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Scarcity Mindset & Investing · She's On The Money

0:00
Speaker 1: Hello.
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Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud yr the
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Speaker 2: Order Kerney Whalbury 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
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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
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Speaker 2: and lasting impact for tomorrow.
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Speaker 1: Let's get into it.
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Speaker 3: She's on the Money, She's on the Money.
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Speaker 1: Hello, and welcome to She's on the Money, the podcast
1:00
Speaker 1: for millennials who want financial freedom. My name is Becksied
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Speaker 1: and with me is Victoria Divine.
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Speaker 4: Hello. V.
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Speaker 1: We have a very interesting one today, Scarcity, mindset and investing.
1:14
Speaker 4: Oh, it's a spicy topic. I tell, pray, tell oh
1:18
Speaker 4: that sentence gives me the it does it give you
1:21
Speaker 4: the hebes? It gives me the he begbis.
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Speaker 1: I'll take it out of rrotation.
1:25
Speaker 4: Scarcity mindset is a spicy one today and it's funny
1:28
Speaker 4: because I asked our producer and a Lisa. I was like, Hey,
1:31
Speaker 4: can you just get some you know, more fun stats
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Speaker 4: and facts and stuff about this before we record? And
1:36
Speaker 4: she's like, Victoria, I've googled this, like there's not a
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Speaker 4: link here, And I was like, Babe, there's a massive
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Speaker 4: link here. Scarcity mindset is often the reason people don't invest,
1:45
Speaker 4: and we need to talk about it. So hopefully this
1:48
Speaker 4: is maybe a good introduction to why scarcity mindset might
1:51
Speaker 4: be holding you back a little bit. But Beck, have
1:54
Speaker 4: you ever found yourself in a position where you're like
1:56
Speaker 4: worried that if someone gets something you want then you
1:59
Speaker 4: might not have it too, Yeah, like a pay rise
2:02
Speaker 4: or like a promotional, like maybe even just like something random.
2:05
Speaker 4: It is hard to admit, but I feel like if
2:07
Speaker 4: someone in my circle or someone around me has the
2:09
Speaker 4: opportunity to get something or just get something that I
2:12
Speaker 4: kind of want, I feel like, what are the chances
2:15
Speaker 4: of us both receiving that?
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Speaker 1: Do you know what I mean? Yeah?
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Speaker 4: Yeah, And I'm not surprised to hear that because I
2:20
Speaker 4: know a little bit about your money story and I
2:23
Speaker 4: feel like you lean a little bit more towards scarcity
2:25
Speaker 4: rather than abundance, whereas abundance might be like, oh my god,
2:29
Speaker 4: if my friend can achieve that and smash that out
2:32
Speaker 4: of the park, this absolutely I can do that. Just
2:34
Speaker 4: paved the way. What a great time, Like their candle
2:37
Speaker 4: can light mine and we can both shine brighter. Is
2:40
Speaker 4: more abundance mindset, where a scarcity is kind of like, oh,
2:42
Speaker 4: if they're doing it, maybe I can't do it. And
2:45
Speaker 4: I think that that can actually get in the way.
2:47
Speaker 4: And I think a lot of people in our community
2:49
Speaker 4: have this mindset. And a couple of weeks ago, we
2:52
Speaker 4: actually talked about what a lot of money looked like
2:54
Speaker 4: and I remember how you said, oh, I think it
2:57
Speaker 4: was like thirty bucks. Yeah, whereas I said, if you
2:59
Speaker 4: have five dollars or even one cent. Let's be honest nowadays,
3:02
Speaker 4: but if you have five dollars, that's actually enough to
3:05
Speaker 4: get started investing. These days and today, we are going
3:08
Speaker 4: to be diving more into that and really focusing on
3:11
Speaker 4: a scarcity and abundance mindset and how that impacts your
3:15
Speaker 4: investment journey. And I think it's really really important and
3:18
Speaker 4: I promise like we'll get to the point, but we're
3:21
Speaker 4: going to be looking at the differences between scarcity and
3:23
Speaker 4: abundance mindsets, and then after the break, I'm going to
3:26
Speaker 4: teach you how to shift from the negative to the
3:28
Speaker 4: positive and then how this actually affects your attitude towards investing,
3:33
Speaker 4: because I promise it does. Often with scarcity mindset, you
3:37
Speaker 4: just you don't want to put your money out there
3:39
Speaker 4: like we've got them it might run out, like what
3:41
Speaker 4: if I need that money later, Whereas a more abundant
3:44
Speaker 4: mindset just TLD or if you don't want to listen
3:46
Speaker 4: to the whole app This is basically it's summary, but
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Speaker 4: abundance mindset's more about like, oh, if I put my
3:50
Speaker 4: money out there, more will come and I can create more.
3:53
Speaker 4: And I think there's definitely negative connotations to scarcity mindset
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Speaker 4: that mean that we actually limit ourselves and we really
4:02
Speaker 4: shouldn't be doing that, right, Okay, it's actually very company
4:04
Speaker 4: to know that it is something that can be changed.
4:07
Speaker 4: Then it could be changed, But to change something you
4:09
Speaker 4: have to be able to identify it and come to
4:11
Speaker 4: terms with what the reality of the circumstances are to
4:14
Speaker 4: then move forward. But if we can't do that, often
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Speaker 4: we just stay stagnant and we don't change at all.
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Speaker 1: YEP. So I guess we'll start with going into the
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Speaker 1: nitty gritty details. What is scarcity mindset?
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Speaker 4: So scarcity mindset is basically the belief that life is
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Speaker 4: like a limited pie, so there's like only so much
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Speaker 4: of it to go around, and with only so much
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Speaker 4: money and so much success and good fortunes that if
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Speaker 4: you perceive somebody has a big piece of the pie,
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Speaker 4: you might think that it actually leaves less for you.
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Speaker 4: And this is what really limits what you think is
4:46
Speaker 4: possible in your life. Okay, okay, I think I'm getting
4:50
Speaker 4: a picture now and absolutely could not relate anymore. You know,
4:54
Speaker 4: like Banjo's the Bakery and how they do that little
4:57
Speaker 4: blueberry tart pie thing, That's what I thought of. Oh okay,
5:00
Speaker 4: I thought they're unlimited. They make new ones every single day.
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Speaker 1: Oh, they're unlimited. They're not going to run out. You're
5:05
Speaker 1: going to get a blueberry pie tomorrow. Can you break
5:08
Speaker 1: this down a little bit more into specifics for us?
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Speaker 4: So basically, from my perspective, it is really important to
5:14
Speaker 4: understand that scarcity mindset is basically pessimistic or negative thinking.
5:19
Speaker 4: I've written a list back and basically a person with
5:21
Speaker 4: a scarcity mindset frames things in you know the following
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Speaker 4: types of ways. So the first thing I've written down
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Speaker 4: is they consider the limitations of a situation by focusing
5:30
Speaker 4: on the negatives. Second we've got they lead with more
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Speaker 4: of a victim mentality and blame things that are outside
5:37
Speaker 4: their control, which adds to stress, worry, and in action.
5:41
Speaker 4: They spend their mental energy on what's lacking in life
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Speaker 4: or not working instead of the positive. They might refuse
5:48
Speaker 4: to collaborate or share with other people. They often and
5:51
Speaker 4: this is a more negative list, but I think it's
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Speaker 4: important to read it out. And I know I said before, Beck,
5:55
Speaker 4: I think you lean more towards this. I don't think
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Speaker 4: that you're super negative, but I do see asp of
6:00
Speaker 4: scarcity mindset in the way that you approach money. And
6:02
Speaker 4: that's why I've pointed it out because I don't want
6:04
Speaker 4: people to think, oh, this big negative list is all
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Speaker 4: me that's awful and the world. It's not. You could
6:08
Speaker 4: have a lot of scarcity mindset, or you could have
6:11
Speaker 4: like a little teeny tiny bit of it that might
6:13
Speaker 4: be that one thing that's holding you back. So it's
6:15
Speaker 4: not a good or a bad thing. It's just something
6:17
Speaker 4: that we can identify about ourselves to put ourselves in
6:19
Speaker 4: a better position.
6:20
Speaker 1: Ten out of ten?
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Speaker 4: Can I recommend The next one is they think small
6:23
Speaker 4: and they often avoid risk. They often find it hard
6:27
Speaker 4: to trust others and they default straight to suspicion. They
6:30
Speaker 4: act as a taker and always expect more from others,
6:34
Speaker 4: and they establish their sense of self worth by comparing
6:37
Speaker 4: themselves to others, which we don't like doing in the
6:40
Speaker 4: Sheese on the Money community. We're all in different journeys
6:42
Speaker 4: and we don't compare our circumstances to that of others,
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Speaker 4: do we.
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Speaker 1: Bet No, that's exactly right. There's always someone out there
6:48
Speaker 1: richer and poorer.
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Speaker 4: Yeah, But like also that Deed Devontees quote. I don't
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Speaker 4: know if you know where I'm going with this, but
6:55
Speaker 4: like you could be the ripest, juiciest peach in the
6:57
Speaker 4: entire world, but there are going to be people who
6:59
Speaker 4: just don't like eat peaches. And I think that's fine,
7:01
Speaker 4: very powerful. It's a good quote, right, very good quote.
7:04
Speaker 4: It's like raist, juiciest. I'm like, yeah, that quote is good,
7:07
Speaker 4: but it's true, Like you could be the best of
7:10
Speaker 4: the best of everything, and people like, yeah, just don't
7:12
Speaker 4: like peaches. So thanks, though, You're like.
7:14
Speaker 1: But it's the best peach.
7:15
Speaker 4: Yeah, like, have you seen this? It is literally perfect?
7:19
Speaker 4: And they go, yeah, still don't like peaches? Thanks, So babe,
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Speaker 4: can't relate, can't relate. There is truly nothing better I
7:26
Speaker 4: can peach in summer, but moving on.
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Speaker 1: Can relate to being the ripest and juiciest and perfect
7:34
Speaker 1: oh good, But I can't relate to being a peek
7:37
Speaker 1: liking peaches, No neither, now, V Why do people develop
7:42
Speaker 1: this mindset and how can it control us and impact
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Speaker 1: us long term?
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Speaker 4: That's a very good question when I asked you to
7:49
Speaker 4: ask me, so that makes sense that he's come up
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Speaker 4: at about now. But scarcity mindset or scarcity mentality isn't
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Speaker 4: actually a personality trait. It's a learned behavior. It's a
7:58
Speaker 4: learned outcome from the way that you grew up. Scarcity
8:03
Speaker 4: mindset isn't something that you do on purpose, like people
8:05
Speaker 4: just don't do it on purpose. And I've spoken about
8:08
Speaker 4: this before on the podcast, and it's often around identifying
8:12
Speaker 4: it in other people and maybe not actually viewing it
8:16
Speaker 4: with the kindness that you need to. So when it
8:19
Speaker 4: comes to people's money stories, and the example that I'll
8:22
Speaker 4: go back to is brunch, right, So Beck, let's say
8:24
Speaker 4: you go out for brunch with a girlfriend and you
8:26
Speaker 4: just go, oh my god, I'm going out for brunch
8:28
Speaker 4: with this friend. I love it far out just a
8:30
Speaker 4: bit of a stinge. Whenever we go to brunch, she
8:33
Speaker 4: literally eats before we go. And she's a doctor now
8:37
Speaker 4: she can afford it. Like that pisces me off. Because
8:40
Speaker 4: she's a doctor, she can afford brunch, and every time
8:43
Speaker 4: we go, I eat in front of her. She just
8:45
Speaker 4: saw it as a coffee. Sometimes she gets a croissant,
8:48
Speaker 4: but like she never gets the full you know, big
8:51
Speaker 4: Sunday breakfast. Yeah, and you're looking at that from your
8:54
Speaker 4: perspective and maybe not considering her money story. Yeah, she
8:57
Speaker 4: might be a doctor that has a really good income now,
8:59
Speaker 4: and you're right, she absolutely could probably afford brunch if
9:02
Speaker 4: it was in line with her values. But what you're
9:04
Speaker 4: not considering is maybe she grew up her money was super,
9:08
Speaker 4: super scarce, Like talking about grocery items gave her anxiety
9:12
Speaker 4: as a kid because she always wanted the roll ups,
9:15
Speaker 4: but mom and dad always said, no, it can't afford it.
9:17
Speaker 4: We are absolutely not getting those. It's not an option.
9:19
Speaker 4: So money has always been something that makes her really anxious,
9:23
Speaker 4: so going out to brunch, she can only justify getting
9:27
Speaker 4: her coffee because it's actually part of her money story
9:30
Speaker 4: that she's always been told No, we don't do that,
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Speaker 4: No we don't eat out, No we don't do this.
9:34
Speaker 4: And your friend loves you so much that she wants
9:37
Speaker 4: to go out for coffee with you. She really wants
9:39
Speaker 4: to go out for brunch. She accepted your invitation with
9:42
Speaker 4: her whole heart because she was so excited to see you.
9:45
Speaker 4: But then on the flip side, you're judging the way
9:47
Speaker 4: she spends her money because you have no idea about
9:50
Speaker 4: her money story because it's money, your flipping business. No,
9:53
Speaker 4: but that scarcity mindset in that circumstance is absolutely fine
9:58
Speaker 4: because you know she's living within her value. And to
10:00
Speaker 4: be honest, kudos to her for being able to say
10:03
Speaker 4: knowing that circumstance, because I know when I was at Union,
10:06
Speaker 4: didn't have heaps cash and someone invited me out for brunch,
10:09
Speaker 4: I'd be like, oh, yeah, I'll get something too, even
10:11
Speaker 4: if I didn't want to spend the money. So like,
10:12
Speaker 4: that is quite a strong willed thing to do, mad respect,
10:16
Speaker 4: But that scarcity mindset might limit her in a number
10:20
Speaker 4: of other areas of her life. So for example, we
10:23
Speaker 4: just you know, this is very stereotypical, but I think
10:25
Speaker 4: it drives home the point she's a doctor. Now we're
10:28
Speaker 4: assuming she's making good money, but she might save every
10:32
Speaker 4: single dollar that she has. She might not have bought
10:35
Speaker 4: a home yet, even if it's something that she's been
10:37
Speaker 4: really working towards and really wants to do, and that's
10:39
Speaker 4: her dream, because parting with that money gives her mad anxiety,
10:43
Speaker 4: she just can't do it. Maybe she really wants to
10:45
Speaker 4: invest for her future because she wants to be a
10:47
Speaker 4: single lady for life, got no interest in a partner.
10:49
Speaker 4: But her income isn't enough to create the life she wants,
10:52
Speaker 4: so she needs to invest, but she just can't because
10:55
Speaker 4: she doesn't want to put her money into an investment
10:56
Speaker 4: account because for her, that means that she feels like
10:59
Speaker 4: she loses a bit of sense of control. Compare that
11:03
Speaker 4: to somebody who grew up in a situation where money
11:05
Speaker 4: wasn't scarce, It wasn't something that you know, triggered anxiety.
11:09
Speaker 4: Was kind of flippant, right, like mom and dad gave
11:11
Speaker 4: you some money, or your guardians made sure that you
11:14
Speaker 4: always cared for money wasn't ever an issue. And you're
11:17
Speaker 4: both at school, you're both learning the same stuff, you're
11:21
Speaker 4: both you know, out brunch, and you might both be
11:23
Speaker 4: talking about she's on the money, and you might both say, yeah,
11:25
Speaker 4: I really want to invest. But if you never grew
11:29
Speaker 4: up with a scarcity mindset, you are far more likely
11:31
Speaker 4: to be like, yeah, fire out, why haven't I done that?
11:33
Speaker 4: I might just chuck fifty bucks in Charesi's and actually
11:36
Speaker 4: just start my journey today. What am I waiting for?
11:38
Speaker 4: This is so good? Whereas the person who has the
11:41
Speaker 4: scarcity mindset is more likely to mena about that. They
11:45
Speaker 4: might get a bit of what you've been calling it
11:47
Speaker 4: analysis paralysis, looking at every single platform to make sure
11:49
Speaker 4: that they're in one thousand percent control because they're just
11:52
Speaker 4: not sure what step to take next, and then they
11:54
Speaker 4: just don't want to do it yet because fifty bucks
11:56
Speaker 4: is actually a lot of money, and what if I
11:58
Speaker 4: need that soon? And what if I actually invest that
12:00
Speaker 4: and it doesn't go so well? And I'm really anxious
12:02
Speaker 4: because scarcity mindset is ruling my life, and that negative
12:06
Speaker 4: money story growing up is now impacting the way that
12:09
Speaker 4: I'm interacting with money today, and it's actually going to
12:13
Speaker 4: limit the outcomes we can create. That's often why we
12:17
Speaker 4: talk about cycles of debt and cycles of poverty continuing
12:22
Speaker 4: and replicating themselves, because even if we give people education,
12:25
Speaker 4: sometimes they don't want to take that next step. Does
12:28
Speaker 4: that make sense?
12:29
Speaker 1: Yeah, that makes so much sense. And I'm starting to
12:31
Speaker 1: realize that I am more of a scarcity mindset kind
12:34
Speaker 1: of person.
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Speaker 4: And it's not bad. It's good to know where you
12:38
Speaker 4: stand because it's something that we can work through to
12:41
Speaker 4: get to the outcome. We know that not everybody starts
12:44
Speaker 4: at the exact same start line. If you have a
12:47
Speaker 4: bit of a scarcity mindset, you might be even further
12:50
Speaker 4: behind the start line. And just to get to the
12:52
Speaker 4: start line is a hustle in itself. And I think
12:54
Speaker 4: that so many people think that the answer is just
12:57
Speaker 4: financial literacy. And here's another podcast on in and here's
13:00
Speaker 4: how to do it. And you know what, I wrote
13:02
Speaker 4: this book of the ab CD and EF step for
13:06
Speaker 4: you to actually invest like I have actually given you guys,
13:09
Speaker 4: step by step instructions on how to invest. Here's how
13:13
Speaker 4: to review a platform, He's how to integrate it into
13:16
Speaker 4: your budget. Here's how it looks over time. This is
13:18
Speaker 4: what compound interest does. You actually have that knowledge. But
13:22
Speaker 4: maybe that next step that you're not taking is due
13:25
Speaker 4: to scarcity mindset. And if we don't address that, you're
13:28
Speaker 4: not going to take that step because that step makes
13:30
Speaker 4: you feel sick. That step gives you anxiety. And the
13:33
Speaker 4: second we have anxiety about something, warning lights go off
13:36
Speaker 4: and we go this must not be the right thing
13:38
Speaker 4: to do. I know everyone's saying it's good, but I
13:40
Speaker 4: feel disgusting about this. I feel anxious. I feel really unsure.
13:44
Speaker 4: Maybe I shouldn't be doing this. You're right, Maybe I'll
13:45
Speaker 4: just put it to the side and look at it
13:47
Speaker 4: next year.
13:47
Speaker 1: Yeah, you look at it next year.
13:49
Speaker 4: You're anxious again. Yeah, but we're not addressing the underlying
13:52
Speaker 4: idea of where this mindset or where this approach has
13:55
Speaker 4: come from. Right, And I think that to do that
13:58
Speaker 4: is really important.
13:59
Speaker 2: Yeah.
13:59
Speaker 1: Absolutely, This hypothetical story about my doctor friend really has feeling.
14:05
Speaker 1: I think that I'm attached to this person. I don't
14:07
Speaker 1: know who this person is. What should we name it?
14:09
Speaker 4: I don't know. Emily is a good name, but it's caller. No, okay,
14:13
Speaker 4: we call it Emily. We'll call it Emily, Emily, I'm here.
14:16
Speaker 1: Emily sounds like a doctor. Emily sounds like a doctor.
14:18
Speaker 1: It's a very doctorish name, you reckon. I want Emily
14:21
Speaker 1: to learn how to be more of an abundance mindset
14:25
Speaker 1: sort of person. So tell me what is abundance mindset.
14:29
Speaker 1: I'm guessing this is like optimistic thinking.
14:31
Speaker 4: Yeah, absolutely it is. And I don't want to say
14:34
Speaker 4: being more positive because that sucks, Like I hate when
14:37
Speaker 4: people like, just be more positive about you, like I'm
14:39
Speaker 4: actually I'm going to hear you, because that's not just
14:42
Speaker 4: an option. But people who look at the world from
14:45
Speaker 4: an abundance mindset know that there are more than enough
14:48
Speaker 4: opportunities to go around for everybody out there, and that
14:51
Speaker 4: one person's success does not come at the detriment of
14:55
Speaker 4: somebody else's. And often you see this at school where
14:59
Speaker 4: you know young kids like I remember because I had
15:01
Speaker 4: a bit of a scarcity mindset, and I still do
15:03
Speaker 4: and I still work towards being more abundance mindset. And
15:07
Speaker 4: that's why I talk about it so often, because I
15:09
Speaker 4: need to convince myself regularly that this is where I
15:12
Speaker 4: want to be, not where I actually am. But I
15:14
Speaker 4: remember being like, oh my friend's got an a on
15:17
Speaker 4: that assignment, and I got to be yeah, I'm never
15:19
Speaker 4: gonna get there, Like, you know, she's got all of
15:21
Speaker 4: this succept. It had nothing to do with that. I
15:24
Speaker 4: was comparing myself to somebody else for what outcome to
15:27
Speaker 4: just feel shit about myself. Yeah, great idea of Victoria.
15:30
Speaker 4: That's really good. But essentially, instead of hurrying through their decisions,
15:34
Speaker 4: they make really deliberate, careful choices that are aligned with
15:38
Speaker 4: their values and the life that they want to create.
15:40
Speaker 4: And if there's enough for everybody, then there's no need
15:43
Speaker 4: to compare. There's no need to compete because your success
15:46
Speaker 4: not at the detriment of mine, and vice versa. It's
15:49
Speaker 4: kind of like this quote that I am obsessed with
15:52
Speaker 4: a rising tide lifts all ships, and I think like
15:55
Speaker 4: that she's on the money with a rising tide all
15:57
Speaker 4: the ships. That's you guys, Like, the more we can create,
16:01
Speaker 4: the more content that is out there, the more our
16:03
Speaker 4: tide rises, the more you guys rise, and it's not
16:06
Speaker 4: the detriment of somebody else. Yeah, there might be a
16:09
Speaker 4: new little boat that's just come to the marina and
16:11
Speaker 4: they've never actually been on the ocean before. Like they're
16:14
Speaker 4: not on the tide. They don't know what they're up to.
16:16
Speaker 1: But that's okay.
16:17
Speaker 4: You can come along. We've got all this content that
16:19
Speaker 4: you can consume and get up to speed with everybody else.
16:22
Speaker 4: But we're rising and we're doing it together, and I
16:24
Speaker 4: think that that's the most important thing there, Like you
16:27
Speaker 4: do not have to push someone down for you to
16:30
Speaker 4: rise up. And I think that that's where you know,
16:32
Speaker 4: when I did that recap of like things that are
16:34
Speaker 4: in and out for twenty twenty three, and I say
16:37
Speaker 4: girl boss culture, like that to me was out because
16:40
Speaker 4: that often aligns to I do well and everybody else
16:44
Speaker 4: doesn't do well, and I will step on people to
16:47
Speaker 4: get where I need to go, and that makes me sick.
16:49
Speaker 4: We don't do that, no, but you can literally get
16:52
Speaker 4: where you want to go without snatching a piece of
16:53
Speaker 4: pie from somebody else.
16:55
Speaker 1: Wow, it's actually very good to know. Yeah, it's a
16:57
Speaker 1: fantastic analogy as well, rising with the tides for everyone.
17:02
Speaker 1: That's really cute. I really like that. So what are
17:05
Speaker 1: some personality traits that are associated with abundance mindset?
17:09
Speaker 4: So someone with an abundance mindset? Firstly, I've written down
17:12
Speaker 4: a list again, so strip yourselves in So firstly, they
17:15
Speaker 4: consider the opportunities in a situation by focusing on the
17:18
Speaker 4: areas of growth and improvement. They lead with control by
17:21
Speaker 4: taking responsibility, which inspires them to act with confidence and clarity.
17:26
Speaker 4: They spend their mental energy on new possibilities by being
17:29
Speaker 4: flexible and adaptable to their circumstances, so they can see
17:33
Speaker 4: opportunities where some people don't see any. They think about
17:36
Speaker 4: the challenges and growth ahead, and that actually makes them
17:39
Speaker 4: feel really empowered and engaged. Their positive attitude inspires and
17:44
Speaker 4: energizes others to perform well. They collaborate well with others
17:48
Speaker 4: by sharing knowledge and success, which is kind of like
17:50
Speaker 4: the rising tide lifts aul ships. It's kind of like
17:53
Speaker 4: do you remember at school when people be like, oh,
17:55
Speaker 4: can I see your notes? Like literary?
17:58
Speaker 1: Is that kid?
17:59
Speaker 4: Yeah, But that's abundance mindset. If that person says yeah,
18:03
Speaker 4: no worries because from my perspective, and I was that
18:06
Speaker 4: person that I would literally and at UNI, I actually
18:08
Speaker 4: made money from doing this. I used to sell copies
18:11
Speaker 4: of my notes that I took in lectures because lots
18:13
Speaker 4: of people wouldn't go and I was just super free
18:15
Speaker 4: and I would go to every single lecture and I
18:17
Speaker 4: would actually get mad anxiety if I didn't go. So
18:19
Speaker 4: I took these beautiful handwritten notes, and after the lecture,
18:22
Speaker 4: I would go to the library and scanning was free.
18:25
Speaker 4: Printing wasn't. Scanning was free, and I'd scan it and
18:28
Speaker 4: put it in my emails and people would pay me
18:30
Speaker 4: like ten bucks per sheet of notes.
18:33
Speaker 1: Yeah.
18:34
Speaker 4: Right, But I was under the assumption and this is
18:36
Speaker 4: maybe negative. I don't know who knows where we're going
18:39
Speaker 4: with this, but I was like, I can give you
18:41
Speaker 4: my notes, I can literally hand it to you on
18:44
Speaker 4: a silver platter, But if you don't read them, and
18:46
Speaker 4: you don't put the work in the time and the
18:47
Speaker 4: energy and the effort in that I have, you're definitely
18:50
Speaker 4: not going to be successful, even if you've paid for
18:52
Speaker 4: this copy of notes.
18:53
Speaker 1: Right, so you were you didn't feel threatened that if
18:55
Speaker 1: they will be I.
18:57
Speaker 4: Will give you absolutely everything you need to be successful,
19:00
Speaker 4: but at the end of the day, that success is
19:02
Speaker 4: up to you and whether you're going to put the
19:04
Speaker 4: energy in, because like, if I hand you these beautiful
19:07
Speaker 4: notes that I wrote, which by the way, because I
19:09
Speaker 4: knew I was selling them, I like fully ruled the
19:11
Speaker 4: page with like the red line you know what I'm
19:13
Speaker 4: talking about stunning. Also would highlight things and i'd scan
19:16
Speaker 4: it in color because obviously right business now exactly, I'm
19:19
Speaker 4: a business lady, have been from the beginning. But I
19:23
Speaker 4: was literally like, well, what's the use in you know,
19:26
Speaker 4: hiding my notes and being like, oh my god, no,
19:27
Speaker 4: if you didn't take notes in that lecture, baby, you
19:30
Speaker 4: already didn't go to the lecture, You're already behind. You're
19:32
Speaker 4: already going to have to do the work. And if
19:35
Speaker 4: you just think that having the notes and paying for
19:37
Speaker 4: them is going to put your head, it's not.
19:39
Speaker 1: Yeah, it was already they're available for them.
19:42
Speaker 4: Yeah, yeah, go for it. But anyway, so I think
19:45
Speaker 4: that that's where my abundance mindset started. I feel like
19:48
Speaker 4: I mixed between the two. Like some things I'm a
19:50
Speaker 4: bit scarce to be mindset about, some things I'm a
19:52
Speaker 4: bit abundance mindset about. So it's not one silo or
19:55
Speaker 4: the other. And I think that's important to point out.
19:57
Speaker 4: So you're not just an abundant person or you're not
19:59
Speaker 4: just as scared city person. You could be abundant in
20:02
Speaker 4: every other aspect of your life, like I was when
20:05
Speaker 4: it came to notes, but when it came to money,
20:07
Speaker 4: I was really scarce. Does that make sense? So it
20:10
Speaker 4: could be a relationship as well, Like you could have
20:12
Speaker 4: abundance in every other aspect of your life but have
20:15
Speaker 4: some type of relationship trauma. Therefore, you've got, you know,
20:18
Speaker 4: a scarcity mindset when it comes to creating personal relationships.
20:22
Speaker 4: So it's not just money, it's not just one aspect
20:25
Speaker 4: of your life. It can kind of cut and pacet
20:27
Speaker 4: different areas around. Does that make sense, Yeah, that does
20:30
Speaker 4: make sense. So the last thing before you ask another
20:32
Speaker 4: question I do apologize is people with an abundant mindset
20:36
Speaker 4: they often think big and like to embrace risk, which
20:39
Speaker 4: I think is important because risk is a really big
20:42
Speaker 4: part of investing. Not only do you have to understand risk,
20:45
Speaker 4: but you have to be willing to take some level
20:48
Speaker 4: of risk to get some level of return. And obviously
20:51
Speaker 4: there's this risk return trade off. The more risk you take,
20:54
Speaker 4: the more likely return you could anticipate. And that's why
20:58
Speaker 4: if you've got like a term deposit, there's less risk involved,
21:01
Speaker 4: and that's why the percentage rate that you're going to
21:04
Speaker 4: get back is less, whereas if you invest in Australian
21:07
Speaker 4: shares that's a bit more risky, and then international shares
21:09
Speaker 4: that's a bit more risky. Again because the more risk
21:12
Speaker 4: you take, the more likely return you get. But someone
21:15
Speaker 4: who has abundance mindset fully comprehends that, whereas somebody who
21:18
Speaker 4: has more of a scarcity mindset sees that risk return
21:21
Speaker 4: trade off and goes, ah, heck, no, any level of
21:24
Speaker 4: risk is giving me anxiety. Any level of risk is unacceptable.
21:28
Speaker 4: And that's often because they don't fully comprehend what that
21:31
Speaker 4: risk means. They go, oh, I could lose all my money.
21:34
Speaker 4: It's like when you talk to people about the share market,
21:36
Speaker 4: and it's so interesting because obviously I worked as a
21:39
Speaker 4: financial advisor for years, and I would talk to people
21:42
Speaker 4: and be like, yeah, like I work with my clients
21:44
Speaker 4: and you know, I create share portfolios and I manage
21:46
Speaker 4: their money. And they're like, what you just invested? What
21:49
Speaker 4: if you lost all your clients' money? And I'm like, oh, well,
21:51
Speaker 4: you know, the way I invest is actually for the
21:53
Speaker 4: long term. And if you look at the share market
21:55
Speaker 4: over a thirty year period of time, like losing money
21:58
Speaker 4: is actually you know, that hasn't happened over that frame
22:01
Speaker 4: of time. And you know, the clients I work with,
22:04
Speaker 4: you know, understand that we don't actually invest for a
22:06
Speaker 4: short period of time, and we understand the economics of
22:09
Speaker 4: the market. And if the market goes down, like I
22:12
Speaker 4: have educated my clients in a way where they know,
22:15
Speaker 4: if the market's down shares are on sale, like maybe
22:18
Speaker 4: we could pick up some more, it's not time to sell.
22:20
Speaker 4: Whereas people who have more of a scarcity mindset might
22:23
Speaker 4: convince themselves to invest and go, oh, this is great,
22:26
Speaker 4: no worries, Like I've taken the next step. I'm so
22:28
Speaker 4: proud of myself. And then the market shifts itself back
22:31
Speaker 4: and they shit themselves and go, oh my god, my
22:34
Speaker 4: share portfolio is down. Oh, I better sell it all
22:37
Speaker 4: because I don't want to be left with nothing. And
22:40
Speaker 4: what they don't realize is, you know, they might have
22:42
Speaker 4: gone and bought ten shares, and those ten shares might
22:45
Speaker 4: have been worth a dollar each at the time of purchase,
22:47
Speaker 4: so it was worth ten dollars in total. Their shareport
22:50
Speaker 4: volume might now be valued at five dollars, but they
22:53
Speaker 4: still have those ten shares. And if they rode the
22:56
Speaker 4: roller coaster and waited and didn't buy into this mentality
23:00
Speaker 4: of fear and anxiety that would ride the roller coaster
23:04
Speaker 4: back up. Those ten shares might be worth ten dollars again,
23:06
Speaker 4: and then it might be worth fifteen dollars. In thirty
23:08
Speaker 4: years from now, it's probably worth twenty or thirty dollars. However,
23:11
Speaker 4: if you sold your ten shares for five dollars when
23:15
Speaker 4: the market's down and you wait for the market to
23:17
Speaker 4: re recover, you then have to spend double what you
23:20
Speaker 4: got your shares out for to buy back ten shares
23:23
Speaker 4: at ten dollars again, and it puts you in a
23:26
Speaker 4: position where you're actually shooting yourself in the foot. And
23:30
Speaker 4: we saw it a lot over the last two years
23:32
Speaker 4: because obviously COVID has thrown us in an absolute spin
23:35
Speaker 4: when it comes to the market in general. We saw
23:38
Speaker 4: a lot of people posting our community or message me.
23:41
Speaker 4: But over the last two or three years, while COVID
23:43
Speaker 4: has been happening, two micro investing platforms that are really
23:47
Speaker 4: popular in our community Arrays and Spaceship, and people would
23:51
Speaker 4: get on them with not enough education about the market
23:54
Speaker 4: because they were easily accessible, and then the market would
23:57
Speaker 4: drop and they be like, oh, my Spaceship's doing so
23:59
Speaker 4: badly so I just so all out and I'm out,
24:01
Speaker 4: it's so silly, like investing is not worth it, Like
24:04
Speaker 4: I can't believe that these people talk positively about it.
24:07
Speaker 4: I lost thirty bucks, and you would ask a follow
24:08
Speaker 4: up question and be like, oh, how long were you
24:10
Speaker 4: invested for? Oh, six months? And you'd be like yeah,
24:12
Speaker 4: Like you're meant to invest over the long period. You're
24:15
Speaker 4: meant to invest in things that you understand. And I
24:18
Speaker 4: think one of the things that is really important when
24:21
Speaker 4: it comes to investing is one understand the long term
24:23
Speaker 4: scarcity mindset, understanding whether that's going to shoot you in
24:26
Speaker 4: the foot when something does happen, but also understanding what
24:30
Speaker 4: you're investing in. And often if you're choosing just a
24:32
Speaker 4: microinvesting platform, you just accept the terms and conditions that
24:36
Speaker 4: they have and the portfolio that they've put together without
24:39
Speaker 4: comprehending it, Whereas often I find that people who go
24:43
Speaker 4: to different platforms, like they might go to Chares's and
24:45
Speaker 4: they've picked a specific ETF because it aligns with their values,
24:48
Speaker 4: and they've picked a few direct shares that align with
24:51
Speaker 4: their values, They're less likely to sell out of that
24:55
Speaker 4: because they feel really committed to that cause whether the
24:57
Speaker 4: market is up or down. Whereas if you don't don't
25:00
Speaker 4: fully comprehend what is going on in a portfolio and
25:03
Speaker 4: just download it because you saw somebody else was using it,
25:05
Speaker 4: that's where you're more likely to find yourself in a
25:07
Speaker 4: bit of a pickle or feeling like you just want
25:09
Speaker 4: to get out because you feel like you've lost your money.
25:11
Speaker 4: Does that make sense?
25:12
Speaker 1: Yes, absolutely makes sense. Scare dear cats really bad? But no, okay,
25:22
Speaker 1: it's quite clear that I need to absorb all this
25:25
Speaker 1: break because it was a terrible joke. I needed to
25:28
Speaker 1: have a nap, have a nap, have a kit cat?
25:31
Speaker 4: Is that that? That's not even Let's have a break.
25:33
Speaker 4: I am a kick cat.
25:34
Speaker 1: So happy that you made a bad joke right after
25:36
Speaker 1: my bad joke.
25:37
Speaker 4: That was a good joke.
25:38
Speaker 1: I don't know, No, that's true. Don't find me all right,
25:41
Speaker 1: Let's take a break. We'll be back soon.
25:47
Speaker 4: This's just delicious.
25:49
Speaker 1: Oh my god, feet, I'm so glad we literally had
25:52
Speaker 1: a break and had a kit cat. We did? I
25:54
Speaker 1: treat you right, You're so good to me.
25:56
Speaker 4: I should have known the tagline because the tagline it's
25:59
Speaker 4: literally on the packet. I had what did I say,
26:03
Speaker 4: have a nap, have a kickcap.
26:04
Speaker 1: It's close enough.
26:06
Speaker 4: It's actually better. I don't want to have a break.
26:08
Speaker 4: I want to have a nap.
26:09
Speaker 1: A nap exactly right. Who's benefiting from a break? No,
26:13
Speaker 1: anybody have a nap goes straight break.
26:15
Speaker 4: A break reminds me of those fifteen minute breaks I
26:18
Speaker 4: got when I was in retail, and I wasn't ever
26:21
Speaker 4: sure what to do with them, because it's not long
26:23
Speaker 4: enough to pop out and get lunch, because by the
26:25
Speaker 4: time you got back your break was over. But it
26:27
Speaker 4: also was too long to just like stand out the
26:30
Speaker 4: back and twiddle your thumbs. You know, absolutely, when you
26:33
Speaker 4: say break, I'm like, I don't want to break the
26:35
Speaker 4: worst fifteen minutes unpaid too. You're just going to make
26:38
Speaker 4: me stand out the back of fifteen minutes. Can't I
26:41
Speaker 4: add my fifteen minutes to my half an hour lunch
26:43
Speaker 4: break and then have a good day. No, they never
26:45
Speaker 4: let me do that anyway.
26:46
Speaker 1: Moving on, so very clever though. Now being the break,
26:48
Speaker 1: I was thinking about how I'd like to adopt an
26:51
Speaker 1: abundance mindset.
26:52
Speaker 4: It's good to know that it is possible. Absolutely, it's possible.
26:56
Speaker 4: We can do anything we set our minds too.
26:58
Speaker 1: B Oh my god, that's amazing. Well, let's have a
27:00
Speaker 1: think about it, just in the investment world. How can
27:03
Speaker 1: we change our scarcity mindset to more of an abundance mindset.
27:06
Speaker 4: I think that's actually a really important delineation because, as
27:10
Speaker 4: I said before, scarcity mindset could actually exist in any
27:13
Speaker 4: facet of your life. It could be your entire life,
27:16
Speaker 4: it could just be a certain area. But when it
27:18
Speaker 4: comes to investment mindset, I think that's really really important
27:21
Speaker 4: to talk about because it limits what we can create
27:25
Speaker 4: in the future and the financial freedom that you actually deserve. Like,
27:28
Speaker 4: if you're not creating financial freedom or working towards it
27:32
Speaker 4: and you really want to be, you're going to carry
27:35
Speaker 4: a lot of guilt later down the road when you're like,
27:37
Speaker 4: oh my god, I wish I was doing this earlier,
27:39
Speaker 4: or you know, I speak to a lot of people
27:41
Speaker 4: in their sixties who are about to retire because we've
27:43
Speaker 4: just discovered our podcast. They're like, I wish I'd known
27:45
Speaker 4: this when I was younger. I wish I'd pulled my
27:47
Speaker 4: finger out, or I wish I'd put more in my
27:49
Speaker 4: super And I just feel like that's not a position
27:52
Speaker 4: I want anyone in our community to be in And
27:55
Speaker 4: as much as I say, look, you are where you are,
27:58
Speaker 4: life is a journey. And I know that if I
28:01
Speaker 4: had this education when I was twenty one and got
28:04
Speaker 4: into personal debt, I wouldn't have listened to it. I
28:06
Speaker 4: would have been like, that's call by, I'm living my
28:09
Speaker 4: best life. Like my mindset was so different. But if
28:13
Speaker 4: you're open to change and you want to create change,
28:16
Speaker 4: it is entirely possible. You've just got to have the
28:19
Speaker 4: information at the right period of time to facilitate that.
28:23
Speaker 4: And sometimes just having the information isn't enough. You've actually
28:25
Speaker 4: got to want to change. So first I want to
28:28
Speaker 4: talk about I guess how to snap out of that
28:30
Speaker 4: scarcity mindset and the psychology of what's called reframing. So
28:34
Speaker 4: it's taking one situation and changing that view from a
28:37
Speaker 4: negative to a positive. And I think that that can
28:40
Speaker 4: actually be really, really helpful. So instead of saying something like,
28:44
Speaker 4: oh my gosh, like I can't believe I have to
28:46
Speaker 4: get up in the morning and go to work. That's
28:48
Speaker 4: the worst you might change it too, Oh in the morning,
28:51
Speaker 4: I get to go to work. It doesn't always have
28:53
Speaker 4: to be the super sickly sweet amount of positivity. Like
28:56
Speaker 4: that's actually, from my perspective, unobtainable. I'm not always super
29:00
Speaker 4: sickly sweet, and I don't actually want that in my
29:03
Speaker 4: life because this would be weird. Let's be honest. If
29:05
Speaker 4: I was super positive all the time and I said, oh,
29:08
Speaker 4: instead of I have to go to work in the morning,
29:10
Speaker 4: I was like, oh my gosh, I love going to work.
29:13
Speaker 4: I'm not gonna believe that. No one reframing it to
29:17
Speaker 4: a take of gratitude to well, I get to go
29:20
Speaker 4: to work. I mean, I'm not super super pumped, but
29:23
Speaker 4: I get to do that, and that's a privilege in itself.
29:26
Speaker 4: I think reframes it to a positive mindset that's not
29:29
Speaker 4: that super sickly sweet, Like do you know what I mean?
29:32
Speaker 4: Because I feel like some people online are like, reframe
29:35
Speaker 4: it to the positive, and you're like, no, I'm not
29:38
Speaker 4: gonna do that.
29:39
Speaker 1: It's almost like toxic positivity. Would you agree?
29:41
Speaker 4: I mean, literally, it is toxic positivity. But the next
29:44
Speaker 4: thing I would do is really focus on what you
29:46
Speaker 4: do have. So scarcity often scares people from making career
29:49
Speaker 4: changes or taking risk because they think there aren't enough opportunities.
29:53
Speaker 4: Like bet got a new job, therefore I won't get
29:56
Speaker 4: one because like there's only so many that go around.
29:59
Speaker 4: It's now to to think about the positives that you
30:01
Speaker 4: do have to let you move forward. The next thing
30:04
Speaker 4: I'm going to say controversial, but audit the people around
30:08
Speaker 4: you and surround yourself with positive people. The people around
30:12
Speaker 4: you will really influence you. That quote of you are
30:15
Speaker 4: the some of the five closest people to you, I
30:18
Speaker 4: genuinely believe, and spending time with positive minded people will
30:22
Speaker 4: often have you soon thinking in that same way. This
30:26
Speaker 4: one's a bit sappy, and I know we said no
30:28
Speaker 4: toxic positivity, but practice gratitude. You don't have to be
30:32
Speaker 4: overly sickly sweet about gratitude, which I feel like every
30:36
Speaker 4: influencer and their dog is carping on about, especially because
30:39
Speaker 4: it's new. You knew me, Like, let's write in our
30:41
Speaker 4: gratitude journals. I get it, and I'm not making fun
30:44
Speaker 4: of that. I mean, I am making fun of that,
30:45
Speaker 4: but like, I'm not making fun of that if it
30:48
Speaker 4: works for you, but I also know that it wouldn't
30:50
Speaker 4: work for me. But gratitude has been shown to positively
30:55
Speaker 4: improve mental health and well being. So if you want
30:58
Speaker 4: to create a gratitude or just have a little piece
31:01
Speaker 4: of paper beside your bed. I bought a gratitude journal
31:04
Speaker 4: actually at Kiki k And instead of it being like
31:07
Speaker 4: heaps of pages of empty paper, it's like five little
31:11
Speaker 4: dot points each day and it starts the sentence for you,
31:14
Speaker 4: which I find really helpful because I'm not that good
31:18
Speaker 4: at journaling without prompts. Yeah, so that was really helpful.
31:21
Speaker 4: And if you create a journal and write down five
31:24
Speaker 4: things that you're grateful for every day, it can reframe
31:27
Speaker 4: your life. Literally. The other thing I want to say
31:30
Speaker 4: this is like share them with your partner, share them
31:33
Speaker 4: with a friend, call your mum, call somebody that you
31:36
Speaker 4: care about, and share them and create that accountability. Because Beck,
31:40
Speaker 4: if you and I live together, which would be elite
31:42
Speaker 4: by the way, because I'm a really big cook and
31:45
Speaker 4: you bring the vibes like that would be really good.
31:48
Speaker 4: But if you take those five things and every single
31:50
Speaker 4: day I have an accountability that all right? Every day
31:53
Speaker 4: Beck and I tell each other our five things, do
31:56
Speaker 4: you know what you start doing? You start looking for more?
31:59
Speaker 4: Yeah things. So if I know or I'm going home
32:03
Speaker 4: tonight and I'm going to tell Beck my five things
32:05
Speaker 4: and you know what can actually help taking a photo
32:08
Speaker 4: of it, and I know that's really lame. It could
32:10
Speaker 4: be a picture of a kickat on a desk, and
32:12
Speaker 4: that could be one of your positive things. And that
32:15
Speaker 4: five things, I promise will turn into ten because you're
32:17
Speaker 4: consistently looking for more positive things to share. So if
32:20
Speaker 4: I know or I have to take five positive things
32:23
Speaker 4: home to tell beck about tonight, I'm just looking for
32:26
Speaker 4: positive things all day. And the more you start looking
32:29
Speaker 4: for things, the more they start appearing. And this goes
32:31
Speaker 4: back to that manifestation conversation we're having the other day
32:34
Speaker 4: where I said, I don't particularly believe in manifestation because
32:38
Speaker 4: it's all about what you're looking for and those things
32:41
Speaker 4: showing up. And I use the example of the bright
32:43
Speaker 4: yellow Honda Jazz, like if you think about that as
32:45
Speaker 4: a car, I can't remember seeing one, but if I
32:48
Speaker 4: start telling you to look for one, you're going to
32:49
Speaker 4: see more of them, right, Yes, confirmation by exactly. And
32:54
Speaker 4: so the more you're looking for positive things and the
32:56
Speaker 4: more you have some level of accountability to deliver five
33:00
Speaker 4: or it could be one, like let's just start with one.
33:02
Speaker 4: I need to share the most positive thing that happened
33:04
Speaker 4: today with Beck when I get home instead of going, oh, Beck,
33:08
Speaker 4: how's your day? Oh yeah, Oh my gosh, it was
33:10
Speaker 4: the most stressful thing. Stop talking about that. What was
33:13
Speaker 4: the best thing about your day?
33:14
Speaker 2: Back?
33:14
Speaker 4: And you're like, oh, okay, well Victorias knuckout of this
33:17
Speaker 4: recording studio and stole a kick cat for me and
33:20
Speaker 4: brought it back. That was pretty late.
33:21
Speaker 1: That is going into my gratitude Jennal.
33:23
Speaker 4: Yeah, okay, perfect. But it doesn't need to be these
33:25
Speaker 4: big overarching things, and it could be a really personal
33:27
Speaker 4: gratitude where you go, you know, I'm really grateful for
33:30
Speaker 4: my KitKat. No one else would understand that because it'd
33:32
Speaker 4: be like, what the heck kickat is the worst chocolate ever?
33:35
Speaker 4: Do you know what I mean? Like, I really personal
33:37
Speaker 4: and I think that by practicing gratitude it can actually
33:41
Speaker 4: change your life. And I'm going to stop harping on
33:43
Speaker 4: about it because it's gonna be come some kind of
33:45
Speaker 4: self help podcast. It absolutely shouldn't be. The Next thing
33:49
Speaker 4: I want to talk about is recognizing the possibilities. Again,
33:52
Speaker 4: this feels like a little self help kind of book.
33:55
Speaker 4: I'm not mad about it. Watch out, Brene Brown, We're
33:57
Speaker 4: coming for you. I'm learning a lot today. This is great,
34:00
Speaker 4: but when you recognize the possibilities, it's important to focus
34:03
Speaker 4: on one thing that can train your brain to let
34:06
Speaker 4: other things go unnoticed. So rewire your mind to look
34:10
Speaker 4: for possibilities and solutions instead of letting problems get you down,
34:14
Speaker 4: kind of like the yellow Honda Jazz. If you're looking
34:17
Speaker 4: for it, I promise more of it appears. It is crazy.
34:21
Speaker 4: The same thing happens with opportunities. So if you have
34:24
Speaker 4: your head in the sound, you're like, oh, jobs never
34:26
Speaker 4: come up, babe, You're probably not looking for them, Like
34:29
Speaker 4: you don't have your eyes open, you're not looking for them.
34:31
Speaker 4: But if you start looking for them, I promise they
34:34
Speaker 4: appear in abundance. It is crazy. And then the last
34:37
Speaker 4: thing I'm going to say here is the tunnel vision
34:39
Speaker 4: caused by scarcity mindset actually means other important things end
34:43
Speaker 4: up falling by the wayside. So start escaping that little
34:46
Speaker 4: tunnel you've created by organizing your time or automating some
34:49
Speaker 4: tasks that might actually help you build an abundant future.
34:52
Speaker 4: So that might be actually setting up an auto invest program.
34:55
Speaker 4: So you might have decided to invest, but instead of
34:58
Speaker 4: having to do that each and every single month. You
35:00
Speaker 4: might just set up a direct debit on your app
35:02
Speaker 4: and go all right, well I'm going to do this.
35:04
Speaker 4: I'm just gonna set and forget. This makes sense. This
35:07
Speaker 4: actually puts me in the best possible position. Does that
35:09
Speaker 4: make sense?
35:10
Speaker 1: Yeah, that completely makes sense. I'm really liking these. I
35:13
Speaker 1: feel like I'm going to go away and practice gratitude
35:16
Speaker 1: and try to not look I am generally a pessimist.
35:18
Speaker 1: I know it may not seem like it. You don't.
35:21
Speaker 4: You must be working hard on that.
35:22
Speaker 1: I'm gonna be working hard, especially after this manifest.
35:25
Speaker 4: Your Honda Jazz. Absolutely, that's all I've ever wanted is Ayazz, honestly,
35:31
Speaker 4: I promise. Do you know how funny it is though,
35:33
Speaker 4: because we mentioned that a couple of weeks ago on
35:35
Speaker 4: a pod episode. The amount of messages please keep sending
35:39
Speaker 4: them to me though, The amount of messages I've got
35:41
Speaker 4: of people sending photos of Honda Jazz is to me
35:44
Speaker 4: that are yellow. I'm like, thanks, babe. They're like, oh my.
35:47
Speaker 5: God, it was true.
35:48
Speaker 1: I saw the story today.
35:49
Speaker 4: I'm like, no, no, no, I want I want all
35:50
Speaker 4: your Honda Jazz content. You know what I'm going to
35:52
Speaker 4: start posting all my story. So spam me with your
35:54
Speaker 4: Honda Jazz as I'm here for. If you a yellow
35:57
Speaker 4: Honda Jazz, let's be friends.
35:58
Speaker 1: Even better, even better.
36:00
Speaker 4: You are manifestation quing. You are the yellow Honda Jazz
36:04
Speaker 4: that is powerful. V. Before you touched on reframing mindset,
36:08
Speaker 4: I'm wondering if we could go a little bit deeper
36:11
Speaker 4: with that. Yeah, okay, So reframing is actually a super
36:14
Speaker 4: powerful tool that I think I learned about in the
36:17
Speaker 4: first year of psychology, and it's really about reframing a circumstance.
36:22
Speaker 4: And the way I learned about it was in reframing
36:25
Speaker 4: questions to potential clients as a psychologist, where you know
36:29
Speaker 4: they might say something and you want to continue the conversation,
36:32
Speaker 4: but you don't necessarily have a question, so you reframe
36:35
Speaker 4: it and go, wow, Beck, you just said that you're
36:37
Speaker 4: negative about XYZ, and you kind of reframe what they've
36:41
Speaker 4: just said, so one, they feel heard, but two they
36:44
Speaker 4: might elaborate on it from a different perspective. So you
36:47
Speaker 4: might have had a negative take and I might reframe
36:50
Speaker 4: it in a positive light and be like, oh, but
36:51
Speaker 4: it might not have all been bad, right, And you go, oh, yeah,
36:54
Speaker 4: well actually, and you might open up about a different
36:56
Speaker 4: facet of that experience that you're explaining to me. Because
37:00
Speaker 4: the job of a psychologist isn't actually to just tell
37:02
Speaker 4: you the answers. In fact, the answer has always come
37:04
Speaker 4: from within the client. So it's about reframing it so
37:07
Speaker 4: that maybe you see it from a different perspective and go, yeah, actually,
37:10
Speaker 4: I hadn't thought about it that way, Victoria. Well, actually
37:13
Speaker 4: my mum used to Does that make sense to reframe
37:16
Speaker 4: the question. So the idea is that the frame through
37:19
Speaker 4: which a person views a situation really determines their point
37:22
Speaker 4: of view. So they might have rose colored glasses on
37:24
Speaker 4: and everything is hunky dory. They might also have their
37:27
Speaker 4: sunglasses on inside, which makes everything look a little bit
37:30
Speaker 4: darker than it needs to be, and you might want
37:33
Speaker 4: to be like, oh, hey, have you tried these yellow lenses?
37:35
Speaker 4: Like what if we have a look at it from here?
37:37
Speaker 4: So imagine looking through a camera lens. The picture you
37:40
Speaker 4: see can actually be changed depending on what sunglasses you're
37:43
Speaker 4: wearing and what camera lens filter that you put on,
37:45
Speaker 4: or what Instagram filter is on that picture, or what's
37:48
Speaker 4: the beauty filter on TikTok, like I swear that is
37:50
Speaker 4: not helping anybody else, but by slightly changing what is
37:55
Speaker 4: seen in the camera, the picture is both viewed and
37:58
Speaker 4: experienced differently, And this is really positive if we're changing
38:02
Speaker 4: our mindset, because you can go, oh, I do see
38:05
Speaker 4: that really negatively?
38:06
Speaker 1: What are some.
38:06
Speaker 4: Tools I eat glasses that I could put on that
38:09
Speaker 4: help me start to see it differently? But it can
38:12
Speaker 4: also change things to negative, right, And this goes back
38:15
Speaker 4: to again I mentioned TikTok. I genuinely feel like the
38:19
Speaker 4: TikTok beauty filter is giving people unrealistic standards of what
38:22
Speaker 4: beauty actually looks like because it's automatic and you just go, wow,
38:25
Speaker 4: there's so many beautiful people on my feed. I can't
38:28
Speaker 4: believe these people always look that good or their skin
38:30
Speaker 4: is always that perfect, etc. Etc. And that is the
38:34
Speaker 4: way you're viewing that circumstance. It's the lens that has
38:38
Speaker 4: been put on that situation, which then determines your point
38:41
Speaker 4: of view. And I think that that is actually a
38:44
Speaker 4: really good example because it's the same as your outlook.
38:46
Speaker 4: So when the frame is shifted, the meaning changes and
38:49
Speaker 4: the thinking and the behavior often changes along with it.
38:52
Speaker 4: So if you can literally put the glasses down or
38:56
Speaker 4: take your sunglasses off while you're inside and maybe put
38:59
Speaker 4: some rose colored or so maybe like yellow tindered ones.
39:02
Speaker 4: They don't look that hot on, But that is okay.
39:04
Speaker 4: I think that that can actually put you in a
39:06
Speaker 4: better position, and choosing to reframe can actually be can
39:10
Speaker 4: be exhausting, like I learned it at university, because it
39:13
Speaker 4: is something that you need to practice and learn. It
39:16
Speaker 4: is not something you can be like, oh yeah, cool,
39:17
Speaker 4: I learn on the podcast about reframing. I now do
39:20
Speaker 4: that all the time. You have to work out it,
39:22
Speaker 4: you have to consistently change it because your mind, as
39:25
Speaker 4: a human being is automatically negative. Like that is human nature.
39:30
Speaker 4: And the reason it is human nature is because we
39:32
Speaker 4: used to be cave people and leaving the cave was
39:35
Speaker 4: a risk. Leaving the cave was a risk. Yeah we
39:37
Speaker 4: needed food, but it was the risk worth it. Yeah
39:39
Speaker 4: I'm pretty hungry, but also there's bears and stuff out there,
39:42
Speaker 4: and automatically, as a survival instinct, we are negative because
39:46
Speaker 4: the negative actually protects us. And if you grew up
39:49
Speaker 4: in a scarcity mindset, then being negative protects you, right,
39:53
Speaker 4: Like even going don't worry I'm not going to ask
39:56
Speaker 4: mum for that. That's not worth It is going to
39:58
Speaker 4: translate into you being an adult who doesn't want to
40:01
Speaker 4: spend money on stuff because it gives you anxiety. You're
40:03
Speaker 4: evasive of it. So I think it's really important to
40:06
Speaker 4: understand how that can actually impact you and what that
40:09
Speaker 4: means and choose to reframe it. But that is going
40:13
Speaker 4: to be work. I'm not going to put my rose
40:14
Speaker 4: colored glasses on and be like it's so easy. It
40:17
Speaker 4: can be. But that's why we want to have maybe
40:19
Speaker 4: a daily task of sharing something we're grateful for, or
40:23
Speaker 4: having a gratitude journal, or having something that can put
40:26
Speaker 4: us in that perspective where we're going, all right, I'm
40:28
Speaker 4: moving from scarcity mindset to this, or even just reflecting
40:32
Speaker 4: on your own interactions that day and going wow, like
40:35
Speaker 4: that was negative. How could I have approached that differently,
40:38
Speaker 4: or how would I approach that? To feel like I'm
40:41
Speaker 4: being my best self in this circumstance, I think can
40:44
Speaker 4: actually be really really helpful. And I guess to summarize
40:47
Speaker 4: all of that, the second you can start reframing the
40:50
Speaker 4: way you view investment and how that works. The second
40:53
Speaker 4: you can start creating the financial freedom that I know
40:55
Speaker 4: you all deserve. And I think so many of us
40:58
Speaker 4: limit ourselves because of our ex experiences or our upbringing
41:01
Speaker 4: or the way that we view things, and that might
41:04
Speaker 4: not actually be reality.
41:05
Speaker 1: That makes so much sense. It's really really good to
41:08
Speaker 1: see where that kind of mindset comes from. And it's
41:10
Speaker 1: not just because I'm a negative person or whatever else.
41:14
Speaker 4: No, absolutely not. It's ingrained in us. It's the way
41:16
Speaker 4: we grew up, and it's a defense mechanism, like being
41:19
Speaker 4: negative is a survival instinct, and often if you have
41:22
Speaker 4: been through some level of trauma or a circumstance that
41:26
Speaker 4: maybe was beyond your control, we revert to being negative.
41:29
Speaker 4: And it makes sense because it's a vile that's how
41:32
Speaker 4: we make our way through the world. But it's now
41:34
Speaker 4: twenty twenty three and we live in this world of
41:37
Speaker 4: abundance and you can create anything you want, but we've
41:40
Speaker 4: actually got to lift that mindset up and put this
41:42
Speaker 4: other mindset on if you actually want to be successful
41:45
Speaker 4: in that realm.
41:45
Speaker 1: That's a really good takeaway. I'm going to go out
41:47
Speaker 1: into the world and put my rose colored glasses on.
41:50
Speaker 1: Now that's all we have time for today. V thank
41:53
Speaker 1: you so much for that. Inport, Let's go and have
41:55
Speaker 1: some more kitck cats.
41:56
Speaker 4: Yeah. Absolutely, we're going to take a break and have.
41:58
Speaker 1: A kickkat but obviously wrong still, but that's okay with Oh.
42:02
Speaker 4: Did I okay? Well, I'll just cancel myself and see
42:05
Speaker 4: myself out. But you know what, I believe I can
42:07
Speaker 4: do it better next time because I have an abundance mindset.
42:10
Speaker 1: There she go.
42:11
Speaker 4: Yeah, absolutely, But as always, we would love it if
42:13
Speaker 4: you joined our Facebook group, where our community shares money,
42:16
Speaker 4: tips and tricks every single day of the week, free
42:19
Speaker 4: of judgment. So She's on the Money on Facebook and
42:21
Speaker 4: send me your yellow Honda Jazz pictures. I want to
42:24
Speaker 4: see them. If Facebook's not your thing, you and also
42:26
Speaker 4: find us and tag us in your jazz pictures on Instagram.
42:29
Speaker 4: And we're also on TikTok. I mean, I'd love to
42:31
Speaker 4: see a TikTok of all the Honda jazz Is that
42:32
Speaker 4: you saw that were yellow this week. And as always,
42:35
Speaker 4: please don't forget to rate, review and subscribe. It really
42:38
Speaker 4: does help our little podcast. But we will see you
42:40
Speaker 4: on Friday, my friends, have a good day.
42:42
Speaker 1: Bye.
42:42
Speaker 4: Everyone did buy shared on She's on the Money is
42:51
Speaker 4: general in nature and does not consider your individual circumstances.
42:55
Speaker 4: She's on the Money exists purely for educational purposes and
42:58
Speaker 4: should not be relied on to make an investment or
43:01
Speaker 4: financial decision. If you do choose to buy a financial product, read.
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