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5 Ways To Be A Better Investor This Year · 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.
• 0:34
  Speaker 3: She's on the Money, She's on the Money.
• 0:57
  Speaker 4: Hello, and welcome to a brand new you with She's
• 1:00
  Speaker 4: on the Money.
• 1:01
  Speaker 2: The Happy Yeah, Happy newv Oh my gosh, how exciting.
• 1:05
  Speaker 2: This is so exciting. I feel like the last five
• 1:08
  Speaker 2: years have like flown by. It wasn't just like the
• 1:10
  Speaker 2: last year. It's like the last five years. Do you
• 1:13
  Speaker 2: know twenty nineteen was five years ago?
• 1:16
  Speaker 4: I cannot believe that.
• 1:18
  Speaker 2: It's actually insane anyway, what are we doing? Beck?
• 1:21
  Speaker 4: Okay, so new year, knew you, knew me, knew us.
• 1:25
  Speaker 4: So obviously I feel like we're you know, setting intentions
• 1:27
  Speaker 4: and goals and those kind of go hand in hand.
• 1:30
  Speaker 4: We're seeing happy new year at this time of year.
• 1:32
  Speaker 2: Which I'm really excited about because side note, in two
• 1:35
  Speaker 2: days my Best Year Yet course is coming out and
• 1:40
  Speaker 2: it's essentially a course for setting goals and intentions. Oh,
• 1:43
  Speaker 2: not about investing, not about money. It's more like amazing
• 1:47
  Speaker 2: you know how sometimes I get like my ADHD side
• 1:50
  Speaker 2: gig things that happened. I was like, I'm going to
• 1:52
  Speaker 2: sit down with all of my friends and set some goals,
• 1:55
  Speaker 2: but like tangible ones so that we can set ourselves
• 1:58
  Speaker 2: up for the best year yet. So do that, or
• 2:01
  Speaker 2: we can talk more about money, which is obviously why
• 2:04
  Speaker 2: you're on this podcast, because we want to be the
• 2:06
  Speaker 2: best investor ever. Like it's your yet for being an investor.
• 2:10
  Speaker 4: I think it might be. I've got a good feeling
• 2:12
  Speaker 4: between twenty four.
• 2:13
  Speaker 2: Are you gonna start investing this year?
• 2:14
  Speaker 4: Be genuinely, Like I know you probably don't believe me,
• 2:17
  Speaker 4: but genuinely, I think I will.
• 2:20
  Speaker 2: I feel like you've had your toes like dipping sort
• 2:23
  Speaker 2: of in the water, even doing a bit more research. Yeah,
• 2:27
  Speaker 2: like you know, getting excited about it. Like now when
• 2:30
  Speaker 2: I talk to you about investing. You're not like wait, why,
• 2:32
  Speaker 2: You're like, where do I start? Which is really fun? Yes,
• 2:36
  Speaker 2: thank you, thank you for it's really fun, even if
• 2:38
  Speaker 2: you don't do it right now, like maybe even in
• 2:40
  Speaker 2: six months when you're actually ready, because how many times
• 2:43
  Speaker 2: do people go when's the best time to invest? The
• 2:46
  Speaker 2: best time to invest is when you're ready, Beck, Yes,
• 2:49
  Speaker 2: because otherwise it's overwhelming and you're going to back out
• 2:51
  Speaker 2: and run away. Yes, exactly. We don't want you doing
• 2:54
  Speaker 2: something early just because you think it's a good idea.
• 2:56
  Speaker 4: Absolutely, But that takes me to the point of the episode.
• 3:00
  Speaker 4: Today we are talking five ways to be better investor
• 3:03
  Speaker 4: in twenty twenty four. But in true She's on the
• 3:06
  Speaker 4: Money style, we want to make sure.
• 3:08
  Speaker 2: It's all sustainable. It's all they talk about, right, Like, Hi,
• 3:12
  Speaker 2: welcome to twenty twenty four Victoria Divine back on the
• 3:15
  Speaker 2: mic being a broken record again, like I love it.
• 3:19
  Speaker 2: But that's why we've got to talk about. You know,
• 3:20
  Speaker 2: when it comes to sustainability, it's not about investing in
• 3:23
  Speaker 2: sustainable shares. It's actually creating a strategy that's sustainable for you, Beck,
• 3:28
  Speaker 2: creating a strategy that you can commit to, because I
• 3:31
  Speaker 2: think there's this misconception still even in twenty twenty four,
• 3:36
  Speaker 2: that you have to have lots of money to be
• 3:37
  Speaker 2: an investor or, you have to be going big or
• 3:40
  Speaker 2: not bothering at all, whereas we don't need to go
• 3:42
  Speaker 2: big or go home. We actually just need to commit
• 3:44
  Speaker 2: to something small and continuous and sustainable, and that's what
• 3:48
  Speaker 2: this episode is about. Obviously, if you want to go
• 3:51
  Speaker 2: back and listen to our Ethically Investor podcast or our
• 3:53
  Speaker 2: sustainable investing podcasts, go do that. Will make sure that
• 3:57
  Speaker 2: you know they're linked in the show notes, but this
• 3:59
  Speaker 2: is more like an episode to make sure that you
• 4:02
  Speaker 2: beck and everyone listening is just really confident about going
• 4:06
  Speaker 2: into twenty twenty four because obviously we haven't heard from
• 4:09
  Speaker 2: the RBA yet. Slightly nice thing. They don't actually meet
• 4:13
  Speaker 2: in January, so like interest rates aren't going to go
• 4:16
  Speaker 2: up until February. Okay, so we've got a bit of time,
• 4:19
  Speaker 2: got a bit of time before the RBA have their
• 4:21
  Speaker 2: big board meeting. So obviously in December they were like, no,
• 4:24
  Speaker 2: we're going to give you a little bit of reprieve,
• 4:26
  Speaker 2: and we were like, thank you so much. Yes, they're
• 4:29
  Speaker 2: not going to stack it on us in January, but
• 4:31
  Speaker 2: in February, I think that we might get a rude surprise,
• 4:34
  Speaker 2: but that doesn't mean we can't thrive still. Yes, so
• 4:36
  Speaker 2: I think it's super, super exciting, And I mean, this
• 4:39
  Speaker 2: is not going to be like a Hey Beck, here's
• 4:41
  Speaker 2: actually a list of investments I think you should buy
• 4:43
  Speaker 2: to have your best year. Yet it's actually more of
• 4:45
  Speaker 2: a you know, give a gal a fish in your
• 4:47
  Speaker 2: feeder for a day, Teach a gal to fish, and
• 4:50
  Speaker 2: she'll teach the rest of you know, the community to fish,
• 4:53
  Speaker 2: and we'll all be better off for it, because that's
• 4:55
  Speaker 2: what we do here at She's on the money. Essentially,
• 4:57
  Speaker 2: when one of us rises, we all rise because we
• 4:59
  Speaker 2: all gain I guess a bit of confidence.
• 5:01
  Speaker 4: The ship rises with the tides. Orter Rely, we are
• 5:04
  Speaker 4: the tithe we are the tie tie, and our community
• 5:08
  Speaker 4: is the ship.
• 5:09
  Speaker 2: I mean, I could give you a list of my
• 5:11
  Speaker 2: favorite I guess shares, but I actually can't now I
• 5:14
  Speaker 2: think about it because I'm licensed to give general financial
• 5:17
  Speaker 2: advice legally not allowed. But I mean over the next year,
• 5:22
  Speaker 2: like last year, so obviously side note New Year. Knew
• 5:25
  Speaker 2: us very excited to be back on the show, but
• 5:27
  Speaker 2: like we sat down and did all this strategy for
• 5:29
  Speaker 2: she's on the money content for the next you know,
• 5:32
  Speaker 2: twelve months, there's a lot coming up, Like very excited.
• 5:35
  Speaker 2: There's so much stuff coming up on like you know,
• 5:38
  Speaker 2: picking shares and the right shares and like kind of
• 5:40
  Speaker 2: taking it to the next level, which I'm really excited about.
• 5:43
  Speaker 2: But this one's really more of a confidence episode, getting
• 5:47
  Speaker 2: you on the right track and at the end of
• 5:49
  Speaker 2: the day back even if I was like, all right,
• 5:50
  Speaker 2: well you know what, I will give you my favorite shares,
• 5:53
  Speaker 2: that actually only would help you in the short term,
• 5:56
  Speaker 2: not in the long term, because what happens in six
• 5:57
  Speaker 2: months when the markets change stressing out about what's going on,
• 6:02
  Speaker 2: So it would get me in trouble as well. So
• 6:04
  Speaker 2: we don't want to do that, of course. So my
• 6:06
  Speaker 2: job here is to get you educated, get you on
• 6:08
  Speaker 2: your journey, keep you on your journey, help build I guess,
• 6:12
  Speaker 2: your intuition around investing and the instincts that are gonna
• 6:16
  Speaker 2: last a lifetime when it comes to the investment world.
• 6:19
  Speaker 2: Before the breakback, we've got a lot to cover. But
• 6:21
  Speaker 2: before we get there, I'm actually going to give you
• 6:23
  Speaker 2: some things to think about to help you get into
• 6:26
  Speaker 2: an investment mindset, because this year, for me, it's all
• 6:29
  Speaker 2: about mindset. It's all about reframing about mindset, about making
• 6:33
  Speaker 2: sure that we're not comparing ourselves. I've talked so much
• 6:36
  Speaker 2: historically about comparison culture, and perhaps this year I'm more
• 6:40
  Speaker 2: passionate about it because I'm doing that a lot. Or
• 6:43
  Speaker 2: I found myself in the last six months, just like
• 6:46
  Speaker 2: really looking at other people and what they were achieving
• 6:49
  Speaker 2: and making myself feel bad about it. And I'm assuming
• 6:52
  Speaker 2: if I'm doing that, because social media is so prevalent.
• 6:55
  Speaker 2: You know, you're on TikTok, you're on Instagram all the time,
• 6:57
  Speaker 2: I'm assuming I'm not the only one. So let's get
• 7:00
  Speaker 2: over this. We're gonna have our best year yet. Like,
• 7:02
  Speaker 2: let's get on the right track. Let's do a little
• 7:05
  Speaker 2: bit of I guess an investment and mindset spring clean
• 7:08
  Speaker 2: so that we can all be super pumped for what
• 7:11
  Speaker 2: we can achieve and not be worrying so much about
• 7:13
  Speaker 2: what we haven't achieved yet, because that doesn't help us,
• 7:16
  Speaker 2: does it.
• 7:17
  Speaker 1: No?
• 7:17
  Speaker 2: Never, So after the break, then we're going to go
• 7:20
  Speaker 2: through my top five key things that are going to
• 7:24
  Speaker 2: help make you a better investor in twenty twenty four.
• 7:27
  Speaker 2: So I feel like I've written this out. Yeah, I
• 7:29
  Speaker 2: think it's gonna be powerful, beck yep, I think so.
• 7:31
  Speaker 4: I'm very excited for after break, but I'm also excited
• 7:34
  Speaker 4: for before break.
• 7:34
  Speaker 2: We're gonna be a bit more fluffy before break, but
• 7:37
  Speaker 2: before break, maybe I need to stop using the word fluffy.
• 7:40
  Speaker 2: We need to be more like. No, mindset's actually really important. Yes,
• 7:43
  Speaker 2: mindset is ninety percent of your or even ninety nine
• 7:46
  Speaker 2: percent of your investment journey. Like no, if you're not committed,
• 7:49
  Speaker 2: if you're not confident, if you aren't you know, trusting
• 7:52
  Speaker 2: your gut and actually doing the research, like, you're not
• 7:54
  Speaker 2: gonna have a good investment journey totally.
• 7:57
  Speaker 4: And you know what they say about mindset starts in
• 7:59
  Speaker 4: the vocal or something like that. Probably don't say did.
• 8:01
  Speaker 2: You just make that? I made that up? That's really good,
• 8:03
  Speaker 2: Thank you four no v.
• 8:07
  Speaker 4: So we know that historically men were more inclined to
• 8:10
  Speaker 4: invest than women, but what are the latest stats on that?
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  Speaker 2: I mean, before we get there, men are more likely
• 8:16
  Speaker 2: to invest than women, probably because they get paid more
• 8:19
  Speaker 2: than us and have much, you know, money to play with.
• 8:22
  Speaker 2: Just an issue that come March, come international Women's Day
• 8:26
  Speaker 2: come equal Payday. I'm gonna be having some words with
• 8:29
  Speaker 2: you about women are better investors if we do the
• 8:32
  Speaker 2: research than men. But I'm not a whole. That is
• 8:35
  Speaker 2: a big call. Last year the ASX Australian Investors Study,
• 8:39
  Speaker 2: they surveyed five thousand, or around five thousand, five hundred
• 8:42
  Speaker 2: Australian adults and they found a few things that I
• 8:45
  Speaker 2: think you're interesting here. Fifty one percent of Australian adults
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  Speaker 2: invest Oh isn't that cool? Fifty one percent percent more
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  Speaker 2: than half, more than half. Forty two percent of those
• 8:59
  Speaker 2: are women.
• 9:00
  Speaker 4: Okay, okay, okay.
• 9:02
  Speaker 2: Obviously the stats aren't as exciting. So the average age
• 9:07
  Speaker 2: of an Australian investor beck Actually, guess what do you
• 9:10
  Speaker 2: think the average age of an Australian investor is.
• 9:13
  Speaker 4: I'm skewing younger. Oh yeah, I just I think twenty seven. No,
• 9:18
  Speaker 4: it's forty.
• 9:19
  Speaker 2: Seven, okay, which is really good because lots obviously we
• 9:23
  Speaker 2: have forty seven year old listeners. In fact, I got
• 9:26
  Speaker 2: a letter the other day, a handwritten letter, and written letter.
• 9:29
  Speaker 2: I cried for like two hours. Oh my goodness. A
• 9:32
  Speaker 2: woman in her seventies had written in and said that
• 9:35
  Speaker 2: she had finally started investing for her future. Whoa, and
• 9:39
  Speaker 2: it made my heart so full because there's obviously no
• 9:42
  Speaker 2: such thing as being too late.
• 9:43
  Speaker 4: Yeah.
• 9:44
  Speaker 2: But what excites me most about that stat, Beck, is
• 9:47
  Speaker 2: most of our community sit below that, so that she's
• 9:50
  Speaker 2: on the money. Community sits between the age of twenty
• 9:53
  Speaker 2: five and thirty five on average. Obviously, we have heaps
• 9:55
  Speaker 2: of outlies and absolutely everybody is welcome, but like we
• 9:59
  Speaker 2: as a co community are starting earlier than the average. Great,
• 10:03
  Speaker 2: you know what that does puts us significantly ahead. Like
• 10:07
  Speaker 2: that's epic to me, and it makes me so so
• 10:10
  Speaker 2: excited because it just means, Beck, our community is ahead
• 10:13
  Speaker 2: of the game, even if you haven't even started investing yet.
• 10:16
  Speaker 4: Yeah, I love that.
• 10:16
  Speaker 2: Will Genia says, look at us go Yeah.
• 10:18
  Speaker 4: Seriously, I'm really excited for so excited for everyone's future
• 10:22
  Speaker 4: right now. But often getting started speaking and getting started
• 10:25
  Speaker 4: that is kind of the worst part of the process.
• 10:27
  Speaker 2: Because everyone's putting it off until they're Ay.
• 10:30
  Speaker 4: That's why I've put off like literally the whole year.
• 10:33
  Speaker 2: But can you give away with three days into the year, Yeah,
• 10:37
  Speaker 2: I forgot what day was?
• 10:39
  Speaker 4: Oh my gosh, it's twenty twenty four.
• 10:41
  Speaker 2: I have've literally been been putting it off all years.
• 10:44
  Speaker 4: Yeah all ye all year three whole days. V But
• 10:48
  Speaker 4: can you give me and the community some tips on
• 10:50
  Speaker 4: how to make a start when you can't really get
• 10:53
  Speaker 4: started analysis paralysis?
• 10:54
  Speaker 2: Yeah exactly. We call it analysis paralysis. And you know what,
• 10:57
  Speaker 2: women are worse at this than men, Like men are
• 11:00
  Speaker 2: more likely to just like jump in, give it a crack,
• 11:03
  Speaker 2: no worries, mate, Yeah, I don't really know what I'm
• 11:05
  Speaker 2: going to do, but I'm going to make it up
• 11:07
  Speaker 2: as I go. That's not us, is it like we've
• 11:10
  Speaker 2: got more to lose? Yeah exactly, that's not us at all.
• 11:13
  Speaker 2: And what I see, I guess in our community is
• 11:16
  Speaker 2: our community picks up the information goes, oh my gosh,
• 11:20
  Speaker 2: I have never, you know, really thought about this before,
• 11:23
  Speaker 2: or it's never been presented in a way that's been
• 11:25
  Speaker 2: appealing to me before, And so they start diving into
• 11:28
  Speaker 2: the content.
• 11:29
  Speaker 1: Right.
• 11:29
  Speaker 2: They might read my books, they might read other finance
• 11:31
  Speaker 2: content creators books. You might be absorbing lots of different
• 11:35
  Speaker 2: podcasts like You've got She's on the Money, You've obviously
• 11:38
  Speaker 2: got my millennial money and a heap of I guess
• 11:41
  Speaker 2: other people in our network and Beck that to me
• 11:43
  Speaker 2: does beautiful things because it educates you and it makes
• 11:46
  Speaker 2: me so so excited because I know you're on the
• 11:49
  Speaker 2: right path. But sometimes you get a little bit too
• 11:52
  Speaker 2: deep and you go, all right, well, you know last
• 11:55
  Speaker 2: year they put out her top ten performing ETFs, and
• 11:58
  Speaker 2: then Glenn put out here, and a few other you know,
• 12:01
  Speaker 2: finance podcasts have started doing the same, and you start
• 12:04
  Speaker 2: comparing them and being really critical and then you go, oh,
• 12:08
  Speaker 2: they're not all the same, and they're never going to
• 12:10
  Speaker 2: be the same, Beck, like everybody in this space has
• 12:13
  Speaker 2: different opinions, different methodologies that they work with, and you
• 12:16
  Speaker 2: get what's called analysis paralysis, which is where you go,
• 12:20
  Speaker 2: I've been doing so much research, and I've been trying
• 12:22
  Speaker 2: so hard to become a good investor, and now I'm
• 12:25
  Speaker 2: more confused than ever because you're trying to get too
• 12:27
  Speaker 2: much into the nity gritty before even diving in. And
• 12:30
  Speaker 2: the best thing that you can do is actually pick
• 12:32
  Speaker 2: a platform first. Don't try and pick your first share
• 12:35
  Speaker 2: before picking a platform. Pick your platform, work out you
• 12:40
  Speaker 2: know the pros and cons of each platform, because they're
• 12:42
  Speaker 2: all very different. Pick the one that works for you,
• 12:45
  Speaker 2: and then start doing your research using that platform, not
• 12:48
  Speaker 2: using everybody else's opinions, because opinions they're like butttholes. Everyone
• 12:53
  Speaker 2: has them, and no one really cares about each other's, right,
• 12:56
  Speaker 2: Like I care about yours? Do you? Thank you so much?
• 13:00
  Speaker 2: I'm pregnant, So there's a lot going on. But I
• 13:05
  Speaker 2: think it's really important to not get analysis paralysis and
• 13:08
  Speaker 2: get too deep and think that you're going to mess
• 13:10
  Speaker 2: it up. Especially in the she's on the Money community,
• 13:13
  Speaker 2: we are always saying, beck, just start with five bucks,
• 13:15
  Speaker 2: Like we're not trying to risk your life savings. That's
• 13:18
  Speaker 2: a really dumb idea, because we want to build your
• 13:21
  Speaker 2: confidence over time. It's five bucks. I have lost more
• 13:24
  Speaker 2: on less, I promise, And like, don't get me wrong,
• 13:27
  Speaker 2: I'm not saying that five dollars isn't a lot of money,
• 13:30
  Speaker 2: especially like when you get to the end of the
• 13:32
  Speaker 2: month and there's still not enough money left. Yes, like
• 13:35
  Speaker 2: five bucks far out that can stretch, right.
• 13:37
  Speaker 4: That'll save your life, that'll save your bi like you
• 13:39
  Speaker 4: can buy a.
• 13:40
  Speaker 2: Lot of dry pasta for that. Pinitely, we need to
• 13:43
  Speaker 2: also realize that if you're on your investing journey, you've
• 13:45
  Speaker 2: probably got a few things set in place. You probably
• 13:48
  Speaker 2: have a budget, you have your cash flow sorted out,
• 13:51
  Speaker 2: you have a bit of an emergency fund. So that
• 13:53
  Speaker 2: five bucks that we're investing with for the first time, Beck,
• 13:56
  Speaker 2: it shouldn't impact your day to day life. It shouldn't
• 13:59
  Speaker 2: be the thing that is make or break. And if
• 14:01
  Speaker 2: it is, now's not the time to invest. Now's the
• 14:04
  Speaker 2: time to focus on you and maybe getting a little
• 14:06
  Speaker 2: bit of an emergency fund behind you, even if you
• 14:09
  Speaker 2: are really passionate about money. So I have four things
• 14:11
  Speaker 2: that I want you to consider here. Okay, So first things, first,
• 14:14
  Speaker 2: set yourself a deadline and make a decision, like just
• 14:17
  Speaker 2: do it, like do it, just do it, just do it.
• 14:20
  Speaker 2: If you have no timeline for when a decision needs
• 14:22
  Speaker 2: to be made, you're ultimately going to spend a lot
• 14:25
  Speaker 2: of time, just like I guess, waffling back and forth
• 14:27
  Speaker 2: between different options and then ultimately not making a decision.
• 14:31
  Speaker 2: So set yourself a deadline or a specific timeframe for
• 14:35
  Speaker 2: when that decision needs to be made. So, and I
• 14:37
  Speaker 2: want you to do this, true, Beck, great idea. I
• 14:39
  Speaker 2: want you to go all right, I know I'm going
• 14:41
  Speaker 2: to invest you know, my first five dollars by the
• 14:44
  Speaker 2: end of February. Yeah, but where you don't know right now,
• 14:47
  Speaker 2: but like at least you know that that deadline's coming up,
• 14:49
  Speaker 2: and you go, oh, I'm really going to have to
• 14:50
  Speaker 2: make a decision on where this is going. Otherwise it
• 14:53
  Speaker 2: will be June and then it will be September and
• 14:55
  Speaker 2: then it will be December and we'll be talking about
• 14:57
  Speaker 2: content for twenty twenty five. That's true.
• 15:00
  Speaker 4: Yes.
• 15:01
  Speaker 2: The second thing I want you to do is narrow
• 15:03
  Speaker 2: down your options early. So if you have an overwhelming
• 15:07
  Speaker 2: amount of options, which often we all do, get rid
• 15:10
  Speaker 2: of some of them right away. So like there might
• 15:13
  Speaker 2: be heaps of options on the table that you're like, oh,
• 15:14
  Speaker 2: that one's really nice, but it doesn't really suit me,
• 15:16
  Speaker 2: but I'm going to leave it on the table. She's
• 15:18
  Speaker 2: in the bin for now. Yeah, So figure out what
• 15:20
  Speaker 2: you want your expected outcome or decision to be, and
• 15:24
  Speaker 2: then get rid of any options that don't actually fit
• 15:26
  Speaker 2: the qualifications I suppose of this outcome. So if you're like, oh,
• 15:30
  Speaker 2: I really want good diversification and I don't want to
• 15:33
  Speaker 2: manage things actively myself, well let's get rid of all
• 15:37
  Speaker 2: of the direct shares and only focus on like the
• 15:39
  Speaker 2: ETFs or managed funds, because even if your friend said,
• 15:42
  Speaker 2: you know, NAB or BHP or an individual share is
• 15:45
  Speaker 2: a good option, that's not going to work for the
• 15:48
  Speaker 2: strategy that you've got. And I feel like so many
• 15:50
  Speaker 2: times when we're starting our investment journey, we like want
• 15:52
  Speaker 2: to take everybody's opinion into account. Well, beck, she's investing
• 15:56
  Speaker 2: in direct shares. Maybe I should copy her, because you know,
• 15:59
  Speaker 2: beckst a really good job. But if you then didn't
• 16:02
  Speaker 2: want to ultimately manage direct shares, well, why is it
• 16:04
  Speaker 2: still on the table? Why are we overwhelming ourselves? Right
• 16:08
  Speaker 2: that put in the bin? Put in the bin, don't
• 16:10
  Speaker 2: think twice number three, We're going to practice decision making quickly.
• 16:15
  Speaker 2: So this is where impulsivity, it's not the worst thing
• 16:17
  Speaker 2: in the entire world. You and I we are going
• 16:19
  Speaker 2: to thrive with this. Forot impulsive, I would get out.
• 16:23
  Speaker 4: I wouldn't have put impulsivity and investing investing in the
• 16:26
  Speaker 4: same sentence.
• 16:27
  Speaker 2: But hear me out, hear me out.
• 16:29
  Speaker 4: Okay.
• 16:29
  Speaker 2: The inconsequential things like deciding where to eat for dinner
• 16:32
  Speaker 2: or what path to take when you get to work
• 16:35
  Speaker 2: are going to help you be more decisive when you're
• 16:37
  Speaker 2: making bigger decisions. So when it comes down to it,
• 16:40
  Speaker 2: like if you're doing analysis paralysis on a few different
• 16:43
  Speaker 2: investing platforms and you've whittled it down to like three,
• 16:47
  Speaker 2: just pick one. I promise they're all going to be
• 16:50
  Speaker 2: very similar, Like, just pick one back if you don't
• 16:53
  Speaker 2: like it. Down the track, We're not trying to invest
• 16:57
  Speaker 2: your life savings. Swapping platforms is not going to be
• 17:00
  Speaker 2: the end of the world.
• 17:01
  Speaker 4: That is very, very true. It's like the start of
• 17:04
  Speaker 4: Pokemon when you have to pick any kind of one
• 17:07
  Speaker 4: of the three creatures.
• 17:08
  Speaker 2: Just do it. Yeah, just a Meani miney Mo situation exactly,
• 17:12
  Speaker 2: I really like to saying. And I feel like I've
• 17:13
  Speaker 2: embraced this a lot in the last six months. It's
• 17:15
  Speaker 2: not that deep, Beck, It's not that deep. Like when
• 17:19
  Speaker 2: making decisions on different things, I feel like I've been
• 17:21
  Speaker 2: really overwhelmed. And I mean it makes sense because in
• 17:24
  Speaker 2: the last six months, Beck, I've been preparing to have
• 17:26
  Speaker 2: a baby, and there's a lot of decisions that you
• 17:29
  Speaker 2: need to make, Like far out, everyone's got an opinion
• 17:32
  Speaker 2: on the snoo, which is like this automatic basinette for
• 17:35
  Speaker 2: your baby, like rocks your baby back to sleep, right,
• 17:38
  Speaker 2: Oh cozy, sounds great, but then you start reading mum forums,
• 17:42
  Speaker 2: and then you start listening to people on Instagram, and
• 17:45
  Speaker 2: then you're in some random mum Facebook group which you
• 17:47
  Speaker 2: never thought you were going to be in, and you're
• 17:49
  Speaker 2: taking all these opinions on and some people are like, Beck,
• 17:53
  Speaker 2: this snoo's the best thing that's ever happened to me
• 17:55
  Speaker 2: in my entire life. And then other moms are like,
• 17:58
  Speaker 2: I would never let my kid in a snooz. That's irresponsible.
• 18:01
  Speaker 2: You cannot have a bacinet rocking your baby back to
• 18:04
  Speaker 2: sleep when you should be connecting with them. You're like, oh, oh,
• 18:08
  Speaker 2: didn't think of it that way, and then someone else
• 18:10
  Speaker 2: is like, that's a very expensive basinet and my baby
• 18:13
  Speaker 2: hated it, and you're like, oh, what if that happens
• 18:15
  Speaker 2: to me? Like so, you're getting all these conflicting opinions
• 18:19
  Speaker 2: from different people, but in reality, what matters is whether
• 18:22
  Speaker 2: I want to do that or not. Sure not what
• 18:24
  Speaker 2: Shirley on an internet forum has said about how her
• 18:27
  Speaker 2: baby did it, because her baby's not actually going to
• 18:29
  Speaker 2: be my baby. And they're all different, and the same
• 18:31
  Speaker 2: goes for investing. Sometimes, Beck, you just got to pick one.
• 18:35
  Speaker 2: Give it a crack. Yep, that's so true. I did
• 18:37
  Speaker 2: get the snow. Did you get the snow? I got
• 18:39
  Speaker 2: the snow. We're going to give it a crack. I
• 18:41
  Speaker 2: love it. Do you think you could fit an adult
• 18:43
  Speaker 2: in there? Honestly, my husband's already like, do you reckon?
• 18:46
  Speaker 2: There's like an adult version of this? Seriously, that rocks
• 18:50
  Speaker 2: you back to sleep, right if it notices you're awake
• 18:52
  Speaker 2: as well, it gives you like sleep sounds. Oh that
• 18:55
  Speaker 2: is so considerate, so cute. And they get strapped in
• 18:59
  Speaker 2: in there like spottles, so they're really snuggy buggy. Oh
• 19:02
  Speaker 2: my god, I want an adult snow. Anyway. Moving on,
• 19:06
  Speaker 2: that's where we're talking about practicing decision making and you know,
• 19:09
  Speaker 2: being a bit impulsive. We're not saying be impulsive from
• 19:12
  Speaker 2: the start. We're saying, let yourself be impulsive. Once you've
• 19:15
  Speaker 2: done all of that research and you have your list,
• 19:17
  Speaker 2: you know what, you probably like all of the options
• 19:19
  Speaker 2: and they're all gonna work, right. Yeah, you deserve a
• 19:21
  Speaker 2: bit of impulsivity at that point. Not that deep. That deep,
• 19:25
  Speaker 2: and number four use a framework for your decision making process,
• 19:29
  Speaker 2: so believe it or not, there is a whole framework
• 19:32
  Speaker 2: for the decision making process. So by following a step
• 19:35
  Speaker 2: by step guide, you can actually help take away some
• 19:37
  Speaker 2: of the cognitive heavy work that's required to make a
• 19:40
  Speaker 2: really big decision. And you can find obviously lots of
• 19:43
  Speaker 2: resources online to help guide you through I guess the
• 19:46
  Speaker 2: steps to effective decision making. And I'm not giving you
• 19:49
  Speaker 2: a specific resource here because I think you should google
• 19:53
  Speaker 2: it yourselves and find a framework that kind of resonates
• 19:56
  Speaker 2: with you, because there's lots of them. So i would
• 19:58
  Speaker 2: google decision making framework and like then because I'm lazy,
• 20:02
  Speaker 2: and I'm also a visual click on images. Oh my god,
• 20:05
  Speaker 2: I do the same things. I don't want to read
• 20:07
  Speaker 2: all of the articles. I'm a click the images, and
• 20:09
  Speaker 2: I want to see what flow chart makes the most
• 20:11
  Speaker 2: sense for me, and then I will pick that one.
• 20:13
  Speaker 2: Because it actually doesn't matter which framework you use as
• 20:16
  Speaker 2: long as you're using something to get to an end destination. Yeah,
• 20:20
  Speaker 2: does that make sense?
• 20:21
  Speaker 1: Yeah?
• 20:21
  Speaker 2: Absolutely. I mean I'll probably post a decision making framework
• 20:25
  Speaker 2: sometime this week on our Instagram because I have one
• 20:28
  Speaker 2: that I like. You don't need to use that one,
• 20:30
  Speaker 2: you can use anyone. And I actually think it's really
• 20:32
  Speaker 2: important to have a look at like the different options
• 20:34
  Speaker 2: and methodologies that exist. I'm going to keep my keen
• 20:37
  Speaker 2: eye out for that. I'll send it to you direct.
• 20:39
  Speaker 2: Thank you so much.
• 20:40
  Speaker 4: No worries now that we've kind of gotten over analysis paralysis?
• 20:43
  Speaker 2: Oh over it?
• 20:44
  Speaker 4: Oh? Like probably not.
• 20:46
  Speaker 2: I think we're more aware of We're just not good
• 20:48
  Speaker 2: at dealing with it.
• 20:49
  Speaker 1: Yeah.
• 20:49
  Speaker 2: Yes, we've got the tools that we need.
• 20:51
  Speaker 4: To exactly exactly what would you say? The first step
• 20:55
  Speaker 4: is to getting ourselves into an investing mindset.
• 20:57
  Speaker 2: I just choose just a choice, that's right, Yeah.
• 21:00
  Speaker 4: Just choose investing mindset.
• 21:03
  Speaker 2: No, absolutely not. That's not how the world works. You
• 21:06
  Speaker 2: can't just decide to change your mindset. It's so much work, right,
• 21:10
  Speaker 2: It's like therapy, Like yeah, I mean, if we could
• 21:13
  Speaker 2: just choose to be mentally better, we would, wouldn't we?
• 21:16
  Speaker 2: I suppose anyway. That's what keeps my therapist in business.
• 21:20
  Speaker 2: But first things first, I would say, do your budget
• 21:23
  Speaker 2: and cash flow so we know what you're working with.
• 21:25
  Speaker 2: This is obviously really important at the start of this year,
• 21:29
  Speaker 2: but also before setting any goals, because do you know
• 21:31
  Speaker 2: how disheartening it is? And I'm sure you've experienced this before. Actually,
• 21:34
  Speaker 2: I know you've experienced this before, because late last year
• 21:38
  Speaker 2: you were talking about how you really wanted to go
• 21:40
  Speaker 2: to Meredith, and then you didn't go to Meredith because
• 21:43
  Speaker 2: your budget didn't allow for it, and you're like, oh,
• 21:45
  Speaker 2: I probably shouldn't do this, but like you were all like,
• 21:48
  Speaker 2: I'm going, I'm going, I'm going. Didn't have a ticket yet,
• 21:52
  Speaker 2: but like you were going, you were going, and then
• 21:53
  Speaker 2: it came closer to the date and you realized, I
• 21:56
  Speaker 2: think quite quickly, oh, I actually don't have the budget
• 22:00
  Speaker 2: for this. And as much as you, I guess from memory,
• 22:03
  Speaker 2: took that in your stride, you were like, you know what,
• 22:05
  Speaker 2: I'm really proud of myself for making that decision. But
• 22:08
  Speaker 2: if you've done your budget and cash flow and known
• 22:10
  Speaker 2: what additional income you had to I guess do that
• 22:13
  Speaker 2: would be I can almost guarantee you would have gone
• 22:16
  Speaker 2: to Meredith because there was like a plan in place
• 22:18
  Speaker 2: and were working towards it. And it's just a good example.
• 22:21
  Speaker 2: It's not a good or a bad thing. We just
• 22:23
  Speaker 2: all know that Besied buries her head in the sand
• 22:25
  Speaker 2: when it comes to budget still, and one of my
• 22:28
  Speaker 2: goals for this year is to sit your sorry button
• 22:30
  Speaker 2: down and go through it with you know me too well.
• 22:33
  Speaker 2: But it's really important to do this before setting goals,
• 22:36
  Speaker 2: because there's nothing more disheartening than going, oh, I don't
• 22:38
  Speaker 2: get to do that anymore, and I really want to
• 22:40
  Speaker 2: do because you really wanted to go to Meredith, I
• 22:43
  Speaker 2: really and it was really annoying that you didn't get
• 22:45
  Speaker 2: to go.
• 22:45
  Speaker 1: I know.
• 22:46
  Speaker 2: So we can avoid that in the future, and that
• 22:48
  Speaker 2: can be the same for like literally any goal in
• 22:51
  Speaker 2: our life, whether it is a financial goal or like
• 22:54
  Speaker 2: an emotional goal or any other type of goal. Set
• 22:57
  Speaker 2: your financial goals back. But when I say set your
• 22:59
  Speaker 2: financial goals, let's like take a step back. Obviously I've
• 23:03
  Speaker 2: said this before and I'll say it again when in
• 23:04
  Speaker 2: doubt zoom out. Let's look at the long term. What
• 23:07
  Speaker 2: are your long term goals? Then what are your medium
• 23:09
  Speaker 2: term goals? And your short term goals. Again, we're gonna
• 23:13
  Speaker 2: use Meredith as an example here. Meredith was more of
• 23:16
  Speaker 2: a short term goal. Wasn't like a long term you'd
• 23:18
  Speaker 2: been planning for years to go. It was more tickets
• 23:20
  Speaker 2: came out and you're like, oh, yeah, I do really
• 23:22
  Speaker 2: want to go, and it's in the next few months,
• 23:25
  Speaker 2: I'm gonna go to work towards that. We actually need
• 23:28
  Speaker 2: to look at all of them, because let's be honest,
• 23:31
  Speaker 2: in this economy, beck can't do everything at once. No, absolutely, Like,
• 23:35
  Speaker 2: and if you've got this medium term goal of going
• 23:37
  Speaker 2: on and overseas holiday and maybe a longer term goal
• 23:39
  Speaker 2: of buying your first home, you might go, hold up,
• 23:42
  Speaker 2: hold up, hold up. If I go to Meredith, I'm
• 23:46
  Speaker 2: not going to be able to go to Bali with
• 23:47
  Speaker 2: my girlfriends. And that's in November this year, which one
• 23:51
  Speaker 2: would you prefer more?
• 23:53
  Speaker 1: Yeah?
• 23:53
  Speaker 2: So, like we're actually sitting down and prioritizing what our
• 23:56
  Speaker 2: financial goals look like and putting in place our own
• 24:00
  Speaker 2: of a framework to go. Actually, these short term goals,
• 24:03
  Speaker 2: they're really important to me. So maybe I will sacrifice
• 24:06
  Speaker 2: that medium term goal not going to go to Bali
• 24:09
  Speaker 2: or do it the next year. Does that make sense? So,
• 24:11
  Speaker 2: like we're kind of renegotiating with ourselves. And the next
• 24:14
  Speaker 2: thing I want you to do is really understand risk.
• 24:17
  Speaker 2: So when we are in an investment mindset, we're really
• 24:21
  Speaker 2: excited about growth, but we aren't that excited if we
• 24:24
  Speaker 2: hear that our portfolio is going to go down, right,
• 24:26
  Speaker 2: And I've said it before and I'll say it again.
• 24:29
  Speaker 2: Even when I log into my investment portfolio today, if
• 24:32
  Speaker 2: I see it down, I get that little twang in
• 24:34
  Speaker 2: my chest. I'm like, Oh, even though I arguably should
• 24:38
  Speaker 2: be one of the more educated people in this space,
• 24:41
  Speaker 2: investing is inherently emotional. So making sure that you understand risk.
• 24:46
  Speaker 2: So what is risk? How does it work? What is
• 24:49
  Speaker 2: your personal risk profile? We've done whole episodes on risk profiling.
• 24:53
  Speaker 2: Go and listen to them so that you know what
• 24:56
  Speaker 2: you are willing to take on and what you're not
• 24:58
  Speaker 2: willing to take on. And it's going to, you know,
• 25:01
  Speaker 2: take you through a number of questions that's going to
• 25:03
  Speaker 2: help ascertain what type of risk profile you have, and
• 25:05
  Speaker 2: if you understand that, you will be whistling down very
• 25:08
  Speaker 2: easily the types of assets you would invest in and
• 25:11
  Speaker 2: the types you wouldn't invest in, and wipes heaps of
• 25:13
  Speaker 2: stuff off the table for you from the get go. Yeah, okay,
• 25:17
  Speaker 2: so that's where I would start and where I would focus.
• 25:19
  Speaker 2: If you're experiencing a little bit of analysis paralysis.
• 25:22
  Speaker 4: Got he's good. So at this point I would say,
• 25:26
  Speaker 4: let's have a little break, but don't go anywhere, because
• 25:28
  Speaker 4: after the break of fee it's going to give you
• 25:29
  Speaker 4: the five key things to help make you a better.
• 25:32
  Speaker 2: Investor in twenty twenty four. Let's go, let's go. Welcome
• 25:40
  Speaker 2: back everyone.
• 25:40
  Speaker 4: We are talking about investing in mindset and v You've
• 25:43
  Speaker 4: promised to share with us five ways to be a
• 25:45
  Speaker 4: better investor in twenty.
• 25:46
  Speaker 2: Isn't that nice of me? Very nice of you, so
• 25:48
  Speaker 2: very very nice. Here, let's start, all right, So are
• 25:52
  Speaker 2: you ready?
• 25:52
  Speaker 4: I think I'm ready.
• 25:53
  Speaker 2: Are you going to be a better investor?
• 25:55
  Speaker 1: Or?
• 25:55
  Speaker 2: Are you just going to become an investor? I think
• 25:57
  Speaker 2: I'll become your jokes on. You have superanuation?
• 26:00
  Speaker 4: Oh, I forgot about that.
• 26:02
  Speaker 2: She's already an investor, A good one. I don't know.
• 26:05
  Speaker 2: I haven't looked at your super I can tell you
• 26:07
  Speaker 2: that after the show, babe, Okay, but I think that's
• 26:10
  Speaker 2: a good place to start. You're actually already an investor.
• 26:13
  Speaker 2: If you've got superannuation actually gives me confidence. Well, it
• 26:15
  Speaker 2: gives you confidence, but it also lets you kind of go, oh,
• 26:19
  Speaker 2: I'm not missing out as much as I think I was. Like,
• 26:22
  Speaker 2: I think a lot of people just assume, oh, I'm
• 26:23
  Speaker 2: not in the market, Like what the hell? Like, my friend,
• 26:26
  Speaker 2: if you have a superannuation portfolio, whether it's one dollar
• 26:30
  Speaker 2: or one million dollars, you are an investor, and that's
• 26:32
  Speaker 2: actually a really you know, side note before I get
• 26:35
  Speaker 2: into my list. That's a really easy way to kind
• 26:37
  Speaker 2: of log in, see what your portfolio has been doing,
• 26:40
  Speaker 2: what's your risk profile in that space, how much are
• 26:43
  Speaker 2: your fees in that space? What are you invested in?
• 26:45
  Speaker 2: Are you happy you're invested in that? Like, I think
• 26:47
  Speaker 2: it's just take control of that because ultimately that's not
• 26:50
  Speaker 2: going to cost you any money today. You don't even
• 26:52
  Speaker 2: have to put your money where your mouth is. You
• 26:54
  Speaker 2: don't even have to, you know, take anything out of
• 26:56
  Speaker 2: savings to start, right, have a look at that beck
• 26:58
  Speaker 2: because it'll make you feel more empowered and you go, oh,
• 27:01
  Speaker 2: I've been invested in that for ages and it's actually
• 27:03
  Speaker 2: doing okay. Like it'll give you a bit of a boost,
• 27:05
  Speaker 2: a bit of confidence. And also, let's be honest, if
• 27:09
  Speaker 2: there's something not so good about your super, you're gonna
• 27:12
  Speaker 2: be hundreds of thousands of dollars better off in retirement
• 27:15
  Speaker 2: if you check it today, right, Like, if you check
• 27:17
  Speaker 2: it today, that is a very cheap and easy way
• 27:20
  Speaker 2: to get yourself ahead. Financially in the long term without
• 27:24
  Speaker 2: having to put a doll You could be in mountains
• 27:25
  Speaker 2: of debt right now and still check your super and
• 27:28
  Speaker 2: be in a better financial position. Yeah, that's a sleigh,
• 27:31
  Speaker 2: I said. I wasn't going to say sleigh in twenty
• 27:33
  Speaker 2: twenty four, but guess we're here.
• 27:35
  Speaker 4: Well, it's a little bit Christmasy to say slay. I
• 27:38
  Speaker 4: think I'm changing it into an eigh. So I think
• 27:41
  Speaker 4: it's okay.
• 27:42
  Speaker 2: Again, you think it's okay because Christmas was so recent? Yeah, okay,
• 27:45
  Speaker 2: all right, Well I'll take it. I'm really going to
• 27:46
  Speaker 2: take whatever. But I've written you a list of five
• 27:48
  Speaker 2: things to do to be a better investor in twenty
• 27:50
  Speaker 2: twenty four, after you've sorted your super hour, right, all right,
• 27:53
  Speaker 2: So first thing first, we're just gonna do it. We're
• 27:56
  Speaker 2: just going to make a start. Just do it.
• 27:57
  Speaker 5: Just do it.
• 27:58
  Speaker 2: Sorry, Nike, don't come after me. I'm borrowing your trademark.
• 28:02
  Speaker 2: But that is okay. You don't need lots of money
• 28:04
  Speaker 2: to start your investment journey. Invest small amounts regularly if
• 28:07
  Speaker 2: that's all you have. There's no such thing as investing
• 28:11
  Speaker 2: too little. How many times have I harped on about
• 28:13
  Speaker 2: the fact that investing early and little amounts sets you
• 28:17
  Speaker 2: up to be in the right mind frame for when
• 28:19
  Speaker 2: you do have more money to invest. If you can't
• 28:22
  Speaker 2: manage one dollar, beck, I promise you can't manage ten
• 28:25
  Speaker 2: thousand dollars, and you ultimately aren't going to be able
• 28:28
  Speaker 2: to manage a million dollar portfolio. If that's your plan,
• 28:31
  Speaker 2: So start with the one dollar and start caring about
• 28:34
  Speaker 2: that a lot today. Even if you go this is fruitless.
• 28:37
  Speaker 2: It's not even going to buy me a coffee. I
• 28:39
  Speaker 2: get that. But you know what it's doing. It's setting
• 28:41
  Speaker 2: up your mindset. It's putting you on the right path.
• 28:44
  Speaker 2: You've already got the investing platform, you've got the framework.
• 28:47
  Speaker 2: You maybe have already automated the payments to that platform.
• 28:51
  Speaker 2: What you can do over time, as we get higher
• 28:54
  Speaker 2: incomes or you know, birthday money or Christmas money, or
• 28:57
  Speaker 2: like you get your tax return come July this year,
• 29:00
  Speaker 2: you can invest more and slowly start building it so
• 29:03
  Speaker 2: there's no such thing as too little, too late. The
• 29:07
  Speaker 2: next thing we are going to do is do our research.
• 29:09
  Speaker 2: It's not that sexy. Sorry, that seems like work, but
• 29:13
  Speaker 2: it can be fun. I think it's fun. You have
• 29:17
  Speaker 2: a wine. It can be extra fun. True. You know
• 29:20
  Speaker 2: who I'm going to refer to in this next point.
• 29:22
  Speaker 2: The most successful investor of all time is our eighty
• 29:27
  Speaker 2: plus year old friend Warren Buffett and our mate Buffett.
• 29:30
  Speaker 2: He gives us two key pieces of advice when evaluating
• 29:33
  Speaker 2: a company to invest in. So first look at the
• 29:36
  Speaker 2: quality of the company, then at the price. Okay, so
• 29:40
  Speaker 2: we're not looking at the price first, we're looking at
• 29:42
  Speaker 2: whether it's a good company to begin with, a.
• 29:45
  Speaker 4: Like values and morals all we talk.
• 29:48
  Speaker 2: It could be values, it could be morals, it could
• 29:50
  Speaker 2: be whether it's a good company or not. I have
• 29:52
  Speaker 2: used this example on the pod before. Remember, obviously I'm
• 29:55
  Speaker 2: never going to work with after pay, so don't mind
• 29:57
  Speaker 2: throwing them straight under the bus. But remember way back
• 30:00
  Speaker 2: when everyone was talking about how great after pay shares were,
• 30:04
  Speaker 2: Oh my gosh, they're amazing, and they started getting really expensive,
• 30:07
  Speaker 2: and I think a lot of us thought that expensive
• 30:10
  Speaker 2: was indicative of quality and being a good investment option,
• 30:14
  Speaker 2: because why would they increase so much? Why would they
• 30:17
  Speaker 2: increase so quickly? Back the reality of that is they
• 30:20
  Speaker 2: increased because of I guess the social status they had.
• 30:25
  Speaker 2: The media was talking about them. Everyone on Instagram was
• 30:27
  Speaker 2: talking about them. Everyone in the kitchen at aarn was
• 30:29
  Speaker 2: talking about them, going oh this is great, Oh my gosh,
• 30:32
  Speaker 2: you're going to get so much good return. But we
• 30:34
  Speaker 2: were looking at the price of them, going oh that's cool.
• 30:37
  Speaker 2: We weren't looking at the quality of the business. You
• 30:39
  Speaker 2: looked at the quality of the business, you would have
• 30:41
  Speaker 2: seen there in debt they are in or were at
• 30:44
  Speaker 2: that point in time, an in debt business that was
• 30:47
  Speaker 2: trying to get ahead, that was investing significantly in what
• 30:50
  Speaker 2: they were doing, which is nice. Sometimes they also weren't
• 30:54
  Speaker 2: paying dividends to their investors. So to me, let's look
• 30:56
  Speaker 2: at the quality of a company, because I know that
• 31:00
  Speaker 2: as a more conservative investor, instead of an after pay share,
• 31:04
  Speaker 2: I much prefer blue chip stock. Something that is a
• 31:07
  Speaker 2: blue chip stock is a tried, true investment that has
• 31:10
  Speaker 2: been in the market for a really long time. They
• 31:11
  Speaker 2: don't do that many sexy things, but you know what
• 31:13
  Speaker 2: they do do back, They pay on time, They're consistent.
• 31:17
  Speaker 2: They're the tribes and true, steady steed. Like I'm not
• 31:21
  Speaker 2: the sexiest investor ever, Like if you looked at my
• 31:23
  Speaker 2: personal portfolio, be like kind of expected more but but
• 31:28
  Speaker 2: I like her because she's conservative. She does the job properly.
• 31:32
  Speaker 4: Right.
• 31:33
  Speaker 2: The second thing is so obviously looking at the quality
• 31:36
  Speaker 2: of a company requires you to read, I guess, a
• 31:38
  Speaker 2: few financial statements. You could listen to some conference calls,
• 31:41
  Speaker 2: or like vet management, you could do a lot of things.
• 31:44
  Speaker 2: You could just also, like you know, jump on your
• 31:46
  Speaker 2: shares z app and read through all the information that
• 31:49
  Speaker 2: they provide on the company so that you can do
• 31:51
  Speaker 2: a bit of research that way. But please don't jump
• 31:53
  Speaker 2: on anything just because the media or your friends are
• 31:56
  Speaker 2: saying it is cool. And then only after you have
• 32:00
  Speaker 2: the confidence in it being a good quality company should
• 32:04
  Speaker 2: the price then be evaluated and you can go is
• 32:06
  Speaker 2: that a reasonable price for a quality company or not?
• 32:10
  Speaker 5: Right?
• 32:11
  Speaker 2: If that makes sense? As our mate Warren puts it,
• 32:13
  Speaker 2: it's far better to buy a wonderful company at a
• 32:15
  Speaker 2: fair price than a fair company at a wonderful price.
• 32:19
  Speaker 3: You love.
• 32:21
  Speaker 2: I'm in love with that. It was straight out of
• 32:22
  Speaker 2: the head. Yeah, that's incredible with him.
• 32:25
  Speaker 4: So would you say I should be doing what Warren
• 32:29
  Speaker 4: Buffett says?
• 32:30
  Speaker 2: I mean, lots of people do, do you? He has
• 32:31
  Speaker 2: like an online cult following If he makes an investment
• 32:34
  Speaker 2: trade soda. Like millions of other people, I'm not shocked, actually,
• 32:37
  Speaker 2: and neither am I I'm one of them. By I'm
• 32:40
  Speaker 2: actually not. I just really like following what he does,
• 32:44
  Speaker 2: not necessarily implementing it. Just pervy. You know you've met that.
• 32:47
  Speaker 2: I need to look under the hood of everybody. Absolutely Anyway,
• 32:50
  Speaker 2: I guess that leads me to my next point, which
• 32:53
  Speaker 2: is trust yourself and have some conviction back. So, how
• 32:57
  Speaker 2: many times have you read an article, watched a news report,
• 33:00
  Speaker 2: jumped online, took a tip from a friend about the
• 33:03
  Speaker 2: next hot stock, and lost money a couple of times? Yeah,
• 33:06
  Speaker 2: you have bitcoin being number one? Yeah, doge coin.
• 33:09
  Speaker 4: Doge coin was the other.
• 33:10
  Speaker 2: Yeah. So like we don't trust Beck with her environment recommendation,
• 33:14
  Speaker 2: listen to me. There is only one piece of advice
• 33:16
  Speaker 2: I would say you should ever act upon, and that's
• 33:19
  Speaker 2: used your own exhaustive research based on facts, not opinions.
• 33:23
  Speaker 2: Those two things are very different obtained from trusted sources.
• 33:29
  Speaker 2: Other advice can be considered and obviously verified, but it
• 33:31
  Speaker 2: should never be the sole reason to commit money to something. Yep,
• 33:35
  Speaker 2: just because someone said it was good, Beck, and just
• 33:36
  Speaker 2: because your mates were doing it does not mean that
• 33:39
  Speaker 2: it is a good decision at all. Do your research,
• 33:42
  Speaker 2: have a bit of a think about it, make sure
• 33:43
  Speaker 2: it fits your risk profile and what you're trying to achieve.
• 33:47
  Speaker 2: The next thing is look ahead. I always say, when
• 33:50
  Speaker 2: in doubt, through them out, look at the bigger picture.
• 33:52
  Speaker 2: I genuinely mean that successful investors don't actually look at
• 33:56
  Speaker 2: what's happening today. It's why when you know the uproar
• 33:59
  Speaker 2: about the Big four banks was happening last year, Like
• 34:02
  Speaker 2: I remember, everyone was talking about, oh my gosh, they're
• 34:04
  Speaker 2: screwing investors because they're increasing interest rates. What does this mean?
• 34:07
  Speaker 2: Should I still be invested in them? I didn't even
• 34:10
  Speaker 2: second look. I own a couple of the Big four
• 34:12
  Speaker 2: banks in my portfolio. I didn't even blink. And the
• 34:15
  Speaker 2: reason I didn't blink is because I already know they're tried,
• 34:19
  Speaker 2: true quality businesses, and what was going on was reflective
• 34:22
  Speaker 2: of the market. It did not matter what was going
• 34:25
  Speaker 2: on with other people's opinions because they didn't know what
• 34:27
  Speaker 2: they were talking about. At the end of the day,
• 34:29
  Speaker 2: Les Warren Buffett is out here telling me, yes, I
• 34:32
  Speaker 2: don't know why my friend that's a doctor or a
• 34:35
  Speaker 2: dentist or a hairdresser is going to know more about
• 34:37
  Speaker 2: the investment world than people who actually work in investment
• 34:40
  Speaker 2: right right. One of my favorite books, and if you're
• 34:43
  Speaker 2: looking for an investment book to read at the start
• 34:46
  Speaker 2: of this year, I read this every year and it's
• 34:47
  Speaker 2: the most dry, bland, boring book in the entire world.
• 34:51
  Speaker 2: But I read it all the time, like you go
• 34:53
  Speaker 2: for it. I read it all the time because it's
• 34:55
  Speaker 2: like the investing basics, Like it's the start of the start.
• 34:58
  Speaker 2: It's called The Richest Man in Babylon and it's about
• 35:02
  Speaker 2: I guess, investing basics, like where investments started, and it
• 35:06
  Speaker 2: started in marketplaces. And one of the things that is
• 35:09
  Speaker 2: said in The Richest Man in Babylon is you would
• 35:12
  Speaker 2: never take advice on buying diamonds from a bricklayer.
• 35:15
  Speaker 4: Hm.
• 35:16
  Speaker 2: And you just go that makes sense. That does make sense.
• 35:19
  Speaker 2: So every time someone gives you some advice, go, well,
• 35:21
  Speaker 2: where is it coming from? Yes, so you can have
• 35:23
  Speaker 2: a really beautiful conversation over brunch, don't shut your friends down.
• 35:27
  Speaker 2: Have those chats. Absorb that information. But when it comes
• 35:30
  Speaker 2: back to making your own decision, be like, did I
• 35:32
  Speaker 2: get this advice from the diamond trader? Or did I
• 35:34
  Speaker 2: get it from the bricklayer, Because if I'm buying diamonds,
• 35:38
  Speaker 2: I probably want to be talking to a diamond specialist.
• 35:41
  Speaker 2: I don't actually want to be talking to a bricky
• 35:43
  Speaker 2: that's beautiful. Does that make sense? Yeah? So anyway, that's
• 35:46
  Speaker 2: where I would be looking. Look at the momentum of
• 35:49
  Speaker 2: a company as well or an entire economy and how
• 35:52
  Speaker 2: it interacts with its competitors. If you invested now, what
• 35:55
  Speaker 2: will happen in the future. I think it's really important
• 35:58
  Speaker 2: to understand that most businesses are really forward thinking. If
• 36:02
  Speaker 2: you're looking at investing something now or trying to jump
• 36:06
  Speaker 2: on the bandwagon of an investment that's already like in
• 36:08
  Speaker 2: its heyday, already had all of that social media momentum
• 36:12
  Speaker 2: that's had short term gains, you've actually probably already missed out.
• 36:16
  Speaker 2: Like you're probably not going to like if your mate
• 36:18
  Speaker 2: is talking about how they've had really great gains in
• 36:21
  Speaker 2: the last six months with a particular stock, like why
• 36:24
  Speaker 2: would that continue in this economy?
• 36:26
  Speaker 1: Right?
• 36:27
  Speaker 2: Like sounds good, sound sexy, but it's probably not going
• 36:30
  Speaker 2: to be sustainable for the future. So we need to
• 36:33
  Speaker 2: look at that. So try and find the next big
• 36:35
  Speaker 2: thing not necessarily the thing that has been the big
• 36:38
  Speaker 2: thing for your friends. But then always anchor your portfolio
• 36:41
  Speaker 2: with great companies that have, you know, long term track
• 36:45
  Speaker 2: records and steady growth, not like, oh my gosh, dos
• 36:48
  Speaker 2: coin is really trendy young and for my money in there,
• 36:51
  Speaker 2: sorry to attack you like, which beck leads me to
• 36:54
  Speaker 2: my final point, be patient. It's a long game. That's
• 36:59
  Speaker 2: the time parts a long game. I'm impulsive, so this
• 37:02
  Speaker 2: doesn't work for me either, which is I guess why
• 37:04
  Speaker 2: I had to become so educated, because I just want
• 37:07
  Speaker 2: things to happen right now. If I invest today, right,
• 37:10
  Speaker 2: it would be so good to be a millionaire tomorrow, ideally,
• 37:13
  Speaker 2: ideally right, Like, what do you mean, I'm going to
• 37:15
  Speaker 2: check it tomorrow and it's gonna be worth nothing. It
• 37:17
  Speaker 2: might be worthless. That's so scaring. But we actually have
• 37:21
  Speaker 2: to zoom out, so you will have heard me say
• 37:23
  Speaker 2: a million times even in this episode when in doubt,
• 37:26
  Speaker 2: zoom out, look at the bigger picture. Yeah, I promise
• 37:29
  Speaker 2: that is going to make you a better investor, if
• 37:31
  Speaker 2: you are able to genuinely go hold up my portfolios down.
• 37:36
  Speaker 2: Let's actually just like, look at the bigger picture. One
• 37:38
  Speaker 2: of my favorite resources is the Vanguard Interactive Index chart.
• 37:42
  Speaker 2: Go have a look at that online, because when you
• 37:45
  Speaker 2: zoom out and go, oh, well, what has the market
• 37:48
  Speaker 2: done over the last thirty years, forty years, fifty years,
• 37:50
  Speaker 2: however long you're planning on being invested, I promise it
• 37:53
  Speaker 2: looks far more sexy than what the returns over the
• 37:57
  Speaker 2: last twelve months have Because, like, everyone's a bit of
• 38:00
  Speaker 2: a hard time during this economy. But if you look
• 38:02
  Speaker 2: at what's going on in our economy right now, and
• 38:04
  Speaker 2: then you compare it to the global financial crisis, which
• 38:07
  Speaker 2: arguably was our biggest financial crisis, you know, I guess
• 38:11
  Speaker 2: you could say, more modern times, that happened in two
• 38:14
  Speaker 2: thousand and eight, two thousand and nine, And if we
• 38:17
  Speaker 2: go back that far and have a look at what
• 38:19
  Speaker 2: the dip in the market there looked like and cut
• 38:21
  Speaker 2: it off, you go, oh, my gosh, the market was
• 38:24
  Speaker 2: steadily going up and then it crashed down. Beck it
• 38:27
  Speaker 2: was terrifying. But then if you go from two thousand
• 38:30
  Speaker 2: and nine to twenty twenty four, the market recovers even
• 38:33
  Speaker 2: greater than what the crash was. So it always comes back,
• 38:38
  Speaker 2: and we needed to understand that. That's how the economy works.
• 38:41
  Speaker 2: So during the Global Financial crisis, so many people freaked out,
• 38:44
  Speaker 2: sold their portfolios, that were selling their house. Like there's
• 38:47
  Speaker 2: obviously a lot to the GFC, which we can explain
• 38:50
  Speaker 2: another day, but lots of people freaked out because it
• 38:53
  Speaker 2: was the biggest crash in history. Beck. But the people
• 38:56
  Speaker 2: that made the most money during the Global Financial Crisis
• 38:59
  Speaker 2: were the colme that left their money invested, so that
• 39:02
  Speaker 2: today it is outperforming even what the high of the
• 39:05
  Speaker 2: Global financial crisis market wash. You'd be absolutely cheering exactly.
• 39:11
  Speaker 2: And if you had sold, then you're absolutely kicking yourself,
• 39:15
  Speaker 2: right because now you're looking at this bigger chart going wow,
• 39:18
  Speaker 2: like it actually recovered. And at the time it didn't
• 39:21
  Speaker 2: feel like it was going to recover, felt like the
• 39:23
  Speaker 2: financial world was falling down around us. But when in doubt,
• 39:28
  Speaker 2: zoom ount. It is so important to I guess, take
• 39:31
  Speaker 2: a step back and go if this is happening to
• 39:34
  Speaker 2: me as an individual investor, it's probably happening to millions
• 39:37
  Speaker 2: of individual investors. And if you're on a good platform
• 39:40
  Speaker 2: and you're in you know, a solid ETF for a
• 39:43
  Speaker 2: solid business, I promise they're freaking out more than you
• 39:46
  Speaker 2: are because they want their returns to go back to
• 39:48
  Speaker 2: normal too, So don't stress too much, don't panic when
• 39:52
  Speaker 2: in doubt, zoom out.
• 39:53
  Speaker 4: Okay, are there any other things to consider before we
• 39:56
  Speaker 4: wrap up?
• 39:56
  Speaker 2: I mean, obviously there are some really good books She's
• 39:59
  Speaker 2: on the Money, any investinguish sheees on the Money. Obviously,
• 40:03
  Speaker 2: listen to podcasts. There are so many out there. Obviously
• 40:06
  Speaker 2: we can talk about our own, but if you're this
• 40:08
  Speaker 2: far into this episode, you already listen to us. But
• 40:10
  Speaker 2: I've got a couple of favorites. Obviously, I love my
• 40:12
  Speaker 2: millennial money. I think that they are really Obviously they
• 40:16
  Speaker 2: can be a lot more technical than I am, which
• 40:18
  Speaker 2: some people absolutely love, and they deep dive into different things.
• 40:22
  Speaker 2: Go have a listen to them. Even just look up
• 40:25
  Speaker 2: money podcasts online and see what other content exists that
• 40:30
  Speaker 2: you might resonate with. Join our Facebook group, keep in
• 40:33
  Speaker 2: touch with the community, have a good chat with people.
• 40:36
  Speaker 2: Start bringing it up at brunch. Like you don't need
• 40:39
  Speaker 2: to do this alone, even if you don't have any
• 40:41
  Speaker 2: quote friends in your immediate friend circle that are going
• 40:44
  Speaker 2: to talk about this with you. I will jump into
• 40:47
  Speaker 2: our Facebook group. I live there on the daily. Like you,
• 40:50
  Speaker 2: ask questions I'm a there to answer. This is why
• 40:52
  Speaker 2: we are here, right, So I think that then gets
• 40:56
  Speaker 2: specific with your situation. So work out what you can do. Beg,
• 40:59
  Speaker 2: your sitch is going to be very different to someone
• 41:01
  Speaker 2: in their fifties investing for the first time. So don't
• 41:04
  Speaker 2: look at what other people are doing. Look at what
• 41:06
  Speaker 2: Beck needs to do and how she needs to you know,
• 41:09
  Speaker 2: just put one foot in front of the other to
• 41:11
  Speaker 2: get into the market. If you're already in the market
• 41:13
  Speaker 2: and you want to be a better investor, what does
• 41:15
  Speaker 2: that look like for you? Because if you then compare
• 41:17
  Speaker 2: yourself to other people's journeys, you're going to be like,
• 41:20
  Speaker 2: I've been investing for ten years and then you see,
• 41:22
  Speaker 2: you know, Sharon down the road and she's been investing
• 41:24
  Speaker 2: for ten years, but she had so much disposable income
• 41:26
  Speaker 2: and is now rolling in it. Right, what's that going
• 41:28
  Speaker 2: to do for you? Make me sad? Exactly? Do we
• 41:31
  Speaker 2: want to do that?
• 41:32
  Speaker 4: No?
• 41:32
  Speaker 2: What benefit does that provide? Yeah? I see what we
• 41:35
  Speaker 2: are saying. So that's where I'm at, and I think
• 41:38
  Speaker 2: now it's time to wrap because I deserve a coffee
• 41:40
  Speaker 2: after all. Yeah.
• 41:41
  Speaker 4: Absolutely, you changed my life, that's for sure.
• 41:44
  Speaker 2: Thanks babe, because I bought your coffee exactly.
• 41:47
  Speaker 4: Let's get another one.
• 41:48
  Speaker 2: All right, Have a good week, guys. We will see
• 41:50
  Speaker 2: you on Friday. Bye.
• 41:57
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• 42:00
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• 42:03
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