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Is There Such A Thing As A Self-Made Millionaire? · 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 KERNI Whoalbury and a waddery woman. And before we
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  Speaker 2: get started on She's on the Money podcast, I would
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  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
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  Speaker 2: the elders, the ancestors and the next generation coming through
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  Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and
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  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. She's on the Money.
• 0:36
  Speaker 3: She's on the Money.
• 0:57
  Speaker 4: Hello, and welcome to She's on the Money cast for
• 1:00
  Speaker 4: millennials who want to become millionaires day.
• 1:03
  Speaker 5: I see what you're doing there.
• 1:05
  Speaker 4: My name is beck Side and with me is Victoria Divine.
• 1:07
  Speaker 1: Hello, my friends. Hi, how are you?
• 1:11
  Speaker 4: I'm good?
• 1:11
  Speaker 1: How are you good? Week? I'm having that a week?
• 1:13
  Speaker 4: Yeah, I'm having a good week.
• 1:15
  Speaker 5: Buff.
• 1:16
  Speaker 4: Now, I do want to ask you about something's a
• 1:19
  Speaker 4: little bit controversial.
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  Speaker 1: Yeah.
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  Speaker 4: Are self made millionaires a thing?
• 1:24
  Speaker 1: No?
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  Speaker 4: Is it an oxymoron?
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  Speaker 2: Like?
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  Speaker 1: It's crazy?
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  Speaker 5: I wrote an article a couple of weeks ago for
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  Speaker 5: The Age and Sydney Morning Herald. If you guys don't know,
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  Speaker 5: I have a weekly column in.
• 1:34
  Speaker 1: There because I'm a big dog.
• 1:36
  Speaker 4: Yeah.
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  Speaker 5: Also, I get really anxious every week when I write them,
• 1:39
  Speaker 5: and I like fluster and I send it to six million.
• 1:41
  Speaker 1: People because this good. Is the Internet going to come
• 1:43
  Speaker 1: after me? Anyway?
• 1:44
  Speaker 5: I wrote an article about this myth of the self
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  Speaker 5: made millionaire because I've just been thinking about it a lot.
• 1:51
  Speaker 5: Thinking about this idea of the self made millionaire. I
• 1:54
  Speaker 5: feel like I'd seen so many headlines that said I
• 1:57
  Speaker 5: became a self made millionaire by the time I was forty,
• 2:00
  Speaker 5: And there was another one that was like, oh.
• 2:01
  Speaker 1: The surprisingly simple things I sacrificed to become rich. And
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  Speaker 1: I was just like, there's so much pressure on us
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  Speaker 1: to be.
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  Speaker 5: More and do more and have more and a mass
• 2:10
  Speaker 5: more wealth, and that doesn't necessarily make us better human beings.
• 2:14
  Speaker 5: But also we're not recognizing that for someone to become
• 2:18
  Speaker 5: a millionaire, for someone to become a billionaire, it's at
• 2:21
  Speaker 5: the cost of other people's labor. Like I was saying
• 2:24
  Speaker 5: to you off air that if I dumped you on
• 2:26
  Speaker 5: an island and said, okay, create wealth, and you didn't
• 2:29
  Speaker 5: have anybody else to help you.
• 2:31
  Speaker 1: You're not gonna make millions.
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  Speaker 5: Like, from my perspective, the only self made millionaire is
• 2:37
  Speaker 5: someone who won the lottery. Yeah, because like you walked in,
• 2:41
  Speaker 5: you bought a ticket, full stop, end of story. There
• 2:43
  Speaker 5: was no real work or effort that had to go
• 2:46
  Speaker 5: into that. And like if you google how to become
• 2:49
  Speaker 5: a millionaire, there's so many tips and tricks and strategies.
• 2:52
  Speaker 5: And I'm just I'm not talking about people who become
• 2:55
  Speaker 5: millionaires on this episode as a bad thing. Like, please
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  Speaker 5: do not get me wrong. I have absolutely every intention
• 3:01
  Speaker 5: of one day retiring and being able to say I
• 3:04
  Speaker 5: am a millionaire, because that is going to put me
• 3:06
  Speaker 5: in the best possible position to live the life that
• 3:08
  Speaker 5: I have been working so hard for. But I think
• 3:12
  Speaker 5: we need to talk about this idea that this narrative
• 3:16
  Speaker 5: can be incredibly isolating, and this narrative can always put
• 3:20
  Speaker 5: a lot more pressure on us and make us feel
• 3:23
  Speaker 5: like we are less.
• 3:24
  Speaker 1: Than when we are not.
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  Speaker 5: Like how many times do we look at social workers
• 3:29
  Speaker 5: and nurses and teachers and those people that don't ultimately
• 3:33
  Speaker 5: usually become millionaires.
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  Speaker 1: Those people deserve.
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  Speaker 5: So much more respect, so much more recognition, but these
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  Speaker 5: self made millionaires get that respect and recognition in the media,
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  Speaker 5: and it puts so much unnecessary pressure on us.
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  Speaker 1: Go, maybe I'm not enough, Maybe I should be doing more. No,
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  Speaker 1: you shouldn't.
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  Speaker 5: The world is about so much more than that, And ultimately,
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  Speaker 5: I think this episode is really about talking about how
• 3:56
  Speaker 5: it takes a village to create wealth, regardless of where
• 3:59
  Speaker 5: you can from. And I know that there are going
• 4:01
  Speaker 5: to be some people listening to this and they're like, well,
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  Speaker 5: I'm wealthy now, but I grew up in poverty and
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  Speaker 5: I had all of these extrenuating circumstances that for any
• 4:08
  Speaker 5: other human being would have made it really hard to
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  Speaker 5: be successful.
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  Speaker 1: And you're not wrong.
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  Speaker 5: I'm not putting you in a position where I'm saying, beck,
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  Speaker 5: that person didn't work hard.
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  Speaker 1: Yes, you absolutely had to work hard.
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  Speaker 5: Like to amass any type of wealth, you have to
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  Speaker 5: have some level of intelligence of how to invest it
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  Speaker 5: and save it and put it in the right position.
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  Speaker 5: But you also have to work hard for that money
• 4:29
  Speaker 5: to come in the door in the first place. But
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  Speaker 5: there's always going to have been some other labor in
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  Speaker 5: the background, because your time is ultimately capped, right, Like
• 4:39
  Speaker 5: I am only going to be able to work for
• 4:42
  Speaker 5: forty hours a week, right, But by growing my team
• 4:45
  Speaker 5: and relying on their labor, yes, I'm paying for it,
• 4:48
  Speaker 5: but relying on their labor, I can create a more
• 4:50
  Speaker 5: successful business. Yes, I can, you know, become an individual
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  Speaker 5: who doesn't have any team members and become a millionaire.
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  Speaker 5: But it's because people teach you and offer you men
• 5:00
  Speaker 5: touring opportunities and say yes when other people say no.
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  Speaker 5: So I think there's just so much to it, and
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  Speaker 5: I think we should break it down and talk about
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  Speaker 5: it because I don't believe that there is such thing
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  Speaker 5: as a self made millionaire, regardless of how many times
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  Speaker 5: people want to put it in the media.
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  Speaker 4: Yes, when you put it like that, I think I
• 5:16
  Speaker 4: agree with you, But well, why are we talking about this?
• 5:18
  Speaker 5: Obviously I could rant all day, but I just feel
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  Speaker 5: like at the moment, as I said before, there's just
• 5:24
  Speaker 5: been so much in the media about how you know,
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  Speaker 5: at this point, we are putting so much pressure on
• 5:31
  Speaker 5: ourselves to strive for more and be more and be
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  Speaker 5: better than we were the day before, and it just
• 5:36
  Speaker 5: seems as though the sum of our life's worth is
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  Speaker 5: based on the number of zeros in your bank account
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  Speaker 5: and Beck is it.
• 5:44
  Speaker 4: No?
• 5:44
  Speaker 1: Oh my gosh, I hate that. It's not.
• 5:47
  Speaker 4: That I'm so sorry.
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  Speaker 5: I feel like you're like the number one person that's like, man,
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  Speaker 5: money's helpful, but like totally I want to go lay
• 5:54
  Speaker 5: in the grass and have a good time and enjoy
• 5:56
  Speaker 5: my friend's company. And I think that you are the
• 5:59
  Speaker 5: post to girl for being like, yes, who wants to
• 6:01
  Speaker 5: be a self made millionaire? Not back?
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  Speaker 1: I mean, I don't think you'd say no.
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  Speaker 5: If someone was like, do you want to be a millionaire,
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  Speaker 5: you'd be like, I can buy a lot of English
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  Speaker 5: muffins for that.
• 6:08
  Speaker 4: Yeah, I mean I wouldn't say no, But also I
• 6:11
  Speaker 4: don't mind.
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  Speaker 5: Yeah. I feel like this idea of the self made
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  Speaker 5: millionaire has become really popular because like you click on it,
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  Speaker 5: you're like, I would like to become a self made millionaire,
• 6:19
  Speaker 5: like that headline real catchy does the job. But we
• 6:23
  Speaker 5: often hear stories of individuals who you know, came from
• 6:26
  Speaker 5: humble beginnings and then worked tirelessly in amassed incredible wealth.
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  Speaker 5: And I just think, obviously we're not downplaying their incredible
• 6:33
  Speaker 5: dedication and hard work. But the truth is, no one
• 6:37
  Speaker 5: becomes successful in isolation. Every single person who has any
• 6:41
  Speaker 5: level of success has actually benefited from some level of support,
• 6:45
  Speaker 5: whether it's direct or indirect, along their journey to success.
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  Speaker 5: And we need to acknowledge that, Like, we need to
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  Speaker 5: talk about that and then also talk about what life
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  Speaker 5: is really about. Yeah, because I think it's about the
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  Speaker 5: relationships that we have and how much we give back
• 6:58
  Speaker 5: and how much we care. Because I don't look at people.
• 7:01
  Speaker 1: And go, hmmm, I wish they were richest so I
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  Speaker 1: could be friends with them back.
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  Speaker 5: Maybe you do, but I've never done it.
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  Speaker 4: I do. It's kind of a prerequisite. I do have
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  Speaker 4: to check my friend's bank accounts before we officially hang
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  Speaker 4: out as friends.
• 7:15
  Speaker 5: Yeah, do you want me to send you a screenshop
• 7:17
  Speaker 5: before or do you just want me to tell you?
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  Speaker 1: Like, how do I prove?
• 7:21
  Speaker 4: Do you need some proof?
• 7:22
  Speaker 5: Okay, sorry, I'll just give you my banking details. You
• 7:24
  Speaker 5: can log in and check it.
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  Speaker 1: Whenever you want.
• 7:26
  Speaker 4: Your card might be good?
• 7:27
  Speaker 5: Yeah, actually, yeah, how about if I just give you
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  Speaker 5: a copy of my credit card?
• 7:31
  Speaker 4: Yeah? Perfect, that would be great, Thank you so much.
• 7:34
  Speaker 4: But v it seems like this episode today is a
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  Speaker 4: bit of I guess, like a mindset check. If you're
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  Speaker 4: someone who like myself. For example, there's definitely been a
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  Speaker 4: time in my life where it'll be like, oh my god,
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  Speaker 4: if I had just worked a little bit harder, I
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  Speaker 4: could be more wealthy or something like that. But let's say,
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  Speaker 4: for example, you grew up in a home, you're born
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  Speaker 4: into a family where there's like I don't know, abuse
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  Speaker 4: and trauma and all this stuff, and you end up
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  Speaker 4: moving into your teenage years you become I don't know,
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  Speaker 4: it's just like a troubled future for you. I can't
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  Speaker 4: imagine that hard work and dedication will make you become
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  Speaker 4: that's remodingly. It's not so like putting that pressure on ourselves.
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  Speaker 4: I mean, like, wow, if I had just worked hard
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  Speaker 4: on it is not crazy. It's not the case for everyone,
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  Speaker 4: you know what I mean. So, and yes, exactly as
• 8:18
  Speaker 4: you're saying, it takes a village.
• 8:20
  Speaker 1: Yeah, it's also about the support that you received, right,
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  Speaker 1: holding people up.
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  Speaker 5: It's crazy to think that people would drill it down
• 8:26
  Speaker 5: and go, well, it's just about hard work and effort.
• 8:28
  Speaker 1: Beck.
• 8:28
  Speaker 5: If you put more hard work, like Beck, what if
• 8:30
  Speaker 5: you started working ninety hour weeks at work, that's actually
• 8:33
  Speaker 5: not going to translate to you earning more money.
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  Speaker 1: That's not how it works.
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  Speaker 5: Like, you have to have some level of support to
• 8:39
  Speaker 5: create something different. You have to have some level of
• 8:42
  Speaker 5: support to know where to go and what to do
• 8:44
  Speaker 5: and how that all works. Because just putting in the effort,
• 8:48
  Speaker 5: let's be honest, it's not enough. It's all about networking
• 8:50
  Speaker 5: connections and how all of that works. And even if
• 8:53
  Speaker 5: that networking connection isn't in person, like you know, it's
• 8:56
  Speaker 5: a part of my business. I do online courses, right,
• 8:59
  Speaker 5: and I adore and we're about to launch a few
• 9:01
  Speaker 5: new courses. And I don't have anyone that supports me
• 9:05
  Speaker 5: on that, because there's no one in Australia that I
• 9:08
  Speaker 5: know that does courses. But the support I receive is
• 9:11
  Speaker 5: all of the YouTube videos that I have watched on
• 9:13
  Speaker 5: how to set up that online course. That support from
• 9:16
  Speaker 5: people that I don't know who have put out this
• 9:18
  Speaker 5: content to help me grow. It's support from all of
• 9:21
  Speaker 5: the blogs and the websites. And you know, I log
• 9:23
  Speaker 5: into my course provide a platform, right and I have
• 9:26
  Speaker 5: the live chat option to talk to people. So yes,
• 9:29
  Speaker 5: you can work really hard, but you also need to
• 9:32
  Speaker 5: realize that the world is now. You know, I think
• 9:35
  Speaker 5: the self made millionaire is far more popular nowadays because
• 9:39
  Speaker 5: it's a bit more accessible, if we're honest, Like, to
• 9:41
  Speaker 5: become a millionaire these days is much easier today than
• 9:45
  Speaker 5: it was back in the fifties because of technology and
• 9:47
  Speaker 5: what we have access to. Like nowadays, everyone has access
• 9:51
  Speaker 5: to the internet, and the Internet is a beautiful place
• 9:53
  Speaker 5: that can change lives, can ruin lives as well, let's
• 9:56
  Speaker 5: be honest, but we have access to information. But that
• 9:59
  Speaker 5: information is there because of the labor of other people, right,
• 10:02
  Speaker 5: Like it is there because other people have put it
• 10:04
  Speaker 5: out there to help you. And when you go I'm
• 10:07
  Speaker 5: self made, I did this all myself, I'm like, well, yeah,
• 10:10
  Speaker 5: you did do.
• 10:11
  Speaker 1: The work, but the hard work is not enough.
• 10:14
  Speaker 2: Hmm.
• 10:15
  Speaker 1: So that makes sense.
• 10:16
  Speaker 4: That makes so much sense to me.
• 10:17
  Speaker 5: I have some SATs though, So it's not just fluffy,
• 10:20
  Speaker 5: So I know you said before, it's a bit of
• 10:22
  Speaker 5: a mindset check. It totally is, because I want everyone
• 10:24
  Speaker 5: to pull their heads in and care less about money,
• 10:27
  Speaker 5: which is funny because this is a money podcast. But
• 10:30
  Speaker 5: like that's I guess the ethos of She's on the money, right, Yeah,
• 10:34
  Speaker 5: It's not about what you earn, it's about what you
• 10:36
  Speaker 5: do with it and the values you hold and respecting
• 10:38
  Speaker 5: those values and really reflecting what you want to create
• 10:41
  Speaker 5: as a life. Yes, but global wealth inequity, what does
• 10:46
  Speaker 5: it look like right now? Back, I'm so glad you
• 10:48
  Speaker 5: asked Credit Swiss, who I.
• 10:50
  Speaker 1: Really like their reports. Actually, they've documented the rise of
• 10:53
  Speaker 1: the super rich and the growth in global inequality over
• 10:56
  Speaker 1: the past decade with their Global Wealth Report, which by
• 10:59
  Speaker 1: the way, has lots of infographics in it.
• 11:01
  Speaker 5: So if you ever wanted to go and look at
• 11:03
  Speaker 5: Global Wealth Report and thought, oh, that's not going to
• 11:05
  Speaker 5: be good, it's just going to be text.
• 11:06
  Speaker 1: It's not like it's so pervy.
• 11:08
  Speaker 5: But I've pulled out a few stats for you, because Beck,
• 11:10
  Speaker 5: you and I both know you were never going to
• 11:11
  Speaker 5: go look, but.
• 11:13
  Speaker 4: I was going to ask the question and you read, well,
• 11:16
  Speaker 4: you're not wrong exactly.
• 11:17
  Speaker 5: So it found that in twenty nineteen, the richest ten
• 11:21
  Speaker 5: percent of people in the world owned eighty two percent of.
• 11:25
  Speaker 1: The world's wealth.
• 11:26
  Speaker 5: Oh wow, this means that the top one percent of
• 11:29
  Speaker 5: the richest people in the world own forty five percent
• 11:32
  Speaker 5: of global wealth.
• 11:33
  Speaker 4: Oh that's like half of the entire world.
• 11:35
  Speaker 1: That's half of the world is owned by the one percent. Geez,
• 11:38
  Speaker 1: isn't that cooked?
• 11:39
  Speaker 4: Yeah, that is cooked half.
• 11:41
  Speaker 1: Of the world's population, so fifty percent, Beck has one
• 11:45
  Speaker 1: percent of the wealth.
• 11:46
  Speaker 4: Wow, just shared up evenly. Yeah, not even.
• 11:49
  Speaker 5: Really nice and even just makes sense, right, They were like, oh,
• 11:53
  Speaker 5: well we heard that it was fifty and one percent.
• 11:55
  Speaker 1: We'll just reverse that. Yeah.
• 11:58
  Speaker 5: And the Forbes Billionaire List, it gives real time daily
• 12:01
  Speaker 5: updates of the fortunes of the richest people in the world,
• 12:05
  Speaker 5: so pervy, very depressed. The top ten richest men, Like,
• 12:09
  Speaker 5: it's not a list of like just men, it's actually
• 12:11
  Speaker 5: just the top ten riches people happen to all be men.
• 12:14
  Speaker 1: Beck, which I.
• 12:15
  Speaker 5: Don't think anyone's surprised by have a master total of
• 12:19
  Speaker 5: nine hundred and sixty seven trillion dollars.
• 12:23
  Speaker 1: Beck whish is absolutely cool, my god.
• 12:25
  Speaker 5: But I feel like, as the average lay person like
• 12:28
  Speaker 5: you and I, we hear the word millionaire and billionaire,
• 12:31
  Speaker 5: you kind of go same bucket, right, Like you're just
• 12:34
  Speaker 5: like a million not that much different from a billion, right,
• 12:37
  Speaker 5: Like you go, that's like one hundred million, that's like
• 12:39
  Speaker 5: a lot. But like you kind of go, oh yeah,
• 12:42
  Speaker 5: like at some point, if you start collecting millions, you'll
• 12:44
  Speaker 5: become a billionaire. So let's put that into perspective of
• 12:46
  Speaker 5: how much bigger a billion dollars is than a million dollars?
• 12:50
  Speaker 1: Right?
• 12:50
  Speaker 4: Sure?
• 12:51
  Speaker 5: So seconds? One million seconds, beck is eleven days?
• 12:56
  Speaker 1: Cool? One billion seconds is thirty one and a half years.
• 13:00
  Speaker 4: Oh okay, I see, I see what about and you
• 13:03
  Speaker 4: might not notice off the top of your head, which
• 13:05
  Speaker 4: is completely fine. But what about a trillion seconds?
• 13:07
  Speaker 1: All right? You want to know trillion?
• 13:09
  Speaker 5: Yeah, so one million seconds is eleven point six days, yes,
• 13:14
  Speaker 5: one billion seconds is thirty one years or thirty one
• 13:17
  Speaker 5: point seven years.
• 13:18
  Speaker 1: I do apologize.
• 13:19
  Speaker 5: Wow, and one trillion seconds is three hundred and seventeen
• 13:24
  Speaker 5: point one centuries.
• 13:25
  Speaker 1: No, it's not, Yes, it is how that math is mathing, Like,
• 13:32
  Speaker 1: I feel like.
• 13:32
  Speaker 5: We just don't have the ability to comprehend what the
• 13:35
  Speaker 5: difference is. But I think that puts it into context,
• 13:38
  Speaker 5: so definitely.
• 13:39
  Speaker 4: So ten people share, well they're not sharing between each other,
• 13:43
  Speaker 4: but they have in total nine hundred and sixty seven
• 13:46
  Speaker 4: trillion dollars.
• 13:48
  Speaker 5: And that was one trillion. They have nine hundred and
• 13:50
  Speaker 5: sixty seven of those.
• 13:52
  Speaker 4: My god. Yeah, okay, let's go for a quick break,
• 13:55
  Speaker 4: fe I need to absorb all of this, but stick
• 13:57
  Speaker 4: around because after the break we're going to be looking
• 13:59
  Speaker 4: at some key concept around the myth of the self
• 14:01
  Speaker 4: made millionaire. OKAYV we are back and we've talked before
• 14:09
  Speaker 4: about how much money is a lot of money on
• 14:11
  Speaker 4: the show, but how much money do we really need?
• 14:13
  Speaker 4: And should there be a limit? Do you think that's
• 14:15
  Speaker 4: probably controversial.
• 14:16
  Speaker 1: But oh many people think yes.
• 14:18
  Speaker 5: I know, so I think in this day and age,
• 14:22
  Speaker 5: this is going to sound very entitled, but I do
• 14:24
  Speaker 5: think people should be allowed to be millionaire.
• 14:26
  Speaker 1: So I totally get that.
• 14:27
  Speaker 5: I think in this day and age, actually, if we're
• 14:30
  Speaker 5: talking about wealth generation, and my.
• 14:32
  Speaker 1: Favorite example, which you've heard on the podcast.
• 14:33
  Speaker 5: A million times is beck if you had a one
• 14:36
  Speaker 5: point two million dollar investment portfolio by the time you retire,
• 14:40
  Speaker 5: at a five percent interest rate return, that would return
• 14:43
  Speaker 5: you about sixty thousand dollars a year of income.
• 14:46
  Speaker 1: Right, So we.
• 14:48
  Speaker 5: Obviously as a podcast, as a community, me as an
• 14:51
  Speaker 5: ex financial advisor, I want you to reach that. A
• 14:54
  Speaker 5: million dollars sounds like a lot of money, but in
• 14:56
  Speaker 5: this day and age, sadly, it is not not actually
• 15:00
  Speaker 5: a lot of money when it comes to talking about retirement,
• 15:03
  Speaker 5: talking about generating wealth talking about property, Like, the average property.
• 15:07
  Speaker 1: Price is now a million dollars.
• 15:08
  Speaker 5: So if we think about that and the strategy of
• 15:11
  Speaker 5: getting to retirement, if the average millennial is purchasing a
• 15:15
  Speaker 5: property worth a million dollars, the strategy is to pay
• 15:18
  Speaker 5: off your property before you retire. Completely, right, that just
• 15:21
  Speaker 5: makes sense. That means that most of you will retire
• 15:25
  Speaker 5: with more than a million dollars of wealth. Right, just
• 15:28
  Speaker 5: because you're going to have a property worth in more
• 15:30
  Speaker 5: than a million dollars by the time we add in
• 15:32
  Speaker 5: your subranuation, hopefully that bumps it up. By the time
• 15:34
  Speaker 5: you retire to another million dollars, you're sitting at two
• 15:36
  Speaker 5: million dollars. Obviously, there might be other extenuating circumstances. You
• 15:41
  Speaker 5: might have an inheritance, you might have another investment portfolio, like,
• 15:44
  Speaker 5: it doesn't matter what it is. But the idea that
• 15:47
  Speaker 5: most millennials will actually retire with more than a million
• 15:50
  Speaker 5: dollars is not incomprehensible. It's actually quite normal. It sounds
• 15:54
  Speaker 5: like a lot because a million dollars is a lot
• 15:55
  Speaker 5: of money. But beck like, I hope that when you
• 15:57
  Speaker 5: retire you've got about that, if not more, because that's
• 16:00
  Speaker 5: what's going to create a level of financial freedom for
• 16:03
  Speaker 5: you not to work, especially with how money is going
• 16:06
  Speaker 5: to increase, because we know that a dollar today is
• 16:09
  Speaker 5: not worth a dollar tomorrow, like a dollar.
• 16:11
  Speaker 1: Today is going to mean.
• 16:13
  Speaker 5: We talked about this on the Triinflation episode, where like
• 16:16
  Speaker 5: back in the fifties, a basket of goods was like
• 16:18
  Speaker 5: twenty bucks and now it's one hundred and twenty dollars. Like,
• 16:21
  Speaker 5: we actually need more money in the future than you
• 16:23
  Speaker 5: need today. So it sounds like an incomprehensible amount of money,
• 16:27
  Speaker 5: but I promise you it is not. Many people obviously
• 16:31
  Speaker 5: going to have spicy views on this, that's fine. Your
• 16:34
  Speaker 5: opinion is not my opinion, and that's what makes the
• 16:36
  Speaker 5: world go around. But my opinion is that billionaires should
• 16:40
  Speaker 5: not exist. Nobody beck needs a billion dollars. Yes, not
• 16:44
  Speaker 5: one person needs a billion dollars. And with the amount
• 16:47
  Speaker 5: of impact that a billion dollars could have, like it
• 16:51
  Speaker 5: blows my mind to think that people, you know, just
• 16:53
  Speaker 5: hoard it and have all of this wealth.
• 16:55
  Speaker 1: Like we talked before.
• 16:57
  Speaker 5: About how the top ten richest men in the world,
• 17:00
  Speaker 5: literally the top ten richest men have nine hundred and
• 17:03
  Speaker 5: sixty seven trillion dollars. That amount of money, even half
• 17:06
  Speaker 5: of that amount of money could solve world Hunker. Yes, Like,
• 17:11
  Speaker 5: it could do so much good and they're just choosing
• 17:14
  Speaker 5: not to because it's their money. Hey, Like, it's their choice.
• 17:17
  Speaker 5: I don't know how you would do that. But there
• 17:20
  Speaker 5: is a concept called limitarianism, and it's a view that
• 17:23
  Speaker 5: states that there is a moral limit to how much
• 17:26
  Speaker 5: we can have. It is not as demanding as some
• 17:30
  Speaker 5: forms of egalitarianism because it actually accepts some level of
• 17:34
  Speaker 5: inequality can exist and can be acceptable back. But it
• 17:38
  Speaker 5: does have a clear cap on how much inequality there
• 17:40
  Speaker 5: could be before that becomes immoral.
• 17:43
  Speaker 1: And I think that that's.
• 17:43
  Speaker 5: Important kind of liked Otherwise, we live in a communist
• 17:47
  Speaker 5: society and that's not what actually makes us thrave.
• 17:50
  Speaker 1: Sure, Like I think that. You know, obviously there's lots
• 17:53
  Speaker 1: of different views on this.
• 17:55
  Speaker 5: There are going to be lots of people who go, no,
• 17:56
  Speaker 5: they shouldn't be millionaires, they shouldn't be billionaires. Like I
• 17:59
  Speaker 5: totally agree with it billionaire statement, But I just go,
• 18:01
  Speaker 5: all right, well, actually, for you to create wealth and
• 18:04
  Speaker 5: have a good life, yeah, becoming a millionaire is not
• 18:06
  Speaker 5: actually at the detriment of other people. Sure, but becoming
• 18:09
  Speaker 5: a billionaire absolutely is at the compromise that that money
• 18:13
  Speaker 5: could have done more and been more. And yes, we
• 18:15
  Speaker 5: could talk about having a billion dollars invested and it
• 18:18
  Speaker 5: creating a passive INCLM stream of XYZ and creating future wealth,
• 18:22
  Speaker 5: but no.
• 18:22
  Speaker 1: One needs that much money back at the end of
• 18:24
  Speaker 1: the day, no one does.
• 18:26
  Speaker 4: Yes, I quite like the sound of this limitarianism thing.
• 18:31
  Speaker 4: But as a business owner and someone who is now
• 18:34
  Speaker 4: not necessarily on the hustle the way you would have
• 18:36
  Speaker 4: been at the start of your career, do you think
• 18:38
  Speaker 4: that you have an opportunity to take a different approach
• 18:40
  Speaker 4: to distributing wealth in your company.
• 18:42
  Speaker 5: I think it's an interesting conversation because obviously I don't know.
• 18:46
  Speaker 5: I feel so uncomfortable talking about it because it just
• 18:48
  Speaker 5: makes me sound like a wankr. Let's be honest, but
• 18:50
  Speaker 5: I'm not the highest paid person in my team. Cool
• 18:53
  Speaker 5: it is, but it isn't like I have amassed some
• 18:56
  Speaker 5: level of wealth like I have a home, my husband
• 18:58
  Speaker 5: and I own an investment property, like my husband has
• 19:01
  Speaker 5: a good income that we rely on. And when we
• 19:04
  Speaker 5: did our maths and worked out, well, what do I
• 19:06
  Speaker 5: need to survive on how does this work?
• 19:08
  Speaker 1: What does this look like?
• 19:10
  Speaker 5: That meant that I could invest more into my business
• 19:13
  Speaker 5: When I say that, not sitting on mass amounts of
• 19:16
  Speaker 5: cash in my business, but meaning that my team are
• 19:19
  Speaker 5: paid very very well, like I don't know, being she's
• 19:23
  Speaker 5: on the money. I look at it, and I want
• 19:24
  Speaker 5: my team to be able to create wealth. I want
• 19:26
  Speaker 5: my team to comfortably be able to go on the
• 19:29
  Speaker 5: holidays that they deserve and buy the houses that they want. Like,
• 19:32
  Speaker 5: I can't think of anything more embarrassing as a business
• 19:35
  Speaker 5: owner than going, hey, like, I bought an investment property,
• 19:38
  Speaker 5: and I know full well that my team can't afford
• 19:41
  Speaker 5: to buy property to begin with. So you know, we
• 19:43
  Speaker 5: talk about Jess, right, She's in a position where she's
• 19:46
  Speaker 5: going to be able to buy property all on her own,
• 19:48
  Speaker 5: and that's absolutely fine. The only stumbling block is actually
• 19:51
  Speaker 5: the market, not her income. And so that makes me,
• 19:54
  Speaker 5: as a business owner, go, I must be running a
• 19:56
  Speaker 5: pretty okay business if that's the circumstance for my whole team,
• 20:00
  Speaker 5: And I'm not here going oh okay, so well rah rah,
• 20:03
  Speaker 5: like it is fair. They work really hard. It all
• 20:05
  Speaker 5: makes sense. But I think that there's this idea as
• 20:08
  Speaker 5: a business owner that you really should be talking and
• 20:11
  Speaker 5: thinking and looking at the wealth of your team, but
• 20:15
  Speaker 5: also the labor that they.
• 20:17
  Speaker 1: Put into it.
• 20:18
  Speaker 5: Because I'm in the position I'm in because my team
• 20:20
  Speaker 5: works so hard. I'm not just here because I had
• 20:22
  Speaker 5: a good idea and it started working. Like I have
• 20:25
  Speaker 5: the flexibility in my life. Do you know record these
• 20:28
  Speaker 5: podcasts on a Tuesday when they go out on a Wednesday?
• 20:31
  Speaker 5: And have you know this life where there is a
• 20:33
  Speaker 5: lot of flexibility, but that has come at the cost
• 20:35
  Speaker 5: of other people having to put labor on the table
• 20:38
  Speaker 5: and put their time, energy and effort into it. And
• 20:40
  Speaker 5: yes they're remunerated for it. But I look at it
• 20:43
  Speaker 5: and I just go, well, you know, I would like
• 20:45
  Speaker 5: this to be a sustainable business with team members who
• 20:48
  Speaker 5: are respected, and to me, that's how you do that.
• 20:51
  Speaker 5: So it's an interesting question when you're like, how do
• 20:54
  Speaker 5: you distribute wealth in your company? I just make sure
• 20:57
  Speaker 5: my team are well looked after. And it's not about
• 20:59
  Speaker 5: hoarding cash or sitting on it. It's always about making
• 21:01
  Speaker 5: sure that it's distributed well to them. We were talking
• 21:05
  Speaker 5: a couple of weeks ago actually on Instagram about Christmas parties,
• 21:09
  Speaker 5: and I posted this thing and I said, hey, guys, like,
• 21:12
  Speaker 5: what are some Christmas party ideas for Zella and Cheese
• 21:14
  Speaker 5: on the money? And you know, a Christmas party is fun, right.
• 21:17
  Speaker 5: I think everyone in the team looks forward going out,
• 21:20
  Speaker 5: having a drink, having a bit of a van, maybe
• 21:22
  Speaker 5: wearing a nice dress, and just having a good evening.
• 21:25
  Speaker 1: Right.
• 21:25
  Speaker 5: The amount of people that were suggesting things that their
• 21:28
  Speaker 5: businesses did for them, Like one of the examples Beck
• 21:32
  Speaker 5: was flying everybody to the Yarra Valley on a helicopter
• 21:35
  Speaker 5: to have an incredibly expensive lunch at a winery and
• 21:38
  Speaker 5: then flying them home. I looked at the cost of
• 21:41
  Speaker 5: that and I was like, okay, Like, would I spend
• 21:44
  Speaker 5: fifteen hundred dollars per team member to go to a
• 21:47
  Speaker 5: Christmas party?
• 21:47
  Speaker 1: Well, depends what kind of year it's been, let's be honest.
• 21:50
  Speaker 5: But you look at the impact of that fifteen hundred
• 21:53
  Speaker 5: dollars and I just know my team would value having
• 21:56
  Speaker 5: the cash in their account above and beyond that. And
• 21:58
  Speaker 5: it also makes me go, okay, well, if the businesses
• 22:01
  Speaker 5: that are making those decisions are making those decisions and.
• 22:04
  Speaker 1: Their team are like, yep, this is great. This is stunning.
• 22:07
  Speaker 5: Are those teams being appropriately remunerated each and every single
• 22:11
  Speaker 5: day for the labor that they put into their jobs
• 22:13
  Speaker 5: or are they just being you know remunerated Okay, but like, oh,
• 22:17
  Speaker 5: they don't have an emergency fund or they don't have
• 22:19
  Speaker 5: the ability to buy a house, in which case I
• 22:21
  Speaker 5: would be really embarrassed. That's the type of showy Christmas
• 22:24
  Speaker 5: party I was putting on when my team can't even
• 22:27
  Speaker 5: you know, put the same amount of food on the
• 22:30
  Speaker 5: table that they could the year before. Yeah, does that
• 22:32
  Speaker 5: make sense? Like, I just think there needs to be
• 22:35
  Speaker 5: some level of practicality and thought put into it when
• 22:38
  Speaker 5: it comes to team and wealth distribution, because you also
• 22:42
  Speaker 5: can't just pay people heaps and heaps of money. And
• 22:45
  Speaker 5: I say that because it actually locks people into a role.
• 22:49
  Speaker 5: Like let's pretend I paid you back five times what
• 22:52
  Speaker 5: the average annual income was for the role that you perform.
• 22:55
  Speaker 5: That means that you might become really disenchanted and not
• 22:59
  Speaker 5: you know, push your career forward or change anything, because
• 23:01
  Speaker 5: you're like, well, I can't leave working for Victoria because
• 23:05
  Speaker 5: I'm paid so well here, no one else will ever
• 23:07
  Speaker 5: measure up. So like in every other aspect of your life,
• 23:10
  Speaker 5: you might not be as actively engaged. Yeah, so it's
• 23:13
  Speaker 5: finding that fine balance of like, well, how do I
• 23:16
  Speaker 5: appropriately remunerate and reward staff while making sure that they
• 23:20
  Speaker 5: still have equal opportunity and flexibility in the rest of
• 23:22
  Speaker 5: their life.
• 23:24
  Speaker 4: That's a tough one.
• 23:25
  Speaker 1: It's very hard.
• 23:26
  Speaker 4: It's a tough one to balance. But the ultimately the
• 23:30
  Speaker 4: end of the day, what would you like people to
• 23:32
  Speaker 4: take away from this?
• 23:33
  Speaker 5: Honestly, this idea of a self made millionaire and my
• 23:37
  Speaker 5: reflections on it, I guess it opens up the idea
• 23:40
  Speaker 5: of a wider issue, and that's the undue emphasis that
• 23:43
  Speaker 5: we put on financial success and the lengths people go
• 23:46
  Speaker 5: to achieve it. I guess in our digitally driven society,
• 23:50
  Speaker 5: the idea of keeping up with the Joneses has really
• 23:52
  Speaker 5: changed into, I guess, a perpetual race against time, you
• 23:56
  Speaker 5: could say, where the measure of your success is not
• 23:59
  Speaker 5: just your way.
• 24:00
  Speaker 1: But how quickly you can achieve it.
• 24:02
  Speaker 5: Like, you know, if somebody retires at sixty five with
• 24:05
  Speaker 5: a million dollars, you're like, yeah, okay, that makes sense.
• 24:07
  Speaker 1: But if you said I'm twenty five with a million dollars,
• 24:09
  Speaker 1: You're like, wow, what a big dog? Like that's so impressive.
• 24:13
  Speaker 5: This consistent and relentless storm of what success stories look like,
• 24:17
  Speaker 5: I guess makes us feel crash about ourselves, Like how
• 24:20
  Speaker 5: many times have we seen young entrepreneurs that are like,
• 24:23
  Speaker 5: I achieved a six figure salary by the term hols
• 24:25
  Speaker 5: twenty two And you're.
• 24:26
  Speaker 1: Like, well, that never worked for me. That doesn't make sense.
• 24:30
  Speaker 5: And they're showing off their cars that are worthhouse deposits,
• 24:32
  Speaker 5: and they're always going on holidays to the Amalfi Coast,
• 24:35
  Speaker 5: And I just think it's so easy to forget those
• 24:39
  Speaker 5: of us in our community who work tirelessly day in,
• 24:42
  Speaker 5: day out, put food on the table, and they don't
• 24:45
  Speaker 5: end up amassing millions, and somehow that's not deemed to
• 24:48
  Speaker 5: be as worthy or like, what about those people who
• 24:51
  Speaker 5: work for the sheer passion of it, Like they're just
• 24:53
  Speaker 5: so wildly passionate about something, Like what if someone is
• 24:56
  Speaker 5: so wildly passionate about their craft or making a difference
• 24:59
  Speaker 5: to their community, why aren't we rewarding these people with
• 25:02
  Speaker 5: the center stage? I suppose when we talk about it
• 25:05
  Speaker 5: to me, I think it's like the artist that teaches
• 25:07
  Speaker 5: the community workers, the nurses, the caregivers, their contributions never
• 25:11
  Speaker 5: make the headlines. They made the headlines during COVID because
• 25:15
  Speaker 5: I think people finally realized how much we rely on
• 25:17
  Speaker 5: these people and how important they are when they always
• 25:20
  Speaker 5: were that important. But yeah, I think that their narrative
• 25:23
  Speaker 5: deserves so much more acknowledgment and respect. And you know,
• 25:27
  Speaker 5: when the spotlight gets put on people who have become
• 25:30
  Speaker 5: millionaires as being like the pinnacle or what we should
• 25:32
  Speaker 5: be becoming, it really, you know, obscures the fact that
• 25:37
  Speaker 5: you know, at some point a majority of us are
• 25:40
  Speaker 5: going to face financial struggle in our lives.
• 25:42
  Speaker 1: Yeah, we need to talk about that.
• 25:43
  Speaker 5: That's not something to be ashamed of, that's not something
• 25:46
  Speaker 5: to sweep under the rug. But if the narrative is, oh,
• 25:48
  Speaker 5: I became a self made millionaire, you immediately think, well,
• 25:51
  Speaker 5: these people don't have these problems.
• 25:53
  Speaker 1: I can't relate. I'll never be successful.
• 25:54
  Speaker 5: Sure, And I think that in a world where we
• 25:58
  Speaker 5: have unforeseen you know, interest rate rises, and we have
• 26:01
  Speaker 5: health issues or even just like a mere stroke of
• 26:04
  Speaker 5: bad luck can see us, you know, spiral into a
• 26:07
  Speaker 5: financial crisis.
• 26:09
  Speaker 1: We need to be protecting ourselves against that.
• 26:11
  Speaker 5: And that's not by becoming a millionaire and hustling our
• 26:14
  Speaker 5: way to the top. Beck, Like, I just think we
• 26:17
  Speaker 5: need to remember that wealth is not the only measure
• 26:20
  Speaker 5: of success in this world. Like personal growth, beautiful relationships,
• 26:25
  Speaker 5: contentment in your actual achievements, and what you do every
• 26:28
  Speaker 5: single day, no matter how small, are actually the indicators
• 26:31
  Speaker 5: of this.
• 26:32
  Speaker 1: And I think that.
• 26:33
  Speaker 5: It brings us to what I would say is the
• 26:37
  Speaker 5: irony of our time, and that while it's essential to
• 26:41
  Speaker 5: you know, have aspirations and push our boundaries, we also
• 26:44
  Speaker 5: need to be aware of not letting the societal pressures
• 26:46
  Speaker 5: that exist define your worth, because you're worth so much
• 26:50
  Speaker 5: more than that. And I won't go on and on
• 26:52
  Speaker 5: about that because I just I could and I would,
• 26:54
  Speaker 5: and if you gave me the platform, well, and we
• 26:57
  Speaker 5: might even link my article that I wrote for the
• 27:00
  Speaker 5: Agian City Morning Herald here, because that actually is another
• 27:03
  Speaker 5: thousand words of me ranting about how important sees if
• 27:06
  Speaker 5: you're interested. But I just think, Yeah, you can't do
• 27:09
  Speaker 5: anything in a vacuum, Beck, The world requires support. The
• 27:13
  Speaker 5: world requires us to have connections to be successful. And
• 27:17
  Speaker 5: when you have this narrative of the self made millionaire,
• 27:20
  Speaker 5: puts unnecessary pressure on you and me to do better.
• 27:23
  Speaker 1: And be better and hustle.
• 27:24
  Speaker 5: But also it doesn't acknowledge the people that are actually,
• 27:27
  Speaker 5: you know, supporting the fabric of our society.
• 27:30
  Speaker 4: Yeah, so true.
• 27:31
  Speaker 1: That's where we'll probably leave it though, like otherwise I'll
• 27:34
  Speaker 1: just go on and on that.
• 27:35
  Speaker 4: Hey, we can go on and on off mic, but
• 27:38
  Speaker 4: so good. And I think it's a really good thing
• 27:39
  Speaker 4: for people to take away from this episode is that
• 27:41
  Speaker 4: it's probably not on you. You are where you want
• 27:44
  Speaker 4: to be and where you have to be, and where
• 27:46
  Speaker 4: you should.
• 27:46
  Speaker 5: Be exactly exactly where you need to be right now,
• 27:50
  Speaker 5: my friends. Yes, and also my favorite quote of all time.
• 27:53
  Speaker 5: Let's leave on that arising tide.
• 27:55
  Speaker 1: Lifts all ships.
• 27:56
  Speaker 4: Love it, love it.
• 27:57
  Speaker 5: Let's go have the best day, my friends, and we
• 28:00
  Speaker 5: will see you on Friday.
• 28:01
  Speaker 4: Bye, guys.
• 28:08
  Speaker 5: The advice shared on She's on the Money is general
• 28:10
  Speaker 5: in nature and does not consider your individual circumstances. She's
• 28:14
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• 28:18
  Speaker 5: not be relied upon to make an investment or financial decision.
• 28:21
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• 28:24
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