on financial risks in the
8:43
Speaker 1: hope of profit. I don't know if i'd call it entrepreneur.
8:46
Speaker 1: Maybe there's a secondary definition to entrepreneur where you're kind
8:50
Speaker 1: of like finding different opportunities. You might be a full
8:53
Speaker 1: time salary and wayjourner, but you're not, you know, out
8:56
Speaker 1: in your own with your own business. And I would
8:57
Speaker 1: argue that going into the share market is definitely finding
9:00
Speaker 1: your own opportunity and working towards financial freedom. So I
9:03
Speaker 1: kind of get it, Jess. It's also a little bit stereotypical,
9:06
Speaker 1: and something I probably should have pointed out earlier is
9:09
Speaker 1: that Kathleen Gurney has been around for a while, so
9:12
Speaker 1: there actually isn't a lot of recent research into money personalities.
9:16
Speaker 1: This research originally appeared in nineteen eighty eight. And I
9:19
Speaker 1: think that that is a little bit reflective of this
9:22
Speaker 1: idea that it's male dominated, because I would assume that
9:25
Speaker 1: a lot of people in the shees on the money
9:27
Speaker 1: community would resonate a bit with that. But did you
9:30
Speaker 1: pick up on the underlying vibe. It's kind of like
9:33
Speaker 1: an egotistical vibe, where it's like high income owners who
9:36
Speaker 1: enjoy the power and prestige of money. Yeah, it seems
9:39
Speaker 1: very like fight it's pro Yeah, Whereas I would say
9:43
Speaker 1: that I definitely do, but I wouldn't want it phrased
9:45
Speaker 1: that way. I'd be like, yeah, I love the opportunity
9:48
Speaker 1: that money can bring, and I obviously would love to
9:51
Speaker 1: make more of it. And I would say that I
9:53
Speaker 1: am definitely driven by a passion for excellence. I nearly
9:56
Speaker 1: said to you, I do you fall into this category?
9:59
Speaker 1: Because why didn't you? Is it because it just sounded
10:01
Speaker 1: because itself involved? Yeah, and because of the male dominated
10:04
Speaker 1: thing as well. I think it the whole thing when
10:06
Speaker 1: you read it out, had a slight negative tone to it,
10:09
Speaker 1: or at least that's how I was interpreting it. We
10:11
Speaker 1: should make up our own Yeah, I think we should
10:13
Speaker 1: make up or rewrite them. All. Right, Well, let's move
10:15
Speaker 1: on to the next one, because otherwise I'm going to
10:18
Speaker 1: get too savage on entrepreneurs. Just the next one is hunters.
10:23
Speaker 1: So hunters are known as highly educated, above average income
10:27
Speaker 1: earners who tend to spend and invest impulsively. So they
10:31
Speaker 1: are mostly female dominated stereotype, and they attribute financial success
10:37
Speaker 1: more to luck than ability and judgment. I would be
10:40
Speaker 1: really interested to know how she put these together with
10:44
Speaker 1: the gender thing, because right that list that you just
10:47
Speaker 1: read again, I was like, Oh, I could almost see
10:49
Speaker 1: you fitting into that in a way. You think I'm
10:52
Speaker 1: an impulsive spender. I think you're impulsive in general. What
10:56
Speaker 1: did we call that the other day? Like last year
10:58
Speaker 1: you started calling me neuro's by sea heroes. I see
11:02
Speaker 1: reading through back though you definitely don't attribute your success
11:05
Speaker 1: to luck. I really wonder that nothing about those attributes
11:09
Speaker 1: that are listed make me think, oh, it would be
11:11
Speaker 1: inherently male or female. Like I kind of thought that
11:15
Speaker 1: the whole purpose of this was so that people could
11:17
Speaker 1: break it down based on their personality. And while yes,
11:21
Speaker 1: maybe males more heavily weighted in one or another, I
11:24
Speaker 1: don't really see its relevant. Yeah, look, it doesn't have
11:27
Speaker 1: to be. I mean it says mostly female dominated, it
11:29
Speaker 1: doesn't say that it is exclusively women, and I mean
11:33
Speaker 1: highly educated, above average income earners. I think there's a
11:36
Speaker 1: lot to say for this one around just having a
11:38
Speaker 1: little bit of self confidence as well. I feel like
11:41
Speaker 1: too many people in our community attribute their success to
11:45
Speaker 1: luck instead of their ability and their expertise and their
11:48
Speaker 1: education and their ability to make a good decision. And
11:52
Speaker 1: I always want to shake them and be like, no,
11:54
Speaker 1: it's because you're a cool human, Like you didn't accidentally
11:57
Speaker 1: get a good pay rise, you didn't accidentally land a
11:59
Speaker 1: great job. I mean, it's one of those things that
12:02
Speaker 1: I think that that does play into women more than men,
12:05
Speaker 1: because we know when we talk about stats around you
12:08
Speaker 1: know whether a man is more likely to go for
12:10
Speaker 1: a job than a female, and we know that men
12:12
Speaker 1: will as women. I feel like everyone's a little bit
12:14
Speaker 1: more cautious and less likely to blow their own horn
12:17
Speaker 1: in a way. Yeah, I just feel like sometimes we're
12:20
Speaker 1: a little bit too self critical, and that's probably I mean,
12:23
Speaker 1: you don't always have to align to absolutely every attribute
12:26
Speaker 1: of a personality type correct point. Yeah, Like you know
12:28
Speaker 1: when you have like I'm a Kancerian, So sometimes I
12:31
Speaker 1: read through stuff and I'm like, oh my gosh, that
12:32
Speaker 1: makes so much sense, and then there's like one line
12:35
Speaker 1: so I just disregard it. So I'm like, no, no, no,
12:37
Speaker 1: I was on board with that, like delete that everything
12:39
Speaker 1: about me that makes sense. Yeah. So I'm sure that
12:42
Speaker 1: you could align to some of that and go, oh,
12:45
Speaker 1: maybe I am a hunter. But I think this whole
12:47
Speaker 1: episode Jess is really about just us reflecting on, well,
12:50
Speaker 1: what is our money personality? And if you don't align
12:52
Speaker 1: to any of these, maybe you pick up little things
12:54
Speaker 1: that have articulated the way that you maybe feel about
12:58
Speaker 1: money that you haven't thought before. So you might actually
13:01
Speaker 1: feel like you're attributing your financial success to luck and
13:05
Speaker 1: no one's ever articulated that to you before, and you go, wow, actually,
13:08
Speaker 1: I should stop doing that. I should have my own
13:10
Speaker 1: back a little bit more. Or maybe if you go
13:12
Speaker 1: a little bit earlier into what we're talking about before,
13:15
Speaker 1: about the high rollers, maybe you are willing to risk
13:18
Speaker 1: your financial security to have a big win or do
13:22
Speaker 1: something really different, and that's cool, but it's nice to
13:25
Speaker 1: have that articulated and give you that reflection point. I
13:28
Speaker 1: think MM hmm, yeah, I agree. It's really interesting to
13:30
Speaker 1: see what things kind of trigger little light bulb moments,
13:34
Speaker 1: right like listening through, what's the next one that you've
13:36
Speaker 1: got d all right, So the next one before we
13:39
Speaker 1: go to a quick break is the perfectionists. So these
13:42
Speaker 1: guys they're afraid of making a mistake and they often
13:45
Speaker 1: avoid decision making all together. They'll consider every single angle
13:49
Speaker 1: and then find fault with practically any risky adventure at all,
13:53
Speaker 1: and they will find looking for suitable investments really really difficult.
13:58
Speaker 1: Do you feel like that resonates fact? I feel like
14:02
Speaker 1: that applies to me in life in general. I'm a
14:04
Speaker 1: very risk at first person. That's okay, it's not a
14:07
Speaker 1: bad thing at all, But I think, yeah, as someone
14:09
Speaker 1: who looks big picture, I find it very helpful actually
14:12
Speaker 1: in what I do. But I definitely relate to finding
14:16
Speaker 1: fault with everything, and it probably comes back to also
14:18
Speaker 1: being an anxious girlly the year you kind of go oh, like,
14:21
Speaker 1: what are the potential problems in things? And I can
14:24
Speaker 1: definitely feel like with investing as well, and that's why
14:26
Speaker 1: I prefer like ETFs like I lack that for me
14:29
Speaker 1: that feels like it takes a lot of the risk
14:31
Speaker 1: off of me. And if I absolutely do want to
14:33
Speaker 1: purchase individual shares, I do that knowing, you know, a
14:37
Speaker 1: significant amount of risk involved and it's a very small
14:39
Speaker 1: allocation within my broader portfolio. So happy that you're saying
14:43
Speaker 1: that don't sound really good professional, But like two years
14:46
Speaker 1: ago you're like, I've never invested, I'm not sure, and
14:48
Speaker 1: like now I know that you've got like your ETFs
14:51
Speaker 1: that you really love, and like the other day we
14:53
Speaker 1: were talking about what you had on shares's you were
14:55
Speaker 1: literally like, oh yeah, and no on chazy if I
14:57
Speaker 1: bought this, this and this, because I was just really
14:58
Speaker 1: interested in following, so I put some cash behind it.
15:01
Speaker 1: And I was like, girl, who are you? Do you
15:03
Speaker 1: even see who you have become? You're a queen. I
15:06
Speaker 1: love it. I'm very proud and it's all thanks to you.
15:09
Speaker 1: I had a meeting dividends literally last year. I know,
15:12
Speaker 1: who are you? So exciting? This is very off topic.
15:14
Speaker 1: I had a meeting yesterday with just someone else in
15:16
Speaker 1: the finance space and they were talking about things that
15:18
Speaker 1: were quite technical, and I was like, I understand all
15:21
Speaker 1: of this, and I reply back and I'm educated, and
15:25
Speaker 1: I was just so proud. They were at a fund's management
15:28
Speaker 1: networking event and Jess was like, yeah, okay, well what's
15:30
Speaker 1: the diversification on that, and how did you come to
15:32
Speaker 1: that conclusion? I was like, I am obsessed with you. No,
15:35
Speaker 1: so proud. Going back to perfectionists though, as a money
15:39
Speaker 1: personality type, I feel like I really resonate with this, actually,
15:43
Speaker 1: which I don't think any of you guys saw coming.
15:46
Speaker 1: But the reason I resonate with it is because perfectionism
15:49
Speaker 1: is a trait of ADHD, which I do have. And Jess,
15:53
Speaker 1: I think you can probably agree that sometimes I'll just
15:56
Speaker 1: avoid decision making all together because it feels too overwhelming.
16:00
Speaker 1: Analysis paralysis thing. Yeah, and I literally bury my head
16:02
Speaker 1: in the sand when you're like, VI, I really need
16:04
Speaker 1: you to and I'll be like I'm going to go away.
16:06
Speaker 1: I'm running for the hills. No, thank you. Yeah. And
16:10
Speaker 1: then I always always always consider every angle and then
16:13
Speaker 1: tell you they're all crap. Yeah, and I'll be like, no,
16:15
Speaker 1: I don't want to do any of these. I mean,
16:18
Speaker 1: I don't find investments difficult, but our neurospicy friends, I
16:22
Speaker 1: reckon there are a few of you who are like
16:24
Speaker 1: I think that's me, and that would make a lot
16:26
Speaker 1: of sense because often when you are a bit neurodivergent,
16:30
Speaker 1: you do really resonate with a perfectionist mindset. And I
16:32
Speaker 1: just find that really interesting. Oh my gosh, that is
16:35
Speaker 1: super interesting. All right, Let's go to a really quick break,
16:37
Speaker 1: and when we come back, I want you to tell
16:38
Speaker 1: me all about the next four personality types. It don't
16:41
Speaker 1: go anywhere. Welcome back everybody. Today we are talking all
16:49
Speaker 1: about money personalities, which has been really interesting so far.
16:53
Speaker 1: We've gone through five and I'm having little light bulb
16:55
Speaker 1: moments here and there of things that I'm going, oh,
16:57
Speaker 1: that could be me. That could be me. So maybe
16:59
Speaker 1: you have the same experience at home. But Victoria, tell me,
17:02
Speaker 1: what have you got coming in as our sixth personality type?
17:06
Speaker 1: All right, So coming in at number six are the
17:08
Speaker 1: safe players. So safe players are average journals who prefer
17:12
Speaker 1: secure investments, relatable love a secure investment. They lack the
17:16
Speaker 1: confidence and motivation to take more calculated risks, even though
17:19
Speaker 1: they actually might be pretty well educated. They feel they're
17:22
Speaker 1: doing fine financially, and repeat investment strategies that seem to
17:26
Speaker 1: work for them. So I think that's it sounds like
17:29
Speaker 1: to be the definition of playing it safe really doesn't it? Yeah,
17:32
Speaker 1: not a bad place to be. And I mean, if
17:33
Speaker 1: we compare it to the people who are optimists, it's
17:35
Speaker 1: kind of like the step up from an optimist, like
17:38
Speaker 1: you're optimistic, but like safe player sounds like a step
17:41
Speaker 1: down when you like go an optimist would be like
17:44
Speaker 1: super excited about the market, but they're not. They're actually
17:47
Speaker 1: just like a bit bury their head in the sand
17:48
Speaker 1: and prefer to avoid it because they find it stressful.
17:51
Speaker 1: So I'm surprised by these definitions. To be honest, Jess,
17:54
Speaker 1: not gonna lie. I think I could do a better job. Haha.
17:57
Speaker 1: Maybe that means that we should rewrite them and rename them.
18:00
Speaker 1: I'm going to It might not be scientific, but I
18:03
Speaker 1: don't even care. Yeah, all right, tell me what have
18:05
Speaker 1: you got for number seven? All right? So number seven
18:07
Speaker 1: we have achievers. These are the second highest income owners.
18:11
Speaker 1: They're usually college graduates and most of them are married. Surprisingly,
18:15
Speaker 1: they feel hard work, diligence, and effort will pay off.
18:18
Speaker 1: They're really proud of their accomplishments and tend to recoil
18:22
Speaker 1: other people handling their money. Protecting their assets is their
18:26
Speaker 1: primary consideration. Yeah, interesting, So they are also potentially a
18:30
Speaker 1: little bit risk adverse. Would you say because they want
18:33
Speaker 1: to protect their assets. I mean, you're not necessarily risk
18:36
Speaker 1: adverse if you want to protect your assets. So the
18:38
Speaker 1: thing I find really interesting is I would say that
18:41
Speaker 1: I want to protect my assets. But if you looked
18:44
Speaker 1: at my investment portfolio, I'm a really aggressive investor. And
18:47
Speaker 1: to be categorized as an aggressive investor, it means that
18:51
Speaker 1: most of your assets are exposed to the market. So
18:53
Speaker 1: if you look at my investment portfolio, I actually don't
18:57
Speaker 1: carry a lot of cash, Like I'm not sitting on
18:59
Speaker 1: a whole heap of cash because that's what makes me
19:02
Speaker 1: feel safe. I actually have most of it in shares.
19:04
Speaker 1: But then I've said to you before, just especially on
19:06
Speaker 1: the show, I'm a conservative, aggressive investor, and that's because
19:10
Speaker 1: I pick blue chip stocks like I pick tried, true
19:14
Speaker 1: tested assets that I don't feel uncomfortable buying and I
19:18
Speaker 1: feel are quite safe, but I have a lot of
19:20
Speaker 1: exposure to them. I don't actually want to buy small caps.
19:24
Speaker 1: I don't want to buy companies that are really tiny
19:27
Speaker 1: and have a lot of risk associated So I want
19:30
Speaker 1: to protect my assets, but I also invest a lot,
19:33
Speaker 1: and I do definitely cringe at other people handling my money,
19:37
Speaker 1: maybe because it was literally my job for the longest
19:39
Speaker 1: time to handle other people's and I kind of know
19:42
Speaker 1: what I'm doing, so I don't want your advice. Get
19:44
Speaker 1: your little mittens off my stuff, stay away. They're pretty
19:48
Speaker 1: independent as well. Yeah, And the thing I like though,
19:51
Speaker 1: is that they do feel like hard work, diligence, and
19:54
Speaker 1: effort will pay off. And to quote duty divine my mother,
19:57
Speaker 1: I remember her saying one time, and I think I
20:00
Speaker 1: was in VCE, but this is really stuck with me.
20:02
Speaker 1: She said, hard work will never betray you. And I
20:05
Speaker 1: was like, oh, that's a really good quote, mum, Like
20:08
Speaker 1: you're basically like gandhi. Wow. But it's something that I
20:12
Speaker 1: always remember, especially when I feel really overwhelmed or really
20:16
Speaker 1: like I'm not being successful and I just can't be
20:18
Speaker 1: bothered anymore. No, Like if I put it more hard work,
20:21
Speaker 1: like it's not going to betray me, like it'll do
20:23
Speaker 1: the right thing by me. And I feel like that
20:25
Speaker 1: quote sits perfectly in Achievers. Yeah, I really like that.
20:28
Speaker 1: I think that line is another one that I of
20:30
Speaker 1: everything that we've read so far, that I feel like
20:32
Speaker 1: I identify with the most. Is the idea that, like, you
20:35
Speaker 1: work really hard and you do whatever, but theoretically you
20:38
Speaker 1: do it because you're working towards something else. Yeah, absolutely,
20:42
Speaker 1: all right. That leads into number eights, which is money masters.
20:47
Speaker 1: I like the idea of this one. So money masters.
20:50
Speaker 1: They're the number one wealth accumulators even though they don't
20:53
Speaker 1: necessarily earn the most. That's nice. Sounds like the she's
20:56
Speaker 1: on the money community. They rank first in the degree
20:59
Speaker 1: of design. I had involvement with their money and enjoy
21:01
Speaker 1: the participation. They trust the recommendations of others, and they
21:05
Speaker 1: act on sound advice. Success through determination is their philosophy.
21:11
Speaker 1: This is another one where there's like an undertone of dearing,
21:14
Speaker 1: Like you know how we said before there's definitely an
21:16
Speaker 1: entrepreneur sounded really like negative. This one sounds really positive,
21:19
Speaker 1: Like you read that and you go, oh, I want
21:21
Speaker 1: to be a money and even the name money master. Yeah,
21:23
Speaker 1: I think it's the she's on the money community. I
21:25
Speaker 1: know I'm not meant to be telling you that. I
21:26
Speaker 1: was meant to tell you that at the endboo, and
21:28
Speaker 1: they have one to go. But I do genuinely think
21:30
Speaker 1: that the community are either money masters or they're working
21:34
Speaker 1: towards being money masters, because as we know in our community,
21:37
Speaker 1: you don't actually have to earn the most to end
21:40
Speaker 1: up being financially secure and invest Like, it's not what
21:43
Speaker 1: you have, it's what you invest. And it's not like
21:45
Speaker 1: about timing the market, it's about time in the market.
21:47
Speaker 1: And I think you guys are really intelligent now literally
21:50
Speaker 1: been doing this for nearly four years, Jessica, and I
21:53
Speaker 1: just feel like everyone's kind of gotten to a point
21:55
Speaker 1: where they enjoy the participation and they really want to
21:58
Speaker 1: be involved in their portfoit and have decisions, and they
22:02
Speaker 1: do trust recommendations of others, but they only act on
22:05
Speaker 1: the ones that are sound advice. So like, I want
22:07
Speaker 1: to talk to people about money, I want to know
22:09
Speaker 1: what ETFs they're investing in, But then I also put
22:11
Speaker 1: on my hat of well where did they get that information?
22:14
Speaker 1: Is that information that I should be, you know, acting upon,
22:17
Speaker 1: or is that just a nice conversation? And I think
22:19
Speaker 1: we've gotten to this beautiful place in our community where
22:22
Speaker 1: you guys are like, yeah, but where's that information coming from?
22:25
Speaker 1: Like is it just interesting or is it actual advice? Yeah,
22:28
Speaker 1: which obviously this podcast doesn't give actual advice because that
22:30
Speaker 1: would be illegal, But I think it's guiding you down
22:33
Speaker 1: the right path because at the end of the day,
22:36
Speaker 1: just like I did, work as a financial advisor. So
22:38
Speaker 1: we're not just talking smack, you know. Yeah, no, not
22:41
Speaker 1: at all. And they enjoying the participation. I think is
22:43
Speaker 1: something we've seen a lot this year at our events,
22:46
Speaker 1: particularly the book tour, where we were talking just around investing,
22:50
Speaker 1: and to see so many people shops so passionate and
22:53
Speaker 1: so excited. And I like to think that as much
22:57
Speaker 1: as the Money Master it says that they're the number
22:59
Speaker 1: one wealth accumulators, I would like to think that in
23:03
Speaker 1: order to reach that personality type or that status or whatever,
23:07
Speaker 1: it doesn't mean that you need to have done everything
23:10
Speaker 1: perfectly or have the most money. Like I genuinely think
23:13
Speaker 1: that a lot of people in our community who are
23:15
Speaker 1: earlier in their journey probably fit into this personality, which
23:18
Speaker 1: is a really special cool thing. Yeah, I love it
23:21
Speaker 1: all right. Onto the very last but not least money personality,
23:25
Speaker 1: We've got the producers. So they ran high in work
23:28
Speaker 1: ethic but lower in earned income due to the lack
23:31
Speaker 1: of self confidence in money management skills that they have.
23:34
Speaker 1: They work hard, they do desire more, but they do
23:37
Speaker 1: feel like they have difficulty getting ahead financially. Financial investment
23:41
Speaker 1: education would help these guys. Yeah, that's interesting, isn't it,
23:45
Speaker 1: because I think that's maybe a starting point for a
23:47
Speaker 1: lot of people. I feel like that's where I was
23:49
Speaker 1: a few years ago. Oh I can see that. Yeah,
23:53
Speaker 1: I especially in my early twenties, I worked really hard.
23:55
Speaker 1: I didn't earn great money, but not pinny people do
23:58
Speaker 1: when they're young, and I like I had a lot
24:00
Speaker 1: of debt, I didn't invest I wanted more money. I
24:03
Speaker 1: think people always. Growth has been wild. It has been
24:06
Speaker 1: a privilege to see. Honestly, I love it. But for
24:09
Speaker 1: those of you who might not have followed She's on
24:11
Speaker 1: the Money as long as Jessica has worked here because
24:13
Speaker 1: it's been a while now, Sorry jess But jess actually
24:16
Speaker 1: came from the community and like got out of debt
24:19
Speaker 1: because of the podcast and then kind of grew into
24:22
Speaker 1: this role. And I just think it's so special that
24:25
Speaker 1: you don't just you know, work at Shees on the Money.
24:28
Speaker 1: You were the community. You are the community, like you
24:30
Speaker 1: were our target audience, and then you were our target
24:33
Speaker 1: audience when we were recruiting as well, and it just
24:35
Speaker 1: all worked out really well for me, honestly. So honestly,
24:38
Speaker 1: it's so fun. So, jess what personality do you think
24:41
Speaker 1: you would put yourself in the bucket of? It's so
24:43
Speaker 1: hard because, like we kind of said at the start,
24:46
Speaker 1: I see myself in a couple of them. You can
24:49
Speaker 1: be a couple. I'll let you pick two. I feel
24:52
Speaker 1: like I lean most into the perfectionist and the achiever,
24:56
Speaker 1: and I feel like it's a hybrid of both. Like
24:57
Speaker 1: I am very likely said risk adverse, and I am
25:01
Speaker 1: just as a general human, a bit of a perfectionist,
25:03
Speaker 1: and so I totally relate to considering every angle and
25:07
Speaker 1: every outcome and wanting to be really sure with the
25:10
Speaker 1: choices that you make. But then in the achievers, I
25:14
Speaker 1: have a very similar ethos. I think of like, I
25:16
Speaker 1: believe in hard work. I believe that if you want
25:19
Speaker 1: something and you work hard enough, there's a way to
25:21
Speaker 1: find that and a way to make that happen. And
25:23
Speaker 1: I know that that is a bit of a privileged statement,
25:25
Speaker 1: but I do believe in the value of pursuing things
25:29
Speaker 1: diligently and working at them and beating your head against
25:32
Speaker 1: the walls sometimes until you kind of figure out a
25:34
Speaker 1: way to get the outcome that you want. So if
25:36
Speaker 1: I could mash those two together and be the perchiever,
25:39
Speaker 1: that would be me the perchiever pachiever, Jessica the perchiever.
25:43
Speaker 1: I like that. How about you? Where we to categorize yourself? See,
25:46
Speaker 1: this is where I'm going to tell you there's actually
25:48
Speaker 1: a quiz you can do to work out which bucket
25:50
Speaker 1: you fool into, so you don't actually just have to
25:52
Speaker 1: listen to this podcast and play a guessing game. There
25:54
Speaker 1: is going to be a link in the show notes.
25:56
Speaker 1: And I came out as an achiever, so I know
26:00
Speaker 1: that that is me just looking at it. But even
26:02
Speaker 1: when I did the survey, it like comes out with
26:04
Speaker 1: who you are and what that means, and then it
26:06
Speaker 1: gives you a whole heap more information based on the
26:09
Speaker 1: way you answered the questions of how it might work
26:12
Speaker 1: for you. So it's free. We'll put the link in
26:13
Speaker 1: the show notes. But maybe jess you can now go
26:15
Speaker 1: do that and instead of guessing and becoming a pachiever,
26:18
Speaker 1: maybe you could be one on the other. Oh my gosh,
26:21
Speaker 1: that's so funny. What a cool, fun little episode. I
26:23
Speaker 1: hope people enjoy this. I know it was a little
26:25
Speaker 1: fluffier than normal, but I don't care. You guys it
26:27
Speaker 1: guys to serve a fluffy, fun episode because we're going
26:30
Speaker 1: to be really deep into investment content this year, so
26:33
Speaker 1: hold your horses. Yeah, one hundred percent. So I hope
26:36
Speaker 1: that you guys enjoyed. Thank you so much for listening.
26:39
Speaker 1: Go to the Facebook group because we'll put a thread
26:40
Speaker 1: up to to day. Yeah, go and tell us which
26:43
Speaker 1: money personality you fall into, because we're super duper curious.
26:46
Speaker 1: But I think it's time for us to roll out bed,
26:48
Speaker 1: all right, see you next week, guys, Big good bye?
26:57
Speaker 1: Did buy shared on Cheese? On the Money general in
27:00
Speaker 1: nature and does not consider your individual circumstances. She's on
27:04
Speaker 1: the Money exists purely for educational purposes and should not
27:08
Speaker 1: be relied upon to make an investment or financial decision.
27:11
Speaker 1: If you do choose to buy a financial product, read
27:13
Speaker 1: the PDS TMD and obtain appropriate financial advice tailored towards
27:18
Speaker 1: your needs. Victoria Divine and She's on the Money are
27:21
Speaker 1: authorized representatives of Money SHERPA pty Ltd ABN three two
27:26
Speaker 1: one six four nine two seven seven zero eight AFSL
27:30
Speaker 1: four five, one two eight nine