#596 – Victoria Devine, She’s On The Money/
- February 2, 2020
Victoria Devine – Financial Adviser & Podcast Host
Victoria is the founder and host of She’s on the Money, a personal finance podcast for millennial women. She is also the Director of Zella, a financial advice, accounting, and finance broking practice.
Victoria has built an incredible community that helps empower individuals to make smart money decisions.
Victoria was a finalist in the 2019 AFA Rising Star of the Year award and the 2019 Consultum Rising Star of the Year Award and was recently named as one of the top 50 most influential Financial Advisers in Australia.
On today’s episode of The Daily Talk Show, we discuss:
– Josh’s wine choices
– Money stories
– People’s relationship with money
– Home ownership nowadays
– Financial Independence, Retire Early (FIRE)
– Job interviews and pay raises
– The financial advisor industry
– Good and bad debt
– She’s on the Money
Victoria Devine on Instagram: https://www.instagram.com/victoria_devine/
She’s On The Money: https://www.shesonthemoney.com.au/
Email us: email@example.com
Send us mail: PO BOX 400, Abbotsford VIC 3067
The Daily Talk Show is an Australian talk show and daily podcast by Tommy Jackett and Josh Janssen. Tommy and Josh chat about life, creativity, business, and relationships — big questions and banter. Regularly visited by guests and gronks! If you watch the show or listen to the podcast, you’re part of the Gronk Squad.
This podcast is produced by BIG MEDIA COMPANY. Find out more at https://bigmediacompany.com/
The Daily Talk Show Episode 596 we've got Victoria
divine in the building.
Hello friends. Welcome to the show.
It's a we're recording this on a Friday and this is our first time that we've got one on the show. I feel
like I'm hosting an event like you had
wine tasting because there's multiple bottles. Yeah,
well you've got a couple of guys who know nothing about wine nice I'm
really I'm really worried that you expect me tonight but I will die in a previous life I was just familiar really well yeah. legitimately.
Like fresh out of school. What do you mean Yeah, I
was working on the morning to be ninja because that's where I grew up and turns out this millions got paid a fair bit more than their the waitresses. So I figured I'd do the two days of training and then I started telling a lot of people on the peninsula which wants to drink
a peninsula one, but we'll get to that what you
went. You went across the ditch and I was a New Zealand 18 being assimilates, heaviside and malea.
Decide if you want me to do it.
Is it the same as a life coach at it look, not much life experience, not much time spent with the drop.
I do believe it was a lot more impressive sounding than it actually was working at a specific winery, you actually got to know what everybody else said about the why. I didn't drink red wine. Yeah, just make it.
Will you? Do you think you're a good storyteller? Oh, absolutely. And so I mean, they're really dropping into. Well, what we're going to do is Joshua, explain what you've got. And then I want Victoria to sip it and give us her sort of take on it. I guess the highs, the lows, and you know,
I just made it up. I'm gonna do this once again, but hopefully I can get her riding on how convincing I am.
All right, and nothing says more posh than the water droplets on a wine glass. And wouldn't have it a Buddha Mon and so
at least it's not someone else's lives.
Yeah, exactly. And these are brand new. Actually these losses from before, right? So what I'll do is I'll just Can I tell a little story for each one just very quickly
and you're gonna make this
nice I just got I got this one terrible I just got this one because I'll tell you why I bought them. I love that so there was a yellow tag above both of these
recommendation one know this, I'll tell ya, I'm here for it.
And so this this is a South Island. What I liked about it was I love it, I think coastal said island on it. And so the blue I really like and the one that I normally get has a Blue Label. The one I normally get was double the price of this. So I decided to get two different types of one. And so I've got that one. And then I've never had
so you got two for the price of one.
Yeah. The price if he's one.
We have money wins. I think
right and so this one is an 8% alcohol if that means anything
i mean i don't think to people who drink wine look to the alcohol content and say like
I don't believe so you mentioned it Victoria
again looking at the Jim Beam to see if it's the extra strength one versus a sophisticated person drinking
I mean 18 year olds million May was actually looking at double black
I'm nice shit.
I get the percentage in one bottle. Yeah, no small 375 mil.
And so this is a French one, which seems sort of outrageous because red wine. I don't connect with France, but maybe it is a big thing. This big thing France.
Yeah. Oops. But it does.
It says here.
Actually what they're known for,
like shit, I went to Sham wine.
But they definitely have a very large amount of regions that have red wine,
okay, and so this, this one Does and so it's a I haven't described them. This one's a painter Nawaz laforge. estate. So de France. All right. 2018. And so one of them Yep. So just really quickly one other quick observation. Is that the
Yes. The South Island one. Is it lighter colour?
Well, I don't know what the
glass looks like that.
Yeah, the glasses. Why should I
feel quality wise? Potentially, we want
to know how you can tell quality one by this group. Really? Obviously.
And so the screw cap mains
that is much cheaper than a cold one. Okay,
great. Yeah, I don't think I've ever opened a coffee one before. So actually,
yeah, my uncle tells a joke. He says, You got two bottles and he said, Excuse me, waiter, come over here. He says, Can I help you? He said, this bottle is screwed. Take it back.
It is raining the screwed. That's funny. So what I'll do Yeah
because I'm usually pieces at that point
do you have go to jokes being in finance you've got the podcast she's on the money do you have
what what stereotypes or like areas you playing in the like in money stuff or money
banter what's good money bands? What do people get around
money band hurries?
Just have to come out.
Yeah, I just feel like it's all about money habits and just talking about like your bad spending. I've got one name I put on Facebook yesterday was about balance. Like you spend $1 on a bargain something and $3,000 on a trip to Europe or something. Like it's always like the comparison. Yeah, if people going like Oh, I got a bargain here so i splurged over here.
You spend money in Victoria. What do you spend the most amount of money
isn't not great. I would just say on food.
Honest. Yes. I'm sorry.
I'm sorry. Good. Thai food. Yeah. I know us now. Really nice messages really
are. That's nice.
It's something I'm trying to write. I mean, that was actually one of my 2020 goals.
Yeah. Do you give yourself a budget in regards to how much you will spend? Give that a try and sort of a swirl? Beautiful There you go. I just did small ones to start so everyone can have all these small
this is like a legitimate class. Really? Have to drive. Oh, that's right.
That's it. That's it.
I'm just gonna walk.
Yeah, that's cool. With
everyone she she's got
going on the weekend. But I think at the end because we do seven shows in five days. Impressive. We finishing the word finishing the week, the last show should be with wine. That's
like Sunday sash. That's it.
And the icon helps with the red wine. If it was hot, like if it was as hot as it is outside would be bad. So with sipping i wanna i want to get your thoughts on that. Some ealier
Victoria Your birthday. This is kind of finance band it is on June 30.
Like I say the daughter of an accountant
that's good banter on your parents and you know got the expense through before the financial unit
and I looked my dad wasn't actually very impressed that that wasn't enough time until a black controller at the time and he was just like PCs not on
Yes, absolutely. So annoying. Yeah, it's like having 40 plier Yeah, having kid on Grand Final.
Yeah, that's right.
Just safe. It's pretty nice. Good work. I don't know if it is.
My wife, so I had the one that I get. He's like, I don't think this. I don't know much about one. I'll say that. But that's Yeah. The thing is that the the one that we normally get is like an organic one or whatever. This has something to it maybe it's all psychological but this has like a
you can feel it on your tongue is that good? Ah
some people like it if you've had one sip I think you need to go for another because the first sip like you've got a fresh palate and heating with with one and then you need to go again just because it will have had on your taste buds and so now probably taste
to see if you needed it let me introduce
did you have to like get dressed up being a silhouette silhouette? heaviside
This is why you don't make fun of other people.
just when like
I mean, I'm going to close that the restaurant guy okay. It's a beautiful watch it black pan. Okay. Very, very restaurant.
Make sense? masscan. us ride the mark slightly. Thank you. It's a mean but what so what winery did you work at?
What was the red Hill estate for a while? Good. That's a good Then as well
yeah, I look for a farewell and so was this before you were thinking about getting into the finance guy? Absolutely.
Absolutely. So I worked as a waitress while I was in my 20s because there's not much job opportunity on the morning depending chilla Yeah, when you are 16 and want financial freedom. So if club,
I mean surf shop.
Yeah, look, do I look cool enough to
pair Rafe? Yeah? What do you call it? trackies
Yes, mine know what trigger trackies anyone
you trigger trackies you have on his end your bond singlet that was our uniform.
That's Pete Shepard a friend of ours he live live down in
Tokyo now I know. I shouldn't I should go but
he says he loves the that sort of get up to
get up great boy. Yeah. Noisy stuff. Yeah, I like
him. And so what was your very first job? What What was it when you were
very, very, very nice job on my parents. This is very left field my parents actually bought me a business when I was 14, amazing. Um, they bought me a coffee cart, because they wanted to teach me business skills and life skills and how to do the books. And they bought me this coffee cart and I had to work out which markets I was gonna take it on which weekends and I had to work out how much coffee cups were going to cost me and how much coffee and milk would all cost me and I had the budget to buy soy and how much I was going to charge on top because it was more expensive. And my parents were amazing. They helped me do all of this. And my mom would come around to markets and set up with me at 430 in the morning. And then I employed my little sister to help I made next to no money and honestly, but I think that's where my love of businesses and starting businesses started because I remember the first time I was like, Oh mom, I'm gonna get my sister to help. Like she's gonna, you know, working nice. And I was like, Yeah, yeah, that's cool. You're gonna pay her though. Yeah, I had payroll going and then after I paid for everything, and I paid my little sister and I gave my mom a wage. Yeah, I got to keep the profits and their mom would be like, all right, well, you know, it's coming into summer. Do you want to buy a market umbrella or something and some chairs to go with this thing? And I'd be like, yeah, just like, well, that's what comes out of profit. You've got to work out. Yeah, I know where that's coming from. And so I pretty much just didn't earn any money. It was just developing this little business and then VCA kind of came up and I sold the business to my sister. Yes. And then my mom and my sister did this. In fact, my sister
lawyer, the coffee club.
You were selling eggs boxes between your server, he's selling coffee business.
Now. I'm also really good at coffee. And I know in our office, we had like a full coffee machine. Everybody in the office has been to barista training. Oh, wow.
simpler. Simpler times when you would have done it like now you have to. People are asking for almond milk, but then they need to make sure it's milk lab. There's like a lot of sort of man
Sorry, I know I'm personally victimised. I can 100%
Now look, I've sometimes have milk but I just go So much into the sort of the milk lab and just asking people have you got milk lab I saw on Instagram good comparison snapshot you know how they do you know? Yeah, and what of the lab versus something else? There's a bunch of she didn't meal Gleb Well, that's how they keep it all together. I guess
this other one that was like,
I haven't tried it probably don't like it. I've seen that. I tried it and I'm very much like, okay, because
it's literally water and smash nuts.
Yeah. And it really separates out and it looks really gross. Now I'm at me preservative.
And so that was first business. Yeah.
When I see obviously, you see a
great exit. capitalise you've been retired since right?
Absolutely. Absolutely. It was called my coffee card. It was really originally the naming conventions there. Then I started working as a waitress at one of the wineries on the dance floor on the weekends and yeah, went from there and then when I turned 18, they offered me the wine training. So I did that all through university and then I'd come home on the weekends, do that and then go back up to the And, yeah, do you
find that this being a young person who was having their own business? Is this a certain thing that stood out to you that sort of is different for the experience of a young person?
Um, I think having control so young gave me a feel of wanting to continue that control. And so when I started to be an employee in other people's businesses and seeing things that I wanted to change, or do, and knowing that I didn't have the power to do that kind of frustrated me, so it was a good and a bad thing. Like I wouldn't be here if my parents hadn't given me that opportunity. But I also wouldn't, yeah, I I'm just a really bad employee. Honestly,
no, I mean, do you think that's a consistent across business owners because I would agree, bad employee, but had was
a terrible employee, honestly.
Um, yeah, because I mean, that's where, but then I think that we're in a time where people are feeling Lock, based on external pressures, everyone's sort of doing their own business thing. And so the that's where you could be a great employee, and then you giving this pushback because, you know, I don't want to be labelled as a good employee,
where you say this, you say the side hustle stuff, you say that there's sort of that expectation that you need to be entrepreneurial. And that's almost like it's, it's become a bit of a status symbol, I guess,
unnecessary Lord, just such an unnecessary pressure. And I think there's such a value in having a really good job that pays you well and gives you sick leave and gives you annual leave and enables you to live the life that you want. I feel like that's actually in this day and age so undervalued, because it gives you the freedom to create the life you want. And you don't have to be an entrepreneur and you don't have to have a side hustle. But it's one thing to be that and it's another to be something else because I think that right now in the age of Instagram and like saying what everybody else is doing so shiny, like it looks so pretty to have your own business but it's full of stresses Full of everything that you know you don't say. It's
Yeah, it's a lot. And so you started your financial advising busy, busy, busy, nice business after I was trying to be cool, guys. So you finished your uni degree how longs it take, um, do a financial
so I did a advanced deployment of financial advice or financial planning sorry. Um, but I did like some degrees before that they gave me some credits to do that. So I actually started in psychology, and then was working in psych and then do the post grad in psych and then did my MBA and then got into finance. So
it was about eight and a half years worth of study. Wow.
So the psychology of Finance.
Yeah, within so interesting to me.
Your first episode on cheese on the money was about your money story, which I love. I sent it to my wife. I don't think she listened. I haven't got it tonight. I know because I think it's so relevant around. I mean, everyone needs to work in some capacity or I need to live you need money to live? Absolutely. It's like if you dig deep and sort of what is that exploration for most of the people you're working with, or what did you learn in sort of the textbook, uni area about that stuff.
So doing, or doing psychology and doing finance was so completely different, but I feel like I actually use my psychology. I feel like I use my psychology degree more now than I did before. So I was working in the space of culture and engagement. And the thing that came up all the time was like the tire. It's not actually my job. It's the fact that I've got a mortgage to buy a car. It's not my job. My wife's having another baby. And we didn't plan for this. And you know, I'm feeling financially stressed. And I felt like there was this massive roadblock of me having these conversations, but I could also say that if I could have that conversation with that person, and I could help fix their financial situation, how much better off that would be, because psychology is fantastic and I love everything about it.
One it's the shit one is a good guy. It is actually. It's good.
God he's had a few sips he's got a nice blood. Yeah, he's now loving it. Give me a little bit.
A little bit more than a few sips Okay, empty slot.
I know I'm a bigger guy though. Sorry, I don't even know. Terrible old you know?
It's got you really pushing it Georgia.
Well, I think so then your financial advisory course what was the name of what was the actual
an advanced diploma a financial plan
and they thinking About the what's your money story? Are they using? Are they
talking about finance? And she's like, Yeah, it's definitely not talking about that. And and that's something that I'm really passionate about in this industry, it's getting people upskilled in the space of psychology, because the biggest thing for money is actually how you feel about it. You can't change your money behaviours, or your thoughts or beliefs, if you aren't bought into it, and you don't see the value in it. So if you can connect with your clients on a level that is like, no, he wants the best for me, and I want the best for me, and this is my path, you're gonna be better off than a financial advisor, looking at your finances and checking out your bank account and being like, all right, well, this is the plan that you need to
make. Do you think it's shifting from the days of accountants and financial advisors looking at should black and white?
Yeah, absolutely. And I also say a massive shift in this industry of all of these advisors and accountants and, you know, mortgage brokers coming into one house. So it's kind of like a one stop shopping instead of going to your accountant and then going to dad's financial advisor. It's very much like you You have your finance person and you go to that one relationship and they will work everything out. We
how much of parents fact this whole lot in regards to the education,
I don't think they fucked it up a bit dramatic?
Well, I guess like a lot of people are coming with warped perceptions of money, and that's how they've come from somewhere
money stories, right. So the way we grow up and the behaviours and the experiences, we had, obviously going to shape our perception of money. And if you grew up in a family where money was quite tight, you're probably going to have those behaviours regardless of what your job is in the future, because it's ingrained in you to feel stressed when money comes up. Whereas if you're in a position where you grew up in a mafia family and money wasn't an issue, I actually see a lot of clients who are getting into debt because they going out on their own and getting a credit card and just spend happy because mom or dad was spent happy, but they didn't see the work that went into creating the wealth that enabled their parents to be spend happy. So I think if we want to dive into where parents going wrong, it's not Having open honest money conversations with their kids from a really young age, it's getting them on the page that they can start talking about money and going right? Well, you're five, but like, that's what these costs. And I work for this because there seems to be a perception that money is everywhere for children. And it's just all mom and dad all organised that, but they don't say that you actually have to go to your job to earn money to then allocate it to something.
How many people are obsessed with money? And where do you fit on the spectrum? I guess in the financial sector, there's probably a lot of people who see money as the thing, the destination, the thing that we're all working towards, where do you Where do you sit with it,
I say money as a tool. It's a tool to create the life that I want, and it's going to give me the freedom to make the decisions and create the lifestyle that I want. Unfortunately, I'm not a money maker that unfortunately, I'm not a money motivated person. I can say it as well. I see it as an indicator of success. Like obviously, if you're making a lot of money, you must have done something pretty good and you've worked really hard for that. So I do say, even the revenue in my business as a reflection of me doing the thing that I said I was going to do, but I get a lot more gratification out of people saying like, Oh my gosh, you've changed my relationship. I feel so much better about this. But I think that's because I'm not the standard financial advisor that came in and said, I want to give financial advice. I kind of fell into this because I was so passionate about psychology and helping people that it made sense to move into this. And I kind of came in left field with a background in another career. So for me, it's always been about helping people and getting them on track and feeling a part of their journey. And I'd love that. But I don't say that in a lot of people. But in saying that I've met so many financial advisors who are so fantastic and on the same page, and they've had no training whatsoever. They just are, it's a night for them.
What about a homeownership? I guess in Australia, there's always the, it seems like a lot of people have the goal. To earn a home It seems like in 2020 It seems like Australian It's a strange dream, but it seems harder than ever to actually It's a pipe dream for many, absolutely. What's the reframe? Or how do you look at homeownership?
Well, it depends on why that's a goal of yours. Is that a goal of yours because your parents owned a home? Like what is the stagnant point where you are saying that that is what you need? Is that what you think is going to create your wealth? And often people saying like, well, in age by home, I need an investment because I need to retire one day. And it's like, well, maybe that investment isn't property, because it's actually not viable for you anymore. Like you're going to call it with $200,000 to buy in this area, like you're not going to get an asset that actually increases in value, to the same extent that it has to be a parent's like even I got that from my parents while ago, my dad purchased his first home for like $17,000 or something. And it's worth a whole lot more. He's older, but with a whole heap more now. It's like I don't actually have access to property at that type of level to have that capital growth. And if the capital growth of Australia and the property market in Australia continued in exactly the The same way that it has over the last 30 years, it's actually unsustainable. We'll have people in Melbourne needing to purchase like apartments right now that have $500,000 for $3 million. And now, income isn't going up at the same, right? So like the rise of inflation is absolutely not keeping up. So it's an asset that needs to be reconsidered. And why do you want that? Like, don't get me wrong, I get wanting to own your own home and have that. But like, what is your wealth creation strategy? It's not just property.
Yeah. Because the previous generation to us, our family, our parents, and their generation, are retiring asset rich, a lot of them. Yeah. So they don't actually have heaps of cash, maybe some soup before they access it. But then they, my parents have an asset of a house. Yeah. But then that's their retirement as well as their super Yeah. But then for us, like our generation, if we're not able to, like, what does that look like for us? I mean, do you feel
it a little bit differently? I don't want any of I don't want to be in this situation. And I don't want any of my clients to be in a situation where they're Primary asset is a family home that they have them brought their children up in and they get to 65 and they do grow your own retire Victorian ago, okay to retire, you have to sell your family home, I don't want that I want you to live your best life in your family home that you've worked so hard for and probably done heaps of renovations on and made it perfect for you. I want you to have that asset and have another asset that's paying you for retirement. So I think it's it's an interesting thing. And you see a lot of people in their late 50s and 60s who are asset rich and need to downsize to a different property to be able to afford retirement. And that's just not what I want for my clients. It's not what I want for my life. If I buy a property and I make it my property, I want to keep that I don't want to have to then sell that so that I have financial freedom, I want to create that independently of the properties that I own.
Well, I may not even look at that asset rich, like that's a good situation out of the opposite situation, which is I'm fucking own an asset and I'm 65 and I've got
a great season three grand of
super And after it gone.
Sorry, unless you are an equity, you know,
business as I'm collecting all of my paper bags, yeah.
Yeah. And so then you, yeah. And then you going on to pinch the pinch and as your sole income as an elderly person, like, That's scary. But those are the reality for a lot.
But how lucky away to live in a country where we have, we have access to a resource like that. So that if you're at a point where you need to retire because you can no longer work, we actually have access to a resource that supports us in doing that. So I think that we are great, or I'm grateful for that. But I also never want to be in a position where I need to access that personally, I think that there is a place for it. Absolutely. But I also think that, you know, we should be working as young people to create wealth over the long term, but we don't see the value in it because we just think it's so far away. Like retirement isn't that far away. We look at our parents and it's These conversations with us all the time they're like when I was your age and to them that was yesterday. So we need to be thinking about these now rather than, you know 30 years down the track like the priority is now and I guess that's why I'm so passionate like wildly passionate about financial literacy and just understanding that you have so much power now.
What about all the trends that are coming through it that like I've I watched a documentary on fire financial independence retire early? Yeah. And I've got now got and so all of these different things like where does it sit for for someone who is
sadly oh my gosh, like, I have so much respect for the financial independent retire early movement. I could not do it personally. Like these are people who are saving like 80 90% of their income,
the phrasing, burrito breakfast burritos, and I did it for I but beyond that, well, the thing is, yeah, I was it was almost like a trial because I was doing that but then still having a break like I did. wasn't eating breakfast so I started eating breakfast burritos to see what it was like but it's the class to fight like a little bit soggy. Yeah, yeah
it's not the it's not just the burrito bit yeah, it's my
radars using the K you
retire early bit
alright so what I'm getting here is the financial advices Ada frozen burrito you get to retire it's spend I mean the nonsensical bit about it is that they're talking about the the breakfast meal as the one that you create these burritos and you save a bunch of cash eat out its 70 cents additional even 50 cents I love arts.
Arts with banana or its way of chocolate or peanut butter now you go
way too expensive. Yeah, and now it's become I
think we don't put avocado
and so the that I mean how do you how are these people retiring early, this saving,
saving like it 90% of their income and putting it into an investment. And the idea is to get that investment to a point where the investment returns are enough for them to quit their jobs. And that's just how investment works, right? Like the idea of investment in general, is to save something right now to have a bed or something like that. And they are just really accelerating that process. Yeah, putting themselves in positions where they can have that investment portfolio.
How many people expecting to be extremely rich in the future? So they're doing nothing right now?
So many so many and you know, one, I've even been a little bit guilty of just going like, prioritise that might when I have more fun. Yeah, that's really bad. I notice I do
Yeah, right. Do you think so? Do you think like, where does that fit? So for instance, with, with how we run our business, we pay ourselves small salaries with the idea that we are building this thing. Yeah. Which isn't necessarily conducive to The personal saving thing, but you've got this sort of weird.
Yeah, I think it's different in business, like business is like if you look at assets that return businesses, the asset that returns the most. And like in Australia, that's where most of the money is actually made. So it's interesting, and I think it's a good strategy, make sure it's good business. Obviously, I hang out with you guys.
I want to thank you like a true
north. So I think that that's a strategy and it's a wealth creation strategy, and you're investing in your business. So it's not like you know, investing, you're actually putting funds into your business to grow that because you're expecting capital growth. And if you're not expecting capital growth, but not sure why you're funding it, but I think one yeah, I'm hearing great business model wine chips
on. It would have been good if those cheese as well. Yeah, that's, that's fine.
I can't. I feel like you've met the sign that my really random dietary requirements the truly
What? You wouldn't get cheese you're lactose intolerant?
Yeah, like All right, you ready? Oh
no clap This is disgusting.
Honestly, I I hate myself like, I apologise
No, I actually apologised waitresses often I'm just so sorry I exist
in dairy soy corn intolerant animal so a vegetarian sorry honour soy vegetarian.
Yeah, animal soy vegetarian like
what did they replace my ultimate product where it's all soy and corn. Connie.
I can eat potato chips and I can drink one so we
are good. I almost bought honey soy chips. Soy honey. Yes. Soy. Soy chicken.
Beautiful. Yes. So what
is your because I was actually yesterday. My girlfriend was organising She was going to the groceries to the supermarket. Yeah. And she goes, Yeah, well, she didn't actually. So she called me and said, Hey, is there anything you want? And she said, I'm getting dark chocolate. I said, Can you get some coke? Zero, please. Yeah, we have that cool. And then we'll driving 97 home and then as we're driving home breakline What should we have for dinner? And a 9797 thought that was very funny because Bray had gone to the supermarket. And we ended up with zero and chocolate that's that's what I was planning on having but price that no actually wants something.
Well, maybe she should have thought about that when she was at this.
This is what he was saying. But the point is, it's not like what do you use someone who actually especially have been so intolerant to so many thing
I'm very considerate. I plan a lot of my food.
What are you eating? What's your what's your diet look like?
I ate a lot of Asian food because it's very easy. As long as it's not soy based thoughts. Green carries lots of red kharis vegetables.
night I say would you like some more? I would love
the sounds good
I eat a lot of I do a eggs yeah I'm sorry that's pretty good I ate a lot of eggs early every day I do my absolutely no I'm not one of these people that just have a quad scramble.
Would nine in a
whole thing. Are you sure you have Why would you have
Craig capa would get rid of the ark
back in the day. I don't think now. Really? Yeah, they've got rid of the so the whole thing was that cholesterol Yeah, too much cholesterol.
I told on everything really? is the biggest salt thing you've ever met it's actually borderline obsessive What do you put it on? Everything peanut butter All right. Oh you guys name me I heard that doesn't go with salt. Yeah cuz peanut butter
chocolate guys while we're so put it on this chart like
I love a good salted chocolate.
Good salted ice cream but then you get some. Damn it There's not much there's actually
not named 100
so salt goes with everything I just don't understand why you should Emily Yeah,
we just put a bit of oil and salt be no, that'd be lovely.
Much better one
Honestly, I'm gonna take back
every summer you've
tried to be refined salt potassium scribe.
I mean you wouldn't want to get salt
but you would if you were having your get on a car having it's it's a key you wouldn't you would have to say? Yeah you
do we cheat with yoghurt Mr. 97. What do you mean, don't accuse him of that. Well, people put it you put yoghurt, plain yoghurt into a bunch of savoury dishes that I'm sceptical that's
right, but I'm here for
you. It does not go unbraid actually fact
if you get a really ridiculously cheap bottle of wine and I learned this from a very Pauline what would be a cheap wine?
Ah Audi $4
there's like four bottles of wine for three $4 if you put a pinch of salt in a changes the tannins, it changes it. Also you can rewrite it with a blender. So if you want to be really fancy and an absolute bargain and I'm really actually upset with myself that I'm about to put a pinch of salt in a bottle of wine chuck it all in the blender blend it and it tastes a million times better blended.
Pretty sure they're all similar.
Same date air rights, it
is a great rights it
does you need to get the wine Why do you think people can but not in blenders not taking it to the next level?
One way you want to put it above the wine glass and as you put it in it goes it's a
legitimate one of them. Yeah,
absolutely. Would you count yourself as a minimalist? No,
no, not necessarily. I actually feel like I'm one of those people who actually wants to buy quality over quantity. That is
such a thing at the moment. I've
always been like that. I've always been like that because my mom has taught me to be like that. She said buy at one spot, right?
Yeah, that's, that is a living or what's what sort of you What's your living arrangement? I
live in a town house. Okay.
What's your what's your best purchase? That is under your mom's ethos? Ah, a lot of stuff. To be honest.
I've got a pair of boots actually. And this is going and really weird
pair of boots that I bought when I was 14, and I still wear them every single winter.
I love them wrecking my food scoring too much since I was 14. Oh, no, I'm just
I'm tiny. I'm five to five. I'm wearing heels. I walked in in heels.
My mom's five two. I think
you have to wear heels all the time. I don't have to, but you choose to
when I wear flats in the office. Everyone comments on how small really yeah, it's not great.
What do you think? You will remind them that you the Boss at that point.
Honestly, like I feel like any good business, your employees, you work for them you make every you make a lot
or you work for them. Because if you make their life easier, they make your business better. So no yeah, no they absolutely How do you find good people
when you're running your business?
That is actually probably the hottest.
Let us know. Some dead board talking about this stuff.
I've never seriously have you found good people in your business to surround yourself with.
It's really really hot. It's a it's honestly the hottest thing that I do within at the moment. I'm actually trying to find a couple of people to join the team. And I just haven't found the right fit yet. Because It's like a mixture of skill and ability. And I'm very happy. Like in my business, I'm very happy to compromise on skill because I believe that that's trainable. But being a good person isn't. And I feel like that's something that is really hard to manage. And a few of my staff members and my team members and you know, business partners have actually come through just like long term friendships, and long term relationships. And a lot of people say don't work with your friends. But I've lived with a pretty good shareholders agreement. It's not a bad idea. Yeah. Like, I have Morgan who is in business, and she runs the debt side of my business, and she's one of the best people I've ever met. And when we went into business, a lot of people just said, Look, that's a really bad idea. You guys too close. And I have not regretted that decision. And I don't think I ever will. She's one of the best thing that's happened to my business.
Was that a consistent thing or as one person that really cut deep said that and I think it's like, you know,
God cares about you. Let me really show this is good. I do. No Mike is done. Sorry. Does he dead had a
No, no, not the wrong way or
a sinking ship is a partnership. Yeah, that's what your dad said.
My dad says some pretty wise things. That's not one.
But you see why like I understand the challenges of a partnership.
What's the moderator? What's the thing? Maybe you
actually have a minor in family maybe I shouldn't sorry.
This is good.
The job interviews a dumb,
Because it's like I when I was working at a nother place, we did a bunch of job interviews. And the first time we ever hired someone based on job interview that I was involved in, we did a terrible job. Why? Because a person that we're interviewing, they said all the things that we Want to say every and anytime that we we ask the right questions, but then we just take it on face value. So it's like, yeah, we we can't see in your portfolio that you do this type of work. And they'll jump in and say, Oh, no, I can't I can do that. And it's good. Okay. Yeah, I was worried about that. So it's good. And then you hire them and you realise it's like another fuckin said what you wanted them to say?
Yeah, I'm, I think I'm very lucky in that my background in psych was actually in code train engagement and creating teams. So I feel like I've carried a lot of that into the way I've created cela. And our recruitment process is arduous, like, I apologise to everyone who's paid through it, but it's, you know, there's three interviews there is psychometric assessment, there is a physical assessment that you need to do
physical assessment look like. No kettlebell
swings, at least for
A lot of like Russian twists. How many can you do? How long can you plank? None of that? What is it actually? It's actually like a piece of financial advice in a situation like, what would you do? How would you do this? Like, what's the type of advice you'd give? So I can get an understanding of not just their capability, but actually how they think. And like, Where's your strategy at? What does that actually look like? Because financial advice is so many pieces that come together, and I need to know how they think. Because if they just really pragmatic and do what they were told to do, and they're not taking the big picture into consideration, well, that's not really going to work for the type of business I'm trying to go. So for me, recruitment is arduous and very tedious, and it does take like six weeks to get through. But to me, it's meant that we haven't had an issue with hiring the wrong type of staff and like we haven't had any turnover of the people that we have had joined the team.
What about clients that come to you and they say, I'm struggling with getting a pay rise? How do you
know I love that next week's podcast episode, my podcast is actually on
pyrolysis so this is an exclusive Yeah,
absolutely. Oh, to talk about
it. I haven't I haven't thought of already title yet though. So if you guys want to brainstorm that,
give me more money.
Show me the money. Show me the money.
Show me the money's good.
I always try to make all of my life podcast titles like, I'm not funny. So this takes me a really long time. But like, the song names that I changed, so like recently, it was like, I ain't saying she's a gold digger. Oh, that's good.
So if they're all they're all music, like song title,
not all song titles because I'm actually not that witty. But you know, I do put a lot of effort into looking like that on the
What do you think the number one you're on Spotify, your Spotify. You can see what artists people listen to that. Listen to your
podcast. Jasmine Thompson.
Jasmine Thompson. What sort of music to shado
she does like acoustic covers. Really things and like she's really aligned to our brand I'm not sad because I do listen to her I was always
Avenue kind of guy
yeah I'm not cool really not cool nice my little sister I'm sorry not cool it's not funny and
so no cuz cuz that could be an interesting tactic you who go through all the artists see what songs they are but they sing annoying what annoying that it covers but you could work out like I'm thinking like party in the same Miley Cyrus what are all the Miley Cyrus bangers and then we could do a play based on there
I could do that season by season. Oh Miley
See? That's a great idea.
Yeah, I can john one what's what's a
tiny dance on the dance a tiny pay rise. Because last night was but
yes. Where were we?
So what is what a song what's a way to get a pay rise just to satisfy that's a terrible advice. I just want advice as
I actually think this is a really interesting topic. And it's something that I am quite passionate about because people are so good at calling millennials entitled. And I think that they is two things right there, the millennials, who are actually putting the hard work in and actually getting it done and actually deserve the pay rise. And there are actually some millennials that I made that are saying things like, Look, I deserve it, because I've worked there for you. And I don't personally believe that you are deserving of a pay rise just because of tenure. So I think it's more about proving your value and getting people to understand you know, where you're coming from and showing your employer that you know, you are valuable and putting a case together to say, look, I would like a pay rise based on these. It's not about just saying I want more money.
What about like, because I've always felt that the main way that I've ever gotten a pay rise is by changing companies. Yeah. So it's one of those things where it's like, once you've baked in, there's only been
one had those conversations. Like if you go into a manager, I said, Look, I believe that my value is far more than the remuneration I'm receiving. Have you asked that or You just going or I think that I need to get a new job to move.
Yeah. And so I've, I've definitely said, Hey, based on the things that I'm doing, yeah, I think that this is worth more to the business. I think that it's like it's going up a skill set. Interestingly. I mean, for a lot of people, I think the common thing is pay phrases. And a lot of businesses love doing that. It's like, Oh, no, we're in a pie phrase and talk to like,
oh, sorry, you've reached the top of your band. Yeah,
just these types of conversations. And the interesting thing was where I saw the biggest increase ever, was when I changed titles. And the funny thing was the managers at the time and said, just titles, don't worry about titles. I changed my title. And then they came back like a week later being like all you're actually we've just had a look at like the state the average or whatever, like that band thing, and it's in a different thing and I all of a sudden got a 15 20% increase that's per judge based on that change when they were saying at the time that those things don't, don't matter. So those those don't that stonewalling from middle managers is an interesting one because I was even speaking to a middle manager who was saying, I was pushing back on this person. And then I had this realisation. It's like, Why the fuck do I care? Why don't I just push it forward to my manager?
Yeah. But then it's interesting, right?
Or the stonewalling. We're going to understand if it's a person saying, Can I get a pay rise, no. outlining or having some entrepreneurial spirit to say, he's way we are. He's where I've taken you or this
position underperforming. That seems like a common one, two, which is like the person that's underperforming that then goes forward and says, I want also want more money. And I think that potentially plays into that millennial thing, which there is a small portion of the population that probably does fit into that where it's like their first job. They probably listened to a podcast and get the
But you're lucky that you went past your six month right? I think
I'm less empathetic towards millennials after having my own business and having no time. I have heard from
excuse me millennials
heard about okay boomers, leaving early like staff not telling people they've quits. was like seriously talking about shows the real problem. If you don't, if you are working within the company, you're in a contract and you just bail. Young people don't tell like the nominees. I want to say the quick don't pick up the phone, young man doesn't matter. What happens you're under contract with him.
I surely don't know. Thankfully that
six week boot camp, you put your
it's a good thing but I think it is Hard to fire people these days. And so I get this sort of narrative around millennials, shit lazy, whatever. But it's like that's too triggering to say yeah, when maybe there's a bunch of people who are not wanting to make phone calls not wanting to lean forward lean into a hard conversation, asking for money or saying I don't like it here and then they just disconnecting and so this is where some of its true is all millennials lazy.
Millennials are absolutely not absolutely not. It's, it's a thing. Like I
hired a new receptionist. And on day three, she just didn't come back from lunch.
She's like she didn't come back and we called her and she said she wasn't coming back. So just live but
but I get it all comes down to having difficult conversations. And so I might like you. Where did you land with thinking when it comes to this latest episode? sard basically give us the give us the exclusive What do people need to do? What's the steps?
I think it's understanding your value. And you know what, when you said before that you had gone to your manager and said, I want to pay your eyes, sometimes the best thing for you is to actually leave. Yeah. And that's a hard decision to make. But I believe that you really should give your employer at the time the best opportunity and every possible opportunity to remunerate you in the way that you feel like you are deserving. And if that's not possible, well, of course, I'm going to leave. But I think that it's really important to also realise that your value needs to be understood from both sides, maybe they just needed you to do the job that that employed you to do and these above and beyond and this discretionary effort that you're putting in there like yeah, it's bloody brilliant, but it's not what we are remunerating you know, so it's about knowing your value, knowing where you see it and how that works. And there's so many resources online like the highest salary God is something that I really like because I use salary got what is
It's just a recruitment company is blocked.
It's a recruitment company that I've had a previous relationship with. I don't use them at the moment but they are pretty good. Um, and they put these guys out every year of what the average salaries are for each level and like it'll be like accountant and it'll be like one year, two year three year experience until employers watch the average and please being paid in different areas. So it'll be like, you know, Vic Metro Vich Vic regional so you can say what the different salaries are. And I think that having a really good understanding of what your role is currently being tight as well gives you a good indicator of whether you're being underpaid or overpaid, or if you're just on pa
as your wife communicating. What do you think? Is it is it a bit shaky to rock up?
It's a bit shaky. Yeah. I think it's more knowing you value. Prove to your employees you do race. Yeah,
there is I am
probably going to be hired by so many employers.
What you're saying is, is it? Is it cheeky? Is that even that, like, inferring that it's going to be a hardcore I guess like you said a ruffling feathers
going around wouldn't go in and be like he's my research needs some Why should
I even looking at the health of a business? Right? If you're in a, if you're in a small business, and you see that they're like trying, they're struggling to make profits or they're struggling with revenue? Probably like, yeah, like thinking about, does the the person who, especially roles that don't have revenue connected to them? Yeah, I find interesting, where it's like if you get a sales role, it becomes a little bit easier where it's like, if you can generate X amount of money for the business, it's, it's an easy sell the freelancing thing, the side hustle stuff, the gig economy, people are obviously taking their initiative. They're going on to word or they're using MIB, and they're getting setting up Accounting they're sending an invoice. How many of them are actually considering things like tax obligations? So
many of them are forgetting. Yeah. But I think it's really important that if you're going to start a business started on the right foot, work out what your tax obligations are, work out how quickly you're going to get generate profit, are you going to generate profit above $75,000? Okay, well, you need to pay GST. What does that look like? How do you invoice for that? Um, I think 35 Grand
lower to say,
Mm hmm. So
I thought poor little freelancers
would be hot.
But Jsj is like it's it's you're charging your clients so then you can pay it. It's like it's a no some no wind game. It's kind of like you charge it over there. And then they should be claiming it and then you pay it. Yeah, just one of those things. It's no Sam.
Well, I think to be honest, at the in the early days, I was explained that, but I didn't fathom it until I was in it. And not charging Jason. And I'm like, take the leap and charge it. I don't even know if I can make 75 grand, I make 100 grand that year, I can
sway I feel like you need in some ways I felt that, especially day one. I'm like, Okay, if I can charge for it if I'm invoicing a client, and it makes up 20% of that 75 grand to be. I think it's having non GST on there is setting a real clear signal that you like,
part of the business. I'm just like, fuck it, like I'd much prefer to just get the Jsj going.
I talked to my clients about this all the time. And I think that if you are a business and you are sending out invoices, and you want to look legit,
yeah. Jason Yeah.
Because it means that your business is generating more than $75,000 in revenue. So you can pay GST voluntarily like you can charge it and pay it you don't have to be earning over it. There's just an obligation to pay it when you're earning over $75,000. So I think that you know, if you want to make your business look more legitimate pages Day is a very good way sending a signal especially if your beta Bay like other businesses paying you and engaging you for services, it just makes you seem like you know, you've been doing this while
and if it goes to the accounts team, and they're putting it through, like, I know that it's a thing that we are not even judging people on. But you do think about it to archive This is a smaller Freelancer who's not charging Jay stay.
It's the mindset, right. And like, I've done this as well, I see it in my business when I outsource things and get things done. I'm like, Okay, well, they're at the start of their journey. Yeah. And that's not a bad thing. I'm all for it. I love small business, but I know a lot of people don't say it that way. Yeah. Maybe there's a little bit more. Yeah, I don't have the experience
of what's what's been the branding, but the sort of the view on financial advisors, particularly after barefoot
like you're doing a terrible, am I
wrong? Scott pipe. He's book there's some questions that he wants you to call it. Ask your financial advisor
yeah Ask away. Financial Advisor should I've been sent that so many times. I'm so sick of it. Scott pads
have canned responses
kit. We've got the money. I wouldn't mind it. Can you grab it? My son just
got the Barefoot investor for? He's a client of ours. Yeah. You charge him chase tape.
Yeah, he pays it. And then we pass it on to the text department.
It's literally under six.
screens. As a screen elevator. It's not shout
out. My book comes out in October. Watch out. Yeah.
It's not in there. Anyway, so you've been asked these questions.
Yeah, absolutely. And I think that any good financial advisor can answer them clearly.
And, and so is there a problem with not within your circle, obviously, you're squeaky clean. So I'm
really lucky. Like I am so so lucky to be working in the space at the time that I'm working in. I didn't I haven't No into the industry where Commission is the standard, I have entered the industry where I am a fee for service financial advisor because one that made sense to me and to you could see the industry going there. I have a lot of sympathy for a lot of financial advisors who are in positions where they have books of commission that they need to change. Because you know, after the Royal Commission, a lot has changed. And I've been really lucky that that hasn't impacted me. But the reason that hasn't impacted me is one my business model is is good, but it's good because it's new. I haven't been in this industry for 30 years, I haven't got these revenue in these 10 year that, you know, extends past there. So as much as I'm saying, Look, I'm good. It's like Well, I'm also really friggin lucky, because I got into this industry at a time where it was like, all right, well, they're moving away from commission based, I probably shouldn't do that. And so if you just
elaborate on that, so old school financial planners
would advise explanation based on the performance of someone's investments, okay, and I don't do that.
So what is the The more you submit FIFA
FIFA service so you cannot make a fee
no no no no
no I'm sure FIFA remember that FIFA would do
soccer mad partner FIFA brownie points now relationship by buying that game for him
I feel like FIFA normally like all these games I do it a year before yeah so I feel like would say FIFA 20
like, No offence and he's a bit busy so I like FIFA is not a priority and he Bay
games. Is that where you go?
It was where I win. What do you mean?
Okay, not good.
anymore. I'm not gonna buy a game he's not gonna use Come on now.
No, there was somebody nice,
relaxing. And so do you think the financial advisory businesses will lean towards the fee for service Yeah, but as a standard and so we'll remove the the commission based shit yeah. So then it will clean up the industries that It's
absolutely going to clean up the What about like,
why, like so doing sort of creating your own products? Yeah. How how does that play into? Because obviously the problem with commission is it skewing people to or advisors to advise on certain things that they know. Like, okay, we get x yeah mission for this x mission for that, obviously, if you have your own product and you're like, hey, use our product, there is the thing in the back of everyone's mind, which is like that
the right product? Yeah, client. So it's kind of like, I don't have my own products, one because I'm not big enough yet that too, because it's one of those things where it's like, well, even if I had my own product or my own model portfolio, you could say, Is that the right option for a particular client because not all products fit everyone it's not, you know, cookie cutter kind of service. And I think that it's really interesting because you know, if you work as a financial advisor for a bank, you only have access to the product so he's that truly holds us Stick advice. I don't know. Why because it's like, well, if you work for a big bank, and then you only have access to their products and they really limited IPO, which is an approved product, at least, you actually buys like a interesting and I am. I'm an independent advisor that actually has a bike I have an IPL and with a licence at the moment, and they give me access to everything. But if I find a product that works better for my client, they'll always consider it. And none of my financial advisors and I don't get remunerated for the product I buy, or the product I buy for my client. So it doesn't matter whether they go with one bank or another bank or you know, a different investment product. My advice is to get paid exactly the same every single month, regardless of how many clients that thing.
What about the super free thinkers who were like, Ah, fuck all the system like even what you're doing but I want to go to anyone they want to manage it all themselves, they say okay, like, I'm going to Buy, like stock in like the top hundred or whatever it is like index funds all that Soshim. Just. Yeah. So what is the like? What's the contrary sort of opinion on that? Where can that go wrong?
Depends. Are you buying an index fund why buying an index fund an index fund is legitimately the average of the average? Is that why you're investing?
investing? So go for it if that's not for you?
Yeah. And so then the other options are the, I guess, so
much money. Yeah. So like, if you were starting and you're like, Look, I've got 500 bucks to invest in like, cool. Your options really, really limited? If you then come to me and say a 500,000 to invest? It's like, Alright, well, you probably didn't go direct equities because you're able to create a well diversified portfolio. And with investing diversity is key and making sure that your portfolio isn't all your eggs in one basket, and making sure that you actually have that diversity across that portfolio. And if you only have a small amount of money, and you know, what was it Like I ns H is or something yesterday will like it $5 it's like, well, if you're only got $500 you can't really get a well diversified portfolio by buying direct shares, can you?
So what about that? Because I guess there's that idea of buying a house or renting and then using the extra cash you have to invest. If you're in a position like that, where does someone start?
It is so so personal and then sucks because I wish I could be like, this is how it goes, do this is the model. And it it completely depends like if you want to purchase a home, it's all emotionally driven. Like at the moment, I don't own property, and that's a conscious choice. Like I don't want to own property because it doesn't align to my values and I don't want to own property because I'm not ready to take on the responsibility of that I really like renting. I like the fact that you know, somebody else worries about my broken hot water system. I love that that's not an unexpected cost. I love that the asset that I'm creating which is in shares, pays dividend and honour and have to go fix somebody else's like he taps. But at some point, you know, based on relationship, my partner is going to want to buy property, he wants to own his own home. And it's working out what that looks like because every investment decision is actually an emotionally driven investment decision. It's not actually something, you go, alright, well, I'm gonna get the best bang for my buck over here, because I'm telling you right now, it's not property.
And so the reason that is the reason why I didn't like it, because everything is emotional. And so say for instance, when when should someone prioritise the drain? This is what's actually going to be better for them. And I guess like, the reason I'm thinking about this is this people who was like, they'll have the mortgage, they'll, they'll, they'll buy a house. But then somehow, they'll also go on like the round the world trip and they'll do all of that other other stuff.
You need to look at the big picture. Yeah. What are we trying to create here? My ultimate goal and the thing that I'm so passionate about is creating financial freedom. And to me that is having an income that comes in each and every single month that I do not have to work for. And that's why I invest. And that's why I want all of my clients to invest in. It's like, Well, can you create cash while doing all of that?
So what does it mean to invest? What is cash return?
Yeah, but no money and then I disappear? No,
that's a good investment for you. So the criteria of investment is, is I guess, that most people would think about, it's like, investment stock, or you won't like what are the notion
that there are four different asset classes and the idea of an asset or the idea of an investment is to put your money somewhere where you get a return back and my favourite type of asset is an asset that returns not only dividends and gives you money in return, but also increases in value. So when I sell it, it's worth more. So that's too many shares at this point in time, but the main asset classes in Australia, everyone knows property, like that's pretty big. You could be your rent Vesta, you could be just an investment property mogul, you could also own property directly as your family home, you've got shares in the share market, then you've got bonds, and then you've got cash. And so cash in your bank account is an investment in itself, because it should be earning a really low amount of interest, but it isn't. It's an investment in your future. So those are the four main asset classes in Australia. But it totally depends on your risk profile and your tenacity to invest as to what asset class works for you. Because obviously, cash is far more conservative than the share market. But then the share market has its own diverse ranges, every skin like some chairs are more risky than others. Like if you buy bank, obviously that's been around for forever in a day. And the returns on a bank of quite low in comparison to you know, something like off to pi which I don't invest in, but that's
Yeah, but it's also a lot more risky. rather invest in that Check him out did you make a lot of money we invested when it was like $4 a share okay well What is it now? Like 3535
pics of off the pay on he
got in early no i need to do I've got an entire podcast episode on
occupy you don't mind just buying shit online you
know it's buying shares in a company but if someone is talking about this asset and there's a whole heap of hype around it you can almost guarantee that that is already paid like if someone has started talking about occupy as an asset and like let's use Bitcoin as an example Hey, like they don't believe in investing in Bitcoin because there's absolutely no research basis or, or financial basis to it. But I believe quite passionately that if you're investing and everyone's already talking about it, it's bit too light.
And so in regards to investing, so if you had an extra two grand a month to invest Somewhere
two grand a month you a bola. If you were 21, and you invest 1,000,039.
Seven is 21 this
year. So, Mr. 97, you ready for the? Yes, we can make you financially, if you have $500 to invest each and every single month until you retire, that is $240,000 that you've saved, bought, if you put it into an investment that on average returns between five and seven and a half percent, you've got a $1.2 million investment portfolio. And so and that sounds cool, like on $1.2 million, that sake, but why is that sake because it returns you $60,000 a year in the roofus investment dividends, and that's the money that you then leave off.
So the asset itself has grown and it pays the dividend, the CC so
the one I live because it actually creates an income for you. So the idea is to create an asset that you don't have to sell and you don't have to extinguish because if you extinguish it, then it's gone. Like it's too creative. asset that leaves forever that you then just take the profit off the top and keep on keepin on
is that to say that nothing is going bad in the share market? Is that like the shit so the we had another financial crisis like 2000 it wasn't even that bad, but non
This is such a convoluted topic is so much deeper than I thought we'd go. I'm sorry, no, no
14 year old shoes,
excuse me, the best things that I want to know what?
a nerd No, no, no, that's the brand what Colorado is in the show notes. Victoria's boots are black. Anyway, exclusive. The people that lost money in the jfc predominantly with the people who got out because they were scared and this is like about emotional investment. Right? Like at the peak when people are really excited about an investment when talking about this before. That's when the shares aren't worth that much because everyone's excited about it and the share price is inflated. But when the JSA happened Everything kind of bottomed out, and people were getting really scared. And instead of just riding the wave, which is what we really need to do, and that's what financial literacy affords you is the understanding that, you know, that will hopefully bounce back, they got out so their shares dropped from like $65 a share to $1 a share, and they got out and then those shares have recovered. So they would have been in better financial positions had they just stuck it out and actually rode that wave, but they got out. So a lot of people lost a lot of money because they're like shit, I'm just going to pull my money out of my investment and putting in savings account because in 2008 2009, savings accounts returning six 7% so that seemed better than what the share market was retaining. But then because the investment market went, you know, a bit bonkers investment rights or returns on savings accounts dropped, and then they were getting nothing again, so it's more about riding the wave and if you look at investment in Australia, if you are invested for a 30 year period, no one ever loses No one who has been invested for that period of time has ever lost money because it always goes up. I'm not saying that that's a guarantee but like that if you look historically is what it looks like.
So what happens so if you put that 500 bucks a month aside and put it into an investment, when do you actually start seeing those dividends,
dividends are paid depending on what the share is and how that works quarterly annually, however that works. So it it makes sense but this is about compounding interest so like its power is actually in the very tail end of what happens with investment. So like the power is it compounds over time and you know when they say like a lily pad is covering 50% of the pond and it's been growing you know, a double what's
going on so a double sided again,
if a lily if it if a pond was 50% covered in lily pads been growing at the same right each and every single day, and it you know, it was growing at double how many days would it take To cover the entire pond, world that is one day. And that's how investment and compound interest works, right? So like, the more you have in, the longer you're invested, the faster it doubles. So what's the compound interest is like minimal. It's like, you know, you've got $1, and you've invested it and you got 10% return. So you got 10 cents, that's not great. But further down the line, you've invested $240,000, and you're at a $1.3 million portfolio, it's actually the power of money is in the time that you're invested, not how much you're investing.
And so that end game where you get when you've got a bunch of cash, are you or it's paying you at 60 grand a year? Yeah. Is that based on every quarter or whenever you get those dividends that you're reinvesting? Yeah. So money have
to be reinvesting it. So if you've invested your $500 a month, that is assuming that every dividend you've got has been renamed to compound
and so from a from a perspective of Passive income, what's the is?
Well, that depends on your values, right? So like, you could be like $60,000, that's great. But that might not work to sustain someone else's lifestyle. So they need to work backwards and work out what their investment amount needs to be to create the lifestyle they want. And for some people, $60,000 is perfect. And for some other people, they're like, well, Victoria, on at Yosh on the Mediterranean. Well, let's make that happen. And for me, financial advice is very much about working backwards and going, alright, well, where do you want to be? And what's it going to take to create that and so often do clients come across my table that they go or I want this year? I will if I work backwards, you need to be investing $5,000 a month. That's not possible, right? We need to realign your goals
and start renting. You have five like so you say your rental place costs 500 bucks a week. Yeah.
That's shape. Yes. Are you living? Are you living? What's i?
515 way pie. That's very small. Collingwood
if you get to tell everybody that you leaving
us, it's got a city view. It's, it's lovely. So So if it's 550 a week is it sort of feels like in some ways it's like are that 550 you know rent money is dead money I could be spending
that is such a terrible excuse. No, sorry. That's why why did you just tell me that you lived in Collingwood? It was great. You had city views? That's fine. Yeah, style. Yeah, you can go live and wopo That's cool. Is it alive Valley and
so that's where I want to so for instance, say from a mortgage perspective on a 550 awake place that said like a rental. Yeah, safe that was I don't know what what do you place
Can't you get your current house for five do wake on a mortgage?
Well, yeah, that's right.
I don't I don't think so. I want 30% deposit or something like Yeah, yeah. 15 more, but at the same time, it's more along the lines of if that's where your investing comes in, right, so a lot of people are buying in location so that they can afford and they feel like will have capital growth and returns and then living in the place that they want. Because what happens is if you buy over here, and you own this house and you're paying that mortgage, the person that's living in that house is paying you rental income, you take that money that that person is paying you in rental income and you pay your rent, and it's kind of a no sum game and then because that's an investment for you, your mortgage repayments are actually tax deductible and you're in a better financial position having not lived in the property that you own because it's now an investment right? repayment you can actually claim it on tax so therefore if you're claiming own tax, you can actually afford to pay more of your mortgage off quicker.
What about if you want to like pin things on the wall?
give you gearing, is that
not just rent vesting, yeah, that's negative gearing, positive gearing, you know, new truly gearing. They haven't changed it, but they told me about it, but I really, really down this is obviously quite wildly personal opinion but too many politicians have negatively geared properties for them to change the rules on that.
That's a good point. Yeah, look, they've all got the seven beach houses. Yeah, exactly.
And what about investing? Is there any reason to invest
in this de gore investing
approach to investing to be honest?
you already forgotten my egg conversation the
father the final one. Is there any reason to invest if you have any form of debt? No.
Not hex hex is out. Sorry. hex is a debt that you don't accrue interest on. So its interest rate it does in like earrings races
don't have hex anyway, but
just talk about how much you study I did. Oh, yeah. Imagine how terrifying My hexie is like, I'm pretty sure like this is not public knowledge. But nowadays Yeah. I'm my next six figures and that's terrifying
So that's over 100,000 That's crazy.
Well, did you work the hundred thousand dollar thing out yourself? Yeah, I did.
I didn't really wait to me. I never went to a movie because you know,
he's got like five grand left my wife. Yeah. And we're going to get like an extra hundred and 20 bucks a fortnight in that very soon, which is it's actually a lot of money. Yeah.
But at the same time, you're not accruing interest on that debt. And you're only paying inflation on that debt. And to me, like this is absolutely well and truly not personal advice. But to me, my money is better spent invested than paying off my hex debt, because inflation is at 1.8 1.9 each year, and the return of the share market is on average 7.5%. So I'd prefer that the money that I have coming in via my cash flow, to be invested in the share market and performing a bit better, and I'll just pay off my Hickstead over the longer term. But that's personal opinion. That's just what I do. Some people just don't like the idea of debt. But if you have personal debt, if you have a mortgage like that is an investment in itself to pay off, because for you to like, say you have personal debt and the average is 17% on a personal loan, which depending on what loan you've got, but like for you to invest instead of paying off your personal debt, that investment has to return more than 17% for it to be worth it. And what about the psychology
of this sort of thing? Because you know, you took like, there's the whole snowboard like roommate safety, I think talks about that my
I think that's good. And it's a really good mental strategy to get things off the list. And if you are in significant debt, which is Do you know what it is what it is, it's fine. If you're insignificant personal debt, call it just bailout, or I mean debt, what I'm going to do moving forward, get out of debt is your priority. Like I just don't think that investing is a thing that you should be prioritising because if you are, it's actually putting you back financially because it's like you putting money over here, but you actually are accruing more interest over here and it's just like a no sun game
What about good debt versus bad debt specifically I guess as my mindset my Yeah Yeah, well I guess I use them both at the same time.
that the base
legitimately was bad branding they want a more tourists
it's worked works really well I don't know if it's any Cypher bit bad debt visit versus good debt, I can see that where our business is going where we want to eventually get to we say, okay, there's a huge amount of investment that we put in ourselves, but potentially there's accessing of debt to be able to fund certain things. How does have had people do this when it comes to mindset. Because if you've just gone through life where it's like, death is bad
to have financial finds, I get some advice. Like I think it's actually quite a powerful thing to be empowered in the decisions you're making and not just buying and feels like the right thing. I'm like good versus good debt versus bad debt. bad debt is things that don't actually impact your future wealth. Whereas good debt are things that increase your future wealth, and a car loan, not that an investment in a business where you're anticipating it to have a positive return. Well, that's something that you really do need to consider. So just because I'm a financial advisor does not mean I'm against it. I'm against the wrong types of debt. I'm against credit cards and you know, personal lines, but I'm not against going All right, well, I've got this really good business idea and I am going to grow it this way. And I've got a really great business plan that surrounds me. And for me to actually get where I'm going, I need to take on debt because that would be really naive have made aside because I've done that Create My business like there's no way I came up with the capital to start zella. And to start she's on the money without taking on some pretty significant risk, because without risk, you don't have good return.
Do you think that that's a conversation that's not had publicly enough?
Oh, no, absolutely not. Like we all see these startups and people being like, Oh, I'm an entrepreneur. It's like, well, what have you like? What risk Have you taken to be in this position? Because you don't get the growth that you get without taking on some level of risk and risk is often dead.
She's on the money. Your podcast is a content play for you. In business, I think people that are business owners, making the decision to start creating something like a podcast, she's saying this
I just feel like everybody said public service
We still got the
Gallic, he might be disappointed
when he walks out
front I feel like this needs to be a thing. I feel like a conversation has got the time to find one. Yeah,
yeah. Which the South? I've got to say I've turned around with this app for one for under 20.
Honestly, they should sponsor Cindy.
I'm embarrassed to be me.
What have you done investing in creating content for your life by investing mine? It's the contents different thing, but no investing in creating content, which at the start makes no real sense for most people. Yeah. What is it? What's that journey been like for you? In hindsight now that you've created something quantum,
I didn't mean to do that. And I'd be naive to say that I did that. Mine, Shea's on the money came out of a space where I was running these workshops called she's on the money. And I wanted a space where the women who were attending these workshops could network and ask the questions that they'd forgotten to ask in my workshops. And so I created a Facebook group. And it got a bit confused when other people who haven't attended my workshops that were joining, and then I thought, all right, well,
questions on Facebook. So we have some stringent questions we ask
we do when people What do you ask? I asked for your email address.
Oh, that's a good one. We should have a collection. Yeah, yeah, that's
given it so I think I'm a part of it.
Again, my newsletter, I want to put a bogus money.
That is a low block. For me. I'm trying to think I have your email. I'm adding it.
Just Just search your list. Yeah, I can be. So you asked that so you
know, I asked what your location is because originally I actually thought her Dudley Bay Melbourne. Nice people and I have an update to my questions. Yeah. And the third thing I ask is What do you want to get out of this? This group, and a lot of people like oh, I just want to talk about money more Oh, I want answers to this or that. And that initially really drove what content I created in the Facebook group. And to be honest, in hindsight, it sounds like I've been really strategic, but it kind of was all by accident. And that's not to say, I haven't been really purposeful in the decisions I've been making, but I absolutely didn't go, alright, she's on the money's going to be this thing. It's going to be a movement, it's going to be all these things I want it to be, which I do, but I never thought I was like, I didn't think I was capable of creating that. And so we started growing this community and the podcast actually came out of me saying to the community, like, hey, I've actually so I finished a 12 week course of content with them, where I every week picked a topic and I would post on Monday about that topic, and then on Wednesday, I'd post a little activity that I get paid to do. And I used to get, you know, my friends to comment on the post. That's a good one. Excuse me. Can you please comment on my post so it looks like people care. I'm constantly
doing that I got every time. I do. LinkedIn,
everything of mine.
What is the deal? Like? So when it comes just on that course thing? Yeah. Because Wait, we have a lot of resume. We're very paid one month or two months for podium, we need to get that go. I didn't pay for that subscription. Well, no, that's a big meaty company. Now it's on the second one. No, no, it is not. Yeah, I said that. Even though I can't Yeah, I didn't. Yeah. And so we want to get to our podcast training. But we have this like expectation of what we need to do. What has been your learning in regards to what people actually need from training versus what's created in your head is the person who asked
them so I'm so lucky. This community that we've created has been so responsive. So that's why I posted on the Facebook group and I said, What do you want from me? Like, you know, we've created this 12 way and it was just a Facebook post and it was just like a PDF that they could download. It wasn't anything too exciting. And I said to them, what do you want 90 day site poll, and all of them voted video content and like secondary to that it was a party Constance I well not ready for video, just totally not ready for that. But I felt like I could probably do a podcast. And so I reached out to a couple of people that were doing well in a podcast and said to them, like, how do I do this? What do I do? This is the content I want to create. This is what I want to format. And this is the information that I want to get across. And they helped me create that. And I had no idea what I was doing at the start. And they did. And then it's kind of grown from there. And the podcast has been this voice that's been able to get this movement across. And it's become just that it's a movement, and I'm ridiculously proud of it. But it's also come from a place where I just wanted people to be better at money. I didn't come from a place where I was like, I'm going to create another business because Lord knows I did not need that. Like I've got zella that is more than enough time and how long you been doing zella for four and a half years, four and
a half years. And so what does the four and a half year mark look like compared to a year in what have you learned about the health of businesses based on running your own
A lot, a lot of it is just trial and error. I'm thankfully in a position now where I can really say what I want to create and how I want to create it. And yeah, it's one of those things where I didn't understand a lot about this industry before entering it. And now I'm saying it, I'm just going, Oh, wow. Like, maybe I should have done this differently or that differently. But you know, what? It is what it is, when they say businesses, most businesses don't make it past 30 years of second year. I've had that. What What do you think? What is it? I mean, it's not true for you, but what is the thing that usually collapses? Most businesses all that you've seen, I'm actually anticipating cash flow, and maybe not being as committed to their passion and their vision as they they should have been. I think that sounds so awful, but I feel like a lot of people get into business because it's really shiny and they want to start a business and they, you know, might start a retail company and then they realise it's actually all too hard. So I think the most important thing to consider if you are thinking about starting a business is take everything into consideration. Sit down with an accountant, work out what your 10 year plan is not just what your one year plan is. and work out what that actually looks like in the long term, because 10 years from now, like, are you going to be big? If so what does that look like and put yourself in a position to scale because I think that's the thing that a lot of businesses shoot their shoot themselves in the foot over is actually just not being in a position where they can scale and grow their business. And when I say that, I'm not talking about going from like $500 or 10 to 5 million. I'm talking about, you know, just even going from $500 returned to $100,000. And what does that take and how does that work? And how do you set yourself up? So that as the business owner, you are not the only person that businesses relying on? What was the biggest stretch
that you made? So for us, I guess like taking on bigger leases or doing those sorts of things like they are, it seems like there's those 50 areas, pivotal moments where it's like,
save a day rent is really expensive. I'm telling you right now, I think it was actually from a realising that I can't be everything to everybody. And I really needed to pull myself back on some parts of my business and let people do what they're good at instead of going, but that's my thing. And pulling myself back on that so that I could then focus on the things that are future planning and unary. She's on the money has really played into that. Because prior to this, I was just seeing clients every single day, I was going into financial advice meetings day in, day out, and now it's like, well, actually, someone else can do that. And the best piece of advice actually got was from Morgan again. I've told you, one of the best things that's ever happened to me. And she said, You need to only do the things that only you can do. And for me that was kind of pivotal in changing the way that I saw things and if someone can do it, like find a way to make that happen, and that sounds very entitled. I know because I'm very lucky to be in a position where I now have a team behind me So the start, you actually just have to do what you have to do. But once you get to a stage where you're growing, being able to let go of the things that you might love, but someone else can do has been the biggest thing that's helped us grow.
How do you let go?
Look, I haven't I've just, I've just said, I don't know. Um, I think it's about finding a team that you trust, and people that you really want your community to be made up of, and people that you feel as though actually carry your vision and carry the things that you want to achieve in the longer term. And then they I'm so so lucky that I found those people. But for people who haven't found that you often do have to carry on and keep doing those things. But for me to be able to take my business to the next level was stepping out and going well actually, I can't always take client made is that I can't spend my time here because I need to be building she's on the money. I need to be talking about content. I need to be doing those things that only I can do.
You're doing anything right now, that doesn't make sense for you to do but you believe strongly.
Absolutely. I'm moderating my own Facebook group. Like I love that. It makes no sense for me to be doing that, but it's one of my favourite things and like seeing all of my community come together and like post their money means and money confessions, I don't think people think that it's me. Because you know, we do have a team, we do have, you know, I've got really great team that actually helped me do that. But I'm still in there every day approving posts and recruiting people into the community because I just want to be a part of,
it's like, when people like start restaurants, it's like you need to be in every part of the business to properly understand things. And I guess that is the, the Facebook community is such a good representation of where everything is where the community is.
Yeah. And I don't think I'll ever lose that. Like as much as we might like, I'm actually looking for a community manager at the moment, someone that can run all of that and you know, do my events and do the things that I'm doing that I know I can outsource. But I don't think I'll lose that. I think I'm always going to be a little bit sassy. Just jump in and do their work for them. Because, for me, I love that like we have a strong community and there's like nearly 50,000 women in this group now and there's 250,000 comments conversations going on every single month. And that's crazy. Like I just desperately want to be a part of it.
Yeah, that's my conversation.
So good. Well, thank you for coming in for Fs one. Thank you for having
cheese friends. I'll still
empty glass is not the first person episode to do that. What are you sipping on an empty glass?
Is I doing that? The actually had I remember I had some red wine doing. We we went to Sydney and we had Richard Wilkins on the show and we went to his cooler than it was we went to his own private bar at his house. And so he poured me a wine and
I have a cupboard where I keep a bottle of gin. It's really
did you ever watch him the more morning was on Apple TV? Tv plus, but I feels like they're always got spirits like they're always like, I just I'm so
good at Jane. Yes,
yeah, rock on. I don't know if I've had before you're gonna have
a boss you're gonna have a drink.
Yeah, Jake doesn't really drink
He's only just started drinking in his life and so the entry
and so the visa, Jim we can we can introduce Jim clinginess clear
giving some really nice
podcast I'd never thought nothing like vodka gene by lightning
bolt and don't let the tonic water put you off because a lot of people don't like tonic water so there's you thinking it's soda water I think
you know if I I respect the fact that I came on the show and given you don't drink Jean,
get around it. I think you would actually largely gonan tonic with a nice bit of cucumber, little those baby
little small bottle of Jameson, you can give it a call. Thank you.
The ghost. Ghostbusters guy has his own gym. He looked it up. It's in a scowl.
I think that's vodka.
No, no, no, no
doesn't drink Jean trying to correct
vodka because I've listened to the Joe Rogan episode with him on it talking about how like
different type of vodka then yeah
let's just find out crystal head vodka
yes it's Victoria divine. Thank you for having me.
You're doing the one on the
X ray. You want to
show me the money show
me the money's good. Show me Show me the money. Did you already think of that?
No, I didn't. Okay, I'll have to think about even a song lyric I joined. I think whenever.
What song? I don't know if that's a title
Swift song would be would be good. I'll come up with something.
You come back to me. Right?
Right. I never forget us.
Talk Show. Hide the daily talks about calm. His email address and You tomorrow say guys