Hello.
My name's Sanatasha Nabananga Bamblet. I'm a proud yr the
Order Kerni Whoalbury and a waddery woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on a wondery country, acknowledging the elders, the ancestors and the next generation coming through as this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow.
Let's get into it.
She's on the Money, She's on the Money.
Hello, and welcome does she He's on the Money, the podcast for millennials who want financial freedom. Welcome to our third birthday special episode of She's on the Money Friday Drinks.
It's live.
It's our very first live episode and we have a whole community here make it sound Thank you for making it sound like I wasn't pretending, so thank you for that.
We also have a very nervous Jess and George.
Hello.
Hello.
If you keep mentioning their nervous, it makes them feel better.
But as you guys know, Friday means it is time to kick back, grab a bev which you literally have in hand this week, have a chat with our friends about the week's highs, the week's lows, what's been going on in our community, and we get to celebrate you quite literally. This entire party was for you, guys. The incredible She's on the money community never ceases to amaze me.
As always, we're going to share our favorite money wins and not so many confessions this week, just one congestion and confession.
Is it yours?
Oh? Okay, and we're gonna help answer a few live questions from our community, literally the ones in the room. Jessica Ricci, Georgia King. Before we get there, though, how have you been.
We just got back from a flight not too long ago, so I am very tired and also definitely not nervous at all. So it's going really well for me.
Georgia King, I'm good.
I'm so excited to be here, so excited to have you girlies home from Europe. It was a lonely time without you, and yeah, I'm just really sweaty but excited to be here.
I'm glad.
We're really just vibing on this sweaty mess. My mum always says like, you're not sweating, darling, you're listening. I'm like, okay, no problems. But Jess, George, we usually start each and every single week by recapping the shows that were, but we're not going to do that this week because you guys, we handpicked you to be here. You all seem like She's on the Money ogs, you know what's going on. But what we are going to do is answer some
live questions. But before we get there, Georgia King, what has been going on in the She's on the Money community this week?
Jess, I think that's your domain. If I'm mistake, you go, my girlh So we're gonna have a little chat. We meant, we meant, Jess, we're changed going.
Well.
Somebody came up to me before and was like, I'm so sorry. I know your voices, I don't know your faces and you just saw Georgia, and I was like, it's so fine, are you George? And then do really naughty things I should have. But we're gonna have a little chat about some things that we've been seeing a lot of people talking about in the community recently. Obviously, as I said, we've just come home. Cost of living has been on a lot of people's minds, and I
was shocked when I got off the plane. I throve to the airport on empty because that's who I am as a person.
She gives me mad anxiety, like it's flashing at her and I'm like, you're gonna break down on the freeway, Jessica, She's like, now, I've been here before, it's not even that bad.
The light is just there to let you know that it's nearly time. So I parked at the airport. Obviously had to fill up at the airport gas station on the way home, and I nearly cried when I saw it was two dollus twenty e liter. I think it was maybe at one eighty when we left, So definitely feel it there. Also, apparently Lettuce is super exciting.
We've come home to Lettuce being really expensive. And we saw this on Instagram because obviously, like we said, we were on holiday and we were like, we're really uncontactable. Please don't talk to us. Sorry, I are in, but we just can't talk while we're on holiday. We holiday, and like jess and I are in the Facebook group every day, be like did you see these. Yeah, so we're like talking about it, and people were talking about lettus.
I'm like, this is wild. But I went down to my local calls and I was like, thirteen dollars for an iceberg? I think not, We're going to go back to frozen spinach dollar eighty a packet just as.
Good, just as good. And I think the thing that a lot of people are stressing about is obviously inflation is kind of hitting all of us at the moment. We're all feeling it across the board, from utilities to groceries and all those kinds of things. And a lot of people in the Facebook group have been asking is it gonna get worse? Can we expect it to continue? Should we be preparing? Do I need to start growing my own lettuces?
Like?
What do I do? I mean you could? Do you have enough room at your place?
No? My backout is one meter deep?
So okay, so not an option. Yeah, look, that's a pretty blunt question. Is it going to get worse? Let's be honest. I sorry to bring this party wiped out.
Yeah it is. We're headed for a recession.
It was announced mid June that we're officially in a recession. Oh no, sorry, that was draw romantic. We're officially in a bear market. So a bear market, yes, literally, it does mean bear as in the animal. It's not some technical term or acronym. It is quite literally the animal. But a bear market officially is when the share market is down by twenty percent from its twelve month average high.
That can be really scary for investors. It can be really scary for our community to be honest as an advisor, as someone who's quite literally obsessed with shares and research and data, like we knew this was coming. It doesn't make it any easier to swallow because it is really hard. But I guess inflation is a really good indicator of that. As that increases, it's very good indicator that we're in the shed markets probably not doing as.
Well as it could.
We've obviously had a lot of like tumultuous times over COVID. I mean Australia was here really hard as well with the bushfires before COVID. And then we also now have your Russia invading Ukraine which is stopping a lot of export and global economies actually functioning properly. So we are, according to Victoria Divine, already in one, but according to economists, not in one yet but headed towards one.
That sounds like a bit of a downer.
But the thing I love about this conversation is I guess that this isn't our first time seeing our first rodeo.
My friends, we've been here before.
The importance here is on saving and making sure we have good emergency funds and that we know, and we talk about financial literacy. It is going to put a lot of pressure on us, but I mean, we need to just be smart. We're talking about asparagus before, pretty cheap option, much cheaper at the moment than I spurk lists.
So thrilling party conversation happen the money.
I think they were happy to talk about asparagus because usually I'm like, so, do you want to talk about the beer market?
Not really?
Not really what content all you're posting? Can it be peach?
It's an exciting place to start their recession chat, guys, I'm afraid.
I mean it's corna by rogue that that's okay? Do you want to do you want to carry on? Just anything else that you would like to say before we get into our budget direct money wins.
No, I think let's bring the mood up a little.
Let's bring the mood up.
Let's get into guys in official podcast format. It is time for our budget direct money wins of the week. Georgia King Jeeking on tour. What have you got for us?
I've got some pearlers as usual, guys. The first win of the week comes from Shell Money Win. I recently got to pay rise of eighty dollars a fortnight, but instead of spending the extra cash frivolously, I increased my fortnightly mortgage repayments by eighty dollars.
No longer here.
That is very smart ten discipline. We love to see it. The next win comes from Rihanna money whin. I recently started a new job inter state and they offered a three thousand, five hundred dollars reimbursement award to pay it for my moving costs, which included petrol, it included food, it included accommodation while her fiance and her were moving from her home state to her new state.
I feel like that's not a usual thing.
No, that's a lot of money as well. I mean, moving costs are a lot. I moved to me recently. Very offended yeah.
Well, I mean I kind of want to work for Rihanna's place.
Oh do you a little do they're hiring?
Yeah, ah, they're hiring. Okay, move on, love your top. The next win here is from Imagen. I finally got my emergency fund to crack one thousand dollars and rewarded myself by buying some additional shares.
Very she's on the money of her such.
As she's on the money reward like most people like. Oh my god, So I went out and blew all my money on champagne. Cough me, but I rewarded myself with some shares. Girl, you have got it more together than we do.
We also wrote that it's the first time she's ever had a savings account with over one thousand.
Dollars, so incredible.
I love that.
The next one here is from Casey. Just this one reminded me of you. She's very organized. We can all take some tips away from this one money win. I've been trying to get ahead on Christmas shopping, and today I went into a lotion slash soap shop and they were having a huge sale where the things were fifty to seventy five percent off. Did she say what the company wants just lotion slash soap.
Who says that, I don't know, God, sexy Land that's what she's talking about, right, Well, hold on a minute.
She said that she's so excited because she saved ninety dollars and she's going to collate all of this for her coworker is later on in the year, mate, So not sexy Land is what we're saying.
That she gives really inappropriate gifts. I feel like I love context.
You know her money wins, so feel free if you're boasting to give me as much as possible.
The next one here, guys, is a long one, but it's a good one, so bear with me. It is from Eileen. So yesterday, my partner and I accidentally locked ourselves out of the house after a rushed exit. We called a locksmith and it was going to cost one hundred and eighty dollars for them to get us in. No thanks. We decided to leave it and go out to dinner. This is the unnecessary detail.
Like how they solve problems like I do, oh got a problem, let's going out for dinner.
I was going out to dinner booking as our friends flew up from Sydney to catch up with us in Brisbane.
That's the detail we love.
Over this dinner, she told us she'd actually picked a lock before and that with a bit of patience, bit of elbow grease, you can actually do it yourself, which is kind of alarming. So after dinner they made a twelve am dash to the chemist. They bought a twenty pack of Bobby pins. Twenty minutes later, after fiddling with the lock, they managed to open the door. Long story short, I saved my partner and I one hundred and eighty dollars. And we're all terrified at that story.
Money we know, yeah.
Do you reckon? Anyone could do that? Because that makes me very inference.
I feel like that's a skill I want to have in my back pocket.
Sucks.
Oh my god.
I love that she thinks it's a money winner as well, because like Bobby mins, nover girl, you had to buy those. You got twenty of them. They are lasting point two seconds in my house? What else you got?
Okay?
The next one is my favorite, They're all my favorite. This one's my favorite comes from Ali money loss, but life win. I finally got the hedgehog I've wanted since I was a teenager.
I really should have read through this before letting you read it out on stage.
I got her from a rescue about an hour from me, and it was one hundred and fifty dollars in adoption fees, another fifty in food and supplies, and I've spent another fifty on fun accessories such as a dedicated snubble bag to carry her in.
No judgment, no, no, I love that she's clearly not in Australia.
She's based in the US.
Okay research where a little bit of stalky stalk next comet down.
Well, we need to say hedgehog. I was like, everyone's laughing bit hahah. She's probably gonna say hedgehogs life like the animal.
We're going to be in the States later in the yard in Orlando. So Alie, I want to meet your hedgehog please?
Yeah, Like, if.
You're in Orlando, we will meet you. But to be honest, I would pay for flights to go see your hedgehogs.
So wherever you are, let me know.
The final win of the day, lady is it comes from Emily. It's a bit of an inspirational one to leave us.
With money win.
I did an odd air tasker job for paralegal work as I'm currently on matt leave and in my final semester of my law degree, I got paid three hundred dollars for a couple hours of work and I got to do it from home. Huge There is more, though, double win. I got offered a job out of the work I did where I'm able to work remotely with flexible hours which work around my baby's sleeping time. And I'm now earning double the amount of what I do
at my current paralegal part time job. So now I'm doing both two days a week and I've increased my annual salary by thirty five thousand dollars and I don't even need to get out of my pjs to.
Do what on air on air taskar, I've literally only used that to get people to put itafiron together for me so that my relationship stays intact. Like literally, I didn't know that was an option. Guys, don't get any ideas.
That's it for the week, guy, That's all you've got.
Well, guys, it has been so great celebrating some of your budget direct money wins Budget Direct winner of Canstars twenty twenty two. Insurer of the Year Award. Budget Direct Insurance solved and now we're going to head to a really quick break.
Hi, bet, have you got a money dilemma you just can't solve that. She's on the Money team is here to help. Every week we tackle your dilemmas, both big and small, to answer your most burning money, career and life questions. To get involved, simply head to our website and leave us a quick voice recording and you may just find yourself on the show. Now, let's take a listen to today's money dilemma.
Now it is time for some audience interaction and to solve a you juicy it money dilemmas.
And a Lisa.
I believe that you have a lineup of incredibly special Shees on the Money members to ask their questions live.
We've got some good ones for you. Victoria Terrible Advice Live.
Hello, Hello, I'm Maddied Lovely in person. My question is, I guess, in your opinion, what are the best ways that we can set ourselves up to be financially secure long term into our future.
Can I start sure?
I don't know any of that money.
I started by paying off debt. I was listening in the shees on the money community two years ago with a whole truckload of personal debt. And you know, the advice that you gave then was if you have savings and debt, you don't actually have savings. And that really hit home for me. And so I worked really hard and I paid off my debt and it was like I became a new person. It like really lifted a weight off of my shoulders and it made me feel like I could tackle my new financial goals without that
burden over my head. So that's where I would.
Start, a very good starting point. Oh, George, you've got something to say, O, yes, we'll get.
To v lord.
So I would say probably taking super seriously is very important. I think a lot of people tune out when they hear the word superannuation. It's boring, don't he excuse me?
Actually, like my favorite thing in the entire world.
Like, how many of you can say, I'm investing ten point five percent as of tomorrow, ten point five percent of my money into an investment for my financial future? Huh, jokes all of you because of super Like that's the impulsory all right, carry on, sorry.
But it is.
It's so important for women and we know when we get to retirement, so many of us end up in a much worse off position, especially compared to men, because we have taken time out of the workforce to raise families, and there's so many other factors that go into it. But I think, especially if you're self employed or freelance, make sure you're paying super because it is so very important,
little boring but important. The other thing I would say is don't use after pay if you can avoid it, Like that was maybe obvious, an obvious take from us, but yeah, not a fan of what.
Do you mean do we not? Like not the biggest fans.
Interesting, I'm not going to go on and on about them because they already got them to ask me to stop, so I'm not gonna though. All Right, So I feel like that is an epic question, and I totally agree with that. Like Jess's advice of getting out of debt is the one thing that I would say is a
priority if you're in it right now. I feel like it's so easy to bury your head in the sand around consumer debt because it feels overwhelming, And yeah, I guess that's where you came from too, Jess, you or she's on the money.
Community member, now you are.
She's on the money, which is so cool to me, But my advice would really be so boring and comparison to hear answers this budget and it's cash flow, and it's remembering that it's not actually what you earn, it's what you save and invest and care about. It's really about your ability to understand every single dollar that comes Because I basically can guarantee all of you are able to answer the question of like how much do you earn?
You'll be like, oh, I earn sixty grand, or earn seventy, or earn more than that or whatever it is, but not many of you could say on an annual figure like we'll actually spend sixty grand a year, like we don't know that number. And I think that that's such a powerful number to understand because if we can get an understanding of every dollar that comes in and work out what job that dollar has it doesn't matter what it is, and understand them what leaves our bank account,
that's where our power is. That's what we can actually, you know, use to put ourselves back in control because we understand it, and not many people genuinely understand their cash flow. And I say that as a legitimate financial advisor who talks to people who earn sixty grand a year, but also people who earn four hundred five hundred two million dollars a year literally on a weekly basis. And even those people, once they are earning millions a year,
they genuinely can't tell me either. Some of my wealthiest clients are not the ones that are earning millions. Is the ones that were consistent and steady and understood and cared and we can all do that. It is hard at the start to pull your head under the sound because it is overwhelming. But from my position, it's really about that budgeting cash flow as a foundational skill to then you know, go all right, this is my budget. This is what debt can do for me. Okay, now
I need to care about super like. There are heaps of steps, but like that for me would be the first one. I hope that answers your question.
Yes, that was beautiful.
Thank you, got Chazz been up next, Thank you, Happy birtha, victorious my birthday, two birthday, buddies.
Birthday.
Thank you.
Yeah. So my question was, as a fellow data nerd, I was hoping that you would be able to tell me whether you had plans to unpack the latest twenty twenty one census starter on the pod.
I mean, yeah, like, do you want us to unpack it? Now we can because guess what I knew you were going to ask. It was the only question they've waten us all because like, you can't just sit up here and have some data questions and be like, yeah, I'll unpack that on the pod theater.
Thanks for coming, Jasmine.
Also thanks for asking that as an end of financial year baby. Our friend over here, Georgia King, did some research.
And by that she means I read one article and I'm going.
To share the find just one that came up on Google news dot com dot are.
You pulling through with the goods? You're not wrong?
Actually, So Statskirl, though coming at you, OG fans will know you.
You are known as stats girl in the community. Could be statskill two point zero.
So a couple of stats that have come out from this first batch of census.
There's more to.
Come, plenty more to come, which we will dig into when we do do our big episode on it. But millennials have caught up to baby boomers, so I think there's five point five million of US five point five million of them. There's a couple in Australia, not across the world.
That would be small because the census is Australia. Correct.
Are we thing new boomer does that?
Like, that's what's becoming career? Okay?
But according to the guy on TikTok on the videos watching this instead of doing work and preparing for this, he was like, oh my gosh. Yeah, So the older generation on TikTok like, you know that, you guys born in the nineties. I was like, sir, the older generation ogo, it hurts.
So that was the first stat and the second start was that there's been a huge increase in people moving back home. So I think it was for men, there's been an increase since the last census of about seventeen percent, so it's something like two hundred and eighty thousand men between the ages of twenty five and thirty four are
back at home. And for women, it's been a jump of like thirteen or fourteen percent, and it's about one hundred and eighty thousand people women within that age bracket are back at home, which I think is understandable given like accountable, darker.
Time we're living in. As previously mentioned, let's reframe that though they've all been listening to Shoes on the Money and want to save money, and they've made the decision to move home because they're financially savvy, that's it. I've also been doing a little bit of research, mainly because the second it came out, I was on the ABS
website like, ha, this is so fun. Unsurprisingly, our income has increased, I mean, not as much as we need to keep up with inflation, but it's gone from six hundred and sixty two dollars to eight hundred and five dollars, which is a nice little boost of one hundred and forty three dollars. We like the income is increasing because
obviously that's reflective of a semi healthy economy. But the thing that I didn't like about it is that, like that gender and demographical and geographical disparity is still there, so you know, there is still that gap between males and females and what they earn, and people who are living regionally and people who are living in metro and what they earn. And I guess looking at that, they're the statistics that as a community and as she's on
the money, we really want to focus on. We don't want to go, oh my god, we're earning more like because we kind of not like as a community, we're women, so like, that's a nice number. But did we all get that pay rise? Probably not, let's be honest. And then the second thing is really interesting statistic. There are now in Australia more than one million people that are earning more than three grand a week. So that's a lot of money. And you go million relatable content, unrelatable content.
I clearly don't pay these guys well enough, but to put that in context of our population, that means one in twenty five people are now earning more than one hundred and fifty six thousand dollars each and every single week, which means when you go to Cohle's, you're just walking around with some people who are technically rich every single time, which is kind of cool.
They're buying all the Iceberg lettus, They're buying all the Iceberg lettuce.
That's why they can charge that much because they know,
apparently we can afford it. The other thing is unemployment rates are up, and I wanted to mention that when we're talking about, you know, data and around the census, because that is not surprising, given COVID, given everything that is happening, given the fact that we are now officially in a bear market and that we're heading towards a recession, I'm not surprised by this, but it is disheartening because one point six six seven million people are now unemployed.
And as much as that's a terrifying number, because essentially, back to the statistic I gave you before, of now a million people are earning more than three grand a week, that's one in twenty five people that are unemployed. Like that is a lot of people, and given the recession
that is coming, it's only going to increase. So I think that we need to just be really conscious of our emergency funds, really conscious of what's going on, having a little bit of empathy for the people that are surrounding us, because it's not going to be easy for everybody. That's a really dull Later ended, Jasmine, I hope that has answered some of it, but yes, we're going to do an entire episode. But the thing about the ABS
is they don't release all census starter at once. They like to like trickle it out to keep the engagement rates high. Kind of rude, kind of what we do. Maybe they've got our strategy to keep their community engaged. Yeah, we will do a whole episode on it when we
have enough, because I really want to crack that. The thing I also want to crack is our own community census, which will be coming out in the next month or so, so we get a really good feel of what our community are doing, not just what Australia is doing.
So thank you.
Happy birthday, Happy birthday, Thank you.
Hi guys him Chloe.
Is it your birthday too? No, well, happy birthday when your birthday is thank you. I wanted to ask a question about your careers. So you guys are obviously thriving and it's amazing to see, but it would just be great to hear how you knew what you wanted to do, if you did, and how you got to where you are today.
Spoiler we didn't. What do you mean?
Yeah, well, I'll take it.
Firstly, that's like the nicest thing anyone's ever said to me. Thank you so much. But I would say for me, I never knew what I wanted to do. All I knew in high school was that I liked writing, I liked talking, and I liked performing a little bit of a drama rge, and so that led me to like
a career in media. But I was always really jealous of the kids in school that were like, I want to be a nurse, and that path was really clear, Oh, I want to be a surgeon, I want to be a teacher, and it was just really obvious where it's me.
I was like, I like to talk and write. So yeah, eventually found my way into a media degree and from there have just done numerous roles in various companies, doing lots of different things, driving golf buggies at the Grand Prix to now hosting Shees on the Money, And Yeah, I think if you're kind of questioning where you want to direct your career, it's a really good idea just to ask yourself what you love, what you're passionate about, what you're good at, and then try and push yourself
into those spaces just for like interning experience or work experience, and see if it is what you want to do from there. But yeah, I would also say, like you just I don't feel like I'm nailing it at all, Like I'm so sweaty.
But yeah, that's probably all I have to say.
Yeah, everyone has self doubt and struggles with career stuff, so yeah, don't be hard on yourself. If you are someone who is hard on yourself.
I feel my experience was pretty similar in that I think I said this on the pod before. Actually, like I had a really non linear career journey to get to here, and I have this really clear memory of being in high school and I was a fellow theater kid to represent we.
Only hire drama kids.
Yeah, we are the drama apparently. But I remember sitting in my career counselor's office and talking about what I wanted to do, and I was like, I want to be an actor, and they were like, well, you're not going to be successful, You're never going to go anywhere. Can you be a little more realistic?
And I just.
Remember being so devastated and so upset and I'm not an actor. Shockingly, I got.
Told the same thing I got told at the end of high school that I was a basketball player on a tennis court.
Well thanks, babe, cute from that Jamous Filett look at this.
Yeah, And so I graduated and I kind of just got a job in I think I was in real estate and just doing admin, and I kind of worked my way up and learned new skills and I ended up here. Actually, during COVID, I was working in a warehouse because I lost my job like so many people did, and I just needed to put money on the table. And I got a job working in a warehouse and it definitely wasn't the dream, but it was a job,
and I was very grateful. And I was listening to Shees on Money, and I was paying off my debt and I was doing all of the right things. And I saw an Instagram post go up on the Shoes on the Money Instagram that said you were hiring somebody, and I was just like, oh my god, the stars have aligned. I meant to be here, and I applied for the job, and I just I remember I wanted it so badly.
Yeahs old, I'm sorry to money in here, Like, I don't mean, how bad did you want it? I mean I asked people to send a cover letter explaining why they would want their job and their resume through Jess what did you do?
I sent a video of myself saying how badly I wanted to pinch job me.
To b It wasn't even just that she'd Jess is a little bit of a YouTuber, so she'd created me this customer YouTube, completely edited, telling me exactly why I was a perfect fit. Should stop looking for anybody else because I'm wasting my time. Here's what I do with schese on the money. This is what your socials would look like, this is what your content would be like. This is why I know I'm the best for this job. And I was like, you're coming in or.
Like two days later I started working on Yeah.
Literally, I was like, how much notice do you have to give in your work in a warehouse?
When do you want me?
Like?
And it was fantastic.
But I think that that's what I guess, you know, as the person who's the employer, and arguably I'm a very young, probably very different employer to a lot of people. I've never looked at credentials as some form of entitlement to a good job or as some form of acknowledgment like and I look at it, maybe because I'm privileged enough to have four degrees, I'm just going, well, I'm still not smarter than these guys, Like what's that done? For me. So I've always hired on tenacity. I've always
hired on energy. And the second you know, not to rub your ego to me, if you could just block your ears while I share this with them, that would be great. The second I saw justice application, I was like, I want that energy in my business. I want the person who is as passionate as I thought you were, as passionate as I am about my business, in my business working for me. I don't care if she doesn't have the technical skills. I can see that passion. I can see that I am going to be able to
teach her that that is fine by me. And I had so many really educated, really experienced people apply for the role that Jess applied for, and I just like, I don't even care what you've done. I want the person who genuinely wants it. And so I guess that's about tenacity and actually just putting yourself forward. And we know that women are far less likely to put themselves forward when good jobs come up that they desperately want. They go, oh, maybe if I have a few more
years of experience. I'm literally a boss telling you the experience, it might matter, But like, what's the worst that could happen if you put yourself forward. You've got a really great experience. You've got more experience putting together a resume, writing a cover letter, maybe having an interview, and the worst thing that they can say is no, and you just stay in the job that you were in before.
The alternative of that is you being consistently disappointed. And before, Georgia, you said that you really admired those people who had their stuff together in high school. This is so bad, and I wish I'm not mentioning because I know you're going to go looking for it. I found my Debutante DVD from two thousand and eight DVD and I had to like go find My partner used to play PlayStation a lot. We didn't have a DVD player at home. I had like be like, do we have a PlayStation
or something we could play a DVD. So I had to go find it so I could watch this debutante thing. And if you did your debutante, you know that he's really weird looking back.
On it, like what was that?
They like present you and explain like what you want to be when you grow up, and it's like mine is Victoria wants to be a surgeon?
Do I look like a surgeon?
So I feel like I was that kid that was so stuck on what I wanted to be when I grew up, because I knew that was kind of impressive, right Like if I say I'm a surgeon or I'm going to be a surgeon, and I'm working.
Towards that, like that's good.
So I just feel like even if people around you seem to know what they want, that doesn't necessarily mean that that's where they'll end up or that's actually what they want, because I think for me, I was just trying so hard to pick something that gave me that sense of achievement that I was trying to look for. And looking back on my career, my arguably semi short career, because I am now in my heading towards my mid thirties, I look back at it and go, all right, what
is the consistent here? And the consistent isn't actually a surgeon or a psychologist, or a financial advisor or now a podcaster.
It is actually that I just.
Wanted to help people, and I was desperately searching for a way to connect and to help and to put people in a better position and so for me, I think my advice would be follow the things that give you energy, follow the things that feel you full of joy, because they will grow. And it's very hard to grow something that you don't put a lot of love into. So I think that when it comes to Korea, taking the pressure off what that is and going what do I want to do and how.
Does that work?
Because I think it's just everything that has worked out for me in life isn't because I was already good at it. It was because I just gave it a crack. And you know, I know what this looks like. I have been at panel events, I've been at things where look at the people on the stage I'm like, oh my god, like they're so impressive or they're this, or they're that or the other. Like we're not like, we're
just like you. I mean, we've got professional hair and makeup, so we're like the best versions of ourselves right now. But it's interesting you only see the highlight reels of stuff. People aren't going to share the highest, the lows, the main crying like it happens all the time. But I think that career puts a lot of pressure on you and for a lot of people it's not even the main priority of their life. I hope that has answered some of them.
Thank you, hi Els. I just had a question about investing.
Hello, what do you think the biggest misconceptions are around investing? Oh? There's a few. Do you girls have some misconceptions? Before I dive straight in?
I think I mean they haven't started investing. Actually I micro invest So three cheers superannuation Georgia King.
Yeah, exactly, exactly right.
But I would say it's that you need to wait to start investing when you're earning more down the line, when you're financially set up. It's like a rich person's game, when really we know that the sooner you start, the better.
V what's the stat you always.
Roll out that when you're twenty one to sixty five?
Really should have put me under these versions? You know the numbers you mean, like the compound interest one. Okay, So the stat Georgia is referring to is the one that I use a lot because I want to contextualize that it doesn't take millions of dollars to make a million dollars, and that is when you are twenty one.
Let's not mess this up when you're twenty one, if you started investing five hundred dollars each and every single month at an average rate of return of about seven and a half percent, which financial advisors like to use, nice clean number, also a relatively safe number to head.
Your bets on.
If you were putting that money, that five hundred bucks each every single month into a savings account, when you turn sixty five, you'll have two hundred and forty thousand dollars. Like that cool, no problems. Had you invested that at that average rader return of seven and a half percent, you would have one point two million dollars and a one point two million dollar investment portfolio pays you dividends, and so dividends are the income that your share portfolio produces.
It's not about selling it down. Pays you an income of about fifty to sixty thousand dollars each and every single year. That is you creating an income for yourself. Imagine what you could do if you cared more about your super once you, you know, get a little bit more sturdy in your career and have a little bit more free cashlow and can throw some more money at stuff like that, Like we can create financial freedom. It does
not take millions of dollars to create millions. And you know, I use that stat a lot because I'm not twenty one anymore. It's going to take me a little bit more to get there, and that's okay, But like I think that that really contextualizes the power of time and how we all kind of wish we'd started earlier, but it puts like that five in our back pocket to start sooner and get our ducks in a row and you know, really start and really, you know, start going there.
And you're right, you don't need millions of dollars. This is not sponsored. He is just good. But our friends at Shares's right, like they have found a way to make the entry point one cent, Like use the code SotM and you get ten bucks. But like legit, it's that easy nowadays. I know, historically it was really prohibitive and it was a man's community and it was really about like a blowkey thing. And I mean, the more I talk more overseas actually round into someone who's like, I'm an.
Investor and I'm just like here we go.
And we had a really fun conversation without me telling him what I did. But he definitely knew more than me. I'm shaking my head for those of you who are listening to this podcast, But it's really interesting because it is such a blokes thing and it's such a man's plain thing, and it's just it's not as hard as you think it is. It can be so simple and Jes like, you're now an investor, which makes me so proud, and.
You're really prioritizing it.
Guys.
Jess came into the office a couple of weeks ago just like, yes, so I was buying these shares and I've done my research, and I.
Was like, who have you become? I love this, but Jess, what's yours?
I think it is kind of what you just said. I always thought that it would be much harder than it actually is. Like it really did seem quite elusive and overwhelming, and I guess because I didn't grow up in a family that ever really spoke about investing, it seems so far away for me. But once I had listened to the podcast and done my research, I realized that it's actually not that hard, and there are a lot of things that you can do to make it
easier on yourself. You can buy ETFs that are pre balanced, and there are all of these different options that are available, and it's much easier to kind of just start and kind of learn a bit more as you go and take the plunge and commit to learning and commit to doing it regularly, and it's all going to be okay. It's not that hard and it's not that bad, and there are so many great resources out there that you can use to learn new things. I hear there's a podcast that talks about it.
Sometimes interest also a book coming out. Well, I don't like read about it. I think the thing I'd add to that is that there's obviously this misconception that investing is like gambling, and it couldn't be further from the truth if you look at historical data over the last thirty years, like not one person who stayed invested for that thirty year period lost money. So it's really about
a long term game, you know. Obviously, investing recently, I feel like has had a lot of shade thrown at it, purely because we've got these crypto influences and people throwing money at these things that we think are really safe. It makes me so uncomfortable, honestly, and I'm sorry this if this is you, it makes me so uncomfortable when I talk to people and they're like, yeah, I'm investing in crypto, and then I have these really nice conversations and be like, oh my god, what else do you
invest in? And they're like, I'm not the share market too risky. I'm like, what, Like that asset class that you have chosen isn't even regulated in this country for a reason, like where you got your information? Like, I totally understand that it is sexy and fun, and you know, it's fun if that's what you want to get involved with, But just this idea that investing is a gamble is not the case if you're educating yourself and making decisions
that are putting you in the best possible position. And I think the other misconception, Yeah, it's just around accessibility and affordability and that I don't know. We're talking about it a while ago, George, and you're like, yeah, but I just don't know how much to put in. I'm like five bars, Like you don't have to take your
life savings and put it into the investment market. You just have to dip your toes in and see how you're going and it might start like George's recently started micro investing just to see how the markets are performing. And if you do that for twelve months, because that's what makes you comfortable, Like, that's what makes you comfortable. Like we're not saying go and start throwing that five hundred bucks a month. And that's just a really good example.
It's about understanding it. And the best investment you can make today is actually in your own education. And sometimes again not to stereotype, sometimes as women we get analysis paralysis and we think we need to know absolutely every single thing about a topic before we dive into actually doing that. And I find that the Shoes on the money community is very similar. They're like, oh, I just
don't know enough about investing yet. I'm like, well, why don't we put five dollars into your financial literacy, put it on an investing platform, and you follow the markets instead of just reading about it. So I think it's about really contextualizing what that means for you and knowing that it doesn't have to be your life savings. It can start small. It can be a small decision and a small step in the right direction. I hope that amazing.
Thank you.
That is all we have time for, is it well?
Audience, thank you for putting up with that, because usually Thursday afternoons are us actually recording the podcast. And the compromise was we want a party, we have to do work at the party. So thank you for coming. The pause for Jessica and Georgia.
Thank you, my loves.
It wouldn't be a She's on the Money podcast if we didn't make Georgia King read out my IFSL statement. So let's make her do it live and see if she marks up the numbers. Georgia King, take it away.
Let's do it.
Brace yourself, guys, so sorry, alrighty. The advice shared on She's on the Money is general in nature and does not consider your individual circumstances.
She's on the Money.
Exists purely for educational purposes and should not be relied upon to make an investment or a financial decision. And we promise Victoria Divine and She's on the Money are authorized representatives of Infocused Securities Australia Proprietary Limited ABN four seven zero nine seven seven nine seven zero four nine AFO SL two three six five two.
Three Were you were you practicing that in the mirror.
I don't know if you're well. We will see you guys all on Monday.
Bye bye