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How a Year Making SOTM Completely Transformed Our Producer Emma’s Finances · She's On The Money

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  Speaker 1: Kaka Yai and beIN Ahaka ni and Urga and in
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  Speaker 1: Bina yakarum Jar Dominya, Domakaman, Damon Imlan Wumba bang gad
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  Speaker 1: Obama in and now in Waka gan On yakraum jar Watnadaa. Hello,
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  Speaker 1: beautiful friends. We gather on the lands of the Aboriginal people.
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  Speaker 1: We thank, acknowledge and respect the Abiginal people's land that
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  Speaker 1: we're gathering on today. Take pleasure in all the land
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  Speaker 1: and respect all that you see. She's on the Money
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  Speaker 1: podcast acknowledges culture, country, community and connections, bringing you the tools,
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  Speaker 1: knowledge and resources for you to thrive.
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  Speaker 2: She's on the Money. She's on the Money.
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  Speaker 3: Hello and welcome to She's on the Money, the podcast
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  Speaker 3: that lets you be pervy about other people's money habits
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  Speaker 3: for educational purposes of course. Now today's Money Diary. It's
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  Speaker 3: a little bit different because it's with somebody who we
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  Speaker 3: talk about on the show all the time, but she's
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  Speaker 3: never actually been on the show. Our money diarist today
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  Speaker 3: is usually behind the scenes, and a year after joining
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  Speaker 3: the she's on the Money team and being thrown absolutely
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  Speaker 3: headfirst into financial literacy. Our producer Emma has volunteered to
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  Speaker 3: share her money, habits, her mindset and goals that have
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  Speaker 3: evolved since then. Emma, Welcome to the other side of
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  Speaker 3: the microphone.
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  Speaker 4: Oh my god, I can't believe I'm finally on the show,
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  Speaker 4: which is fun because I talk about you all the time.
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  Speaker 2: I'm like, Emma, is that right?
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  Speaker 3: Oh, Emma will know and I feel like people maybe
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  Speaker 3: know your name, but through me just yapping about you
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  Speaker 3: on the show, especially Bex Broke tips.
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  Speaker 2: I'm like, did you get that from Emma? And She's
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  Speaker 2: like yes.
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  Speaker 4: And usually when I call up the money Diarist and
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  Speaker 4: talk to them, they're like, oh, it's so good to
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  Speaker 4: finally hear your voice.
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  Speaker 3: Yeah, you're kind of like in the background, but like
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  Speaker 3: now we've brought you to the forefront, which I'm really
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  Speaker 3: excited about. And you're normally not the type to put
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  Speaker 3: your hand up for the spotlight. And I would never
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  Speaker 3: have asked you to do this episode because I wouldn't
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  Speaker 3: want anyone in our team to be uncomfortable.
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  Speaker 2: But my friend, you came up with this idea.
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  Speaker 5: This was all you.
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  Speaker 2: What on earth possessed you to go?
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  Speaker 1: Do you know what?
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  Speaker 2: I'd finally be happy to be behind the mic thee well, Yeah,
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  Speaker 2: anyone that knows me does know that. This is my
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  Speaker 2: absolute nightmare. Like I hate public speaking, I hate the
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  Speaker 2: idea of being on video. I hate all of that stuff.
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  Speaker 4: Which is really interesting because I've worked in television and
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  Speaker 4: I've now worked in podcasts. So but I'm always behind
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  Speaker 4: the scenes. No, I've sometimes got roped in to I've
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  Speaker 4: been on television twice dressed as a grandma. You're like,
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  Speaker 4: no one will recognize me. That'll be exactly I've been.
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  Speaker 4: I was a dalek for a doctor who thing once.
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  Speaker 3: Wow.
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  Speaker 4: But yeah, I've never been on anything as myself. I
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  Speaker 4: also got the idea though, after reading some comments on
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  Speaker 4: brooks recent episode, the one where she talked about fire
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  Speaker 4: and retiring early because you know, she's twenty seven, she
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  Speaker 4: doesn't have kids, she doesn't have a mortgage. So we
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  Speaker 4: did get some comments that fired me up a little
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  Speaker 4: bit and made.
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  Speaker 3: Us both, I think a little frankly a little bit
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  Speaker 3: annoyed because Brooks, So if you haven't listened, Brooke is
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  Speaker 3: one of our team members at She's on the Money,
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  Speaker 3: and she did a whole money diary with us, but
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  Speaker 3: it was an investing diary and it was absolutely incredible.
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  Speaker 3: So we'll link that in the show notes so you
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  Speaker 3: can go back. Maybe we can start a collection, Emma
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  Speaker 3: of all this. She's on the Money team's money diaries
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  Speaker 3: and what.
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  Speaker 2: They're willing to share.
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  Speaker 3: But we got a comment on one of Brook's videos,
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  Speaker 3: and I'm just going to read it out because I
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  Speaker 3: think it's really important to be talking about these things
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  Speaker 3: really openly. And we're not sharing this because we're like, oh,
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  Speaker 3: here's a really unrealistic story of investing. Like guys, at
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  Speaker 3: some point, I want to get a billionaire on the show,
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  Speaker 3: and you know what, that's going to be wildly unrelatable,
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  Speaker 3: but it'll be so pervy. But stories like Emma's that's
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  Speaker 3: just about to come out and Brooks, they're not unrelatable.
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  Speaker 2: They are completely.
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  Speaker 3: Accessible, and I think that that's what's so beautiful anyway.
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  Speaker 3: So this is the comment we got on one of
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  Speaker 3: She's on the Money's videos a couple of days ago.
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  Speaker 3: So it says, but does she also pay rent, electricity, water, gas, internet, phone, medical,
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  Speaker 3: home insurance, private health insurance, coffee or Red joe in insurance?
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  Speaker 2: What about her.
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  Speaker 3: Food and incidentals? Not to mention subscriptions or gym memberships
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  Speaker 3: or car Parking. Nobody has that amount of money to invest.
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  Speaker 3: It's so unrealistic for the majority of people. And I
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  Speaker 3: did reply kindly and I said, content isn't created at
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  Speaker 3: she's on the money for you to follow them step
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  Speaker 3: by step. It was created because we believe it's inspiring.
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  Speaker 3: She started with absolutely nothing, gave it a go, and
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  Speaker 3: now has two full time jobs to make sure she's
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  Speaker 3: achieving her goal. You can start with as little as
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  Speaker 3: a dollar. And this is just her story and it's
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  Speaker 3: being shared hopefully inspire others not to act as a
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  Speaker 3: blueprint for what we expect others to do. Because Emma,
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  Speaker 3: you and I both know, like you interview every single
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  Speaker 3: money darist, the ones that make the show, the ones
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  Speaker 3: that don't end up on the show, literally everybody. Nobody's
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  Speaker 3: money story is identical. Nobody's pathway to financial freedom is
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  Speaker 3: exactly the same. It is all so wildly different.
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  Speaker 4: And we never share any of these stories as a playbook,
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  Speaker 4: as you said it would, I mean then be financial advice,
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  Speaker 4: and I'd be in a bit of a pickle. Yeah,
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  Speaker 4: we just had someone on the show who was twenty
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  Speaker 4: five and has really great money habits, and she did
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  Speaker 4: get a better start in life for her financial literacy,
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  Speaker 4: because her parents did teach her all the things that
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  Speaker 4: we're all learning now. But we didn't pick her for
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  Speaker 4: the show because we're like, oh, everyone should have a
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  Speaker 4: property portfolio. At twenty five, she still had things that
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  Speaker 4: we could learn from, and she has good habits that
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  Speaker 4: we can go, oh, actually I could change something and
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  Speaker 4: I could.
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  Speaker 3: Be like her, Yeah, and you don't have to replicate
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  Speaker 3: it immediately. And I think that's what I really want
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  Speaker 3: to draw the attention to, because these things aren't unrealistic.
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  Speaker 3: Unrealistic would be saying if you can fly to the moon.
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  Speaker 3: But these things can be replicated in a way that
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  Speaker 3: works for you and your story and your journey. And
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  Speaker 3: every single Monday, as you guys already know, we drop
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  Speaker 3: a money diary and you get to know a lot
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  Speaker 3: of our community members and they are also wildly diverse.
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  Speaker 2: So let's get into it.
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  Speaker 3: But before we get too far into it, I also
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  Speaker 3: want to point out in exactly the same way I
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  Speaker 3: did with Brooke that because Emma is one of my
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  Speaker 3: dear members and is not completely anonymous, this isn't you know,
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  Speaker 3: digging into the numbers. I'm not going to be like
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  Speaker 3: give me the nitty gritty and how much tax did
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  Speaker 3: you pay and what does this look like? Because she
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  Speaker 3: doesn't have the privilege of anonimity, this episode is purely
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  Speaker 3: being recorded because it's about what happens when you start
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  Speaker 3: actually applying what we talk about in your day to
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  Speaker 3: day life, which Emma was a little bit passionate about
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  Speaker 3: when she started. But I think you'd only just been
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  Speaker 3: introduced to our community, and in her interview she was like,
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  Speaker 3: oh my god, they like love the content, been telling
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  Speaker 3: all my friends about it. And I was like, let's
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  Speaker 3: go So instead of me telling you about your journey, Emma,
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  Speaker 3: let's go back. Where were you before or where were
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  Speaker 3: you at before joining the Shees on the Money team.
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  Speaker 4: Well, I probably was a more relatable person, right. So
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  Speaker 4: I was forty, I had kids. My kids were about
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  Speaker 4: to turn four and two when I joined. I've been
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  Speaker 4: in and out of work contracts because I've been having
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  Speaker 4: my babies, and we were renting while renting out our home.
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  Speaker 3: So tell me a bit more about this rent investing
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  Speaker 3: journey of yours. I know that that was something that's
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  Speaker 3: completely unrelated to She's on the Money. It was something
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  Speaker 3: that you and your husband had gone, you know what
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  Speaker 3: this works for us?
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  Speaker 4: Why like all of that, Well, that was never part
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  Speaker 4: of our original plan. Before me and my husband had kids.
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  Speaker 2: We went and got our.
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  Speaker 4: Borrowing capacity done and we could borrow about a million dollars,
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  Speaker 4: which back then could get you a lot more.
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  Speaker 2: Than it could get you now.
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  Speaker 3: Yeah.
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  Speaker 2: Absolutely, but that idea absolutely terrified me. Second figures is terrified.
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  Speaker 4: Yeah, the idea of having that mortgage, even though the
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  Speaker 4: bank said we could have it, I was like the
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  Speaker 4: idea of struggling to make for payments if interest rate
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  Speaker 4: goes up or whatever.
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  Speaker 2: Happens in our life. You know.
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  Speaker 4: We ended up going down to one income and I'm
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  Speaker 4: very glad that we didn't take on that mortgage, but
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  Speaker 4: it was.
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  Speaker 2: Purely because of our fear.
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  Speaker 4: So we decided to go with more like a seven
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  Speaker 4: hundred and fifty thousand dollar alone, which meant also we
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  Speaker 4: kind of wanted to be more in the area that
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  Speaker 4: we wanted to live as well, so that meant a
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  Speaker 4: townhouse yep. And before we had kids, I thought that
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  Speaker 4: would be enough. I thought a three bedroom townhouse we
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  Speaker 4: could fit.
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  Speaker 2: Once you have kids, it just feels much smaller, doesn't matter.
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  Speaker 4: And my brother actually did say, you're going to outgrow
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  Speaker 4: that house so quickly, and I was like, what do
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  Speaker 4: you know, I just want to live closer to the
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  Speaker 4: inner city.
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  Speaker 2: You meetings of room exactly, and then how many train
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  Speaker 2: sets later and you're like, oh, we need space.
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  Speaker 4: Yeah, definitely, And we actually moved in the week before
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  Speaker 4: lockdown happened.
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  Speaker 2: Yeah, before we bought the house. It was a couple of.
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  Speaker 4: Weeks before we found out I was pregnant as well.
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  Speaker 4: So at that stage we didn't know if I could
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  Speaker 4: have kids. I'd had neck topic pregnancy, I'd had surgery
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  Speaker 4: to have you know, removal, and so there were just look, yeah,
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  Speaker 4: we wanted kids, but there was the likelihood that I
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  Speaker 4: couldn't have kids. I don't know how it worked, but
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  Speaker 4: I managed to get pregnant again pretty much straight away.
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  Speaker 1: But when we.
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  Speaker 2: Signed the contract, I was probably pregnant, but I had
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  Speaker 2: no idea.
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  Speaker 3: Do you know what, That's actually probably a good thing
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  Speaker 3: as well, because when you and I would never recommend this,
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  Speaker 3: but when you disclose to a bank that you are
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  Speaker 3: pregnant or having a kid, it does change your serviceability
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  Speaker 3: of a mortgage.
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  Speaker 4: Well, yeah, and that's something that you know, we've kind
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  Speaker 4: of learned as well as we've gone on that that
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  Speaker 4: does affect it now that we've got two kids.
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  Speaker 3: Yeah, and you're like, oh, we want to move around,
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  Speaker 3: and the bank's like, so, how many kids do you have?
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  Speaker 3: And you're like, none of your business.
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  Speaker 1: Yeah.
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  Speaker 4: So, you know, we moved in just before lockdown started.
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  Speaker 4: I had my baby in lockdown. I come from the country.
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  Speaker 4: I come from a town that wasn't in lockdown. I
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  Speaker 4: have a lot of friends there who have babies the
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  Speaker 4: same age. They were all out and about my parents
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  Speaker 4: are still there and I was just like locked inside
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  Speaker 4: with this brand new baby, you know, struggling with sleep
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  Speaker 4: all that kind of stuff and not being able to
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  Speaker 4: leave the house.
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  Speaker 2: And I was like going up the wall.
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  Speaker 4: Yeah. I said to my hutsband, I think I want
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  Speaker 4: to move to the country.
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  Speaker 5: Yeah.
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  Speaker 2: And you know, he was like, well, what sort of
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  Speaker 2: job am I going to do? Because he is a
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  Speaker 2: beer brewer, my trade, very very niche.
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  Speaker 4: So he started looking into what other jobs he could
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  Speaker 4: do in that town because he was like, yeah, let's
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  Speaker 4: do it. Yeah, but I need a job obviously, yeah,
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  Speaker 4: because I wasn't working in that leave.
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  Speaker 2: Yeah.
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  Speaker 4: Yeah, So you know, just coincidentally, about two weeks after
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  Speaker 4: we started chatting about it, a job came up in
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  Speaker 4: the local brewery, the only brewery in town. And then
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  Speaker 4: after that a job came up at the tafe. They
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  Speaker 4: were starting a brewing course stop. So there was actually
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  Speaker 4: two jobs.
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  Speaker 2: That he could have chosen from. Yeah, and like he
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  Speaker 2: was oddly qualified those.
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  Speaker 4: So we were like, this is a sign, you know,
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  Speaker 4: let's go for it. So we packed up, we moved
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  Speaker 4: to the country and yeah, we were happy there. I
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  Speaker 4: got pregnant with my second child, and then all of
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  Speaker 4: a sudden he got approached.
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  Speaker 3: So you didn't just backtracking a little bit. You didn't
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  Speaker 3: sell the house, you just bought. You decided we've moved in,
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  Speaker 3: we're moving to the country, but we're going to lease
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  Speaker 3: that out. So it wasn't really the plan to be
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  Speaker 3: a rent vestor that. It's just what worked given the circumstances.
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  Speaker 4: So we had this house, we rented it out. We
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  Speaker 4: didn't want to sell it. We didn't really know that
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  Speaker 4: it wouldn't fit us. I mean, we just bought it.
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  Speaker 4: We didn't want to sell it. Within I don't think
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  Speaker 4: we're even in there for twelve months before we moved.
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  Speaker 4: But yeah, so you know, we've moved. We're really happy.
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  Speaker 4: We're not looking to change. Our savings were taking a
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  Speaker 4: hit because you know, we were in the country. He
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  Speaker 4: was single income, single income, but we were happy and
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  Speaker 4: we're happy to take that hit for your life, and
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  Speaker 4: we went looking to change. But then he got approached
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  Speaker 4: for a new job and it was just kind of
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  Speaker 4: an opportunity. We couldn't say no to us a family,
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  Speaker 4: you know, we felt like we were going backwards, but
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  Speaker 4: we're happy. And then when this came along, we were like,
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  Speaker 4: we've got to move back.
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  Speaker 2: So we've moved back. But because we'd been in the country,
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  Speaker 2: we were in a big house in the country. He
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  Speaker 2: was really close to work.
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  Speaker 4: It took ten minutes to drive to work because everything's
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  Speaker 4: so close in the country. So we wanted that same
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  Speaker 4: lifestyle but in Melbourne. So we decided to rent and
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  Speaker 4: want it out and yeah, so that's how we ended
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  Speaker 4: up renvesting.
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  Speaker 2: We're currently paying.
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  Speaker 4: Like when we first moved in, it was about seven
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  Speaker 4: hundred dollars a week, so we were happy to pay
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  Speaker 4: that amount.
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  Speaker 2: We did know some maths of tolls on moving.
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  Speaker 4: Back to our old place, and we really valued him
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  Speaker 4: being home quickly because I was going to have two kids, yes,
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  Speaker 4: an yeah, yeah. So the things we valued at the
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  Speaker 4: time were being close to work from my husband so
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  Speaker 4: he could be home quickly.
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  Speaker 2: And the other thing was space.
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  Speaker 4: So we found a place that we could get the
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  Speaker 4: space where we could get my husband home early to
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  Speaker 4: help with the kids. And we're paying about seven hundred
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  Speaker 4: dollars a week, and over the last two or three
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  Speaker 4: years it's gone up nearly three hundred dollars.
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  Speaker 3: I feel like we've had these conversations even over the
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  Speaker 3: last twelve months about that rental increases, how crazy they've been,
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  Speaker 3: and that's wild.
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  Speaker 4: So we are spending a big chunk of our income
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  Speaker 4: or percentage of our income on rent. I haven't done
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  Speaker 4: the maths of what that is, but you know, it's
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  Speaker 4: not the same feels hefty. Yeah, it's not the seven
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  Speaker 4: hundred dollars it was when we started.
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  Speaker 3: Yeah, that can be stressful in itself because you obviously
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  Speaker 3: did your numbers when you moved back and you were like, Okay,
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  Speaker 3: we'll renting, and then the income that we get from
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  Speaker 3: our rental property. Like a lot of the time when
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  Speaker 3: I used to be a financial advisor, I'd go okay, cool,
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  Speaker 3: if you want to rent vest And let's pretend you're
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  Speaker 3: renting out your property for three hundred and fifty dollars
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  Speaker 3: a week. That's where you start with your budget because
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  Speaker 3: it's left pocket, right pocket. Because if your tenants are
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  Speaker 3: paying three fifty and then you spend three fifty, this
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  Speaker 3: is a tax effective three fifty, and then you're technically
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  Speaker 3: just paying the mortgage. When those things start to become
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  Speaker 3: out of balance, it's stressful and you don't feel like
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  Speaker 3: you're getting ahead, and then the compromises that you made
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  Speaker 3: don't feel as worthy. Yeah, definitely, all right, Emma, I
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  Speaker 3: want to backtrack a little bit because you said something
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  Speaker 3: that made my money brain go off. You said that
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  Speaker 3: you were in and out of work, had different contracts,
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  Speaker 3: went on Matt leave. So can we please talk about superannuation.
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  Speaker 4: So even though I have had about four or five
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  Speaker 4: years out of paying super like in total, in total,
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  Speaker 4: we didn't really think about super splitting at the time
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  Speaker 4: when I was on matt leave.
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  Speaker 2: My husband actually spent seven years in Korea, so.
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  Speaker 4: Yes, her husband's really cool. Just so you know, beer
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  Speaker 4: brewer worked in Korea, like, yeah, so he's needed a
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  Speaker 4: bit of catching up. So we have prioritized catching him
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  Speaker 4: up more than catching me up.
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  Speaker 2: And was that just because you had enough for like,
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  Speaker 2: how did you benchmark that?
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  Speaker 4: Well, it was just that mine was bigger, I suppose,
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  Speaker 4: and we didn't really think too deeply into it. We
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  Speaker 4: didn't have a lot of extra income while I wasn't working,
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  Speaker 4: so we thought, well, his is lower, so we won't
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  Speaker 4: be putting any extra into mine. I was lucky that
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  Speaker 4: I worked at the ABC when I started my super career. Yeah,
• 15:33
  Speaker 4: so they actually paid. In my early twenties, I was
• 15:36
  Speaker 4: getting fourteen point nine percent super and.
• 15:38
  Speaker 3: That was when the base was nine point five, So
• 15:41
  Speaker 3: you're getting fourteen and a half. Okay, so that would
• 15:44
  Speaker 3: make me feel very comfortable, not at the time, because
• 15:46
  Speaker 3: I don't think at the time you really cared that much.
• 15:48
  Speaker 2: You were probably know whatever.
• 15:49
  Speaker 4: I thought it was cool, yeah, but I didn't really
• 15:52
  Speaker 4: think about the impact that it would have.
• 15:55
  Speaker 3: But it's meant that maybe for your age, you're not
• 15:57
  Speaker 3: behind the average person for your AG and though you've
• 16:00
  Speaker 3: had four or five years out of the workforce.
• 16:02
  Speaker 4: Yeah, that's very sexy, and I do have a bit
• 16:05
  Speaker 4: of a regret, which I only thought about recently. I
• 16:08
  Speaker 4: didn't even remember about it until the markets started dipping
• 16:12
  Speaker 4: this year and we saw what it did to our super.
• 16:15
  Speaker 4: But I started contributing to my super when I was younger.
• 16:20
  Speaker 4: I have no idea why I started doing it, because
• 16:22
  Speaker 4: I never did anything for future me at all when
• 16:25
  Speaker 4: I was younger. But for whatever reason, whoever told me
• 16:29
  Speaker 4: to do it, I started doing it. And this was
• 16:31
  Speaker 4: before the globe of financial crisis, and then obviously the
• 16:34
  Speaker 4: market's crashed. I'm a young you know, and I'm putting
• 16:38
  Speaker 4: things into my super and then all of a sudden,
• 16:40
  Speaker 4: I'm like, I'm putting this money in, but my balance
• 16:44
  Speaker 4: is dropping.
• 16:44
  Speaker 3: Oh yeah, and that's so instressful because you don't fall
• 16:47
  Speaker 3: the like at that time, without the literacy, you don't
• 16:50
  Speaker 3: fully comprehend what that means.
• 16:51
  Speaker 2: You just thought you were losing money. I literally thought
• 16:53
  Speaker 2: I was throwing money in the bin. No, you would,
• 16:56
  Speaker 2: you would, I know.
• 16:58
  Speaker 4: I had no idea that I was buying assets that
• 17:02
  Speaker 4: would grow in value. Yeah, So I stopped because I
• 17:04
  Speaker 4: was like, I'm an easy point, You're so dumb. Em
• 17:08
  Speaker 4: I thought I was stupid for putting money into my super. No,
• 17:12
  Speaker 4: and that was seventeen years if that makes sense.
• 17:14
  Speaker 3: Like the narrative that you had been taught and what
• 17:17
  Speaker 3: you were seeing, the logic kind of makes sense. And
• 17:20
  Speaker 3: that's where I don't know, This is where financial literacy
• 17:23
  Speaker 3: makes me so passionate, and now you as well.
• 17:25
  Speaker 2: Because you go, no, no, no, it's not like that.
• 17:27
  Speaker 3: Like, I know, you logged in and it looks like
• 17:28
  Speaker 3: there's less money, but like you still have the same
• 17:30
  Speaker 3: amount of shares, and like, I just want.
• 17:32
  Speaker 2: To scramble to explain it to people.
• 17:34
  Speaker 4: Yeah, and when we had that recently, I was telling
• 17:38
  Speaker 4: that to all my friends, please don't touch your super, please,
• 17:40
  Speaker 4: you know how it is, and they always.
• 17:43
  Speaker 2: Like, oh my god, I thought back then I was
• 17:46
  Speaker 2: throwing money in.
• 17:47
  Speaker 3: The bin, and I just you know, you weren't, but
• 17:50
  Speaker 3: you didn't know any better and didn't know how to
• 17:52
  Speaker 3: analyze it properly. And recently, Emma, you and I have
• 17:56
  Speaker 3: been working on a lot of superannuation episodes because it's
• 17:58
  Speaker 3: obviously something I'm wildly passionate about. What changes have you
• 18:02
  Speaker 3: made inside your super since then, because like, obviously back.
• 18:05
  Speaker 2: Then you were like, this is a waste of money.
• 18:07
  Speaker 2: I'm just going to stop. Yeah, but where are you
• 18:09
  Speaker 2: at now?
• 18:09
  Speaker 4: Well, I have actually finally made the change to high
• 18:13
  Speaker 4: growth from balance, which I have had that knowledge.
• 18:17
  Speaker 2: For longer than way we on the show that I
• 18:19
  Speaker 2: should have done that.
• 18:20
  Speaker 4: I actually worked on a TV show a while ago
• 18:23
  Speaker 4: where we did a story on superannuation. I used to
• 18:27
  Speaker 4: work with a money person on a different show, and
• 18:30
  Speaker 4: so I did know that I should be in it,
• 18:33
  Speaker 4: but I just never bothered to do it. Yeah, and
• 18:37
  Speaker 4: so finally I was like, I just need to press
• 18:40
  Speaker 4: that button.
• 18:41
  Speaker 2: Like it was like, I just was like, Oh, it.
• 18:44
  Speaker 3: Feels like life admin. Yeah, and it also feels like,
• 18:47
  Speaker 3: oh should I shouldn't? I like a ues, I don't know,
• 18:50
  Speaker 3: And you're very similar to me, like we both over
• 18:53
  Speaker 3: analyze things. Yeah, and then you go, oh, maybe I'll
• 18:55
  Speaker 3: just I'll do it later because I'll do a bit
• 18:56
  Speaker 3: more research for that decision.
• 18:58
  Speaker 2: And I am a bit scared of commitment. I don't
• 19:01
  Speaker 2: know where that comes married with two kids. I don't
• 19:03
  Speaker 2: know how to tell you. But committing just making that,
• 19:06
  Speaker 2: committing to change is I find that really hard? Yeah,
• 19:10
  Speaker 2: but I did.
• 19:11
  Speaker 4: Actually I changed it. And I'm with Australian super and
• 19:14
  Speaker 4: they publish their daily losses and gains so you can check.
• 19:20
  Speaker 4: You can log in and check So I did some
• 19:24
  Speaker 4: maths before doing the show, and in the nine months
• 19:27
  Speaker 4: that I have changed it, I benefited probably two thousand dollars.
• 19:32
  Speaker 3: In nine months, in nine months just from making the
• 19:35
  Speaker 3: change that was aligned to your values and what your
• 19:38
  Speaker 3: risk profile was.
• 19:39
  Speaker 2: Yeah, just pressing that button.
• 19:41
  Speaker 4: And even with the market dip we had recently, my
• 19:44
  Speaker 4: balance did it drop to below what it would have
• 19:46
  Speaker 4: been on balance, but it's swung back higher again.
• 19:50
  Speaker 3: Yeah, And that's the magic of the market. I suppose
• 19:53
  Speaker 3: it doesn't feel like magic at the time. Yeah, And
• 19:56
  Speaker 3: when that dip happened, even I was a little bit
• 19:59
  Speaker 3: not stre I just don't like seeing my own portfolio
• 20:02
  Speaker 3: go down. I don't think anybody does, right, Like it
• 20:04
  Speaker 3: doesn't matter that quote I'm she's on the money, or
• 20:06
  Speaker 3: that I used to be a financial advisor, Like we're
• 20:09
  Speaker 3: the worst at taking our own advice.
• 20:10
  Speaker 5: Right.
• 20:12
  Speaker 2: So when I logged in and I saw a dip,
• 20:13
  Speaker 2: I also was like, oh, I don't like this.
• 20:16
  Speaker 3: But then I was also slightly annoyed at myself because
• 20:19
  Speaker 3: like my husband and I, as you know, had been
• 20:21
  Speaker 3: trying to like work out if we're buying a new
• 20:23
  Speaker 3: home and whatnot, and I didn't want to invest any
• 20:26
  Speaker 3: more into the share market. I wanted to have a
• 20:28
  Speaker 3: cash available, and now I still see.
• 20:29
  Speaker 2: That drop in the share market.
• 20:31
  Speaker 3: I look at it and go such an opportunity that, like,
• 20:34
  Speaker 3: of all people to have seized, I didn't seize it.
• 20:37
  Speaker 3: So I'm glad that you're ahead. Yeah, it makes me
• 20:39
  Speaker 3: very excited. And I know you've got the maths in
• 20:41
  Speaker 3: front of you. I can see what you've drawn out.
• 20:43
  Speaker 3: If you extrapolate that over like time, what does that
• 20:47
  Speaker 3: look like?
• 20:47
  Speaker 4: Well, without factoring like compound and growth and interest and
• 20:52
  Speaker 4: you know, increase in salary, it will be an extra fifty.
• 20:56
  Speaker 2: Grand in the next twenty years. That's crazy, isn't it. Yeah,
• 20:59
  Speaker 2: just pressing that button. Yeah, and have you now talked
• 21:02
  Speaker 2: to your husband about his where he might be at
• 21:04
  Speaker 2: or was he already in hero was already in high grade? Surprise?
• 21:07
  Speaker 4: Yeah, he was already in growth and he had been
• 21:10
  Speaker 4: telling me to do it for a long time. It's like,
• 21:13
  Speaker 4: you know, it's just actually sitting down pressing the button
• 21:18
  Speaker 4: doing it.
• 21:19
  Speaker 2: Love.
• 21:19
  Speaker 3: All right, let's flip over. I want to talk about
• 21:21
  Speaker 3: money goals. You obviously own your like townhouse, family home.
• 21:27
  Speaker 3: What are your next money goals? What are you currently
• 21:29
  Speaker 3: working towards?
• 21:30
  Speaker 2: Well, we have this townhouse and probably at the start
• 21:33
  Speaker 2: of the year we were like, what are we going
• 21:35
  Speaker 2: to do with it?
• 21:36
  Speaker 4: It felt like it didn't fit us anymore. But we
• 21:40
  Speaker 4: hadn't seen a lot of growth in the capital or anything.
• 21:44
  Speaker 2: Like that, and that's stressful.
• 21:45
  Speaker 3: Yeah, so you're like, oh, I wish we had some
• 21:47
  Speaker 3: equity and then we could tell it it would feel
• 21:49
  Speaker 3: quote worth it.
• 21:50
  Speaker 2: Yeah, I mean we did it get a little bit
• 21:52
  Speaker 2: and we were like, what do we do with it?
• 21:53
  Speaker 4: And we just we had no idea how to work
• 21:57
  Speaker 4: out whether we keep it, whether we try and by
• 22:00
  Speaker 4: second home, like all of that kind of stuff, And
• 22:03
  Speaker 4: we thought there was all these hard equations that we
• 22:05
  Speaker 4: had to do to work it out, and that we
• 22:06
  Speaker 4: had to go see a financial advisor. But as part
• 22:09
  Speaker 4: of that, we had to find out our borrowing capacity, and.
• 22:12
  Speaker 2: So we went to Zella.
• 22:14
  Speaker 3: Of course, not because I bully my team into going
• 22:17
  Speaker 3: on seeing Zela that I literally say, you don't have
• 22:20
  Speaker 3: to use our team and you're not even in the
• 22:22
  Speaker 3: Zella team.
• 22:22
  Speaker 2: That's a like separate business. But they're really nice. Yeah,
• 22:26
  Speaker 2: and you know they're our second mortgage broker.
• 22:29
  Speaker 4: Now we have had an experience with another mortgage broker,
• 22:33
  Speaker 4: and we haven't heard from that other mortgage broker since
• 22:37
  Speaker 4: we bought the house or you know, And we contacted
• 22:40
  Speaker 4: them and they were kind of like they weren't interested
• 22:42
  Speaker 4: in talking to us again.
• 22:43
  Speaker 3: Really, well, it just depends on like that's not throwing
• 22:46
  Speaker 3: another broker under the business, absolutely not, but it just
• 22:48
  Speaker 3: honestly depends on their business strategy as well.
• 22:51
  Speaker 1: Well.
• 22:51
  Speaker 4: Yeah, they were one of the big franchise one they
• 22:54
  Speaker 4: just went yes and that you know, we were like,
• 22:58
  Speaker 4: should we be refinancing and they were like, if you
• 23:01
  Speaker 4: want to try, we can look at it anyway. So
• 23:03
  Speaker 4: we did that and we actually they modeled out what
• 23:08
  Speaker 4: would happen if we kept the house and tried to
• 23:12
  Speaker 4: buy a second property, or if we sold the house
• 23:15
  Speaker 4: and didn't have that second mortgage, so what our boring
• 23:18
  Speaker 4: capacity would be, and we actually when we got the numbers,
• 23:22
  Speaker 4: it was really obvious what we.
• 23:24
  Speaker 2: Should do with it for us.
• 23:26
  Speaker 3: I love that because I think a lot of people
• 23:28
  Speaker 3: go do I need it? And this is just me
• 23:29
  Speaker 3: side noting. I do apologize. Some people be like I
• 23:33
  Speaker 3: need to go see a financial advisor, and then I go, okay,
• 23:35
  Speaker 3: am you can go see a financial advisor. You're probably
• 23:37
  Speaker 3: going to be about six thousand dollars for like a
• 23:39
  Speaker 3: piece of advice at least, And that is fair, Like,
• 23:42
  Speaker 3: it is definitely warranted, especially if you're trying to do investment, insurance, property,
• 23:47
  Speaker 3: you know, supernuation, all of that, right, But if you're
• 23:50
  Speaker 3: just trying to make a decision around property, a mortgage
• 23:53
  Speaker 3: broker will probably do.
• 23:54
  Speaker 2: That for you for free. Yeah, and like we can
• 23:56
  Speaker 2: model it out.
• 23:57
  Speaker 3: And as I said before, it's not throwing someone else
• 23:59
  Speaker 3: under as it's just different business strategies. And my team
• 24:03
  Speaker 3: is salaried, right, so they're not just on commissions like
• 24:06
  Speaker 3: a lot of other people where if they don't get
• 24:07
  Speaker 3: your big mortgage, they don't want to talk to you
• 24:09
  Speaker 3: as a client. My team have heaps of time because
• 24:11
  Speaker 3: they just get paid their salary, so they can interact
• 24:15
  Speaker 3: with you and you know, oh yeah, I'll do some
• 24:16
  Speaker 3: extra modeling and make sure that my client's in the
• 24:18
  Speaker 3: best possible position. And then they go, hey, this is
• 24:21
  Speaker 3: what option A looks like, B looks like, and this
• 24:23
  Speaker 3: is what it would look like if you move back in. Yeah. Oh,
• 24:26
  Speaker 3: like it's not advice, it's the options being put on
• 24:29
  Speaker 3: the table for you to make a decision, and so
• 24:31
  Speaker 3: I just love that. You're like, oh, it was obvious
• 24:33
  Speaker 3: what we wanted to do. Well, yeahuse I was like,
• 24:35
  Speaker 3: my team can't tell you. Which is the worst part.
• 24:38
  Speaker 2: We actually got the disappointing news that we couldn't get
• 24:42
  Speaker 2: as much money as we wanted to.
• 24:43
  Speaker 4: Yeah, and we hadn't been actively saving like a second
• 24:48
  Speaker 4: house deposit or anything like that. We've got savings, and
• 24:51
  Speaker 4: we've got you know, we're both working full time now,
• 24:54
  Speaker 4: we've got good jobs.
• 24:55
  Speaker 2: And I just thought we would get what we wanted
• 24:58
  Speaker 2: and just thought that serviceability because you had a pre
• 25:00
  Speaker 2: existing set.
• 25:01
  Speaker 4: Yeah, And I know the two kids made a big
• 25:04
  Speaker 4: impact that we didn't have originally. And you know, there
• 25:07
  Speaker 4: are thoughts that go through my mind. Should we have
• 25:09
  Speaker 4: taken that big mortgage on earlier on, would we be
• 25:12
  Speaker 4: in a better position now?
• 25:14
  Speaker 2: Maybe? But we also may have.
• 25:15
  Speaker 4: Struggled a lot while those interest rates were up, because
• 25:18
  Speaker 4: you know, I was on maternity leave and all that
• 25:20
  Speaker 4: kind of stuff.
• 25:21
  Speaker 2: So we can't think like that, but you know, maybe
• 25:25
  Speaker 2: we would have been in a better position if we
• 25:27
  Speaker 2: had a taken on the bigger mortgage.
• 25:28
  Speaker 3: Was that disappointing to find out because I know in
• 25:31
  Speaker 3: the office in the background, not for you particularly, but
• 25:34
  Speaker 3: when someone comes along and they go, oh, I really
• 25:36
  Speaker 3: want to do this, and then you know, we find out, oh,
• 25:38
  Speaker 3: they're probably not going to serve uce more than X,
• 25:40
  Speaker 3: and then we have to go back to the client
• 25:42
  Speaker 3: and be like, oh, sorry, but this is what you're
• 25:44
  Speaker 3: servicing is Like that feels a bit trash for us
• 25:46
  Speaker 3: as well.
• 25:47
  Speaker 2: Yeah, it was really confronting.
• 25:50
  Speaker 4: It was really upsetting because we were like, we've got
• 25:54
  Speaker 4: okay jobs, we're working full time, totally like how.
• 25:57
  Speaker 2: Do people get ahead?
• 25:59
  Speaker 4: Like we kept asking ourselves that question because we were like,
• 26:03
  Speaker 4: I thought we were in a good position, and.
• 26:05
  Speaker 2: You are, yeah you are.
• 26:06
  Speaker 3: It's just a bank looks at all of your savings
• 26:08
  Speaker 3: and your kids and the responsibilities that you have in
• 26:10
  Speaker 3: your pre existing mortgage and goes, well, we would let
• 26:13
  Speaker 3: you service this loan because otherwise you wouldn't have the
• 26:16
  Speaker 3: cash flow for it. It's not because they're like, oh,
• 26:19
  Speaker 3: Emma's not got a good job. Like you both have
• 26:22
  Speaker 3: very solid incomes and very stable jobs. So it's definitely
• 26:25
  Speaker 3: not about that, but it does feel disheartening.
• 26:27
  Speaker 4: Hey, yeah, it really was and before then it wasn't
• 26:31
  Speaker 4: even an option for us to move back into that
• 26:33
  Speaker 4: small house. We were like, we're either gonna have two
• 26:36
  Speaker 4: houses or buy our second house, and we don't want
• 26:40
  Speaker 4: a third house in between our townhouse and the house
• 26:43
  Speaker 4: that we want.
• 26:44
  Speaker 3: Yeah, yeah, so fair because there's stamp duty, yeahes fees
• 26:47
  Speaker 3: and charges, and like, you're just not sure what the
• 26:50
  Speaker 3: market's going to do.
• 26:52
  Speaker 4: So we want to wait to get that house, whether
• 26:54
  Speaker 4: we get it or whether we just keep this townhouse.
• 26:56
  Speaker 4: And I don't know, but you know, we just sort
• 27:00
  Speaker 4: of made us zoom out and say, well, what else
• 27:03
  Speaker 4: do we want in life? And we're like, we don't
• 27:05
  Speaker 4: want to work forever, We maybe want to retire early,
• 27:10
  Speaker 4: we maybe want to go part time before we're sixty,
• 27:14
  Speaker 4: all that kind of stuff. We do want to build wealth,
• 27:17
  Speaker 4: and we do want to have money to pass on
• 27:20
  Speaker 4: to our children so they can do what they want
• 27:22
  Speaker 4: to do.
• 27:23
  Speaker 2: And so we don't have much time on our hands.
• 27:27
  Speaker 4: We both work full time, we've got two kids, and
• 27:29
  Speaker 4: we looked at all our living expenses and the only
• 27:33
  Speaker 4: way that we can really generate more income is by
• 27:36
  Speaker 4: moving into the smaller house.
• 27:37
  Speaker 2: So that is what we're going to do.
• 27:39
  Speaker 3: We're moving back into the townhouse that you outgrow.
• 27:42
  Speaker 2: Yeah, exactly, I like it, but it's not a forever plan.
• 27:47
  Speaker 4: Our goal is now to invest one hundred thousand dollars
• 27:50
  Speaker 4: as quickly as we can, because we want to get
• 27:53
  Speaker 4: the snowball momentum of that compounding growth as quickly as possible.
• 27:57
  Speaker 4: We're forty, we don't have as much time on our hand,
• 28:00
  Speaker 4: and so we want to get that first hundred grand
• 28:02
  Speaker 4: invested as quickly as we can, which.
• 28:04
  Speaker 2: Is really exciting.
• 28:05
  Speaker 3: And I always say that the first hundred thousand invested
• 28:07
  Speaker 3: is the hardest to tell me about that decision, because
• 28:11
  Speaker 3: I feel like that's a really big decision because at
• 28:13
  Speaker 3: the start of the episode, you're like, oh, the house
• 28:15
  Speaker 3: is too.
• 28:15
  Speaker 2: Small, we outgrew it. And then you know you've gone
• 28:18
  Speaker 2: from doing that.
• 28:19
  Speaker 3: Talking to a pro car working out what your serviceability
• 28:22
  Speaker 3: was on a different one, and you're like, great, that's
• 28:24
  Speaker 3: not going to work. And to be honest, I think
• 28:26
  Speaker 3: in the future you might look back and be like,
• 28:27
  Speaker 3: I'm so glad that we didn't take out a massive
• 28:30
  Speaker 3: mortgage that we arguably you know, would have been stretched
• 28:33
  Speaker 3: to do, because that would have impacted your wealth creation journey. Yeah,
• 28:37
  Speaker 3: And like I say all the time on the show,
• 28:39
  Speaker 3: like your family home is not an investment unless you're
• 28:41
  Speaker 3: planning on living in there to then sell it and
• 28:44
  Speaker 3: live off that income. Like, yes, where are you living
• 28:47
  Speaker 3: in retirement when you're sixty or when you're working part
• 28:49
  Speaker 3: time before sixty? Where are you coming home to?
• 28:51
  Speaker 5: Well?
• 28:52
  Speaker 3: Yeah, So it's a bigger decision and a bigger thing
• 28:55
  Speaker 3: that I think you'll be grateful for.
• 28:56
  Speaker 2: But like it doesn't. I don't feel grateful for this.
• 28:58
  Speaker 4: Indust matter, and I don't want to get out of
• 29:01
  Speaker 4: the property market. So you know, we want to keep
• 29:05
  Speaker 4: this townhouse, even for the moment, because we don't want
• 29:08
  Speaker 4: to get out of the property market, because we do
• 29:09
  Speaker 4: want to have some sort of house in retirement. So
• 29:14
  Speaker 4: you know, whether we end up just renting forever and
• 29:16
  Speaker 4: keeping this one and we've always got a house that
• 29:19
  Speaker 4: we can come back to if we need to in retirement,
• 29:23
  Speaker 4: or you know, whether we sell it and buy a
• 29:27
  Speaker 4: bigger house.
• 29:28
  Speaker 2: But for now, while our.
• 29:30
  Speaker 4: Children are younger and they can share a bedroom, we're
• 29:34
  Speaker 4: going to put them in a bedroom together, which really
• 29:36
  Speaker 4: which could be something to get used to.
• 29:39
  Speaker 2: But you know, I shared a breadroom for a bit
• 29:41
  Speaker 2: with my sister growing up. I loved it. Yeah, I
• 29:44
  Speaker 2: don't think it's the worst when they're teeny tiny.
• 29:46
  Speaker 4: Yeah, definitely, And they're a boy and a girl, so
• 29:48
  Speaker 4: we do realize probably it's a bit more limited the
• 29:51
  Speaker 4: timeframe that they can have together. But then we can
• 29:54
  Speaker 4: use that third bedroom in the townhouse as a living
• 29:57
  Speaker 4: space during the day.
• 29:58
  Speaker 2: Oh that's good.
• 29:59
  Speaker 4: Yeah, son can use it for whether a toy room
• 30:02
  Speaker 4: or an office space or whatever, just to make our.
• 30:06
  Speaker 3: Living space a bit bigger. Yeah, and I feel like
• 30:08
  Speaker 3: that's really strategic. You mentioned investing, and I'm really excited.
• 30:13
  Speaker 3: I feel like that's a big goal and like one
• 30:16
  Speaker 3: that I know in the background, I think you're secretly
• 30:18
  Speaker 3: a little bit excited about because you're like, hold on,
• 30:19
  Speaker 3: this is going to free up our cash flow and
• 30:21
  Speaker 3: it's going to look a little bit better, and like
• 30:23
  Speaker 3: we're on the right track. What did your investing journey
• 30:26
  Speaker 3: look like before you joined Shoes on the Money.
• 30:28
  Speaker 4: Before I met my husband, it hadn't crossed my mind
• 30:31
  Speaker 4: at all. I didn't think it was an option for
• 30:33
  Speaker 4: someone like me, just a regular person. But he had
• 30:38
  Speaker 4: a small investment portfolio when I met him, and that
• 30:42
  Speaker 4: was because his parents have always invested, and they tried
• 30:46
  Speaker 4: to teach him about investing by setting up a joint
• 30:51
  Speaker 4: investing account for him and his brother.
• 30:52
  Speaker 2: Which did teach him about investing.
• 30:55
  Speaker 4: But because it's a joint investing account, now it's causing
• 30:58
  Speaker 4: a bit of issues.
• 30:58
  Speaker 2: It was about to say, yeah, he's an adult.
• 31:01
  Speaker 3: I've got questions because like, yeah, some people do that
• 31:04
  Speaker 3: and then don't realize your actual children that you were
• 31:07
  Speaker 3: investing for they get into their forties. Yeah, and you
• 31:09
  Speaker 3: actually have different priorities than your siblings.
• 31:12
  Speaker 4: Yeah, and it's not a giant portfolio, but one of
• 31:14
  Speaker 4: them wants to keep it and one of them doesn't.
• 31:16
  Speaker 4: So what are you do in that situation. You can't
• 31:18
  Speaker 4: just take someone's name off to startless sell an asset. Yeah,
• 31:23
  Speaker 4: So side note, if any parents are thinking of doing that,
• 31:25
  Speaker 4: do you think do you think about separate accounts?
• 31:27
  Speaker 2: Yeah? So when my son was born, my husband was
• 31:32
  Speaker 2: really keen to start an account for him. I love this, Yeah, yeah,
• 31:35
  Speaker 2: and we went with raise.
• 31:37
  Speaker 4: I didn't know much about investing then, and it was
• 31:41
  Speaker 4: just that my husband set it up. If I had
• 31:43
  Speaker 4: been left to do it, the account never would have
• 31:45
  Speaker 4: been set up.
• 31:46
  Speaker 2: I love that you know your strengths, though I do
• 31:48
  Speaker 2: like I've got Adhd. He has to take care of
• 31:51
  Speaker 2: a lot of the admin in our lives. Thank god.
• 31:54
  Speaker 2: It turns out if you're not neurospicy, you can't work
• 31:57
  Speaker 2: at chess.
• 31:58
  Speaker 5: On the money.
• 31:58
  Speaker 2: Yeah, Like it's like a prereck.
• 32:00
  Speaker 3: I don't mean it like it's not on your like
• 32:02
  Speaker 3: on your resumes, it's not on the job ad. But
• 32:05
  Speaker 3: it's very funny when people come in and then you
• 32:07
  Speaker 3: were like, I have ADHD, and I was like, why
• 32:10
  Speaker 3: why are we all the same exactly?
• 32:13
  Speaker 4: But that just meant that he set up the account
• 32:15
  Speaker 4: so it's his name, so we didn't know to think about,
• 32:19
  Speaker 4: you know, tax implications of that, or what it meant
• 32:23
  Speaker 4: to just be having it in one name, all of
• 32:25
  Speaker 4: that kind of stuff.
• 32:26
  Speaker 2: So he set up the account so it's.
• 32:27
  Speaker 4: In his name.
• 32:28
  Speaker 2: Yeah.
• 32:28
  Speaker 3: Yeah, And I mean that's something that you can work
• 32:30
  Speaker 3: through and make decisions about. And I mean it depends
• 32:33
  Speaker 3: on if you've got millions in there or not as
• 32:35
  Speaker 3: to the implication of that for long term, but what
• 32:38
  Speaker 3: else is part of your investing journey?
• 32:41
  Speaker 2: Yeah, Well, we have actually decided at the moment to
• 32:45
  Speaker 2: keep that Rai's account yep. So it's a bit confusing.
• 32:49
  Speaker 2: When you go into the app, it says our returns
• 32:51
  Speaker 2: are thirty eight percent yep.
• 32:53
  Speaker 4: So when my husband was reading that out, it was like,
• 32:56
  Speaker 4: that's why are more people talking about this. Let's put
• 32:59
  Speaker 4: all all our money into it. But then I looked
• 33:02
  Speaker 4: at their own website and I was like, hang on
• 33:05
  Speaker 4: their website says their returns aren't as good.
• 33:08
  Speaker 2: And then so I did the maths and it includes
• 33:11
  Speaker 2: your contributions.
• 33:12
  Speaker 4: Yeah, and I think it is it a time thing
• 33:14
  Speaker 4: as well. I'm still trying to get my head around it.
• 33:16
  Speaker 3: The Raised platform absolutely nothing wrong with it. For those
• 33:20
  Speaker 3: of you following along, I don't want you to think
• 33:21
  Speaker 3: that I'm saying it's bad. I still have a Raise
• 33:25
  Speaker 3: account because, like I just actually have a lot of
• 33:27
  Speaker 3: different investing platforms, not because they're my predominant I've shared
• 33:31
  Speaker 3: publicly before. My predominant platform is Sharess. But I need
• 33:34
  Speaker 3: to know what's going on in my community. If you've
• 33:35
  Speaker 3: got questions about rays, I want to be able to
• 33:37
  Speaker 3: jump around and be like, oh, well, the operating system
• 33:39
  Speaker 3: looks like this. But I do find that their reporting
• 33:43
  Speaker 3: analytics inside the app are a little bit confusing, like
• 33:47
  Speaker 3: you can't get a clear like based on every single
• 33:49
  Speaker 3: contribution you've made, this is your return. They kind of
• 33:53
  Speaker 3: muddy the washes and they don't particularly love that. But
• 33:56
  Speaker 3: because of the construction of their portfolios, I would say
• 34:00
  Speaker 3: that their returns replicate on average what the market is
• 34:03
  Speaker 3: doing because they do hold ETFs. They aren't a managed
• 34:07
  Speaker 3: portfolio where they've picked every asset. They've gotten a few
• 34:10
  Speaker 3: different ETF portfolios, which is absolutely fine. Again, but it
• 34:14
  Speaker 3: would be more replicable of the market usually as opposed
• 34:18
  Speaker 3: to that thirty eight percent.
• 34:19
  Speaker 2: But we can dive into that later because that's Yeah.
• 34:22
  Speaker 2: So I did the.
• 34:23
  Speaker 4: Maths and it looks like the returns are actually coates
• 34:26
  Speaker 4: it to like twenty five percent.
• 34:27
  Speaker 2: Yeah, so not thirty eight percent, because I was like,
• 34:30
  Speaker 2: everyone through your money out there.
• 34:32
  Speaker 4: But yeah, so anyone who gets a raise just be
• 34:35
  Speaker 4: mindful of that, I suppose because my husband's like, the
• 34:38
  Speaker 4: returns are thirty eight percent.
• 34:40
  Speaker 3: Yeah, that's pretty sexy, and I want to be even
• 34:42
  Speaker 3: more pervy. I know what your husband does means that
• 34:45
  Speaker 3: you have some like shares in the business, which is
• 34:48
  Speaker 3: actually really exciting for you guys, because like this is
• 34:51
  Speaker 3: a business that your husband's in that you're really passionate
• 34:53
  Speaker 3: about as well. And for the last twelve months we've
• 34:56
  Speaker 3: been having on and off conversations about, well, what's a
• 34:58
  Speaker 3: family trust you?
• 34:59
  Speaker 2: How does that work? Can you tell me a little bit.
• 35:01
  Speaker 3: More about that, because I feel like that's usually something
• 35:04
  Speaker 3: that people go, oh, it's only for really rich people.
• 35:07
  Speaker 2: Not the case, is it.
• 35:08
  Speaker 4: Yeah, Well, my husband got offered these shares, and before
• 35:11
  Speaker 4: we accepted them, we got advice.
• 35:14
  Speaker 2: Yes, we had no idea what to do.
• 35:16
  Speaker 4: I had never really heard of these schemes before. But
• 35:18
  Speaker 4: the advice for us was it was best for us
• 35:22
  Speaker 4: to hold them in a family trusty. And so we've
• 35:25
  Speaker 4: set up the family trust. I think it cost us
• 35:27
  Speaker 4: about three thousand dollars or so.
• 35:30
  Speaker 2: Just be the establishment accountant. Yeah, and then it.
• 35:32
  Speaker 4: Cost us a little bit more at tax time as well.
• 35:35
  Speaker 4: The last year we managed to just because there's nothing
• 35:38
  Speaker 4: going had been going on in there yet, we managed
• 35:42
  Speaker 4: to just replicate the letter we got the year before
• 35:44
  Speaker 4: because there'd been no changes. So that saved us a
• 35:46
  Speaker 4: little bit of money. But now we're starting to invest
• 35:50
  Speaker 4: in this family trust. But we wouldn't have this family
• 35:53
  Speaker 4: trust if it wasn't for those those shares, which is
• 35:56
  Speaker 4: why I was like, oh, why have you got it?
• 35:57
  Speaker 2: How does that work?
• 35:58
  Speaker 3: I think you know, if you start saying, oh, we
• 36:00
  Speaker 3: have a family trust, people might be like, she's worth millions.
• 36:03
  Speaker 3: And usually it's for our set protection for future you
• 36:06
  Speaker 3: and like, you know, being able to distribute dividends from
• 36:09
  Speaker 3: the shares and own them together and all of that
• 36:11
  Speaker 3: fun stuff. But you said, we're now just starting to
• 36:14
  Speaker 3: invest more into that. What does that mean? It's not
• 36:17
  Speaker 3: just the shares from his business now.
• 36:19
  Speaker 4: Yeah, so we don't really think about the business shares
• 36:23
  Speaker 4: as part of our future planning because they're not an
• 36:25
  Speaker 4: ASX listed company.
• 36:27
  Speaker 2: And a lot more risky. Yeah, and we can't go, oh.
• 36:30
  Speaker 4: They've increased in value, we can't look it up, and
• 36:33
  Speaker 4: we can't sell them whenever we want.
• 36:34
  Speaker 2: So they're just kind of like a nice to have.
• 36:36
  Speaker 3: All right, let's go to a really quick break, so
• 36:38
  Speaker 3: guys don't go anywhere. All right, Emma, we are back
• 36:45
  Speaker 3: and let's get into the really nitty gritty of it.
• 36:47
  Speaker 3: On Brooks Investing Diary, I think everybody loved the most
• 36:51
  Speaker 3: getting to know exactly what was in her portfolio because
• 36:54
  Speaker 3: there's not often that people are so open. So let's go,
• 36:57
  Speaker 3: what are you actually investing in? So far, everything that
• 37:00
  Speaker 3: I've invested in is ETF. Yeah, They're all things I've
• 37:04
  Speaker 3: looked into for the show.
• 37:06
  Speaker 1: I love this.
• 37:06
  Speaker 3: You kind of like help us with our content, get
• 37:10
  Speaker 3: to do market research, and then it benefits you personally
• 37:12
  Speaker 3: money win.
• 37:13
  Speaker 2: Yeah exactly.
• 37:14
  Speaker 3: I am like like, hey, can you please go work
• 37:17
  Speaker 3: out what the best ETF is? And you like say
• 37:18
  Speaker 3: less fabe, I will work that out for me, I
• 37:21
  Speaker 3: mean you, and then I'm like.
• 37:22
  Speaker 2: Sending them to my husband. This is what we're investing
• 37:25
  Speaker 2: in next.
• 37:26
  Speaker 4: So, but if you listen to the Core and Satellite episode,
• 37:31
  Speaker 4: I'm not really following that at the moment because I'm
• 37:34
  Speaker 4: more new to investing. I do have a bit of
• 37:37
  Speaker 4: magpie shiny object syndrome.
• 37:40
  Speaker 2: That's core satellite, that's the satellite. Well, I'm more satellite
• 37:44
  Speaker 2: than Core at the moment.
• 37:45
  Speaker 3: Okay, because we can rebalance it and now you know
• 37:48
  Speaker 3: what a core satellite approach is. Can I assume that
• 37:51
  Speaker 3: you have the plan to invest more of your capital
• 37:55
  Speaker 3: into the core?
• 37:56
  Speaker 2: Yeah? I do, because I have fomo I and I
• 38:00
  Speaker 2: know all these ETFs that are great.
• 38:03
  Speaker 4: I just wanted to get in and each time, you know,
• 38:06
  Speaker 4: more money comes through to invest I'm like, let's do
• 38:09
  Speaker 4: this one, let's do that one. But we do have
• 38:12
  Speaker 4: the plan for the core. But yeah, there are a
• 38:15
  Speaker 4: few tech heavy kind of that.
• 38:18
  Speaker 3: Makes sense to me, like just knowing you personally as
• 38:22
  Speaker 3: well as professionally, like you're really into tech. You're really
• 38:25
  Speaker 3: into like making sure that you understand like how AI
• 38:28
  Speaker 3: could benefit a business. You're always like looking for you
• 38:31
  Speaker 3: in different ways, and I think your husband seems very similar.
• 38:34
  Speaker 2: Yeah, the ears picks as well. There you go. All right,
• 38:38
  Speaker 2: so talk me through what do you actually hold? So
• 38:41
  Speaker 2: we do have Vanguard Diversified High Growth vd HG. Very popular,
• 38:46
  Speaker 2: very good choice.
• 38:47
  Speaker 4: And I gave a few sort of core options to
• 38:50
  Speaker 4: my husband and he liked that one. Why I need
• 38:52
  Speaker 4: to be so was it just because it was kind
• 38:55
  Speaker 4: of God is good? Or is it like the makeup
• 38:58
  Speaker 4: of it all of it together?
• 38:59
  Speaker 2: He knows God. But also it's sort of a balance
• 39:04
  Speaker 2: of a little bit of yield and the growth as well.
• 39:08
  Speaker 4: Yeah, and we're not scared of high growth things, but
• 39:11
  Speaker 4: we're not super risky, but we're not scared. Yeah.
• 39:14
  Speaker 3: In saying that, well, you want to make educated choices. Yeah,
• 39:17
  Speaker 3: And I think that sometimes in your role, like this
• 39:20
  Speaker 3: is just me like looking at it, you could probably
• 39:22
  Speaker 3: get analysis paralysis because I'm literally asking you every week, like, hey,
• 39:26
  Speaker 3: can you get me a fact sheet on this, or hey,
• 39:27
  Speaker 3: can you look into this random crypto one, or can
• 39:29
  Speaker 3: you look into saying or can you make sure that
• 39:31
  Speaker 3: I've got the information for this podcast?
• 39:33
  Speaker 2: So like it might become all overwhelming.
• 39:36
  Speaker 3: Yeah, and I think that, like for those of you
• 39:39
  Speaker 3: following along who maybe you are only just starting your journey,
• 39:42
  Speaker 3: VDHG is one of the most popular ETFs in the country. Yeah,
• 39:46
  Speaker 3: kind of tried to test it, like has a lot
• 39:48
  Speaker 3: of people from a very reputable investment house as well.
• 39:53
  Speaker 3: It feels luck and I'm not saying invest in it,
• 39:56
  Speaker 3: but it feels like a very solid option once you
• 39:58
  Speaker 3: do your research.
• 39:59
  Speaker 2: Yeah.
• 40:00
  Speaker 4: And because we are in our early forties and we
• 40:04
  Speaker 4: do have the ultimate goal to retire at about fifty five,
• 40:10
  Speaker 4: we've worked out that that is doable, and to work
• 40:14
  Speaker 4: that out, we use sort of a yearly income between
• 40:16
  Speaker 4: us of about ninety thousand dollars.
• 40:18
  Speaker 2: Oh, that's good.
• 40:19
  Speaker 4: We didn't go too much into the specifics of that,
• 40:21
  Speaker 4: but we were like, that will be good for the
• 40:23
  Speaker 4: two of us, So by the time we get to
• 40:27
  Speaker 4: about fifty five, our balance will be about eight hundred
• 40:30
  Speaker 4: and fifty thousand. We do also want a bit of
• 40:32
  Speaker 4: yield in there, so we want the dividends, so we
• 40:35
  Speaker 4: have also gone with an especially high yield.
• 40:38
  Speaker 3: Yeah, yes, smart, And I feel like when you start
• 40:41
  Speaker 3: talking about like investing and then you're talking about investing
• 40:45
  Speaker 3: for retirement specifically, yield becomes really important because those dividends
• 40:51
  Speaker 3: then instead of reinvesting, they get paid into bank account
• 40:54
  Speaker 3: and that becomes your income.
• 40:55
  Speaker 4: And it gets to this really nice sweet spot where
• 40:58
  Speaker 4: will we be getting about fifty thousand dollars a year
• 41:01
  Speaker 4: in dividends, so that will cover a big portion of
• 41:05
  Speaker 4: our yearly income, and then anything else we need we
• 41:08
  Speaker 4: can sell down our shares to cover. And it kind
• 41:11
  Speaker 4: of is this night's sweet spot where we can do
• 41:13
  Speaker 4: that and that income is coming in, but our portfolio
• 41:17
  Speaker 4: is still going to grow, so it will be able
• 41:21
  Speaker 4: to support us, you know, as we use our super
• 41:24
  Speaker 4: as well. But it also means that we can give
• 41:27
  Speaker 4: money to our kids for things like milestones and weddings
• 41:31
  Speaker 4: and stuff like that. But then we'll be able to
• 41:33
  Speaker 4: pass on some well to them as well, and that
• 41:36
  Speaker 4: makes sense.
• 41:37
  Speaker 2: Yeah, so that is why. Also we are going for yield.
• 41:40
  Speaker 4: Yeah, I mean, I know that's not for everyone, but
• 41:43
  Speaker 4: that's what we've sort of thought that we want the
• 41:45
  Speaker 4: yield so we don't have to sell down the portfolio
• 41:48
  Speaker 4: as well.
• 41:48
  Speaker 3: So tell me about the next one because I'm kind
• 41:50
  Speaker 3: of laughing at this ye because I feel like every
• 41:53
  Speaker 3: single person in our team owns this.
• 41:54
  Speaker 4: What is it, Emma, it's a fan g is most
• 41:59
  Speaker 4: of the top tech companies in America.
• 42:02
  Speaker 3: Astronomical growth. We're not recommending it, we're just talking about it.
• 42:06
  Speaker 3: With the astronomical growth over the last few years.
• 42:10
  Speaker 4: Well, that's when I told my husband about it. He
• 42:13
  Speaker 4: was really keen and he saw the growth and he
• 42:14
  Speaker 4: was like, oh, we've got to be in on that.
• 42:16
  Speaker 4: So he kind of made the final call on that
• 42:19
  Speaker 4: after I told him about it. And then I would
• 42:23
  Speaker 4: never put my money into crypto like this, But you're
• 42:26
  Speaker 4: just a girl.
• 42:27
  Speaker 2: So I love the idea of like, oh, you know, I.
• 42:31
  Speaker 4: Put my money in crypto, and you know, it's a
• 42:34
  Speaker 4: nice dream, but I would never actually do it.
• 42:36
  Speaker 2: It's too much of a gamble.
• 42:38
  Speaker 3: So I am in CRYP, which is the Beta shares
• 42:41
  Speaker 3: Crypto Innovaders ets, which was spoken about on the podcast before,
• 42:46
  Speaker 3: which kind of makes sense because if we're talking about
• 42:48
  Speaker 3: it on podcast and as our producer, so she's just.
• 42:51
  Speaker 2: Getting all the top tips and working it out from there. Yeah,
• 42:54
  Speaker 2: so I went with that one.
• 42:57
  Speaker 4: It's not actually in crypto, just to make that clear.
• 43:00
  Speaker 4: It's all the sort of support systems that support crypto.
• 43:05
  Speaker 4: That is one of my favorite ones to watch because
• 43:07
  Speaker 4: it's funny swings.
• 43:09
  Speaker 2: Oh my god.
• 43:10
  Speaker 3: It's if you want an experience in a share market
• 43:14
  Speaker 3: and you just want to go, you know what, give
• 43:16
  Speaker 3: me like a couple of years worth of market swing experiences.
• 43:20
  Speaker 3: Beta shares cryptoch's chaos over the last six months has
• 43:24
  Speaker 3: gone up and down and up and down. And I mean,
• 43:27
  Speaker 3: if we and I'm just googling this for you really quickly.
• 43:30
  Speaker 3: So over the past six months, Beta Shares Crypto Innovators
• 43:33
  Speaker 3: ETF has increased by thirty six point sixty five percent, right,
• 43:36
  Speaker 3: But if then we go to the last month's worth
• 43:39
  Speaker 3: of performances, it's down thirteen point five nine percent. In
• 43:43
  Speaker 3: the last five days, it's down twelve point five four percent.
• 43:47
  Speaker 3: But if we then look at the year to date,
• 43:50
  Speaker 3: it's twenty two point five two percent.
• 43:52
  Speaker 2: Yeah, so, like it literally swings back and forth.
• 43:55
  Speaker 3: So if you just want to have your like, I
• 43:57
  Speaker 3: don't know what do we call it baptism of fire
• 43:59
  Speaker 3: in the investment world, go and just watch that, because
• 44:03
  Speaker 3: if you're checking your portfolio every single day, and I'm
• 44:06
  Speaker 3: not saying that this is a good thing to invest in,
• 44:08
  Speaker 3: but you can see how hot and cold the cryptocurrency
• 44:13
  Speaker 3: sector is based on literally how much this swings, because
• 44:19
  Speaker 3: this is all based on like what you're investing in
• 44:21
  Speaker 3: is companies who create the infrastructure to support cryptocurrency, and
• 44:26
  Speaker 3: obviously that's going to EBB and flow based on how
• 44:29
  Speaker 3: cryptocurrency is doing at this point in time.
• 44:31
  Speaker 4: Yeah, and it also shows that if you picked one
• 44:34
  Speaker 4: specific cryptocurrency, like the swings could be actually wilder, because
• 44:42
  Speaker 4: you know, this is diversified across the whole crypto industry
• 44:46
  Speaker 4: and it's having wild swings. So it just sort of
• 44:49
  Speaker 4: shows how much of a gamble crypto can be if
• 44:52
  Speaker 4: you don't know what you're doing.
• 44:53
  Speaker 3: I suppose, yeah, one hundred percent, And I just find
• 44:56
  Speaker 3: that interesting. I'm glad that you kind of have it because,
• 44:58
  Speaker 3: like we talk about this stuff internally all the time,
• 45:02
  Speaker 3: but do I recommend it?
• 45:03
  Speaker 1: No.
• 45:04
  Speaker 3: But also if you've listened to Brooks episode or you've
• 45:06
  Speaker 3: listened to like Emma's episode, now, like we all are
• 45:09
  Speaker 3: just so interested in this stuff and like you might
• 45:12
  Speaker 3: not be, and that's fine, but I think it's Yeah,
• 45:15
  Speaker 3: it's just like the needy gritty of being like, ah,
• 45:18
  Speaker 3: you know, I'm Victoria. I've said publicly before that I
• 45:21
  Speaker 3: don't own crypto and I just don't really want to
• 45:22
  Speaker 3: own crypto.
• 45:23
  Speaker 2: I just feel like it's too risky.
• 45:25
  Speaker 3: But I'm still interested, Like I'm still so interested in
• 45:29
  Speaker 3: the market and kind of like get a bit of
• 45:30
  Speaker 3: fomo and for me, this is my way of playing
• 45:32
  Speaker 3: in that without playing in that.
• 45:33
  Speaker 2: Yeah, exactly.
• 45:34
  Speaker 4: And you know, as I said before, you know i'd
• 45:36
  Speaker 4: love to be like I picked the right crypto and
• 45:39
  Speaker 4: I put in a dollar and now I'm retiring.
• 45:41
  Speaker 2: You know, wouldn't we all? But you know it's actually crazy.
• 45:44
  Speaker 2: What's next on the list?
• 45:46
  Speaker 4: So Hack is a cyber security ETF and that one
• 45:50
  Speaker 4: was one that my husband wanted to invest.
• 45:52
  Speaker 3: In, So what makes him interested? So Hack is the
• 45:55
  Speaker 3: Beta Shares Global Cybersecurity ETF. What makes him interested in
• 45:58
  Speaker 3: cyber security.
• 46:00
  Speaker 2: Yeah, I think it's something that he sort of believes in.
• 46:03
  Speaker 4: He's sort of into computers a little bit and gaming
• 46:07
  Speaker 4: a tiny bit, not like a full on gamer, but
• 46:10
  Speaker 4: he knows.
• 46:11
  Speaker 2: The value of cybersecurity. Yeah, things like that. So I
• 46:14
  Speaker 2: think he sees potential in the industry and that it's
• 46:18
  Speaker 2: not going anywhere.
• 46:19
  Speaker 3: Love, And I think coming out of this conversation is
• 46:23
  Speaker 3: I guess this underlying secondary conversation that I love, which
• 46:27
  Speaker 3: is like everyone's always like, victory, what's the best ETF?
• 46:31
  Speaker 3: And I can't answer that because there's no best ETF.
• 46:35
  Speaker 3: And we do, you know, at the start of each year,
• 46:37
  Speaker 3: we do that rap emma of like what were the
• 46:39
  Speaker 3: top performing ETFs of like last year, and that's really fun.
• 46:43
  Speaker 3: But what I'm hearing from you is you have gone right,
• 46:46
  Speaker 3: ETFs makes sense for me and my family. Now we're
• 46:49
  Speaker 3: going to pick ETFs that are based on our values
• 46:51
  Speaker 3: and our interests in what's going on. And some families
• 46:55
  Speaker 3: and some people are going to be like, v I'm
• 46:56
  Speaker 3: not interested in cybersecurity and crypto infrastrut whereas you are,
• 47:02
  Speaker 3: on the flip side, you might be like, I'm really
• 47:03
  Speaker 3: interested in the beauty industry, or I'm really interested in
• 47:06
  Speaker 3: retail or I'm really interested in you know, tech or.
• 47:10
  Speaker 2: Specifically television technology.
• 47:12
  Speaker 3: Like there is a ETF for literally everything and that
• 47:16
  Speaker 3: can give you analysis proalysis. But that's why I'm always like,
• 47:18
  Speaker 3: we'll work out what your values are and like know
• 47:20
  Speaker 3: what you're interested in before you go shopping.
• 47:22
  Speaker 4: Yeah, I mean another one that my husband would like
• 47:25
  Speaker 4: to invest in is like an e gaming one because.
• 47:28
  Speaker 2: He does oh yeah, He's like I see that going yeah,
• 47:31
  Speaker 2: because he is a tiny little bit into that sort
• 47:34
  Speaker 2: of stuff. So that's kind of like on your watch list.
• 47:37
  Speaker 3: You could say, is there anything else sitting on your
• 47:38
  Speaker 3: watch list that you're like, oh, we like, aren't sure
• 47:41
  Speaker 3: or we are sure.
• 47:42
  Speaker 4: We were going to invest in Asia because we could
• 47:45
  Speaker 4: see the potential in Asia my husley.
• 47:48
  Speaker 2: Lived in Korea though it's sort of in his wheelhouse.
• 47:51
  Speaker 4: But the reason we didn't invest in it is because
• 47:53
  Speaker 4: we look further into our raise account and that has
• 47:58
  Speaker 4: a heavy Asia too. It does, so that's why we
• 48:02
  Speaker 4: didn't go with that. But if we were to sell
• 48:05
  Speaker 4: our raise, we would probably.
• 48:07
  Speaker 2: Investigate something similar interesting. Interesting.
• 48:10
  Speaker 3: So we already know that you've mentioned that, you know
• 48:13
  Speaker 3: you want to have one point three million dollars invested
• 48:16
  Speaker 3: and the ideally you want to like retire by the
• 48:19
  Speaker 3: age of fifty five, and that you've run the numbers
• 48:22
  Speaker 3: and like you kind of have worked out what you
• 48:24
  Speaker 3: need to do between your super and your investments outside
• 48:27
  Speaker 3: of super. Can you tell me a little bit more
• 48:29
  Speaker 3: around like the goals with investing, so.
• 48:32
  Speaker 4: Like our short term goal is just to get that
• 48:35
  Speaker 4: one hundred k invested as soon as possible.
• 48:39
  Speaker 2: Like with that, she's aggressive.
• 48:41
  Speaker 4: Everything that we get is extra money is going to
• 48:45
  Speaker 4: go to getting us there as quickly as possible. So
• 48:48
  Speaker 4: that's the whole thought that if we move into this
• 48:52
  Speaker 4: smaller house, it will take us two years rather than
• 48:55
  Speaker 4: four years.
• 48:56
  Speaker 3: That's so exciting, Yeah, and like exciting from I don't know.
• 49:00
  Speaker 3: My perspective is an ex financial advisor, because sometimes you'd
• 49:03
  Speaker 3: put and like you didn't have a financial plan, You've
• 49:05
  Speaker 3: done it all yourself, like you haven't seen an advisor.
• 49:07
  Speaker 3: But sometimes you'd go okay, like you do your fact
• 49:10
  Speaker 3: fines with your client, you talk to them about their
• 49:12
  Speaker 3: goals and they might say something similar like Victoria, we
• 49:14
  Speaker 3: really want to retire by the age of fifty five
• 49:17
  Speaker 3: and have this amount invested and it's so crystal clear, right,
• 49:20
  Speaker 3: And then I would sit down and go, okay, well,
• 49:22
  Speaker 3: now my job is to create the plan.
• 49:24
  Speaker 2: How do we get there?
• 49:24
  Speaker 3: Because you've said you want to retire by fifty five
• 49:27
  Speaker 3: and have a ninety thousand dollars income. And usually that's
• 49:29
  Speaker 3: where the story ends from the client perspective, and then
• 49:32
  Speaker 3: it's my job to work backwards and go, right, well,
• 49:34
  Speaker 3: you need one point three million dollars invested here, and
• 49:37
  Speaker 3: this looks like this, and this looks like that. But
• 49:38
  Speaker 3: you would often go okay, well, we need to create
• 49:40
  Speaker 3: a different lifestyle for you, emma, because we need to get.
• 49:44
  Speaker 2: This, so could we?
• 49:45
  Speaker 3: And like some it's all about compromise, right, Like you
• 49:47
  Speaker 3: can't have your cake and eat it too. But sometimes
• 49:49
  Speaker 3: I would say to clients, like your overheads are too much,
• 49:53
  Speaker 3: like to achieve the goal that you're saying, we can
• 49:55
  Speaker 3: either do two things. We can change your overheads and
• 49:57
  Speaker 3: like change your lifestyle a little bit to meet the
• 49:59
  Speaker 3: goal that you've set, or changed the goal like whether
• 50:03
  Speaker 3: you're retiring at sixty instead of fifty five, or whether
• 50:06
  Speaker 3: you are, you know, maybe not retiring with ninety thousand.
• 50:09
  Speaker 3: You're retiring with sixty thousand, all those like variables, But
• 50:12
  Speaker 3: like my favorite type of client was the one where
• 50:14
  Speaker 3: I go, hey, I looked at your goals. Here are
• 50:16
  Speaker 3: the things we need to tweak, and you guys would
• 50:18
  Speaker 3: be like yeah, yeah, yeah, all right, no aries, we'll
• 50:20
  Speaker 3: move to a small house. We'll do Like it's just
• 50:21
  Speaker 3: so exciting because you're clearly so committed.
• 50:24
  Speaker 4: And it feels actually quite empowering. Like until we actually
• 50:27
  Speaker 4: had this financial plan, I did not want to.
• 50:29
  Speaker 2: Move back into that house. No, why would I? It's smaller,
• 50:32
  Speaker 2: but it doesn't make sense. You've got two kids, and
• 50:35
  Speaker 2: we're not the type of people who buy a lot
• 50:37
  Speaker 2: of stuff that's Fay values.
• 50:39
  Speaker 3: Yeah we're we're the way I know you and like
• 50:41
  Speaker 3: we're not best friends, but like we work together, like
• 50:45
  Speaker 3: Emma loves dining out. Yeah, but I cannot imagine you
• 50:48
  Speaker 3: making Frivolos purchases and like bringing home knickknacks or trinkets
• 50:51
  Speaker 3: or even going clothes shopping.
• 50:52
  Speaker 2: Yeah, I feel like that's just not your vibe. Yeah,
• 50:55
  Speaker 2: it's not really us.
• 50:56
  Speaker 4: And so apart from going out or cutting out our
• 50:59
  Speaker 4: holiday like which you know you've got to live, we're
• 51:03
  Speaker 4: enjoying the journey where else.
• 51:05
  Speaker 2: Can we cut money?
• 51:06
  Speaker 4: And I think a big thing is what are you
• 51:09
  Speaker 4: willing to and I use the words suffer, But where
• 51:12
  Speaker 4: are you willing to have a little bit of pain
• 51:14
  Speaker 4: to get some more money? And that is the spot
• 51:17
  Speaker 4: where we're like, Okay, we're near a good school for
• 51:20
  Speaker 4: our kids, so the area is quite nice. We bought
• 51:25
  Speaker 4: the townhouse because of some of its features, like it
• 51:27
  Speaker 4: had the bigger kitchen and it's not actually a small townhouse,
• 51:33
  Speaker 4: but still living in the country, it's going to feel small.
• 51:36
  Speaker 2: But I'm excited. I'm excited.
• 51:38
  Speaker 4: I'm deep in TikTok of you know how to make
• 51:41
  Speaker 4: your small space bigger all of that. Now that we
• 51:44
  Speaker 4: have this financial plan, I'm so excited.
• 51:47
  Speaker 2: To move back there and I'm so excited.
• 51:49
  Speaker 4: I love it that the fact that we are making
• 51:51
  Speaker 4: decisions that is going to benefit our family and make
• 51:56
  Speaker 4: our life easier.
• 51:57
  Speaker 3: Adore, So tell me, what would you say is your
• 51:59
  Speaker 3: biggest in testing lesson It's the starting, Like you.
• 52:03
  Speaker 2: Just need to make that first investment.
• 52:05
  Speaker 4: Like I've had all this knowledge from working on the
• 52:08
  Speaker 4: show for so long, and before I started working on
• 52:11
  Speaker 4: the show, it started becoming more of a personal interest
• 52:15
  Speaker 4: for mine, like a you know, special interest with my ADHD.
• 52:20
  Speaker 4: So I was sort of getting into it, and I
• 52:22
  Speaker 4: knew that I should be investing, but I just apart
• 52:25
  Speaker 4: from what my husband was doing, I wasn't physically being
• 52:28
  Speaker 4: involved in Yeah, yeah, yeah. And I think it was
• 52:31
  Speaker 4: that I was scared to have something in my portfolio
• 52:36
  Speaker 4: that was in quotation marks like a mistake.
• 52:41
  Speaker 2: But it actually doesn't matter.
• 52:43
  Speaker 3: It doesn't because you can undo that later or change
• 52:46
  Speaker 3: it or sell it down exactly.
• 52:48
  Speaker 4: And I'm in a position where I can put a
• 52:51
  Speaker 4: thousand dollars into something and if I lost it, it
• 52:55
  Speaker 4: wouldn't be the end of the world.
• 52:57
  Speaker 2: But it actually wouldn't matter if I made a mistake.
• 53:01
  Speaker 4: And since we actually made our first purchase together in
• 53:06
  Speaker 4: our trust, I'm all over it. I'm like, yeah, do this,
• 53:09
  Speaker 4: do that? You know, it's that one you got to
• 53:11
  Speaker 4: press that button, and that is that mental hurdle.
• 53:14
  Speaker 3: It's like my husband doesn't do online shopping. He finds
• 53:17
  Speaker 3: it really overwhelming. Like I'll be like, oh, just jump
• 53:19
  Speaker 3: on the iconic. He'll be like, oh, Victoria, I need
• 53:22
  Speaker 3: like new T shirts or whatever, and like that sounds
• 53:25
  Speaker 3: so nineteen fifties, but like he just doesn't shop online.
• 53:28
  Speaker 3: I'll be like, just download the Iconic app, like it's
• 53:30
  Speaker 3: literally just look up the T shirt that you want,
• 53:32
  Speaker 3: because he just orders the same stuff over and over
• 53:35
  Speaker 3: and then just order it when you need it, because
• 53:37
  Speaker 3: like I always forget and then he forgets to ask me,
• 53:39
  Speaker 3: and then he says he needs new T shirts and
• 53:41
  Speaker 3: I don't know if he means he's white ones or
• 53:42
  Speaker 3: if he wants something fancy like it just it's a journey.
• 53:46
  Speaker 3: But like if he downloaded it, I know that his
• 53:48
  Speaker 3: first purchase would be the hardest because he's like, oh,
• 53:50
  Speaker 3: I don't know how to use this app. Then I
• 53:52
  Speaker 3: think he might have a shopping addiction.
• 53:53
  Speaker 2: Yeah, and then he'd be get T shirt fright.
• 53:55
  Speaker 3: It's easy, right, Like it's the first time you use something,
• 53:58
  Speaker 3: it feels overwhelming and it doesn't matter what it is.
• 54:00
  Speaker 3: But girl, if you are shopping on the Iconic, you
• 54:02
  Speaker 3: can buy shares like it is literally as easy as
• 54:05
  Speaker 3: one another. I know I'm sidelining this a little bit,
• 54:09
  Speaker 3: but you've also recently done your insurances and that is
• 54:11
  Speaker 3: something I am wildly passionate about because I want to
• 54:14
  Speaker 3: make sure that if you have an income, you are protected.
• 54:19
  Speaker 3: If you have family and kids, they are protected. Had
• 54:22
  Speaker 3: you thought about that before joining she's on the money
• 54:24
  Speaker 3: or was it just my relentless nagging of everybody else
• 54:27
  Speaker 3: around you that you were like, this seems pretty important.
• 54:30
  Speaker 4: We had a free hour with my parents in law's
• 54:32
  Speaker 4: financial advisor and she basically said, all you can do
• 54:35
  Speaker 4: is your insurances. You don't have enough money, because that
• 54:37
  Speaker 4: was when I wasn't working all that kind of stuff.
• 54:40
  Speaker 2: That's all I can kind of do for you. And
• 54:42
  Speaker 2: we were like, well, why would we spend money on that, you.
• 54:44
  Speaker 3: Know, one hundred percent, because like she's not really showing
• 54:47
  Speaker 3: your value. She's making you feel like you don't have
• 54:49
  Speaker 3: enough to have an impact.
• 54:51
  Speaker 4: Yeah, So I was kind of like that was a
• 54:54
  Speaker 4: waste of time and whatever. And it never felt like
• 54:58
  Speaker 4: something that I wanted to do and I wanted to
• 55:01
  Speaker 4: spend my money on. I don't know, but up until
• 55:04
  Speaker 4: I worked on the show, I felt like it was
• 55:06
  Speaker 4: a bit of a waste of money.
• 55:07
  Speaker 3: Totally, And like I'm not saying it is totally. I'm
• 55:10
  Speaker 3: saying totally, I can see whe're coming.
• 55:11
  Speaker 4: Yeah, it just like it felt like that I was like,
• 55:14
  Speaker 4: why like would I spend money on that, so I'd
• 55:16
  Speaker 4: never really thought about it properly, as in, I'm going
• 55:20
  Speaker 4: to do it before.
• 55:21
  Speaker 2: Working on the show.
• 55:22
  Speaker 3: So then you joined the show, what changed your mind?
• 55:26
  Speaker 3: Because I don't think it was me, like I don't
• 55:28
  Speaker 3: hound my team to do it, but I definitely talk
• 55:30
  Speaker 3: on the show. And then you're the producer of the show,
• 55:32
  Speaker 3: so not only do you edit that, but you have
• 55:35
  Speaker 3: to sit there while I'm talking about it, so it's
• 55:37
  Speaker 3: not as though it's sideline commentary.
• 55:39
  Speaker 2: Yeah, what changed mind?
• 55:41
  Speaker 1: While?
• 55:41
  Speaker 3: Were you like oh my gosh, because like one day
• 55:43
  Speaker 3: you came to me and you're like, I need to
• 55:44
  Speaker 3: do my insurances and I was like, yeah.
• 55:45
  Speaker 4: Do So we had had a couple of money dirists
• 55:48
  Speaker 4: on who used their insurances and then we had the
• 55:51
  Speaker 4: broken brains there.
• 55:52
  Speaker 2: Yeap, which more I was like, I got to do it.
• 55:54
  Speaker 2: I got to do it. And then Phil came on
• 55:56
  Speaker 2: the show and something that he said really stuck with me,
• 56:00
  Speaker 2: and it was that feel being philosophical. Interesting. It was
• 56:03
  Speaker 2: the Ferrari analogy he gave.
• 56:05
  Speaker 4: Yeah, if you had a car that was that expensive,
• 56:08
  Speaker 4: would you drive it without insuring it?
• 56:11
  Speaker 2: No one would know because that's scary. Yeah.
• 56:13
  Speaker 4: And then if you take how many years left you're
• 56:16
  Speaker 4: going to work, and then your times are by how
• 56:18
  Speaker 4: much money you're going to make. Yeah, would you not
• 56:20
  Speaker 4: inture that? And I'm like, oh my god, what I
• 56:23
  Speaker 4: shouldn't even be going out into the street.
• 56:26
  Speaker 2: Yeah, I'm the Ferrari. But it's kind of true.
• 56:30
  Speaker 3: And like I've said this before a million times, like
• 56:33
  Speaker 3: if you're not getting insurance, Like I actually think it
• 56:35
  Speaker 3: is crazy talk, maybe because I see the bad parts
• 56:39
  Speaker 3: of financial advice, and like, unfortunately, most people reach out
• 56:42
  Speaker 3: for financial advice when they experience a life event. And
• 56:45
  Speaker 3: that can be fun life events. It can be like marriage,
• 56:48
  Speaker 3: it can be kids, it can be buying your first home.
• 56:51
  Speaker 3: But a lot of people reach out for financial advice
• 56:53
  Speaker 3: when a close person to them passes away. Yeah, when
• 56:56
  Speaker 3: they experience something really traumatic when they don't have cash
• 57:00
  Speaker 3: anymore because they can't work, and that can be really jarring.
• 57:03
  Speaker 3: And you don't want to do all of the sub
• 57:05
  Speaker 3: stories to try and sell a product, but it's not
• 57:08
  Speaker 3: selling a product. It's like you ensure your car, and
• 57:11
  Speaker 3: regardless of whether it's a Ferrari or a Toyota, Like
• 57:14
  Speaker 3: if I said to you, you have a brand new
• 57:16
  Speaker 3: Toyota in your driveway. It's not insured, would you drive it?
• 57:19
  Speaker 3: I'm pretty sure you'd say no, Babell, grab the tram. Yeah,
• 57:21
  Speaker 3: like it's not insured yet. But like we take our
• 57:24
  Speaker 3: bodies out every single day and that's our main source
• 57:27
  Speaker 3: of income. Yeah, Like that's that's our livelihood, that's your
• 57:30
  Speaker 3: going back to your goals, that's you being able to
• 57:32
  Speaker 3: retire at fifty five. That's only going to work if
• 57:35
  Speaker 3: you can keep working, and if you can't, what kicks in.
• 57:37
  Speaker 3: So it's crazy to me. I'm going to be so
• 57:40
  Speaker 3: self indulgent now though, because like we obviously love Phil.
• 57:43
  Speaker 2: On the show. What was the process? Like did you
• 57:45
  Speaker 2: like it? Also? Should I ask you on the show?
• 57:47
  Speaker 2: Like maybe you didn't like it?
• 57:49
  Speaker 4: No?
• 57:49
  Speaker 2: I mean it was really interesting because they do sat.
• 57:52
  Speaker 4: With things like your goals like you would in a
• 57:54
  Speaker 4: normal financial advice situation.
• 57:57
  Speaker 2: We have to work out how much you need to
• 57:59
  Speaker 2: be insured?
• 58:00
  Speaker 4: Well exactly, And so they asked us about that and
• 58:03
  Speaker 4: different things about our life, and they got our cash
• 58:06
  Speaker 4: flow and found out, you know, are we putting money
• 58:08
  Speaker 4: into super and all of that.
• 58:10
  Speaker 2: They do do the hygiene factors. Yeah, so they did
• 58:13
  Speaker 2: all that and then they went out to market.
• 58:17
  Speaker 4: I suppose, and just sort of looked at the best
• 58:19
  Speaker 4: options for our specific needs.
• 58:21
  Speaker 2: So they asked us health questions. They figure out who
• 58:24
  Speaker 2: will into health questions? Can be pervy, can't they?
• 58:27
  Speaker 1: Yeah?
• 58:27
  Speaker 2: They want to know everything.
• 58:29
  Speaker 3: And just for those of you following along, don't be
• 58:31
  Speaker 3: coy Ye not answer those questions because if you go,
• 58:36
  Speaker 3: I don't really want to tell my financial advisor that
• 58:38
  Speaker 3: one you have the wrong financial advisor because you should
• 58:40
  Speaker 3: be really comfortable with them. But two, if you don't
• 58:43
  Speaker 3: disclose medical history, and then it goes to an insurer
• 58:47
  Speaker 3: and then they ask your doctor for their notes, and
• 58:51
  Speaker 3: they find it in the notes, they will decline you. Yeah,
• 58:53
  Speaker 3: and you might think, oh, decline is not that important,
• 58:56
  Speaker 3: but when you're applying for insurance next time the other
• 58:58
  Speaker 3: insurers go, you ever be declined for insurance, and that
• 59:01
  Speaker 3: puts a little red.
• 59:01
  Speaker 2: Flag on you that is not good.
• 59:04
  Speaker 4: I didn't even know that, but because you know, you
• 59:06
  Speaker 4: would have overdiscribed because you don't all your eyes and
• 59:08
  Speaker 4: cross all your teas. I'm a rule follower, so you
• 59:10
  Speaker 4: know I answered everything, good girl, But you know that
• 59:14
  Speaker 4: gives them the most information to get you the best
• 59:16
  Speaker 4: product as well, because it's really funny how different all
• 59:21
  Speaker 4: the insurers are, and even just for different occupations, what
• 59:25
  Speaker 4: you can be insured for and things like that.
• 59:28
  Speaker 2: So I have two different insurers that I'm going with.
• 59:32
  Speaker 2: My husband has one, and.
• 59:34
  Speaker 4: He also has been told that he should probably keep
• 59:36
  Speaker 4: his super insurance because of some pre existing conditions that
• 59:41
  Speaker 4: he has, so he'll be that was the same as
• 59:43
  Speaker 4: me better insurance if those events happened through his super,
• 59:48
  Speaker 4: so his is a little bit more expensive, and.
• 59:50
  Speaker 2: That was a little bit of the shock.
• 59:52
  Speaker 4: But also it kind of showed, I mean, some of
• 59:56
  Speaker 4: these things he was born with, so it wouldn't have
• 59:58
  Speaker 4: made a difference, but it does show that the early
• 1:00:02
  Speaker 4: get your insurances in order, the better coverage you will
• 1:00:06
  Speaker 4: get as well for things that will pop up. So,
• 1:00:09
  Speaker 4: you know, we kind of joke like we're in the
• 1:00:12
  Speaker 4: middle of getting it done, but we're like, oh, we
• 1:00:14
  Speaker 4: can't go to the doctor, you.
• 1:00:15
  Speaker 2: Know, until we get our insurances.
• 1:00:18
  Speaker 4: But it's obviously it's a joke, but it's like you
• 1:00:20
  Speaker 4: don't want any other things to happen before you get.
• 1:00:23
  Speaker 2: You get it all locked and loaded. It's so funny.
• 1:00:25
  Speaker 3: I obviously had the privilege of getting insurance when I
• 1:00:28
  Speaker 3: was quite young, and I got it back when this
• 1:00:30
  Speaker 3: is your money diary. But I think it's just really interesting.
• 1:00:33
  Speaker 3: I got it back when you could have a financially
• 1:00:34
  Speaker 3: underwritten plan, and that is no longer a thing in
• 1:00:37
  Speaker 3: the industry. So I still have that plan and it
• 1:00:39
  Speaker 3: is very sexy, but it doesn't have a lot of exclusions.
• 1:00:42
  Speaker 3: And now I've obviously had a number of health events
• 1:00:45
  Speaker 3: and like you know, I now have a mental health
• 1:00:47
  Speaker 3: record and like all of this other stuff that has
• 1:00:50
  Speaker 3: not been considered in my old insurance. And now because
• 1:00:53
  Speaker 3: I have this honestly shiny insurance policy that is increasing
• 1:00:57
  Speaker 3: in price each year, I can't get rid of it
• 1:01:00
  Speaker 3: because I can't change insurer because if I changed insurer,
• 1:01:04
  Speaker 3: I would end up with exclusions on a number of
• 1:01:07
  Speaker 3: different things. So it's kind of like good and bad,
• 1:01:10
  Speaker 3: like I've got this shiny policy, but I'm also like
• 1:01:12
  Speaker 3: damn it, like I'm stuck here. But that's why I've
• 1:01:16
  Speaker 3: got a mix of different insurers, which I think a
• 1:01:18
  Speaker 3: lot of people assume that when you go to an
• 1:01:21
  Speaker 3: advisor and get your insurance is done, they just all
• 1:01:23
  Speaker 3: put it in the same place, right, Yeah, But I
• 1:01:25
  Speaker 3: have like three different insurers. I've got my income protection
• 1:01:29
  Speaker 3: with one place, I've got a trauma policy through a
• 1:01:31
  Speaker 3: different place. I then have the insurances inside my superannuation
• 1:01:35
  Speaker 3: and they're both with two different companies, so I actually
• 1:01:38
  Speaker 3: have four different insurers across the board, which can get
• 1:01:41
  Speaker 3: a little bit confusing. But I work with Skywealth as well,
• 1:01:43
  Speaker 3: and they just tell me what to pain when and networks.
• 1:01:45
  Speaker 2: Yeah, and I love that.
• 1:01:47
  Speaker 4: And the good thing about it is they come back
• 1:01:48
  Speaker 4: to you as a plan that is sort of the
• 1:01:50
  Speaker 4: gold standard. Yeah, what they think that you should be
• 1:01:53
  Speaker 4: insured for. But if you don't want to pay that amount,
• 1:01:57
  Speaker 4: there are different levers that they can pull to bring
• 1:02:00
  Speaker 4: the price down as well.
• 1:02:01
  Speaker 2: Field should be so happy because I feel like this
• 1:02:03
  Speaker 2: is a full sales pitch for him, but it's like
• 1:02:05
  Speaker 2: an interesting conversation.
• 1:02:07
  Speaker 3: I like, hold on, we're still talking about Phil, But yeah,
• 1:02:09
  Speaker 3: he does. Hey, here's the goal, and this is what
• 1:02:12
  Speaker 3: a good financial advisor should do. Anyway, they should go, hey, Emma,
• 1:02:15
  Speaker 3: this is the gold standard. But if that's too much
• 1:02:18
  Speaker 3: trauma coverage, the lever would drop. If we dropped it
• 1:02:21
  Speaker 3: down by fifty thousand dollars, it would look like this
• 1:02:23
  Speaker 3: price instead and your income protection is sitting here. But
• 1:02:27
  Speaker 3: if we, you know, dropped it down a little bit again,
• 1:02:29
  Speaker 3: it would be this and you can kind of play
• 1:02:30
  Speaker 3: with it a little bit. By way, if you're also going, oh,
• 1:02:33
  Speaker 3: that wasn't in budget and that's okay. Have you had
• 1:02:36
  Speaker 3: the conversation about putting some of it inside your superannuation
• 1:02:39
  Speaker 3: and some of it out or like, what's your strategy there?
• 1:02:41
  Speaker 4: So they have done the maximum a plan for us,
• 1:02:45
  Speaker 4: the maximum that we can put inside our super, and
• 1:02:48
  Speaker 4: then they've done a cash flow plan for the rest. Yeah,
• 1:02:52
  Speaker 4: and then they have made suggestions of contributions to cover
• 1:02:57
  Speaker 4: that if we want to, which where probably not going
• 1:03:00
  Speaker 4: to keep doing the contributions because we already do that
• 1:03:03
  Speaker 4: and we plan to stop that to start putting that into.
• 1:03:07
  Speaker 2: Our share portfolio. Well, you can't just have your cake
• 1:03:10
  Speaker 2: and eat it.
• 1:03:10
  Speaker 3: Yeah, And I know that that sucks because insurance is
• 1:03:13
  Speaker 3: so important, but we also have to consider cash flow
• 1:03:15
  Speaker 3: and your bigger.
• 1:03:16
  Speaker 2: Goals and what that actually looks like.
• 1:03:18
  Speaker 4: Another reason is because I do have over like two
• 1:03:22
  Speaker 4: hundred thousand in my super, what it is generating more
• 1:03:27
  Speaker 4: than covers my insurance. Anyway, I saw in the first
• 1:03:32
  Speaker 4: couple of months of the financial year that was enough
• 1:03:35
  Speaker 4: to cover my insurance. Yes, so I'm kind of like, wow,
• 1:03:38
  Speaker 4: you're happy with that. I'm happy with that because it's
• 1:03:41
  Speaker 4: not taking all my growth, but it also will allow
• 1:03:44
  Speaker 4: us to invest in the share market.
• 1:03:46
  Speaker 3: Yeah, and I feel like that's yeah, that's a really
• 1:03:49
  Speaker 3: good important point. But also working with a financial advisor
• 1:03:52
  Speaker 3: to work all of that out means that you can
• 1:03:55
  Speaker 3: just have candid conversations about, well, actually, I want more
• 1:03:57
  Speaker 3: money in my investment, what would that look like?
• 1:03:59
  Speaker 2: How do we drip that back?
• 1:04:00
  Speaker 3: It's I don't know, it's really fun, But Emma, I'm
• 1:04:03
  Speaker 3: very acutely aware that we are running out of time.
• 1:04:06
  Speaker 3: So I wanted to ask, what's the biggest thing you've
• 1:04:09
  Speaker 3: learned from working on Cheese on the money. It's a
• 1:04:11
  Speaker 3: bit of a self indulgent question, but I just think
• 1:04:14
  Speaker 3: it's fun to ask.
• 1:04:15
  Speaker 4: My biggest takeaway has been that no one has ever
• 1:04:18
  Speaker 4: saved their way to wealth.
• 1:04:20
  Speaker 2: Oh that's good.
• 1:04:21
  Speaker 4: That's my biggest takeaway, Like you cannot just squirrel your
• 1:04:25
  Speaker 4: money away and expect to be rich one day.
• 1:04:27
  Speaker 2: What we don't even talk about that that often.
• 1:04:31
  Speaker 4: Yeah, but that's my biggest takeaway, Like you have to
• 1:04:33
  Speaker 4: use it to build something, whether it's investing or whether
• 1:04:37
  Speaker 4: it is a business, or whether it is investing in
• 1:04:40
  Speaker 4: property and all of that. Your house can't be your
• 1:04:44
  Speaker 4: own personal house really can't be your investment unless you're
• 1:04:47
  Speaker 4: using that.
• 1:04:48
  Speaker 2: So you need to do something outside of that.
• 1:04:51
  Speaker 4: And you know, it's all about what you're willing to
• 1:04:55
  Speaker 4: give up, what you're willing to risk, the effort you're
• 1:04:58
  Speaker 4: willing to put in to what you can get in
• 1:05:00
  Speaker 4: the return. Yes, and that's how we've come up with
• 1:05:02
  Speaker 4: our plan where the effort that we're willing to put
• 1:05:05
  Speaker 4: in is to move into a smaller house and then
• 1:05:08
  Speaker 4: do something that doesn't take a lot of time investing
• 1:05:12
  Speaker 4: to build our wealth.
• 1:05:13
  Speaker 2: We don't have time to have a business or do
• 1:05:16
  Speaker 2: all of that. And that's okay.
• 1:05:17
  Speaker 3: Maybe in the future you go, all the kids are
• 1:05:19
  Speaker 3: old enough now and we've got some free time, and like,
• 1:05:21
  Speaker 3: life changes, But that is a really good lesson that
• 1:05:25
  Speaker 3: wealth doesn't come from savings. And if you guys are
• 1:05:27
  Speaker 3: listening to this episode and you also listen to our
• 1:05:29
  Speaker 3: money diaries in general, I don't think there's ever been
• 1:05:32
  Speaker 3: a money diarist on the show that's like, yeah, I
• 1:05:34
  Speaker 3: saved and saved and saved, and now I'm really rich.
• 1:05:37
  Speaker 2: Yeah, never has never happened.
• 1:05:39
  Speaker 3: It's like I saved and I invested, or I saved
• 1:05:41
  Speaker 3: and I bought a property and the equity increased, or
• 1:05:43
  Speaker 3: like you know, maybe some people get rich through inheritance.
• 1:05:46
  Speaker 2: But like gol, that's not saving. Yeah, exactly.
• 1:05:49
  Speaker 3: That is a different wealth creation strategy. So last question
• 1:05:52
  Speaker 3: before we go, Emma, what is next for you? What
• 1:05:54
  Speaker 3: are the next steps?
• 1:05:55
  Speaker 2: What's in the plan?
• 1:05:56
  Speaker 4: Our next step is to refinance our current mortgage interest
• 1:06:00
  Speaker 4: rates to drop here.
• 1:06:01
  Speaker 2: Yeah, I mean then we need to do. They will
• 1:06:03
  Speaker 2: still drop going forward, but I feel like slowly, slowly.
• 1:06:07
  Speaker 4: Yeah, So once we move back in, we'll refinance hopefully
• 1:06:11
  Speaker 4: free up even more cash flow to put in our
• 1:06:14
  Speaker 4: investment portfolio.
• 1:06:15
  Speaker 2: Iconic. I love it.
• 1:06:16
  Speaker 4: And the other thing is I am starting after forty,
• 1:06:20
  Speaker 4: but I'm building something, and you can like.
• 1:06:24
  Speaker 2: It's not too late. I suppose.
• 1:06:26
  Speaker 3: I hate the narrative that I hear in our community
• 1:06:28
  Speaker 3: all the time from people who are in their forties
• 1:06:31
  Speaker 3: and fifties. They're like, it's too late, I can't build anything.
• 1:06:33
  Speaker 3: Like I wish I had this information when I was younger.
• 1:06:36
  Speaker 3: I also wish you had that information when you were younger,
• 1:06:38
  Speaker 3: because yeah, time in the market, I talk about that
• 1:06:41
  Speaker 3: all the time. But being forty, that's not a death sentence.
• 1:06:44
  Speaker 3: You can still create so much wealth later.
• 1:06:47
  Speaker 2: Definitely.
• 1:06:48
  Speaker 3: In fact, now you've got your stuff together, you're probably
• 1:06:50
  Speaker 3: going to prioritize it more because you're like, all right,
• 1:06:53
  Speaker 3: I really need to knuckle down and get this done.
• 1:06:56
  Speaker 3: Whereas if you start investing in your twenties, like maybe
• 1:06:58
  Speaker 3: you're a little bit more frivolous about it because you're not,
• 1:07:01
  Speaker 3: you know, as aggressively working towards retirement in fifteen years.
• 1:07:04
  Speaker 2: It's just a different story. It's a different narrative. But
• 1:07:06
  Speaker 2: it doesn't mean it's not going to work.
• 1:07:08
  Speaker 4: Yeah, definitely, And you know we're still, as I said,
• 1:07:11
  Speaker 4: we're still going on holidays and we're still going out
• 1:07:13
  Speaker 4: for dinner.
• 1:07:13
  Speaker 2: It's about the journey, not the destination of that as well.
• 1:07:17
  Speaker 3: I love that, and I just love the idea that
• 1:07:19
  Speaker 3: once you get to fifty five you'll probably be in
• 1:07:21
  Speaker 3: the position to retire. But my favorite part is that
• 1:07:24
  Speaker 3: you'll get the choice. You might go, oh, I'm doing
• 1:07:26
  Speaker 3: something I really love at the moment, I don't really
• 1:07:28
  Speaker 3: want to change that, or your partner might be the same,
• 1:07:31
  Speaker 3: like you might get this job. He's like, Emma, I
• 1:07:32
  Speaker 3: don't want to retire from this, but how cool to
• 1:07:35
  Speaker 3: then go, Maybe I'll do it part time. I'll just
• 1:07:37
  Speaker 3: work three days a week and we have a different lifestyle. Again,
• 1:07:40
  Speaker 3: it's all about freedom of choice. Anyway, this has been
• 1:07:43
  Speaker 3: so fun. Thank you for letting me drag you onto
• 1:07:45
  Speaker 3: the show and share your investing diary because just real
• 1:07:50
  Speaker 3: world examples, especially from people in my community but also
• 1:07:54
  Speaker 3: in my team being like, oh no, we walk the
• 1:07:56
  Speaker 3: walk like that's cool, And.
• 1:07:58
  Speaker 4: I think that everyone is so generous with sharing their
• 1:08:02
  Speaker 4: story with the show. So I felt like, you know,
• 1:08:05
  Speaker 4: maybe you do not have to do this, but.
• 1:08:06
  Speaker 3: I am very very grateful because I know that a
• 1:08:08
  Speaker 3: lot of people listening are going to get a lot
• 1:08:10
  Speaker 3: out of it.
• 1:08:10
  Speaker 2: So thank you so much for that.
• 1:08:12
  Speaker 3: And guys, if you've listened to this and you love
• 1:08:14
  Speaker 3: this and you want more investing diaries, Emma and I
• 1:08:17
  Speaker 3: seem pretty keen on getting more out in twenty twenty six,
• 1:08:20
  Speaker 3: so hold your horses, there is more coming.
• 1:08:23
  Speaker 2: Bye, guys. Bye.
• 1:08:31
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