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MONEY DIARIES: The Student Smashing her Savings, Side Hustle & Investment Goals! · She's On The Money

• 0:00
  Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
• 0:04
  Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
• 0:08
  Speaker 1: we get started on She's on the Money podcast, I
• 0:11
  Speaker 1: would like to acknowledge the traditional custodians of the land
• 0:14
  Speaker 1: of which this podcast is recorded on a wondery country,
• 0:18
  Speaker 1: acknowledging the elders, the ancestors and the next generation coming
• 0:22
  Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
• 0:27
  Speaker 1: and the storytelling of you to make a difference for
• 0:30
  Speaker 1: today and lasting impactful tomorrow.
• 0:33
  Speaker 2: Let's get into it. She's on the Money, She's on
• 0:37
  Speaker 2: the Money. Hello, and welcome to She's the Money, the
• 1:00
  Speaker 2: podcast for millennials who want financial freedom. Welcome back to
• 1:04
  Speaker 2: another one of our Money Diarius episodes where I get
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  Speaker 2: the absolute privilege of talking to one of our beautiful
• 1:10
  Speaker 2: She's on the Money community members all about their journey.
• 1:14
  Speaker 2: Let's jump straight into it, because this week I got
• 1:16
  Speaker 2: a message and it went like this, Hi Ve. I
• 1:19
  Speaker 2: grew up in a single parent household with a mum
• 1:22
  Speaker 2: who always put our education first. I'm now eighteen years
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  Speaker 2: old and I've saved twenty thousand dollars and I've invested
• 1:31
  Speaker 2: six three hundred dollars. I'm a university student, work as
• 1:35
  Speaker 2: a school learning support officer, and own a tutoring business
• 1:39
  Speaker 2: partnership with my sisters. I'd love to share my journey
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  Speaker 2: with the Shees on the money community. Ah, money Diarist,
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  Speaker 2: you're eighteen, twenty thousand dollars in savings, just got like
• 1:51
  Speaker 2: a killer little business on the side. Welcome to the show.
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  Speaker 3: Thank you for having me.
• 1:56
  Speaker 2: Are you very joking?
• 1:57
  Speaker 3: This is so cool? No, it's my life. I can't
• 2:01
  Speaker 3: believe it.
• 2:02
  Speaker 2: Yeah, this is very cool. I'm very proud of you already.
• 2:05
  Speaker 2: I cannot wait to learn more about you. So let's
• 2:07
  Speaker 2: just dive straight in. The first question I always ask
• 2:10
  Speaker 2: our diarist is money Diarist, can you let me know,
• 2:14
  Speaker 2: on a scale of A through to F what you
• 2:16
  Speaker 2: think your money habits would be?
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  Speaker 3: Right now, I would thank myself for bee because I
• 2:21
  Speaker 3: do feel like for my age, I've done a really
• 2:24
  Speaker 3: good job. I do feel like I have really good
• 2:25
  Speaker 3: habits and good cash flow. But I do think these
• 2:29
  Speaker 3: areas of improvement.
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  Speaker 2: All right, I kind of believe you. But also, you're
• 2:32
  Speaker 2: eighteen and have twenty thousand dollars in savings and I'm like, okay,
• 2:36
  Speaker 2: like a bee's probably not enough, but let's get into it.
• 2:40
  Speaker 2: My favorite question of all time to ask not just
• 2:43
  Speaker 2: money diarists, but literally anyone. Let's go money diarist. Can
• 2:47
  Speaker 2: you tell me more about your money story?
• 2:50
  Speaker 3: So, as I mentioned, I grew up in a single
• 2:52
  Speaker 3: parent household. My parents flew when I was ten months old,
• 2:56
  Speaker 3: and although my dad did pay child support, it's still
• 2:59
  Speaker 3: not much. We did have to live quite frugally and
• 3:03
  Speaker 3: we definitely live within our means. Yeah, my mum, she
• 3:06
  Speaker 3: was very good at managing money. It was always her
• 3:08
  Speaker 3: priority to pay off the mortgage, and as mentioned, she
• 3:12
  Speaker 3: really put our education first. We always had money for
• 3:15
  Speaker 3: school excursions or for camp or for tutoring.
• 3:18
  Speaker 2: As I love her.
• 3:19
  Speaker 3: I got into the lady years of high school.
• 3:21
  Speaker 2: Yeah, I love her. What a little queen and she's like, nah,
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  Speaker 2: I don't need a man.
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  Speaker 3: Literally, but yeah, she's done an amazing job. And through
• 3:28
  Speaker 3: that she really did show all of us amazing money habits,
• 3:31
  Speaker 3: especially how important it is to have at your own
• 3:34
  Speaker 3: job or your own money. I have two older sisters
• 3:37
  Speaker 3: and they started getting a job and earning their own
• 3:40
  Speaker 3: money when they were fourteen, and I was like, I
• 3:43
  Speaker 3: want this, I won't have my own money. And then
• 3:45
  Speaker 3: they started saving for a car and that was just
• 3:48
  Speaker 3: my big goal in high school. So I save fifteen
• 3:50
  Speaker 3: thousand dollars for my first car.
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  Speaker 2: Wait, so you also own a car and you're eighteen,
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  Speaker 2: and on top of that, you have the twenty thousand
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  Speaker 2: dollars and then you're also an investor.
• 4:00
  Speaker 3: Yes.
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  Speaker 2: Here I am thinking like, oh, I'm going to ask her, like,
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  Speaker 2: is she going to buy a car with like her
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  Speaker 2: first twenty thousand dollars?
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  Speaker 3: No?
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  Speaker 2: No, no, she doesn't need us guys.
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  Speaker 3: Yeah, so I did buy my car. But then at
• 4:09
  Speaker 3: the end of high school, after I bought my car,
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  Speaker 3: I've only had a thousand dollars left. So I started
• 4:13
  Speaker 3: off last year with a thousand dollars.
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  Speaker 2: So you've saved like nineteen thousand dollars in a year. Yes,
• 4:18
  Speaker 2: all right, we're going to need to learn a lot
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  Speaker 2: from you, but yes, carry on, Okay.
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  Speaker 3: It's always been a big focus for me throughout high school.
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  Speaker 3: Somehow I stumbled across YouTube videos how to get rich
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  Speaker 3: to about investing, and I was like, what is this.
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  Speaker 3: I need to get into this, And then I found
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  Speaker 3: your podcast. I started reading different books, so yeah, that's
• 4:37
  Speaker 3: how I really started investing as well.
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  Speaker 2: Welcome to the community. I love that you're here.
• 4:43
  Speaker 3: Thank you.
• 4:44
  Speaker 2: So you've got twenty thousand dollars, Like that's your money
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  Speaker 2: story so far, but like, where's it going?
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  Speaker 3: Okay? The plan is this June, I'm going to Europe
• 4:54
  Speaker 3: and there goes a lot of that money, but that's okay,
• 4:57
  Speaker 3: that's what it was allocated for, and traveling to me
• 5:01
  Speaker 3: is a priority. I really want to make the most
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  Speaker 3: about why I can. And then I do have five
• 5:06
  Speaker 3: thousand dollars in an emergency fund, so that won't.
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  Speaker 2: Be touched in addition to all of that.
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  Speaker 3: No, no, no, sorry, twelve thousand for travel, five thousand
• 5:14
  Speaker 3: in an emergency.
• 5:15
  Speaker 2: Great, how cool. I love that you've already like you're
• 5:18
  Speaker 2: eighteen and you have an emergency fund. Are you joking?
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  Speaker 3: No? It was the first thing I did. I was like,
• 5:23
  Speaker 3: VI said, I have to have one, fib I've got
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  Speaker 3: to get one.
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  Speaker 2: I love this so much. I'm obsessed. And I just
• 5:29
  Speaker 2: love that you're eighteen and have a five thousand dollar
• 5:31
  Speaker 2: emergency fund because that's something that so many people just
• 5:35
  Speaker 2: don't have. And like I know, having spoken to the community,
• 5:39
  Speaker 2: I've you know, just finished up my online course Your
• 5:42
  Speaker 2: Best Year Yet, And you know, that was a really
• 5:45
  Speaker 2: interactive course where I like got to talk to a
• 5:47
  Speaker 2: lot of people about you know, what are you going
• 5:48
  Speaker 2: to smash out this year? Like what are your goals
• 5:50
  Speaker 2: that we actually have to achieve? And lots of people
• 5:53
  Speaker 2: were talking about, you know, finally setting up their emergency funds,
• 5:55
  Speaker 2: and I'm so proud of them, But this idea that
• 5:58
  Speaker 2: you've done this at eighteen, there are going to be
• 6:00
  Speaker 2: a lot of people listening being like, holy guacamole, Like
• 6:03
  Speaker 2: what a little legend. But also it's just so inspirational
• 6:07
  Speaker 2: knowing that once you were twenty five, once you're thirty five,
• 6:10
  Speaker 2: once you're fifty, once you're sixty, like you're setting future
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  Speaker 2: you up for the best type of success and you're
• 6:17
  Speaker 2: never going to be held back by money because you're
• 6:19
  Speaker 2: just sitting in this nice little nest egg that you're
• 6:22
  Speaker 2: building for yourself. And that's like literally so sexy, Like
• 6:26
  Speaker 2: I just think it's the coolest thing ever.
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  Speaker 3: Oh it's honestly because of you. I've learned so much
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  Speaker 3: from you.
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  Speaker 2: You are way too kind, all right, tell me more.
• 6:33
  Speaker 2: I want to know more about your work. What do
• 6:35
  Speaker 2: you do for work and how much money do you earn?
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  Speaker 3: I work as a school learning support officer, so I
• 6:41
  Speaker 3: am contracted three days a week by pick up casual
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  Speaker 3: days when I can. So last year I earned twenty
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  Speaker 3: thousand dollars after tax.
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  Speaker 2: Wait, you earned twenty thousand dollars after tax. But earlier
• 6:51
  Speaker 2: in the show we learned that you saved nineteen thousand
• 6:54
  Speaker 2: dollars last year.
• 6:56
  Speaker 3: Well, then we'll get to my business. I saw hustle.
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  Speaker 2: I was about to say, who's a little queen when
• 7:01
  Speaker 2: it comes to saving?
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  Speaker 3: No, So then I also have my tutoring business that
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  Speaker 3: I have with my sisters, and I earned the same
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  Speaker 3: so twenty thousand dollars. I don't pay pay as you
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  Speaker 3: go tax, so I will have to pay some tax
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  Speaker 3: at tax time.
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  Speaker 2: Yeah, and what does that actually look like day to day?
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  Speaker 2: And how did you start this tutoring business?
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  Speaker 3: We were just sitting at the dinner table one night
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  Speaker 3: and there's so many people on Facebook that will say
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  Speaker 3: does anyone know a tutor? And my mum just said,
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  Speaker 3: why don't you girls start something? So a few months
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  Speaker 3: later we got our ABN and then on Facebook we
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  Speaker 3: just started replying to people saying, oh, we have a
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  Speaker 3: tutoring business. We'd love to cheotor you. So I actually
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  Speaker 3: started this when I was fifteen with them just a baby.
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  Speaker 3: It's crazy because at the time I didn't feel young,
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  Speaker 3: Like I look back like fifteen is very young. I
• 7:45
  Speaker 3: didn't feel like that. And then now we have a
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  Speaker 3: tutor who works for us as well.
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  Speaker 2: Oh how cool.
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  Speaker 3: Yes, it is amazing. We just have a big Google drive.
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  Speaker 3: We've been doing it for four years now, so we
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  Speaker 3: just have a lot of resources, a lot of worksheet
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  Speaker 3: booklet so just over time we built it up as well.
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  Speaker 2: How cool. And you guys just tutor in the subject
• 8:06
  Speaker 2: areas that you kind of excell in or like what
• 8:09
  Speaker 2: does that look like? How did you go? All right?
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  Speaker 2: You know, I'm a pretty smart girl. I'm willing to
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  Speaker 2: teach others, especially so young. Was that a very big Oh?
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  Speaker 2: Actually no, I'm really good at this.
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  Speaker 3: So we were like, oh, so I actually always had
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  Speaker 3: tutored primary school kids. When I was in high school,
• 8:24
  Speaker 3: I tewed Eddy two D six and then I did
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  Speaker 3: very well in my final school exams, so I started
• 8:30
  Speaker 3: tutoring high school students as well. So I tutor year
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  Speaker 3: seven to twelve English and maths. And really, for example,
• 8:37
  Speaker 3: although I focus on English and maths, if one of
• 8:39
  Speaker 3: my students needs help, for example, on a woodwork assignment,
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  Speaker 3: and it's like a theory of that, we'll just do that.
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  Speaker 2: Yeah, of course, because it's not necessarily about you know,
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  Speaker 2: being a genius at that topic, but rather helping somebody
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  Speaker 2: learn their course work.
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  Speaker 3: Right. Absolutely.
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  Speaker 2: I did a bit of tutoring when I was at UNI,
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  Speaker 2: and I loved it. I just always thought it was
• 8:57
  Speaker 2: really fun.
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  Speaker 3: Yeah, And a big misconception is I would say that
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  Speaker 3: it's not about doing the work for them, it's guiding
• 9:03
  Speaker 3: them and equipping them with the skills to do the work.
• 9:05
  Speaker 2: Yeah, Adore, what's going to happen to the business? Obviously,
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  Speaker 2: you're only eighteen, you're planning on traveling, and I'm assuming
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  Speaker 2: you're studying. Yes, what's going to happen to the business
• 9:15
  Speaker 2: in the future.
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  Speaker 3: Well, right now, I do work one day to first day,
• 9:20
  Speaker 3: every afternoon tutoring, and then when I travel, two weeks
• 9:23
  Speaker 3: is over school holidays, two weeks is during school term,
• 9:26
  Speaker 3: so I just let them know that I can't tuator
• 9:28
  Speaker 3: those two weeks. But the plan is when I finish
• 9:32
  Speaker 3: my degree to continue tutoring. But if I do feel
• 9:34
  Speaker 3: like it's too much, or you know, I don't have
• 9:37
  Speaker 3: a good work life balance, I can always reduce the
• 9:39
  Speaker 3: amount of students I tutor.
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  Speaker 2: Yeah, so tell me that was a grand assumption. I
• 9:43
  Speaker 2: was like, she's pretty smart, she's got a tutoring business.
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  Speaker 2: I think she's probably studying still herself. What are you studying?
• 9:51
  Speaker 2: What do you want to be when you grow up?
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  Speaker 3: I'm studying to be primary school teacher.
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  Speaker 2: Of course, you are perfect fit.
• 9:56
  Speaker 3: Yes, and that's why I work in school as well,
• 9:58
  Speaker 3: because it just goes so well.
• 10:00
  Speaker 2: And then I want to be a primary school teacher.
• 10:02
  Speaker 2: We're going to keep this tutoring business on the side
• 10:04
  Speaker 2: with your employees in it or I hope.
• 10:06
  Speaker 3: So I love this, Thank you. Hopefully one day I
• 10:10
  Speaker 3: could be some sort of executive in school, do you know,
• 10:13
  Speaker 3: curriculum advice or being an ap.
• 10:15
  Speaker 2: Oh, you're going to be the principal. It's all good.
• 10:18
  Speaker 2: You're going to run this town. I love it. Tell me, now,
• 10:20
  Speaker 2: what are your big money goals? What are you currently
• 10:22
  Speaker 2: working towards.
• 10:23
  Speaker 3: My big money goal is to continue investing. I would
• 10:26
  Speaker 3: love to have maybe twenty thousand dollars invested by the
• 10:29
  Speaker 3: time I graduate YEAP and while I'm in UNI continuing
• 10:33
  Speaker 3: to save to travel. In about eighteen months, I'm going
• 10:36
  Speaker 3: to be able to actually casually teach, so that means
• 10:40
  Speaker 3: I get more money, which means I could probably start
• 10:42
  Speaker 3: saving for an investment property.
• 10:45
  Speaker 2: Ah, investment property. Yeah, you've already got your eyes on
• 10:48
  Speaker 2: the price.
• 10:49
  Speaker 3: Yes, I do live in Sydney, so it does feel
• 10:52
  Speaker 3: unattainable to probably buy in Sydney, so I would buy
• 10:55
  Speaker 3: out of state, but just something maybe with a smaller
• 10:58
  Speaker 3: mortgage I could afford.
• 11:00
  Speaker 2: One hundred percent. And you've probably listened to a heap
• 11:02
  Speaker 2: of money dies where you know that's possible. Like I
• 11:04
  Speaker 2: think when you're young and you don't have access to
• 11:08
  Speaker 2: content like we create on cheese on the money, you
• 11:11
  Speaker 2: make automatic assumptions. You're like, well, I live in Sydney
• 11:13
  Speaker 2: and Sydney's really expensive, therefore I can't afford property. And
• 11:17
  Speaker 2: it's like, well, actually we just need to be a
• 11:18
  Speaker 2: little bit creative. We actually just need to look a
• 11:20
  Speaker 2: little bit further. Is that something that you'd always know
• 11:23
  Speaker 2: and you're like, look, I'm probably going to buy property,
• 11:25
  Speaker 2: but I'll have to buy it out of state or
• 11:26
  Speaker 2: is that a newer type of I guess goal that
• 11:29
  Speaker 2: you're like, actually, this might be possible for me.
• 11:32
  Speaker 3: Initially, I just thought I'd just purchased a fairly home
• 11:34
  Speaker 3: that i'd live in. And then I heard about rent vesting,
• 11:38
  Speaker 3: where you buy elsewhere but you rent sort of in
• 11:41
  Speaker 3: the suburb you want to live, and I think that
• 11:43
  Speaker 3: is a bit more attainable than buy like a one
• 11:46
  Speaker 3: point something million dollar house in Sydney. Yeah, so it's
• 11:49
  Speaker 3: definitely has changed.
• 11:50
  Speaker 2: It's a little bit more approachable, and I think, you know,
• 11:53
  Speaker 2: in twenty twenty four, we need to be remembering that
• 11:57
  Speaker 2: it's not the same as the eighties or the nineties,
• 12:00
  Speaker 2: Like you can no longer just go and buy your
• 12:01
  Speaker 2: first home and move straight in. Property nowadays is a
• 12:05
  Speaker 2: lot about kind of stepping stones and going from I
• 12:08
  Speaker 2: bought an investment property, you know, give that a couple
• 12:10
  Speaker 2: of years, get some equity, because we just don't have
• 12:13
  Speaker 2: the capacity in twenty twenty four to purchase properties without
• 12:18
  Speaker 2: more leverage, because I feel like so many times people
• 12:21
  Speaker 2: just assume their salary is going to be enough, and
• 12:23
  Speaker 2: it's like, well it could be if you're saving for
• 12:25
  Speaker 2: twenty years for that deposit. But we actually need to
• 12:28
  Speaker 2: be a little bit more creative because inflation is not
• 12:30
  Speaker 2: what it used to be and it makes me cry.
• 12:32
  Speaker 2: But there's still a plan and that's okay.
• 12:34
  Speaker 3: Absolutely.
• 12:35
  Speaker 2: I want to ask a little bit more about this travel. Right,
• 12:38
  Speaker 2: So you haven't traveled extensively yet because you're just a baby.
• 12:42
  Speaker 2: How have you started to budget for travel so obviously
• 12:46
  Speaker 2: having not done it yet, where are you researching? What
• 12:49
  Speaker 2: are you doing? Like in our community, there are so
• 12:51
  Speaker 2: many questions about how do I you know, look up
• 12:54
  Speaker 2: flights or this all that?
• 12:55
  Speaker 3: You know?
• 12:55
  Speaker 2: What's it going to cost me? You said Europe? Europe
• 12:57
  Speaker 2: can be really expensive? My friend tell me, because I
• 13:01
  Speaker 2: feel like you're going to be structured in this.
• 13:04
  Speaker 3: Yes. So actually during COVID, during our long lockdown, I
• 13:07
  Speaker 3: was like, oh, I want to do travel. So I
• 13:09
  Speaker 3: planned out a whole year of this imaginary trip.
• 13:12
  Speaker 2: No you didn't, Yes, I did.
• 13:13
  Speaker 3: And it's so sad to look back on because surprises
• 13:16
  Speaker 3: were so cheap. You could get a hostel of like
• 13:18
  Speaker 3: thirty dollars a night. Yeah, so budgeting for this trip
• 13:21
  Speaker 3: my sister does live in London are very nice. So
• 13:25
  Speaker 3: my Mum and I we are going, and then we
• 13:28
  Speaker 3: actually thought in our heads maybe one hundred two hundred
• 13:30
  Speaker 3: dollars a night per person, but then looking at accommodation,
• 13:33
  Speaker 3: unfortunately it's just more than that, just due to the
• 13:36
  Speaker 3: time of the year, so budgeting for that, it was
• 13:39
  Speaker 3: just flights the accommodation, and we just saw how much
• 13:42
  Speaker 3: we could probably spend every day, and it looks like
• 13:44
  Speaker 3: it could be about twelve grand.
• 13:46
  Speaker 2: Yeah, Elite, I love that you've got it planned. And
• 13:50
  Speaker 2: the other thing that I love is that you have
• 13:51
  Speaker 2: an emergency fund going over there, so even if you
• 13:54
  Speaker 2: do get into a pickle, you're going to be okay.
• 13:57
  Speaker 3: Yeah, and we also have to budget for travel insurance.
• 14:00
  Speaker 2: Very very nice. I was about to ask you about investment,
• 14:03
  Speaker 2: but I'm going to save that for after the break.
• 14:05
  Speaker 2: So let's go to a really quick break. And on
• 14:07
  Speaker 2: the flip side, I want to know your investing plan,
• 14:09
  Speaker 2: because you did say you want to invest twenty thousand
• 14:12
  Speaker 2: dollars by the time you've graduated. I think I graduated
• 14:15
  Speaker 2: with debts, so I'm excited to hear about this. So guys,
• 14:18
  Speaker 2: don't go anywhere, all right, money diarist, We are back
• 14:25
  Speaker 2: and earlier, you said I want to invest twenty thousand
• 14:28
  Speaker 2: dollars by the time I graduate, And next question I
• 14:31
  Speaker 2: had written down was I want to know about your
• 14:33
  Speaker 2: investment plans, So tell us how are you going to
• 14:36
  Speaker 2: do that? What does that look like? And have you
• 14:38
  Speaker 2: got a plan?
• 14:40
  Speaker 3: So last year I used the snowballs strategy, just doing
• 14:43
  Speaker 3: one saving scot at a time, yep. But this year
• 14:46
  Speaker 3: I'm going to do a little bit differently. I don't
• 14:47
  Speaker 3: know what it's called, but you just put money aside
• 14:49
  Speaker 3: every single pay So that's what I'll do. And I
• 14:52
  Speaker 3: just put as much as I can every pay aside
• 14:55
  Speaker 3: for investing, and then every time it reaches five hundred
• 14:59
  Speaker 3: or one thousand, I'll invest. I really like ETF. Currently
• 15:03
  Speaker 3: I'm in ASX two hundred, but there's two, Like there's
• 15:08
  Speaker 3: one stock that's like seven thousand dollars per stock, but
• 15:11
  Speaker 3: there's another ASEX one that is like sixty something per stock,
• 15:14
  Speaker 3: so I'm in the smaller one, and then I'm in
• 15:17
  Speaker 3: an agricultural ETF. So I will just continue being in
• 15:22
  Speaker 3: any ETF.
• 15:24
  Speaker 2: So tell me about how you came up with splitting
• 15:27
  Speaker 2: your investment that you currently have between the ASX top
• 15:30
  Speaker 2: two hundred and an agricultural ETF. Like, where did that
• 15:35
  Speaker 2: thought pattern come from? Like, yeah, tell me more.
• 15:39
  Speaker 3: I really knew it was important to have diversified stocks.
• 15:42
  Speaker 3: So although the top two hundred stocks or he has diversity,
• 15:45
  Speaker 3: I wanted something different as well, which has worked out
• 15:47
  Speaker 3: well because at times the ASEX one has dropped, the
• 15:50
  Speaker 3: agriculture one has gone up, and vice versa.
• 15:53
  Speaker 2: Isn't it fun to watch when you start to learn, No,
• 15:55
  Speaker 2: it's not fun. I think it's fun because you kind
• 15:59
  Speaker 2: of feel valid in the choice that you make. Right,
• 16:01
  Speaker 2: so you've obviously diversified, and you're like, ah, I see why,
• 16:05
  Speaker 2: Like I did that, and I feel good when you know.
• 16:08
  Speaker 2: It's obviously not a good feeling when your ETF is down.
• 16:11
  Speaker 2: No one likes that. Don't get me wrong. Oh I'm
• 16:12
  Speaker 2: meant to be like really good at money, but I
• 16:16
  Speaker 2: still look at my portfolio and if it's down, I'm
• 16:18
  Speaker 2: like ill, David like no, Ill, Like I don't like
• 16:21
  Speaker 2: it either. But it's nice to see your whole portfolio
• 16:25
  Speaker 2: and go, oh, that is down, but all that one's
• 16:27
  Speaker 2: doing well and all balances out. That's why we do diversification.
• 16:31
  Speaker 3: Absolutely.
• 16:33
  Speaker 2: How do you learn about diversification at eighteen though, like sis,
• 16:35
  Speaker 2: I don't get it. Like at eighteen, if you'd said diversification,
• 16:38
  Speaker 2: I'd be like wholl, I didn't even know how to
• 16:40
  Speaker 2: spell that.
• 16:41
  Speaker 3: It was honestly through your book, especially even when you
• 16:44
  Speaker 3: talked about investing the same amount at different times, Like
• 16:47
  Speaker 3: just through your book.
• 16:49
  Speaker 2: She's dolo cost averaging, she's investing, and guys, she still
• 16:52
  Speaker 2: thinks she's b So we're gonna have a fight at
• 16:53
  Speaker 2: the end. But that's all right. I love a little
• 16:56
  Speaker 2: bit of a morning argument. I want to know, I
• 17:00
  Speaker 2: know the answer to this. Put us on the list
• 17:01
  Speaker 2: of questions, my love, Do you have any debt? If so,
• 17:04
  Speaker 2: what is it?
• 17:05
  Speaker 3: Yes, I have about four thousand dollars in my hex step.
• 17:08
  Speaker 3: That's not an exact amount, just a guess, but yeah,
• 17:10
  Speaker 3: about four thousand dollars.
• 17:12
  Speaker 2: And how much do you think that's going to go
• 17:13
  Speaker 2: up by for the study that you're doing.
• 17:17
  Speaker 3: I think by the time I graduated to be about
• 17:18
  Speaker 3: sixteen to twenty grand.
• 17:20
  Speaker 2: And do you have a plan for that or is
• 17:22
  Speaker 2: that something that you're going to let tick along? Have
• 17:24
  Speaker 2: you thought about it?
• 17:25
  Speaker 3: I'm just gonna let it tick along because historically it
• 17:28
  Speaker 3: hasn't indexed a lot, so I just think I could
• 17:30
  Speaker 3: actually make more money investing it somewhere else.
• 17:33
  Speaker 2: Yah, smart cookie. When you say it hasn't indexed a lot,
• 17:36
  Speaker 2: but last year it indexed at seven point one percent,
• 17:40
  Speaker 2: how are you coming to that conclusion? Are you going
• 17:43
  Speaker 2: oh over the long term? And how did you learn
• 17:45
  Speaker 2: to think like that, because like nobody thinks like that.
• 17:48
  Speaker 2: Everyone freaks out that it was seven point one percent
• 17:50
  Speaker 2: last year.
• 17:51
  Speaker 3: I think last year a lot of things in the
• 17:53
  Speaker 3: mining world were very different. For example, stocks went down,
• 17:56
  Speaker 3: the index went up. I just think perhaps it could
• 17:59
  Speaker 3: be one or two year off. Maybe it won't be
• 18:02
  Speaker 3: like that every year.
• 18:03
  Speaker 2: All Right, she's a genius, guys, give it what three
• 18:06
  Speaker 2: or four years and I'll be out of a job.
• 18:07
  Speaker 2: At She's on the money and this money diarist will
• 18:10
  Speaker 2: be in. So I'm just going to make what I
• 18:12
  Speaker 2: can for the next few years. Before you take over
• 18:14
  Speaker 2: my world, I want to know you probably have a
• 18:16
  Speaker 2: million of them. What are your best money habits?
• 18:19
  Speaker 3: My best money habit is when I get paid. I
• 18:22
  Speaker 3: have a purpose for every single dollar. Everywhere has a
• 18:25
  Speaker 3: place to be, yes, Queen, and I do get paid
• 18:29
  Speaker 3: a regular announts because if I pick up casual work
• 18:31
  Speaker 3: or maybe one week, five of my tutoring students are sick.
• 18:34
  Speaker 3: I just have a system that really works for that.
• 18:37
  Speaker 2: Yeah, okay, And how did you learn to cash flow?
• 18:41
  Speaker 2: Is this something that you've always done? Did your mom
• 18:43
  Speaker 2: teach you?
• 18:44
  Speaker 3: Like?
• 18:44
  Speaker 2: What does this look like?
• 18:46
  Speaker 3: I actually have heard my own and pop always say
• 18:48
  Speaker 3: say first, then spend. I actually don't really know where
• 18:52
  Speaker 3: I learned. I think I just looked at what are
• 18:53
  Speaker 3: my main goals? How much would I need to save
• 18:56
  Speaker 3: every week to get there? And then it just had
• 18:59
  Speaker 3: a domino face.
• 19:00
  Speaker 2: Any other good money habits you'd like to share with us.
• 19:03
  Speaker 3: I'm very good at delayed gratification. For example, there were
• 19:07
  Speaker 3: shoes I looked at for two years before I purchase
• 19:09
  Speaker 3: them two years.
• 19:11
  Speaker 2: Yes, they even keep them in stock after two years.
• 19:14
  Speaker 3: Yes they do, but they actually went up a little bit.
• 19:17
  Speaker 3: I'm like, I should actually just brought them to start with.
• 19:19
  Speaker 2: What shoes are these? Because like we need to know,
• 19:21
  Speaker 2: I'm a shree girley.
• 19:22
  Speaker 3: Okay, they were Nike Jordans.
• 19:24
  Speaker 2: That's a thing. At the moment, I can't get into
• 19:27
  Speaker 2: it because I am an elder millennial. You see like,
• 19:30
  Speaker 2: I'm just not cool enough, and if I put them on,
• 19:32
  Speaker 2: you guys would be like, Victoria Devine, take those off
• 19:35
  Speaker 2: right now? You are not cool? But I get it.
• 19:38
  Speaker 2: I have a nephew who is obsessed with air Jordans.
• 19:42
  Speaker 2: Are you now a collector?
• 19:43
  Speaker 3: No? I have two pairs and I don't really wear
• 19:46
  Speaker 3: them that much now. I actually prefer sandals, which is
• 19:49
  Speaker 3: a complete.
• 19:49
  Speaker 2: Opposite, but it still sparks joy. So we're gonna leave
• 19:53
  Speaker 2: it in the positive money habits section exactly right now.
• 19:57
  Speaker 2: Tell me about your worst money habits. What do you
• 19:59
  Speaker 2: think they?
• 20:00
  Speaker 3: I would actually say I have a lot of guilt
• 20:02
  Speaker 3: around spending money because I just think money spent is
• 20:05
  Speaker 3: money that's not saved.
• 20:07
  Speaker 2: Why where's this coming from.
• 20:09
  Speaker 3: I think I did grow up quite frugally and really
• 20:13
  Speaker 3: we just have what we needed. So showed me that
• 20:15
  Speaker 3: I don't need to have a lot of things.
• 20:17
  Speaker 2: That's absolutely fair. I want to know a little bit
• 20:20
  Speaker 2: more around this mindset thing. Everyone's listening and they're just like,
• 20:24
  Speaker 2: holy guacamole, this girl has her head screwed on.
• 20:28
  Speaker 3: Right.
• 20:29
  Speaker 2: You're eighteen. You grew up in a single parent household,
• 20:32
  Speaker 2: which is honestly so inspirational, like single moms do not
• 20:35
  Speaker 2: get the credit that they deserve. And the fact that
• 20:38
  Speaker 2: you're like mum put out education first, Like you've obviously
• 20:41
  Speaker 2: got siblings, so your mum wasn't even just one kid,
• 20:44
  Speaker 2: there were three of you. Is that right?
• 20:45
  Speaker 3: Yes, there is.
• 20:46
  Speaker 2: This queen has taught you how to save, how to like,
• 20:49
  Speaker 2: you know, get on the right track. She empowered you
• 20:51
  Speaker 2: to start your business at fifteen, Like I want this
• 20:54
  Speaker 2: queen on the show, like I want to literally and
• 20:58
  Speaker 2: maybe if you guys are listening, not just money darrest,
• 21:01
  Speaker 2: if your mum wants to come on the show and
• 21:03
  Speaker 2: she now has adult kids that are in the she's
• 21:05
  Speaker 2: on the money community, we want to hear from them.
• 21:07
  Speaker 2: I want to hear that money story because I know
• 21:10
  Speaker 2: it's not easy, Like I know it's just going to
• 21:12
  Speaker 2: be juicy, and there's going to be stuff behind it
• 21:14
  Speaker 2: where she thought she wasn't doing a good job, but
• 21:16
  Speaker 2: she was because she was doing the best for her
• 21:18
  Speaker 2: kids the entire time. Anyway, side note, the last thing
• 21:23
  Speaker 2: I want to talk to you about is your bee,
• 21:26
  Speaker 2: you said at the start of this episode, and like
• 21:29
  Speaker 2: now you've probably heard yourself when we've talked about this.
• 21:32
  Speaker 2: I don't think many people are going to go, oh,
• 21:34
  Speaker 2: this money darist is definitely a bee. She's obviously killing
• 21:38
  Speaker 2: it and she's just a baby. Oh think you tell
• 21:41
  Speaker 2: me what it would take to get you to an
• 21:44
  Speaker 2: A plus, Like, what does that actually look like?
• 21:48
  Speaker 3: I think the biggest thing it would take is really
• 21:50
  Speaker 3: thinking before I Apple paid so easy to just tap.
• 21:53
  Speaker 3: I think that's the biggest thing, really thinking. Do I
• 21:55
  Speaker 3: feel like this eight dollar coffee?
• 21:57
  Speaker 2: Yes?
• 21:58
  Speaker 3: I do. I know I always like the eight dollar coffee.
• 22:01
  Speaker 2: It's a slippery slope, isn't it. But like, at the
• 22:03
  Speaker 2: end of the day, the show is about values, but
• 22:05
  Speaker 2: your coffee, I promise, is not putting you in a
• 22:07
  Speaker 2: position where you're a b So you're gonna have to
• 22:10
  Speaker 2: justify it further. I'm really sorry, what makes you a b?
• 22:14
  Speaker 1: Ah?
• 22:14
  Speaker 3: I'm on the spot now. I don't even know what
• 22:16
  Speaker 3: to say.
• 22:17
  Speaker 2: One hundred percent. You can't come on this show be like, Hey,
• 22:19
  Speaker 2: by the way, I'm actually a legend. I'm eighteen, I've
• 22:22
  Speaker 2: you know, saved twenty grand I've invested sixy three hundred.
• 22:26
  Speaker 2: I have this really great plan to go to Europe
• 22:28
  Speaker 2: in July. I'm gonna have like the best time my
• 22:31
  Speaker 2: mom and I are going. I've done all my budget.
• 22:33
  Speaker 2: By the way, when it comes to investing, I'm really
• 22:35
  Speaker 2: well diversified, and I fully comprehend that. Also fully understand
• 22:39
  Speaker 2: my hex And here's why I'm not paying it off.
• 22:41
  Speaker 2: Like you are saying things that people in their fifties
• 22:44
  Speaker 2: are still like, Oh, I haven't wrapped my head around
• 22:46
  Speaker 2: that concept yet. And that's fine because we're all on
• 22:50
  Speaker 2: our different journeys, right, But like, there are gonna be
• 22:52
  Speaker 2: some people who are like this girl's got a few
• 22:54
  Speaker 2: rocks in her head. If she thinks she's a bee,
• 22:56
  Speaker 2: you're definitely an A to them. So what are the
• 23:00
  Speaker 2: things that you have to change to in your own mind?
• 23:03
  Speaker 2: Get to that A?
• 23:04
  Speaker 3: Plus?
• 23:04
  Speaker 2: What does that look like?
• 23:06
  Speaker 3: Probably just really thinking do I really want to buy this?
• 23:09
  Speaker 3: Do I need this? But when you put it like that,
• 23:12
  Speaker 3: does like I could.
• 23:13
  Speaker 2: Be an a You're like, oh yeah, actually nah, yes.
• 23:16
  Speaker 3: But you know what you did remind me of two things.
• 23:19
  Speaker 3: Since I put the submission in, i'd have invested another
• 23:21
  Speaker 3: thousand dollars and I have three thousand, three hundred and super.
• 23:24
  Speaker 2: I am very proud of you. I cannot believe it.
• 23:27
  Speaker 2: And I keep being like you're just a baby, because
• 23:29
  Speaker 2: at the moment, you would not feel that way. You'd
• 23:31
  Speaker 2: just be like, I'm an adult, victoria, like sit down.
• 23:33
  Speaker 2: But I look back at myself at eighteen, and I go,
• 23:36
  Speaker 2: holy moly, she was so young, like in the most
• 23:39
  Speaker 2: beautiful way, like not in a your naive you don't
• 23:41
  Speaker 2: know what's coming away, but more in like a you're
• 23:44
  Speaker 2: so young, you're so optimistic, you have so much life
• 23:46
  Speaker 2: ahead of you, like, and the fact that you're in
• 23:48
  Speaker 2: this position just means everything in adulthood is going to
• 23:51
  Speaker 2: be turbocharged. I'm obsessed, but I look at it and
• 23:54
  Speaker 2: I go, I'm so proud of who you are but
• 23:56
  Speaker 2: who you're becoming. And I know our community is just
• 23:59
  Speaker 2: going to listen to this and be like, what a queen.
• 24:01
  Speaker 2: We love her, Like, give me three or four years,
• 24:04
  Speaker 2: please come back. We need to do an updated money diary,
• 24:07
  Speaker 2: which is something I've been looking at because we all
• 24:10
  Speaker 2: want to check in, like you're active in the community.
• 24:12
  Speaker 2: We obviously let you be anonymous on the show so
• 24:15
  Speaker 2: we can get real pervy. But thank you for this.
• 24:18
  Speaker 2: I have adored talking to you, and I just know
• 24:22
  Speaker 2: that our community is going to listen to this and
• 24:23
  Speaker 2: be like, what a queen get it?
• 24:25
  Speaker 3: Ah, thank you so much for Troy. I love being
• 24:27
  Speaker 3: on the show.
• 24:28
  Speaker 2: Oh my gosh, no, thank you so much. It has
• 24:31
  Speaker 2: been an absolute pleasure.
• 24:38
  Speaker 4: The advice shared on She's on the Money is general
• 24:41
  Speaker 4: in nature and does not consider your individual circumstances. She's
• 24:45
  Speaker 4: on the Money exists purely for educational purposes and should
• 24:48
  Speaker 4: not be relied upon to make an investment or financial decision.
• 24:52
  Speaker 2: If you do choose to buy a financial product, read.
• 24:54
  Speaker 4: The PDS TMD and obtain appropriate financial advice tailored towards
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• 25:11
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