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I wanna be a millionaire so freaking bad · She's On The Money

0:00
Speaker 1: She's on the Money. She's on the Money. Hello and
0:16
Speaker 1: welcome to She's on the Money, the podcast for millennials
0:19
Speaker 1: who want financial freedom. My name is Georgia King. I'm
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Speaker 1: a copywriter and journalism student, and each week I sit
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Speaker 1: down to chat all things financed with Melbourne based money
0:28
Speaker 1: guru Victoria Devine. Victoria, Hello, Georgia, Hello, Hello. Now today
0:33
Speaker 1: on the show, we're asking one very big question, that is,
0:37
Speaker 1: what would you do with one million dollars? Now, we've
0:40
Speaker 1: all fantasized about it, We've bought the lot of tickets,
0:42
Speaker 1: we've applied to be on Eddie McGuire's Who wants to
0:44
Speaker 1: be a Millionaire. But when it comes down to it,
0:47
Speaker 1: if you received this massive sum of money, what on
0:50
Speaker 1: earth would you actually do with it?
0:52
Speaker 2: Is it bad that I've never done either of those things?
0:54
Speaker 2: We're like, sorry to ruin you. You've never bought a
0:56
Speaker 2: lot of tickets, No, nor have I applied to be
0:58
Speaker 2: on Eddie mcguise Who wants to be a Millionaire.
1:00
Speaker 1: Will be unpacking all of that, Plus we'll be hearing
1:03
Speaker 1: from a listener who is unsure about what to do
1:05
Speaker 1: with her inheritance. Before we dive deep, Victoria money wins
1:09
Speaker 1: and confessions from the week. I know what you're going
1:11
Speaker 1: to say.
1:11
Speaker 2: Georgia King, I got a dog. I know. So she
1:15
Speaker 2: is literally the most beautiful thing that I've ever seen
1:18
Speaker 2: in my entire life, which is obviously not overdrugged by
1:22
Speaker 2: inner stretch of the imagination. Her name is Lucy, and
1:25
Speaker 2: Lucy is nine weeks old and is my money confession
1:29
Speaker 2: this week because of how much money I've spent at
1:31
Speaker 2: Camart on dog toys.
1:32
Speaker 1: What are we talking?
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Speaker 2: Oh, look, more than I'm willing to admit to. Because
1:36
Speaker 2: it wasn't just camar. I also went online and then
1:39
Speaker 2: I got a little bit carried away and found some
1:41
Speaker 2: Instagram accounts that had some really fun dog accessories. And
1:45
Speaker 2: I grew up with dogs. I love dogs. I have
1:47
Speaker 2: literally waited my entire life to get a dog. If
1:49
Speaker 2: you know me personally, you know it is literally all
1:52
Speaker 2: I talk about. The number one thing my partner and
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Speaker 2: I talk about in the mornings on our morning walks
1:57
Speaker 2: together is dogs. I point out every dog that we
2:01
Speaker 2: go past. I'm also on Snapchat with my friends and
2:04
Speaker 2: I pretty much exclusively use it as a dog spotting app,
2:08
Speaker 2: and I will take photos of people's dogs and send
2:10
Speaker 2: it to them and be like, hey, number three dog today,
2:13
Speaker 2: you're welcome friends.
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Speaker 1: Stunning.
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Speaker 2: Yeah. So I'm a bit dog obsessed and always have been,
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Speaker 2: and now I'm so excited to be in a position
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Speaker 2: where I can actually give the dog off my dreams
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Speaker 2: the laugh it deserves. So I'm super excited about her
2:27
Speaker 2: and just super excited about that. She's also the official
2:29
Speaker 2: She's on the Money office dog because she will be
2:32
Speaker 2: in the office occasionally. I don't know how long that
2:34
Speaker 2: will last though, because guys, she's going to get to
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Speaker 2: like thirty kilos at least are the big dogs. Yeah,
2:39
Speaker 2: she's going to be a big dog.
2:40
Speaker 1: What kind of dog is it again?
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Speaker 2: She's an old English sheep dog crosspoodle thing. Yeah, she's
2:45
Speaker 2: utiful anyway, if you guys. Obviously just a subtle plug.
2:50
Speaker 2: I made her in Instagram account. So that's Lucy the
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Speaker 2: Golden Sheeperdoodle for those of you following along at home.
2:56
Speaker 2: But yeah, like that's my money confession slash plug for
2:59
Speaker 2: my dog Instagram. I promised myself I wouldn't be that person.
3:02
Speaker 2: Yet here we.
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Speaker 1: Are a little influencer dog. I love that for you.
3:05
Speaker 2: Do you see the influencer it's stunning. It's gonna happen.
3:08
Speaker 2: It's gonna happen. Georgia King, have you got a money
3:11
Speaker 2: win all confession for me? That could potentially rival a puppy?
3:14
Speaker 1: No, nothing could rival a puppy dull. It is much
3:18
Speaker 1: more small scale. So recently I discovered this brand called
3:24
Speaker 1: Flower Makeup brand. It's brand that's quite interesting for me anyway.
3:31
Speaker 1: I actually can't remember the shade, which is going to
3:33
Speaker 1: be frustrating for everyone listening. But it's this lovely kind
3:35
Speaker 1: of beigey, quite neutral toned color and it is delicious anyway,
3:41
Speaker 1: big fan. It was only ten dollars, but I got
3:44
Speaker 1: it half priced for five dollars guys, So three cheers
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Speaker 1: for George.
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Speaker 2: Would the color potentially be spiced petture?
3:51
Speaker 1: That's the one?
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Speaker 3: That one?
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Speaker 1: It's that the one. Do you have that one?
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Speaker 3: To?
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Speaker 2: Yeah? I have that one. It's the one I keep
3:56
Speaker 2: recommending that you purchase. And now you think that you've
3:59
Speaker 2: discovered the slipped stick brand.
4:00
Speaker 1: All on your own. When did you recommend it?
4:02
Speaker 2: When you were talking about how you wanted the Charlotte
4:04
Speaker 2: Tillsbury version of it? Oh my gosh, so expensive, like
4:09
Speaker 2: months ago, Georgia King. I feel like you are my
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Speaker 2: small sibling who doesn't listen to anything I say and
4:14
Speaker 2: then thinks they've discovered themselves. But that's cool, that's cool.
4:17
Speaker 2: I'm glad that you've got that money in because it's literally,
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Speaker 2: I would argue, one of the best tubes for the
4:22
Speaker 2: Charlotte Tillsbury pillow talk. If you guys are into makeup,
4:27
Speaker 2: you would know that that is kind of like a
4:29
Speaker 2: cult favorite. But it's also only available I think online
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Speaker 2: and overseas, yep. And it's also kind of pricey. It's
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Speaker 2: like forty five dollars USD.
4:37
Speaker 1: Think it might be oh yeah, USD probably.
4:39
Speaker 2: Yeah, it's like an American price, but yeah, I think
4:41
Speaker 2: that's what it was. So it's not cheap.
4:43
Speaker 1: But guys, flower lipstick is cheap, so get that on
4:46
Speaker 1: your flower lipstick. Yep.
4:48
Speaker 2: Five bucks Chemist Warehouse. We're not sponsored by them.
4:51
Speaker 1: Would love to be, but oh that'd be good, true,
4:53
Speaker 1: that would listening. Get in touch hunt alrighty V. Let's
4:56
Speaker 1: move straight across to the Facebook group. Did any posts
5:00
Speaker 1: stand out to you this week?
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Speaker 2: Oh my gosh, yes, I have a post this week
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Speaker 2: from our friend Emily who posted money Win. Now this
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Speaker 2: one is a long story, but also a very beautiful one.
5:10
Speaker 2: In twenty fifteen, when she was nineteen, she met her
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Speaker 2: beautiful husband, and a week after they started dating, they
5:16
Speaker 2: found out that he was terminally ill. They ended up
5:18
Speaker 2: getting married, which is so cute, and had almost two
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Speaker 2: wonderful years together before she lost him in twenty seventeen
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Speaker 2: when she was twenty one. In that time, she stopped
5:27
Speaker 2: work to care for him, which honestly is such a
5:29
Speaker 2: beautiful thing to do, and it was one of the
5:32
Speaker 2: hardest things that she's ever been through. She was really
5:34
Speaker 2: lost in a very dark place mentally and financially, and
5:37
Speaker 2: as you can imagine, two years of constant hospital stays
5:40
Speaker 2: and being four hours from her home was extremely pressing financially.
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Speaker 2: So this story is really beautiful because she said, you know,
5:48
Speaker 2: all of that happened. She was living week to week,
5:50
Speaker 2: had no savings. Parents looked after her, which is, you know,
5:54
Speaker 2: such a beautiful thing to do as well, And she said,
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Speaker 2: a year and a half later, she met her now partner,
5:59
Speaker 2: and she's worked really hard to become mentally and financially stable,
6:02
Speaker 2: and now two and a half years after meeting her partner,
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Speaker 2: they've just built their first home, and I just this
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Speaker 2: story was so beautiful. The comments on this were even better.
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Speaker 2: I just feel like it is a constant reminder that
6:14
Speaker 2: no matter how bad things can get, you can come
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Speaker 2: out of it. She said that she had lost all
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Speaker 2: hope and she thought that she'd be, you know, stuck
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Speaker 2: where she was for the rest of her life. But
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Speaker 2: now she's here, She's kicking goals and embracing the beautiful
6:25
Speaker 2: things that life has to offer. And she just wanted
6:27
Speaker 2: to remind everybody that you should all hang in there.
6:30
Speaker 2: And I just think that that was Ah, this is
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Speaker 2: what our community is about, Georgia and these these stories. Honestly,
6:36
Speaker 2: how grateful are we to receive these? She took the
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Speaker 2: time to share that with us, and I honestly I
6:42
Speaker 2: had a bit of a teary when I read all
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Speaker 2: the comments because everybody was so supportive and congratulating her,
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Speaker 2: and just there was so many beautiful comments.
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Speaker 1: I have goosebumps hearing you read that again, and I
6:52
Speaker 1: did when I read it myself as well. It's just
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Speaker 1: so moving.
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Speaker 2: Yeah, look, Emily, thank you for sharing that. It was
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Speaker 2: really beautiful. And she uploaded too, really really lovely pictures
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Speaker 2: one of her past partner and one of her current partner,
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Speaker 2: and I just think that, you know, she's honoring both
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Speaker 2: of them in such a great way.
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Speaker 1: Yeah, thanks for sharing, Emily.
7:08
Speaker 2: Georgia King, do you have a money win or confession
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Speaker 2: from the community that you would like to share with us?
7:14
Speaker 1: So this is very much a mood shift. So mine
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Speaker 1: is a simple little money win related to food and gifting.
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Speaker 1: So it's from Chloe and she needed gifts for Christmas
7:24
Speaker 1: for her personal training clients, and she decided to make
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Speaker 1: homemade healthy granola. Yem it looks incredible. So the cost
7:32
Speaker 1: of the eight jars and ribbon that she's used was
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Speaker 1: fifteen dollars. The cost of the ingredients for the granola
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Speaker 1: was also fifteen dollars from aldi little shout out to
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Speaker 1: our mates, and the total cost per gift came down
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Speaker 1: to three dollars seventy five.
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Speaker 2: And it actually looks delicious, doesn't it. I love breakfast out.
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Speaker 1: I'm quite interested in stealing some.
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Speaker 2: I actually think that looks like such beautiful granola actually,
7:55
Speaker 2: And my favorite part about that was Chloe actually gave
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Speaker 2: us the recipe. She did. She did, and what are
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Speaker 2: you going to do with it? This week?
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Speaker 1: Georgia Kings love that in the newsletter gels.
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Speaker 2: So everybody, Chloe's granola recipe is going to be in
8:06
Speaker 2: our newsletter this week.
8:08
Speaker 1: Percent is Now we'll move on to the main chat today. Guys.
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Speaker 1: Before our show today, we asked in the Facebook group
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Speaker 1: what you would do with one million dollars and here
8:16
Speaker 1: is what you had to say.
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Speaker 4: If I want a million dollars, I would buy my
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Speaker 4: mama house and set her up so she never has
8:23
Speaker 4: to worry about money again. Hey, girls, my name is
8:28
Speaker 4: Erin and if I want a million dollars today, I
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Speaker 4: would want to buy a blimp. I don't really know
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Speaker 4: how to justify this outrageous purchase, but as far as
8:37
Speaker 4: I know, there's only one in the Southern Hemisphere, and
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Speaker 4: there's opportunities for ongoing advertising rights. I mean, how often
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Speaker 4: do you see a blimp in the sky? Plus I
8:47
Speaker 4: can tell ride tickets on it too. Anyway, thanks ladies,
8:52
Speaker 4: at least enough hungies to roll around in a photo
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Speaker 4: shoot before I.
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Speaker 2: Realized I had to kind of be responsible.
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Speaker 3: With it.
9:00
Speaker 1: A million dollars.
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Speaker 5: First of all, I would do nothing and tell nobody,
9:04
Speaker 5: probably for like a month, and then I would.
9:07
Speaker 1: Book a financial advisor appointment. I'd probably aim to like
9:10
Speaker 1: keep one hundred thousand dollars for a house deposit because
9:14
Speaker 1: interest rates are quite low, and invest everything else. Now,
9:18
Speaker 1: it is a weirdly hard question to answer. B and
9:21
Speaker 1: I love the variety that we had in that little
9:23
Speaker 1: audio clip from our community there. I think buying a
9:26
Speaker 1: blimp was probably my favorite suggestion, even though we realized
9:29
Speaker 1: that they actually cost forty to seventy million. But eron in.
9:33
Speaker 2: This so honestly, erin gohard or go home.
9:36
Speaker 1: Yeah, and we were saying we could even maybe start
9:37
Speaker 1: a go Fundme page and we could all put in
9:39
Speaker 1: for a blimp. So another common theme that came up
9:42
Speaker 1: V was buying a house, which I feel like makes sense.
9:44
Speaker 1: That's pretty seems like a sensible thing to do with
9:47
Speaker 1: a million dollars.
9:48
Speaker 2: I'm not gonna lie, that's a little bit more achievable
9:50
Speaker 2: than a blimp.
9:50
Speaker 1: But what were your favorites from the suggestions we had
9:55
Speaker 1: in the Facebook group.
9:55
Speaker 2: I really liked the vegan gingerbread house that was life size,
10:00
Speaker 2: like that was really reasonable. I also loved the cars.
10:03
Speaker 2: I loved that people wanted to pay off their debt,
10:06
Speaker 2: and I also loved that so many of you said
10:08
Speaker 2: that you would share it. How kind was that so
10:10
Speaker 2: many people were like, oh my gosh, I were distributed
10:12
Speaker 2: among my family to charity, some to charity. Yeah, you
10:15
Speaker 2: guys are all epic and I absolutely loved your answers,
10:18
Speaker 2: So that was really fun. Maybe we should get the
10:19
Speaker 2: community involved more, send us more voice memos, Love fast.
10:23
Speaker 1: Memo, They're the best. So sadly, though, not all of
10:26
Speaker 1: us are going to win a hot one million dollars
10:28
Speaker 1: out of nowhere, nice as it would be.
10:31
Speaker 2: What it's not common explain to.
10:34
Speaker 1: Our listeners who are at home thinking, how on earth
10:37
Speaker 1: is this relevant to me? Like the girls have lost
10:39
Speaker 1: the plot? Can you explain why we have decided to
10:41
Speaker 1: dedicate a whole show to this topic?
10:43
Speaker 2: Look, well, we have lost the plot. It is coming
10:45
Speaker 2: up to Christmas. But also I felt like this was
10:48
Speaker 2: going to be a super interesting topic. How many times
10:51
Speaker 2: have we all fantasized about winning a million dollars? Or
10:54
Speaker 2: we ask our friends at the dinner table like what
10:55
Speaker 2: would you do with a million dollars? Like we've all
10:58
Speaker 2: asked that question once in our lives. But I completely
11:02
Speaker 2: gain that this topic might seem a little bit unrelatable,
11:05
Speaker 2: and George, you are bang on. Realistically, not many of
11:07
Speaker 2: us aren't actually going to win a million dollars. But
11:10
Speaker 2: what I'm really interested in discussing today is two things.
11:13
Speaker 2: First things, first, the psychology around what happens when we
11:15
Speaker 2: do suddenly have a lump sum of money in our
11:18
Speaker 2: hot little hands and we don't know what to do
11:20
Speaker 2: with that, be that from an inheritance or a mammoth
11:22
Speaker 2: pay rise or winning the lotto. Then secondly, I wanted
11:26
Speaker 2: to talk about what we should be doing with that money.
11:28
Speaker 2: Should we be saving, should be investing, should we be
11:31
Speaker 2: spending it? Should we be you know, sharing it with
11:32
Speaker 2: our friends and family? And I also really want to
11:34
Speaker 2: chat today about why so many people who do win
11:37
Speaker 2: big or end up with huge amounts of money can
11:39
Speaker 2: often end up burning through it so so quickly. So
11:42
Speaker 2: I get why people might be thinking, what on earth
11:45
Speaker 2: are they thinking? What is this episode about? But I
11:47
Speaker 2: promise you it is going to be a super interesting.
11:50
Speaker 1: Chat, and let's start in a very interesting place here
11:53
Speaker 1: be We're going to cut to the million dollar question. Hahaha,
11:56
Speaker 1: what would you Victoria divine financial Advisor extraordinary do with
12:02
Speaker 1: one million dollars? Do you save it, spend it, or
12:04
Speaker 1: invest it.
12:05
Speaker 2: On dog toys? Like I feel like that's something that
12:07
Speaker 2: I would genuinely do. But if somebody gave me a
12:10
Speaker 2: million dollars today, I would be putting it into my
12:12
Speaker 2: share portfolio because, and I've said it before, passive income
12:16
Speaker 2: is the thing that I am working towards. And passive
12:19
Speaker 2: income from a million dollars, if we had a five
12:22
Speaker 2: percent return, would mean about fifty thousand dollars a year
12:25
Speaker 2: of passive income, and that would be money I didn't
12:27
Speaker 2: have to work for for the rest of my life.
12:30
Speaker 2: So a lot of you guys said, oh, I'd go
12:32
Speaker 2: and buy a home outright, My friends, I would not.
12:35
Speaker 2: If a home was my goal, I would be purchasing
12:39
Speaker 2: a home with a mortgage because at the moment, interest
12:41
Speaker 2: rates are really low. We hear us seeing twos and
12:44
Speaker 2: ones at the start of interest rates now, which is crazy.
12:47
Speaker 2: And I would use that passive income of fifty thousand
12:49
Speaker 2: dollars a year to pay back my mortgage over the
12:52
Speaker 2: long term, so that at the end of my mortgage,
12:55
Speaker 2: I had a completely paid off house and I still
12:57
Speaker 2: had my million dollars.
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Speaker 1: Okay, So that sounds like quite a thing to do.
13:01
Speaker 1: But the stats show us that a good number of
13:03
Speaker 1: people who win money suddenly do actually burn through it just.
13:06
Speaker 2: As quickly they do so.
13:07
Speaker 1: In one study of lot of winners, seventy percent of
13:09
Speaker 1: them has spent every last time of their jackpot within
13:12
Speaker 1: five years of winning. Now, you obviously know a lot
13:15
Speaker 1: about behavioral psychology, V. Can you explain to us be
13:19
Speaker 1: what's going on here and what the key differences are
13:21
Speaker 1: between money earned and money one.
13:24
Speaker 2: Yeah, these stats are not surprising to me. Gee, I
13:26
Speaker 2: hear about this happening all the time. Not necessarily people
13:30
Speaker 2: who are winning the lotto and then just losing it all,
13:32
Speaker 2: but more people who are inheriting large sums of money
13:34
Speaker 2: and not really having the financial literacy to know what
13:37
Speaker 2: to do with it. This is why I'm so passionate
13:39
Speaker 2: about financial education and why it is so important, because
13:42
Speaker 2: even if you do win the lotto, or if you
13:44
Speaker 2: have a cozy six figure salary, that doesn't automatically make
13:47
Speaker 2: you wealthy. Rich on a superficial level, yeah, sure, but
13:50
Speaker 2: genuinely wealthy no, of course, if we put a proper
13:53
Speaker 2: plan in place and map out what we're going to
13:55
Speaker 2: do with that money and set ourselves up for the
13:57
Speaker 2: future and for future you, then you're going to be
13:59
Speaker 2: in much better place. But ultimately, I think the key
14:01
Speaker 2: reason behind why people are losing their fortunes when they
14:05
Speaker 2: just get them is a lack of education, and I
14:07
Speaker 2: wish they had the foresight to see the benefit of
14:08
Speaker 2: meeting with a financial advisor to make sure that that
14:11
Speaker 2: money could set them up for an amazing comfortable life
14:13
Speaker 2: instead of you know, living large for five years and
14:15
Speaker 2: then doing absolutely nothing beyond that, which is kind of scary.
14:19
Speaker 2: When it comes to money earned, I think that most
14:21
Speaker 2: people would agree that it is much harder to part
14:23
Speaker 2: with money that you've actually earned yourself because you've spent
14:26
Speaker 2: time and energy working for it, compared to money you
14:29
Speaker 2: were gifted or if you won. When you've had to
14:32
Speaker 2: put the man hours into building these finances, you don't
14:34
Speaker 2: necessarily want to just go and blow it all on
14:36
Speaker 2: the weekend. Whereas if you found one hundred bucks on
14:38
Speaker 2: the ground today, George, many people would just spend it
14:41
Speaker 2: because it's quote free money or it's a bit of
14:43
Speaker 2: a bonus that they can splurge a little with. Instead
14:45
Speaker 2: of being like, oh, this one hundred dollars will look
14:47
Speaker 2: really pretty in my micro investing account. Actually, there may
14:50
Speaker 2: be some people in ashes on the money community that
14:52
Speaker 2: would immediately think of that. I'm thinking of my friend Fiona,
14:55
Speaker 2: who is my Instagram friend, who's the markdown hustle for
14:57
Speaker 2: those of you playing along the home, and I guarantee
14:59
Speaker 2: you should have invested that. I know you, Fiona, I
15:02
Speaker 2: love you, Fiona. But I think you get the gist
15:05
Speaker 2: of what I'm trying to say. We treat money, we
15:07
Speaker 2: are gifted or awarded very differently to the money that
15:09
Speaker 2: we have earned ourselves. This perception ends up extending to
15:13
Speaker 2: things like your tax return, which people often get very
15:16
Speaker 2: excited about because you, guys, seem to think that it
15:18
Speaker 2: is free money, even though it's money that you've already
15:20
Speaker 2: worked really hard for. The government took it from you,
15:22
Speaker 2: and now they're giving it back.
15:23
Speaker 1: Like.
15:23
Speaker 2: It is not free money. It is money that you've
15:25
Speaker 2: earned and you need to do something with. Won't harp
15:28
Speaker 2: on about that, because you best believe I'm going to
15:29
Speaker 2: do an episode on that in the new year, probably
15:32
Speaker 2: closer to tax time though, just so it's really relevant.
15:34
Speaker 2: Kind of hits you in the face. You can't forget
15:36
Speaker 2: it now, This little theory of mine is actually backed
15:39
Speaker 2: up by a few other people. It's not just me
15:41
Speaker 2: saying this, as you guys would probably already know, including
15:45
Speaker 2: an economist called Richard Taylor who coined the term mental accounting,
15:49
Speaker 2: which refers to the contrasting value we place on the
15:52
Speaker 2: same amount of money. So basically, the theory says that
15:55
Speaker 2: on an individual level, we classify money differently depending on
15:58
Speaker 2: how we've acquired it or what we dedicate it to. Now,
16:02
Speaker 2: our friend Thala says that the way that we fight
16:05
Speaker 2: against this natural mental accounting is to think of money
16:08
Speaker 2: as fungible, which is very fun to say. So when
16:11
Speaker 2: we say money is fungible, it means that no matter
16:14
Speaker 2: how it is acquired or what we plan to do
16:16
Speaker 2: with it, all money is exactly the same. We can't
16:19
Speaker 2: think of our tax return as free bonus money. We
16:21
Speaker 2: need to think of it the same way we think
16:23
Speaker 2: of the weeks it might have taken us to earn
16:25
Speaker 2: the same amount. So for me, I think it's just
16:28
Speaker 2: really important to really see the true value of money
16:31
Speaker 2: instead of thinking that some money is free and some
16:33
Speaker 2: money is earned, and like that whole thing gets a
16:35
Speaker 2: little bit cloudy. So money is money, and that's how
16:38
Speaker 2: we should be dealing with it.
16:39
Speaker 1: Fungible is such a good word. I didn't really know
16:42
Speaker 1: it before today's podcast either, but fun fungible like spongible.
16:46
Speaker 1: I don't know if that's a word either, to be honest,
16:48
Speaker 1: but it's.
16:49
Speaker 2: A fun word to say. And when I saw it
16:51
Speaker 2: written down, I was like, Oh, this is going to
16:52
Speaker 2: be a weird word to say, like the word moist.
16:55
Speaker 1: Yeah, don't bring moist into this chatterh friends, Oh I
17:00
Speaker 1: love it. I actually remember a few years ago when
17:04
Speaker 1: I was on an hourly rate when I worked at
17:06
Speaker 1: the Maze down on the Peninsula. A few girls, a
17:09
Speaker 1: few of the Maize girls are big fans of this podcast,
17:12
Speaker 1: and a few Vickid so shout out to the Maze
17:15
Speaker 1: girls listening right now.
17:16
Speaker 2: My little sister was one of those two.
17:18
Speaker 1: That's how I'm at Young Debo. When I worked there,
17:21
Speaker 1: I would say it. I went shopping, I would look
17:23
Speaker 1: at a dress and I'd be like, Oh, I really
17:25
Speaker 1: want that. But then I'd be like, oh, no, that
17:27
Speaker 1: is like the equivalent to four or five hours at
17:29
Speaker 1: the Maize, So I'm gonna put it back. I don't
17:31
Speaker 1: want it. And I just think It's really interesting the
17:33
Speaker 1: way our brain plays kind of tricks on us like that,
17:35
Speaker 1: and it catches you out. But then other times, like
17:37
Speaker 1: if you just found two hundred dollars on the ground,
17:39
Speaker 1: you'd be like, oh wow, free. Also like who has
17:41
Speaker 1: ever found two hundred dollars on the ground?
17:43
Speaker 2: I don't know. Can people post in our Facebook group
17:46
Speaker 2: the most amount of money they've ever found? But also
17:48
Speaker 2: what did you do with it? Like at what point
17:50
Speaker 2: are you meant to hand it in to someone? Like
17:53
Speaker 2: five bucks? Cool, that's a free coffee for you. Hey, look,
17:56
Speaker 2: that's me using that. I'm not fungible at all. But
17:59
Speaker 2: also if you found five bucks, like, I get it.
18:02
Speaker 2: I have that same mentality we're talking about it. Do
18:04
Speaker 2: as I say, not as I do my friends. But
18:06
Speaker 2: at what point do you need to hand it in?
18:07
Speaker 2: Like if you found five hundred dollars in an envelope
18:09
Speaker 2: on the ground, do you need to give that?
18:11
Speaker 1: Who? Do you give it to the police?
18:12
Speaker 2: Like, I don't know, I would assume the police.
18:14
Speaker 1: Yeah, in saying that, I have been known to pick
18:16
Speaker 1: up like two dollars from the ground. That's okay, right,
18:19
Speaker 1: I'm not handing that into any one. Hey, someone left this.
18:22
Speaker 2: No, I know that would be weird. That would be weird.
18:25
Speaker 2: But like, what if you found one hundred thousand dollars
18:27
Speaker 2: under a house that you bought because someone had like
18:30
Speaker 2: stashed it there and then like not forgotten about it.
18:32
Speaker 2: I don't know how you forget about it? But you
18:34
Speaker 2: know what I mean? Like, is that a thing? Is
18:36
Speaker 2: that something that's happening? Yeah, tell us, tell us, I'm so.
18:38
Speaker 1: Interested in the FB group and we will approve that immediately.
18:42
Speaker 2: Also, like, what is the lowest denomination of money that
18:45
Speaker 2: you would pick up off the ground, Georgia.
18:46
Speaker 1: It has to be gold, you can't. I'm not interested
18:48
Speaker 1: in silver. But maybe that's a horribly privileged thing to say.
18:51
Speaker 1: But I don't know.
18:53
Speaker 2: So you're not about a bird at the heart. You
18:55
Speaker 2: only like gold.
18:55
Speaker 1: It's got to be gold, don't I N I'm down
18:58
Speaker 1: for but only if no one's watching. Anyway, let's get
19:00
Speaker 1: to a podcast. So I wanted to go bigger here, fye,
19:04
Speaker 1: We're not just talking about one dollar on the ground.
19:06
Speaker 1: I wanted to ask you if you won like sixty
19:09
Speaker 1: million dollars in the power Ball, would you still work? Yes?
19:14
Speaker 2: I would still work, But I'm a bit crazy in
19:17
Speaker 2: saying that it would completely depend on who you are
19:20
Speaker 2: as a person and like what makes you tick, what
19:22
Speaker 2: makes you happy, Like some people literally work to live,
19:25
Speaker 2: whereas I live to work. I suppose is that the
19:28
Speaker 2: right quote? I think yes, And now I know that
19:31
Speaker 2: I would still work because I literally love what I
19:33
Speaker 2: do and I just feel like that freedom, Like how
19:35
Speaker 2: cool would it be if I didn't have to earn
19:37
Speaker 2: any money ever, and I could just do Sheese on
19:39
Speaker 2: the Money twenty four seven without any money concerns Because
19:42
Speaker 2: at the end of the day, I am literally, like
19:44
Speaker 2: you guys, I'm trying to create wealth and build wealth
19:46
Speaker 2: and like, you know, get an income and all of
19:48
Speaker 2: that other fun stuff. But yes, I would still work.
19:51
Speaker 2: But I think if some people scored sixty mil, I
19:54
Speaker 2: definitely think that they just quit their job pretty pronto
19:56
Speaker 2: and start living large. In saying that, though, I think
19:59
Speaker 2: it would be really important to also let you know
20:02
Speaker 2: that there are a number of mental health aspects to that,
20:06
Speaker 2: so I think it would be a really big challenge
20:08
Speaker 2: to stop working completely. I was reading through some studies
20:11
Speaker 2: recently in prep for today's episode and found that after unemployment,
20:15
Speaker 2: symptoms of summatization depression and anxiety were significantly greater in
20:20
Speaker 2: the unemployed than those who were employed. And now Joja.
20:23
Speaker 2: While we probably don't need a study to tell us this,
20:25
Speaker 2: because it kind of just makes sense. For many of us.
20:28
Speaker 2: Work gives us somewhere to go and something to do,
20:30
Speaker 2: and I really do think that the value of purpose
20:32
Speaker 2: really can't be diminished. So for me, I think, yes,
20:36
Speaker 2: we'd start living large, but maybe we'd still work. About
20:38
Speaker 2: how cool would it be to have the freedom to
20:40
Speaker 2: choose to not work for money anymore and be able
20:43
Speaker 2: to follow your passion or something that you really love.
20:45
Speaker 1: Yeah, I think that's exactly right, as long as you've
20:48
Speaker 1: still got that purpose in some way or another.
20:50
Speaker 2: Absolutely.
20:52
Speaker 1: I also read about this idea called sudden wealth syndrome,
20:55
Speaker 1: which impacts people who come into large sums of money
20:58
Speaker 1: quite suddenly. Can you explain that a little more?
21:01
Speaker 2: Yes, Georgia, I actually love this. It is an idea
21:04
Speaker 2: that was initially coined by doctor Stephen Golbart, who is
21:07
Speaker 2: a psychologist so for in America, and it basically refers
21:10
Speaker 2: to the anxiety, guilt, and isolation that comes with coming
21:13
Speaker 2: into sudden wealth. Now, I think it would be pretty
21:16
Speaker 2: fair to say that many of us would imagine that
21:18
Speaker 2: winning the lotter would fix all of our problems and
21:20
Speaker 2: life would just suddenly become a breeze. But according to
21:22
Speaker 2: this sudden wealth syndrome idea, people who come into significant
21:26
Speaker 2: sums of money can become overwhelmed and overspend, or maybe
21:29
Speaker 2: they lend silly amounts of money to family and friends,
21:32
Speaker 2: which we all know is a fraught with danger. And
21:34
Speaker 2: people can also grow super suspicious of those around them
21:37
Speaker 2: because they don't know what their motives are. Now, the
21:40
Speaker 2: thing here is that most people who come into huge
21:42
Speaker 2: sums of money, be that money one or inherited or
21:45
Speaker 2: whatever that might be, is that they don't necessarily have
21:48
Speaker 2: the financial education to know what to do with that
21:51
Speaker 2: money or the inherited assets. So the point here that
21:54
Speaker 2: I really want you guys to take home with you
21:56
Speaker 2: is that winning buckets of cash won't actually solve all
21:59
Speaker 2: our issues. It might solve a few of them. The
22:02
Speaker 2: fact that I really really really want another dog, even
22:05
Speaker 2: though it sounds super delightful and payback and maybe having
22:07
Speaker 2: your own yod or like a private jet or something
22:09
Speaker 2: sounds pretty boogie, but the reality is often not nearly
22:13
Speaker 2: as shiny as we imagine. And I know that some
22:15
Speaker 2: people who do inherit large sums of money or end
22:18
Speaker 2: up winning money, because I do have clients in both
22:20
Speaker 2: of those situations, Georgia, they don't actually tell anybody at all,
22:24
Speaker 2: and I think that that is probably a really good
22:26
Speaker 2: thing to take away from this as well, is sometimes
22:29
Speaker 2: the less people know, the better about your financial situation
22:32
Speaker 2: when it comes to things like that. Like I'm all
22:34
Speaker 2: about open, honest money conversations, and I talk about that
22:37
Speaker 2: all the time, but when I talk about having open
22:40
Speaker 2: and honest money conversations, I don't necessarily mean tell everybody
22:44
Speaker 2: what's in your bank account or tell your friends what
22:45
Speaker 2: you earn. Like, we can have money conversations without making
22:48
Speaker 2: them personal, and that is really important to remember. So
22:51
Speaker 2: if you have come into a large sum of money
22:54
Speaker 2: and you're feeling really anxious or guilty about it, like,
22:56
Speaker 2: you do not have to tell anybody if you don't
22:59
Speaker 2: want to, and sometimes it's actually better for you to not,
23:02
Speaker 2: especially if you are young.
23:04
Speaker 1: And remember as well that I can't remember which episode
23:07
Speaker 1: we were talking about it, but I remember we were
23:09
Speaker 1: chatting about the unwarranted advice that like Uncle Bill may
23:14
Speaker 1: give you it family Christmas, Oh my gosh, you know. So, yeah,
23:18
Speaker 1: if you're going to get advice from someone, get it
23:20
Speaker 1: from a financial advisor.
23:22
Speaker 2: I mean, ask people that you trust, like ask family members.
23:25
Speaker 2: And obviously sometimes family are absolutely going to know if
23:28
Speaker 2: you have inherited a large sum of money. But I
23:31
Speaker 2: think it's really hard because some of my clients have
23:34
Speaker 2: said historically that they wish they hadn't told their friends
23:38
Speaker 2: about their inheritance because it kind of ends up being
23:41
Speaker 2: a pain point for them when they just want to
23:43
Speaker 2: live off their income that they currently haven't invested for
23:45
Speaker 2: the future or whatever it is. So I think it's
23:48
Speaker 2: sometimes you really do want to have those conversations. And
23:50
Speaker 2: I'm not saying don't talk about it, because I would
23:53
Speaker 2: never want someone to feel like they can't.
23:54
Speaker 1: Talk about it.
23:55
Speaker 2: That would be isolated exactly. But sometimes in the heat
23:57
Speaker 2: of the moment, when everything is really emotional, sometimes the
24:00
Speaker 2: best thing that you can do is just put that
24:03
Speaker 2: conversation on ice, like just because you're inheriting money. And
24:06
Speaker 2: this is totally going off on a tangent, but it's
24:08
Speaker 2: something that I'm super passionate about because inheritance is actually
24:11
Speaker 2: what I specialize in. And what I work with with
24:13
Speaker 2: my clients the most. Sometimes it just needs to sit
24:17
Speaker 2: in your account for six months and you not do
24:19
Speaker 2: anything because you need to deal with the emotional trauma
24:21
Speaker 2: of going through that situation. Sometimes it will take a year,
24:24
Speaker 2: sometimes it takes two years. I think the most important
24:27
Speaker 2: thing here is that if you've inherited money, and we'll
24:29
Speaker 2: get into this later. I know you've got some great
24:31
Speaker 2: stats on this because we couldn't stop talking about it
24:33
Speaker 2: before we recorded. But if you've come into a large
24:36
Speaker 2: sum of money, do not feel any pressure whatsoever to
24:39
Speaker 2: invest that, or spend that, or do anything with that immediately.
24:43
Speaker 2: Like that can wait. There is always going to be
24:45
Speaker 2: another opportunity.
24:46
Speaker 1: Yeah, and we will talk more about that because today's
24:49
Speaker 1: listener question is framed around inheritance, so we'll get there.
24:53
Speaker 1: My last question for you, v is about the Fashion
24:56
Speaker 1: Avenue podcast, which on other day I'm just doing a
25:00
Speaker 1: podcast with you asn't enough. I need to listen to
25:03
Speaker 1: you when I'm not with you.
25:04
Speaker 2: You know, I love that for you.
25:05
Speaker 1: That's not weird at all.
25:07
Speaker 2: George True.
25:08
Speaker 1: The podcast host Amba asked you what you would choose
25:12
Speaker 1: one thousand dollars a day until you die, or one
25:15
Speaker 1: million dollars right now. So if someone asked me this,
25:19
Speaker 1: I think I would be like, yes, please, sir, I
25:21
Speaker 1: will have the one million you would do, But what
25:24
Speaker 1: would you say? What did you say on the podcast?
25:27
Speaker 2: So first thing, so I think they're the number one
25:28
Speaker 2: and say here would probably be a million dollars from
25:31
Speaker 2: everybody else because you'd be an instant millionaire. Like that
25:34
Speaker 2: is that crazy? But when we start breaking it down,
25:39
Speaker 2: passive income for me is always, always, always going to win. Georgia,
25:42
Speaker 2: you and I have had so many interesting conversations about this,
25:45
Speaker 2: especially after all of the voice memos from people in
25:48
Speaker 2: our community. I think it is one of those things
25:51
Speaker 2: that you know, people just underestimate. So many people said, oh,
25:54
Speaker 2: I'd buy a house, and it's like, well, you know
25:56
Speaker 2: you could do that, but you could also get alone
25:59
Speaker 2: and to keep your million dollars and have the passive
26:01
Speaker 2: income that your million dollars is going to earn you
26:03
Speaker 2: pay off your home. And I think it's just about
26:06
Speaker 2: smart money decisions soon shifting our mindset around what can
26:10
Speaker 2: this money do for me? Not what can this money
26:12
Speaker 2: immediately buy? Like how can I make the money work
26:15
Speaker 2: even harder than it's already working for me, so that
26:17
Speaker 2: is something that I want you guys to take home.
26:19
Speaker 2: But my answer was actually the one thousand dollars a day,
26:22
Speaker 2: and I'm going to break it down because I think
26:24
Speaker 2: it's really interesting when you get into it, and I
26:26
Speaker 2: guarantee after i've explained this, Georgia, you're going to be like,
26:28
Speaker 2: oh my gosh, I'll take the thousand dollars a day. Two.
26:31
Speaker 2: So a thousand dollars a day is three hundred and
26:33
Speaker 2: sixty five thousand dollars in a year, So that's pretty
26:36
Speaker 2: good until you die. Like I could definitely live off that.
26:39
Speaker 2: I don't know about you guys, but i'd be good comfortable.
26:42
Speaker 2: But three hundred and sixty five thousand dollars a year
26:45
Speaker 2: in passive revenue is equivalent to having seven point three
26:49
Speaker 2: million dollars invested on your behalf. So that's obviously more
26:52
Speaker 2: than a million dollars right now. But also, can we
26:55
Speaker 2: also just preface this, I'm working off a rate of
26:57
Speaker 2: return of five percent because that is super conservative and
27:00
Speaker 2: I think really fair for right now. But then also
27:02
Speaker 2: i'm obviously, because it's all hypothetical, my friend's not taking
27:06
Speaker 2: into consideration any tax implications. So say you took the
27:10
Speaker 2: million dollars and you really wanted to reach the same
27:13
Speaker 2: outcome that I have because I took the thousand dollars
27:15
Speaker 2: a day, Georgia, you'd have to do one of two things.
27:18
Speaker 2: So you could invest your million dollars right now and
27:22
Speaker 2: wait forty years. You wouldn't get any passive revenue. You'd
27:24
Speaker 2: have to keep working in your day job. But here
27:26
Speaker 2: it cheese on the money, yep. And with an average
27:28
Speaker 2: rate of return in forty years, you'd have about the
27:30
Speaker 2: same as what I have. So you'd just spend the
27:33
Speaker 2: time or if you wanted it quicker, because obviously maybe
27:37
Speaker 2: let's say in ten years, because you can't have it
27:39
Speaker 2: right now, you could invest your million dollars and then, Georgia,
27:42
Speaker 2: you'd just have to cough up a really easy forty
27:44
Speaker 2: thousand dollars a month for the next ten years to
27:49
Speaker 2: match my thousand dollars a day in passive revenue that
27:51
Speaker 2: I had. Right So, does the thousand dollars a day
27:55
Speaker 2: sound good? Now?
27:56
Speaker 1: I think the thousand dollars a day sounds very good.
27:59
Speaker 2: So to further compare, as I said before, the thousand
28:01
Speaker 2: dollars a day's equivalent to three hundred and sixty five
28:03
Speaker 2: thousand dollars a year. But if you had a million
28:06
Speaker 2: dollars invested at a five percent interest rate return, you'd
28:09
Speaker 2: only make fifty thousand dollars a year, which is obviously epic.
28:11
Speaker 2: Still like, this is all hypothetical. This is just more
28:14
Speaker 2: because I want you, guys to fully understand the impact
28:18
Speaker 2: of investing and essentially what a dollar today means versus
28:21
Speaker 2: a dollar tomorrow and all of that other fun stuff.
28:24
Speaker 2: So the answer here, my friends, is take a thousand
28:25
Speaker 2: dollars a day because you will be much better off
28:27
Speaker 2: in the long term and the short term. It's seeds,
28:29
Speaker 2: yeap love it. Like these are all hypotheticals. I wish
28:33
Speaker 2: that people were just like walking around the city and
28:35
Speaker 2: they're like, hey, just giving millions of dollars.
28:36
Speaker 1: Out today, wouldn't that be nice?
28:38
Speaker 2: I'll take it. If anybody knows where I'm putting my
28:41
Speaker 2: hand up, I'll be there with bells on.
28:42
Speaker 1: Share it in the Facebook group. So to wrap today, guys,
28:45
Speaker 1: if you win a hot million dollars, don't just spend it.
28:48
Speaker 1: See your financial advisor and get a plan in place,
28:51
Speaker 1: and also remember to give you all money as fungible, fungible, bungible. Hi, there,
29:00
Speaker 1: you've breached the ses on the money mailbox. Do you
29:02
Speaker 1: have the money problem you want help solving. Do you
29:04
Speaker 1: have a money dilemma you just want to chat about.
29:07
Speaker 1: Victoria is here to help. Every week we'll be playing
29:10
Speaker 1: your questions to help make sense of a money mess
29:12
Speaker 1: you may have found yourself in. Make a quick recording
29:14
Speaker 1: on your phone and send it through to podcast at
29:16
Speaker 1: chesothmoney dot com dot au and you might even find
29:19
Speaker 1: yourself on the show. But for now, here's today's listener question.
29:24
Speaker 2: Hey, Victoria and Georgia.
29:26
Speaker 6: Someone in my family recently passed away, and quite unexpectedly,
29:29
Speaker 6: I was mentioned in their will, and I'll be receiving
29:32
Speaker 6: a quarter of a house that's valued at about six million.
29:35
Speaker 6: The planners I know it at the moment, will be
29:37
Speaker 6: to sell the home and split what it sells for.
29:40
Speaker 6: But I wanted to ask you both about the anxiety
29:42
Speaker 6: that I'm feeling about wasting such a big amount of money,
29:45
Speaker 6: especially because I'm only twenty six and I don't want
29:48
Speaker 6: to waste it. I'm also thinking perhaps I should split
29:51
Speaker 6: it with other members of my immediate family. None of
29:54
Speaker 6: whom were written into the will. Hope you can help
29:57
Speaker 6: with advice and ideas.
29:58
Speaker 2: Thanks ladies.
30:01
Speaker 1: Okay, V a very big question here with a few
30:05
Speaker 1: elements involved. Kick us off with wherever you want to start.
30:09
Speaker 2: I don't know where I want to start with this one.
30:11
Speaker 2: This is massive, and I know it can also be
30:14
Speaker 2: a little bit unrelatable, but at the end of the day,
30:16
Speaker 2: I think it's also really important to understand other people's
30:19
Speaker 2: money stories because that helps you understand money better. And
30:22
Speaker 2: the more you know, the more empowered you are, and
30:24
Speaker 2: the more empowering you can be to others. So that
30:27
Speaker 2: is why we want questions like this on the pod
30:29
Speaker 2: instead of just having things that are always super relatable
30:31
Speaker 2: to you. It's all about like open mindset and growth
30:34
Speaker 2: mindset and just like pushing you to understand different mentality.
30:38
Speaker 2: So I just want to preface that because sometimes we
30:40
Speaker 2: do get feedback that they're not relatable enough, and I
30:42
Speaker 2: get that, but you are still learning, Like you are
30:44
Speaker 2: learning so much by hearing stories like this because you
30:48
Speaker 2: now know so much more about wealth and wealth generation
30:51
Speaker 2: and money, and I just think that's epic. Another thing
30:53
Speaker 2: I want to preface as well is this wasn't just
30:56
Speaker 2: a listener question. This was a listener question that came
30:58
Speaker 2: in that has now converted into being a client of
31:00
Speaker 2: mine because obviously she needs some help, so do not worry.
31:04
Speaker 2: She is being looked after. But it is so normal
31:08
Speaker 2: to have this sense of angst. It is such a
31:10
Speaker 2: big deal to be written into somebody's will, and really
31:12
Speaker 2: wanting to respect that money on behalf of the person
31:15
Speaker 2: who handed it down makes so much sense. It can
31:17
Speaker 2: also feel like so much pressure, like it is so hard,
31:21
Speaker 2: And that goes back to what I was saying before.
31:23
Speaker 2: You do not have to make any decision right now.
31:26
Speaker 2: And if you are in this situation and you have
31:29
Speaker 2: inherited a large amount of money, please do not feel
31:32
Speaker 2: pressured by anyone, including a financial advisor, to invest it.
31:35
Speaker 2: Like if a financial advisor ever tells you that you
31:37
Speaker 2: need to do it asap, just run for the hills,
31:40
Speaker 2: my friend, because it is a terrible idea because at
31:42
Speaker 2: the end of the day, fifty percent of investing is mental.
31:45
Speaker 2: You have to be invested in it mentally and physically,
31:48
Speaker 2: because at the end of the day, if you're not comfortable,
31:51
Speaker 2: you're probably going to pull your money out and lose
31:53
Speaker 2: the long term gain of being invested for the long
31:55
Speaker 2: term purely because you are scared. So it just makes
31:58
Speaker 2: a lot of sense to just get good advice from
32:01
Speaker 2: someone who respects you and also respects where it's come from,
32:04
Speaker 2: because that is really special. At the end of the day,
32:06
Speaker 2: we would always prefer to have that person here, but
32:09
Speaker 2: let's respect them. Let's create something together that that person
32:12
Speaker 2: would really be proud of you for. So also, just
32:16
Speaker 2: to throw in some stats here, I really want to
32:18
Speaker 2: talk about the shift of intergenerational wealth.
32:20
Speaker 1: Can you explain what that means?
32:22
Speaker 2: Absolutely?
32:23
Speaker 1: So.
32:23
Speaker 2: Intergenerational wealth is where money comes down from inheritance, so
32:27
Speaker 2: it comes from other people you haven't earned that money.
32:30
Speaker 2: And Australia is actually on the cusp of its largest
32:33
Speaker 2: handover of wealth, with an estimated three point five trillion
32:38
Speaker 2: dollars worth being transferred from the baby boomer generation to
32:42
Speaker 2: younger Australians over the next twenty years. So I said
32:45
Speaker 2: it was unrelatable, but it's not going to be that
32:48
Speaker 2: unrelatable for our community because that is you, guys. So
32:52
Speaker 2: to give you some sense of how much that actually is,
32:55
Speaker 2: let's just start a breakdown. What are trillion dollars actually is,
32:58
Speaker 2: because it's super hard to visualize one million dollars, let
33:00
Speaker 2: alone a trillion dollars. So one trillion is one million millions, Like.
33:06
Speaker 1: What a million?
33:07
Speaker 2: That's a lot of millions. If you went back in
33:09
Speaker 2: time one billion seconds, you'd be in nineteen eighty seven.
33:14
Speaker 2: But if you went back a trillion seconds, you'd be
33:17
Speaker 2: in roughly thirty thousand BC. That's a really long time ago.
33:21
Speaker 2: So a trillion, that's that's a hell of a lot.
33:23
Speaker 2: And three point five trillion is literally an incomprehensible amount
33:27
Speaker 2: of money. So that is a lot of money that
33:29
Speaker 2: is going to be transferred and a lot of you
33:31
Speaker 2: who are going to need advice. And yeah, that that's
33:34
Speaker 2: how much money's coming. Wow, imagine being a trillionaire.
33:38
Speaker 1: Are there trillionaires? I don't pass bezos?
33:40
Speaker 2: What's he a billion?
33:41
Speaker 1: I think he's a just a billionaire.
33:43
Speaker 2: Yeah, just a measly billionaire.
33:45
Speaker 1: Okay, So a few questions here then, fe what did
33:49
Speaker 1: you think about her wanting to split the money that
33:53
Speaker 1: she'll receive with the members of her family who weren't
33:57
Speaker 1: in the will.
33:58
Speaker 2: I would question that purely because that wasn't the intention
34:01
Speaker 2: of the person. You've inherited it from. And a very
34:04
Speaker 2: big part of inheritance for me is about respect and
34:06
Speaker 2: it is about honoring that person, and that becomes a
34:09
Speaker 2: really big piece of what I do. It's just like,
34:12
Speaker 2: I want to know about that person, Like that person
34:14
Speaker 2: was clearly special to you, and you know obviously played
34:17
Speaker 2: a big part of your life, and I just want
34:19
Speaker 2: to know who they were, what they meant to you,
34:21
Speaker 2: how we can honor them, what did they want for you,
34:24
Speaker 2: what would they like? Were they nice people? Because at
34:26
Speaker 2: the end of the day, they were such a large
34:27
Speaker 2: piece of your life, and I want them to be
34:29
Speaker 2: a part of that growth and that change. So for me,
34:33
Speaker 2: that's what I would want to do. But it's definitely
34:36
Speaker 2: worthy of a conversation because you can essentially do whatever
34:39
Speaker 2: you want with your inheritance. But let's go back to
34:42
Speaker 2: that million dollar question before, Like, would you split a
34:45
Speaker 2: million dollars three ways and give that to other people
34:49
Speaker 2: and kind of get rid of a lot of the
34:51
Speaker 2: power of that money, or would you take an ongoing
34:54
Speaker 2: income and be able to help your family for the
34:56
Speaker 2: foreseeable future and still have that million dollars sitting in
34:59
Speaker 2: an investment somewhere You don't have to just split the
35:02
Speaker 2: money to have an impact and help people like your
35:04
Speaker 2: investment could be the passive income. That means that you
35:07
Speaker 2: can give your mom at ten thousand dollars a year
35:09
Speaker 2: for the foreseeable future, if that's what you wanted to
35:12
Speaker 2: do without ever impacting that million dollars.
35:15
Speaker 1: When it comes to the anxiety, just going back to
35:17
Speaker 1: that question fee in terms of tools. So I know
35:20
Speaker 1: you're looking after this client, which is amazing. But for
35:23
Speaker 1: anyone listening who has received a large inheritance or any
35:27
Speaker 1: kind of inheritance, who is feeling that angst, what words
35:29
Speaker 1: of wisdom would you leave them with?
35:30
Speaker 2: Money is fraught with anxiety, and I think that I
35:33
Speaker 2: would just say this is this is what that person wanted.
35:37
Speaker 2: You need to get rid of that anxiety. You need
35:40
Speaker 2: to put yourself in a position where you can actually
35:42
Speaker 2: feel confident about this, because I understand that inheritance is
35:46
Speaker 2: usually a bit cloudy. I mean, someone's passed away, but
35:49
Speaker 2: that person wanted to give it to you because they
35:52
Speaker 2: couldn't be their figure. So how do we put that
35:55
Speaker 2: money to work so that it is honoring that person
35:58
Speaker 2: in the best possible way. And at the end of
36:00
Speaker 2: the day. As I said, you don't have to do
36:02
Speaker 2: anything immediately, but you do have to work out what
36:05
Speaker 2: is the best way of honoring that person. And if
36:07
Speaker 2: you see a financial advisor, you don't have to go
36:10
Speaker 2: through with that strategy immediately, but least start educating yourself
36:14
Speaker 2: and know there are going to be a very small
36:16
Speaker 2: handful of people who are listening who have an inheritance
36:19
Speaker 2: sitting in a bank account, and it might have been
36:21
Speaker 2: there for a little while. That money sitting in your
36:23
Speaker 2: savings is genuinely giving you more anxiety because you don't
36:26
Speaker 2: know what to do with it. I would say half
36:27
Speaker 2: my job is being a psychologist.
36:29
Speaker 1: Still, yeah, yeah, that makes so much sense. Was there
36:32
Speaker 1: anything else you wanted to add here? V I was
36:35
Speaker 1: going to ask you a question about your faith in
36:38
Speaker 1: the generations that will be inheriting that three point five
36:41
Speaker 1: trillion dollars. Do you think that we're going to be
36:43
Speaker 1: okay with that? Is our financial literacy up to scratch? Oh?
36:46
Speaker 2: We have terrible financial literacy, which is why I'm so
36:49
Speaker 2: passionate about it. But at the end of the day,
36:50
Speaker 2: I think that we are all smart and we are
36:52
Speaker 2: all going to make the right decisions for us. There
36:54
Speaker 2: are always going to be people who just stick their
36:56
Speaker 2: head in the sand about money and they're not going
36:58
Speaker 2: to do what I would. But at the end of
37:00
Speaker 2: the day, these are all my opinions, guys, that there's
37:04
Speaker 2: no right or wrong. You could choose not to invest
37:06
Speaker 2: because it might not be aligned to your risk profile.
37:09
Speaker 2: I think it's really important to realize that my opinion
37:11
Speaker 2: is one of many, one of millions, one of trillions Georgia,
37:15
Speaker 2: and I think that you know, you might follow me
37:17
Speaker 2: or you might not. But at the end of the day,
37:19
Speaker 2: you need to make the right decision for you, and
37:21
Speaker 2: if that means sitting it in a bank account, then
37:24
Speaker 2: you do. You There is no right or wrong when
37:25
Speaker 2: it comes to the management of money. And I'm sure
37:29
Speaker 2: that there are some people. I mean, I'm assuming I
37:32
Speaker 2: haven't haven't met them, but this is just a grand assumption.
37:35
Speaker 2: I'm assuming that there are some people who might have
37:37
Speaker 2: inherited a million dollars blew it over two years. But
37:40
Speaker 2: also so that was the best two years of my
37:42
Speaker 2: entire life, So it would be very naive of me
37:45
Speaker 2: to think that my way is the only way.
37:46
Speaker 1: Ye And now it's time to take a sneak peek
37:55
Speaker 1: into their financial lives. The perfect strangers. It's time for
37:58
Speaker 1: money diaries.
38:01
Speaker 5: Hi, I'm the twenty nine year old with her super
38:04
Speaker 5: in her hands, and this is my money diary. My
38:08
Speaker 5: mom's uncle, who was living in Australia, sponsored my mom
38:11
Speaker 5: during a time that Australia was taking in refugees. So yeah,
38:15
Speaker 5: my parents ended up in Australia and they had to
38:18
Speaker 5: start from scratch. They came from the village of Vietnam,
38:20
Speaker 5: so they didn't have any money, didn't have anything growing up.
38:23
Speaker 5: When I was younger, my parents used to buy a
38:26
Speaker 5: lot about money, and I really paid attention to that,
38:29
Speaker 5: and I told myself when I was young that I
38:32
Speaker 5: would definitely make enough money in the future so that
38:36
Speaker 5: I would never ever have to argue about money. I
38:38
Speaker 5: would be happy to argue about anything else. But I
38:40
Speaker 5: did not want money to rule my life. My parents
38:43
Speaker 5: do have the expectations that because it wasn't easy for
38:47
Speaker 5: them to find work and make money. But as soon
38:49
Speaker 5: as I get money that I should buy a house
38:51
Speaker 5: to away, I should settle down, I should have a family.
38:53
Speaker 3: You've given me the opportunity to have more choices.
38:55
Speaker 5: You give me the opportunity to you know, now that
38:57
Speaker 5: I have an Australian passport, I can go and live
39:00
Speaker 5: work overseas.
39:00
Speaker 3: You've never had the opportunity. I'm going to use my
39:02
Speaker 3: money and buy that.
39:04
Speaker 5: Visa and live and work overseas and pay rent and
39:06
Speaker 5: experience life because you didn't have that chance.
39:09
Speaker 1: What does our superinhad money diarist do for work? How
39:12
Speaker 1: much does she earn and how much is in her
39:14
Speaker 1: bank account right now?
39:15
Speaker 5: My first full time job after graduating UNI was a
39:19
Speaker 5: graduate site engineer for a construction company. And I've been
39:23
Speaker 5: working in construction management for almost five years now. And
39:27
Speaker 5: the salary for site engineer or construction management is usually
39:32
Speaker 5: seventy five up to ninety or more depending on your experience.
39:37
Speaker 5: I moved to London this year when the pandemic started,
39:42
Speaker 5: and so I haven't really worked properly for in construction
39:45
Speaker 5: management for about eight months. So at the moment in
39:48
Speaker 5: my bank account, it's going to sound crazy. I came
39:52
Speaker 5: to London with ten thousand Australian dollars and so now
39:55
Speaker 5: I have four thousands in my account.
39:58
Speaker 3: Only.
39:58
Speaker 5: I was able to survive because Australian and said we
40:00
Speaker 5: could withdraw our super up and I thought, Okay, if
40:03
Speaker 5: I'm not going to withdraw money and don't have emergency
40:05
Speaker 5: money on my account, I'll have to fly home right now.
40:08
Speaker 3: And I'm like almost thirty one.
40:10
Speaker 5: If I'm not going to continue trying to live in
40:12
Speaker 5: London and work in London now, it's not going to
40:14
Speaker 5: happen again. So having that super money that I was
40:17
Speaker 5: able to withdraw really helped me with my confidence and
40:20
Speaker 5: not have the scarcity mindset, which I think saved me.
40:24
Speaker 1: What are her thoughts on investing and does she invest
40:26
Speaker 1: in herself?
40:27
Speaker 5: I know nothing about investing. I feel like everyone's at
40:31
Speaker 5: different stages in their life's money and for me, because
40:34
Speaker 5: I haven't had the experiences in life that because I
40:36
Speaker 5: never had money or extra money, my first thing that
40:41
Speaker 5: I care about is experience in life and like investing
40:44
Speaker 5: in myself. Other people who like know who they are
40:46
Speaker 5: blah blah blah, like they would want to invest in
40:49
Speaker 5: other like a house or a car or whatever. But
40:51
Speaker 5: for me, that comes after I invest in myself and
40:54
Speaker 5: I know myself, I know what I want they want
40:56
Speaker 5: to care about. So I've only invested for myself with
41:00
Speaker 5: life coaching when I needed it, buying books, traveling, you know,
41:04
Speaker 5: moving out of home and paying rent in like an
41:07
Speaker 5: area that I like, being surrounded by community that are
41:10
Speaker 5: like with like organic shops, and you know that's expensive,
41:13
Speaker 5: but I feel like investing in the energy, the location,
41:18
Speaker 5: people that I surround myself with. So I like the
41:20
Speaker 5: money that I made. I invested one day's money is
41:23
Speaker 5: worth at a coworking space just to be in the
41:25
Speaker 5: right energy and like the right mindset. And I think
41:28
Speaker 5: during that time I was able to attract my first
41:31
Speaker 5: job in construction management. Once I know who I am
41:33
Speaker 5: and settled, then the next thing is invest in a house.
41:37
Speaker 5: You know, save up money, listen to podcasts about money.
41:40
Speaker 1: What is her best money habit?
41:42
Speaker 5: I only buy what I know, like I really really need.
41:46
Speaker 5: When it comes to buying clothes, I only buy clothes
41:49
Speaker 5: that I can wear to work and wear out. So
41:51
Speaker 5: it's like I don't have a billion clothes sitting around.
41:54
Speaker 1: And what's her worst money habit?
41:56
Speaker 5: I really try to be a minimalist as I get older,
41:59
Speaker 5: because I think it's good for the environment in the world.
42:01
Speaker 5: But I have my no negotiables, and one of that
42:04
Speaker 5: is always getting my nails painted. It's not at the moment,
42:07
Speaker 5: but I'll always get my hair done, I'll always get
42:10
Speaker 5: my nails painted, so like, yeah, I'm not going to
42:12
Speaker 5: be like so Thindy that I'm not going to make
42:14
Speaker 5: myself feel good.
42:16
Speaker 1: What is her big money goal?
42:18
Speaker 5: On my excel shape showing my goals for long term goals,
42:21
Speaker 5: I wrote, I want to own a house at some point,
42:24
Speaker 5: and I want to own an event space so I
42:27
Speaker 5: can host things because I just like hosting gatherings of people.
42:31
Speaker 1: What grade would she give her money habits?
42:33
Speaker 5: The grade I'd give it is probably the lowest because
42:36
Speaker 5: at the moment it's not my priority. But I think
42:38
Speaker 5: when I'm ready, it will become like higher and I'll
42:41
Speaker 5: do all the education I need and I'll focus on it.
42:42
Speaker 5: That's why I think I'll have goals. There's different priorities
42:45
Speaker 5: each year.
42:46
Speaker 1: Is there anything she wants to learn more about or
42:48
Speaker 1: share with the community?
42:49
Speaker 5: Now that the money is sitting out of my super
42:52
Speaker 5: what do you think I should deal with it? I
42:54
Speaker 5: really want to invest it into something. I think it's
42:56
Speaker 5: a great opportunity.
42:57
Speaker 1: Okay, VICKI d just like so much to unpack there.
43:02
Speaker 1: I don't know where to begin. I've got a hell
43:04
Speaker 1: of a lot of notes.
43:05
Speaker 2: Obviously this is non judgmental. I just think that investment
43:09
Speaker 2: needs to be investment for future you, not for current lifestyle.
43:14
Speaker 2: And I feel like there's a lot of clarity missing
43:17
Speaker 2: from this individual's money story. And I just genuinely feel
43:21
Speaker 2: like treat yourself is probably the summary of this ye,
43:26
Speaker 2: whereas I don't think that they see it that way,
43:28
Speaker 2: and I'm really sorry that that's my opinion. I just
43:30
Speaker 2: think that this mentality is going to in the long term,
43:34
Speaker 2: going to get them in a little bit more trouble
43:36
Speaker 2: than they anticipate investing in a space because you like,
43:40
Speaker 2: entertaining is not investing, my friend, I'm so sorry it
43:43
Speaker 2: is not. It might be a really nice thing that
43:45
Speaker 2: you prioritize, but we really have to prioritize future you,
43:49
Speaker 2: and we can't have our cake and eat it too.
43:51
Speaker 2: And I feel like that's what this money dirist is
43:53
Speaker 2: potentially thinking. Yeah, does that really mean to say? I
43:56
Speaker 2: don't mean it.
43:57
Speaker 1: I think I don't know. I think you have to
43:59
Speaker 1: be honest about your take on this. You'r a financial advisors,
44:02
Speaker 1: so you can't listen to this and be like she
44:04
Speaker 1: is doing everything right. I love it because that would
44:06
Speaker 1: be contrary to everything else you tell us on this podcast.
44:10
Speaker 2: One hundred percent. And I just think if you say
44:12
Speaker 2: you want to invest in space because you love hosting gatherings,
44:15
Speaker 2: I really like that. But I think this money direst
44:18
Speaker 2: potentially has a lot to learn about money. And I
44:20
Speaker 2: know that she's a new listener to she's all the money,
44:23
Speaker 2: so maybe once she gets through them all, she'll be there.
44:26
Speaker 2: And obviously our money diarists, they all get a copy
44:29
Speaker 2: of the cash Flow and Budget Masterclass, and I think
44:31
Speaker 2: that that could potentially be really helpful. But there are
44:34
Speaker 2: a few things that I was concerned about.
44:36
Speaker 1: So talk to me about your first concern because there
44:39
Speaker 1: are a few.
44:40
Speaker 2: Are the Super thing. She's taken twenty thousand dollars out
44:42
Speaker 2: of Super and she said that I've never had this
44:45
Speaker 2: amount before and I really need to invest it, my love.
44:48
Speaker 2: It was already invested in your superannuation account and now
44:51
Speaker 2: we are one paying tax on that. But we are
44:53
Speaker 2: not making at work as hard as it is meant
44:55
Speaker 2: to be working for you. If you are taking money
44:58
Speaker 2: out of Super to invest, you don't understand the basic
45:01
Speaker 2: principles of investment or the fact that the superannuation environment
45:05
Speaker 2: in Australia is literally the closest thing we have to
45:07
Speaker 2: a tax haven. The superannuation tax rate is only fifteen percent,
45:11
Speaker 2: whereas if you withdraw it, obviously we have to pay
45:14
Speaker 2: our maginal tax rates which are more than fifteen percent.
45:17
Speaker 2: And I know she's experienced significant financial distress this year
45:21
Speaker 2: because you know, moving et cetera really hard. But you
45:25
Speaker 2: don't withdraw money from super to invest. It's just a
45:28
Speaker 2: bad idea. At the end of the day, you are
45:30
Speaker 2: already investing. And if you've been thinking about this, I
45:33
Speaker 2: think my main advice would genuinely be go and have
45:36
Speaker 2: a look at what your super is invested in, and
45:39
Speaker 2: be a little bit more on top of the types
45:41
Speaker 2: of portfolio that you're invested in, making sure it's in
45:43
Speaker 2: line with your risk profile, making sure it's in line
45:46
Speaker 2: with your goals and values. Not taking it out to
45:48
Speaker 2: make a decision about investment, because we're literally losing money,
45:52
Speaker 2: and given the timeframes, and I don't know if this
45:54
Speaker 2: is true or not, so this could be wild speculation.
45:56
Speaker 2: I don't know the dates she pulled it out, but
45:59
Speaker 2: she potentially had massive losses when she pulled the money
46:02
Speaker 2: out because the market guys obviously went down during COVID,
46:05
Speaker 2: and that's the point in time that most people withdrew
46:08
Speaker 2: money out of superannuation, which means you crystallized a loss,
46:12
Speaker 2: which sounds fancy, but it essentially means you accepted less
46:16
Speaker 2: money per share for that share and took it out
46:20
Speaker 2: instead of waiting for the market to recover so that
46:23
Speaker 2: if you ever were to sell something off you would
46:25
Speaker 2: get a better return. So you accepted low return. So
46:27
Speaker 2: your money is already backwards and now you're going to
46:30
Speaker 2: invest it in a market that's technically already starting to recover.
46:34
Speaker 2: So you've missed out on a period of time where
46:37
Speaker 2: you could have been investing and your money could have
46:39
Speaker 2: been working for you. It's been sitting in your savings account.
46:42
Speaker 2: I feel like I'm being quite negative and quite harsh,
46:44
Speaker 2: but at the end of the day, I need to
46:45
Speaker 2: be realistic. That is what you've done, and I think
46:48
Speaker 2: that you need to understand that that's maybe not the
46:50
Speaker 2: best thing that you could have done for your money,
46:52
Speaker 2: and that's my job to share that with you.
46:54
Speaker 1: Exactly right, And you know we're not just piling on
46:57
Speaker 1: this lovely money diarist. I think a lot of people
46:59
Speaker 1: could probably relate to this. A lot of people maybe
47:01
Speaker 1: have taken that money out as well and are thinking,
47:03
Speaker 1: oh God, what have I done? It is so important
47:06
Speaker 1: and special. I guess that she really values investing in herself,
47:10
Speaker 1: investing in traveling, investing in all of those amazing life experiences.
47:14
Speaker 1: But there are ways you can do that without pulling
47:17
Speaker 1: your money out of superannuation or just spending all of
47:20
Speaker 1: your money on this stuff. As you always say on
47:22
Speaker 1: the podcast, if you work out your budgeting and cash flow,
47:25
Speaker 1: you can get on the right track and you can
47:27
Speaker 1: afford those splurges from time to time. And like, she
47:30
Speaker 1: an amazing salary, she's a great industry, Like she'll be
47:33
Speaker 1: great salary industry.
47:35
Speaker 2: I think that she was doing really well. I think
47:37
Speaker 2: I was really concerned though about her. Can I'm really
47:41
Speaker 2: sorry I feel really negative about this, but I was
47:44
Speaker 2: really concerned when she said I'll always earn more money later,
47:47
Speaker 2: Like that's such a future you problem.
47:50
Speaker 1: But so many people would think like that.
47:52
Speaker 2: Yeah, it's let's stop making things a problem for future you.
47:55
Speaker 2: Like I don't want to hear that you'll make money later,
47:57
Speaker 2: and want to hear that you are making the most
47:59
Speaker 2: of everything. You have on offer right now. The idea, oh, oh,
48:02
Speaker 2: make money later is so negative and it's going to
48:05
Speaker 2: put you back because money compounds in the more time
48:07
Speaker 2: that you're investing, the more energy. I just don't know, Georgia.
48:11
Speaker 2: I genuinely feel a bit thrown by this, potentially because
48:14
Speaker 2: of the conviction that she had in her voice when
48:17
Speaker 2: addressing this.
48:18
Speaker 1: She wasn't really concerned about it at all.
48:20
Speaker 2: No, she wasn't concerned about it, and I would have been.
48:23
Speaker 2: And I think that maybe that's where my views are
48:25
Speaker 2: coming from, because that's something that would concern me. And
48:30
Speaker 2: I just don't know if she sees the seriousness of
48:33
Speaker 2: those values or seeing investment in those things as actual
48:37
Speaker 2: investments when they're not. I think that we really need
48:40
Speaker 2: to be clear about what investing is. Yes, there's investing
48:43
Speaker 2: in yourself, and yes we absolutely should be doing that,
48:45
Speaker 2: but I don't want you guys to be confusing investing
48:48
Speaker 2: in yourself with investing in the financial markets and understanding
48:52
Speaker 2: that yeah, there's a difference there, and that difference is
48:55
Speaker 2: really tangible and going to essentially change your life.
48:58
Speaker 1: I think it's probably important to note before we wrap
49:01
Speaker 1: the show as well, that you know she's not in
49:04
Speaker 1: hundreds of thousands of.
49:05
Speaker 2: Dollars to absolutely not. She's in a great financial and.
49:09
Speaker 1: Cash flow masterclass course to help.
49:11
Speaker 2: Her out, and it sounds like she's literally living her
49:15
Speaker 2: best life. She's saved up money, she's moved overseas, she's
49:18
Speaker 2: loving life in what has been essentially what we call
49:21
Speaker 2: a garbage fire every year. And I think that that's
49:24
Speaker 2: really epic. I think it's just I need to be
49:26
Speaker 2: super critical of things sometimes because I would hate for
49:30
Speaker 2: you guys to be listening to a podcast and thinking, oh,
49:33
Speaker 2: that's cool, I'll do that. I don't want that for you.
49:37
Speaker 2: I want you to be in the best possible position
49:39
Speaker 2: because I care so much about literally every single one
49:42
Speaker 2: of you, and I want you to be in the
49:43
Speaker 2: best possible position always. And this is not going to
49:46
Speaker 2: put you there.
49:47
Speaker 1: Yeah, exactly right. It's just a platform for you guys
49:50
Speaker 1: to learn, I guess from these stories. Let's leave the
49:52
Speaker 1: show there, Victoria.
49:54
Speaker 2: But just before we head off, we'd like to acknowledge
49:56
Speaker 2: and pay respects to Australian's aboriginal and tourist rate islander people's,
50:00
Speaker 2: the traditional custodians of the lands, the waterways and the
50:02
Speaker 2: skies across Australia. We thank you for sharing and the
50:06
Speaker 2: caring for the land on which we are able to learn.
50:08
Speaker 2: We pay our respects to elders past and present, and
50:10
Speaker 2: we share our friendship and our kindness.
50:13
Speaker 1: And it is very important to remember that the advice
50:15
Speaker 1: shared on Chees on the Money is general in nature
50:17
Speaker 1: and does not consider your individual circumstances. She is on
50:20
Speaker 1: the money exists purely for educational purposes and should not
50:24
Speaker 1: be relied upon to make an investment or a financial decision.
50:27
Speaker 1: And we promise. Victoria Divine is an authorized representative of
50:30
Speaker 1: Australia Pacific Funds Management Propriety Limited ABN three four one
50:34
Speaker 1: three two four six three two five seven AFSL three
50:37
Speaker 1: three nine one point one.
50:38
Speaker 2: Oh we did that in one take. I'm so impressed
50:41
Speaker 2: with you, Skirl.
50:42
Speaker 1: And another thank you to Ryan and Beck our producer
50:45
Speaker 1: Daralins for putting it all together.
50:48
Speaker 2: And we would love it if you joined our Facebook
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Speaker 2: group where our community shares money tips and tricks every
50:53
Speaker 2: single day, free of judgment. Search She's on money on
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Speaker 2: Facebook and join us. If this looks anything, you can
50:58
Speaker 2: literally find us on every other social work media platform.
51:01
Speaker 6: You know.
51:01
Speaker 1: Our name, book it up. See you next week, guys.
51:05
Speaker 2: Mm hmm