Expert Investor: Victoria Devine – Lessons on Personal Finance & Investing

HOSTS Alec Renehan & Bryce Leske|17 September, 2020

Meet your hosts

  • Alec Renehan

    Alec developed an interest in investing after realising he was spending all that he was earning. Investing became his form of 'forced saving'. While his first investment, Slater and Gordon (SGH), was a resounding failure, he learnt a lot from that experience. He hopes to share those lessons amongst others through the podcast and help people realise that if he can make money investing, anyone can.
  • Bryce Leske

    Bryce has had an interest in the stock market since his parents encouraged him to save 50c a fortnight from the age of 5. Once he had saved $500 he bought his first stock - BKI - a Listed Investment Company (LIC), and since then hasn't stopped. He hopes that Equity Mates can help make investing understandable and accessible. He loves the Essendon Football Club, and lives in Sydney.

For this episode, we were joined by financial advisor and fellow podcaster Victoria Devine. Victoria is the co-founder of Zella, a financial advice business based in Melbourne, and founder of She’s on the Money, a financial education platform empowering women with the tools and confidence they need to change their financial situations.

As an expert on personal finance, Victoria shared plenty of important lessons on budgeting, cash flow and getting your finances in order. We also heard about the journey of She’s on the Money and how a Facebook group designed for women to discuss personal finance has grown into an 80,000-strong community and a top rated podcast and education platform.


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Bryce: [00:01:28] Welcome to another episode of Equity Mates, a podcast where we help you learn to invest in forty five minutes or less. We break down the world of investing from beginning to dividend so that you can hopefully make some returns. My name is Bryce and as always, I'm joined by my equity buddy Ren. How's it going, bro? [00:01:43][14.7]

Alec: [00:01:43] I'm very good. Bryce very excited for this episode. We've got one of the biggest names in Australian personal finance with us, and I definitely can use some help with my personal financial situation. So I'm looking forward to learning a thing or two. Throughout this interview. [00:01:58][15.2]

Bryce: [00:01:59] Or that's not what you want to say when we are investing. [00:02:02][3.1]

Speaker 3: [00:02:04] Why are you guys quitting? Yeah, hang on a second. But you don't want to be in trouble. I love investing [00:02:15][10.9]

Speaker 2: [00:02:16] the discipline of personal finance. I'm less good at [00:02:19][3.0]

Victoria: [00:02:19] budgeting and cash flow. Not so much knows how to pick a stock, [00:02:22][2.6]

Speaker 3: [00:02:22] but [00:02:22][0.0]

Alec: [00:02:24] after this interview, I'm feeling confident in that. [00:02:26][2.2]

Bryce: [00:02:27] Well, that is why we are very honoured to welcome to the show. Victoria Divin Victoria, welcome to the show. [00:02:33][6.7]

Victoria: [00:02:34] Hello, friends. Thank you for having me. And EPIK introduction. No pressure, [00:02:38][4.2]

Speaker 3: [00:02:39] but that's OK [00:02:39][0.5]

Bryce: [00:02:41] if you haven't heard about Victoria before. She is the founder of the wildly successful podcast. She's on the money. It's more than a podcast. It's a financial education platform as well that is designed to change women's relationship with money for the better. So definitely go and check that out. She is a licenced financial advisor and director of Zello Wealth and has had an amazing couple of years. Twenty nineteen was the finalist in the IMF, a rising Star of the Year award and the 2009 consultant Rising Star of the Year award as well, was nominated for the Pro Bono of the Year and Innovator of the Year at the Women in Financial Services Awards in 2019, and was recently named as one of the top 50 most influential financial advisors in Australia through financial standards so super passionate about providing advice in all things finance. And we are just super pumped to have you on the show. Victoria, what an intro. [00:03:39][57.4]

Victoria: [00:03:39] That is a lot. I'm really grateful for it, but I do want to correct you. I wasn't the 2009 because I'm all right. I'm twenty nineteen. But you know, I'll take whatever I can get at this point. [00:03:54][14.2]

Alec: [00:03:55] It Bryce is doing that because you knew in 2009 you were going to you were going to be one of the rising star. True. [00:04:01][5.7]

Victoria: [00:04:02] True. Oh my gosh. Bryce I was still at high school. Come on now [00:04:05][3.4]

Bryce: [00:04:07] look anyway, it's great to have you here and we're looking forward to digging into some of the work that you're doing with Chase on the money. But as always, we're here to kick off with our overrated, underrated game that Ren always likes to play. So let's get stuck in. [00:04:20][12.5]

Alec: [00:04:20] Yeah. So we will throw out a few investing themes, concepts or topics that are big in the news at the moment. And we'll get your thoughts on whether they're overrated or underrated. And we'll start with a big one in the Australian investing space. And that's property so overrated or underrated Australian residential property. [00:04:40][20.1]

Victoria: [00:04:41] I think it's underrated in a way, because I think so many people are saying it's going to fall. It's not going to be great. It's obviously a great time to buy. But I also think that as an asset class, having property as a part of your portfolio can never be too much. If that makes any sense, I think it should be something that we all look into. But I think it's underrated because so many people are calling it overrated. And, you know, the Australian financial dream is to obviously own property. And I think that fear that more and more millennials are saying, oh, it'll never happen for me. And I think that that mentality is going to drive us to, you know, not put enough value into it. So for me, I think it's a bit underrated at this point. But I do think that a lot of the conversation around property at the moment is quite overrated and quite dramatic. So underrated asset class, overrated conversation, [00:05:32][50.4]

Bryce: [00:05:33] overrated, underrated. The ASX 200 [00:05:36][3.3]

Victoria: [00:05:37] underrated. I love the ASX 200. [00:05:39][1.9]

Alec: [00:05:40] That's the answer we're looking for on this investing podcast. Anything else? [00:05:44][3.6]

Victoria: [00:05:44] The interview will remain completely overrated. [00:05:47][2.4]

Victoria: [00:05:48] If anyone is thinking of doing a podcast just on shares, I probably don't bother [00:05:53][4.5]

Victoria: [00:05:56] instead of talking about it. Lovely to meet you. And we'll leave it there. Yeah, thank you for having me. [00:06:02][6.0]

Victoria: [00:06:03] I think I think it's completely underrated. I feel like it's much simpler than people seem to think it is. And the power of the ASX is incredible. And if you can learn how to harness that power as an individual like you are going to be set up so well. So that's something that I love about you guys. It just makes it so much more approachable and so much more, you know, it's conversational as opposed to being something that you some. Flick passed on the TV, if you're not in the finance world and going, well, what does that even mean? So for me, I love talking about it. I think it's completely underrated in terms of the power it has and how average people can get involved. So for me, the more conversation about this, the better. But right now, there's not enough of it happening. [00:06:45][42.0]

Alec: [00:06:46] We'll keep having that conversation. So at least some of it's happening. We're obviously living through some strange times at the moment with Covid so overrated or underrated covid impact on the Australian economy. [00:06:58][12.2]

Victoria: [00:06:59] Oh, this is a hard one, because I think that the media is being dramatic, but I don't think it's unwarranted. I think that the impact of Covid on the Australian economy is going to be significant and it's going to be very long lived. It's not something that we're going to get over in the next five, 10, even 30 years. I think there's going to be long standing impacts, whether that is at an individual level, like the amount of small businesses we are seeing that are falling over and no longer able to continue all the way through to bigger companies and even the government and their investment in this. Like you look at how much we're pouring into job capering job seeker, and we know that that's not going to be something that we just had funds aside for. I don't think anyone could have estimated the impact of covid. I know that, you know, if you'd told me at the very start of this year, like Victoria, you'd be recording your podcast from home. I would've been like, no, like, no way. That's never going to happen yet. Here we are. So I think that everybody's underestimated what it is. But it's one of those things that this is going to be massive and we really need to have a think about it. But I think we really have underrated the impact of it over the long term. We know what it is in the short term and how it's impacting us today. But in the long term, I think it's going to be far more severe. [00:08:12][73.0]

Bryce: [00:08:13] So in response to Covid, the government has implemented a number of measures in support packages, early access to superannuation job, keep a job seeker, and then the RBA are obviously doing their part as well. So what are your thoughts around the federal government's response to Covid? Is it overrated or underrated? [00:08:30][16.7]

Victoria: [00:08:31] Am I allowed to say both? Is that bad? [00:08:32][1.8]

Victoria: [00:08:33] I feel like [00:08:34][0.5]

Victoria: [00:08:35] that. Is that that's not helpful for you guys. I feel like it is completely underrated. I think that they are doing the best thing that they can possibly do. I am based in Melbourne and therefore in stage four lock down, so I haven't been allowed to leave my house for the past three weeks. But I'm actually really grateful for their response and actually putting our community first. But then I also can say they're putting in a lot of effort. But I also can say a number of people, especially in my community, who have fallen through the cracks and don't actually qualify for that support. So I feel like it's potentially overrated in that, you know, everyone's being supported when I know a lot of people aren't actually receiving that support and they probably should be. But then also underrated because I think so many people are being so harsh on them. And I know that Dan Andrews down here in Victoria is copping it, but I think that he's doing a really, really great job with the tools and resources that we have available to us. [00:09:29][54.7]

Alec: [00:09:30] So, Victoria, this next one may be a little bit of a softball, given that you host a personal finance podcast, but I want to ask it anyway. I don't want to get your thoughts so overrated or underrated. Getting a financial adviser. [00:09:43][12.8]

Victoria: [00:09:44] Oh, completely overrated. I've made this whole podcast to convince people that they shouldn't get advice. No, absolutely underrated, like the value of financial advice is incredible. But I think what is happening here is that there is a difference between financial literacy and financial advice. And we seem to, as a country, not understand the difference between the two. Understanding, budgeting and cash flow to me is not what a financial adviser should be doing. It's something that you deserved to learn in school. And then a financial adviser should be there to help you create wealth and pick the right risk management plans for you and actually create strategies and implement them for you, as opposed to someone who can just help you save and set up your bank accounts. So I think that there might be a little bit of a discrepancy between what the view is, but a true financial advisor is absolutely underrated. [00:10:36][52.4]

Bryce: [00:10:38] Hmm. And would a financial advisor include Bitcoin in the asset classes for creating wealth, overrated or underrated Bitcoin? [00:10:46][8.6]

Victoria: [00:10:47] I have never put any type of crypto in any one of my clients. Coalminer's. I am not saying that people haven't made money in it because we know they have. But I think for me, things like crypto and bitcoin, it's essentially us betting on the fact that we will move to a centralised currency. And I just don't see that happening in the near future with the way that our governments work. And I think that it is, I guess, inherently flawed in that way because it just won't work maybe in the future, maybe like years and years and years from now. But I don't think it's a solid investment strategy right now because it doesn't have enough basis to it. So for me. So that tried ensuring that. I'm in it for the long term, I'm definitely not here for things like Krypto, but that's again, personal opinion. [00:11:32][45.0]

Alec: [00:11:33] Before I move on, if people can hear a bunch of construction noise in the background. That's my fault. [00:11:38][4.6]

Victoria: [00:11:38] Apologies for the blanket disappointment. [00:11:41][2.9]

Alec: [00:11:42] Actually, before we went on air, Victoria was giving me some tips about setting up my blanket so it might be making a comeback. But unfortunately for this interview, that construction noise is in the background, unless our editor is able to take it out. So hopefully you guys can hear it. But apologies if you can blankets underrated. [00:12:03][20.6]

Victoria: [00:12:03] Can we add that blanket recording? That is very [00:12:09][5.6]

Alec: [00:12:09] good. And here's my commitment to the listeners. The blanket will make a comeback next episode. [00:12:14][4.5]

Victoria: [00:12:15] Can you also make sure that's all over social media? I want to say you recording under a blanket? [00:12:19][3.8]

Victoria: [00:12:19] Yeah. We can make that happen. [00:12:21][1.7]

Alec: [00:12:22] We can make that happen. So, Victoria, we like to start these interviews with a bit on people's backgrounds, and we generally like to hear the story of people's first investments. We find there's a good story or a good lesson that usually comes out of it. So to kick us off today, can you tell us the story of your first investment? [00:12:41][18.9]

Victoria: [00:12:41] My first investment was actually in a micro investing platform because I didn't have the means to start investing more aggressively. And to me, I feel like that happened much before I was even a financial advisor. It was back when Bryce was called Accord's back in the day. [00:13:00][18.4]

Victoria: [00:13:02] But I feel [00:13:02][0.6]

Victoria: [00:13:03] like for me I got it, but I didn't actually understand it properly. I remember someone at work said, Oh, you probably should get acorns. It's really good rounds up. I was like, Oh, OK, that makes sense. But the way I approached it was as a saving tool. So yes, it was invested, but I would say it and go, Oh, great, like when that hits five hundred dollars I'm going to use it for something. So I really wish that I had understood the purpose of investing back when I started, whereas I was just using that as a tool essentially to collect loose change and then spend it instead of save it. But I didn't actually understand it. But now I'm a little bit more well diversified than that and I could say far more financially literate. I still use Bryce honestly. I do still use Bryce. I really like it as just like a small thing that I check a couple of times a year and go like that really does add up. But when I hear a certain amount in my Bryce portfolio, I bring it over to my bigger portfolio just so that it is doing what I want it to do. [00:14:02][58.9]

Bryce: [00:14:03] So then given your sort of background in and financial advice, you might want to take this question more holistically. But have you developed a personal investing philosophy? [00:14:12][9.3]

Victoria: [00:14:13] If I'm being brutally honest, I feel like my own personal investing philosophy has fallen a little bit to the wayside, having Sheas on the money and Zellar, both businesses starting and both businesses needing pretty significant investments. I feel like all of my personal income has gone into those. So for me, my business is, at this point in my life are my biggest investments. Saying that outside of that, still do have a share portfolio. I still do manage that myself. And for me it's actually about just investing for the long term. And I'm a very big believer that boring investments are the best type of investments. I'm not someone who takes a punt. I'm actually not even someone who checks my own investment portfolio on a daily basis, which I think a lot of people think I am. I kind of just like putting the money in there, knowing it's well diversified. I have a financial advisor, so I don't just create my own strategies. I actually have a financial advisor that helps me create these because I feel like when you're doing it yourself, sometimes you get to invest it. And I need someone who looks at me holistically as a client, not me looking at it, knowing that I actually advise clients on on the basis of every day, if that makes sense, because it can get quite confusing. So, yeah, I have a financial advisor. It's something that keeps me on track and keeps me in the loop. But I also am not a super active punter in saying that I have taken a punt on a few stocks recently just because it's interesting that that's my you know, I wouldn't say that that's my strategy. It's definitely more of a core satellite approach as opposed to, you know, putting big parts of my personal wealth into a stock that I hope performs [00:15:52][99.1]

Bryce: [00:17:46] So just on that, we get a lot of people sort of question when is the right time to think about getting a financial adviser? Do you need sort of a minimum, I guess, assets to your name or, you know, because financial advice is obviously cost money themselves. What are your thoughts around that? And how do you find one that is suitable to your sort of current situation? [00:18:06][20.0]

Victoria: [00:18:07] Look, there are going to be financial advisers that are suitable to every situation. So their retirement advisers, there are people who advise on Centrelink. There are advisors who are for millennials, and then there are advisors for more wealthy people. So I think that's a common misconception that wealthy or you need to be wealthy to get a financial adviser. Whereas my view is more along the lines of you don't go to the gym to get fit or you don't go to the gym. Once you are, you go to the gym to get fit. And the same thing happens for financial advice. So I think it's more about finding someone that's aligned to you in terms of where to start. I think understanding your budgeting and cash flow is key so that you know how much you can actually allocate on a monthly basis or weekly basis or however often you want to do that. Because if you don't understand your cash flow and what you can actually contribute, it's not going to be as powerful. So for me, it's understanding why you want to invest and what we're investing for the future and then going for there. For me, it's less about what you have is a lump sum to invest, but rather about the cash flow you can contribute. So if you've got yourself into a position where you're like, yeah, cool, I know I can contribute five hundred dollars a month, that's going to make sense. Open an account, prove that to yourself. Once you've proven to yourself that you've got solid cash flow, it's then that I would start investing because for me then I'd start seeing a financial adviser because for me it's about cash flow and it's about consistency. And you don't just save up 10 grand and get advice on that 10 grand. For me, it's great to have 10 grand to start, but it's actually about the consistency and creating a long term relationship. And we can give you advice on ten grand, but it'll be expensive. And I think that you want to be creating a long term relationship with a financial advisor. So that's where I would be at with that, you know. [00:19:57][109.6]

Alec: [00:19:57] I like that analogy of you don't go to the gym when you're fit, you go to get fit. I think it's very fitting. Unfortunately, Bryce just goes to the gym to do bicep curls and look at himself in the mirror. So he probably doesn't really understand where that analogy is coming from. As much as hopefully something [00:20:14][16.6]

Victoria: [00:20:14] that's going on. I don't think [00:20:17][2.2]

Victoria: [00:20:17] everybody else would understand. [00:20:18][1.0]

Victoria: [00:20:19] I mean, really [00:20:19][0.5]

Victoria: [00:20:21] active weight, like just owning the active wear makes you feel [00:20:23][2.5]

Victoria: [00:20:24] like, [00:20:24][0.0]

Victoria: [00:20:26] yeah, I'm here with Bryce at time. [00:20:28][2.0]

Alec: [00:20:31] So we've mentioned she's on the money. It's your podcast that is consistently killing it in the charts at the moment. And we pulled a quote from your website that we quite liked. [00:20:41][9.8]

Victoria: [00:20:41] It was what I said, [00:20:42][1.0]

Alec: [00:20:44] I imagine you on your website, right? Our goal is to take the fear out of finance and help you become the master of your money, inspiring you to make great money decisions for the rest of your life. That's a great goal and definitely something that we sort of can align with the Equity Mates journey and the reason we started to kick it off. Can you take us back to the beginning when you founded She's On The Money in 2016. What led you to start the podcast in the platform? [00:21:10][26.1]

Victoria: [00:21:11] What was an accident? I started Stella. It's not a bad accident. It's like the best accident I've ever had. But I was working within Zellar. That's my financial advice, mortgage broking and like advice business. And I'd started that and. One of the ways that I was getting clients was going out to law firms and bigger culprits and running these financial advice or, you know, money, what would you call them like workshops? Cold. She's on the money. And for me, it made sense to talk to women because I am female, obviously. And it was more of a I know you because I am you. And I found that before that, when I was running workshops, women were the last people to put their hands up to say they didn't understand something, particularly in spaces where I was talking to a group of lawyers, I found that female lawyers were very likely to not put their hands up when they understood something if there was a male colleague in the room. And so I wanted to do something about it. And I started Chase on the money workshops and we started going out and running things. And I'd just be brutally honest and go, Hey, guys, you shouldn't know this because no one's taught you this stuff isn't taught in school. So I'm going to teach you this, this and this. I want you to talk about budgeting. We're going to talk about cash flow at a really high level. We'll talk about super and investment, what it actually means for you, and then give you a pathway to start because you've got a really bright future ahead of yourselves. And so for me, that made sense. And I am still wildly passionate about that. But I also wanted a platform and a space for these people to connect after the workshops, because I found the questions that I was being asked after the workshops in follow up were very similar. So it always get very similar questions. And I thought, what if we had a space where people could read through other people's questions and their responses and really understand it and also just connect with me like I love connecting with people. I loved having the idea of a community. So I started a Facebook group called it Sheas on the money because of the workshops. And it grew. And I wasn't prepared for the growth of that. My plan was to grow my business. Sellar and get clients fiscella and keep working on that and do more workshops. And then these women and then people who had done my workshops started adding their friends and their families and their moms and their sisters and started having conversations more diverse than what was Covid in the workshops. And I was loving it. So I created this 12 weeks worth of content that I'd post on the group every week and I'd be like, alright, this week we're going to talk about budget. So I made them this budgeting tool and then we do that for a week. And on one day I'd post about the tool and how to use it. And then on another day I'd post the tool in a follow up and ask them how they were going. And it got to a couple of thousand people and I thought, what am I doing? Like, how do I capture this? And in terms of being a financial adviser, I was like, wow, great. Like even if one percent of these client or people in this group convert to clients, like, that's insane. That would be amazing. And I asked them what they wanted. I said, what am I going to do with you guys? And I've always been really open with my community. I've always asked them what they want first instead of me going to them and saying, I created this for you. I hope you like it. It's always what do you guys want? And so they suggested they wanted video content, was not here for video content and so is said what second I wasn't ready for that second. And they said, oh, a podcast, that'd be great. And I was like, you know what? That's way less scary than video. I had a couple of friends who had created podcasts and was like, yep, cool, sit down with them. They became my producers and we started the shows on the Money podcast in June twenty nineteen. So we've only been around just over a year. And for me it kind of just blew out of proportion really quickly in the best of ways. And now that Facebook group has ninety thousand members who have three hundred thousand conversations a month, which is insane. [00:25:07][236.0]

Bryce: [00:25:08] Wow. What are you seeing as some of the major sort of money lessons that are consistently sort of coming through and particularly that you mentioned, we're not taught any of this stuff in school. What are some of the main areas of focus that you're seeing coming from your community that are sort of really important to base yourself when learning financial literacy? [00:25:28][20.2]

Victoria: [00:25:30] So I think there's a few and I think the first is people not thinking that they're capable of understanding it or maybe not thinking that they earn enough to have an impact when in reality it's not about how much you earn, it's about what you invest and what you save and the power that you have with the control you have over your own money. So for me, it's more giving power to people who thought they didn't have any. So for me that is really important. But then I'm also saying that people just genuinely do not understand budgeting and cash flow to the level that they need to. I say people who earn hundreds of thousands of dollars a year that have terrible cash flow and no ability to budget. And then I make people who are earning thirty five thousand dollars and have one hundred thousand dollar investment portfolios and they've been working away at it just like absolutely killing it. But they've been, you know, committed for the long term and they're in better financial positions at thirty five. And Dollars then a lot of people earning hundreds of thousands of dollars just because they're not good at harnessing their power. So for me, I think the biggest learning was actually taking it a step back instead of really focussing on investment, obviously contradictory to what you guys are saying on the investment podcast. But for me, what I found was, you know, if you want to invest, fantastic. That's my goal. Like, I want everybody to invest and I want them to understand that. But to be a good investor, you have to have good cash flow. You have to have an understanding of how much you can afford and not overcommit yourself and not scare the hell out of yourself by committing to match. So for me, budgeting and cash flow, it makes sense that that's the most important thing. But I think I was also really surprised that that was the thing that people needed the most help with, especially, you know, going through and doing my finance stuff and learning about all of this and, you know, having degrees in it, like, wait, what do you mean you guys don't want to just talk about compound interest off the bat? Like, for me, it was more about let's master the basics so we can have power when it comes to the bigger things. [00:27:32][122.9]

Alec: [00:27:34] So, Victoria, I'm keen to get a little bit more specific in sort of what people should be thinking about doing or what people should be doing. And we often hear about what not to do, you know, avoid debt or avoid bad debt. Don't get a credit card. Stop ordering Uber Eats. What are some of the things people are [00:27:52][18.2]

Victoria: [00:27:55] going to tell you? I, I'm [00:27:58][3.4]

Victoria: [00:27:58] sorry. Go to overrates, honestly. [00:28:00][1.4]

Alec: [00:28:02] Fair enough. Well, you heard it here. Everyone is. Okay, just avoid the credit cards. [00:28:06][4.3]

Victoria: [00:28:07] Underrated. Sorry. [00:28:07][0.9]

Alec: [00:28:08] Under what are some of the I guess positive steps. What are some of the things that people should be doing to get the sort of personal finance situation in order or at least more in order than they have it now? [00:28:23][14.8]

Victoria: [00:28:23] So I think the first thing is to understand it, and that sounds really silly to some people. But if you're in debt or if you have credit card debt or if you just don't understand budgeting or cash flow or, you know, you want to invest and you just don't know where to start, all of it can feel incredibly overwhelming. And I think it's more about drawing a line in the sand and saying, you know, what passed me dealt with the tools and the resources that I had access to. Yeah, they got me in debt. It's just because I didn't have the right tools and resources. And from here on in, I'm just going to pull my head out of the sand and tackle it head on. Like baby steps are still steps. In a way. I think it's really important to just go right if you're in debt, let's just break it down. Let's stop judging yourself for it, because I know that there's a lot of shame and guilt that often comes along with debt. That means that people don't want to tackle that topic or they put it off or it just doesn't seem like something that they want to do. So for me, I think what not to do, don't avoid it. Like if you're in debt, OK, no problems. If you're spending too much on websites like yours truly, like don't shy away from the fact that that is that. But I think it's more looking at your system or looking at your personal financial situation pragmatically and just saying it is what it is. Do I want to change it? Yes. OK, let's just do that. Instead of worrying about how you got into debt or what's going on, it's more what are you going to do in the future? So for me, I think we should stop putting our heads in the sand. I think we should stop judging ourselves for past mistakes or missteps and start actually actioning change now and just going, you know, it wasn't ideal, but I did what I did. Now let's move forward. [00:30:02][98.6]

Alec: [00:30:03] And I think just in terms of understanding it and really taking control of what's going on, aside from she's on the money and reaching out to Zello, well, what are some of the best resources or tools out there that people can access to better understand it and start really thinking through where they're at and how they're going to improve their financial situation. [00:30:23][20.4]

Victoria: [00:30:24] So one of my favourite resources, which is totally underrated, is the Smart Money dot gov website. And I love the Smart Money website because I feel like they are so nonbiased. It's a government run website and you guys would know about it. But this isn't new information. [00:30:43][19.1]

Victoria: [00:30:44] I feel like I'm taking notes. Yeah. [00:30:46][2.1]

Victoria: [00:30:48] So yeah it's actually I got it wrong. Sorry. It's money smart dot gov dot you. So if you're just writing it down make sure it's in the right order. But essentially that's run by and for me it has a whole heap of free calculators, it has a whole heap of free information and nonbiased stuff. So it's not like a website that's going to be doing comparisons that tell you what to purchase, but it helps you take control of your money and build a better life. And for me, the resources on this is fantastic. So if you want to understand how to reduce your debt, they've got resources on that. You want to plan for the future resources and tools on that. You want to just. I need your money, they've got a free budget, they teach you how to save for an emergency fund, they teach you how to manage on a low income. And I know that that sounds counterintuitive to what I do with she's on the money, but I think there's no such thing as too much education when it comes to this. And they cover the basics fantastically. So for me, that would probably be my first step if you're completely overwhelmed because they really break it down and have obviously put a lot of energy and time into that. And I think it's more about just surrounding yourself with resources that can actually help you as opposed to getting too complicated, because I think it's very easy to go, oh, I really need to learn. And you go straight to understanding what the effects or playing the ASX game or whatever it is. I think money spot for me would be the number one place to start understanding how to plan your future. [00:32:17][88.2]

Bryce: [00:32:18] So, Victoria, speaking of emergency funds and planning for the future and those sorts of messages that you always hear about, you know, managing your money, but for a lot of people, it's sort of, you know, put in the let's do it later basket. I guess covid has been one of those situations, the most sort of significant economic event that our generation has certainly ever seen with many sort of outcomes that are possible. And it's really brought to light the importance of having some of these sorts of, you know, emergency funds or at least a plan of what you can do with your money. What have you learnt from covid-19 during this time when it comes to money management? [00:33:00][42.5]

Victoria: [00:33:01] I never thought in a million years that as a financial adviser, one of the biggest money tips I'd give in twenty twenty would be organised or equal to the government and to get job Kepa or job saica. I never thought that I would be in that situation where I was genuinely recommending that people get government assistance. But I think for me I'm so like, I'm not grateful that we're going through this. Like this time sucks. Like this is an absolute crisis. But I think for me, I'm learning that people can actually survive on less. And like I knew that before, but I think a lot of other people are learning that. I think that, you know, with like the past few weeks or months, we've seen the government deploy so many measures to ensure that we're socially distancing and people are taking it seriously, like we're in stage of a lockdown here in Victoria or in Melbourne. Sorry. And I think that, you know, it'd be naive to talk down the devastating, like, economic impact that this is. But for me, I think it's more about, you know, we actually have the ability to pull ourselves through this. And one of the most powerful things we have in this situation is actually our mindset. And I know that that sounds really fluffy, but I'm finding that the clients and people in my community that are doing the best aren't the ones that are most financially well off. They're the ones that are trying to just remain positive and see the benefits, if there are any, and just going to do what will survive. It'll be okay. I'm getting really sick of and I feel like I'm talking a lot on your podcast. I do apologise. [00:34:33][92.2]

Victoria: [00:34:34] You've got sort of Bryce. Well, you [00:34:36][1.7]

Victoria: [00:34:36] guys thought the Bryce could talk. [00:34:37][1.2]

Victoria: [00:34:38] My gosh, here I am [00:34:39][1.6]

Victoria: [00:34:39] to show him up for me. I think it's more about the people who are practising gratefulness. And I know that sounds really fluffy, but your mindset has so much to do with your situation and how you say that. And I think that that's a really, really important thing. Like it's not a nice thing to go through. But I'm also getting really sick of saying all of those quotes all over Instagram and social media of if you don't come out of this pandemic with a new skill or, you know, having established a new business or like smashed out this, that or the other, I think it's just the worst mindset to have. We shouldn't be putting pressure on ourselves during this time. We are amidst an actual crisis and we should just be surviving. So I think if we can just be grateful for the small things during this time, stop putting pressure on ourselves. For me, that's probably the biggest learning. And I know that's probably not what you wanted to hear from me on the finance podcast. [00:35:30][50.8]

Victoria: [00:35:31] I didn't know [00:35:32][0.4]

Bryce: [00:35:32] what I want to do. That's why I ask the question. [00:35:33][1.3]

Alec: [00:35:34] So it's great advice and it's definitely something that a lot of people will be saying, those Instagram posts and, you know, the LinkedIn posts and all of that. I mean, speaking personally, I very much shut that out and, you know, unfollowed people on LinkedIn and stuff just because it doesn't add anything. It just it's just noise, really. It doesn't help anyone. And I think it's a good point the getting the attitude right and being grateful that we're getting through this. [00:35:59][25.3]

Victoria: [00:36:00] I think it's also really important to not be too hard on yourself about your financial goals. I know lots of people came in to twenty twenty with some pretty good financial goals or things they wanted to achieve. And it's really easy to feel down on yourself for having not started investing this year because that was your goal or having not got your emergency fund up to the level that you wanted it to be. But I think we need to just pay a little bit kinder on ourselves and kind of treat this year as. The year that was as opposed to just being like, oh, well, 20, 20 was meant to be a really great year for me financially. Unfortunately, that's not the year it's panning out to be. And it has been a good financial year for you. Like that is fantastic. But for so many people it hasn't. But I would hate to think that people are upset with themselves or feel like they haven't achieved something or haven't done anything good this year because that control's been taken off us. And I think that it's just a negative way of looking at things like it is what it is. We can always start when this outbreak is over and we can start again later. And it's a really great thing to be in a position where that's an option for us, [00:37:02][62.1]

Alec: [00:37:03] as well as asking you what you've learnt during this Covid period. Has anything surprised you over the last few months, you know, from a personal finance perspective or just more generally, has anything during this Covid period surprised you? [00:37:15][12.9]

Victoria: [00:37:16] The entire thing is surprising. Is that a bad thing to say? [00:37:19][3.0]

Alec: [00:37:20] It would be surprising to us if you weren't surprised by covid shocked. [00:37:25][5.3]

Victoria: [00:37:26] Like, I just I cannot understand, like, I can obviously legitimately understand how we got here. But I think that now it just feels like Groundhog Day and everything is literally the same. I think what I was most surprised about was my community's ability to kind of come together and support one another. And for me, I just thought everybody would freak out. And I think this is true of Australia in general. Like, it is so heartwarming to see so many people lifting each other up and I guess having each other's backs, which is fantastic. But I also thought our community would be doing more panic selling. Like I thought that lots of people, like we obviously saw that happen. You know, we look back in the history books like every single global pandemic that, you know, global pandemic, swine flu and Ebola and mayors in 2015. Like, I think that all of that was really impactful and people had started to panic cell. And we know that that's been happening in the share market here in Australia and more broadly as well. So it's not to say it's not. We can say the share markets had an absolute battering, but I think it was just the mindset of millennials that I thought I'd have to come in to my community. And knowing this, 90000 people in there now, I thought I'd be having more conversations about telling people to stop freaking out about their share price, where so many more of them are just more financially literate and they're like, Oh, don't sell Acuña. It's not worth realising the loss. And I'm like, wow. Like I didn't expect people to have really taken on what we'd been saying, whereas 12 months ago I know people will like all my shares, worthless. That's such a bad thing. I'd be like, OK, like you're really lucky to have time on your side and would have to explain it. Whereas now I'm just surprised to see everybody kind of sharing this information themselves and it's just so much more freely available and accessible. So that's really cool. [00:39:12][105.7]

Alec: [00:39:13] So, Victoria, one more question about Covid. Obviously, there's a lot of uncertainty about how much longer the lockdown in Melbourne will last and how much longer we have until there will be a vaccine or even if there can be a vaccine given there's so much uncertainty. What are some of the steps that you're suggesting to clients and to your community? What are some of the steps that they should be taking to sort of protect their wealth and to manage this uncertain period? [00:39:38][25.3]

Victoria: [00:39:40] So interestingly, it's not share advice. It's not even investment advice. I'm quite a conservative investor when it comes down to it in in terms of the types of clients I'm working with, I'm working with young people who have time on their side. So as much I like to say that I'm an aggressive conservative investor, aggressive being that I want a lot of my money exposed to the market. And usually this is the mindset of my clients that I want a lot of my money exposed to the market. But then I also want to be picking quite conservative companies that are tried and true. And I'm not looking at taking a punt. So I'm feeling very lucky that my clients haven't really had to change their portfolios or do anything like that. So it's more just about helping them manage the financial uncertainty in terms of personal cash flow. So for me, if it wasn't already something that a client was doing, getting them to understand that having an emergency cash fund is really important and making sure that they have, you know, enough money in their accounts, usually for about three months worth of expenses. It really depends on your personal situation and understanding that budgeting and cash flow pace, because at the end of the day, as long as you've got money coming in that covers your necessary expenses, you'll be okay. And I think that that for me is the most important thing. Like I've had clients who have lost their jobs. I've had clients who have lost their businesses. But for me, it was making sure that they are all in a position where they've got money coming in to cover their immediate expenses. But then another thing that was really important that came out of my community was actually like not giving people permission, but telling people to give themselves permission to not feel guilty about reaching out for help. And I think that that's a really important thing as well. Like we're going through this really financially unsure period. Like if you've got a debt or you've got something that you can't pay right now, Richard, have a conversation about it. Just be like, hey, the world's a bit messed up at the moment. I really can't afford this. What can we do about it? Either renegotiate terms or push it off. I know lots of banks, you know, giving that grace to home loans, but I think it's more about not being too proud to pick those options up, because the more money that stays in your account at this point in time, the safer you're going to feel, essentially. And I think that that will help us all sleep well at night. And that's one of the most important things at this point in time, I think. Hmm. [00:41:59][139.5]

Alec: [00:42:00] So, Victoria, now not a Covid question. [00:42:02][1.9]

Victoria: [00:42:02] Oh, yeah. [00:42:05][2.9]

Alec: [00:42:06] I think if there's a few key takeaways that I'm definitely going to take from this interview and I think a lot of our listeners will, it's the importance of budgeting and cash flow. And they they seem to be the really important things that people need to get a grasp of and really get their heads around to be in the best possible situation they can from a personal finance perspective. [00:42:27][21.0]

Victoria: [00:42:28] One hundred. [00:42:28][0.2]

Alec: [00:42:29] I'm interested to know how much you think people should be thinking about budgeting and cash flow compared to how much time people should spend thinking about their investment decisions and the indexes or the companies that are putting the money that they're saving into that sort of like a 50 50 split. Is it 95 per cent budgeting and cash flow and then five percent investing? Do you have an idea of how you think people should be splitting their, I guess, mental capacity between those two areas? [00:42:59][29.8]

Victoria: [00:43:00] Well, I think that they're completely different things, if I'm honest. For me, understanding, budgeting and cash flow is essential for you to be successful in the share market, because at the end of the day, if you're over committing yourself to an asset and you really want to buy a particular share and you're like, you know what, I'm going to put all my savings there, but you don't have a proper budgeting and cash flow system set up, and you find yourself in a position where you're like, wow, I really wish I didn't put that five grand into shares. I actually need it to pay my car registration. And you end up in financial hardship because of it or even worse, having to pull money out of a market that maybe has fallen. I think that that is why we do budgeting and cash flow. And I think that there is a misconception between what a budget is and what people think a budget is. And I think when we talk about budgets, people are like, oh, my gosh, Victoria. Like, I don't want to go on a budget that sucks. Whereas for me, a budget is actually just really understanding what money comes into your account, how the money leaves your account and what you're allocating it to. I'm very much a values based advisor and I want you to be spending your money in line with your values. But if you are having money come in, it's so easy to lose track of it on. Subscriptions or things like that, where you've got this money coming in and you just forgot that you had a Spotify subscription, but you're not really using it anymore or whatever that is, money just comes in and goes out. So for me, a budget is about really understanding your money and what you're allocating it towards and understanding what your surplus social Folies and your surplus at the end of the day is your power and what you can invest without impacting your larger goals or your other financial commitments. So if you know that, then it's one of those things where you just set it up at the beginning. And if you get across budgeting and cash flow, you shouldn't really have to think about it each and every single week. So you can open up the rest of the time to understand your investments in wealth creation strategies. [00:44:55][115.7]

Alec: [00:44:56] As someone that has made the mistake of signing up for a free subscription and then forgetting to unsubscribe. [00:45:01][5.0]

Victoria: [00:45:02] We've all been the ones [00:45:03][0.7]

Alec: [00:45:05] I can attest to the importance of staying on top of those subscriptions and getting rid of them before they start to affect your cash [00:45:11][6.3]

Victoria: [00:45:12] flow. Absolutely. It's definitely not about going okay, well, we only have one hundred dollars per week for groceries. It's actually about being really honest with yourself and just saying, oh, what? I'm actually spending on groceries. Let's write that down so that you genuinely understand what your costs are so that you can allocate your surplus and what you've got left over true wealth creation. And if you can do that, it shouldn't be something you have to revisit on a regular basis. Revisit it when you get a pay rise, raises it when your financial situation changes. So you've got a new deal or something to add to your budget, but you shouldn't have to work at it every single day. Whereas following the stock market like that obviously requires far more commitment than doing a budgeting and cash flow system like that should be the framework that then your investment decisions are based upon, because you know what you're working with now. [00:46:03][50.9]

Alec: [00:46:03] Victoria, one of the most common questions we get here at Equity Mates is around the decision of either saving for a house or investing in the stock market. And I imagine it's a pretty common question you get from young people both in the she's on the money community and Zellar [00:46:19][16.4]

Victoria: [00:46:20] every single day. [00:46:21][0.9]

Victoria: [00:46:21] Guys, that is. [00:46:22][0.7]

Alec: [00:46:24] And obviously, we're not going to ask you to give a definitive answer on which one people should be doing. It depends on people's personal. [00:46:30][6.2]

Victoria: [00:46:31] I'm not legally allowed. I do apologise. [00:46:32][1.6]

Alec: [00:46:35] You know, every circumstance is different. And that's that's not what we're trying to do on this podcast. But I'm sure you've got some rules of thumb or some general advice that you can share to help people sort of think about the choice and apply it to their personal circumstances. So when you get that question every day, what are some of the steps you think people should think through or how do you think people should approach that choice? [00:46:58][22.8]

Victoria: [00:46:58] I think it's a really interesting question because it means so many different things to so many different people. And I talk to again, I said it before, I talk to people every day about this, people like, oh, my gosh, I really want to buy a house. I think you really have to think about why you want to buy a house. And there's so many different ways of purchasing property. You could be talking about buying a house because you think it's a great investment asset and you've got a really great opportunity to purchase in an area where you'll get a really positive rental return. That's a different story than Victoria. I really want to purchase a house because I really like home decorating and I just want to be able to pay my bills. I think we need to answer those [00:47:35][36.5]

Alec: [00:47:35] Bryce is reason to want to own a [00:47:36][1.3]

Victoria: [00:47:36] house. That's my reason. [00:47:37][0.7]

Victoria: [00:47:38] It's not legitimate. Yeah, it's a legitimate, unfortunate thing. [00:47:43][5.0]

Alec: [00:47:43] And don't don't tell Bryce this, but his interior decorating taste is terrible, so. [00:47:48][4.5]

Victoria: [00:47:49] Well, in that case, my advice would be Bryce don't own a home like [00:47:52][3.1]

Victoria: [00:47:53] go for an interior designer. [00:47:55][1.9]

Victoria: [00:47:56] Yes, exactly. Because you weren't trying to get any kind of investment return. So that's fine. So for me, I think it's more about your motivation to own property and then really thinking about where that comes from and then maybe thinking further about it. Are you feeling pressure from your social group to purchase homes because you know your social group of purchasing property? Is this something that actually aligns to your goals and values? Is this something you actually want but then furthering that? What is the true cost of the property that you're taking on? Because I'm telling you right now, if you go and purchase property, it's far more than just the 20 percent deposit that we would recommend, you say, for. It's all about, you know, what additional costs are going to come up, what stamp duty are you paying? If it's rented out, what kind of fees are you paying to real estate agents? How much rental return you getting? What maintenance on the property looks like? You're paying rates, you're paying body corporate because it's an apartment. And then if you live in it, well, what happens? It's a very different story than renting. And your hot water system breaks and you call your landlord and they come around and fix it. Your hot water system breaks and you own that property. Well, you've got cold water or a five thousand dollar bill. So for me, it's all about risk and whether that asset actually aligns to the values of that client and whether they actually want it. And if they do. Fantastic, I'm really here for that, but it's more about understanding what they want that property for, whether it actually fits into their portfolio. But at the end of the day, lots of people want to own property. But I think it's really romanticised in a way as well. I'm not saying property's bad, but it's romanticised in a way because, you know, you put your head down and you work your butt off to get this home deposit. But then people assume that once you have the home, it's all smooth sailing from there. But you actually have a mortgage that you now have to service each and every single month. Mortgages aren't cheap. They are quite expensive, especially if you are living in Melbourne. And I think we need to really understand what that financial commitment means. And then there are other asset classes. I don't know if you guys have heard of shares, but there's less commitment when it comes to purchasing shares unless you're leveraged or something. But there is less commitment when it comes to shares because you don't have to pay a mortgage each and every single month. Like you don't have thousands of dollars that you have to put into the market. It becomes a choice. And if you need that money for something else, you actually have the ability to allocate it to something else without going into debt. So for me, it's about your values and your goals and really understanding the true cost of that property and what that actually means, but then also understanding and then probably getting into the property market a little bit more than I should. But then understanding like what it's actually going to take because you can save for the home deposit. But do you have an income that a bank is going to say yes to to actually give you that mortgage? And I feel that too many times do I talk to people within my community that say Victoria like I got an inheritance or have saved my butt off for my entire life and I now have two hundred thousand dollars. Why can't I get a million dollar property? It's like, well, unfortunately, you don't have an income that a bank is willing to give you a mortgage for because you actually can't service that loan. So for me, it's about your values and what actually aligns to that. But then being really reasonable for your financial situation is the long answer. [00:51:08][192.1]

Bryce: [00:51:10] Great answer. So, Victoria, before we move to our final couple of questions to close out the interview, where can people go to find out more about your financial services business or if they obviously want to listen to the podcast? Pretty straightforward. Head to your podcast player and search. She's on the money. But if they were interested in becoming a client or finding out more about your blog and that sort of stuff, where can they find you [00:51:32][21.9]

Victoria: [00:51:32] so you can find me at Sheas on the money dotcom ague? And that has everything from advice for financial advice and getting that from my business or getting a really good referral to someone who actually gets you and your personal situation to understanding mortgages and finance. And our podcast and my blog and our online course, which is coming out in the next month, it's literally got everything there. So I think that would be the first place that I would recommend you guys hit up. [00:51:57][24.6]

Bryce: [00:51:57] Nice. So we do like bold predictions here at Equity Mates each year. Ali, can I sit down at the start and just throw out some sort of crazy ideas and what we think might happen in markets in the world of finance? Throughout the year, I predicted that we would see a two trillion dollar company by the end of the year. And and Lo TriNet fortunate for him. Apple unfortunately for me, I think I beat a case of beer on it, so. [00:52:23][25.3]

Victoria: [00:52:23] Oh, I know. I'm just I'm [00:52:26][2.3]

Victoria: [00:52:26] just not that cool. I just don't have any good bold predictions. And I know that you guys were going to ask this like I knew that that was going to happen, but it did. I think about it a lot. No, I'd like you to come up with anything inspiring or exciting to predict. No. So I'm going to predict [00:52:43][16.7]

Victoria: [00:52:43] what am I going to predict? If you don't [00:52:46][2.3]

Alec: [00:52:46] have a prediction, maybe you can give us a prediction on what she's on the money will do in the next 12 or 18 months. [00:52:52][5.9]

Victoria: [00:52:52] Oh, I don't even know that. [00:52:54][1.4]

Victoria: [00:52:54] If I'm honest, I'm not going to lie. [00:52:57][2.8]

Victoria: [00:52:57] I never thought in a million years we'd get to where we are. I feel like I couldn't have predicted that. But let's just say I hope that she's on the money, doubles its impact. I would love to predict that. I would love to be proven right that, you know, we have more than four million people that listen to our podcast in twelve months. So I think that that could be a bold prediction, maybe some tickets on myself. But I feel like the impact that we're having thus far, I'm incredibly proud of. And I just feel like the more the merrier in this community. [00:53:28][30.3]

Alec: [00:53:28] Really nice. Well, I think that's a good prediction and a good goal as well. [00:53:32][3.7]

Victoria: [00:53:32] Yeah. [00:53:32][0.0]

Victoria: [00:53:33] Let's go [00:53:33][0.2]

Victoria: [00:53:33] with that. When you see that four million dollar mark for million [00:53:35][2.5]

Victoria: [00:53:36] dollar, I wish I was for million dollar. Come on. Now, that would be great if you've [00:53:40][4.4]

Victoria: [00:53:40] got some gold to go for. Well, yeah, you can predict [00:53:44][3.1]

Victoria: [00:53:44] that I'm here for it if you're right. Ali, please. [00:53:46][2.2]

Victoria: [00:53:48] Yeah. [00:53:48][0.0]

Alec: [00:53:50] So, Victoria, we like to end these interviews with the same final three questions. We're nothing if not predictable, so we'll get stuck into those. And the first question is, do you have any books that you can sit up? [00:54:04][14.1]

Victoria: [00:54:04] Must read that I have to be finance books. [00:54:06][2.5]

Victoria: [00:54:07] No, no. That can be anything. Anything. [00:54:09][1.7]

Victoria: [00:54:10] All right. So my favourite book. The moment is a book called Great, and it's by a woman called Angela Duckworth, have you guys heard of it? I have. You have? I haven't. All right. [00:54:20][10.8]

Bryce: [00:54:21] So far as it goes for me, though, I have [00:54:23][2.0]

Victoria: [00:54:24] a pretty good test Bryce going. I don't think he's out of it. All right. All right. All right. All right. Yeah, perfect. [00:54:35][10.6]

Victoria: [00:54:36] Just look it up on Google for me has been a really powerful book. It's about the power and passion of perseverance. So I think that it's relevant to everyone, I guess, listening to your podcast, but then also to my community. And Angela defines it as like it is the passion and sustained persistence, if I remember this correctly, that you put towards long term achievement. So for me, that really helps with the investment, I guess, is the thing that actually binds us together and it's the thing that helps us achieve our goals. So it's not actually about how smart we are. It's not about how popular we are. It's actually about the the biggest outstanding achievements in the world weren't based on talents that were just based on persistence and the people that got back up and, you know, try it again. And if it didn't work, they tried again. So for me, I was really inspired by this book. It's written beautifully. It's got some really, really good examples in it. And Angela also has a really good TED talk on the same topic that I also love. So that would be the thing that I would love to recommend. [00:55:36][60.9]

Alec: [00:55:38] Nice, nice one. We'll check that one out. The next question is, what's your go to source for investing and financial information [00:55:46][8.1]

Victoria: [00:55:47] inside or outside of my business? These are both like, I guess, different in terms of source for financial information for my clients. I use a number of different private brokers and research houses that we subscribe to and have updates with on a weekly and monthly basis. So those aren't usually accessible, I guess, by the public. But for me, those are the things that I really love. So for me, places like Morningstar are really great. But I also really like rating like the AFA and MarketWatch and websites like that just because I'm genuinely interested in the financial world. So for me, obviously getting direct share advice and understanding different client portfolios through research houses and through out brokers. But for me, I also really like writing. There are no [00:56:33][45.8]

Victoria: [00:56:33] warnings. [00:56:33][0.0]

Victoria: [00:56:34] No, I know a lot of financial advisors would be horrified that I read the IFA, but I love it. [00:56:39][5.1]

Alec: [00:56:41] Why would they be horrified at that? [00:56:42][1.3]

Victoria: [00:56:43] I think because the Financial Review can be biased and it's not true financial like it's true financial information, but it's all written by journalists and it's just kind of not the the sole place that you go for financial information. They're more about going direct to the source, et cetera. But I'm not the purest financial adviser that they are. I love just knowing what's going on in the world. [00:57:08][25.3]

Alec: [00:57:10] Well, we're here for the show. He's on the money. I'm fine for twenty twenty. And so that we thought of [00:57:17][7.1]

Victoria: [00:57:17] a place that's going to write off any ability for me to go into the I [00:57:23][5.7]

Victoria: [00:57:23] should I want to have an article there but like YOLO [00:57:26][2.8]

Alec: [00:57:28] and then return to the final question. If you think back to the early days of your investing journey when you were signing up for a raise or signing up for acorns, as it was called, then what advice would you have for your younger self? [00:57:41][13.0]

Victoria: [00:57:42] Um, I've got so much advice for you, my younger self, honestly, but I think I would have loved if someone had sat me down and just really explained to me what compound interest was and how it could change my financial life and what that actually meant for me. I think for me, not understanding it meant that I'd never really fully comprehended what investment was for. Like you invest to get more money, right? So you can spend it later. But that's not actually it. It's more investing to create an asset that pays you a passive income so that you can retire and create the life that you want or not even retire, just have financial freedom. And I think that this concept of financial freedom is, you know, we talk about it all the time, that people don't comprehend what it actually means and what you can actually do to achieve financial freedom. And for me, I would have loved if someone had sat down and given me the advice when I was a bit younger to. Well, he is what you want to do. How much of an income do you want to be financially free or this is the goal we're working towards. I would have been like, wow, that's impactful in saying that. I'm not sure if younger me would have ever listened. So maybe I needed to say, [00:58:45][63.7]

Bryce: [00:58:46] well, the good news is it is never too late to try to understand these sorts of things. So look, Victor, it's been awesome having you on the show. You're doing an amazing job in the finance community, trying to educate everyone and bring this sort of financial literacy to a point where they can start making smarter decisions for themselves. So very much appreciate your time. We look forward to staying in touch and we will be pestering you for a bold prediction of Essawi. And addict. [00:59:12][25.4]

Victoria: [00:59:12] All right, all right, I will. All right, I'll think about it. I did like [00:59:17][5.1]

Victoria: [00:59:17] I'm not that creative, like I just did [00:59:20][2.3]

Victoria: [00:59:20] not cool. [00:59:20][0.3]

Alec: [00:59:21] Not if it make if it makes you feel better. We have got we've got as many wrong as we've got. Right. So it's not about being right. It's just about being bald. [00:59:29][7.7]

Victoria: [00:59:30] Oh, well, maybe I just don't have the confidence that [00:59:33][3.6]

Victoria: [00:59:33] God [00:59:33][0.0]

Bryce: [00:59:36] will leave it there. But again, thanks for your time. It's been a very enjoyable conversation and I know our audience will certainly get a lot out of it. So thank you very much. [00:59:43][7.3]

Victoria: [00:59:44] Thanks for having me, guys. That is very, very kind. I loved it. Thanks for listening to Equity Mates [00:59:48][4.9]

Victoria: [00:59:49] investing podcast production of Equity Mates Media. Please remember that everything you hear in Equity Mates investing podcast is general advice. Only the content has been prepared without knowing the personal objectives, specific financial circumstances or goals. The host of Equity Mates investment podcast may maintain positions in the companies discussed before considering any investment. Please read the product disclosure statement and consider speaking to a licenced financial professional. [00:59:49][0.0]


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