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What's your money personality? · She's On The Money

0:00
Speaker 1: She's on the Money. She's on the Money.
0:16
Speaker 2: Hello, and welcome to She's on the Money, the podcast
0:19
Speaker 2: for millennials who want financial freedom. Have you ever wondered
0:23
Speaker 2: why some people are really good at saving and others
0:26
Speaker 2: splash their cash like it's going out of fashion. Well,
0:28
Speaker 2: there's a good chance that those people have very different
0:31
Speaker 2: spending personalities, which is exactly what we're going to discuss
0:34
Speaker 2: on the pod today. My name is Jessica Ricky and
0:36
Speaker 2: joining me today to get to the bottom of the
0:38
Speaker 2: psychology of spending is financial advisor and psychograd Victoria Devine.
0:43
Speaker 3: Hey, I feel really relevant today.
0:47
Speaker 2: I know. It's just like a real melding of all
0:49
Speaker 2: of your skills right.
0:50
Speaker 3: Now, exactly, It's just like mushing them together and going, guys,
0:53
Speaker 3: this is important. Absolutely.
0:56
Speaker 2: Why are some people so good at it spending and
0:59
Speaker 2: others are so good at saving?
1:01
Speaker 3: Oh? Just because they are? End of podcasts, wrap it up,
1:03
Speaker 3: We are done. Thank you for coming. But at the
1:06
Speaker 3: end of the day, we all have different thoughts that
1:07
Speaker 3: 'aluse beliefs and behaviors. And you might not be good
1:10
Speaker 3: at saving, but I bet you're good at something else.
1:12
Speaker 3: And those that are really good at saving are probably
1:15
Speaker 3: not great at everything that you do, and to be honest,
1:18
Speaker 3: it is a skill that we get to learn over time,
1:20
Speaker 3: and we can actually teach ourselves to be really good
1:22
Speaker 3: at saving, just like we can teach ourselves in other
1:24
Speaker 3: language or times tables if we never learned them. It
1:27
Speaker 3: does have a lot to do with your money story
1:29
Speaker 3: and the way that you're brought up and your personality type.
1:32
Speaker 3: And some people do feel a real sense of accomplishment
1:35
Speaker 3: when they're able to save and they're able to forego
1:37
Speaker 3: the temptation to spend, and it can make them feel
1:39
Speaker 3: really good about themselves and really in control. On the
1:42
Speaker 3: flip side, there are some people that are like Victoria,
1:44
Speaker 3: that does not motivate me in the sliders, like you
1:46
Speaker 3: could not get me to do it for those reasons,
1:49
Speaker 3: And that's where we really need to understand intrinsic versus
1:52
Speaker 3: extrinsic motivation and what genuinely motivates you as a person
1:56
Speaker 3: to spend or to save and whatever. The key difference
1:59
Speaker 3: is is just in the way of thinking. Good savers
2:02
Speaker 3: think of their money as something to put away for
2:04
Speaker 3: future them and spenders often take more joy from the
2:07
Speaker 3: instant gratification that spending actually provides them with. So it's
2:10
Speaker 3: different horses for different courses, and there's no good and
2:13
Speaker 3: no bad. But I am assuming that because you're listening
2:16
Speaker 3: to those She's on the Money podcast, you might want
2:19
Speaker 3: to be a bit of a better saver. And I know, Jess,
2:21
Speaker 3: you and I are going to get to that very quickly.
2:24
Speaker 2: Absolutely we are. And I think you kind of just
2:26
Speaker 2: said this before when you said that saving can be
2:28
Speaker 2: like learning another language. But can people change the way
2:31
Speaker 2: that they've always thought about money? If I've always been
2:34
Speaker 2: a spender, for example, can I become a great saver?
2:36
Speaker 3: Well, you can, but like, let's just talk about this
2:39
Speaker 3: for a hot second and get real personal or Jess, Jess,
2:41
Speaker 3: we know you've not always been a spender. You're a
2:43
Speaker 3: savvy little saver. I know it.
2:45
Speaker 2: I am, but I and I'm kind of preempting the
2:48
Speaker 2: question here, but I definitely was not always this way.
2:52
Speaker 3: Yeah, but you've done really well. And I don't like
2:55
Speaker 3: that you use the example. You're like, oh, like, am
2:57
Speaker 3: I a spender? And I'm like, no, I know you
2:59
Speaker 3: well and and I'm going to throw you under a
3:01
Speaker 3: bus here, But if you genuinely are a spender, and
3:04
Speaker 3: you want to become a great saver, you can absolutely
3:07
Speaker 3: create that. And just like learning a language, it can
3:09
Speaker 3: feel really overwhelming and really hard and like something that
3:13
Speaker 3: you definitely couldn't comprehend. But I guarantee you there are
3:16
Speaker 3: people that are not as smart as you that have
3:19
Speaker 3: done multiple languages, so you absolutely can get a hold
3:23
Speaker 3: of that. And these behaviors are actually just what we
3:25
Speaker 3: lean to naturally, And just because we have an inclination
3:28
Speaker 3: to start acting a certain way doesn't mean we can't
3:30
Speaker 3: just put a plan in place to actually improve our
3:32
Speaker 3: financial situation and learn how to budget and learn how
3:35
Speaker 3: to save, and learn how to put future us first.
3:38
Speaker 3: So if you're looking free examples of people who've changed
3:41
Speaker 3: their mindset or done it, we actually don't have to
3:43
Speaker 3: look further than the She's on the Money community. And
3:45
Speaker 3: I'm genuinely so grateful that we have so many good
3:48
Speaker 3: examples of people in the community who have done that.
3:51
Speaker 3: And I thought that this week maybe we could put
3:53
Speaker 3: a thread in the Facebook group and just ask people
3:55
Speaker 3: like how they've changed their financial situation once so we
3:58
Speaker 3: can celebrate true, because sometimes that motivates us knowing that
4:02
Speaker 3: other people in a similar situation to us have already
4:05
Speaker 3: done it, like how good is it? When you're like, oh,
4:07
Speaker 3: is that possible? And then you get an example where
4:09
Speaker 3: it's like, hey, I had ten thousand dollars worth of debt.
4:12
Speaker 3: I've smashed it down and now I have ten thousand
4:14
Speaker 3: dollars in my savings account and it took me two
4:16
Speaker 3: years to do that, Like how cool would that be?
4:19
Speaker 2: Yeah? I love that. I'll definitely pop that in. And
4:22
Speaker 2: so I guess, like, on the psychology side of things,
4:24
Speaker 2: what is the relationship between money and control?
4:28
Speaker 3: They are inherently linked. Money enables you to control your life,
4:32
Speaker 3: and to flip that, money can control your life, not
4:36
Speaker 3: in a positive way. So I think it's really interesting
4:39
Speaker 3: to see how it actually comes together. Like, if you
4:42
Speaker 3: don't have enough money, you can feel really bound by
4:45
Speaker 3: it and controlled by it. But if you do have
4:47
Speaker 3: a good income and you are really comfortable when it
4:49
Speaker 3: comes to money, you can actually feel really in control
4:52
Speaker 3: of your life. Regardless of whether you earn forty thousand
4:54
Speaker 3: dollars or four hundred thousand dollars, your budget and cash
4:57
Speaker 3: flow plan is actually going to be the thing that
5:00
Speaker 3: helps you feel in control of one your financial future.
5:03
Speaker 3: But to money in general, and I think it's really
5:06
Speaker 3: important to link these really closely, and too often we
5:09
Speaker 3: see people who go, you know, money doesn't actually have
5:11
Speaker 3: that much to do with it. It's all about happiness,
5:13
Speaker 3: it's about this that the other like it's about control,
5:16
Speaker 3: and in reality, money is inherent to everything that we do.
5:20
Speaker 3: Money enables us the freedom the time, It enables us
5:24
Speaker 3: to put a roof over our head and eat the
5:26
Speaker 3: food that we want to do, and essentially control our lives,
5:29
Speaker 3: whether that is you know, really extravagant or just day
5:33
Speaker 3: to day like if you don't have enough money, that
5:35
Speaker 3: is going to negatively impact you and it doesn't feel
5:38
Speaker 3: nice and it doesn't feel good. So I think understanding
5:41
Speaker 3: that there is a relationship there, but you actually have
5:44
Speaker 3: control over it yourself, regardless of what your income is
5:48
Speaker 3: and regardless of whether you're in debt right now, is
5:51
Speaker 3: really important.
5:52
Speaker 2: It's like that's saying money can't buy happiness, which is true,
5:55
Speaker 2: but also it does make life a hell of a
5:57
Speaker 2: lot easier, really, doesn't it if you're not struggling for money.
6:00
Speaker 3: Yeah, And I mean that's really important because there's some
6:02
Speaker 3: science to that as well, and they say that there
6:04
Speaker 3: is a cap of happiness, and I'll find the proper
6:07
Speaker 3: quote later. We're just having a bit of a band
6:10
Speaker 3: at the moment. But I'm pretty sure that once you
6:12
Speaker 3: start earning over seventy five thousand dollars a year, your
6:15
Speaker 3: happiness doesn't increase in the same way that your income
6:18
Speaker 3: does anymore, whereas if you were interesting. Yeah, I genuinely
6:22
Speaker 3: think it's really interesting because you know, we've all been there,
6:25
Speaker 3: and we've all had incomes where we've earned. You know,
6:27
Speaker 3: my first grad job, I think I earned like forty
6:29
Speaker 3: five thousand dollars, and it was really challenging because I
6:32
Speaker 3: would say I had a relatively expensive lifestyle just because
6:35
Speaker 3: I was going out with my girlfriends. I was renting
6:37
Speaker 3: at the time, but I also had debts, so a
6:40
Speaker 3: lot of that money coming into my bank account was
6:42
Speaker 3: made up of debt repayments. But I find it really
6:45
Speaker 3: interesting because at that time money really stressed me. But
6:48
Speaker 3: as time went on and I've earned more money, I
6:51
Speaker 3: feel more comfortable. But I can absolutely see how it
6:53
Speaker 3: works because once you start earning over seventy five thousand dollars,
6:57
Speaker 3: usually you have a lot more responsiblit and that doesn't
7:01
Speaker 3: necessarily equate to happiness or income satisfaction, and I find
7:06
Speaker 3: that so interesting. I actually, off the back of this,
7:09
Speaker 3: I've been looking at doing some further study because I'm
7:12
Speaker 3: a psychopath. Yeah and that and at some point and
7:18
Speaker 3: I definitely don't have time yet. And can you imagine
7:20
Speaker 3: if I told you that I was going to go
7:21
Speaker 3: back to UNI now, you'd be.
7:22
Speaker 2: Like I would love or like, don't you dare?
7:25
Speaker 3: You'd be like, I will withdraw you from UNI myself.
7:29
Speaker 3: But I would love to do some further study. And
7:32
Speaker 3: I know this sounds so nerdy, but like a PhD,
7:34
Speaker 3: but on behavioral finance and what the relationship between money
7:38
Speaker 3: and happiness and wealth creation and life satisfaction is. And
7:42
Speaker 3: I just find that so interesting. But furthering that, I
7:46
Speaker 3: feel like I have such a beautiful platform to gather
7:49
Speaker 3: all the data and do a really impactful study as well,
7:53
Speaker 3: Like can you imagine how cool it would be to go,
7:55
Speaker 3: all right, she's on the money, Victoria's doing her PhD
7:58
Speaker 3: and wants to do this really intense investigation into life
8:03
Speaker 3: satisfaction and money and how happy we are as millennials
8:06
Speaker 3: and what that actually looks like. Do you know how exciting,
8:09
Speaker 3: that would be.
8:09
Speaker 2: Yeah, the psychology of it is so interesting, and especially
8:13
Speaker 2: because we see this a lot on our money diaries.
8:15
Speaker 2: We we hear people who have transformed their relationship with
8:18
Speaker 2: money for the better. They've gone from being crazy spenders
8:21
Speaker 2: to savvy savers, but then they have a bit of
8:23
Speaker 2: a hard time spending money on things for themselves. What
8:27
Speaker 2: do you think is behind that?
8:29
Speaker 3: Oh? There are so many things behind that, all right.
8:31
Speaker 3: So first things first is they've gone too far the
8:34
Speaker 3: other way and that's not sustainable. That's like going on
8:38
Speaker 3: a crash diet and then expecting you to never bringe
8:41
Speaker 3: eat at any point or you know, fall back into
8:43
Speaker 3: old habits because they're more comfortable. And when people say
8:46
Speaker 3: they've transformed their relationship with money for the better, I
8:49
Speaker 3: think it's so exciting. But I also think that balance
8:53
Speaker 3: is a really big part of that and actually giving
8:55
Speaker 3: ourselves some breathing room to do the things that we
8:58
Speaker 3: love or you know, buy a pair of shoes every
9:00
Speaker 3: so often. So a good budget and cash flow plan
9:03
Speaker 3: will always take into consideration lifestyle expenses and going out
9:07
Speaker 3: for breakfast with our friends, because sometimes it is really
9:10
Speaker 3: hard when we've been in debt and we've gone really
9:12
Speaker 3: aggressive on paying down that debt, and once we've got that,
9:15
Speaker 3: we're now saving aggressively, and then we find that we're
9:19
Speaker 3: not treating ourselves or looking after current us when they
9:23
Speaker 3: really need to be looked after it as well. And
9:25
Speaker 3: I think a lot of people harbor a lot of
9:27
Speaker 3: guilt and they feel really bad when they start spending
9:30
Speaker 3: money on themselves because it's reflective of old behaviors. Like,
9:33
Speaker 3: for example, if you were in a whole heap of
9:35
Speaker 3: credit card debt and the reason you got into credit
9:37
Speaker 3: card debt was because you just really liked fashion, and
9:39
Speaker 3: that really added up. I can see why buying another
9:42
Speaker 3: dress might make you feel extra guilty because it's reminding
9:45
Speaker 3: you of a trauma. It's reminding you of something that
9:48
Speaker 3: you did historically that got you in a fair bit
9:50
Speaker 3: of trouble and you never want to be there again.
9:52
Speaker 3: And it feels like the start of a slippery slope.
9:56
Speaker 3: Whereas if you actually allocate money to the site and go,
9:58
Speaker 3: you know what, as much as I I'm not in
10:00
Speaker 3: debt anymore, I still do really love fashion and I
10:03
Speaker 3: really want to put some money aside to be able
10:05
Speaker 3: to buy address every so often like maybe you're not
10:07
Speaker 3: buying them as regularly, but maybe once every couple of
10:10
Speaker 3: months you do treat yourself to a new dress. It
10:13
Speaker 3: should be in your budget because we need to look
10:15
Speaker 3: after current us. It's not always about the destination. We
10:19
Speaker 3: need to make sure we also enjoy the journey.
10:21
Speaker 2: That makes a lot of sense, and I feel like
10:23
Speaker 2: it's a good time HEREV to talk about marketing and
10:26
Speaker 2: how that can really influence the way we do want
10:29
Speaker 2: to spend our money and us exactly right when we're
10:33
Speaker 2: a little bit, you know, down on ourselves with feeling
10:35
Speaker 2: a little weaker, how does marketing inform the way that
10:39
Speaker 2: we do choose to spend.
10:40
Speaker 3: Oh my gosh, I wish I'd done a whole heap
10:42
Speaker 3: of research before you'd asked me this question, but massively,
10:46
Speaker 3: Like what do you think marketing is? It's a billion
10:49
Speaker 3: dollar industry designed to make us spend more money. Like
10:52
Speaker 3: that's the point, right, Like I was checking out the
10:55
Speaker 3: other day online and I had decided to purchase a dress.
10:59
Speaker 3: It was for my birthday, so it was a planned purchase.
11:02
Speaker 3: I'm not being irresponsible, I promise, but the amount of
11:06
Speaker 3: upsell I got on that, Like, do you want Express shipping. Okay, no, oh,
11:10
Speaker 3: did you see these shoes that really go with this
11:12
Speaker 3: stress like or down the bottom that bottom bar. That's
11:14
Speaker 3: like most people also bought this item with that. Yeah,
11:17
Speaker 3: I'm like stop that.
11:19
Speaker 2: That even carts that we spoke about a little while ago, Like,
11:22
Speaker 2: they pour so much money into studies and research and
11:28
Speaker 2: have entire departments that are dedicated to convincing you that
11:32
Speaker 2: you need something. And then beyond that, we look at
11:35
Speaker 2: you know, product placement in television and film, which is
11:38
Speaker 2: a little less apparent and it's less regulated publicly than
11:43
Speaker 2: things like influencers on Instagram.
11:45
Speaker 3: Oh my gosh, but it is so true and it
11:47
Speaker 3: infiltrates every single part of our lives. Like I remember
11:50
Speaker 3: when I was a bit younger and I used to
11:53
Speaker 3: be obsessed with the TV show Suits, you know, Mega
11:56
Speaker 3: market that shit. I wanted to be Rachel Like her
12:00
Speaker 3: outfits were so sassy, and at that time in my life,
12:02
Speaker 3: I was working in corporate and I wanted to channel
12:04
Speaker 3: my Meg and Markle vibes and I really wanted to
12:07
Speaker 3: be like her. I literally would google what outfits she had.
12:12
Speaker 3: Like that was you know, marketing in a way that
12:15
Speaker 3: was infiltrating my everyday life and the TV shows that
12:17
Speaker 3: I watched and convinced me I needed things that I
12:20
Speaker 3: didn't actually need. But marketing these days is getting smarter,
12:23
Speaker 3: and I think that we need to remember that as well.
12:26
Speaker 3: So no longer is it me watching a Suits episode
12:29
Speaker 3: and going and googling and trying to find it out myself.
12:32
Speaker 3: Our phones now listen to us and suggest things or
12:35
Speaker 3: they might see that. You know, Jess, you text me
12:37
Speaker 3: a cute pair of shoes and now it's on my
12:40
Speaker 3: phone and so my phone somehow has picked it up
12:43
Speaker 3: and put it into my algorythm on Instagram, so I
12:45
Speaker 3: get serve targeted marketing ads, like how many times have
12:49
Speaker 3: you been on Instagram after having a conversation about a
12:52
Speaker 3: specific product that you've literally never looked up, and all
12:55
Speaker 3: of a sudden, that's all you can find on the internet.
12:58
Speaker 2: Yeah, it's like low key creepy, isn't it.
13:00
Speaker 3: It is really creepy, And to be honest, I think
13:03
Speaker 3: that as much as we say it's creepy, it's kind
13:06
Speaker 3: of like.
13:07
Speaker 2: It's really cool and it's really interesting, But fundamentally it
13:10
Speaker 2: does sketch me out a little bit, especially as we
13:13
Speaker 2: were saying those hidden ones where yeah, it's not you know,
13:16
Speaker 2: you don't have a paid partnership tool hanging over your head.
13:19
Speaker 2: Everywhere you walk, you'rew what's marketing sometimes exactly.
13:23
Speaker 3: And I think that it's interesting as well, because you know,
13:26
Speaker 3: we get up in arms about privacy, and you know,
13:29
Speaker 3: obviously privacy is really important, and we're like, oh my gosh,
13:32
Speaker 3: they're using our data badly. But I think we need
13:34
Speaker 3: to remember as well that if a big company is
13:36
Speaker 3: marketing to us, they're not seeing Victoria Devine on a
13:39
Speaker 3: piece of paper and going all right, she wants to shoes, guys,
13:42
Speaker 3: send her the shoe ad, like right now, yep, she's online.
13:45
Speaker 3: They're actually just running algorithms in the back. They're not
13:48
Speaker 3: actually learning about who we are as individuals. They're actually
13:51
Speaker 3: learning about our spending behavior. And I think that's interesting.
13:55
Speaker 3: But something I also find interesting, Jess, is we always
13:58
Speaker 3: get up in arms about, like, you know, privacy being
14:00
Speaker 3: taken away from us. But like here we are on
14:03
Speaker 3: Instagram sharing silarications our lives, you know, tagging items that
14:10
Speaker 3: we've bought, you know, and I think that if we're
14:13
Speaker 3: genuinely worried about it, we need to be more conservative
14:16
Speaker 3: about what we share online because you know, if someone
14:18
Speaker 3: wanted to start collecting, well, what date is Victoria's birthday,
14:22
Speaker 3: I'm sure that they could find that despite the fact
14:24
Speaker 3: that I've talked about it on a podcast before. Or
14:27
Speaker 3: if they wanted to find out what type of shoes
14:29
Speaker 3: I really like wearing, I'm sure you could find that out.
14:32
Speaker 3: So I think that if we want to talk about privacy,
14:34
Speaker 3: and this is clearly not the debate that we're having
14:37
Speaker 3: on the podcast today, but we need to just remember
14:40
Speaker 3: that a lot of the information that's out there we
14:43
Speaker 3: ourselves have put out there on our own without marketing
14:46
Speaker 3: companies coming and stealing it from us.
14:48
Speaker 2: Yeah, I think that's totally fair and definitely some food
14:51
Speaker 2: for thought. After a very short break, we will be
14:53
Speaker 2: discussing the different types of spenders, So please don't go anywhere,
15:06
Speaker 2: all right, Victoria. So I did some stalking, had a
15:08
Speaker 2: little look through the budget and cashflow math class, and
15:11
Speaker 2: I found some of your money personality types which I
15:14
Speaker 2: want us to talk through right now. So we have
15:17
Speaker 2: the high role.
15:18
Speaker 3: Are you trying to give away my content on the
15:21
Speaker 3: masterclass for free? On this podcast? Jessic Ricci absolutely. Okay,
15:27
Speaker 3: carry on. So what have we got?
15:29
Speaker 2: So we have a couple of different categories. We have
15:31
Speaker 2: the high rollers, the optimists, the entrepreneurs, the hunters, the perfectionists,
15:37
Speaker 2: the safety players, the achievers, the money masters, and the producers.
15:41
Speaker 3: Can you talk us all through them? All right, I'll
15:44
Speaker 3: talk you through them. But before I talk you through them,
15:46
Speaker 3: I don't want to take credit for these. These are
15:48
Speaker 3: actually from research done by a fabulous woman called Katherine
15:51
Speaker 3: Gurney and in their math class. I go through all
15:55
Speaker 3: of it and give you a very beautiful PDF, but
15:57
Speaker 3: I'll go through them at just a really high level
15:59
Speaker 3: because I think that once I read all of these
16:01
Speaker 3: out just I think you'll be able to tell which
16:04
Speaker 3: one you are, and I want you to share at
16:06
Speaker 3: the end, so you better quately listening. So first you
16:10
Speaker 3: said high rollers, and these guys, they're like the thrill
16:13
Speaker 3: seekers who do like taking financial risks. So for people
16:16
Speaker 3: like this, money brings instant power and recognition, and usually
16:21
Speaker 3: they're creative, extroverted and pretty competitive. And this type of
16:25
Speaker 3: person they prefer to risk their assets rather than be
16:28
Speaker 3: bored by what they think financial security looks like. So
16:31
Speaker 3: these are the types of people that would be super
16:33
Speaker 3: comfortable buying cryptocurrencies or investing in something they haven't done
16:37
Speaker 3: heaps and heaps of research in because they just take risks,
16:40
Speaker 3: and usually they do this in a number of areas
16:43
Speaker 3: of their life. Right then we have optimists, and for optimists,
16:48
Speaker 3: money brings them peace of mind and joy, and they're
16:51
Speaker 3: usually more interested in enjoying money than making it grow.
16:54
Speaker 3: They're not so interested in investing because they're kind of like, well, Yollo, like,
16:58
Speaker 3: we only live once. We really want to spend it now.
17:01
Speaker 3: It's about the journey, it's not about the destination victoria.
17:04
Speaker 3: And they're not usually highly involved with their money or
17:07
Speaker 3: their taxes or their investments, and this is usually because
17:10
Speaker 3: they find it a little bit stressful. So these friends
17:14
Speaker 3: are the ones that bury their heads in the sand.
17:16
Speaker 3: They're not in a whole heap of money distress, but
17:18
Speaker 3: they definitely aren't on the right path when it comes
17:21
Speaker 3: to creating financial security. The next category you mentioned was entrepreneurs,
17:26
Speaker 3: and these guys, these are high income owners who enjoy
17:30
Speaker 3: the power and prestige of money. This is not me,
17:32
Speaker 3: albeit I am an entrepreneur. I wish I was some
17:36
Speaker 3: kind of like high roller high baller who enjoyed the
17:38
Speaker 3: power and prestige of money, but it's really nice. That's
17:41
Speaker 3: not who I am. But mostly the entrepreneurs, they're Mangal dominated,
17:46
Speaker 3: and they are driven by a passion for excellence and achievement,
17:49
Speaker 3: and they usually invest in the stock market as their
17:52
Speaker 3: favored strategy. So these guys aren't about the super high risk,
17:57
Speaker 3: but they usually take on a fair bit more risk
17:59
Speaker 3: than someone who's safe player, which I'll get to in
18:01
Speaker 3: a hot second. Then we have hunters, and these guys
18:05
Speaker 3: are highly educated, they are above averaging home owners, and
18:08
Speaker 3: they tend to spend and invest prudy impulsively. So this
18:12
Speaker 3: is unfortunately I don't mean to be stereotypical here, but
18:15
Speaker 3: this is just like the facts behind to the research.
18:17
Speaker 3: I'm not just pulling these examples out of somewhere and
18:20
Speaker 3: being like it's like a sagittarius. But these are mostly female.
18:25
Speaker 3: So usually a hunter is a female, and they attribute
18:28
Speaker 3: financial success more to luck than ability or judgment, which
18:32
Speaker 3: is not the case. That is a false narrative, but
18:35
Speaker 3: it's what they believe, right, classic female, classic females, I know,
18:40
Speaker 3: can we cut that out?
18:41
Speaker 2: Like?
18:42
Speaker 3: I didn't like that one because I don't want you
18:44
Speaker 3: guys to think it's luck. Like, and I say this
18:46
Speaker 3: to our team all the time, jess Like, sometimes you
18:48
Speaker 3: guys will be like, oh, that's so lucky, and I'll
18:50
Speaker 3: be like, no, that wasn't luck. You worked for that. No,
18:52
Speaker 3: that wasn't luck. You didn't accidentally end up here, And like,
18:55
Speaker 3: I love doing that because I know that people appreciate it,
18:58
Speaker 3: but I also get really frustrated because we shouldn't be
19:01
Speaker 3: saying that everything's luck. But it's really common, right, So
19:04
Speaker 3: it's not a bad thing if.
19:05
Speaker 2: You're un celebrate your success as.
19:07
Speaker 3: Ladies literally get a girl. And then we have perfectionists
19:13
Speaker 3: and this one might feel familiar Jessica Ricci as soon.
19:17
Speaker 2: As I was like, I think I know what you think.
19:20
Speaker 3: Are you ready? Are you ready? So a perfectionist is
19:23
Speaker 3: so afraid of making a steak that they often avoid
19:26
Speaker 3: decision making altogether. They'll consider every single angle and they'll
19:30
Speaker 3: find fault where practically any risky venture exists. They usually
19:34
Speaker 3: want to start investing, but they get analysis paralysis over
19:38
Speaker 3: what to start investing in, and they don't know where
19:40
Speaker 3: to go and what next step to take. And usually
19:43
Speaker 3: they're good savers because they're saving for a rainy day
19:46
Speaker 3: and they're worried about the risks that exist, and they
19:49
Speaker 3: often find finding investments that they want to invest in
19:52
Speaker 3: kind of challenging because they've got such high standards.
19:56
Speaker 2: Super relatable, super relatable.
19:58
Speaker 3: All right, well, this next one might be a little
20:00
Speaker 3: bit relatable too, because sometimes I feel like people can
20:03
Speaker 3: fit into more than one category. Like I want you
20:04
Speaker 3: to pick one, but at the end of the day,
20:06
Speaker 3: sometimes we can't just be put into a box jesca.
20:08
Speaker 3: Sometimes we actually need to pick a number of them,
20:11
Speaker 3: and that's okay. The idea behind these kind of money
20:14
Speaker 3: personalities isn't to be like, oh, you fit in that box.
20:17
Speaker 3: It's actually so that you can learn more about yourself
20:20
Speaker 3: because once you have this personality, you can start learning
20:22
Speaker 3: more about what are the personality types associated with this
20:26
Speaker 3: label and how can I actually look at strategies that
20:30
Speaker 3: are developed for people who have this in mind? And
20:32
Speaker 3: I think that that can be really helpful.
20:34
Speaker 2: Yeah. Absolutely, So the next.
20:36
Speaker 3: One, which I feel like you might resonate with too,
20:38
Speaker 3: feel like I'm attacking you on this podcast. I'm sorry.
20:41
Speaker 3: I do really like coming for my brand. Yeah, I'm
20:43
Speaker 3: coming for you. The next one is safety players, and
20:47
Speaker 3: these guys are average ourners who prefer secure investments. They
20:50
Speaker 3: lack confidence and motivation to take more calculated risks, even
20:54
Speaker 3: though they are really well educated. They feel they're doing
20:58
Speaker 3: fine financially, and they offer and just repeat investment strategies
21:01
Speaker 3: that seem to work. So these guys might go, all right, well,
21:04
Speaker 3: you know, my parents bought an investment property, therefore I
21:07
Speaker 3: will be buying an investment property. That sounds like a
21:10
Speaker 3: good idea. Because they don't want to take new risks
21:13
Speaker 3: or discover new things. So then we have the achievers.
21:16
Speaker 3: And the achievers are the second highest income earners to
21:19
Speaker 3: the next group that I'm going to talk about. And
21:22
Speaker 3: they usually are college graduates or they are you know,
21:25
Speaker 3: university educated. They aren't people who just finished year twelve.
21:29
Speaker 3: And usually they're married, So I don't that's really niche.
21:33
Speaker 3: I know it's niche, but usually they're married.
21:36
Speaker 2: All right, that's why the research is so interesting.
21:38
Speaker 3: I know they feel hard work, diligence, and effort will
21:41
Speaker 3: pay off over time. So these guys are like, no,
21:44
Speaker 3: you just work really hard and then you'll be able
21:46
Speaker 3: to retire. And that's what we're working towards. They're really
21:49
Speaker 3: proud of their accomplishments, and they tend to recoil it
21:51
Speaker 3: the idea of other people managing their money decisions. So
21:55
Speaker 3: these people don't usually like financial advisors to step in
21:59
Speaker 3: and go, okay, cool, here's a strategy, because they want
22:01
Speaker 3: to work it out themselves. And the number one priority
22:04
Speaker 3: for this group is asset protection. They just don't want
22:07
Speaker 3: to lose anything. So they've achieved so much and they
22:10
Speaker 3: don't want to feel like they're going backwards, which is
22:13
Speaker 3: honestly totally relatable. The next one is the number one
22:17
Speaker 3: wealth accumulators. These guys are called the money masters. Is
22:21
Speaker 3: it just me or is that really tacky?
22:23
Speaker 2: It sounds I don't know why. It sounds like a
22:26
Speaker 2: D grade superhero to me.
22:28
Speaker 3: A money master. No, I really like that. Maybe it's
22:30
Speaker 3: like the She's of the money superhero. If there's any
22:33
Speaker 3: like illustrators in our community, can you please.
22:35
Speaker 2: Make that into how please hit us up? We can
22:39
Speaker 2: actually slid We actually.
22:41
Speaker 3: Could illustrate a covey writer. If you've heard this on
22:43
Speaker 3: the podcast and you've gotten this far into this podcast
22:46
Speaker 3: and you still want to hang out with us, slide
22:48
Speaker 3: into our DMS my friends, we need you all right,
22:51
Speaker 3: But our money Master friends, they actually rank first in
22:54
Speaker 3: the degree of desired involvement with their money. So they're
22:57
Speaker 3: all over it. They love it, and they enjoy Part
22:59
Speaker 3: two patient. So these are, honestly, as a financial advisor,
23:03
Speaker 3: my dream client. They want to be across all of it.
23:06
Speaker 3: They want to understand it. They're really excited about it,
23:09
Speaker 3: you know, they want to be a part of it,
23:11
Speaker 3: and they trust the recommendations of others, and they actually
23:14
Speaker 3: act on sound advice. So there are some people in
23:17
Speaker 3: the world that will get financial advice and they're not
23:19
Speaker 3: act on it because it's just too much. These guys,
23:21
Speaker 3: they're gung ho. They're getting it, and they see their
23:24
Speaker 3: success as being determined through their philosophy, not through luck,
23:29
Speaker 3: not through education, just through their mindset. These guys are like, no,
23:33
Speaker 3: I'm going to be successful. It doesn't matter if I
23:34
Speaker 3: didn't go to school. It doesn't matter if I didn't
23:36
Speaker 3: go to UNI, doesn't matter if I, you know, work corporately. Like,
23:39
Speaker 3: these guys genuinely believe that their success is from their mindset,
23:43
Speaker 3: and I think that's pretty cool. And then last, but
23:48
Speaker 3: definitely not least, we have the producers. So these guys
23:51
Speaker 3: they rank high in work ethic but low in income
23:55
Speaker 3: earned due to the lack of self confidence and money
23:57
Speaker 3: management skills. They work really hard, they desire more, and
24:01
Speaker 3: they feel that they have difficulty getting ahead financially and
24:05
Speaker 3: financial investment education helps these guys significantly. So the important
24:09
Speaker 3: thing here is you don't have to stay in your
24:12
Speaker 3: money personality group forever, like you're not going to be
24:15
Speaker 3: a producer forever. But it's really important to identify that
24:19
Speaker 3: if you are great, like, you need more financial literacy,
24:23
Speaker 3: because nobody deserves to have a lack of self confidency
24:26
Speaker 3: in money management skills. Like everybody deserves to feel empowered
24:30
Speaker 3: and motivated when it comes to money. And even if
24:33
Speaker 3: you're not going to be you know, Elon Musk, and
24:35
Speaker 3: you're not going to become a billionaire, like, at least
24:37
Speaker 3: let's put those money management skills to work and actually
24:40
Speaker 3: get them working for you.
24:42
Speaker 2: That's so interesting, bit of a silly question potentially, But
24:47
Speaker 2: are any of these personalities good or bad? Inherently is
24:52
Speaker 2: one better than the other? Should we be aspiring to
24:55
Speaker 2: be you know, one of those particular people should aiding
24:58
Speaker 2: for money master status?
25:00
Speaker 3: No, absolutely, not. And that's not a silly question because
25:03
Speaker 3: I guess if I list off a whole bunch of
25:05
Speaker 3: money personalities, people can be like, oh, well, I'm this
25:07
Speaker 3: one because it's better. There's no good, there's no bad.
25:09
Speaker 3: It's actually about understanding you. And like everything else in life,
25:13
Speaker 3: your response to money is largely dictated by your money
25:16
Speaker 3: story and your personality. But most people haven't given much
25:20
Speaker 3: thought on how we actually behave in regard to our
25:22
Speaker 3: finance and how that behavior actually affects our bank accounts,
25:26
Speaker 3: and how much of money is on our statements and
25:29
Speaker 3: how much money comes in and goes out, And it's
25:31
Speaker 3: so much more than oh, well, you've got a good
25:33
Speaker 3: paying job, therefore you must be able to you know,
25:36
Speaker 3: save and invest a lot like that's not the case.
25:39
Speaker 3: And I talk a lot about you know, money stories
25:41
Speaker 3: and how that's ingrained, but money personalities they help us
25:45
Speaker 3: understand ourselves, especially if our money story is you know,
25:49
Speaker 3: something that isn't constructive, like it's hey, well what am I?
25:52
Speaker 3: Can you just put me in a category so I
25:54
Speaker 3: can start learning about these And if you can understand
25:57
Speaker 3: your money personality, I genuinely believe it to the first
26:00
Speaker 3: step and will actually be able to help you approach
26:03
Speaker 3: how you want to be saving, spending and investing.
26:05
Speaker 2: And now I guess I feel a little bit like
26:07
Speaker 2: I showed you mine, so you should show me your,
26:10
Speaker 2: which Can we play a game? Then?
26:11
Speaker 3: Can you guess? Can you guess? I know exactly what
26:14
Speaker 3: I am?
26:15
Speaker 2: Um? I feel like you are an achiever? Yeah, yeah,
26:22
Speaker 2: because you work really hard and I feel but then
26:26
Speaker 2: I do feel like you are sometimes not crazy asset protection.
26:31
Speaker 2: Sometimes I feel like you see something and you're like,
26:33
Speaker 2: I've looked into that and researched that, and I'm just
26:36
Speaker 2: gonna give it a red hot go and see what happens.
26:39
Speaker 3: Yeah, and I would agree, But I think that when
26:41
Speaker 3: it comes to asset protection for me, like I would
26:45
Speaker 3: never risk everything. Yeah, Like I'm quite like I think
26:48
Speaker 3: I would shock you if you said, oh, like what
26:51
Speaker 3: are you doing and I'd be like, well, we remortgaged
26:52
Speaker 3: our house to do XYZ. Like there's no way I
26:55
Speaker 3: would ever do that. And like, you know, you know
26:59
Speaker 3: me personally well enough to know that, you know, paying
27:01
Speaker 3: off my mortgage is a really big priority because I
27:03
Speaker 3: want to get rid of that and I am really
27:04
Speaker 3: proud of you know, the hard work I put into things,
27:07
Speaker 3: But protecting my assets is genuinely my primary consideration because
27:12
Speaker 3: if I don't have those, I can't provide to other people.
27:14
Speaker 3: And you know, I don't like feeling like I've lost something.
27:18
Speaker 3: And I'm not big into you know, punting, and that's
27:21
Speaker 3: probably because I am educated in this space. Like I'm
27:24
Speaker 3: not just going to go buy a share because someone
27:26
Speaker 3: at the pub recommended it. It's just not who I am.
27:29
Speaker 3: But in saying that, I'm going to do my research,
27:32
Speaker 3: and you know, as an achiever, I don't feel like
27:35
Speaker 3: investing is risky because I know so much about it.
27:37
Speaker 3: So like when I look at protecting my assets, investing
27:41
Speaker 3: for the long term is actually working in line with that.
27:43
Speaker 3: Like I genuinely don't see as much risk as a
27:46
Speaker 3: lot of people who maybe don't have such an education
27:48
Speaker 3: on investment, right whereas you who's a little bit more
27:53
Speaker 3: you know, you're I think you're in that perfectionist group.
27:57
Speaker 3: Is that fantastic? Say that? Yeah, Like, I feel like
28:00
Speaker 3: you need to do heaps and heaps and heaps of research,
28:03
Speaker 3: but you feel really autonomous in the decisions that you
28:05
Speaker 3: make every day in your career because that's just your
28:07
Speaker 3: career right, Like you know exactly what you're talking about.
28:09
Speaker 3: Like when it comes to content, like you're like, yep,
28:11
Speaker 3: cool out of work. That won't work. I couldn't. I
28:14
Speaker 3: couldn't do that. I've got no idea. And I think
28:16
Speaker 3: that a lot of the time we often think that
28:18
Speaker 3: we're not smart, or we're not achieving, or we're not
28:21
Speaker 3: like who we need to be, just because it's not
28:23
Speaker 3: our full time job. Whereas I know, Jess to share
28:27
Speaker 3: too much with the shees on the money community. You
28:30
Speaker 3: have started investing, but you've started investing because you got
28:34
Speaker 3: advice and because you felt comfortable with it and you'd
28:37
Speaker 3: had enough time to ponder and work out whether the
28:40
Speaker 3: risk outweighed the return and what that actually looked like
28:44
Speaker 3: for you. And I know for perfectionists it says that
28:47
Speaker 3: finding suitable investments is difficult. I know that you were like, oh,
28:50
Speaker 3: I just don't know what the right one is that
28:53
Speaker 3: and yeah, like you do it. We're not saying that
28:55
Speaker 3: these people don't invest or save. It's just the initial approach.
29:00
Speaker 3: And once you can really comprehend that and understand that,
29:03
Speaker 3: you Okay, well, if that's my personality type, Like what
29:07
Speaker 3: could I look into it. It's like Maya's Briggs, right,
29:09
Speaker 3: Like I feel like people use that to just learn
29:11
Speaker 3: about themselves. And once they learn about themselves, they can
29:14
Speaker 3: do some research and go, well, I'm introverted or I'm extroverted.
29:17
Speaker 3: This is how I would, you know, adapt to a
29:19
Speaker 3: certain social situation or a particular job, or this is
29:22
Speaker 3: how I process things. And I find that it's actually
29:25
Speaker 3: really helpful. And I'm really into like Maya's Briggs and
29:28
Speaker 3: stuff like that, maybe because of my background in psychology,
29:31
Speaker 3: but I genuinely feel like it helps me understand people
29:35
Speaker 3: more as well. Like once you know someone's personality type
29:38
Speaker 3: and whether they introverted or extroverted, you usually know what
29:41
Speaker 3: they will tolerate and not tolerate, and you know that
29:43
Speaker 3: if they're a bit flat, like should I just leave
29:45
Speaker 3: them alone or do they actually need someone to come
29:48
Speaker 3: over and help them. And to be honest, I'm just
29:50
Speaker 3: a bit pervy when it comes to all things personality
29:52
Speaker 3: types and money and like, yeah, that's that's me, and
29:56
Speaker 3: that's you know, just what makes me excited. But I
29:58
Speaker 3: guess now I'm thinking, like, what's your mys breeks, have
30:00
Speaker 3: you ever done it?
30:02
Speaker 2: I have it was going around. I remember on we
30:04
Speaker 2: did it when I was in school because I took psychology,
30:07
Speaker 2: Like we took it as part of our course when
30:09
Speaker 2: we learned about it, and then I took it a
30:10
Speaker 2: few years later. It was really interesting because my personality
30:13
Speaker 2: type had changed, and the change that I saw kind
30:16
Speaker 2: of aligned with how I had changed as a person
30:19
Speaker 2: since high school. So I'm pretty sure I was an
30:22
Speaker 2: I nf J we.
30:25
Speaker 3: Ah, what that's my personality time?
30:29
Speaker 2: Are you kidding?
30:30
Speaker 3: I'm currently an I NFJ. Wait. Have you moved from
30:33
Speaker 3: that or have you moved to that?
30:34
Speaker 2: No, That's what I've moved to, So I think No,
30:37
Speaker 2: I think before my I was an I n t
30:42
Speaker 2: j J. Yeah, I changed from thinking to feeling.
30:46
Speaker 3: Do you know what? That makes so much sense?
30:49
Speaker 2: People tell us all the time that we're like the
30:51
Speaker 2: same person. Now we know why we actually are the
30:54
Speaker 2: same person.
30:55
Speaker 3: Do you know that that's like not a common person?
30:58
Speaker 3: Really not people literally, Like if you've got that one,
31:02
Speaker 3: I'm always like, oh, really interesting, Like that's not common
31:05
Speaker 3: at all. Like I never find people that say that
31:07
Speaker 3: they're the same Myers Briggs as me. Wow. Some people
31:11
Speaker 3: will be like, oh, well, I'm extroverted. I'm like, no,
31:13
Speaker 3: I'm introverted, but like I think that people assume I'm
31:17
Speaker 3: extroverted because of the rest of my personality traits. But like,
31:20
Speaker 3: at the end of the day, I do not get
31:22
Speaker 3: my energy from being extroverted. In fact, it takes all
31:25
Speaker 3: my energy and I just need to regrouperate and be
31:27
Speaker 3: by myself and you know, enjoy my own company. That's
31:30
Speaker 3: actually I'm so funny. Okay, So the scale is we
31:35
Speaker 3: are introverted, but it's extroverted or introverted. Then its sensors
31:39
Speaker 3: or intuitives. Then it's thinkers versus feelers. Then it's judges
31:44
Speaker 3: versus perceivers. And I find that it's so interesting. In fact, Jess,
31:49
Speaker 3: we'll put a link in the show notes because this
31:51
Speaker 3: has enoughing to do with this topic. But I feel
31:54
Speaker 3: like people are going to be interested because we are,
31:57
Speaker 3: and I want to know if other people have the
31:58
Speaker 3: same personality type as us, Like can you imagine if
32:01
Speaker 3: there are more of us out there? Oh Lord help us.
32:04
Speaker 3: But I'll put a link in the show notes so
32:07
Speaker 3: that we can all do the NbTi for free, because
32:10
Speaker 3: that's really fun and sometimes it's just really interesting to
32:13
Speaker 3: see what type of personality we are. But let's get
32:15
Speaker 3: back on track and talk more about the psychology of money.
32:19
Speaker 3: Not necessarily more about the psychology of psychology, but yeah, interesting. Nonetheless,
32:25
Speaker 3: I think, well, I.
32:26
Speaker 2: Think we've actually just about covered off on everything we
32:28
Speaker 2: wanted to today.
32:29
Speaker 3: Yeah, I think we probably should wrap it here and
32:32
Speaker 3: not carry on because we've talked a lot about Mayus Briggs,
32:35
Speaker 3: We've talked a lot about different money personality types, and
32:38
Speaker 3: I think it's really interesting. But to summarize this at
32:40
Speaker 3: the end of the day, like you have complete control
32:43
Speaker 3: over what type of money personality you are or what
32:46
Speaker 3: you lean more into. And I think it's really important
32:49
Speaker 3: to remember that you're not in one bucket or not.
32:51
Speaker 3: It's actually a scale, and there's no such thing as
32:55
Speaker 3: you're either introverted or you're extroverted, Like you are actually
32:58
Speaker 3: on a sliding scale, and some people are far more
33:01
Speaker 3: introverted than others, whereas some people are far more extroverted
33:05
Speaker 3: than others. It's on a scale, and I want people
33:07
Speaker 3: to remember that because you're not one thing or the other.
33:10
Speaker 3: You're not a perfectionist or a money master, like you
33:12
Speaker 3: could be a mix of both, and it's more about
33:15
Speaker 3: learning about you and what resonates most with you and
33:18
Speaker 3: then using it to your advantage. Like, if you are
33:20
Speaker 3: a perfectionist, you need to do more research. You need
33:23
Speaker 3: to fully comprehend the decisions you're making, and if investing
33:26
Speaker 3: is something that you really really want to start doing,
33:29
Speaker 3: you need to start thinking about how you can get
33:32
Speaker 3: more comfortable with it rather than going, oh, but you
33:35
Speaker 3: know other people are more comfortable with this, why am
33:38
Speaker 3: I not? Because we're all different and that's okay, And
33:41
Speaker 3: that's arguably what makes this so exciting is because we're
33:44
Speaker 3: all different people doing different things, and the Shees on
33:47
Speaker 3: the Money community gets to bring it all together and
33:50
Speaker 3: we're a space where we get to share all those journeys.
33:52
Speaker 3: And how boring would it be if we were all ironfjs?
33:56
Speaker 3: Like what that would be?
33:57
Speaker 2: Theirs running around?
34:00
Speaker 3: Oh my gosh, I feel bad for anybody who is now.
34:03
Speaker 3: I'm like, I feel you, girl, I feel you. It's hard,
34:06
Speaker 3: it's hard out here, or I think that is more
34:08
Speaker 3: than enough from us today. We have absolutely fallen off track.
34:13
Speaker 3: But I hope you loved this podcast nonetheless, but just
34:15
Speaker 3: before we head off, we'd like to acknowledge and pay
34:17
Speaker 3: respect to Australia's Aboriginal and Torres Strait Islander people's. They're
34:21
Speaker 3: the traditional custodians of the lands, the waterways and the
34:24
Speaker 3: skies all across Australia. We thank you for sharing and
34:27
Speaker 3: for caring for the land on which we are able
34:29
Speaker 3: to learn. We pay respects to elders past and present,
34:32
Speaker 3: and we share our friendship and our kindness.
34:34
Speaker 2: The advice shared on She's on the Money is general
34:37
Speaker 2: in nature and does not consider your individual circumstances. She's
34:41
Speaker 2: on the Money exist purely for educational purposes and should
34:44
Speaker 2: not be relied upon to make an investment or financial decision.
34:47
Speaker 3: Or even a personality one.
34:48
Speaker 2: It seems, oh yeah, don't consult us. Consult Myers bricks
34:52
Speaker 2: and we promise. Victoria Devine is an authorized representative of
34:55
Speaker 2: Australia Pacific Funds Management Proprietory Limited ABM three four three
35:00
Speaker 2: two four six three two five seven AFSL three three
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Speaker 2: nine one five one and.
35:05
Speaker 3: As always we would adore it if you joined our
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Speaker 3: Facebook group, where our community shares money tips and tricks
35:11
Speaker 3: every single day of the week, free of judgment. So
35:14
Speaker 3: She's on the Money on Facebook and join us if
35:16
Speaker 3: Facebook cecin thing. We're on Instagram, we play a lot
35:19
Speaker 3: on TikTok. We're everywhere. And Victoria has a book. Oh
35:22
Speaker 3: my gosh, I have a book. Guys. It is so fun.
35:24
Speaker 3: If you're not sick of us and you haven't got enough,
35:26
Speaker 3: she's on the money in your ears. Go and download
35:29
Speaker 3: the audio book because I actually read it all myself.
35:32
Speaker 2: And if not, there is also a physical copy and
35:35
Speaker 2: allegit digital copy as well. You can do it whatever
35:38
Speaker 2: you way.
35:38
Speaker 3: There's no excuses, my friends. Anyway. We will see you
35:41
Speaker 3: for another deep dive next week.
35:43
Speaker 2: Bye.