She's On The Money - FRIDAY DRINKS: Live 3rd Birthday Extravaganza!

Episode Date: July 7, 2022

To celebrate She's On the Money's 3rd birthday, we threw a party! So join us for this very special episode as we LITERALLY kick back with the girls...and you, bev in hand and celebrate your money wins, catch up on what's been happening in the community, and solve a bunch of Money Dilemmas asked live in person from our gorgeous community! Thank you so much to everyone who came along to celebrate with us, it was such a special night and so wonderful to meet you all! We can't wait to get out and do more live events, so keep your eye peeled for the next one.Acknowledgement of Country By Natarsha Bamblett aka Queen Acknowledgements.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 financial decision. Victoria Devine and She's On The Money are Authorised Representatives of Infocus Securities Australia Proprietary Limited ABN 47 097 797 049 AFSL - AFSL 236523.See omnystudio.com/listener for privacy information.

Hello, my name is Natasha Nabanunga-Bamblett. I'm a proud Yorta Yorta, Kernai, Wolperi and Awadjeri 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 Awadjeri 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 to she's on the money the podcast for millennials who want financial freedom. Welcome to a 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 they're 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 confession confession is it yours no okay And we're going to help answer a few live questions from our community, literally the ones in the room. Jessica Ritchie, 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 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 glistening and 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 not mistaken. No, no, you go, my girl. So we're going to have a little chat. We meant Jess. We're interchangeable. She's not 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. Are you Jess or Georgia? And I was

like, it's so fine. Say you're George and then do really naughty things. I should have. But we're to 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 drove 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 going to break down on the freeway, Jessica. She's like, no, 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 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 $2.20 a litre. I think it was maybe at $1.80 when we left. So definitely feeling it there. Also, apparently lettuce is super expensive now. Yeah, we've come on 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, Aaron.

but we we just can't talk while we're on holiday we're holidaying and like jess and i are in the facebook group every day being like did you see these yeah so we're like talking about it and people were talking about lettuce i'm like this is wild but i went down to like a local coles and i was like 13 for an iceberg i think not we're gonna go back to frozen spinach dollar 80 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 going to 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 my backyard 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 like sorry to bring this party vibe down. 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 dramatic. 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 20% from its 12-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. 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 a very good indicator that the share market it's probably not doing as well as it could. We've obviously had a lot of like tumultuous times over COVID. I mean, Australia was hit really hard as well with the bushfires before COVID. And then we also now have 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 this isn't 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 iceberg lettuce so thrilling party conversation happening at the she's on the money event honestly I think they were happy to talk about asparagus because usually I'm like so do you want to talk about the bear market they're

like not really not really what content are you posting can it be peach it's an exciting place to start their recession chat guys I'm afraid I mean it's gonna be rogue but that's okay do you want to do you want to carry on jess 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 bit let's bring the mood up let's get into it guys in official podcast format it is time for our budget direct money wins of the week georgia king g king 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 a pay rise of 80 a fortnight, but instead of spending the extra cash frivolously, I increased my fortnightly

mortgage repayments by $80. No lifestyle creep here. That is very smart. Very disciplined. We love to see it. The next win comes from Rihanna. Money win. I recently started a new job interstate and they offered a $3,500 reimbursement award to pay 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 a lot. I moved semi recently. Very offended. Yeah. Well, I mean, I kind of want to work for Rihanna's place. Oh, do you? A little bit. Do you think they're hiring? Yeah. Are they hiring? Okay. Move on. Love you, Tor. The next one here is from Imogen. I finally

got my emergency fund to crack $1,000 and rewarded myself by buying some additional shares. Very she's on the money of her. That is such a 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. She also wrote that it's the first time she's ever had a savings account with over $1,000. So incredible. I love that. The next one here is from Casey. Jess, this one reminded me of you. She's very organised. 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 50 to 75% off. Huge. Did she say what the company was? Just lotion slash soap. Who says that? I don't know. Guys, she probably meant 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 $90 and she's going to collate all of this for her co-workers later on in the year, mate. So not sexy land is what we're saying. That or she gives really inappropriate gifts.

I feel like I love context in our 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 180 for them to get us in no thanks we decided to leave it and go out to dinner this is the unnecessary detail i

like how they solve problems like i do like oh i've got a problem let's go for a drink i was going out to our dinner booking as our friend 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, a bit of elbow grease, you can actually do it yourself, which is kind of alarming. So after dinner, they made a 12 a.m. dash to the chemist. They bought a 20 pack of bobby pins. 20 minutes later, after fiddling with the lock, they managed to open the door. Long story short, I saved my partner and I $180, and we're all terrified at that story. Money win, I think. Yeah. Do you reckon anyone could do that? Because that makes me very nervous.

Can she teach me? I feel like that's a skill I want to have in my back pocket. Suss. Oh, my God. I love that she thinks it's a money win as well because, like, Bobby Vins, no, girl, you had to buy those. You got 20 of them. They are lasting .2 seconds in my house.

What else you got? Okay, the next one is my favourite. They're all my favourite but this one's my favourite. It comes from Ellie. 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 them out on stage. I got her from a rescue about an hour from me and it was $150 in adoption fees, another

$50 in food and supplies, and I've spent another $50 on fun accessories such as a dedicated snuggle bag to carry her in. No judgement. No. No, I love that. She's clearly not in Australia, though. She's based in the US. That's a little research.

You did a little bit of stalky stalk to make sure. I read the next comment down. Well, when you said hedgehog, I was like, everyone's laughing, but ha ha, she's probably going to say hedgehog slice like the animal we're going to be in the states later in the year yeah we'll be on orlando so ali um 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 a hedgehog so wherever you are let me know the final win of the day ladies 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 mat leave and in my final semester of my law degree. I got paid $300 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 $35,000 and I don't even need to get out of my PJs to do it. What on air, Tasker? How good on air, Tasker?

I've literally only used that to get people to put Ikea furniture 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, guys. 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 CanStar's 2022 Insurer of the Year Award, Budget Direct, Insurance Solved. And now we're going to head to a really quick break. Hi there. Have you got a money dilemma you just can't solve?

The 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 few juicy money dilemmas analisa i believe that you have a lineup of incredibly special she's on the money members to ask their questions live we've got some good ones for you victoria terrifying imagine if i gave terrible advice life hello hello i'm maddie

lovely to meet you guys in person my question is i guess vick 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 anything about money i started by paying off debt i was listening in the shoes 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

George very good starting point oh George you've got something to say okay we'll get to you 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 hear excuse me super is literally like my favorite thing in the entire world like how many of you can say I'm investing 10.5% as off tomorrow. 10.5% of my money into an investment for my financial future. Ha, jokes, all of you because of super. Like that's compulsory. 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 off freelance make sure you're paying super because it is so very important a 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 I 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 were a 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, oh, so boring in comparison to your is this budget and it's cashflow. 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 in. Cause 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 earned 60 grand or I earned 70 or I earned more than that or whatever it is. But not many of you could say on an annual

figure, like, well, I actually spent 60 grand a year. Like we don't know that number. And I think 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 then 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 60 grand a year but also people who earn 400 500 2 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 it's 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 out of the sand because it is overwhelming but from my 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 jasmine up next thank you happy birthday victoria it's my birthday too birthday buddies oh my gosh really your birthday as well

Happy 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 2021 census data 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 repped us for because they're like, you can't just sit up here and have some data questions and be like, yeah, I'll unpack that on the pod later. 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 findings with you here today.

And it was the first one that came up on googlenews.com.au, pulling through with the goods. You're not wrong actually. So, Stats Girl though, coming at you, OG fans will know. You are known as Stats Girl in the community. Thank you. Jasmine could be Stats Girl 2.0. 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 5.5 million of us 5.5 million of them there's a couple more in australia in australia not across the world that'd be small because the census is australian correct are we the new boomer does that like that's what's becoming clear okay but according to the guy on tiktok on the videos watching this morning instead of doing work and preparing for this he was like oh my gosh yeah so the older generation on TikTok, like, you know, you guys born in the 90s. I was like, sir, the older generation. Okay. It hurts. So that was the first stat. And the second stat 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 17%. So it's something like 280,000 men between the ages of 25 and 34 are back at home and for women it's been a jump of like 13 or 14 percent and it's about 180 000 people women within that age bracket are back at home which i think is understandable given like how dark a time we're living in as previously mentioned let's reframe that though they've all been listening to she's 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 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 $662 to $805 which is a nice little boost of $143 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 um so that's a lot of money and you go not 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 25 people are now earning more than $156,000 each and every single week, which means when you go to Coles, 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 lettuce. 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 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 I'm not surprised by this but it is disheartening because 1.667 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 25 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 and that's a really dull way to end it 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 data 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 hello Chloe is it your birthday too no well happy birthday for 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 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 nerd 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 or I want to be a teacher and it was just really obvious whereas for 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 She's on the Money and yeah I think 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 um but yeah that's 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 like my experience was pretty similar in that, I think I've 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 theatre kid represent. We only hire drama kids. Yeah, we are the drama apparently. But I remember sitting in my career counsellor'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. Thanks, babe. Cute from them. Hey, Miss Bullett, 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 She's on the 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 She's on the Money Instagram that said you were hiring somebody. And I was just like oh my god the stars have aligned I'm meant to be here and I applied for the job and I just I remember I wanted it so badly. Jess hold on sorry to put 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 the job basically. It wasn't even just that she'd Jess is a little bit of a YouTuber so she'd created

me this custom YouTube completely edited telling me exactly why I was the perfect fit should stop looking for anybody else because I'm wasting my time here's what I do with she's 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 coming in or like two days later I started working yeah literally I was like how much notice do you have to give in your like 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 like acknowledgement 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 you go too if you could just block your ears while I share this with them that would be great the second I saw Jess's 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 was like, I don't, I don't even care what you've done. I want the person who genuinely wants it. And so I guess that's, you know, 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. I 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 gonna go looking for it i found my debutante dvd from 2008 that's very retro the dvd um 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 that could play a dvd um 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 Toria 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 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-30s 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 fill 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 career 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 I 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 highs the lows the mean 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 it thank you hi gals 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, I haven't started investing. Actually, I micro-invest, so three cheers for me. And you have 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 21 to 65 you're really gonna put me under these precious you know the

numbers you mean like the compound interest one okay um 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 21 let's not mess this up when you're 21 if you started investing $500 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 hedge your bets on if you were putting that money that 500 bucks each and every single month into a savings account when you turn 65 you'll have $240,000 like that cool no problems had you invested that at that average rate of return of seven and a half percent

you would have $1.2 million. And a $1.2 million 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 $50,000 to $60,000 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 cashflow 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 21 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 fire 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 it is just good but our friends at sharesies right like they have found a way to make the entry point one cent like use the code sotm and you get 10 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 blokey thing. And I mean, the more I talk, the more overseas actually ran 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 bloke thing and it's such a mansplained thing. And it's just, it's not as hard as you think it is. It can be so simple. And Jess, like you're our own investor, which makes me so proud. And you're really prioritizing it. Guys, Jess came into the office a couple of weeks ago and she's like, yeah, so I was buying these shares and I'd 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. I don't listen to podcasts. Also a book coming out. No, I don't like reading. Don't worry 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 30 years, like not one person who stayed invested for that 30 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 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 with me like, oh my God, what else do you invest in? And they're like, 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 have 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 bucks 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 has recently started micro investing just to see how the markets are performing and if you do that for 12 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 500 bucks a month in 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 she's 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 to party we have to do work at the party so thank you for coming round of applause for jessica and georgia thank you my loves um it wouldn't be a she's on the money podcast if we didn't make georgia king read out my afsl statement so let's make her do it live and see if she mucks up the numbers georgia king take it away let's do it brace yourself guys so sorry all righty 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 Devine and She's On The Money are authorised representatives of InFocus Securities Australia, Proprietary Limited, ABN 47097797049, AFSL 236523. Nailed it. We did a job.

Were you practising that in the mirror? Oh, yeah. I've done it a few times. Well, we will see you guys all on Monday. Bye. Bye, guys. Bye. Bye.