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Transcript

Your Midyear Finance Health Check · 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 impact for tomorrow.
• 0:33
  Speaker 2: Let's get into it. She's on the Money.
• 0:36
  Speaker 3: She's on the Money. Hello, and welcome to She's on
• 0:59
  Speaker 3: the the podcast for millennials who want financial freedom. My
• 1:03
  Speaker 3: name is Becksided and today on the show and on
• 1:06
  Speaker 3: the eve of end of Financial Year, we are doing
• 1:08
  Speaker 3: a finance health check with Victoria.
• 1:11
  Speaker 2: Divide on the eve of eo f y.
• 1:14
  Speaker 3: Oh my god, is there a better birthday?
• 1:17
  Speaker 2: They like, there anything more exciting than EO fy.
• 1:22
  Speaker 3: I'm so excited.
• 1:23
  Speaker 2: And if you guys don't agree, well, that makes a
• 1:26
  Speaker 2: lot of sense.
• 1:26
  Speaker 3: It makes sense.
• 1:27
  Speaker 2: Is actually kind.
• 1:28
  Speaker 3: Of lame and it can be very daunting for same,
• 1:30
  Speaker 3: but like, let us have.
• 1:31
  Speaker 2: Our moment, like we're allowed to get excited about the
• 1:34
  Speaker 2: content that ignites our fires.
• 1:36
  Speaker 3: I think it's so funny that you're born on.
• 1:38
  Speaker 2: EO FY, that my dad was an accountant.
• 1:40
  Speaker 3: Your future was written for.
• 1:41
  Speaker 2: It was written in the stars, it was written in
• 1:44
  Speaker 2: Excel code.
• 1:45
  Speaker 3: It really was.
• 1:47
  Speaker 2: Do you want to talk about EO F Y? I
• 1:48
  Speaker 2: feel like, please, now is a good time to do
• 1:51
  Speaker 2: a little mid year finance health check, new financial Year,
• 1:55
  Speaker 2: new Yu. I feel like we're going to embrace that
• 1:57
  Speaker 2: every single year, Like why not have every six months
• 2:01
  Speaker 2: the winter new year, New you vibe, Because I feel
• 2:04
  Speaker 2: like by six months into the years, so many of
• 2:06
  Speaker 2: us have like fallen off the bandwagon, and we just
• 2:09
  Speaker 2: we need a little help. We're the stepping stool that's
• 2:12
  Speaker 2: going to help you get back on the horse.
• 2:13
  Speaker 3: Yeah, I really we need to help you.
• 2:15
  Speaker 2: So most people they create their goals and look at
• 2:18
  Speaker 2: their forward planning like January in line with a fresh
• 2:20
  Speaker 2: new year, but like we don't review them enough, so
• 2:23
  Speaker 2: we do fall off that little horse.
• 2:25
  Speaker 3: Yeah, we should do an ins and outs list. We should.
• 2:28
  Speaker 2: In July one, twenty twenty four, an out I did
• 2:32
  Speaker 2: that a couple of years ago and it went really well.
• 2:34
  Speaker 2: So maybe that's good content. Are you a content creator?
• 2:37
  Speaker 3: Beck, You wouldn't think so. But I might have it
• 2:41
  Speaker 3: in my bone.
• 2:41
  Speaker 2: You might have it in your bones. You're the next
• 2:43
  Speaker 2: big thing on TikTok Huricans.
• 2:46
  Speaker 1: Yeah.
• 2:46
  Speaker 2: I mean you're really funny, so it makes sense. You're
• 2:49
  Speaker 2: really funny, and I feel like everyone who meets you
• 2:51
  Speaker 2: just wants to be your friend.
• 2:52
  Speaker 3: That is so sweet. You thinking it's not.
• 2:54
  Speaker 2: Even sweet, Like I'm not even being nice, it's just
• 2:56
  Speaker 2: a fact. Payd but co. But back onto the show.
• 2:59
  Speaker 2: I really like to use the end of financial year
• 3:02
  Speaker 2: to review my goals, make sure I'm on track, if
• 3:04
  Speaker 2: not reset. Some new ones also review the goals that
• 3:07
  Speaker 2: I set because some of the goals I set, I
• 3:10
  Speaker 2: don't even want that anymore. Beck, yeh, I changed my mind.
• 3:13
  Speaker 3: You grow a lot in six months.
• 3:15
  Speaker 2: Yeah, Like I'm a different woman than I was six
• 3:17
  Speaker 2: months ago. And I want to give myself like a
• 3:20
  Speaker 2: financial midpoint check up. And we're going to look at
• 3:22
  Speaker 2: this like midpoint check up, like we're servicing our car right,
• 3:25
  Speaker 2: Like it's vital to keep yourself on the road for
• 3:27
  Speaker 2: financial security. And when the little warning light comes on.
• 3:31
  Speaker 2: It doesn't mean we're completely off the road. It just
• 3:34
  Speaker 2: means you need to top up your oil. Right now,
• 3:36
  Speaker 2: we're just topping up our oil totally.
• 3:38
  Speaker 3: We're just giving ourselves some attention, giving ourselves a little checky.
• 3:41
  Speaker 2: We deserve so much attention, so it just makes sense.
• 3:45
  Speaker 3: And after the break we are going to talk about
• 3:46
  Speaker 3: mindset and goals. But now we'll run through a list
• 3:49
  Speaker 3: of practical things that you should be checking in on.
• 3:51
  Speaker 2: Yeah, well that's very me, isn't it? To make a list?
• 3:54
  Speaker 2: Very made it in Excel. But I've got a list
• 3:57
  Speaker 2: ready for you of all the things to do. But
• 3:59
  Speaker 2: my is that I recommend you make this exercise as
• 4:02
  Speaker 2: sexy as possible. Beck, So maybe you'd like set yourself
• 4:06
  Speaker 2: up a little date night and get takeaway.
• 4:09
  Speaker 3: Yeah, do all the things make you feel good? Maybe
• 4:10
  Speaker 3: a red wine?
• 4:11
  Speaker 2: Yeah, a little red wine. That's very me at the moment.
• 4:14
  Speaker 3: Yeah, a milky foot maybe?
• 4:15
  Speaker 2: What's a milky oh? I? Or do you know what?
• 4:19
  Speaker 2: The first time I ever did a milky foot, I
• 4:21
  Speaker 2: took it off and I was like, well, this did nothing,
• 4:25
  Speaker 2: and so I just assumed it did nothing. Yeah. Two
• 4:27
  Speaker 2: days later, I'm like, well that didn't work. Three days later,
• 4:30
  Speaker 2: I'm about to go to a friend's wedding, Like you know,
• 4:33
  Speaker 2: I'd put on my trainers, I'd gone for really nice
• 4:36
  Speaker 2: walk that morning, and then I was like, I'll come
• 4:37
  Speaker 2: back or do my hair and on my makeup. We'll
• 4:39
  Speaker 2: be a bit this wedding. By three, like, oh good,
• 4:42
  Speaker 2: take off my trainers, and half my foot was stuck
• 4:44
  Speaker 2: to my sock and I had to change my entire
• 4:47
  Speaker 2: dress because the shoes that I was gonna wear were
• 4:49
  Speaker 2: really strappy and if you've used a milky foot, you
• 4:51
  Speaker 2: know what your foot looks like. I had to like
• 4:54
  Speaker 2: go full floor length dress and like more of a
• 4:56
  Speaker 2: close toe shoe because I was like this my skin sock,
• 5:00
  Speaker 2: get the dogs out today, H cannot.
• 5:02
  Speaker 3: So do be careful.
• 5:03
  Speaker 2: If you do, be careful if you're going to do
• 5:04
  Speaker 2: a milky foot on your finance date night. But if
• 5:07
  Speaker 2: you want to, you do you boo. I was traumatized
• 5:10
  Speaker 2: from one though.
• 5:11
  Speaker 3: I haven't tried it yet, but I will. I feel
• 5:13
  Speaker 3: my gosh in honor of eof Y, I'm gonna try
• 5:16
  Speaker 3: a milky foot.
• 5:16
  Speaker 2: Okay, well that makes a lot of sense. And if
• 5:18
  Speaker 2: anyone's on social media and like trying to draw the
• 5:21
  Speaker 2: conclusion or the connection between milky foot and finance. Don't worry,
• 5:27
  Speaker 2: there is one.
• 5:27
  Speaker 3: There is one.
• 5:28
  Speaker 2: There is one. But let's go back to my list
• 5:31
  Speaker 2: because I feel like that's a little bit more expected
• 5:33
  Speaker 2: on this podcast. So first things first, I feel like
• 5:37
  Speaker 2: you're going to see this coming, but we want to
• 5:38
  Speaker 2: review your spending patterns. Costs have gone up across the board,
• 5:42
  Speaker 2: and believe me, you guys have been noticing it. You're
• 5:44
  Speaker 2: in my DMS telling me all of the ridiculous things.
• 5:47
  Speaker 2: In fact, I had a conversation with Glenn James from
• 5:50
  Speaker 2: the This is Money podcast the other day and he
• 5:53
  Speaker 2: was reviewing his book, which, by the way, his book
• 5:55
  Speaker 2: is very good. You should definitely go and purchase it.
• 5:58
  Speaker 2: But he was reviewing his book and he had to
• 6:00
  Speaker 2: update that a coffee costs you five dollars because right, oh,
• 6:03
  Speaker 2: I probably should update that to like seven dollars.
• 6:06
  Speaker 3: That same.
• 6:08
  Speaker 2: That's so gross, but it's so true, right yeah, But
• 6:11
  Speaker 2: costs have gone up everywhere, and I'm a really big
• 6:13
  Speaker 2: fan of automation, but you should go through your last
• 6:16
  Speaker 2: three months of bank statements and just see where you're
• 6:18
  Speaker 2: spending money. We're not going to judge ourselves. We're not
• 6:20
  Speaker 2: going to crucify ourselves for the decisions that we made
• 6:23
  Speaker 2: in the past, because, like, Beck, where does that get
• 6:25
  Speaker 2: us nowhere? Literally nowhere? So we're just going to look.
• 6:29
  Speaker 2: We're going to be insightful and we're going to see,
• 6:31
  Speaker 2: you know, am I actually spending in line with my values?
• 6:35
  Speaker 2: Or are my values a little bit different to what
• 6:37
  Speaker 2: I keep saying they are. Like we talked about this
• 6:40
  Speaker 2: a little while ago back and you were like, I
• 6:42
  Speaker 2: just really need to save and I was like, okay,
• 6:44
  Speaker 2: well let's look at your spending. And when you did,
• 6:45
  Speaker 2: you were like, turns out, I just really like hanging
• 6:47
  Speaker 2: out with my friends. And I was like, I get
• 6:49
  Speaker 2: that totally. I want to know have you had a budget,
• 6:53
  Speaker 2: If so, are you actually sticking to it? And if not,
• 6:57
  Speaker 2: is it because it's an unrealistic budget. Too many times
• 7:00
  Speaker 2: I think we're too aspirational with our budgets, and like,
• 7:04
  Speaker 2: you know, I want to be aspirational, but we need
• 7:06
  Speaker 2: to be more realistic than aspirational. We need to sit
• 7:09
  Speaker 2: down and be like, Beck, I know that you only
• 7:11
  Speaker 2: wanted to spend you know, X amount on this, but
• 7:15
  Speaker 2: you actually really enjoy it. And therefore if we take
• 7:18
  Speaker 2: it off you, you're going to feel like you're missing out. Yeah, true,
• 7:20
  Speaker 2: And we need to balance it with your lifestyle. So like,
• 7:23
  Speaker 2: I'm never going to be one of those financial independence
• 7:25
  Speaker 2: retire early girlies, yeah, because that's just not going to
• 7:28
  Speaker 2: work for me, because like, I am not good at
• 7:31
  Speaker 2: delayed gratification. If that's you like all hail, like you win,
• 7:36
  Speaker 2: I lose. But I think that we need to make
• 7:39
  Speaker 2: budgets that are actually realistic. So even if you have
• 7:41
  Speaker 2: a really aggressive savings goal, if you're checking in today
• 7:44
  Speaker 2: and it's six months into the year and you're like, well,
• 7:46
  Speaker 2: I haven't met it. Instead of going all right, well,
• 7:48
  Speaker 2: I'll just get back on the bandwagon and you know,
• 7:50
  Speaker 2: aggressively save for the next six months, ask yourself, is
• 7:53
  Speaker 2: that actually realistic? Or should I change my goal or
• 7:56
  Speaker 2: my time frame? Like should I be going, you know what,
• 7:59
  Speaker 2: saving ten by the end of the year. I just
• 8:02
  Speaker 2: know I'm not going to achieve it. So I think
• 8:04
  Speaker 2: the best thing here is to either push the timeframe
• 8:07
  Speaker 2: out on that goal or change it. I mean, if
• 8:09
  Speaker 2: you really want to knuckle down, I've got you. I
• 8:12
  Speaker 2: want to back you to the hill. But I also
• 8:14
  Speaker 2: don't want you to get to the end of the
• 8:15
  Speaker 2: year and go, oh my gosh, beck, I'm so bad
• 8:17
  Speaker 2: at money, Like I set this money goal and I
• 8:20
  Speaker 2: didn't achieve it. When the reality was it's not you
• 8:22
  Speaker 2: being bad with money, it's you going, oh, I want
• 8:25
  Speaker 2: to do too much, but I also want to leave
• 8:27
  Speaker 2: my life.
• 8:28
  Speaker 3: Yeah, does that.
• 8:29
  Speaker 2: Make sense exactly. We don't need to set ourselves up
• 8:32
  Speaker 2: for failure. Let's not do that, because the easiest way
• 8:35
  Speaker 2: to be really disheartened with money and think that you're
• 8:37
  Speaker 2: bad at it when you're not is to set goals
• 8:40
  Speaker 2: that are unrealistic for your lifestyle totally.
• 8:42
  Speaker 3: Like if your goal is like ten thousand, but you
• 8:44
  Speaker 3: only save two, imagine your goal was to save a
• 8:47
  Speaker 3: thousand instead of ten thousand. You'd be stoked with yourself.
• 8:51
  Speaker 2: Exactly, and then it kind of like plays into the momentum,
• 8:55
  Speaker 2: Like if you set a goal back of saving your
• 8:57
  Speaker 2: one thousand dollars, you'd be like, oh my gosh, I
• 9:00
  Speaker 2: did it. I'm going to move on to the next
• 9:02
  Speaker 2: goal and maybe make it a little bit bigger. But
• 9:04
  Speaker 2: I think sometimes and this isn't meant to be disheartening,
• 9:07
  Speaker 2: sometimes we bite off more than we can chew, and
• 9:09
  Speaker 2: then when we can't chew it, we're surprised and we're like,
• 9:11
  Speaker 2: oh my gosh, I'm so bad at money. Like my friends,
• 9:14
  Speaker 2: you're not bad at money, we're just not setting goals
• 9:16
  Speaker 2: that are realistic for our lifestyles. And like, it would
• 9:18
  Speaker 2: be so nice to have ten grand, Yes, so nice,
• 9:21
  Speaker 2: Like I want ten grand. And if I said to you, Beck,
• 9:23
  Speaker 2: do you want to be able to you'd be like,
• 9:25
  Speaker 2: oh yeah, Like who doesn't want that? But we also
• 9:27
  Speaker 2: need to be realistic because we don't want to make
• 9:29
  Speaker 2: ourselves feel like trash along the way. Yes, like you
• 9:32
  Speaker 2: don't deserve that. Nobody deserves that. So let's just make
• 9:34
  Speaker 2: sure we're setting enough into our budget aside for groceries
• 9:37
  Speaker 2: and petrol bills and rent and your discretionary spending, while
• 9:40
  Speaker 2: still trying to take account of our goals and what
• 9:43
  Speaker 2: we're working towards, because at the moment, it's really hard
• 9:47
  Speaker 2: I find for people to be balancing life costs and
• 9:51
  Speaker 2: your goals. Like you might have life costs and you
• 9:53
  Speaker 2: didn't get a pay rise this year, and then you've
• 9:56
  Speaker 2: got these goals, but because everything else is costing so
• 9:59
  Speaker 2: much more, you're not adjusting your grocery budget and you're
• 10:03
  Speaker 2: just going, well, one, I achieving my goals like I
• 10:06
  Speaker 2: was able to last year. Like sometimes we need to
• 10:08
  Speaker 2: like just move the goalposts a little bit and actually
• 10:11
  Speaker 2: review it and go Beck. I know that you only
• 10:13
  Speaker 2: you know, hypothetically want to spend one hundred dollars a
• 10:15
  Speaker 2: week on groceries, and I know you keep working towards that,
• 10:18
  Speaker 2: but every week you're going over it. It's not because
• 10:21
  Speaker 2: you're spending too much on groceries, it's just cause groceries
• 10:23
  Speaker 2: are more expensive. We actually now need a budget one
• 10:25
  Speaker 2: hundred and thirty dollars for groceries. Like that's going to
• 10:28
  Speaker 2: take the pressure off significantly, right. You know, groceries aren't
• 10:32
  Speaker 2: the be all, end all. They're not the thing that's
• 10:34
  Speaker 2: going to save you when it comes to saving money,
• 10:36
  Speaker 2: but it's a good example. Right. The other thing when
• 10:39
  Speaker 2: it comes to bills is have you recently done like
• 10:41
  Speaker 2: a service comparison with your provider. So in Victoria we
• 10:45
  Speaker 2: have the VIC Energy Saver compare and we will be
• 10:48
  Speaker 2: getting those rebates on the first of July, which is
• 10:50
  Speaker 2: very very soon and very very sexy. So make sure
• 10:53
  Speaker 2: you're with the right supplier, so that you get a rebate,
• 10:55
  Speaker 2: but you're also saving some money along the way. I
• 10:59
  Speaker 2: also really like to have look at my plans for
• 11:01
  Speaker 2: the next six months, so make sure that I'm setting
• 11:02
  Speaker 2: enough aside for that. Like, yeah, Beck, are we going
• 11:06
  Speaker 2: to Meredith? Yes, you know, like we got that plan.
• 11:09
  Speaker 2: Because if you're like, oh, that's like two or three
• 11:11
  Speaker 2: months off, I don't have to worry about that. How
• 11:13
  Speaker 2: quick does two or three months come up? And I say, Meredith,
• 11:16
  Speaker 2: not to like throw you under the bus, but it's
• 11:18
  Speaker 2: a really good example, Like you had committed to that
• 11:21
  Speaker 2: so long ago. You're really excited about it. But I
• 11:23
  Speaker 2: bet if I asked you, you just feel like it
• 11:25
  Speaker 2: crept up real quick and you're like, oh my god,
• 11:27
  Speaker 2: I feel out of control now, like I don't have enough.
• 11:28
  Speaker 3: For this exactly. I thought I would be a bit
• 11:32
  Speaker 3: different this here, but now I'm like, oh wait, that's
• 11:34
  Speaker 3: actually coming up, and I haven't prepared for it, but
• 11:36
  Speaker 3: I will any place.
• 11:37
  Speaker 2: You and I we sit down and do our budgets.
• 11:39
  Speaker 2: At some point, I keep saying that you and I
• 11:40
  Speaker 2: are going to do this, and then we don't find time.
• 11:42
  Speaker 2: So wine's on me, okay, and you don't even drink
• 11:46
  Speaker 2: that much wine. But the spicy water is on me.
• 11:48
  Speaker 3: Thank you so much.
• 11:49
  Speaker 2: Yeah, I'll buy you the bubbly water.
• 11:51
  Speaker 3: What a tree.
• 11:52
  Speaker 2: I don't worry. I've got more where that came from. Also,
• 11:54
  Speaker 2: once I've reviewed everything that I've just mentioned, I'm then
• 11:57
  Speaker 2: going to set up all of my direct debits so
• 11:59
  Speaker 2: that they orderically help me align with the updated plan
• 12:02
  Speaker 2: that I've got. So like again, Meredith is a good example,
• 12:06
  Speaker 2: I think because you were so genuinely disappointed. You were like, oh,
• 12:09
  Speaker 2: this sucks, like I hate this. But if we had
• 12:13
  Speaker 2: set up a direct debit, it's kind of out of sight,
• 12:15
  Speaker 2: out of mind, and then that money's over to the
• 12:16
  Speaker 2: side for that goal at the point in time that
• 12:19
  Speaker 2: you require it, right, So then it's just set and
• 12:22
  Speaker 2: forget for another six months.
• 12:23
  Speaker 3: Yeah, yeah, yeah, I love that.
• 12:25
  Speaker 2: And I think it works really well. And so many
• 12:26
  Speaker 2: times people will say to me, but the I really
• 12:29
  Speaker 2: want to be in control of my money, and I go,
• 12:31
  Speaker 2: you can be in control of your money with direct debits.
• 12:33
  Speaker 2: Just always check in on them and make sure that
• 12:35
  Speaker 2: they aren't, you know, direct debiting for things that you
• 12:38
  Speaker 2: shouldn't be direct debiting for, or like you've got your
• 12:40
  Speaker 2: Netflix account direct debiting, but you haven't been using it.
• 12:43
  Speaker 2: That's when we need to get rid of it. You
• 12:44
  Speaker 2: don't need to necessarily log into your bank every month
• 12:47
  Speaker 2: and make that manual transaction, even though you think that
• 12:50
  Speaker 2: that might make you quote better at money. If you're
• 12:53
  Speaker 2: not actually going to log in and make the transfer
• 12:55
  Speaker 2: every single month, you only do it when you remember, sure,
• 12:57
  Speaker 2: because sometimes out of sight, out of mind totally.
• 13:00
  Speaker 3: And it kind of feels like when you like see
• 13:03
  Speaker 3: a ten dollar Netflix subscription fee come out of your
• 13:06
  Speaker 3: regular account, it's like, oh, I've just spent ten dollars,
• 13:08
  Speaker 3: But then when it comes out of the dedicated Netflix account,
• 13:12
  Speaker 3: it's like, huh, that's free money.
• 13:13
  Speaker 2: Yeah, there, it's planned money. I was meant to spend that.
• 13:18
  Speaker 2: So that leads into point two, which I've just touched on,
• 13:21
  Speaker 2: which is like review your subscriptions and point schemes. So
• 13:24
  Speaker 2: are you paying for apps that you don't use or
• 13:26
  Speaker 2: don't need? So do you know that on your phone?
• 13:29
  Speaker 2: Beck you can go and you hit settings and then
• 13:32
  Speaker 2: you hit your name at the top, and then you
• 13:34
  Speaker 2: hit subscriptions and it will tell you all of the
• 13:37
  Speaker 2: subscriptions that you currently have. And what you're paying for
• 13:40
  Speaker 2: and when it expires, So whenever I download like a
• 13:44
  Speaker 2: free trial for something or I've got you know, at
• 13:47
  Speaker 2: the moment, Sorry, dueling go, I love you, I follow
• 13:50
  Speaker 2: you on TikTok. But that's expiring on the sixth of
• 13:53
  Speaker 2: June for me. But that's expiring because I canceled my
• 13:56
  Speaker 2: subscription on purpose, so it didn't automatically renew. And then
• 14:01
  Speaker 2: if I decide but wait, I'm still using my duo lingo,
• 14:04
  Speaker 2: I can then pay for that subscription at that point
• 14:06
  Speaker 2: in time by choice instead of having it direct Ebeden, Yes,
• 14:10
  Speaker 2: so now is the time to go through those subscriptions
• 14:13
  Speaker 2: and basically cancel them all so that you can make
• 14:17
  Speaker 2: those payments by choice, because it'll come up like let's
• 14:19
  Speaker 2: say I'm looking at mine right now, Beck, and I
• 14:21
  Speaker 2: can see that my Binge account is going to renew
• 14:24
  Speaker 2: automatically on the thirtieth of May. Sorry, Binge love you. Still,
• 14:27
  Speaker 2: I'm going to cancel it literally right now, because if
• 14:30
  Speaker 2: I'm not using it and I go to log in,
• 14:34
  Speaker 2: I can repay for it. Then, yes, but it might
• 14:37
  Speaker 2: be a little bit of a practice in do you
• 14:38
  Speaker 2: actually use this?
• 14:40
  Speaker 3: Yeah, kind of like you're twenty four hour thing. Yeah,
• 14:42
  Speaker 3: but it's with Binge when you go to log in
• 14:44
  Speaker 3: you haven't paid for it, and you're like, I don't
• 14:46
  Speaker 3: really need it, yes.
• 14:47
  Speaker 2: And it's like that check at that time because like
• 14:49
  Speaker 2: I don't know about you, like and this is so
• 14:50
  Speaker 2: off track. But sometimes I'm like flicking around, I'm like, oh,
• 14:53
  Speaker 2: Netflix is boring, Like I can't find anything I want
• 14:56
  Speaker 2: to watch, even though there's like thousands of hours of
• 14:59
  Speaker 2: good content on there. So I'm like, oh, just for
• 15:01
  Speaker 2: covid a Binge, Yeah, I'll have a check of what's
• 15:03
  Speaker 2: on there. Maybe I'll find something that piques my interest.
• 15:06
  Speaker 2: Like if I flicked over and I hadn't paid for
• 15:09
  Speaker 2: that subscription and it said, you know, you need to
• 15:11
  Speaker 2: update your payment details, I'd be like, yeah, I'm just
• 15:14
  Speaker 2: gonna go back and find something on Netflix. Oh yeah thanks, though,
• 15:17
  Speaker 2: whereas Binge, like I might re download it later. If
• 15:20
  Speaker 2: I'm like, oh, there's a specific series I really want
• 15:22
  Speaker 2: to watch and it's available on binch, like go do it.
• 15:24
  Speaker 2: Then I know that that sounds lame, but like that's
• 15:27
  Speaker 2: the conversation we need to have because from little things,
• 15:29
  Speaker 2: big things really do grow. Like and it sounds lame,
• 15:32
  Speaker 2: but like, I know my mentality and then if I
• 15:35
  Speaker 2: know you're very similar, so surely it works for other
• 15:37
  Speaker 2: people as well.
• 15:38
  Speaker 3: Right, oh yeah, and it's not just binge if you're
• 15:40
  Speaker 3: doing it for multiple things, like it really all adds
• 15:41
  Speaker 3: up exactly.
• 15:42
  Speaker 2: And then what's your gym membership doing for you? I
• 15:45
  Speaker 2: know you love your gym membership. I do, but if
• 15:47
  Speaker 2: I was paying for a gym membership, that would be
• 15:50
  Speaker 2: money literally being flushed down the drain. Right, So we
• 15:53
  Speaker 2: need to be a little bit real with ourselves. Are
• 15:55
  Speaker 2: you using it or nah? Yeah? Like if you're not
• 15:59
  Speaker 2: using it, maybe you cancel it and then when you
• 16:01
  Speaker 2: get your motivation back, then you can gift it back
• 16:04
  Speaker 2: to yourself. Yeah, because like what's the worst You go
• 16:06
  Speaker 2: without it for a couple of months and then decide
• 16:08
  Speaker 2: you're back into it. You didn't pay for it for
• 16:10
  Speaker 2: a couple of months. Money win. Do you have some
• 16:13
  Speaker 2: points that are going to expire? If so, can we
• 16:16
  Speaker 2: spend them on something or can you email the company
• 16:19
  Speaker 2: and ask them to extend your expiry date on those points? Like,
• 16:23
  Speaker 2: we don't want to miss out on anything. And then
• 16:25
  Speaker 2: what are your points or cash back balances and can
• 16:28
  Speaker 2: you use these to save on expenses that are coming up.
• 16:31
  Speaker 2: It's like, I've got a few dollars sitting in my
• 16:34
  Speaker 2: shop back account. Still, could I cash that out and
• 16:37
  Speaker 2: allocate it towards something or cash that out and throw
• 16:41
  Speaker 2: it straight in my savings towards the goal that maybe
• 16:43
  Speaker 2: I haven't met yet.
• 16:44
  Speaker 3: I didn't realize you could cash it out. I think
• 16:46
  Speaker 3: you use it.
• 16:47
  Speaker 2: No, you can cash it out. Cash back, like literally
• 16:50
  Speaker 2: on shop back is real dollar use.
• 16:53
  Speaker 3: That's exciting.
• 16:54
  Speaker 2: Yeah, but it's like not like fake money where you
• 16:56
  Speaker 2: just like put it towards something else. Sure, like beck,
• 16:59
  Speaker 2: you can put it in your bank account. Once we
• 17:01
  Speaker 2: finish up here, you're going to be running oh yeah,
• 17:04
  Speaker 2: all right. So number three, if you are in the
• 17:07
  Speaker 2: privileged position of having purchased property, we're going to look
• 17:10
  Speaker 2: at our home loan and insurances and make sure that
• 17:13
  Speaker 2: everything is up to date. Irrespective of whether you own
• 17:16
  Speaker 2: a home or not, you need to be reviewing your
• 17:18
  Speaker 2: insurances and making sure that your will is up to date.
• 17:21
  Speaker 2: But the first Tuesday of every month has been like
• 17:24
  Speaker 2: a bit of a dread day for many because of
• 17:26
  Speaker 2: the RBA interest rate hikes. Right, you probably haven't noticed
• 17:30
  Speaker 2: it's tuesdays I have, but as a finance girlie, I
• 17:33
  Speaker 2: am on my phone at about eleven am on a Tuesday, like,
• 17:36
  Speaker 2: what's going on? Sure, what are you going to give us?
• 17:39
  Speaker 2: It's been pretty good this year. I mean they haven't
• 17:41
  Speaker 2: dropped it significantly, which would be a sleigh, but like
• 17:44
  Speaker 2: they haven't been throwing update after update on us to
• 17:47
  Speaker 2: increase it. But the media point is another really good
• 17:50
  Speaker 2: prompt to ask your broker or your bank for a
• 17:53
  Speaker 2: discount on the home loan and the investment property loan
• 17:56
  Speaker 2: interest rates that you might have. Like also, if you
• 18:00
  Speaker 2: don't ask, you don't get like, if you have a mortgage,
• 18:05
  Speaker 2: you're gonna save some money if they say yes, is
• 18:07
  Speaker 2: that not worth being like, hey, can you review this totally?
• 18:10
  Speaker 3: What's the worst I can say?
• 18:11
  Speaker 2: I'm like, no, like I've heard about a million times
• 18:13
  Speaker 2: totally that's fine. So ask the question because it could
• 18:17
  Speaker 2: save you hundreds, if not thousands of dollars. And what
• 18:20
  Speaker 2: do your insurances look like? Right? Do you have the
• 18:22
  Speaker 2: right cover for your life insurance all of your personal insurances?
• 18:26
  Speaker 2: If not, go talk to Phil Thompson at Sky Wealth.
• 18:29
  Speaker 2: I'm gonna put his name and his contact details in
• 18:32
  Speaker 2: the show notes, because I don't know about you, Beck,
• 18:34
  Speaker 2: but I'm wildly passionate about personal insurances and the protection
• 18:38
  Speaker 2: that they give you. Also, some of your insurances tax deductible.
• 18:43
  Speaker 2: There you go, money win, huh. I mean not all
• 18:46
  Speaker 2: of them, but like talk to them about that because
• 18:48
  Speaker 2: it's nice to know that you can claim something at
• 18:50
  Speaker 2: tax time. But then I also want you to make
• 18:52
  Speaker 2: sure that your house, in your car insurance and stuff
• 18:54
  Speaker 2: is all up to date and relevant. Like if you're
• 18:56
  Speaker 2: having an invoice come in from your car insurance company,
• 18:59
  Speaker 2: being like Beck, it's time to renew, and you're not
• 19:01
  Speaker 2: calling them up and saying, give me a better deal,
• 19:04
  Speaker 2: doing yourself a disservice, because nine times out of ten
• 19:07
  Speaker 2: they do give you a better deal. They're just hoping
• 19:09
  Speaker 2: that you'll pay that amount because you know you send
• 19:12
  Speaker 2: the invoice. Yeah, true, we always ask. And then is
• 19:15
  Speaker 2: your will up to date? A bit lame, a bit boring,
• 19:18
  Speaker 2: a bit morbid, but like it needs to be up
• 19:20
  Speaker 2: to date because circumstances can change really quickly, and God forbid,
• 19:23
  Speaker 2: something happens and your wishes aren't reflected in your will,
• 19:26
  Speaker 2: Obviously you're not going to be around so like you
• 19:30
  Speaker 2: won't notice, but your family will, and like it can
• 19:33
  Speaker 2: be a monster of a task to deal with someone
• 19:36
  Speaker 2: who doesn't have a will. So your will is a
• 19:39
  Speaker 2: very very good idea.
• 19:41
  Speaker 3: Okay, that's good to know. And I imagine you should
• 19:44
  Speaker 3: just sit any.
• 19:44
  Speaker 2: Age, irrespective of your age. I think everyone should have
• 19:48
  Speaker 2: a will.
• 19:48
  Speaker 3: Okay, that's good to know.
• 19:49
  Speaker 2: Also, what makes you feel like you go shit together?
• 19:51
  Speaker 3: Yeah, that's true.
• 19:52
  Speaker 2: If you just want to feel like you got your
• 19:53
  Speaker 2: financial shit together this year, that's a really good, like
• 19:56
  Speaker 2: big ticket item that you could.
• 19:57
  Speaker 3: Do if you want to feel like an adult. And
• 19:59
  Speaker 3: I think I do want to feel an.
• 20:00
  Speaker 2: You want to feel like an adult?
• 20:01
  Speaker 3: I think so we'll have a will soon and I
• 20:03
  Speaker 3: like it.
• 20:04
  Speaker 2: What do you want to know about superannuation? Beck? It's
• 20:06
  Speaker 2: now before.
• 20:07
  Speaker 3: Okay, what do I want to know about super? Can
• 20:10
  Speaker 3: you do anything about it?
• 20:11
  Speaker 2: Yeah? You can. I mean what we want to do
• 20:13
  Speaker 2: is just review our super, So log into our account
• 20:17
  Speaker 2: and check if your employer has been making the right contributions.
• 20:20
  Speaker 2: Ok Like, just make sure that you're dotting all your
• 20:22
  Speaker 2: eyes and crossing all your teas. Even if you do
• 20:24
  Speaker 2: trust your employer, because sometimes it can get away from them.
• 20:28
  Speaker 2: Maybe somehow they have the wrong details, maybe they are
• 20:31
  Speaker 2: just not paying it because they're a little bit cheeky.
• 20:34
  Speaker 2: So we want to do a check and don't forget.
• 20:37
  Speaker 2: Guess what, we get a pay rise inside of our
• 20:39
  Speaker 2: super Oh you on the first of July, it goes
• 20:42
  Speaker 2: from eleven percent to eleven point five percent because we're
• 20:45
  Speaker 2: on the way to twelve. So next year we are
• 20:47
  Speaker 2: going to get twelve percent in supernuation. And we need
• 20:50
  Speaker 2: to make sure that we understand our salary package. Sock.
• 20:55
  Speaker 2: I know you're applying for jobs and looking around at
• 20:57
  Speaker 2: the moment. Yes, And when we talk about salary, they
• 20:59
  Speaker 2: could say it's salary plus super or it's a package
• 21:04
  Speaker 2: of all of it included. So if your employer pays
• 21:07
  Speaker 2: you salary plus super, that's a money win because they
• 21:11
  Speaker 2: won't take that additional point five percent out of your
• 21:15
  Speaker 2: take home pay to pay it into SUPER because the
• 21:17
  Speaker 2: contract they have with you is plus superannuation, and that
• 21:20
  Speaker 2: would be at the rate that the government has outlined
• 21:23
  Speaker 2: SUPER to be at. But if you have a salary package,
• 21:26
  Speaker 2: and I think this is really sneaky and employers shouldn't
• 21:28
  Speaker 2: do this, but they're probably going to do this. They
• 21:31
  Speaker 2: might go, all right, well, Beck, you've got a salary package.
• 21:33
  Speaker 2: I'm just going to shift that point five percent from
• 21:36
  Speaker 2: your income over to SUPER. And I would be having
• 21:40
  Speaker 2: a conversation now with your employer about what their plans are.
• 21:43
  Speaker 2: If you're not sure, ye, so send a nice message
• 21:45
  Speaker 2: to HR and be like, hey, I'm assuming that you
• 21:48
  Speaker 2: will be increasing my SUPER and not decreasing my take
• 21:51
  Speaker 2: home pay. What does this mean? Can I negotiate that
• 21:55
  Speaker 2: and see what that means? Because I don't want people
• 21:58
  Speaker 2: to be in a worse position because you're investing for
• 22:01
  Speaker 2: your future, like future, you gonna thank you for that one,
• 22:04
  Speaker 2: I promise.
• 22:05
  Speaker 3: Of course. Speaking of investments, fee, Yes, what's up next?
• 22:08
  Speaker 2: Al Right, it's investments. Because you're reading my life on
• 22:11
  Speaker 2: my shoulder. You're a dirty dog, all right, So we
• 22:14
  Speaker 2: want to review our investments. So it's a good time
• 22:17
  Speaker 2: to check in with your investments and adjust any ongoing contributions.
• 22:21
  Speaker 2: So the goal for investments is obviously going to be
• 22:23
  Speaker 2: very different for everybody, and it kind of segues in
• 22:26
  Speaker 2: from superannuation because as we know, most of us do
• 22:29
  Speaker 2: have superannuations, so we are already investors and is your
• 22:33
  Speaker 2: money so you have to take care of it, Beck,
• 22:35
  Speaker 2: like if you're not logging in Like, Beck again, I
• 22:38
  Speaker 2: love you dearly, but I know you aren't the best
• 22:40
  Speaker 2: savor in the world. Yes, so are you currently saving
• 22:43
  Speaker 2: eleven percent of your income? No? We know you're not,
• 22:47
  Speaker 2: and that's okay, that's so fine. But you are inside Super.
• 22:51
  Speaker 2: And if you were saving eleven percent outside Super, I'm
• 22:54
  Speaker 2: sure you'd be checking and making sure it was a
• 22:56
  Speaker 2: high interest savings account and like doing the best thing
• 22:58
  Speaker 2: for it. But we don't do that inside Super. Blows
• 23:01
  Speaker 2: my mind. You need to care about it. They're the rules,
• 23:03
  Speaker 2: it's your money, it's your choice, you have complete control
• 23:06
  Speaker 2: over it. Look at it. Just log in one time.
• 23:10
  Speaker 2: It'll put you in a better financial position, I promise.
• 23:12
  Speaker 2: But you're going to review all of your other investments.
• 23:14
  Speaker 2: And because your goals are different, you might want to
• 23:16
  Speaker 2: do a number of different things. But you might want
• 23:18
  Speaker 2: to consider whether you can increase your ongoing contributions. Or
• 23:22
  Speaker 2: we're in the middle of the cost of living crisis, BAC,
• 23:24
  Speaker 2: do you need to decrease them for a short period
• 23:26
  Speaker 2: of time so that you can feel a little bit
• 23:28
  Speaker 2: more financially stable, Right, that's actually a fine thing to do. Like,
• 23:31
  Speaker 2: I'm giving you permission to decrease how much you are
• 23:35
  Speaker 2: investing if it takes the financial pressure off at home,
• 23:38
  Speaker 2: if it means that you're not so stressed about the groceries, Like,
• 23:41
  Speaker 2: just do it. Do it for this short period of time.
• 23:44
  Speaker 2: I know it's still a priority to you, but it's
• 23:47
  Speaker 2: going to impact the rest of your finances and your
• 23:49
  Speaker 2: mental health. Into me, that's really important.
• 23:51
  Speaker 3: Oh absolutely, it's number one.
• 23:53
  Speaker 2: Life's about balance, and sometimes it's a little bit off
• 23:56
  Speaker 2: balance and you can't work as aggressively towards your goals.
• 23:59
  Speaker 3: And that's okay, it's okay, you're allowed.
• 24:01
  Speaker 2: That's all right. Next six, Yes, you're not going to
• 24:04
  Speaker 2: see this one coming. Oh, review your privacy. Privacy use
• 24:09
  Speaker 2: the start of the new financial year to enhance your
• 24:11
  Speaker 2: online security and safeguard your personal information. I know that
• 24:14
  Speaker 2: that should not be something that you hear on shees
• 24:17
  Speaker 2: on the money, But the world is getting wild and
• 24:19
  Speaker 2: there are so many scams out there, and it's probably
• 24:22
  Speaker 2: been a while since you change your password back, like
• 24:25
  Speaker 2: stop updating your password does the same word with different numbers?
• 24:28
  Speaker 2: How did you know? I just know? I just know.
• 24:31
  Speaker 2: Do you know the most common passwords still is one, two, three, four, five, six,
• 24:35
  Speaker 2: really wild.
• 24:37
  Speaker 3: Well, well, well, if I I.
• 24:39
  Speaker 2: Ever had an original thought in my life, but I
• 24:42
  Speaker 2: want you to consider changing your passwords and updating that.
• 24:45
  Speaker 2: Consider updating them and enabling that two step verification for
• 24:48
  Speaker 2: your online accounts, and think about whether you need a
• 24:52
  Speaker 2: password manager. So I have one, in my opinion, the
• 24:55
  Speaker 2: answer is absolutely yes, but think about whether you need
• 24:58
  Speaker 2: one or not. I have two step verification on my
• 25:01
  Speaker 2: phone and I feel like that makes me feel really
• 25:03
  Speaker 2: safe even just to like log into my Instagram and
• 25:05
  Speaker 2: my Facebook. We're not even talking about bank security at
• 25:08
  Speaker 2: this point, because so many of my friends recently, like
• 25:11
  Speaker 2: I keep seeing them be hacked and like, you know,
• 25:14
  Speaker 2: random stuff going up on their Instagram story about bitcoin.
• 25:16
  Speaker 3: And like it's.
• 25:18
  Speaker 2: So common, Like just safeguard yourself. We're cleaning our little
• 25:22
  Speaker 2: financial house, yes, and if you can be hacked, it
• 25:25
  Speaker 2: can impact you financially, so we're just noted down for that, you.
• 25:28
  Speaker 3: Know, or maybe your coach has made you forty seven
• 25:30
  Speaker 3: thousand dollars in bitcoin. If that's the case.
• 25:33
  Speaker 2: In which case, please carry on posting it. It's not
• 25:36
  Speaker 2: a hack, babe, call me.
• 25:37
  Speaker 3: Yeah, Seriously, I think you would have a conniption if
• 25:39
  Speaker 3: you saw restored my passwords. But oh my Goshy's story
• 25:43
  Speaker 3: of another time.
• 25:44
  Speaker 2: Side note. I went to my parents' house the other
• 25:45
  Speaker 2: day and thankfully this is not a thing anymore, and
• 25:48
  Speaker 2: I saw all these random words sprinted out on a
• 25:50
  Speaker 2: piece of paper on their kitchen Bench's good, Dad, what's that?
• 25:53
  Speaker 2: He's Oh, it's just still my passwords? Good in the
• 25:55
  Speaker 2: communal space, worries well for it's like, oh, I just
• 25:59
  Speaker 2: didn't want to forget the.
• 26:00
  Speaker 3: Well, no one else will either.
• 26:02
  Speaker 2: No one else is going to forget that either. Anyway,
• 26:05
  Speaker 2: Moving on, clean up your filing cabinet. I don't know
• 26:08
  Speaker 2: if you ever have one. Clean up your shoe box
• 26:11
  Speaker 2: or that draw at the bottom of the cutlery draw Like,
• 26:13
  Speaker 2: clean up that bottom drawer where all the receipts and
• 26:15
  Speaker 2: bits and bobs end up going. Because according to the
• 26:18
  Speaker 2: ATO or the Australian Taxation Office, you should keep financial
• 26:22
  Speaker 2: records for five years, so you can't technically throw them out.
• 26:26
  Speaker 2: But like, let's just have a storage box or a
• 26:28
  Speaker 2: nice container and keep them all together, because they're everywhere
• 26:32
  Speaker 2: and I'm just making it easy for financial you next year. Like,
• 26:35
  Speaker 2: it's going to be much easier, I promise, But shred
• 26:38
  Speaker 2: paperwork that is older than five years, and then file
• 26:42
  Speaker 2: everything else, so bills, invoices, bank statements. And then remember
• 26:45
  Speaker 2: that any filing system you implement should be quickly and
• 26:48
  Speaker 2: easily maintained so that you're motivated to keep your records
• 26:51
  Speaker 2: in order. So I take lots of photos. You guys
• 26:53
  Speaker 2: probably already.
• 26:54
  Speaker 3: Know I started doing that.
• 26:56
  Speaker 2: Actually, yeah, I think it's a good way of doing it.
• 26:58
  Speaker 2: And then I just put it into a folder on
• 26:59
  Speaker 2: my phone, yes, and then I know where they are.
• 27:01
  Speaker 2: And then also I know that I said, you know,
• 27:04
  Speaker 2: shred financial paperwork that's older than five years. Sometimes the
• 27:08
  Speaker 2: bank still sends me like paper bank statements, and like
• 27:12
  Speaker 2: I know that that's easily accessible on my internet banking.
• 27:15
  Speaker 2: So I just read those two like, just don't carry
• 27:17
  Speaker 2: things you don't need. But also, if in doubt, just
• 27:19
  Speaker 2: put it to the side, put it into your filing
• 27:22
  Speaker 2: cabinet if you have one.
• 27:23
  Speaker 3: If in doubt, print it out.
• 27:24
  Speaker 2: No, don't print it out. That's so bad for the environment,
• 27:27
  Speaker 2: that's bad for you. Right right, you're canceled. Let's go
• 27:29
  Speaker 2: to a really quick break on the flip side. We're
• 27:31
  Speaker 2: going to be talking about reevaluating your goals and money mindset,
• 27:34
  Speaker 2: which I think is honestly going to be the best
• 27:36
  Speaker 2: part of this show. So thanks to sticking around.
• 27:38
  Speaker 3: Us far Welcome back everyone. So we're talking about our
• 27:44
  Speaker 3: media financial health check. Now let's talk about money mindset
• 27:47
  Speaker 3: and goals. What should we be doing this time of YEARV.
• 27:51
  Speaker 2: All right, So I've given you a list of like
• 27:54
  Speaker 2: checkpoint things that I think you should be doing, But
• 27:56
  Speaker 2: one of the most important things I think is re
• 27:58
  Speaker 2: evaluating your goals and your money mindset. So we touched
• 28:01
  Speaker 2: on this before, Like maybe your goals have changed, maybe
• 28:04
  Speaker 2: you're not working towards it as aggressively, and we need
• 28:07
  Speaker 2: to do a little bit of inner work and go
• 28:08
  Speaker 2: weoll Beck, you said that you wanted this, but do
• 28:11
  Speaker 2: you really want this? Like is something else more important?
• 28:13
  Speaker 2: And that's okay if it is. But we just need
• 28:15
  Speaker 2: to be honest with ourselves. And I think that being
• 28:17
  Speaker 2: honest with ourselves is the best way to be moving forward.
• 28:21
  Speaker 2: You don't have to tell anyone else, Like you don't
• 28:23
  Speaker 2: have to say, oh, I don't care about this anymore.
• 28:26
  Speaker 2: Like we're not having these deep conversations with anyone other
• 28:29
  Speaker 2: than ourselves, like do your goals still serve you? Are
• 28:32
  Speaker 2: you still excited about working towards them? Like you know,
• 28:35
  Speaker 2: you might have had a holiday planned and you're so
• 28:38
  Speaker 2: excited about it, Beck, and you're like yeah, yeah, and
• 28:40
  Speaker 2: then all of a sudden you're like, I just don't
• 28:43
  Speaker 2: care anymore, Like I just I don't want to go anymore.
• 28:45
  Speaker 2: So you like follow through on the motions of it,
• 28:48
  Speaker 2: and you might still go on the holiday, but you're like, well,
• 28:50
  Speaker 2: I could have gone without, and I like much would
• 28:52
  Speaker 2: have preferred to save for a house. Yeah, And like
• 28:55
  Speaker 2: that's not saying that you have to do that, but
• 28:56
  Speaker 2: you might have like rediscovered a different goal or discovered
• 28:59
  Speaker 2: something that you want to invest your money in, and
• 29:02
  Speaker 2: it's okay to change, you can cancel. Do you need
• 29:05
  Speaker 2: help from a professional is also a really good question here,
• 29:08
  Speaker 2: because sometimes we're in a bit over our heads. Do
• 29:12
  Speaker 2: you have debt that is completely getting in the way
• 29:15
  Speaker 2: of your money mindset? Is it something that you need
• 29:17
  Speaker 2: to call our friends at the National Debt Helpline and
• 29:19
  Speaker 2: just go all right, well what am I doing? Like
• 29:21
  Speaker 2: I feel stuck in the mud here? How can you
• 29:23
  Speaker 2: help me. I promise they are the kindest people in
• 29:25
  Speaker 2: the entire world. They are used to helping people, and
• 29:28
  Speaker 2: I know that this is not what they want me
• 29:30
  Speaker 2: to do in terms of their branding and marketing. But
• 29:32
  Speaker 2: they're not paying for this show. But Becky, if you called,
• 29:35
  Speaker 2: I can guarantee they've seen people in worse situations, right,
• 29:38
  Speaker 2: So it's not that bad. They're not going to pick
• 29:41
  Speaker 2: up the phone and be like, Wow, that's embarrassing. Like
• 29:43
  Speaker 2: they're going to go, oh, babe, that's easy. Let's work
• 29:46
  Speaker 2: through this together, and you'll be like, oh my gosh,
• 29:48
  Speaker 2: I feel so much lighter, Like I feel like I
• 29:50
  Speaker 2: can do this now. Like sometimes just reaching out and
• 29:52
  Speaker 2: getting a little bit of a helping hand is a
• 29:54
  Speaker 2: really good idea. But the other thing I want to
• 29:57
  Speaker 2: talk about is the key to achieving any goal is
• 29:59
  Speaker 2: to be really smart about it. Hover I know, right,
• 30:03
  Speaker 2: smart goal methodology, But I'm not going to talk about
• 30:05
  Speaker 2: the smart goals. And I don't talk about the SotM
• 30:07
  Speaker 2: goals because our podcast goals, so obviously being specific is important.
• 30:12
  Speaker 2: We need to be really clear and define our goals.
• 30:16
  Speaker 2: The next is optimistic, So we want to be optimistic
• 30:19
  Speaker 2: because if we're not excited about a goal, why are
• 30:22
  Speaker 2: we working towards it? We also need to be optimistic
• 30:25
  Speaker 2: because we want to back ourselves. Like, Beck, if you
• 30:28
  Speaker 2: don't believe you can do it, why are we here?
• 30:31
  Speaker 2: Are we being optimistic? Is this goal reasonable? Is this
• 30:34
  Speaker 2: goal something that you can actually achieve? Like do you
• 30:37
  Speaker 2: think you're on the right pathway? Have you worked backwards
• 30:40
  Speaker 2: and been like, all right, well, if I want to
• 30:42
  Speaker 2: save ten thousand dollars this year, let's break it down
• 30:46
  Speaker 2: into the smallest possible. That's twenty seven dollars and fifty
• 30:49
  Speaker 2: cents a day.
• 30:51
  Speaker 3: That does not seem like a lot.
• 30:52
  Speaker 2: Actually no, but twenty seven dollars and fifty cents a day?
• 30:56
  Speaker 2: Can you achieve that? And you go, well, maybe I can. Like,
• 30:59
  Speaker 2: if you break down on a big goal into very small, manageable,
• 31:02
  Speaker 2: bite sized pieces, it seems a lot easier, right Like
• 31:05
  Speaker 2: if I said to you, Beck, let's be really aggressive
• 31:07
  Speaker 2: and save twenty seven dollars fifty every single day, you
• 31:10
  Speaker 2: might go, well, that's achievable, whereas if I said, Beck,
• 31:14
  Speaker 2: save ten grand, you'd be like, but be on me,
• 31:16
  Speaker 2: not having absolutely not no thank you. But also the
• 31:19
  Speaker 2: goal might feel overwhelming just because it's so big. Yeah,
• 31:22
  Speaker 2: So I think it's important to understand and be optimistic
• 31:25
  Speaker 2: about what you can achieve and find a way to
• 31:28
  Speaker 2: be optimistic about it. Because, like beck, if I said,
• 31:31
  Speaker 2: are you optimistic about saving ten grand, You'd be like, no, way, no,
• 31:35
  Speaker 2: not keen. But if I said, do you reckon? You
• 31:37
  Speaker 2: could do twenty seven dollars fifty a day? Go, I reckon,
• 31:40
  Speaker 2: I could do that.
• 31:41
  Speaker 3: I reckon I could do fifteen dollars every half a.
• 31:43
  Speaker 2: Day, fifteen dollars every half.
• 31:45
  Speaker 3: Day out of the day, end of the day, fifteen buck.
• 31:48
  Speaker 2: But isn't it wild how much they add up? Yeah,
• 31:51
  Speaker 2: it's actually really confronting. Right, we should do a whole
• 31:55
  Speaker 2: podcast episode on like five dollars a day on the
• 31:57
  Speaker 2: way to wealth or something like, and.
• 31:59
  Speaker 3: How that's they're gonna die?
• 32:01
  Speaker 2: Yeah, let's talk about that later. Like might not be
• 32:03
  Speaker 2: five dollars, It might be like a bit more than that.
• 32:04
  Speaker 3: You know, whatever you can do.
• 32:05
  Speaker 2: Maybe we can do lots of different ones, like what
• 32:07
  Speaker 2: two dollars a day would get you?
• 32:09
  Speaker 3: Yes?
• 32:09
  Speaker 2: How good? Anyway? Moving on? The next is t so timely?
• 32:14
  Speaker 2: We want to set a time that you want to
• 32:15
  Speaker 2: achieve this goal? Is it a fair time, like, cause,
• 32:18
  Speaker 2: if I say it, Beck, you need to save this
• 32:20
  Speaker 2: ten grand by tomorrow, that's not going to work. Like,
• 32:24
  Speaker 2: but if we've broken it down into small enough goals
• 32:26
  Speaker 2: and we have the time, it'll be achievable. And then
• 32:30
  Speaker 2: the last one is measurable. So we need to ensure
• 32:34
  Speaker 2: that it is measurable so that we know when we've
• 32:36
  Speaker 2: hit that goal. So if your goal is I want
• 32:39
  Speaker 2: you save more money, that's not specific enough. That's not measurable, Like,
• 32:44
  Speaker 2: I don't know if you've been able to save within
• 32:46
  Speaker 2: your capacity or not. I don't know if you've actually achieved. Like,
• 32:49
  Speaker 2: at what point do we start celebrating, Like how do
• 32:52
  Speaker 2: we pop the cork on a bottle of champagne? If
• 32:54
  Speaker 2: you set the goal I wanted to save and I
• 32:56
  Speaker 2: keep using ten thousand dollars, which is probably a really
• 32:58
  Speaker 2: rude number at this point in time because we're in
• 33:00
  Speaker 2: the com middle of a cost of living crisis, Beck,
• 33:02
  Speaker 2: And then you might go v stop saying ten grand.
• 33:05
  Speaker 2: That's so overwhelming.
• 33:06
  Speaker 3: I don't think where were we gonna get there.
• 33:07
  Speaker 2: It's just an example, right, like, and it's not meant
• 33:10
  Speaker 2: to be. And you know what I was at a
• 33:11
  Speaker 2: speaking presentation the other day and someone put their hand
• 33:15
  Speaker 2: up at the end of my presentation and they were like, Vie,
• 33:17
  Speaker 2: how much, Like should I be saving in percentage? Like
• 33:20
  Speaker 2: you never talk about percentages? And I was like, yeah,
• 33:24
  Speaker 2: and I'm glad you bring this up because I will
• 33:27
  Speaker 2: never talk about you need to be saving in terms
• 33:29
  Speaker 2: of percentages. Because Beck, if I turned around to you
• 33:32
  Speaker 2: and said you need to be saving ten percent of
• 33:34
  Speaker 2: your income. I mean, we talk about this eleven and
• 33:36
  Speaker 2: eleven and a half percent when it comes to superunuation,
• 33:39
  Speaker 2: but that's because it's government mandated and we don't actually
• 33:41
  Speaker 2: have any control over it. Right. But if I said
• 33:43
  Speaker 2: to you, Beck, you need to save ten percent of your
• 33:45
  Speaker 2: income if you were earning four hundred thousand dollars, which
• 33:50
  Speaker 2: is astronomical amounts of money, is that reasonable.
• 33:55
  Speaker 3: I guess it depends on your circumstances.
• 33:56
  Speaker 2: Yeah, But like four hundred thousand dollars save ten percent, Beck,
• 33:59
  Speaker 2: I'd like, oh, can't you save more? Beck? Like if
• 34:02
  Speaker 2: I sat you down and did your budget in cash flow,
• 34:04
  Speaker 2: like we're not talking about you know, your mortgage repayments
• 34:07
  Speaker 2: and stuff, but if you're on an income a four
• 34:08
  Speaker 2: hundred grand and you're saving not ten percent, I'd be like, well,
• 34:13
  Speaker 2: where's that money going? Like you've got a lot of it.
• 34:16
  Speaker 2: We need to just get our stuff together now, Like
• 34:18
  Speaker 2: I would actually expect someone on four hundred thousand dollars
• 34:20
  Speaker 2: as an ex financial advisor, you're saving more than that guarantee, Like,
• 34:24
  Speaker 2: that's just how it works, right, unless you are blowing
• 34:26
  Speaker 2: it all on hookers and coke, which, to be honest,
• 34:30
  Speaker 2: as an ex financial advisor, I have seen, but I'd
• 34:34
  Speaker 2: probably have a little bit like I have high expectations
• 34:37
  Speaker 2: for you on that salary. Right, But if we flip
• 34:40
  Speaker 2: it and you are a mum and you are single,
• 34:42
  Speaker 2: and you are earning forty thousand dollars, is it fair
• 34:46
  Speaker 2: to then say you need to be saving ten percent
• 34:48
  Speaker 2: of your income?
• 34:48
  Speaker 1: Right?
• 34:49
  Speaker 2: No, you can't do that. In fact, if you're in
• 34:51
  Speaker 2: that season of your life and you're not able to
• 34:54
  Speaker 2: save a dollar, I get it, Like, I fully go
• 34:57
  Speaker 2: will that makes sense? Of course, you can't save a
• 34:59
  Speaker 2: dollar because you're in that season of life where you're
• 35:01
  Speaker 2: putting food on the table for your kids, you have
• 35:04
  Speaker 2: a low income, and it would be bloody hard. I'm
• 35:08
  Speaker 2: not going to come out and say all right, Well,
• 35:10
  Speaker 2: you need on average to be you know, saving this
• 35:13
  Speaker 2: percentage and investing this percentage, and this percentage goes to
• 35:16
  Speaker 2: your fun things like that just skews it in a
• 35:19
  Speaker 2: way that you're setting unrealistic expectations for what you can
• 35:22
  Speaker 2: achieve and what's there. Like if you're in a season
• 35:25
  Speaker 2: of life where you can't save a dollar slave queen, Like,
• 35:28
  Speaker 2: at least you have a budget and you know that
• 35:30
  Speaker 2: that's your current situation. It's not going to be your
• 35:33
  Speaker 2: situation forever exactly, and that's okay, and we'll work towards it.
• 35:36
  Speaker 2: But if you're comparing this percentage system and going, well, V,
• 35:40
  Speaker 2: I'd really like to have a goal, and it's like
• 35:42
  Speaker 2: I want to save ten percent of my income and
• 35:44
  Speaker 2: you're on four hundred grand. By make it higher, ye,
• 35:47
  Speaker 2: Like I expect a bit more from you. Sure, But
• 35:49
  Speaker 2: if you're in a season of your life where your
• 35:52
  Speaker 2: income is equal to your output, yeah, I get it absolutely,
• 35:57
  Speaker 2: And I think we need to touch on it there too,
• 35:59
  Speaker 2: because it needs to be measurable when it comes to
• 36:02
  Speaker 2: goal setting. But that's so that you know when you're
• 36:05
  Speaker 2: achieving a goal and whether it's achievable for you, because
• 36:09
  Speaker 2: if we go through this methodology and you go sot
• 36:12
  Speaker 2: M and you go you know specific, and then you've
• 36:14
  Speaker 2: gone optimistic, and then it's time bound and then you
• 36:16
  Speaker 2: look at measurable you go, well, I could set that goal,
• 36:20
  Speaker 2: but I'm probably not going to be able to achieve
• 36:22
  Speaker 2: it in that time frame because right now money's tough.
• 36:24
  Speaker 3: Exactly.
• 36:25
  Speaker 2: Well, that's okay, big kind to yourself, like give yourself
• 36:27
  Speaker 2: a little bit of slack, Like you don't deserve to
• 36:29
  Speaker 2: be treated like trash by yourself. Yeah, Like ill, no,
• 36:33
  Speaker 2: we're talking to ourselves like we are our best friends now.
• 36:35
  Speaker 3: Beck mm, that's great. That's a great like.
• 36:37
  Speaker 2: If you would say it to me, you can say
• 36:39
  Speaker 2: it to you, But if you wouldn't say it to me,
• 36:40
  Speaker 2: then you can't say that to you.
• 36:41
  Speaker 3: It's a great rule to live by.
• 36:43
  Speaker 2: I think it's a very good rule.
• 36:44
  Speaker 3: Now, just shifting is a little bit because I'm hoping
• 36:47
  Speaker 3: I'm getting a tax refund this year and I'm thinking
• 36:49
  Speaker 3: about like what I should spend it on or like
• 36:51
  Speaker 3: you know, and I think it's the wrong mindset obviously,
• 36:54
  Speaker 3: but I'm like, already, I know what am I spending
• 36:56
  Speaker 3: it on? Yeah? I know you Instead of what am
• 36:58
  Speaker 3: I saving?
• 37:00
  Speaker 2: And that's okay, We're all different, right, Like, and I
• 37:03
  Speaker 2: think it's best to actually sit down and go all right,
• 37:05
  Speaker 2: So when I get a tax refund, I'm not going
• 37:08
  Speaker 2: to make a decision immediately because I think we get
• 37:10
  Speaker 2: a little bit spendy. Like you see the money and
• 37:12
  Speaker 2: you're like, let's go, let's go, baby, like, lock it away,
• 37:15
  Speaker 2: lock it away for a week while we make a decision.
• 37:17
  Speaker 2: That is the best decision for you in your personal situation,
• 37:19
  Speaker 2: because there's no right answer, right, you could have a
• 37:22
  Speaker 2: thousand Let's pretend you get one thousand dollars back from
• 37:24
  Speaker 2: the ATO, right, that would be nice, And you have
• 37:27
  Speaker 2: a thousand dollars zip pay Maybe you want to pay
• 37:29
  Speaker 2: that off, yeah, Or maybe you owe your mum money,
• 37:33
  Speaker 2: maybe that's more of a priority. Or maybe you're going
• 37:36
  Speaker 2: on a holiday and you want to put it there.
• 37:38
  Speaker 2: Maybe you have an emergency fund and you want to
• 37:40
  Speaker 2: top that up or put it in your offset account
• 37:43
  Speaker 2: to offset your mortgage. Like, there are so many different
• 37:45
  Speaker 2: things that you could do with it, And I don't
• 37:47
  Speaker 2: have the answer back, Like I wish I could be like,
• 37:49
  Speaker 2: all right, so the best thing to do is to X, well,
• 37:54
  Speaker 2: that's the best thing in my mind for me and
• 37:56
  Speaker 2: my personal situation. But everyone has like all these different
• 37:59
  Speaker 2: moving parts, and like, again, let's go back to the
• 38:02
  Speaker 2: mum example that I had before. Let's say you've got
• 38:05
  Speaker 2: a mum earning forty grand Beck, she has two kids
• 38:08
  Speaker 2: and she's putting them through school. Money's really bloody tight,
• 38:11
  Speaker 2: and she has one thousand dollars come in. If I said,
• 38:14
  Speaker 2: use that to pay off your debt, like cool, that's
• 38:17
  Speaker 2: really good advice, Like it's solid, there's nothing bad about it.
• 38:20
  Speaker 2: But she's had a really shitty year. Beck, Maybe she
• 38:23
  Speaker 2: needs to spend one hundred dollars to take the kids
• 38:25
  Speaker 2: out go the movies, like finally, take a little bit
• 38:27
  Speaker 2: of steam off. She still got nine hundred dollars. Put
• 38:29
  Speaker 2: that in your bank account. I know you've got a
• 38:30
  Speaker 2: really big zip pay. But maybe what she wants to
• 38:33
  Speaker 2: do is not pay off her zip pay, but have
• 38:35
  Speaker 2: an emergency fund so that she feels comfy. So she's
• 38:38
  Speaker 2: spoiled her kids a little bit. They've taken the steam
• 38:40
  Speaker 2: off together, they're really excited about that. She has some
• 38:42
  Speaker 2: cash in her bank and she still has that debt.
• 38:45
  Speaker 2: But like life just feels a little bit lighter. Yeah,
• 38:48
  Speaker 2: do you think that that is for her maybe a
• 38:49
  Speaker 2: better decision than paying off that debt in its entirety,
• 38:52
  Speaker 2: it sounds like it. But at the same time, is
• 38:55
  Speaker 2: that right for everybody? No, and I can't make that decision.
• 38:58
  Speaker 2: That's not my advice, that's you know you. And this
• 39:01
  Speaker 2: is why we set goals. This is why we keep budgets,
• 39:04
  Speaker 2: This is why we dive deep into our situation so
• 39:07
  Speaker 2: that we can go, Okay, well this looks like this
• 39:08
  Speaker 2: and this, but money is inherently emotional, so I can't
• 39:12
  Speaker 2: just go, oh, well, technically the best thing would be
• 39:14
  Speaker 2: to pay off your debt, makes sense, But like, if
• 39:17
  Speaker 2: you're telling me that having an emergency fund is going
• 39:19
  Speaker 2: to take that pressure off, and I genuinely believe that
• 39:22
  Speaker 2: everyone that has a debt needs an emergency fund, irrespective
• 39:26
  Speaker 2: of whether the debt's paid off or not, because that
• 39:28
  Speaker 2: emergency fund means you're not going to go into further debt,
• 39:31
  Speaker 2: like something else comes up. Well, you're not whacking it
• 39:33
  Speaker 2: on your aft to pay are you. Like you're actually
• 39:36
  Speaker 2: paying for it with cash. And you know what that
• 39:38
  Speaker 2: does creates this cycle of going, oh my god, I
• 39:40
  Speaker 2: paid for it in cat Yeah, I've got some debt
• 39:42
  Speaker 2: over there, but like I've paid for that, and I
• 39:43
  Speaker 2: did that, and historically I had to lean on my
• 39:46
  Speaker 2: credit card for that. Like that is queen behavior. That
• 39:49
  Speaker 2: is putting future you first, because you're starting to build
• 39:52
  Speaker 2: up your confidence when it comes to money.
• 39:54
  Speaker 3: Exactly, how about future goals?
• 39:57
  Speaker 2: All right, so we're going to sit down and we're
• 39:58
  Speaker 2: going to decide what you want to each in the
• 40:00
  Speaker 2: next year. Now, from my perspective, is the perfect time
• 40:04
  Speaker 2: to be taking stock of where you're at financially. Perhaps
• 40:07
  Speaker 2: you'd like to start paying off that debt we're just
• 40:09
  Speaker 2: talking about back, or maybe you're commencing a new savings
• 40:12
  Speaker 2: plan because you just really want a new family car.
• 40:14
  Speaker 2: Maybe you want to buy a house, Maybe you want
• 40:16
  Speaker 2: to go on a family holiday. Like, I don't know
• 40:18
  Speaker 2: where your goals are. I support all of them, but
• 40:21
  Speaker 2: the main thing is to be really decisive, so we
• 40:24
  Speaker 2: can't just be wishy washy with our goals. My favorite
• 40:27
  Speaker 2: thing in this entire world is an emergency fund, and
• 40:29
  Speaker 2: I think that everyone needs one, So, like you know,
• 40:31
  Speaker 2: my advice is to start there because I think that
• 40:34
  Speaker 2: that gives you financial freedom immediately, Like don't get me wrong.
• 40:37
  Speaker 2: You can't quit your job just because you've got an
• 40:38
  Speaker 2: emergency fund. But if you know that you've got five
• 40:41
  Speaker 2: hundred dollars or one thousand dollars or some people have
• 40:43
  Speaker 2: like twenty thousand dollars emergency funds, if you knew that
• 40:46
  Speaker 2: was sitting there, life just feels a little bit more cushy.
• 40:49
  Speaker 2: Life feels easy. That's like the first step towards creating
• 40:53
  Speaker 2: financial freedom is this kind of like emergency fund, which
• 40:56
  Speaker 2: I think is the gateway drug of financial freedom and
• 41:00
  Speaker 2: being in good financial standing. Like it gives you that
• 41:03
  Speaker 2: taste of like, oh I can do this for myself.
• 41:06
  Speaker 2: That's slay. I think that's slay.
• 41:08
  Speaker 3: Yeah, yeah, yeah, I feel like this is my year
• 41:11
  Speaker 3: for that.
• 41:11
  Speaker 2: I think it is too. I feel good things for you.
• 41:14
  Speaker 2: Bet you think so? Oh no, I know so, I know.
• 41:16
  Speaker 3: So Now, Vid you have any final words?
• 41:18
  Speaker 2: Yeah, I think we're nearly done. We're nearly done for.
• 41:20
  Speaker 3: It treatening with me.
• 41:21
  Speaker 2: Do you have any final words? Yes? I do. So.
• 41:25
  Speaker 2: I would love everyone to just do one thing to
• 41:28
  Speaker 2: educate yourself or making some money outside of your job,
• 41:32
  Speaker 2: so like out of your nine to five Monday to
• 41:34
  Speaker 2: Friday or like outside of it, like what can you do,
• 41:37
  Speaker 2: whether it is like signing up for an investment newsletter
• 41:40
  Speaker 2: or like reading a book or you are you know,
• 41:43
  Speaker 2: learning something about investing as accumulating knowledge, it takes time,
• 41:47
  Speaker 2: you know, just gonna like automatically be able to create
• 41:50
  Speaker 2: money outside of that, but like maybe google investing in
• 41:53
  Speaker 2: chairs or watch your money show or like listen to
• 41:55
  Speaker 2: more podcasts or you know, knowledge just at your fingertips
• 41:59
  Speaker 2: and it is free days, which is wild, Like you
• 42:01
  Speaker 2: can literally listen to every single one of my books
• 42:03
  Speaker 2: for free if you have a Spotify membership, Like that's
• 42:06
  Speaker 2: a money win. Yes, Like I know my books are
• 42:08
  Speaker 2: pretty cheap. It came out nowadays, but like free or cheap,
• 42:12
  Speaker 2: like I still want to go with free. I get it.
• 42:15
  Speaker 2: And I wrote those books not so I could make money,
• 42:17
  Speaker 2: because lord knows, you do not publish books in Australia
• 42:21
  Speaker 2: to make bank, Like that is not how it works, sadly, back,
• 42:26
  Speaker 2: I did it because I want you to be in
• 42:27
  Speaker 2: a better position. So I want you to absorb more
• 42:29
  Speaker 2: content because if that means that you're learning about selling
• 42:33
  Speaker 2: things on Facebook, Marketplace or just like decluttering your house
• 42:36
  Speaker 2: or you're talking about like you know, taking up shifts
• 42:38
  Speaker 2: on uber or like you know, investing so that the
• 42:42
  Speaker 2: money that your money has made starts making money. Like
• 42:45
  Speaker 2: I just want you to be in a better position,
• 42:46
  Speaker 2: so you've got multiple sources of income. Everyone deserves that.
• 42:49
  Speaker 2: That's very sexy to me. So do one thing that
• 42:52
  Speaker 2: educates yourself about making money outside of your job.
• 42:55
  Speaker 3: That's great.
• 42:56
  Speaker 2: That's what we're going to do. Great advice, power, knowledge
• 42:59
  Speaker 2: is power. We love this for us anyway. I think
• 43:01
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