Latest / The Swan Effect - Creating and Sustaining Your Financial Wellbeing / S3 E10: Black Friday Strategies

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S3 E10: Black Friday Strategies · The Swan Effect - Creating and Sustaining Your Financial Wellbeing

• 0:00
  Arthi Rabikrisson: Your legacy is about more than just investment returns. It's about the peace of mind that comes with knowing your investments are in the right hands and that you've partnered with an investment manager who has the right skills and experience to grow your wealth. Old mutual wealth is an world class investment destination, offering you a wide range of investment strategies and specialist wealth management solutions, whether your goal is to grow your wealth, generate income or preserve capital old mutual wealth selects the best and most suitable investments based on your investment strategy and their extensive research and insights. Together with your financial planner, old mutual wealth team of experienced specialists go to great lengths to understand what really drives you. Once they know your priorities, they model a strategy around your specific needs, supported by a multi skilled team dedicated to taking your wealth further, whether your goal is to grow your wealth, generate income or preserve and pass on capital, old mutual wealth is here to partner with you on this journey so that you can do more have more, leave more and be more.
• 1:25
  Arthi Rabikrisson: Old mutual wealth is an advice led wealth management business aimed at providing financial planners and their clients with a full suite of industry leading strategies and services. For more information, please visit their website on www.oldmutual.co.za/wealth Hi there. I'm Arthi Rabikrisson,
• 1:55
  Malika Petersen: Hello. I'm Malika Peterson.
• 1:57
  Arthi Rabikrisson: Welcome to
• 1:58
  Malika Petersen: the swan effect podcast.
• 2:01
  Arthi Rabikrisson: Money makes the world go round, yet it's not so easy to understand its complexities, particularly when it comes to investing.
• 2:09
  Malika Petersen: That's why Arthi and I are using this platform to educate, inspire and help you gain confidence in your relationship with money
• 2:18
  Arthi Rabikrisson: so that you can better manage your finances and investments.
• 2:23
  Malika Petersen: We are two women in finance.
• 2:25
  Arthi Rabikrisson: That's pretty cool, isn't it?
• 2:27
  Malika Petersen: It certainly is. You've been in stockbroking, private wealth management, asset management, and now an award winning businesswoman who is coaching and assisting businesses with capital and strategic advice
• 2:41
  Arthi Rabikrisson: and Malika, you have a wealth of experience in wealth, excuse the pun, in financial planning, investments and relationship management. So you're also at the coalface when it comes to where and how people are investing, both getting it right and getting it wrong,
• 2:59
  Malika Petersen: and stuck in the gray areas too. Indeed, I've seen the many phases and moods of financial cycle and how our decisions at those times impact us. So listeners and subscribers, if you are looking to get unstuck, feel empowered and make some strides in how you tackle your money, we are here to help you,
• 3:21
  Arthi Rabikrisson: and it all starts with listening to this upcoming episode. Enjoy.
• 3:34
  Arthi Rabikrisson: Hi everyone. We've now had 10 episodes of the Swan effect podcast for the season, we've been opening our advent calendar of investment and wealth creation ideas. Now, considering it's the month of November, Black Friday, everyone comes up this month. We're also going to give you a two for one. So today we're going to open two new slots in this calendar. And the first one is assets versus liabilities. And the second one, one of our firm favorites, delayed gratifications. Malika I know that you are particularly passionate about both of these topics, so you must be so excited. How are you doing?
• 4:14
  Malika Petersen: Hi, Arthi, hi listeners. I'm very well and yes, absoutely excited about these two advent Calendar revealed, as we've discussed before, I firmly believe that understanding and mastering these two concepts are the key to wealth creation. You remember at the very beginning of our first season together, I told you that I wish I could bottle the way my grandmother handled her finances when I was growing up, and these two concepts were really key to her moving her family from poverty. So I'm very excited to dive in.
• 4:52
  Arthi Rabikrisson: Okay, well, definitely we're going to do just that. But you know what?
• 4:54
  Arthi Rabikrisson: Before I begin with our first slot, let me just check with you. Malika, do you know how the term Black Friday came about?
• 5:03
  Malika Petersen: Well, I think it's common knowledge that started in the US, and it happens on the Friday after the Thanksgiving holiday. We see discount sales happen with some of the biggest retail name. But now it's kind of been adopted in many countries, right, including South Africa, and it's in some interesting ways in South Africa.
• 5:21
  Arthi Rabikrisson: No, absolutely. You spot on.
• 5:22
  Arthi Rabikrisson: Absolutely. That is the main idea behind Black Friday. And yes, it's grown in popularities, especially since the 1980s in the US and in South Africa. I mean, we've got month long of three deals and everything underway, right? It's quite it's actually quite a curious phenomenon, I think. But you know what, Malika and I was actually reading up about this?
• 5:44
  Arthi Rabikrisson: Did you know that black Friday's origins actually trace back way before that, like, actually to the 1950s
• 5:50
  Malika Petersen: Oh, wow,
• 5:51
  Arthi Rabikrisson: yeah. So back then, the tendency was for employees to call in sick on that day, because it's after Thanksgiving,right?
• 6:00
  Malika Petersen: Oh, okay,
• 6:02
  Arthi Rabikrisson: so. And then in the 1960s it was actually a term that was used to describe tourist shoppers coming into the cities to do their shopping on that Friday after Thanksgiving.
• 6:13
  Arthi Rabikrisson: And then on the Saturday there was typically a big football match that would be going on. So that was that phenomenon that was coming in. And then it was only actually towards the end of the 1970s that then retailers came to adopt this term as the sales phenomenon. Now that we're experiencing So what's happened is, you know, Black Friday has come to symbolize that moment when retailers are they traditionally, they've been operating in the red, meaning they've been making some losses, and they're finally moving into the black, signifying that they're coming into profits, and that's all thanks to these sales that were happening after Thanksgiving.
• 6:50
  Malika Petersen: Okay, wow, that's interesting that is fascinating, thanks for sharing Arthi
• 6:56
  Arthi Rabikrisson: I thought it was very fascinating. And I thought it was so interesting for us to bring this in, because it comes into that very first point of our conversation today about assets, which we would typically see as being black, right? Assets being black versus liabilities, which is basically the red zone. It's something we do not want to be in, right?
• 7:16
  Arthi Rabikrisson: It's so important for all of us, our listeners, you and I, to understand what these both are, because it's quite confusing sometimes to believe that a large purchase, like a house or a car is an asset, and we feel, ah, yes, I'm in the black. I've got my asset. Mm, hmm, yeah.
• 7:31
  Arthi Rabikrisson: Well, sorry to burst your bubble, everyone. You're very much in the red to gain the bad news, okay, which, you know it's going to be interesting, because we know how people believe in this. It's it's like a given, a house is an asset. This is able to own it. So we're going to look at this with that example of a house purchase in mind. So you buy a property, it's your primary residence, meaning it's where you live. Now, you and I know Malika, we've been trying to cultivate a wealth mindset through our podcast, and in a wealth mindset, everyone, it's very clear about the differentiation. And simply put, an asset is something that brings in money. In other words, it creates income or wealth, either in the short term or the long term. Conversely, a liability is something that costs money again, either in the short term or in the long term.
• 8:21
  Arthi Rabikrisson: So anything that is not going to bring you income or capital growth is not considered an asset.
• 8:30
  Malika Petersen: So this is a key point Arthi I think we really want our listeners to understand. I mean, we joke that our accountant friends are probably going to come for us.
• 8:40
  Malika Petersen: Oh, yes. But the point is, is that if you own a house that you are living in, it is a liability. And I put owning inverted commas, because ownership can be where you've purchased it outright and you have the title deed in your hand, or you've purchased it by taking a bond or loan, yeah, which has to be repaid, right?
• 9:00
  Malika Petersen: So the bank will hold on to that title deed until it is paid back, yes, I know that a lot of people are going to think, what is Malika on about here, but yeah, allow me to explain. If you don't only try out right, and you've got a mortgage right or bond yeah, it's going to cost you, and you're going to be paying a bond, right? So that's, that's it's costing for as long as you're paying that bond, it's costing you, money, right? You own it outright, and you no longer have a bond, but you are still living in it. Yes, it will still cost you your maintenance and upkeep. I mean, cost cleaning services, your electricity, your rates. These are all expenses that come with the house that you live in.
• 9:48
  Malika Petersen: Yeah. Now, remember we spoke about a wealth mindset, and if anything that has associated costs is considered liability.
• 9:59
  Malika Petersen: Now. Um, I don't want us to think that your liability is never going to become an asset, because that is not true. It might eventually become an asset when you decide to sell it, yep.
• 10:09
  Malika Petersen: But as long as you are living in your house, the house that you live in is a liability,
• 10:14
  Arthi Rabikrisson: Yeah, definitely.I mean, it's important to make that distinction , right? It's how we've grown up to know about these types of things, but you're putting it into such good context for us about this, all of this upkeep that needs to come into place. And of course, you could live in a property and pay rent, okay, that is a recurring expense. That's a liability, so it's definitely not an asset. So yeah, Malika, I think you've made it very, very clear. So also, let me just chip in a little bit here to contrast with a property you own but don't live in. Mm, okay, so it's not your primary residence, so that property is going to cost you a bond, potentially, depending how you paid for it, definitely maintenance, upkeep, utilities, all the things you mentioned Malika, but hopefully it's in a position where you can let it out that means you can generate some rental income from that property that will, hopefully, we hope, in this environment, exceed the cost of that property. So in that case, yes, that property does become an asset if you're earning rental but your costs consistently exceed the income you're receiving. That property is not an asset, let alone a profit earner. Okay, yeah. So let's then tie this into this wealth mindset everyone that the more assets you have, the wealthier you become. Simply put, assets create wealth, liabilities stunt wealth. So it's therefore very important to consider what item you are buying, how it will be used, and then also, you know, before you actually take that decision to buy it, I think that's the most important time for which you need to think about this. Yeah,
• 11:46
  Malika Petersen: yeah. And I want us to reiterate this point Arthi, because I I read somewhere that the key difference between the top 1% of wealthy individuals in the world and everyone else is the way that they see money. Mm, the reality of the situations that wealthy people see receiving money or income, yeah, as an opportunity to make more money, yes, whereas everyone else sees it as an opportunity to spend money on things that have been instant gratitude. Now we're going to touch on this later.
• 12:18
  Malika Petersen: And I mean, that's kind of the second part of our episode today. Yeah, and I'll give you some more examples that will drive the point home with the list. Okay, okay, but I think it's also important to understand how we could possibly use Black Friday to our advantage right. Yeah, because the wealthy understand that buying multiple assets ensures multiple sources of income, and that leads to wealth creation.
• 12:41
  Malika Petersen: So those assets essentially make their money, even in their sleep. And just important?
• 12:48
  Arthi Rabikrisson: Yeah, you are 100% correct for that. So yes, the more examples we are going to give you are listeners to empower you, the easier it's going to be able to make that distinction in future, and therefore also make it easier to make those wealth creating decisions, let me Okay, let's start off with one example, Malika. Let's say a new fridge.
• 13:07
  Arthi Rabikrisson: Okay, you're buying a new fridge. Maybe you're buying it because you know what. It's going to make my kitchen look really nice if you're doing a remodel. But look at this, everyone, if you think about it in the context of what we've just said, that's a wealth destroying liability, okay, but if you're buying that new fridge and hey presto, you're suddenly thinking about a new ice cream making business, or something to do with baking, or something like that, then, hey, this now becomes a wealth creating asset,
• 13:37
  Malika Petersen: absolutely, well,b unless you, unless You charge up space in your fridge to your kids or storage and all the endless projects , is not a bad idea, right?
• 13:48
  Arthi Rabikrisson: No, indeed, we can secularize the sheep.
• 13:53
  Arthi Rabikrisson: Yeah. Okay. Well, what other examples do you have? Malika?
• 13:57
  Malika Petersen: Okay, so let's, let's think about this. There's quite a few. Let's say you have a baai room or an entertainment area by your pool, as an example. You might love that. I mean, it's awesome. You get to have your friends over. You get to chill in. The reality is that that thing is, is a liability, right? Yeah, it takes electricity. It takes rent, a right space, etc, etc. If you were to use that same space as a granny flat that could be rented out, it becomes an asset. So exactly the same space. I think this is the important key thing we're trying to drive home, is our is similar assets could be either a asset or liability, depending on what you can this is one of my favorite ones, right? G-wagon vs a tractor
• 14:45
  Arthi Rabikrisson: okay like they're not even in the same league, Malika Anyway,
• 14:50
  Malika Petersen: 100% correct, yeah. And I think the reason why I love this example is because the perception would be a G wagon is a symbol of wealth, wealth. Yes. At. Actually not.
• 15:00
  Malika Petersen: It's a liability that regardless of whether you've got a loan paid off or not, it takes maintenance all the time. It needs to be serviced. It needs new tires, brakes, etc.
• 15:11
  Arthi Rabikrisson: Oh gosh, you cry. You cry at the price of the tires,
• 15:14
  Malika Petersen: where as tractor, as long as it's working, is going to bring you money in. So what is the true symbol of wealth? The assest which is the tractor? So Arthi this next example. I really want us to kind of hold it on, because we've spoken about it a couple of times before, but I think this is such an exciting topic that really brings this point home, if we've gotDSTV versus an investment, so Okay, DSTV, costs what I think R1200 and a month now, yeah, you were buying shares to the value of one R1200 every single month.
• 15:50
  Malika Petersen: These shares continue to grow in value, and they declare dividend on a regular basis. That dividends can be used as income or alternatively, to buy more shares. But the reality is that you're building asset value as well as income in that scenario, as opposed to this DSTV, which is a liability and just takes money.
• 16:11
  Arthi Rabikrisson: absolutely, absolutely, oh, no, cool. I think those are such good examples that you've shared.
• 16:17
  Arthi Rabikrisson: Malika, so now, okay, listeners, you hearing that? Now, let's consider, is there a way that you can use black Friday to your advantage, to help you reach a wealth, creating goals? I mean, I would wager absolutely okay.
• 16:27
  Arthi Rabikrisson: So here's a couple of examples.
• 16:31
  Arthi Rabikrisson: Let's say you wanted to start a photography business, or maybe a dress making. You know, well, dress making on the side, maybe you've got skills as a hair stylist, so a hair salon, hey, maybe we've inspired you from a podcasting or a video based business. Okay, so again, whichever one it is, right, Black Friday is then that ideal opportunity to maybe buy the equipment that could facilitate those businesses, huh? So the switch here in that mindset of the shopping everyone is, how quickly can you convert these expenses and liabilities into income generating assets? Okay, that is such a more thoughtful way of looking at things right now when you're going to spend Okay, so a second example could be, maybe you want to do a course that could further opportunities in your career.
• 17:20
  Arthi Rabikrisson: Well, guess what? Over Black Friday, a lot of courses are available at a reduced cost, so it would be such an ideal time to scoop some of these up and actually further that along, because again, that potential into your future, into your career, into your future income that's just going to grow, right? You're investing into that. Maybe a third example that comes to mind Malika is also we've talked about it before as well, but that decluttering, that cleaning up, why not identify items that you can sell and actually create your own Black Friday promotion online?
• 17:51
  Arthi Rabikrisson: Everybody, again, you're killing two birds with one stone. You're freeing freeing up space, but at the same time, you're generating some income and getting rid of something that could be somebody else's asset. Maybe you never know. So Malika, because what we're talking about is really this mindset shift for our listeners. And I know a lot of them are probably sitting there and thinking, Okay, now, right?
• 18:14
  Arthi Rabikrisson: I hear what you're saying, Arthi, I hear what you're saying, Malika, but when do I then get to actually enjoy the money I've earned? I mean, it's the end of the year, and you know, maybe I've just been looking forward to retail therapy. I've been making lists of all the things I really want to be purchasing on Black Friday, like my beauty product, my health products, games, fashion items, maybe even Christmas things that I want to get now. What do I do? What do I
• 18:35
  Malika Petersen: I think that's very valid point Arthi, I mean, do? Yeah, we've always shared with our listeners that the game of wealth creation is a mental one.
• 18:43
  Malika Petersen: Yeah, we've been very clear about that in our podcast, and the information that we share on this podcast is really to encourage our listeners to make that mind shift, that, yeah, enable them, essentially, to start building that wealth, and I think that brings us to our second admin calendar reveal.
• 19:02
  Malika Petersen: Okay, yeah, it's this whole concept of delayed gratification. Now this concept works hand in hand with the points that we've kind of discussed around assets and liabilities. And I think to illustrate this concept, I want to reference a TV show which is called undercover billionaire.
• 19:20
  Malika Petersen: Now this show is about a billionaire by the name of Ron condone, who basically was, he was born in in like Charles, Louisiana, and he was brought up as a single mother, right? And she he came from a big family, siblings, and he kind of initially started to battle with addiction, but the long story short is that eventually he he built up a billion dollar business. So what the show does, and the premise of the show, which is very interesting, it drops Grant Cardone at various places in the States with $100 and nothing else okay? And the challenge is for him to build a business in 30 days. And that's kind of the challenge, alright, that's that's what he needs to do. And what's interesting is that he manages to do it every time. And these businesses end up turning over different amounts of money. When he's most successful, he ended up building a multi million dollar business.
• 20:24
  Arthi Rabikrisson: Wow, from$100
• 20:25
  Malika Petersen: from $100 but yeah, what's interesting is what he goes through. Now, understand, this man is already a billionaire. He's been dropped in a remote place, or not remote, but small, small, little towns like, what's $100 the first few nights, he kind of like, I mean, one or two times he needed to just sleep on the street. He bought a tent so that he could sleep. He's a billionaire, right? And he actually spoke about how difficult, because he wasn't feeling well on that day. He was really missing his family, and how difficult that experience was that he went through, but he stuck to it, and he still built up the business and continued with the with the task. Now, the reality is that wealthy individuals, they are willing to sacrifice their time, their money, their comfort, in order to achieve their goals, and they're basically willing to risk what they've got now so that and they'll go without, they'll go without whatever it is they need to in order to realize the opportunity of achieving something much bigger and greater in the future.
• 21:32
  Arthi Rabikrisson: Yeah, yeah. I think that's such a good example that you're bringing to us. I mean, we have spoken so regularly about delayed gratification on our podcast, Malika, but you know what? It's important enough for it to be in focus. So listeners, I guess the crux of what we're saying is, is when you do delay your gratification until the assets you have bought are creating wealth, you start to create that momentum, and that wealth creation starts to kick in. It unlocks everyone your ability to buy the things you desire, and actually what you will end up buying will be far better than what you initially thought you could afford, right? That's cool. It's actually leveling up.
• 22:07
  Arthi Rabikrisson: That's what it is, right? So let's consider a couple of practical steps there of going about doing this. So let's say the first one is maybe we're thinking about considering sacrificing a specific amount of time in which to achieve our asset goals. Okay, so maybe something that you could think about, and I know it might be hard, but maybe you could think about, maybe do a buy, nothing, new challenge. So, you know, try this for a week. As a start, use the money you've saved to reward yourself, initially, to create the link between the challenge and your happy feelings around this. Okay, so and then later on, increase the time for your challenge, and then start buying assets that are going to bring you more income. So like small things, examples like maybe you buy some T shirts that you can resell, that can be resold, or anything else in that sort of one to one kind of fashion that'll, you know, you purchase, and then you can sell it off to bring you some cash. So that little piece could end up being, I think, a little bit addictive, especially if you see some money coming in.
• 23:14
  Malika Petersen: And I think it'll also be a fun challenge, right? Imagine not going to buy any groceries for a week and having to come up with fun, creative, new recipes based on what you have in your cupboard, I mean that that could be a lot of fun, right? Let me add to your example. Okay, so I think the other thing that people could do is sacrifice a portion of space, right? Okay, many of us live in night homes and have additional space. Even if you don't, there's always additional space. So you could sacrifice a portion of your house or an outbuilding or anything. We use the example of the pool area earlier, and use that for rental income. That income will allow you to either purchase additional assets or pay off your bond a lot quicker so that you can achieve wealth, which is awesome. Thanks to youngsters I know Arthi, as you know, I've got three very big boys. So I know that the temptation might be there when you start working to move out on your own. Get independence, right? Oh, yeah.
• 24:13
  Malika Petersen: But I want to encourage especially young people to delay that gratification, live with your parents initially, buy a small property, whatever your income qualifies you for. As soon as you can buy it, rent that out, you'll start to generate income from that rental property that'll help you to be able to bond or any expenses associated with a property.
• 24:35
  Malika Petersen: Against the aim here is to get more rental income than what the costing you right? And what that also does is not only allow you to be in a position where you are able to cover your your bond and expenses, but it also increases your credit record with the bank, because now the bank. Bank is not only seeing the amount that you're earning from your first job salary, they are also seeing the rental income that you are receiving as additional income. So now, instead of qualifying for the amount that you originally qualified for, you now qualify for a bigger amount, because you're getting the additional rental income which might allow you to buy a second small property, which can then also bring you rental income and so on and so forth. You'll get momentum to the point where all of the income that you're earning from your properties allow you to potentially live in a space that gets paid for with right? So again, it's about that delay initially, so that you can achieve something goals later.
• 25:39
  Malika Petersen: Yes. Then lastly, use bonuses and extra cash to invest rather than spend so I know I mean, Arthi spoke about this early on.
• 25:48
  Malika Petersen: Yeah, when we get our bonuses, we just want to, we want to nice, go to Sandton city, buy everything our eyes can, and kind of enjoy ourselves, right?
• 25:57
  Malika Petersen: Mm, hmm. The reality is that if you just delay that gratification for just a couple of years, right, a year or two, one or two bonuses, and use that extra lump sum that you've received to purchase investments, to purchase assets, like we said, investments bring in dividends. Assets bring in income, and once you start to have momentum, you can go to sandton city and buy yourself the Louis Vuitton bag, right?
• 26:28
  Malika Petersen: Because by delaying your gratification, you are able to buy things that are way better than what you originally could have.
• 26:38
  Arthi Rabikrisson: Yeah Malika , you're making me think about all of these things now, but you're quite right. You are quite right. I mean, these are such practical, relevant examples of what you could actually get if you do delay, okay? And I like the the piece that you're talking about bonuses, right?
• 26:53
  Arthi Rabikrisson: Because it's making me think about often. We'll say, if you got extra cash, you need to think about the debt that you've got on hand and how you're going to try and pay that down. Okay?
• 27:02
  Arthi Rabikrisson: And typically, we would come up with a bit of a debt plan to allow you to work towards a repayment, especially if those short term debts. I mean, those are the ones, oh, of those sticky buggers with those high interest rates, oh, boy, they really, really can catch you.
• 27:14
  Arthi Rabikrisson: Okay, so yes, we want to also think about this as well everybody, in terms of how we allowing ourselves also the opportunity to pay more to clear out those shorter term debt, also pay towards those larger purchases, like those properties, those vehicles.
• 27:31
  Arthi Rabikrisson: Because of course, over time, as you pay it down, you then also pay less interest, which means can have more money in your pocket for other investing strategies, which we've already mentioned the season, but here's the other thing that I don't think we always think about is that as you're paying down, it's also creating an opportunity to leverage the use of your debt towards other asset enhancing purchases. So for example, you could take that now, that lovely gap that you pay down, and you can say, but you know what, I'm going to use a portion of that maybe I'm going to purchase. To purchase a storage container that I could immediately rent out, which is going to generate some income, right? So that's what we mean about that leveraging piece. Malika, what do you want to add on that?
• 28:13
  Malika Petersen: No, absolutely.
• 28:13
  Malika Petersen: And I think Arthi, it's very important. Because I think often people think if I get a lump sum, or get, you know, a big amount of of money, I should cover my debts immediately, right? And, and that's not 100% true. So yes, those short term, high interest, smaller stuff absolutely get, you know, get in paid as soon as soon as possible. But we kind of know that history has shown that very often, even after people receive a lumsum, like winning the lotto for example, they end up in pretty much the same position or worse position in a very short space of and the reason this happens is because they don't buy assets with the money, right? So I do want to encourage our listeners, yes, as much as you should use some of that money to pay off debt as quickly as possible. Yeah, please use a big portion of it to buy assets that is going to bring in income to be able to service your debt definitely have a debt plan in place, but please make sure that that you are using them to buy assets so that so that you are able to create an income.
• 29:11
  Arthi Rabikrisson: Yeah, right.
• 29:11
  Arthi Rabikrisson: Definitely.
• 29:13
  Malika Petersen: Now our listeners might be saying at this point, Arthi, I've already started doing my thing right.
• 29:19
  Malika Petersen: I've already made mistake of buying things that are liabilities. Yeah. And now, even after you told me my house is not an asset, I actually realized I have no assets. So kind of what? What do I do?
• 29:30
  Malika Petersen: Right? I want to encourage a listener, it's never too late to start. Do a stock take off of the liabilities that you have purchased, right? Remember, we said in the very beginning, just because something is currently a liability doesn't mean it needs to stay a liability forever, right? So let me use an example.
• 29:50
  Malika Petersen: You may own a motorcycle that you intend to buy as listening.
• 29:54
  Malika Petersen: You want to be individuals. You may own a motorcycle that. You dust off and take for a ride once a year. Okay, yeah, right.
• 30:02
  Malika Petersen: Consider advertising that motorcycle for rental. There are many photographers modeling agencies and agencies that rent motorcycles for photo shoots or movies or whatever it may be.
• 30:17
  Malika Petersen: Consider exploring that opportunity, that motorcycle that's been standing there doing nothing in your garage could bring you income and immediately turning it from a liability into an asset. Again, we use the example of the out building that you use to entertain, convert it, use it for living space for a full or part time rent. I mean, you could Airbnb it as an example, so that is still available for you to entertain your family and friends most of the time, but that you're getting so I think the point is,
• 30:47
  Arthi Rabikrisson: In am definitely applying my mind to is that there are so many possibilities of you using your existing liability, yes, and making sure that you are able to to turn them into assets. You just have to apply your mindset.
• 31:04
  Arthi Rabikrisson: some of my liabilities even as we were speaking, Malika, gosh, you know, I think what a practical kind of episode today.
• 31:11
  Arthi Rabikrisson: I'm so excited with the future.
• 31:11
  Arthi Rabikrisson: And you know what? It's just bringing us into full wealth creation mode. I think, as you said, there's no better time to start than the present. And I mean, the present is such a gift we often forget. So pardon the pun, but it's just making me think of all these really, really cool ideas, huh? Malika
• 31:28
  Malika Petersen: no, I think Me too. Me too. I think this episode is such a huge milestone in our podcast journey with our listeners, right? These concepts bring together basically all the information that we've been sharing in a way that allows us all to make that mind shift and implement those actions that will really, really start to create real and proper wealth.
• 31:52
  Malika Petersen: And I think with that, Arthi, what is your parting shot today?
• 31:55
  Arthi Rabikrisson: Oh, wow, we had the parting shot already.
• 31:57
  Arthi Rabikrisson: Yeah, okay, I would say everyone sees the asset daily. Yeah, let's, let's put it that way. We live in a world where the possibilities to generate income, to build an asset pool, to generate wealth for not only ourselves, even for others, others benefit too. I mean, I think it's just, it's vast.
• 32:16
  Arthi Rabikrisson: There's so much out there. So everyone kick procrastination to the curb. Let's stretch our perspectives, push our own boundaries, and let's just be more prudent about how and why we're spending our money in a particular way. Let's think wealthy in order to grow wealth.
• 32:30
  Arthi Rabikrisson: Okay, that's my my take. What about youMalika,?
• 32:37
  Malika Petersen: yeah, I think my parting shot shock is this Arthi,if you listeners, if you never listen to any other information I have shared thus far, okay, please listen to the information that we share in this episode. The right mindset and seeing money as an opportunity to buy access and create wealth, yeah, coupled with the concept of delayed gratification, that is that absolute recipe.
• 33:09
  Arthi Rabikrisson: Okay? You know, I'm still in thinking mode, Malika, you're speaking you speaking of recipes, now I'm wondering if I could turn my mom's recipe book, and you know what actually given what we've just discussed? I know it's possible. It is possible. I've seen others do it
• 33:23
  Malika Petersen: absolutely and yes to actual recipes, creating recipes. What's that say?
• 33:29
  Arthi Rabikrisson: Oh, cheers, cheers, cheers to that Happy Black Friday, assest spending everyone,
• 33:35
  Malika Petersen: Yeah, everybody's going to be thinking, is this a red purchase or black? Keep our voices in the back of your mind before you make your wallet any lighter.
• 33:46
  Arthi Rabikrisson: Okay. Cheers to voices in our head. Okay, that didn't quite sound right, alright, okay, alright,
• 33:53
  Malika Petersen: I think let's leave it there. Arthi, no, weird voice, yeah. Solid ideas,
• 33:58
  Arthi Rabikrisson: definitely, definitely Okay. Take care.
• 34:01
  Arthi Rabikrisson: Everyone until next time.
• 34:03
  Malika Petersen: Ciao, everyone till then
• 34:05
  Arthi Rabikrisson: Ciao,
• 34:11
  Malika Petersen: sharing is caring
• 34:13
  Arthi Rabikrisson: and knowledge is power.
• 34:15
  Malika Petersen: Time for you to be daring
• 34:17
  Arthi Rabikrisson: and let your money confidence bloom like a sunflower.
• 34:22
  Malika Petersen: Thanks for joining us. We hope you found these ideas and guidance useful.
• 34:27
  Arthi Rabikrisson: Do subscribe, share and write a review or send us comments. We would love to hear from you.
• 34:34
  Malika Petersen: Catch you on the next episode
• 34:36
  Arthi Rabikrisson: of the swine effect podcast.
• 34:38
  Malika Petersen: Bye for now.
• 34:39
  Arthi Rabikrisson: Ciao,