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FRIDAY DRINKS: Welcome to book club · She's On The Money

• 0:00
  Speaker 1: She's on the Money. She's on the Money.
• 0:23
  Speaker 2: Hello, and welcome to She's on the Money, the podcast
• 0:26
  Speaker 2: for millennials who want financial freedom. Welcome to another one
• 0:30
  Speaker 2: of our Friday Drinks episodes where we get to celebrate
• 0:33
  Speaker 2: the wins from our She's on the Money community. As always,
• 0:36
  Speaker 2: there are so many great money wins and confessions that
• 0:39
  Speaker 2: I shared in our community each and every single week,
• 0:42
  Speaker 2: and George and I this week have been pouring over
• 0:44
  Speaker 2: each and every single thing you guys have shared. This
• 0:47
  Speaker 2: episode is for you. We are celebrating you. But before
• 0:50
  Speaker 2: we get into it, welcome Georgia King to your very
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  Speaker 2: own podcast.
• 0:54
  Speaker 3: We're here, We're doing it. It's fun and we're ready.
• 0:58
  Speaker 3: Except there is one notable absence. The gorgeous Jessicarcci is
• 1:03
  Speaker 3: home in bed.
• 1:04
  Speaker 2: Home in bed with the spassic cough.
• 1:06
  Speaker 3: With the spicy cough. I had it last week, she
• 1:09
  Speaker 3: has it this week.
• 1:10
  Speaker 2: I haven't gotten it. Running at each other.
• 1:12
  Speaker 3: No, I haven't seen her in many months.
• 1:14
  Speaker 2: I feel un Australian having not had the spicy cough yet.
• 1:19
  Speaker 3: I'm sure it's coming your way down. I'm just not
• 1:21
  Speaker 3: social enough yet. I'm just lighing in wait get yourself
• 1:25
  Speaker 3: to a New Year's Eve festival. That's what I did.
• 1:27
  Speaker 2: And here, Ah, that just feels like you were asking
• 1:31
  Speaker 2: for it, Georgia, kid, Maybe I was. Anyway, it was coming.
• 1:35
  Speaker 4: It's good to be here. Though we're back.
• 1:37
  Speaker 2: I feel like this episode is going to be a
• 1:38
  Speaker 2: bit of a wild one. Couple of reasons, George. One,
• 1:41
  Speaker 2: Jess isn't here to keep us on track and make
• 1:43
  Speaker 2: sure that we do the right thing, because she's the
• 1:44
  Speaker 2: one that's always like Victoria, stop saying that, or Georgia,
• 1:48
  Speaker 2: get on with it, like she's not here to keep
• 1:50
  Speaker 2: us in line. But two, George, you weren't on either
• 1:52
  Speaker 2: of the podcasts this week. Just drinks you're rolling on
• 1:56
  Speaker 2: in correct, You wouldn't know what went on. So I
• 1:58
  Speaker 2: feel like it's my job to tell you what we
• 2:01
  Speaker 2: did this week.
• 2:02
  Speaker 3: Precisely, I have very little to contribute today, so strap
• 2:06
  Speaker 3: yourselves in. It's going to be an absolute corker. No,
• 2:09
  Speaker 3: do tell me what went on on. Let's start with Monday.
• 2:12
  Speaker 3: It makes sense what happened on Money Diaries this week?
• 2:15
  Speaker 3: All right?
• 2:15
  Speaker 2: So on Monday we smoke to an absolutely gorgeous Money
• 2:19
  Speaker 2: diarist who actually has been in our DMS for a
• 2:23
  Speaker 2: very long time, Like I have seen her name come
• 2:25
  Speaker 2: up a million times. She has a company called Dispense.
• 2:29
  Speaker 2: They make like those hand sanitizer like automated container things, yep,
• 2:35
  Speaker 2: and I bought some and I adore them. She's probably
• 2:38
  Speaker 2: not going to be happy that I put fake tan
• 2:40
  Speaker 2: in one and now it like self phoned my fake tan.
• 2:43
  Speaker 2: But I think I'm a genius and like genuinely, like
• 2:46
  Speaker 2: the second it started self foaming, I was like, I
• 2:48
  Speaker 2: know what I can use this for, because now I
• 2:51
  Speaker 2: don't have to like pick up the bottle of fake
• 2:53
  Speaker 2: tan and like pump it onto my meat. I just
• 2:54
  Speaker 2: put my little mit under its mit dispenser and it goes.
• 2:57
  Speaker 2: That is anyway, that's not what her product is for.
• 3:00
  Speaker 2: You can put sanitizer or hand wash in it, or
• 3:03
  Speaker 2: if you're Victoria, you will just put your fake tan
• 3:05
  Speaker 2: in it and yolow. But her story was epic. She
• 3:08
  Speaker 2: talked about her parents who came to Australia as immigrants
• 3:10
  Speaker 2: and started from absolute scratch, and she's worked her way
• 3:14
  Speaker 2: through life as well. And George, she recently, as in
• 3:17
  Speaker 2: twelve months ago, found herself in the position where her
• 3:19
  Speaker 2: boss said, you've been doing a great job, here's pay rice,
• 3:23
  Speaker 2: here's a promotion, and the next week got made redundant.
• 3:27
  Speaker 2: What a roller coaster. Anyway, she has gone from being
• 3:31
  Speaker 2: in that situation to being made redundant and having no
• 3:35
  Speaker 2: idea what was going on, to creating her own small
• 3:37
  Speaker 2: business dispense and now she told us she's made more
• 3:41
  Speaker 2: than seventy five thousand dollars in that company already, So
• 3:45
  Speaker 2: clearly she's doing really well.
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  Speaker 3: She's obviously a very clever cookiev because you know, we're
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  Speaker 3: in the middle of a pandemic.
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  Speaker 4: What do we need.
• 3:54
  Speaker 3: We need sanitizer holders, and we need fake ten dispensers.
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  Speaker 2: Okay, so it's not a fake ten dispair And I'm
• 4:00
  Speaker 2: semi regretting saying that, although this could be revolutionary for
• 4:03
  Speaker 2: her product, I'm gonna pitch it to her. Ye genuinely,
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  Speaker 2: I'm not here to sell it to you, George, because
• 4:08
  Speaker 2: it's not sponsored, and it wasn't sponsored, And the product
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  Speaker 2: I got I literally bought with my own money purely
• 4:13
  Speaker 2: because I wanted her product. They're real sleek, like they
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  Speaker 2: look really sleek on your bench. So I have one
• 4:19
  Speaker 2: beside the front door that actually has the hand sanitizer
• 4:22
  Speaker 2: that came with the product in it, and the other one,
• 4:25
  Speaker 2: which is meant to have a gorgeous French vanilla and
• 4:28
  Speaker 2: paar hand wash in it, that's full of faint hand gotcha, gotcha,
• 4:33
  Speaker 2: You're welcome. Don't mix them up because that could be
• 4:35
  Speaker 2: an awkward, sanitizing situation.
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  Speaker 4: I love that. I can't wait to listen. Tell me
• 4:42
  Speaker 4: about Wednesday's show.
• 4:43
  Speaker 2: Oh, Wednesday's show, George. Honestly, am I allowed to say
• 4:47
  Speaker 2: shit show? Is that a thing think you can do?
• 4:49
  Speaker 2: I have to mark the episode as like being censored.
• 4:53
  Speaker 2: I'm gonna say it's a cleaner Yeah, explicit content. But
• 4:56
  Speaker 2: that's how we're gonna describe Wednesday's episode, not cause the
• 5:01
  Speaker 2: content was that, George, but because Miss Jessica Ricci and
• 5:05
  Speaker 2: I we sat down to record that episode, and I
• 5:08
  Speaker 2: was so excited about it because this year we've decided
• 5:11
  Speaker 2: to focus more on investment and really taking She's on
• 5:14
  Speaker 2: the Money to the next level, and you know, having
• 5:17
  Speaker 2: these deep dive discussions that just make sense about shares
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  Speaker 2: and ETFs and investing and different platforms and different strategies
• 5:24
  Speaker 2: and what it means. And I'm honestly this is where
• 5:27
  Speaker 2: I thrive. So I'm finally in a situation where I'm like,
• 5:30
  Speaker 2: you know what she's on. The Money's content has covered
• 5:34
  Speaker 2: more than enough to be a good base foundational amount
• 5:37
  Speaker 2: of knowledge. We can like start stepping it up now.
• 5:39
  Speaker 2: So if you haven't listened to all our old episodes
• 5:41
  Speaker 2: and you're looking at our investing ones and you're like,
• 5:43
  Speaker 2: I'm not ready for that, just go back to the
• 5:45
  Speaker 2: old ones and have a listened to that. We actually
• 5:47
  Speaker 2: did a really great I'm obviously biased, George, but really
• 5:50
  Speaker 2: great mini investments series covering everything you need to know
• 5:54
  Speaker 2: when it comes to the basics of ETFs and shares
• 5:56
  Speaker 2: and the different asset classes that exist and what that means.
• 6:00
  Speaker 2: And I would go and have a listen to those first.
• 6:02
  Speaker 2: In fact, even if you've already heard them, probably a
• 6:04
  Speaker 2: good time to do a bit of a fresher anyway.
• 6:07
  Speaker 2: But as you can hear, I'm very excited about this content.
• 6:10
  Speaker 2: So Jess and I we sit down and we record
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  Speaker 2: an entire episode George on the top performing ETFs of
• 6:17
  Speaker 2: twenty twenty one, So like incredible who returned the most
• 6:20
  Speaker 2: what it meant, And Jess was like super excited about it,
• 6:23
  Speaker 2: really interested because obviously Jess in the last few months
• 6:26
  Speaker 2: has gotten really into investing and like buying her own ets.
• 6:29
  Speaker 2: And it turns out, George, I didn't have my microphone on.
• 6:33
  Speaker 4: Are you absolute pest? Yeah, you've done it to me before.
• 6:38
  Speaker 4: It's not my feal.
• 6:39
  Speaker 2: It was literally the worst.
• 6:43
  Speaker 4: When did you realize?
• 6:44
  Speaker 2: Sam our editor was like, have you heard this? And
• 6:47
  Speaker 2: I was like, no, because it turns out my microphone
• 6:50
  Speaker 2: wasn't on. And I do have a pretty fancy microphone
• 6:52
  Speaker 2: set up at home that I'm very proud of. And
• 6:55
  Speaker 2: he was like, do you know that that entire thing
• 6:58
  Speaker 2: was recorded on the microphone of your like really trashy webcam?
• 7:01
  Speaker 2: Oh no, no I didn't. I was like, can you
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  Speaker 2: save it? And he sent me like a snippet of
• 7:06
  Speaker 2: the audio and that was absolute trash and I was like,
• 7:09
  Speaker 2: we're going to have to do it again, called Jess, George,
• 7:12
  Speaker 2: Jess's got the spicy cough so I can recall with her,
• 7:16
  Speaker 2: and you had the spicy cough so I couldn't recall
• 7:19
  Speaker 2: with her. And Sam was like, your community have no
• 7:22
  Speaker 2: idea who I am, but I'll be on your episode.
• 7:24
  Speaker 2: And I was like, Sam, I love you, come on this.
• 7:27
  Speaker 2: She's on the Money Podcast, and so our producer Sam,
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  Speaker 2: he co hosted that episode, did a stella job. We
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  Speaker 2: love you, Sam, thank you so much for that. But
• 7:35
  Speaker 2: that episode did end up happening. We did talk about
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  Speaker 2: the top five performing ATFS. I did it for the
• 7:41
  Speaker 2: second time, Sam did it for the first time, and
• 7:45
  Speaker 2: I reckon I got a good enough amount of practice
• 7:47
  Speaker 2: for it to be a really good episode exactly.
• 7:49
  Speaker 3: And you said that that was a really popular episode, right,
• 7:52
  Speaker 3: People were really wanting to hear about that, Like.
• 7:54
  Speaker 2: You guys have been craving more investment topics and already
• 7:59
  Speaker 2: I've had so many d so people being like, oh
• 8:01
  Speaker 2: my gosh, more content like this. I really liked understanding
• 8:03
  Speaker 2: why things perform the way that they do, because in
• 8:06
  Speaker 2: that episode, we didn't just talk about like, hey, George,
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  Speaker 2: this ETF was number one and you go cool, b
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  Speaker 2: We really talked about the intricacies of the market and
• 8:16
  Speaker 2: what it means for it to perform and maybe why
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  Speaker 2: that ETF performed in the way that it did. Because George,
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  Speaker 2: a couple of the ETFs on the list kind of
• 8:24
  Speaker 2: made sense when you started to talk about the state
• 8:26
  Speaker 2: of the world. Right, So one of them was a
• 8:29
  Speaker 2: crude oil Index, which is kind of like fuel and
• 8:32
  Speaker 2: we know that that's quite popular at the moment. Countries
• 8:34
  Speaker 2: are really snapping that up to maintain safety and so
• 8:37
  Speaker 2: that they can still be productive and all of that.
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  Speaker 2: A global cybersecurity one was on there, and there was
• 8:42
  Speaker 2: a global tech one as well, and you go, okay, cool,
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  Speaker 2: like that makes sense. So it was very fun to
• 8:48
  Speaker 2: talk through what that was and why they performed. But
• 8:50
  Speaker 2: also on the flip side of that, you might be thinking,
• 8:53
  Speaker 2: oh my gosh, like I might pick shares based on
• 8:55
  Speaker 2: what the top performing ones were. Like A really good
• 8:58
  Speaker 2: point that Sam brought up was like, I've edited your
• 9:01
  Speaker 2: content for a long time. I know you pretty well.
• 9:05
  Speaker 2: I don't think you would pick these ATF And I
• 9:07
  Speaker 2: was like, no, it's definitely against my ethics and my
• 9:09
  Speaker 2: values and what I actually want from an ETF and
• 9:12
  Speaker 2: from an investment. So it's interesting to see that even
• 9:15
  Speaker 2: though they perform well, I definitely wouldn't have picked it
• 9:17
  Speaker 2: and still won't pick it into the future. So it
• 9:19
  Speaker 2: was just a good conversation about values and goals and
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  Speaker 2: what these ETFs want to do and how they diversified
• 9:26
  Speaker 2: because I think as well, obviously go listen to the episode,
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  Speaker 2: really passionate about this. But an ETF, I think has
• 9:32
  Speaker 2: this common misconception in our community that any ETF is
• 9:35
  Speaker 2: automatically diversified, and that is true, but it's not diversified
• 9:40
  Speaker 2: across the entire market. It might be diversified across a
• 9:43
  Speaker 2: particular sector, so for example, that crude oil ETF only
• 9:48
  Speaker 2: buys crude oil companies, so it might be diversified across
• 9:52
  Speaker 2: that small sector, but when it comes to the bigger marketplace,
• 9:55
  Speaker 2: it's not like a Nasdaq Top one hundred ETF where
• 9:59
  Speaker 2: they have just the top one hundred companies. So it
• 10:02
  Speaker 2: was honestly really interesting episode. And I was telling you earlier, George,
• 10:07
  Speaker 2: that we're going to do another one very soon on
• 10:09
  Speaker 2: the top five performing individual shares, because that's also a
• 10:13
  Speaker 2: very interesting conversation to have. But yes, if you guys
• 10:17
  Speaker 2: have any specific investment topics you want us to cover,
• 10:20
  Speaker 2: slide on into our DMS. My friends, let us know.
• 10:24
  Speaker 3: Oh that's so exciting. I'm so excited for the community
• 10:28
  Speaker 3: and for us. I guess that we're now at this
• 10:30
  Speaker 3: place where we're not just explaining what things are, but
• 10:32
  Speaker 3: we're reflecting on what they actually are. Like on a
• 10:35
  Speaker 3: global scale. Does that make sense? Like it's We've come
• 10:38
  Speaker 3: so far.
• 10:38
  Speaker 2: Yeah, Oh my gosh, George, I cannot tell you. I
• 10:41
  Speaker 2: remember when we made the first twelve episodes of She's
• 10:44
  Speaker 2: on the Money, Like that She's on the Money podcast
• 10:46
  Speaker 2: was only meant to be twelve episodes. We nearly had
• 10:48
  Speaker 2: two hundred and fifty, George, Like, never in my wildest
• 10:51
  Speaker 2: dreams did I think that I get to sit here
• 10:53
  Speaker 2: and talk about investment all day and do research for
• 10:56
  Speaker 2: these episodes and have really wholesome conversations about our and
• 11:00
  Speaker 2: our goals and our values. Like I am still shook
• 11:02
  Speaker 2: that this is my career, George, Like, I love it.
• 11:06
  Speaker 2: I'm so excited. Anyway, She's blessed, She's blessed.
• 11:09
  Speaker 4: Let's be great. Yeah.
• 11:11
  Speaker 2: My favorite thing, though, is the community. As you know, George,
• 11:14
  Speaker 2: So let's recap. We obviously had the money win thread
• 11:19
  Speaker 2: and it's been a while since you've shouted out your
• 11:21
  Speaker 2: favorite money wins from the community. So, George, what have
• 11:24
  Speaker 2: you got for us this week?
• 11:26
  Speaker 4: Okay?
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  Speaker 3: I have some absolute belters as always. My first win
• 11:31
  Speaker 3: is from the lovely bree so Shybrey, young nineteen year
• 11:35
  Speaker 3: old student who was a shopaholic last year when we
• 11:38
  Speaker 3: all she spent in excess of fourteen thousand dollars shopping,
• 11:42
  Speaker 3: nights out and takeaway food. So a little bit of
• 11:45
  Speaker 3: money loss in twenty twenty one.
• 11:47
  Speaker 2: That's a lot of money.
• 11:49
  Speaker 3: But we've all been there, George, we have all been there.
• 11:53
  Speaker 3: But the good news is she started out this year
• 11:55
  Speaker 3: by working out a budget for each month, explaining exactly
• 11:59
  Speaker 3: how much she's allowed to spend on what she needs
• 12:01
  Speaker 3: and what she wants. This week she paid her rent
• 12:04
  Speaker 3: and groceries, and beyond that she did not spend a dime,
• 12:08
  Speaker 3: and then she chacked everyone in the community for all
• 12:10
  Speaker 3: the supports.
• 12:10
  Speaker 4: So amazing.
• 12:11
  Speaker 2: I love that, and I love that you guys all
• 12:14
  Speaker 2: support each other to achieve a goal, and that not
• 12:16
  Speaker 2: only do you support it until it's achieved, we then
• 12:19
  Speaker 2: like get to celebrate together. Like I cannot tell you
• 12:23
  Speaker 2: how wholesome it is. Every day I read through that
• 12:26
  Speaker 2: thread because you guys always update the thread and there's
• 12:29
  Speaker 2: always new comments of things that you guys are winning at.
• 12:31
  Speaker 2: And it could be really small, like I saw the
• 12:33
  Speaker 2: other day someone was like, I went to Colls and
• 12:36
  Speaker 2: there was a big am on sale and I wasn't
• 12:38
  Speaker 2: gonna buy one, but money win. I'm like, yes, Queen,
• 12:41
  Speaker 2: Like I love that we're celebrating the small things. But
• 12:44
  Speaker 2: then people are also commenting really big things like I
• 12:47
  Speaker 2: got out of personal debt I've been in it for
• 12:49
  Speaker 2: ten years, or I finally paid off my car loan,
• 12:51
  Speaker 2: or I've saved up enough to go on the holiday
• 12:54
  Speaker 2: of my dreams, or I'm in a situation that I
• 12:57
  Speaker 2: never thought I would be in before. Like it just
• 12:59
  Speaker 2: it's a cool thread that it doesn't matter what you
• 13:02
  Speaker 2: win is how big it is or how small it is,
• 13:04
  Speaker 2: like we've got you back.
• 13:05
  Speaker 3: Exactly, we're celebrating them all. Let's move on V to
• 13:09
  Speaker 3: a couple of insurancy wins sexy I know. The first
• 13:14
  Speaker 3: one is from Jess, so she had to pay her
• 13:16
  Speaker 3: car insurance. She was quoted nearly seven hundred dollars for
• 13:20
  Speaker 3: renewal of her current third party insurance. Then she did
• 13:24
  Speaker 3: a quote online with Amy and it was five seventy
• 13:26
  Speaker 3: so that's pretty okay. But then and to her friend
• 13:30
  Speaker 3: who somehow got involved and redid the quote, got a
• 13:34
  Speaker 3: special deal. Not sure how she got it down to
• 13:37
  Speaker 3: two hundred and twenty dollars. Sorry, what, Yeah, what's being
• 13:42
  Speaker 3: insured here? But it's impressive.
• 13:45
  Speaker 2: We hope that it's got the same level of insurance. Obviously,
• 13:47
  Speaker 2: when we read these sometimes you're like, we don't comprehend,
• 13:51
  Speaker 2: Like we're happy for you, but like, hopefully you're still protected.
• 13:54
  Speaker 3: There's more to this story though. Her work gave her
• 13:57
  Speaker 3: an eighty dollar voucher, which she she put towards her
• 14:01
  Speaker 3: insurance as well, so in the end she paid one
• 14:05
  Speaker 3: hundred and forty five dollary dues instead of seven hundred. Hello, gorgeous, that.
• 14:10
  Speaker 2: Is a very big money win. I appreciate that massively.
• 14:14
  Speaker 3: Thank you so good, Well done, Jess. The next one
• 14:18
  Speaker 3: is from ash So she changed her address on her
• 14:21
  Speaker 3: car insurance policy to her new address and received a
• 14:24
  Speaker 3: refund of two hundred and ninety four dollars.
• 14:27
  Speaker 4: What Yeah, who would.
• 14:29
  Speaker 2: Have thought you would get a refund? Like I thought
• 14:31
  Speaker 2: they'd just snamp up the money and not mention it.
• 14:34
  Speaker 2: You'd be like, thanks for updating my dates. I didn't
• 14:36
  Speaker 2: think that was a thing.
• 14:37
  Speaker 3: Why is that a thing? V just because some areas
• 14:39
  Speaker 3: amabe a safer.
• 14:41
  Speaker 2: Yeah, it would be a thing because you know, regional
• 14:43
  Speaker 2: versus metro, or some areas are categorized as more likely
• 14:46
  Speaker 2: to have crime or more likely to have on street
• 14:50
  Speaker 2: bingals like, it's all based on risk.
• 14:53
  Speaker 4: Yeah, gotcha makes sense. So it makes sense.
• 14:55
  Speaker 2: But I I didn't think they're refunder Yeah, but that's
• 14:57
  Speaker 2: a good money win.
• 14:59
  Speaker 3: The next this one here is from Star. So this year,
• 15:02
  Speaker 3: she said to a friend, they are having a nothing
• 15:04
  Speaker 3: new year, so they are going to source everything secondhand
• 15:08
  Speaker 3: unless it's absolutely essential they buy a brand new like
• 15:11
  Speaker 3: a feminine hygiene.
• 15:12
  Speaker 4: Product for example.
• 15:13
  Speaker 2: That seems quite reasonable here, I think.
• 15:15
  Speaker 3: So this week alone she saved over eighty dollars on
• 15:18
  Speaker 3: buying perfectly good second hand items, good for the environment,
• 15:22
  Speaker 3: and good for the bank account.
• 15:24
  Speaker 2: Well, legend Star Star is.
• 15:26
  Speaker 4: A good star, George E.
• 15:28
  Speaker 2: I'm gonna see myself out.
• 15:31
  Speaker 3: Nadenv has a short and sweet money win. Her six
• 15:35
  Speaker 3: year old is at his grandparents place for the week,
• 15:37
  Speaker 3: so she doesn't have to feed him. Apparently children are
• 15:40
  Speaker 3: very hungry, so that's a good result.
• 15:41
  Speaker 2: That is a great result. That's not just the money win.
• 15:44
  Speaker 2: But like what I heard was you have a child
• 15:46
  Speaker 2: free week, my friend the dream.
• 15:48
  Speaker 4: I hope she's heading to some yoga sessions in the
• 15:51
  Speaker 4: living room between women who have child free lives.
• 15:53
  Speaker 2: We get it.
• 15:55
  Speaker 4: Welcome Ashley has quit smoking.
• 15:58
  Speaker 3: She's already saving so much money, and she says, it's
• 16:00
  Speaker 3: such a relief to finally be free of the habits.
• 16:03
  Speaker 4: I have luge combats. That's like a health.
• 16:05
  Speaker 2: Win as well, abslutely just money win. But like something
• 16:10
  Speaker 2: that I think is really important. You guys have heard
• 16:12
  Speaker 2: me say it before, is if you're going to make
• 16:13
  Speaker 2: a really big change that is going to have a
• 16:16
  Speaker 2: significant financial impact on your life, like quitting smoking, Like
• 16:20
  Speaker 2: that's a big one, make sure you're putting that money
• 16:22
  Speaker 2: somewhere else so you don't get further down the track
• 16:25
  Speaker 2: and then you go, oh, where's that money going? Like
• 16:28
  Speaker 2: everyone said that when I quit smoking, I'll save so
• 16:30
  Speaker 2: much money, but I'm not seeing it. Like, we need
• 16:33
  Speaker 2: to be more active about this. So if you were
• 16:34
  Speaker 2: spending fifty bucks a week or one hundred dollars a week,
• 16:37
  Speaker 2: start putting that money in a savings account so that
• 16:40
  Speaker 2: if you're ever attempted to go back to the habit,
• 16:42
  Speaker 2: you look at it and go, no, I'm so happy
• 16:44
  Speaker 2: that I have those savings, Like, please do it. Because
• 16:47
  Speaker 2: I've heard a few people in our community saying Oh
• 16:49
  Speaker 2: I thought i'd save heaps if I was not smoking anymore,
• 16:52
  Speaker 2: And the reality is, yes, you will. But we need
• 16:55
  Speaker 2: to be more active about our savings. It doesn't just happen.
• 16:58
  Speaker 2: The money doesn't just end up magically in our account saved.
• 17:02
  Speaker 2: We as humans will always find another way to allocate it.
• 17:05
  Speaker 2: So we have to be very specific about where things
• 17:07
  Speaker 2: go and how they're structured and what we are doing
• 17:10
  Speaker 2: with our money. One hundred percent back to wins Now,
• 17:12
  Speaker 2: I'll stop ranting.
• 17:13
  Speaker 3: H I loved that our final win V is from Lucy.
• 17:18
  Speaker 3: So she asked her boss for a pay rise this
• 17:20
  Speaker 3: week and he gave her a twenty five percent raise
• 17:23
  Speaker 3: without any hesitation. What this means, now ve is that
• 17:27
  Speaker 3: she's doubled her salary from the job she was made
• 17:30
  Speaker 3: redundant from in May twenty twenty. Turns out COVID business
• 17:34
  Speaker 3: closures can't have a silver lining in the long run.
• 17:36
  Speaker 2: She wrote, Oh I love that, but also we're going
• 17:40
  Speaker 2: to use Lucy's money when as a reminder, New Year,
• 17:44
  Speaker 2: New salary. If you've been thinking about talking to your
• 17:47
  Speaker 2: boss about salary, what are you waiting for? Lucy's boss
• 17:50
  Speaker 2: gave her a twenty five percent increase without question. If
• 17:54
  Speaker 2: you've been thinking about asking, now's the time to shine.
• 17:56
  Speaker 2: My friends, v Let's set up a meeting after this, right,
• 18:00
  Speaker 2: will have a chat. I wish I said not no, no,
• 18:03
  Speaker 2: no no, But there's actually, George, as you would know,
• 18:05
  Speaker 2: an entire podcast about negotiating your salary. So go back
• 18:09
  Speaker 2: and listen to that, because now is a very good
• 18:12
  Speaker 2: time to be having conversations about salary. New Year, New us.
• 18:16
  Speaker 2: You deserve it, all right, let's get back into it, Georgia,
• 18:19
  Speaker 2: can we hear this week's listener question?
• 18:22
  Speaker 5: Hey, team and Maddie here. I'm twenty three years old
• 18:25
  Speaker 5: and I just got a new job at a big
• 18:27
  Speaker 5: company that I'm really excited about. The only issue is
• 18:31
  Speaker 5: that I've just found out I'm going to be paid
• 18:32
  Speaker 5: once a month, which is really starting to stress me out,
• 18:35
  Speaker 5: and I feel like it's a money loss. Do you
• 18:38
  Speaker 5: have any tips for managing only being paid once a month?
• 18:41
  Speaker 2: Gee, I feel like this is a really relatable one.
• 18:44
  Speaker 2: At some point in our lives, we've all gone through
• 18:46
  Speaker 2: a change in employment that's meant a change in the
• 18:49
  Speaker 2: way that we get paid, or like maybe even a
• 18:52
  Speaker 2: bump in the road. It might go from weekly to fortnightly,
• 18:54
  Speaker 2: but monthly is a big one. Have you ever gone
• 18:56
  Speaker 2: through a change that big?
• 18:58
  Speaker 3: Yeah, I have my first full time job. I was
• 19:02
  Speaker 3: paid monthly, which it was different, I guess because it
• 19:06
  Speaker 3: was my first full time job, so I was earning
• 19:08
  Speaker 3: more than my casual job. But I was used to
• 19:11
  Speaker 3: having that weekly top up, so it was a huge adjustment.
• 19:15
  Speaker 3: So I definitely understand the stress of this question. But
• 19:18
  Speaker 3: it's definitely not a money loss like you were going
• 19:20
  Speaker 3: to be just fine with the help of Victoria.
• 19:23
  Speaker 2: Yeah, it's not a money lost by any stretch of
• 19:25
  Speaker 2: the imagination. It actually just requires a little bit more planning.
• 19:30
  Speaker 2: And I say a little bit more planning because obviously,
• 19:32
  Speaker 2: let's pretend George, it's the same amount of money and
• 19:34
  Speaker 2: we're not talking about you know, pay rises or pay decreases.
• 19:37
  Speaker 2: We're actually just talking about frequency here. But when it
• 19:40
  Speaker 2: comes to frequency, if we get a big lump sum
• 19:43
  Speaker 2: at the start of the month, mindset often comes into it.
• 19:46
  Speaker 2: So you're very likely to go, oh my god, no,
• 19:48
  Speaker 2: I've got heaps of money. It's so fine, Like I
• 19:50
  Speaker 2: can go out for an extra apparol with you, George,
• 19:53
  Speaker 2: don't worry or no, no, no, babe, I've got the
• 19:55
  Speaker 2: pizza this time. You got it last time. Even if
• 19:58
  Speaker 2: you're not sure who paid, you end up just dipping
• 20:02
  Speaker 2: into your money a bit more than you had actually
• 20:04
  Speaker 2: planned to. So maybe the last week of your pay
• 20:07
  Speaker 2: cycle is super tight and you end up feeling really uncomfortable.
• 20:11
  Speaker 2: So this is where having a really good budget and
• 20:13
  Speaker 2: cash flow system in place is going to be essential,
• 20:16
  Speaker 2: because then it won't matter because you are in a
• 20:19
  Speaker 2: situation where you know what your expenses are, and you
• 20:21
  Speaker 2: know what you're spending on your food, your fuel, and
• 20:23
  Speaker 2: your fun each and every single month, so that you
• 20:26
  Speaker 2: can allocate that to your personal spending each week. And
• 20:29
  Speaker 2: this is how I do my own personal spending. This
• 20:32
  Speaker 2: is how our budget and casually master class is set up.
• 20:34
  Speaker 2: Albeit I don't think this person came in for me
• 20:37
  Speaker 2: to go do my course, but at the end of
• 20:39
  Speaker 2: the day, genuinely, my online master class would be of
• 20:43
  Speaker 2: value here and you're not am going to do George.
• 20:45
  Speaker 2: We're going to send her the master class so that
• 20:47
  Speaker 2: she can do it because at the end of the day,
• 20:50
  Speaker 2: she's in a situation where that would be really valuable.
• 20:53
  Speaker 2: And having a system that is made for you is
• 20:56
  Speaker 2: going to make it so much easier. So it's about
• 20:58
  Speaker 2: sitting down and going, right, what is my budget, what
• 21:01
  Speaker 2: am I spending? How much am I spending? Being really
• 21:04
  Speaker 2: really stick with that. When we say budget at cheese
• 21:07
  Speaker 2: on the money, we're not saying please restrict yourself, like
• 21:10
  Speaker 2: set a budget for groceries, Like we're not saying that.
• 21:12
  Speaker 2: I'm saying to you, Georgia, how much do you spend
• 21:14
  Speaker 2: on groceries each week? And you might go, oh, like
• 21:17
  Speaker 2: maybe fifty bucks, and I'll go, are you sure?
• 21:19
  Speaker 5: You go?
• 21:20
  Speaker 2: Oh, let me go through my bank balance, and then
• 21:22
  Speaker 2: it's like eighty dollars. If we set our budget at
• 21:25
  Speaker 2: fifty we're going to shoot ourselves in the foot each
• 21:27
  Speaker 2: and every single week because that's not truly what you're spending.
• 21:31
  Speaker 2: So it's not a place where we're trying to restrict.
• 21:34
  Speaker 2: It's a place where we're trying to understand so that
• 21:37
  Speaker 2: you can go, oh, well, I spend eighty bucks a week,
• 21:39
  Speaker 2: and you might go, that's pretty fair. I don't want
• 21:41
  Speaker 2: to change that. But if you're super aware of your
• 21:43
  Speaker 2: spending habbits, you might go, but do you know what
• 21:46
  Speaker 2: I actually really need to really in the amount of
• 21:48
  Speaker 2: takeaway coffees that I have, I definitely don't need to
• 21:50
  Speaker 2: a day. I can't believe how much they add up.
• 21:53
  Speaker 2: That's adding xyz to my budget each and every single week,
• 21:56
  Speaker 2: and it's not in line with my values. Like, I
• 21:58
  Speaker 2: just don't want to do that because I'm actually trying
• 22:00
  Speaker 2: to save for a house or you know what. I'm
• 22:02
  Speaker 2: trying to save so that I have a little bit
• 22:03
  Speaker 2: more money in my budget each week, so that i
• 22:05
  Speaker 2: can actually go out on a Friday night and have
• 22:07
  Speaker 2: a drink and go out for dinner with my girlfriends.
• 22:09
  Speaker 2: And I'm not spending any more than I would have before.
• 22:12
  Speaker 2: I've just reallocated my budget to be more in line
• 22:15
  Speaker 2: with the way I want to live my life. That
• 22:18
  Speaker 2: is what we're talking about when we say budgeting. It
• 22:20
  Speaker 2: is about you living in line with your values, not
• 22:23
  Speaker 2: living in line with what you think people expect of you.
• 22:26
  Speaker 2: So if you can do that, and then you can
• 22:28
  Speaker 2: set up your bank account system and Georgia, we've posted
• 22:32
  Speaker 2: in the group before how many bank accounts I think
• 22:34
  Speaker 2: you guys need. The magic number is six from my perspective.
• 22:38
  Speaker 2: But if you can set all your bank accounts up,
• 22:40
  Speaker 2: you won't have an issue where at the end of
• 22:42
  Speaker 2: the month you feel stuck because each and every single
• 22:44
  Speaker 2: week you have the same amount of money that you
• 22:46
  Speaker 2: can spend. And we're on a bit of a structure,
• 22:48
  Speaker 2: and it makes sense so that we're achieving our savings goals,
• 22:52
  Speaker 2: we are achieving our debt repayments if we've got any.
• 22:55
  Speaker 2: We are putting money away for the things that are
• 22:57
  Speaker 2: going to come up in the future, like registration because
• 23:00
  Speaker 2: they usually come at the same time as insurance and
• 23:03
  Speaker 2: for me, at the same time as Christmas, which is
• 23:05
  Speaker 2: so rude and I don't appreciate it. But at the
• 23:08
  Speaker 2: end of the day, get on top of your budget,
• 23:10
  Speaker 2: understand it. Create a cash flow system that works for you.
• 23:15
  Speaker 3: Two quick questions before we move on V I remember
• 23:19
  Speaker 3: when I was getting paid once a month, it didn't
• 23:22
  Speaker 3: take a toll in my emotions. But now that I
• 23:25
  Speaker 3: get paid fortnightly, it's like an exciting you get your
• 23:28
  Speaker 3: pay slim well, you get your money, and it's like
• 23:31
  Speaker 3: exciting when you just get paid once a month. You
• 23:34
  Speaker 3: only get that feeling twelve times a year, Like is
• 23:37
  Speaker 3: that something that we can kind of do? We just
• 23:40
  Speaker 3: need to get our heads around that feeling. Not really
• 23:43
  Speaker 3: being meaningful.
• 23:44
  Speaker 2: Or yes, we actually need to create a budget and
• 23:47
  Speaker 2: cash flow system where that's just a part of it.
• 23:50
  Speaker 2: We don't want payday to be exciting because payday shouldn't
• 23:54
  Speaker 2: be exciting because it's just topping up a fund that
• 23:58
  Speaker 2: should be replenished, right Like it shouldn't be like, oh
• 24:01
  Speaker 2: my gosh, I've got so much more money to spend,
• 24:04
  Speaker 2: like it should be, oh my gosh, I'm so glad
• 24:06
  Speaker 2: that my pay came in because I've already allocated where
• 24:09
  Speaker 2: it's going to go and where it's going to live
• 24:11
  Speaker 2: and where it's going to grow. So I think it's
• 24:13
  Speaker 2: very important to remember that mindset does come into this
• 24:15
  Speaker 2: a fair bit, and we need to think about why
• 24:18
  Speaker 2: we might be excited about payday. Are you excited about
• 24:21
  Speaker 2: payday because you're really short on cash each month and
• 24:23
  Speaker 2: that's the day that the pressure gets taken off a bit?
• 24:26
  Speaker 2: I get it. I totally get it. I have clients
• 24:29
  Speaker 2: that have been in this situation. That's why we want
• 24:31
  Speaker 2: a structure that makes sense. You're excited because you should
• 24:34
  Speaker 2: excited to get paid, like that's cool, But more often
• 24:37
  Speaker 2: than not, usually excitement around payday comes with a sense
• 24:41
  Speaker 2: of relief because you're not under financial pressure at that
• 24:44
  Speaker 2: point in time, because that money has come into your
• 24:47
  Speaker 2: account and you're like, Okay, cool, I can afford rent.
• 24:49
  Speaker 2: And I wasn't sure how that was going to happen
• 24:50
  Speaker 2: because I had no money left. Like, no one deserves
• 24:53
  Speaker 2: to feel like that, And that's why structuring yourself properly
• 24:56
  Speaker 2: so that you're in a position of empowerment is really important.
• 25:00
  Speaker 3: Yeah, because you're not making less money. You're making literally
• 25:03
  Speaker 3: the same amount of money. It's just how you think
• 25:05
  Speaker 3: about it and how you strategize to make it work
• 25:08
  Speaker 3: for you. Last little question here, Vye. Why do companies
• 25:12
  Speaker 3: choose to pay once a month only?
• 25:14
  Speaker 2: Is it just a caros and a nightmare?
• 25:16
  Speaker 4: George?
• 25:18
  Speaker 2: Payroll as somebody who employs people, I'm sorry. At the
• 25:22
  Speaker 2: end of the day, it's literally based on what the
• 25:24
  Speaker 2: company does. If it's a big company, they might have
• 25:26
  Speaker 2: a payroll department and they're sorting everything out during the
• 25:29
  Speaker 2: month and they're getting it together, and monthly just works
• 25:32
  Speaker 2: for that company. Some companies pay weekly, some companies pay fortnightly.
• 25:36
  Speaker 2: To be honest, it's really personal preference. Sometimes they'll be flexible.
• 25:40
  Speaker 2: For example, if you work in a small business and
• 25:41
  Speaker 2: you're like, oh, I'm really bad at cash flow. We
• 25:43
  Speaker 2: really want to have a chat to my boss about
• 25:45
  Speaker 2: my pay cycles. They might be flexible in this, Like,
• 25:48
  Speaker 2: it's definitely worth a conversation if it's something that's really
• 25:51
  Speaker 2: important to you. However, it really just comes down to
• 25:54
  Speaker 2: the way that the business has been structured. To be honest,
• 25:57
  Speaker 2: I pay the way I pay because that's how the
• 26:00
  Speaker 2: bookkeeper I worked with when I first set up my
• 26:03
  Speaker 2: business worked and she just told me that's how it
• 26:05
  Speaker 2: was going to be. I didn't really have a discussion
• 26:08
  Speaker 2: about it. I didn't really have a conversation. It was
• 26:10
  Speaker 2: just the way that she said would work the best
• 26:12
  Speaker 2: and be the clearest, and it just made sense. But
• 26:15
  Speaker 2: it's different for everybody, So I don't think there's a
• 26:18
  Speaker 2: right or a wrong. And if it's something that's really
• 26:20
  Speaker 2: grinding your gears, g talk to your boss about it.
• 26:23
  Speaker 4: Love that Phi.
• 26:25
  Speaker 3: Is it time to move on to a new little
• 26:27
  Speaker 3: segment that you created twenty minutes ago in our planning? Mate?
• 26:30
  Speaker 2: Oh yes, George, I'm very excited about this, and I
• 26:33
  Speaker 2: mean I've been thinking about it for a long time.
• 26:36
  Speaker 2: But we usually do on Friday drinks a little segment
• 26:40
  Speaker 2: where we talk about the news all the current events,
• 26:42
  Speaker 2: and I was like, George, financial news over Christmas was
• 26:45
  Speaker 2: pretty bland. I mean, we talked about Elizabeth Holmes, and
• 26:48
  Speaker 2: I do have a recommendation based on the last week's
• 26:51
  Speaker 2: show because I said that it was a really interesting
• 26:54
  Speaker 2: case to follow. I'm really interested to see what actually
• 26:56
  Speaker 2: eventuates and how it works. And a whole heap of
• 26:59
  Speaker 2: uselid into my and recommended the ABC podcast The Dropout G.
• 27:05
  Speaker 2: I finished season one, I'm halfway through season two. I'm obsessed.
• 27:09
  Speaker 2: I have been listening to it while I'm working. I
• 27:11
  Speaker 2: have been listening to it when I walk the dog
• 27:13
  Speaker 2: every morning. I have been listening to it laying in
• 27:15
  Speaker 2: bed like it's it's not healthy. Like I'm obsessed, but
• 27:19
  Speaker 2: it's such an interesting case. And that was definitely a
• 27:22
  Speaker 2: good pod recommendation from you guys. But to replace this
• 27:25
  Speaker 2: week's news segment, G, We're going to do book club.
• 27:29
  Speaker 2: We're creating a book club, but it's like a fake
• 27:32
  Speaker 2: book club. It's not a real book club. What happens
• 27:35
  Speaker 2: is I read the book, and then I tell you
• 27:37
  Speaker 2: about the book, and then you guys get to pretend
• 27:40
  Speaker 2: you also read the book because I'm going to do
• 27:42
  Speaker 2: like the TLDR version, like the too long didn't read,
• 27:45
  Speaker 2: So you can get all of the knowledge out of
• 27:47
  Speaker 2: a finance book without having to read it, because some
• 27:49
  Speaker 2: of them are really dry. So I guess that's another
• 27:52
  Speaker 2: point we should make. It's going to be a finance book.
• 27:54
  Speaker 2: It's not just going to be any book. It's not
• 27:56
  Speaker 2: just going to be some rom com that Victoria's been
• 27:58
  Speaker 2: reading in a downtime, which I absolutely do, but we're
• 28:01
  Speaker 2: not going to talk about the topics that I read.
• 28:03
  Speaker 2: But it's going to be a finance book. And you
• 28:05
  Speaker 2: guys should be really excited. I mean, are you?
• 28:08
  Speaker 3: I mean I would love it more if they weren't finance.
• 28:10
  Speaker 3: I'm not going to lie to you, but this is
• 28:12
  Speaker 3: a finance podcast, and here we are.
• 28:15
  Speaker 2: I mean, people could make really trashy recommendations, like if
• 28:18
  Speaker 2: they wanted to, like if you read a really good
• 28:21
  Speaker 2: rom com novel recently.
• 28:23
  Speaker 3: Please, I'm currently reading The Paper Palace, which is kind
• 28:26
  Speaker 3: of in that vein, so would recommend that. But again,
• 28:29
  Speaker 3: that's not why we're here. What I think is good
• 28:31
  Speaker 3: about this idea V is that no one really wants
• 28:34
  Speaker 3: to read finance books unless there she is on the money,
• 28:37
  Speaker 3: of course.
• 28:38
  Speaker 4: So this is a.
• 28:39
  Speaker 3: Really good way of kind of grasping the main concepts
• 28:41
  Speaker 3: that you've taken away. You can done them down for
• 28:44
  Speaker 3: my good self and the listeners and have fun with it.
• 28:47
  Speaker 2: You're welcome. You are so welcome. And I've said on
• 28:50
  Speaker 2: the podcast before, we're going to start with my favorite
• 28:52
  Speaker 2: finance book of all time, and at the same time
• 28:56
  Speaker 2: as being my favorite, I would argue it is the
• 28:58
  Speaker 2: driest nance book of all time. But the thing I
• 29:02
  Speaker 2: adore about it, George, is actually the Cures our Cards,
• 29:06
  Speaker 2: seven cures out of it, which teach a different investment
• 29:09
  Speaker 2: lesson for each and every single segment. And I feel
• 29:12
  Speaker 2: like it's a really timeless book. So the book we
• 29:14
  Speaker 2: are going to talk about today, George, is called The
• 29:18
  Speaker 2: Richest Man in Babylon and it is by George Samuel Klassen.
• 29:22
  Speaker 2: And this book has existed for more than one hundred years. Literally,
• 29:27
  Speaker 2: it has been around the sun a fair few times.
• 29:30
  Speaker 2: But to summarize it very quickly, it gives from my perspective,
• 29:34
  Speaker 2: very common sense financial advice that I would argue is
• 29:38
  Speaker 2: still very applicable today that is told through different tales
• 29:42
  Speaker 2: and parables from the times of ancient Babylon, which sounds
• 29:46
  Speaker 2: very romantic, but I promise when you read it you'll
• 29:48
  Speaker 2: be like, this is dry. And also the font in
• 29:52
  Speaker 2: this book is particularly small, which we don't write, like,
• 29:56
  Speaker 2: I want readable fonts, not fonts that make me squint
• 29:59
  Speaker 2: while reading. So like just a little bit of feedback
• 30:02
  Speaker 2: to the publishers there, you could increase it. But it
• 30:06
  Speaker 2: is very it feels very old.
• 30:08
  Speaker 3: Sophie, not gonna lie. You haven't really sold it. The
• 30:10
  Speaker 3: font's really small, it's boring and dry a written.
• 30:15
  Speaker 2: It's not great, But as I said, it has financial
• 30:18
  Speaker 2: advice in it that I think is incredibly relevant today. Okay,
• 30:22
  Speaker 2: so you're like still not selling it.
• 30:24
  Speaker 4: Yeah, I mean not really caring. Like what are the
• 30:27
  Speaker 4: main lessons that you learned from the book?
• 30:29
  Speaker 3: All right?
• 30:29
  Speaker 2: So there's there's a fictional Babylonian character in this book
• 30:33
  Speaker 2: and we follow him and his name's Arcad or Arcad
• 30:37
  Speaker 2: I think it's Arcad anyway. Arcad is a very poor
• 30:40
  Speaker 2: scribe who essentially became the richest man in Babylon through
• 30:44
  Speaker 2: these tips and tricks that are shared in the book.
• 30:47
  Speaker 2: So Babylon was the wealthiest city in the entire world
• 30:50
  Speaker 2: at the time that this was published, because people appreciated
• 30:54
  Speaker 2: the value of money, and this book, if You're in
• 30:57
  Speaker 2: financial Advice is known as being one of the most
• 31:01
  Speaker 2: influential classic books to exist in this space. And by
• 31:05
  Speaker 2: the end of the book, you have an understanding of
• 31:07
  Speaker 2: Arkad's financial advice. Specifically, he has seven cures and five
• 31:13
  Speaker 2: Laws of Gold, and these help you generate money, then
• 31:16
  Speaker 2: protect it, then invest it. So like it sounds kind
• 31:19
  Speaker 2: of cooler when I'd be like, oh, it's actually kind
• 31:21
  Speaker 2: of like a story, but let's just go through them
• 31:24
  Speaker 2: really quickly. Essentially, the seven cures are really important, and
• 31:28
  Speaker 2: they're kind of like seven top tips, and for each
• 31:31
  Speaker 2: tip you get kind of like a parable or a
• 31:33
  Speaker 2: story to go along with it as to why it's important.
• 31:36
  Speaker 2: And the first one is pay yourself first, which she's
• 31:40
  Speaker 2: on the Money we agree with, and he says you
• 31:43
  Speaker 2: should always, always, always be looking to save money where
• 31:45
  Speaker 2: you can. The author recommends saving at least ten percent
• 31:49
  Speaker 2: of your earnings always. If you can save a higher
• 31:51
  Speaker 2: portion of this, then that is fantastic. This money might
• 31:55
  Speaker 2: be just going to pay off debt, but that is
• 31:56
  Speaker 2: still growing your wealth. If you are in debt. You
• 32:00
  Speaker 2: live on seventy percent of what you earn, save ten
• 32:02
  Speaker 2: percent for yourself, and use the remaining twenty percent to
• 32:06
  Speaker 2: pay your debts. And you should set this aside before
• 32:09
  Speaker 2: you spend any other money. So that's kind of kind
• 32:13
  Speaker 2: of interesting. He also says that every expense you have
• 32:17
  Speaker 2: is slaving away for somebody else. If you don't pay
• 32:20
  Speaker 2: yourself first, you are merely working to pay for other people.
• 32:24
  Speaker 2: The author then goes on to explain that you might
• 32:26
  Speaker 2: as well be a servant if you don't pay yourself first,
• 32:29
  Speaker 2: and he says this is because servants work to earn
• 32:31
  Speaker 2: food and shelter. So that's number one in his seven cures.
• 32:35
  Speaker 4: Oh, that's number one. That's all seven times.
• 32:37
  Speaker 2: Not all seven babes like, sit down, strap yourself. In
• 32:41
  Speaker 2: Number two is control your expenses. So the author says
• 32:45
  Speaker 2: you absolutely well and truly need to control your expenses
• 32:48
  Speaker 2: to be able to save a minimum of ten percent
• 32:50
  Speaker 2: of your earnings, you actually have to minimize the amount
• 32:52
  Speaker 2: of money going out of your accounts or out of
• 32:55
  Speaker 2: your hands. So the recommendation in this book is that
• 32:57
  Speaker 2: you need to be spending ninety percent all life less
• 33:00
  Speaker 2: in total of your income. So the author recommends that
• 33:04
  Speaker 2: you need to learn to live below your means and
• 33:06
  Speaker 2: try and avoid any unnecessary expenses because your expenses will
• 33:11
  Speaker 2: always grow to equal your income if you don't protest.
• 33:15
  Speaker 2: So like lifestyle creep, yeah exactly, Like we talk about
• 33:18
  Speaker 2: this stuff all the time. So it turns out I
• 33:20
  Speaker 2: really really haven't reined. Then to the wheel, it's actually
• 33:23
  Speaker 2: come from four thousand years ago in Babylon, Like, who would.
• 33:26
  Speaker 4: Have thought he should have done a podcast?
• 33:28
  Speaker 2: I know? Can you imagine he would have made heaps?
• 33:32
  Speaker 2: So a perfect example of this is exactly like lifestyle Creep.
• 33:36
  Speaker 2: So when people get a raise, instead of using that
• 33:38
  Speaker 2: as an opportunity to save more money, people tend to
• 33:41
  Speaker 2: just start spending more. So unless you can control your
• 33:44
  Speaker 2: urged to buy unnecessary things, the author says, you're always
• 33:48
  Speaker 2: going to struggle to maintain this cure. That's kind of cool, right, yeah,
• 33:53
  Speaker 2: I like it.
• 33:54
  Speaker 4: What's next?
• 33:55
  Speaker 2: So, George, Number three is make money work for you,
• 33:58
  Speaker 2: So together, save it money and not spending money on
• 34:01
  Speaker 2: unnecessary things is not enough to actually create wealth. You
• 34:05
  Speaker 2: need to be investing your money. So the book says
• 34:09
  Speaker 2: the first two cures, which is saving and then controlling
• 34:11
  Speaker 2: your expenses will help you with this third cure. The
• 34:15
  Speaker 2: first two cures will provide money for you to invest,
• 34:18
  Speaker 2: and then every single cent of your savings should be invested. Again,
• 34:23
  Speaker 2: I think it's important here to say this isn't my
• 34:25
  Speaker 2: advice is and me summarizing the book. If you then
• 34:28
  Speaker 2: receive returns on your money invested, then you should be
• 34:31
  Speaker 2: investing those returns as well. So effectively, they recommend that
• 34:36
  Speaker 2: you build a little army of workers, which are your
• 34:38
  Speaker 2: dollars that are earning money for you.
• 34:40
  Speaker 4: Also known as compound interest. Am I right?
• 34:43
  Speaker 2: Yeah, you're not wrong. The other part of this chapter
• 34:47
  Speaker 2: is ensuring that you're investing in areas that you are knowledgeable,
• 34:51
  Speaker 2: or if there is an opportunity that you are not
• 34:53
  Speaker 2: knowledgeable in and you need to learn more, you need
• 34:56
  Speaker 2: to lean on somebody who is an expert in that area.
• 35:00
  Speaker 2: So one example, which I think I've posted quotes on
• 35:03
  Speaker 2: before is you wouldn't take advice on purchasing diamonds from
• 35:07
  Speaker 2: a bricklayer. And I think that that is incredibly important
• 35:12
  Speaker 2: because so many people, especially nowadays, are reaching out to
• 35:16
  Speaker 2: social media influences about buying crypto, and you go, why
• 35:20
  Speaker 2: would you do that if you actually want to create
• 35:22
  Speaker 2: wealth instead of relying on experts in that area. So
• 35:27
  Speaker 2: the best people in this book, this is also me
• 35:30
  Speaker 2: going ha ha, but the best people to learn from
• 35:32
  Speaker 2: are actually financial advisors. In the book The Richest Man
• 35:36
  Speaker 2: in Babylon, there are actually several fictional characters who can
• 35:39
  Speaker 2: be described as financial advisors, but they are essentially rich,
• 35:43
  Speaker 2: self made men who are endorsed by the quote king
• 35:45
  Speaker 2: and other leaders in this book. But essentially they are
• 35:48
  Speaker 2: seen as being the trustworthy experts. They help other people
• 35:51
  Speaker 2: make money. But the guy who's trying to convince you
• 35:53
  Speaker 2: that he can help you buy diamonds, but he's a
• 35:55
  Speaker 2: bricklayer and doesn't have any diamonds, like, he's probably not
• 35:58
  Speaker 2: the one, right. So essentially avoid being scammed, my friends,
• 36:02
  Speaker 2: that's what we're trying to do.
• 36:04
  Speaker 4: Trust the pros, Trust the pros.
• 36:06
  Speaker 2: Are you ready for number four?
• 36:09
  Speaker 4: Number four? Let's go, George.
• 36:10
  Speaker 2: Number four is protect your wealth. There are a number
• 36:14
  Speaker 2: of risks obviously associated with attempting to become rich and
• 36:18
  Speaker 2: becoming wealthy, and it is so easy to lose money
• 36:21
  Speaker 2: or make a poor investment. So to minimize risk, The
• 36:24
  Speaker 2: Richest Man in Babylon says that you need to learn
• 36:27
  Speaker 2: from people who have successfully built wealth and kept it
• 36:32
  Speaker 2: for long periods of time. The recommendation on this one
• 36:35
  Speaker 2: is surround yourself with people who are familiar with money,
• 36:38
  Speaker 2: who work with it each day, and who ideally make
• 36:41
  Speaker 2: lots of it. The other recommendation in this chapter is
• 36:45
  Speaker 2: you want to spread your wealth out. You do not
• 36:47
  Speaker 2: want your investments to all be in one place, or
• 36:49
  Speaker 2: one stock or one bond. Doing so is arguably too risky,
• 36:54
  Speaker 2: so the book recommends that you diversify your investments based
• 36:57
  Speaker 2: on logic so that you will make money. I feel
• 37:00
  Speaker 2: like they've listened to the podcast before, George.
• 37:03
  Speaker 4: I think they've stolen your work.
• 37:05
  Speaker 5: Yeah.
• 37:06
  Speaker 2: Literally, all right, let's move on, g because number five
• 37:10
  Speaker 2: probably isn't. She's on the money advice. Are you ready?
• 37:14
  Speaker 2: Number five is own your own house.
• 37:17
  Speaker 3: Well, that's pretty much impossible, so thanks a lot, George.
• 37:22
  Speaker 2: Thanks George. Two, and we can't afford property, so rude. Anyway.
• 37:29
  Speaker 2: Number five is own your own house because apparently owning
• 37:32
  Speaker 2: property gives a person more confidence. They say in the
• 37:36
  Speaker 2: book that renting a property is an easy way to
• 37:39
  Speaker 2: waste money. They say that you're simply giving your money
• 37:42
  Speaker 2: away to another landlord. They say it is better to
• 37:45
  Speaker 2: take out a loan and buy a property. When the
• 37:47
  Speaker 2: loan is paid off, you then own that house and
• 37:50
  Speaker 2: you can do whatever you want with it. You can
• 37:52
  Speaker 2: even start renting out that property as a fourth investment.
• 37:55
  Speaker 2: But the book says the best case scenario is buying
• 37:58
  Speaker 2: a house without a loan. If you can do this,
• 38:00
  Speaker 2: then you definitely should blow. Yeah, I, as a financial advisor,
• 38:04
  Speaker 2: can't agree with that. I mean it's probably I as
• 38:08
  Speaker 2: a financial advisor, can't agree with that. In fact, it's
• 38:11
  Speaker 2: probably advice that worked four thousand years ago in Babylon,
• 38:15
  Speaker 2: but like, probably not today. Like I don't know if
• 38:18
  Speaker 2: he knows what our interest rates are, they're pretty good,
• 38:20
  Speaker 2: but the cluster property nowadays is a bit too hard
• 38:24
  Speaker 2: to swallow. So like, nice, try, George, you did good. Yep,
• 38:28
  Speaker 2: let's just move on to number six. Let's move on
• 38:30
  Speaker 2: number six. I do love, So we're back on track. George,
• 38:33
  Speaker 2: we're back on track. Number six is ensure a future income.
• 38:38
  Speaker 2: So he says that you always need to look forward
• 38:41
  Speaker 2: to the future. Financial circumstances can change dramatically and really quickly,
• 38:46
  Speaker 2: So what you need to do is have a plan
• 38:47
  Speaker 2: in place in case circumstances are worsened for you. An
• 38:50
  Speaker 2: example of this in the book was that you become
• 38:52
  Speaker 2: too ill to work, or maybe a specific industry isn't
• 38:55
  Speaker 2: needed anymore. You want to have investments in place that
• 38:58
  Speaker 2: are leveraging compound interest, and you also want to develop
• 39:02
  Speaker 2: a passive income stream that will keep coming in after
• 39:06
  Speaker 2: you don't work anymore. Cough superanuation cough. This will help
• 39:10
  Speaker 2: account for factors that could potentially pop up in the future,
• 39:13
  Speaker 2: like becoming not well or being too old to work.
• 39:16
  Speaker 2: So that is something we definitely agree with Jking.
• 39:19
  Speaker 4: One hundred percent. Super is very important.
• 39:22
  Speaker 2: Moving on, we're trying to be fast. I mean we're
• 39:24
  Speaker 2: not because I'm really excited about this. You'll be like Victoria.
• 39:27
  Speaker 2: It would have taken the same amount of time to
• 39:28
  Speaker 2: read the book, but whatever. And g Number seven of
• 39:31
  Speaker 2: ourcads seven cures in the book is invest in yourself,
• 39:35
  Speaker 2: which I think we can all agree with.
• 39:37
  Speaker 4: Oh gorgeous, agreed.
• 39:39
  Speaker 2: Your most valuable asset of all is your mind. So
• 39:43
  Speaker 2: to maximize the ability to gain wealth, you have to
• 39:46
  Speaker 2: invest in yourself. They say you need to improve your
• 39:49
  Speaker 2: earning potential and you can do this by acquiring new
• 39:52
  Speaker 2: skills and not laughting for acquiring wealth during that period.
• 39:55
  Speaker 2: So think about how you could be earning more money.
• 39:59
  Speaker 2: Then consider what changes you need to make yourself that
• 40:03
  Speaker 2: make that potential wealth generation a reality, and then invest
• 40:06
  Speaker 2: in yourself to make those changes. So learning a new
• 40:10
  Speaker 2: skill or investing in yourself could be anything. They recommend
• 40:13
  Speaker 2: things like changing to be more healthy habits like walking more,
• 40:16
  Speaker 2: or reading helpful books before bed, or cutting out a
• 40:19
  Speaker 2: bad spending habit. So I think we can all agree
• 40:22
  Speaker 2: that that's probably a good tip.
• 40:24
  Speaker 4: Definitely. Okay, So they're the lessons or whatever you said before.
• 40:28
  Speaker 2: Yeah, a seven qs g.
• 40:31
  Speaker 4: What are the five laws of gold?
• 40:33
  Speaker 2: That so you can smash through the five laws of
• 40:35
  Speaker 2: gold very quickly, It's not going to be a little
• 40:38
  Speaker 2: summary of each. In the book, George provides us with
• 40:41
  Speaker 2: a summary of how to make money great. He calls
• 40:44
  Speaker 2: these the five laws of gold. Number one, he says
• 40:47
  Speaker 2: gold comes easily to those who save at least ten
• 40:50
  Speaker 2: percent of their earnings. Number two, gold labors diligently and
• 40:54
  Speaker 2: multiplies for people who find this gold a profitable employment.
• 41:00
  Speaker 2: Number three, gold clings to the people who invest their
• 41:03
  Speaker 2: gold with wise people. Number four gold slips away from
• 41:08
  Speaker 2: people who invest in unfamiliar purposes, and number five gold
• 41:13
  Speaker 2: flees from people who force gold into impossible earnings, which
• 41:17
  Speaker 2: I think we can all go hmmm. I feel like
• 41:20
  Speaker 2: that makes sense because obviously is trying to say, Look,
• 41:24
  Speaker 2: if you're trying to force money into impossible areas, it's
• 41:27
  Speaker 2: very likely you're going to lose it. And if you're
• 41:30
  Speaker 2: investing with people you don't trust or in unfamiliar asset classes,
• 41:34
  Speaker 2: like it might slip away because you don't know what
• 41:37
  Speaker 2: you're doing. So I feel like there's a lot of
• 41:38
  Speaker 2: good lessons to learn there, but to summarize g because
• 41:42
  Speaker 2: we are done here, Like, I'm sure you're sick of
• 41:45
  Speaker 2: me talking about this book, but now you can pretend
• 41:47
  Speaker 2: that at brunch you read the books Like this could
• 41:50
  Speaker 2: become a whole side podcast. What do you reckon?
• 41:53
  Speaker 3: Yeah, I think the girls are going to love this.
• 41:55
  Speaker 3: At brunch tomorrow, they're going to be asking me all
• 41:58
  Speaker 3: the questions, seek down.
• 42:02
  Speaker 4: Lessons to tell you.
• 42:03
  Speaker 2: But I do think it's really important because so many
• 42:05
  Speaker 2: people say things like they which finance books should I read?
• 42:08
  Speaker 2: And I go, oh, look, here's my favorite one. I
• 42:10
  Speaker 2: really like it because it's the principles and it's the rules,
• 42:13
  Speaker 2: and it's the things that I really want you to
• 42:14
  Speaker 2: get a base understanding of before you start trying to
• 42:18
  Speaker 2: talk about strategy and before I start being like, well,
• 42:21
  Speaker 2: this is what the investment is like, I want you
• 42:23
  Speaker 2: to understand why you're investing, and I guess is a
• 42:25
  Speaker 2: way always start with money stories and understanding yourself. But
• 42:29
  Speaker 2: to summarize the Richest Man in Babylon, essentially, the secret
• 42:32
  Speaker 2: to creating wealth is spending as little as possible, saving
• 42:35
  Speaker 2: money so that you can invest, and investing in yourself
• 42:38
  Speaker 2: so that you can seize financial opportunities as they come up.
• 42:42
  Speaker 2: To become rich, you need to think about your money
• 42:44
  Speaker 2: like a tree. In the book, they say that trees
• 42:47
  Speaker 2: grow very slowly from the seed, and that they need
• 42:49
  Speaker 2: water and like to flourish, and the seven cures are
• 42:52
  Speaker 2: the food for your money tree. That said, they actually
• 42:55
  Speaker 2: can't help grow your money tree without hard work and consistency.
• 43:00
  Speaker 2: So the recommendation is to set out a logical plan
• 43:02
  Speaker 2: and stick to your financial plan. If you do this
• 43:06
  Speaker 2: and you work really hard, then money will accrue surprisingly quickly.
• 43:10
  Speaker 2: That's the summary of the book.
• 43:12
  Speaker 3: Jeking, well done, V. I think it's very cool that
• 43:14
  Speaker 3: a book written more than one hundred years ago still
• 43:18
  Speaker 3: stands up. I think that's really really good.
• 43:20
  Speaker 2: I think it still stands up, and that's why I
• 43:22
  Speaker 2: like to start with that one. And I know that
• 43:24
  Speaker 2: it is dry and I've just told you all about
• 43:26
  Speaker 2: it so that you don't have to read it yourself.
• 43:29
  Speaker 2: In saying that, I think I've lost count of how
• 43:31
  Speaker 2: many times I've read it because I just really like it.
• 43:33
  Speaker 2: It makes me feel at home. But let me know
• 43:36
  Speaker 2: if you've got another book, or if you hated this segment,
• 43:39
  Speaker 2: let us know. Imagine if this was a whole pod,
• 43:41
  Speaker 2: I reckon we could do like bonus episodes where Victoria's
• 43:44
  Speaker 2: finished a book and I'm just excited to tell you
• 43:46
  Speaker 2: about it.
• 43:48
  Speaker 4: I'll co host that with you. I love that idea.
• 43:49
  Speaker 2: All right, it's on, Gking, It's on. But I do
• 43:52
  Speaker 2: think g that's all we have time for today. So
• 43:55
  Speaker 2: just before we head off, we'd like to acknowledge and
• 43:58
  Speaker 2: pay respect to Australia's Aboriginal and torrist Right islander peoples.
• 44:02
  Speaker 2: They're the traditional custodians of the lands, the waterways and
• 44:05
  Speaker 2: the skies all across Australia. We thank you for sharing
• 44:08
  Speaker 2: and for caring for the land on which we are
• 44:10
  Speaker 2: able to learn. We pay respects to elders past and present,
• 44:14
  Speaker 2: and we share our friendship and our kindness.
• 44:17
  Speaker 3: And remember, guys, the advice sheed on She's on the
• 44:19
  Speaker 3: Money is general in nature and does not consider your
• 44:22
  Speaker 3: individual circumstances.
• 44:24
  Speaker 4: She's on the Money.
• 44:25
  Speaker 3: Exists purely for educational purposes and should not be relied
• 44:29
  Speaker 3: upon to make an investment or a financial decision. And
• 44:32
  Speaker 3: we promise Victoria Devine is an authorized representative of Australia
• 44:36
  Speaker 3: Pacific Funds Management Proprietorly Limited ABN three four one three
• 44:40
  Speaker 3: two four six three two five seven AFOSL three through
• 44:43
  Speaker 3: nine one five one.
• 44:45
  Speaker 2: You forgot to mention that I'm also now a qualified
• 44:47
  Speaker 2: book reviewer. Thank you, yep, thank you. So we won't
• 44:50
  Speaker 2: be reviewing that She's on the Money book because I
• 44:52
  Speaker 2: think that that will be too biased.
• 44:54
  Speaker 4: So well, it's ten out of ten.
• 44:55
  Speaker 2: We are solid at ten out of ten. But if
• 44:57
  Speaker 2: anybody else would like to recommend a book for me to,
• 45:00
  Speaker 2: if you will have a read of, or even just
• 45:01
  Speaker 2: read in my own time, let me know.
• 45:03
  Speaker 4: Slide into also send us through your money questions. Guys.
• 45:06
  Speaker 3: We love listening to them and we want more, so
• 45:09
  Speaker 3: send them to see you later guys.
• 45:10
  Speaker 2: Bye,