Bitesize: Lauren Simmons on how to fix your finances

Alec: [00:00:07] Welcome to Bitesize on Get Started Investing. In this series we feature some of our favourite lessons, quotes and moments from the podcast. If you'd like to listen to the full episode, we've included the link in the show notes. 

Bryce: [00:00:21] So Lauren, you're now, as you said, your story has gone viral and you're travelling the world as a keynote speaker and, you know, positioning yourself as an expert on on youth finance, women's finance and as you said, trying to make investing cool. What are some of the trends that you're starting to see globally when it comes to youth finance, women in finance and sort of what are you trying to really address? 

Lauren: [00:00:47] I see one of the trends that people are very much leaning into a space where they want to become rich overnight and we all know that that's not how it works. And how do we do that quickly? And how do we stay in this mindset of getting caught up in the speculation that we talked about earlier. So for me, I want to be the voice, the Northstar, that guides people through this, and to realise that a lot of it is psychological. And if you are not mentally in a good place when it comes to finances, you are going to lean into any and everything that presents itself.

Alec: [00:01:26] So Lauren, when you talk about, you know, getting right financially and then you can sort of avoid some of those hype stocks or, you know, meme stocks or whatever, the fact of the moment is, what are some of those things that everyone can do to start getting right financially? I guess both practically, but also psychologically. 

Lauren: [00:01:46] I think it's psychological is the first step. And how you do that is like being okay with living in your means, budgeting and saving. And everyone always wants to hear all those words. And how do you budget and save? And I've actually gone back and forth with like even my team on social media and like, how can I give practical advice on how to budget and save? But the one thing is that everyone's financial journey is going to look completely different because everyone's financial situation is completely different. So to put something in a box and to say save. Great. But like, is that really helping the masses? Probably not. I mean, the general rules, like the 50-30-20 rule, which, you know, but it for me, it's like psychologically being in a place of being okay with wherever you are at standing. Exactly. Wherever you're at and being okay. Being wealthy is a mindset. Being poor is a mindset. And people often don't love, you know, people saying that, but there's truth in that. When I was making $12,000, I never felt like I was poor, like I was happy, I was budgeting, I was eating every day. I was smiling, I was energised. I did over balance my account, which wasn't a great feeling, but I was at the time 22 and it wasn't frequently and every time it happened I pretty much my heart would rise so fast that I would say I wouldn't. I don't ever want this to happen again, but I knew that that was my situation that time and space and day. I knew that that was not going to be my situation come a year, six months, or even, you know, a month later. And once you get into a place and realise that one, if it sounds too good to be true, then it probably is. But to realising that your situation today is not going to be your situation tomorrow, and if you can just ride the wave and immensely be in a healthy, good place, you won't get too caught up of what is going on in this world and letting that feeds your your moves, but financially and mentally. So before we get even talking about getting good with your finances, it's very much getting into a healthy psychological place of where you're at with your finances, if that makes any sense.

Bryce: [00:03:52] Yeah. Yeah. So if you enjoyed that Bitesize, you'll find a link to the full episode in the show notes.