FlexMami: How money *can* buy happiness (Part 2)

Maddy: [00:00:20] Hello and welcome to You're In Good Company, a podcast that makes investing accessible for everyone. I'm Maddy Guest. And as always, I'm in some very good company with my co-host, Sophie Dicker.

Sophie: [00:00:31] Hello, Maddy Guest, how are you today?

Maddy: [00:00:33] I am very well. So do you got how you.

Sophie: [00:00:36] Very good.

Maddy: [00:00:37] Super excited today because we are welcoming back flex mommy because last week we spoke a lot about sort of her money story and where she sort of developed her thinking, I guess around money. But this week we're going to get into investing.

Sophie: [00:00:52] And I think she has a lot of interesting perspectives about investing. And I think the one key takeaway I took is that you can translate a lot of the lessons that we like to speak about today to your own investments.

Maddy: [00:01:03] If this is the first time you're tuning in to your good company, we recommend that you go all the way back to the start, but at least go back to last week's. Part one of this episode. Hear more from Flex. But if not, welcome back and let's get into it. I want to talk about like financial literacy and probably going back to your personal finance now. When did you first start investing and how do you think you sort of came across it as a thing to do?

FlexMami: [00:01:28] I don't know. I reckon like I probably got sucked into like res and you know, like having like a high, high interest yielding savings account and like putting my money in and b and I wonder if this, is that doing anything?

Sophie: [00:01:40] How old were you like was like where you when you were.

FlexMami: [00:01:43] Doing 22 or like 60 like or something. But even then I was like, Oh, maybe if I put in $10, it'll make me $100. I didn't know it was just the optics of it, and I didn't consider myself an investment. Like how I was able to say to you earlier, like my return on investment for myself is exponential. It's 50 times, a hundred times whatever. Because, you know, even before, like what I didn't realise the distinction between me, the person and me, the business and seeing how low my expenses were on a month to month basis, I might spend $500 or $1,000 or something because I was like, Oh, I'm going to pay myself. Like, it's all the same. No, it's not. But even now, like I remember when I was when I was talking to a financial advisor, I was like, Let's get into this, what's poppin? And he was like, You should do shares. And I was like, Okay, cool. So he did like, there's risk averse. It's like a.

Maddy: [00:02:33] Quiz. 

FlexMami: [00:02:33] Like a quiz. Yeah. To, to, to, I guess, discern what your relationship with risk is and what kind of investor you'd be. And I was like, okay, cool. So I, you know, I do the little quizzes thing and it was like so annoying. I needed all this information. Like, how much do you spend a month? I don't know.

Sophie: [00:02:49] You know, like, you know, in your tracks cause you're like, Oh, that's 20 questions, literally.

FlexMami: [00:02:54] I didn't know that was like, how much do you spend on dining out? I'm like, This could have been a big month for me. This could been your month. Like, what do you need? Yeah. So I did the quiz and I was like, you know, I made a few numbers here and then I guesstimate it, but by the time I got to the end. Okay, so you seem like a balanced investor. Doesn't sound like me at all, but whatever.

Sophie: [00:03:12] No one's ever called me balance before this. Really?

FlexMami: [00:03:15] So. So he's like, so based on this, I recommend. He's like, I think he should put like 60 K into a variety of shares and then you get a 3% return. And I was like, 3%. What is.

Sophie: [00:03:27] Bank accounts. Yeah.

FlexMami: [00:03:29] What is 3% like. I thought 20, 30%. I'm like, well, I could start a business tomorrow and get a return on that investment like in the next month. What do you mean, 3%? And he was like, well you know, like the industry you're in like it's really fickle and la la la la. And I'm like, yeah, but like but you're 60 K. Yeah. Just in here to make 3% on it. And like he was like and then every year you'd put in like a similar amount. I don't have that to put in every year to make 3% and he couldn't fathom because for him he's like, your lifestyle is not conducive to long term wealth. That's where you're wrong, babe. You don't get the vision. So that was.

Sophie: [00:04:11] Did you stick with this financial advisor? Oh.

FlexMami: [00:04:14] Not at all. I'm like, you do not get it. And I really feel like I feel like people use the word vibe to not articulate themselves or to remain ambiguous. But the vibe wasn't there. And I worked with enough people who understand the vibe, who I don't connect with. Like, for example, my build is in Hobart. Like it's two random, like young dads who get the vibe. I send them an image like, yeah, we get it. Like, do you want like squiggles? Like, Yeah, sure is great. Should we also like paint the aggression? Like, yeah, we'll do that. They get the vibe. Yeah. So there was that, right. And so it was like raise or whatever. And then I remember all throughout my high school years, in my early, early twenties, my mum was like, You should get a house. And I was like, I don't understand how a house is an investment. Like if I have to save and adjust my lifestyle to get a lump sum of money to put it into this thing that's going to cost me more money, whereas the investment do it. So I didn't do shares and do stocks, didn't do I was I can't get a house and those like algae crypto, that seems like legit.

Sophie: [00:05:13] Were you influenced by firms? Of course.

FlexMami: [00:05:15] Of course. Firms and every like skater artist at the house party was like, you're not you're not in it. And I was like, You're in crypto. What kind of money you making from your outlet? And I and I remember doing a bit of research and overwhelming consensus was like, don't put in what you are not afraid to lose completely. So, okay, cause I wouldn't like 2000 and then 3000, I was like, Oh, this is cool. And I was like, going up, going down. But I was having fun with it. You know, I was investing in altcoins is like this is like going up. And I was like, Wait, how do I even take this money out? And then I was like 50% tax leave it like, I don't need this money that badly. And then it got up to like 10-K and then, you know, now it's at like a dollar. Yeah.

Sophie: [00:05:54] Nothing. Has that taught you something, though, about investing like that whole crypto journey like you wanted, obviously, these massive gains, you thought about it, but now it's dropped completely.

FlexMami: [00:06:02] Well, I think it just felt like gambling. And I was like, I see what is happening here. I see that people are really trying to it's like that scarcity mentality or the urgency factor telling people if you don't do it now was at the literacy. Without the security, you'll miss out completely. And like when you use like Bitcoin was, you know, 4.5 years ago and these people are millionaires and like that could be you, but you waited until you like. And I feel like everyone just needs their North Star, you know, like we cannot do everything well and you, at a bare minimum, comprehension is required. Yes. And so like now I just stick in my lane. I understand how to run businesses. And so that's where I will get my longer term investment. And it's not just starting it from the ground up, it's acquiring them, it's investing in. So I'm like, this makes sense to my brain. And I also can add value to ensure that my investment has a positive return. So when I am seeking out a business, let's say it's like a jewellery business, I'm like, well, hello. Like I can be a marketing channel, I can be, you know, a creative channel. I can do all of these things and ensure that this investment will work in my favour. That makes sense to me. When I got my house in Hobart that was like my big girl traditional investment because what was I doing? I bought a car, I bought a new car. It's like, okay, I got it like a depreciate when you driving off the lot. Okay, but I'd hate it see. So you would do it to you. It don't to. [00:07:20][77.2]

Maddy: [00:07:20] I don't like hated see you like oh I love that. Yeah.

Sophie: [00:07:27] I'm like, push this guy. It's like, yeah.

FlexMami: [00:07:29] Panoramic sunroof like what was I meant to do. All I meant to do so. But so with my house in Hobart I remember a good friend of mine had moved to Hobart like five years ago. She got headhunted to work at the mine. I was like, Oh like and this is a city girl. Like, she's a city material girl. She's not like a small town girl. So I'm like, Well, you're moving like, yeah, like I'm just going to give it a red hot car. She moves and she buys a house. I'm like, Maxwell.

Sophie: [00:07:53] Oh, what's going on? You know, becoming an adult. Really? Yeah.

FlexMami: [00:07:56] I'm like, keeping up. Slow down. Like, I haven't even visited yet. She buys this house, she shows me. I'm like, Well, why is it so inexpensive? And she's like, Oh, you know, the lab and the library. So when I was looking for a house I wanted to buy, I was like, Here's the thing that I know for sure. This will not be an investment unless the land value increases in some way. Yeah, right. Well, according to the planet, there might not even be land to invest in the future. It might be underwater in five years. So I, you know, not really banking on that. And so I found that my my research to moved from like what vibe do I like to like what? Is the smartest place for me to buy this hunk of, you know, cement.

Sophie: [00:08:30] So smart. Like, you look at people buying in the city, for example, and, you know, people want to live close to their workplace and whatever else. But over COVID, you had a lot of people buying in the outskirts of, you know, where we are at the moment in Melbourne, closer, you know, to the country and that kind of area that, you know, I have friends who are like, well, that's the only place I can afford it, hoping that it'll go up at a higher rate. Yeah, it's buying in inner city Melbourne where it's so expensive.

FlexMami: [00:08:52] Actually, and there's hope and then there's like a little bit of research you could do, right? So when I was looking around and I was like, okay, so what, how, how much is land value increasing in these areas that I feel like are really aspirational elements like buy the cheapest house in the most expensive neighborhood? And I'm like, okay, I don't want to change my life. So it's not scrimping to live in a mould infested water damage terrace. I don't want to do it. So then I was like looking around Australia and I was thinking about I can't afford the place I want to live in. Yeah, right. Like hands down. Like I can't afford that. The newly renovate cool. It's not happening. And so I was like, am I going to spend a big hunk of money to live in a place I don't really like? And so I was like, Well, what are my other alternatives? I could rent fast, but I was like, What? What is? I'm still paying for a mortgage or whatever. So then I was looking in Hobart because I like Hobart and I was like, This could be cool. And I was like, Well, wait a second, these houses are like $300,000, but this is absurd. This is like three years ago or something ish. Yeah, 300,000. I was like, This is wild. Like, I've got so many options, but I'm like, No, let's look at the cost of living. It's low, but like, what are the work opportunities? I mean, I work online predominantly, so I'm all good there. It's like, you know, the schooling education school system's like, not great. Okay, cool. Hospitals, not great. Okay, cool. Like, I'm healthy. I'm like, whatever. I'll just leave it for sick and then I check on it in 2021. And the same houses that were going for 300,000, 800,000, I said, excuse me, excuse me. So that was a 20% year on year.

Sophie: [00:10:22] Yeah.

FlexMami: [00:10:23] That's I looking closely and I was like, I got to get in here. This is where we're talking. And then, you know, you see these articles come out that say that Hobart or Tasmania broadly and Norway and New Zealand are some of the most climatically sound places to live. Okay, great. And also I was trying to make a decision for me. I was like, can't me, I don't want to live anywhere but where I am. I don't want to feel tied down or like I'm attached to an idea that I had really like a, an idea. And I think all my ideas are quite flippant, but then they just have longer term consequences, like a mortgage. So in this instance I was like, okay, I had to make a pros and cons list because like, this is a big go investment and it's not even an investment yet. Like at this point, it's just it's, it's a liability. It's more money to go in what's coming out from it. So rental prices, I'm like, maybe can be a holiday house. Nick Do you need a holiday house? But I couldn't get a holiday house. I don't know. So it's like.

Maddy: [00:11:14] Speaking.

FlexMami: [00:11:15] I'm always negotiating with myself in my head. So I'm like at the bare minimum, it's like it is an investment and based on the last 2 to 3 years of that land value increasing, great. It is an investment because it's going to create joy for me and I should be happy. I feel like that's a priority. I knew that I wanted to create a space that was liveable for me. Like I wasn't I wasn't trying to do like an IKEA special, make it as generic as possible so someone else would come by it. Know, it's my.

Maddy: [00:11:44] You know, climate keeping act.

FlexMami: [00:11:47] So I really wanted something that made that sparked joy. I was like, I want it to feel really good about it. Not like a validated, like the validation was going to come anyway, whether it was a shack or a mansion, but I want it to feel good. And then I was like, okay, great. So we've got all the kind of like the baseline stuff out of the way. I was like, What are the revenue streams for this investment then? Like, how is it going to make me money? Because realistically, like, I can afford the mortgage, but I'm like, I'm not, I don't need more expenses. So I had to map out all the different ways I felt like this house could possibly make me money, if any. And it's like, okay, great, we can do a long term lease. We can do a short term lease. We could definitely do a short term lease. I mean, I would say a quarter of my audience is like, I wish I could stay in a house like yours. I wish I could just, you know, I don't want to buy that furniture. I'm like, Well, you could do that. Like, here you go. You know, I was like, also, I want to create a space that has multi functions. Like, why couldn't restaurants do pop ups in there? Why couldn't we collaborate with, you know, local retailers? You know, Hobart is known for the Moana. Why couldn't we host exhibitions? THEM Okay, great. Like I have a marketing brain. There are ways in which this investment property can actually be an investment for me and can make me more than okay. And so it wasn't until then I was like, okay, we can do this.

Sophie: [00:12:55] Well, I think that's actually really interesting because we've spoken about before, like a lot of Australians look at a house like it's an investment because it's like the great Australian dream to own a property. But then you read a book recently that was kind of saying, Why does everyone think this way? And I was kind of saying exactly what you said. It's that it is a liability for a very long time.

FlexMami: [00:13:13] The longest time is it's like a baby. Yeah.

Sophie: [00:13:17] It's like a.

FlexMami: [00:13:18] Baby. You can't just get I mean, you could really just get rid of it. I was always thinking with the house, especially everyone's like, just, you know, you know, but. The cheapest house in the most expensive neighborhood. I'm like, Yeah, but who's going to buy it if we can't afford to buy houses now? And it's like we're scrimping just to get like, you know, a little something over the line five, ten years. I mean, gender doesn't work, so they don't buying it. Yeah. What, like, is Google going to buy my.

Maddy: [00:13:43] House saying like, there's so much going on now that I think is really changing that perception of that we've had for the last decade, for the last few decades, that property just increases in value. It's not as good it's going to do that.

FlexMami: [00:13:54] Well, it's not really true.

Sophie: [00:13:55] In in us inner city areas that we live. It's just never going to be kind of the same kind of right. But what I've taken from all of this is that you're a researcher, like you really research your decisions before you make them.

FlexMami: [00:14:07] I mean, yes or no with the house or with any of like my big adult purchases, I just was respecting that. I didn't know what I didn't know. Yeah. And this wasn't the time to be flippant with it. This is not like, Oh, can I afford to buy that really kooky $5 mirror? It's like, well, if you can afford to buy it twice. Yeah, I think going by, you know what I mean? You know, it's like something that Dave Ramsey want. I want this. I was like, I need to understand what I'm doing. So because I can't just back out of it. Yeah. Like I remember googling or researching that. If I was trying to sell my house within the first year of getting it, then my mortgage broker wouldn't get his cut and he had to return the the commission that he made of selling the house to me. And I was like, crazy. Yeah. And I was like, wolves are like, No, Gary, leave Gary out of this. So I was like, I mean, like, I don't want to like, I'm not he be like, let me chip out a mortgage and let me pay more. I might die before then. Like, I'm not stressed, but I just didn't want to be like, Oh shoot, I fully got a mortgage and now I'm trapped into this decision that's impacting my ability to get a business loan or whatever it might be. It just I didn't want to get to that point, so I was like, okay, this has to feel like it makes sense, at least as for me, yeah.

Sophie: [00:15:18] Yeah.

FlexMami: [00:15:18] So I know when I talked to some of my peers, all my friends and my family, they I'm like, why did you buy in Hobart? Like, why? You know, why are you renovating it? Why are you sinking all this money into it before you make anything back? I'm like, because I need to like it. Like I need to feel good about it. I'm still, at my core, a creative who wants to be like creatively satiated by the things that I invest my time into. And it's like for you, maybe you don't need your house to feel good, but for me, I do. Yeah. Like I'm the kind of person who's, like, turns a rental into a home because I'm like, I need to live here. And one year of my life is a long time to be living in what feels like schoolies. I'm not going to do it. And so with the house especially, I was like, Don't worry about me, people like you, you. Because even this idea of waiting as well, I remember when I was 17 and my mom was like, you know, why don't you look to buy a house? And it was expensive then. And so everybody had everybody gives themself this privilege of time. They don't have. It's like while you're there putting together your pennies to make a deposit, I'm like, if you have a herd of inflation, baby, like what is your plan like? So it's like, yes, you can be preparing yourself for an ideal outcome, but when that time comes and things aren't going your way, what's your secondary plan?

Sophie: [00:16:25] Yeah. Yeah, well, I think I feel like for me, there's like translatable lessons. We haven't spoken a lot about property on the podcast, mainly because, you know, we haven't really had that experience ourself yet. But like, I feel like there's still translatable lessons like to the stock market. We always talk about people being comfortable with your investments, doing your research, taking your time. Like, yes, there are definitely opportune times. But also at the same time, as you said, if you're not well-educated in the area, then it's likely you're going to want to back out of the decision that you're making. Yeah.

FlexMami: [00:16:51] It's all about backing yourself as well, because even this idea of working with professionals like the financial advisor I told you about, if I hadn't trusted my own judgement, intuition, ability to research, vibe, whatever, then I'd be seeking out maybe even 100 120 K Now for what realistically, you know, and being able to be really realistic with yourself as well, like I knew when I was, you know, 18 working in retail, maybe making like, I don't know, 40 5ka year or something. And I was like, invest, invest I, I was like, oh my God. Like, all my friends are saving and I'm not saving like a baby. Don't live at home and like you've committed to, you know, going to uni and not dropping out before the census. I get paycheques like, you know, all of these things that I didn't know. And I feel like sometimes people just get stuck in comparing their coins with they don't get competing where you don't compare everyone. So you might be like, Oh, well, Flex bought a house, I want to buy a house. Biebs went on in the same tax bracket. It's not gonna work out like, look, I didn't even want to spend the money I'm spending on that, you know, like, doesn't feel good to like, we talked about me being a hedonistic spender. Like, I don't like spending money. I like having a certain lifestyle.

Maddy: [00:17:57] Yeah.

FlexMami: [00:17:57] Yeah. So, like, I don't like this idea that, like, when I got my mortgage was a variable rate, you know what I mean? And now, now it's going up a percent and I got to pay more. I don't want to do that. Right. But you live in like.

Maddy: [00:18:11] So money is still like quite a taboo topic. And so often I often talk about how it's quite weird. Like it's you're more likely to hear your friends say, Oh, I'm so bad with money or I can't afford anything. Then be on it and talk about how they're actually good with money or they're making money. How do you think that we can encourage more women to interact with and be positive and really engage with money and I guess investing more specifically?

FlexMami: [00:18:37] Oh, I think building your conviction first and your confidence second. I feel like, you know, a lot of us feel too old to say we don't know any better.

Maddy: [00:18:48] Like it's different.

FlexMami: [00:18:49] Well, I. I think confidence is like that. Like smiley feeling of self-assuredness. When you do something right, you're kind of like, this feels right. Like, you know, it's like the equivalent of a strut to me. It's like, wow, I feel good. I made that decision. Like, you chin up, you go and you go. And, like, that feels right. That's confidence. It's almost like it's perceived by people as, like, this aspirational thing. She's so confident. It's like it's outward, you projecting it. Conviction, I think, is what happens. I mean, by definition, I mean very similar things if we're talking like English literature, but in practise I feel like confidence is very projected and it's easy to be seen and identified by even a stranger walking past you. Conviction, I feel, is what happens behind closed doors. You in your own head, in your own mind, your own neuroses, your own insecurities. Deciding in this moment is what we're doing, answering to your self, becoming accountable to yourself, and creating KPIs and your own metrics for success. They don't need to make any sense to anybody else, but you have to choose. I think a lot of us are really, I would say, confident that things are going to work out like, oh, you know, I've got a job and I'll get a promotion when the promotion comes. Like I'll save a little bit more and like, whatever. I'll get a side hustle. Cool. But while you, like, you know, patting us on the back for feeling good about the possibility of making a decision, you could have made one and stuck to it consistently. And I don't think it looks the same for everyone. Like, I definitely am not an advice giver when it comes to money because I definitely feel like now when I talk to like friends or peers, I'm like, You won't do what I've done to make this money. You wouldn't, because while you were there being like, Why do you always have three jobs and why are you always working? And How come you didn't have a birthday party this year? And how come you coming on holiday? And I was working. I was in the trenches, like making a cheque. You weren't going to do that, right? And even if that was a shortcut, like maybe you make an only finish, you're going to do that either. So no, your capacity and your ability to say yes to things that you're going to do consistently, and that's what people are kind of missing out on. It's like whatever you pick, you have to be consistent in some capacity, even on an everyday consistent. But over the course of years it has to happen. And I feel like, you know, I've had the reason why I can maintain my relationship to money is because with my agency I created the lifestyle that allows me to maintain that reality. If I was still working in PR making, I don't know, 50 K year, would I be this abundant? Probably not, because my physical reality is limiting how far I can, how much I can make and how far I can stretch my reality because I'm limited by, you know, this quote unquote, real job. So I feel like don't worry about confidence, worry about conviction. And I think at the very least, make it make sense if you need to do a reverse engineered formula, for example, very simple. Like, you know, you want to be able to afford two Gucci bags, you know, by the end of the year, three months ago, let's say the end of 2023. Right. What's the future back five K or something? Maybe let's say it's ten K, you need to me divided by 12. How many thousand dollars that a month. Okay, cool. Everybody can really do that. But what people tend to miss out on is how are you going to make that money? Yeah. Like all these ideas, like budgeting and scrimping and cutting the fat and, you know, cutting none. How are you going to make the money?

Sophie: [00:21:59] Yeah, yeah.

FlexMami: [00:21:59] Like, that's the thing I think people aren't thinking about. And then realistically, once you make the money, I'm like, Babes, what is your tax right now? I'm like, What? My tax rate was 45%. I was like, What is the plate? What is the plate? Yeah, I would say.

Maddy: [00:22:13] I haven't got to that. I like thinking about how to make it, not where I can cut back, but I.

FlexMami: [00:22:17] Haven't thought about it because everybody's like, you know, oh, when people have these, you know, hobbies that pay most, oh, I'm going to do coming on the side when you like, you know, do spray tans, my friends and pay me in cash with my account. Okay, babe, so that's income you're making. Is it even worth at a certain point, it's not worth it from a tax perspective for you to make more money unless you're going to be a company. Yeah, because 45% of $100,000 just going to the ATO, that's all of it. 

Sophie: [00:22:44] Yeah. And what I would say to that though is like it kind of seems a little bit daunting and overwhelming. Like if you're sitting and listening and being like, Oh, well, maybe I shouldn't be doing my side hustle. I feel like it's more just like sitting down, having a bit of a holistic view, being like, Cool, that's my job salary. This is how much I could make on the side. Does that affect my tax? Like, does it affect my expenses and just having a broad view, it doesn't need to be for me at least. Yeah, we're talking about a personal conviction. It doesn't need to be in the tiny nitty gritty, you know, because otherwise. We would have never, for example, started this podcast, but like just having that overview of like, okay, this is kind of what I'm making, this is what I can spend, this is what I can spend it on. I really resonate with that. Like personal conviction kind of, yeah. Because I mean, we look at our friendship group and our peers and everyone's doing different things, everyone's making different wages and like that should be able to mean that you can spend the way you want to and you shouldn't judge other people for how they spend their money.

FlexMami: [00:23:34] It's just providing yourself some certainty because, you know, every time sitting like with my CFO, for example, I'm like, I want to do like I want to start this business or whatever. And I'm like, okay, but I just need to understand, like, how much? Like, what is our cut-off for? How much we can invest in this before it's like we have to stop. Yeah, right. And so even having that figure, let's say she's like, you can't spend more than $1,000, so figure it out. That's marketing that stock. That's a website. And until that thousand dollars makes you three, then we can invest in money. So and certainty works in different ways. I think that people don't know that. They don't know what they don't know. And that becomes really confusing cause you kind of like, but I'm doing the thing like I watched the tick tock she said to, you know, get a side hustle and then put that away and then use that stock to buy stock and whatever, whatever. It's a cool. But like the stats don't lie and I just like it's I see it a lot when I'm looking at maybe someone on TikTok is like, this is so crazy. Like, you know, yesterday I was just a regular person and today, like, you know, I sold a bunch of, you know, clothes and now, now I've made an extra $3,000 and like, this is just money in my pocket. And it's like, no, it's not. And I don't think it's I don't think it's anyone's individual self to blame. I think we are not literate by design, but I also feel as though there's a lot of personal responsibility on seeking out information. Like, if it was so simple, why would so many businesses fail if it was so easy to make money? While we all be talking about how hard it is to make money if a house was so much of an investment. Go ask your parents how much they're making of the house you're living in currently. You know, just like make it make sense to you. Don't just learn the verbiage in the lingo and like, you know, talk about it at work cause it feels nice, like, understand what is actually achievable for you. And unfortunately, in a lot of ways, it's, it's a little over a long time. Yeah. And people looking for a lot in a little bit of time and it's okay if you want to let in a little, then it's like, okay, what are your options to get formal jobs?

Maddy: [00:25:25] Speaking of a long time, I heard you asked this on another podcast and thought it was the greatest question, so I bring it back. What does retirement look like?

FlexMami: [00:25:33] Oh my God, I wish I knew.

Sophie: [00:25:36] I feel like I'm picturing you in this, like, serious, like, art deco kind of house life, and you're having just, like, all these parties on the webcam. Yeah, really?

FlexMami: [00:25:44] I want to be like Gatsby. That's what it was like. What does he do? He's just in love. Martini, honestly, like, I definitely. I know that when I retire, it's definitely based on a feeling it's never going to be the amount of money that's not, but the permission that I allow myself. Because right now I always flirt with like I should do less. I just have one job and focus or whatever. But I'm like nerd because also it is such it is such a privilege to be able to to work in the way that I work. I would be so stupid to shoot myself in the foot for a little bit of ease at this time. I'm like, maybe stop it, read a book, you know, get some downtime on the weekend and get back to work. Or we have money to make. But it's a feeling I want to have or permission to have this feeling like I imagine myself, you know, walking down a boardwalk, you know, like, I don't know, a kaftan maybe, and a cute little cute little Birkenstock with six Pomeranians and everyone's like, Hey, flags. Hey, sweetie. How are the kids going? As a kid? I could like have like, do you have a second to chat? MCELWAIN I'm starting this new business. Yeah. Come, you know, meet me at the office. I'm there for the first time in three months. We'll have a quick chat then. Like, it's, it's. It's like it's this feeling of, like, doing everything and nothing and not being impacted by money at all. And I feel like right now, even though I know that I'm able to make money, there still is this kind of like this need to stay on the hamster wheel because I'm like, but it could be a fluke. Like ten years isn't a long time. Like what if at all? Just to be smart. Like, what if I it needs to be, like, so sudden, then I think I won't feel really certain about stopping work or retiring or slowing down until my money makes money in a way that's actually physically materialised. Not just like my return on investment is myself, because I don't want to sell myself forever.

Sophie: [00:27:28] Yeah, like, well, I mean, that's why we're investing, because I'm making money.

FlexMami: [00:27:31] Literally, and it's finding other avenues to do that in an abundant way. Not in like, well, if I acquire that business, it's not technically, you know, an expense for the eighties. So like I should start that business and like there's so many thoughts. So retirement will come when it's like running a business is like empty brain activity when it's like, I like that colour for that shirt. Let's make that. Yeah, yeah. Let's definitely start another business. Have fun.

Sophie: [00:27:58] I would just love to see you. It's all right. It's just like walking down it.

FlexMami: [00:28:02] Literally, everyone's like, he's like, Oh, that's flex.

Sophie: [00:28:07] So then I guess to rounded out the chat to. We're talking about money and investing. What piece of advice? And I know you said you don't give advice about money, but more generally. Yeah, well, yeah. And just, I guess, conversation of someone that's struggling with their money mindset to start investing or start a business or just, you know, worried about giving away that money. What would your piece of advice be for that?

FlexMami: [00:28:31] Mm. Yeah. I'm trying to think of what I would have needed to hear.

Sophie: [00:28:36] When you were younger.

FlexMami: [00:28:37] When I was younger. I think what I would would have needed to hear is like you're not too prideful to learn in most cases where you're trying to go. Someone's been there before. Right. So whether that's like, I want to buy a house, I want to start a brand, I want to, you know, take a year or a trip, whatever. Someone has done it before. And so it is replicable. You don't need to reinvent the wheel to get to where you're going, but you have to choose and decide and stop. I feel like and you might have that same thing, it's the same parents asking you the same advice. Six years later, like six years ago, I told you this is what the girls were doing. And today you haven't done anything. So start. That's a big one for me. And I think the other thing is that you have more time than you think and less time than you think. And it's up to you to decide which mindset is going to motivate you more and pick it. So to me, I'm always like, I have less time than I think because a lot of what I'm searching for is enjoyment in my like professional pursuits and A's and leisure. And it's not easy or leisurely to have employees and pay their taxes and to work with external clients and work to big budgets. And that's not easy or simple, allegedly. But I'm like, I've got less time than I think in terms of how much capacity I can give to this. I'm like, right now, I can psych myself out, I can put my head down, I can do the work, and it's okay. You might think you have more time than you think. If that's the case, go for it. Chill out a little bit. It's not going to make sense until it makes sense. It's just don't worry about it for a second. But like flipping between the two states of mind is so debilitating and it's not helpful at all. So just like pick one, you can change your mind later, but for now, like you have more time than you think. Chill out for the next week and the next week when you have less time than you think, then make a plan and not one that you have to stick to. Like as like. For me personally, I'm not a big I'm a big pitch person. I'm like, whatever. I'm bouncing around to get to where I need to go. But I think the gift that I have is I'm an executor, so I act on my ideas. All good ideas have a shelf life, whether you're like, Oh, I'm going to have a little market stall, I'm going to invest or whatever it might be. I'm going to marry Rich. Great, but it has a shelf life. He had acted it quickly or not at all.

Sophie: [00:30:48] So you're marrying rich. You got to really?

FlexMami: [00:30:50] Honestly, I really thought I had it in me. I'm like, This is harder than you think, babe. It's really hard. I'm on the lookout, though. You want to find, you know, a six figure tech bro. I'm like, he probably still is in uni, you know, until he's 28 living at home and you want to date him, maybe you need to.

Sophie: [00:31:06] You know, I like that. I think that's a good frame of mind to have. I feel like when I'm working, I have like the last time when I was on holiday recently, I'm like, I have all the time in the world to whatever I want it. But I said you said don't flip. That was really. Yeah you.

FlexMami: [00:31:22] Can split. My mom was my mum. My mum always used to say this quote, stay in your own lane. She does it in heaps of context, but it's like we all have these lanes that we've carved out, right? Whether yours is made of cement, it's made of bitumen, whatever it is you've carved out, you know what it looks like. Everybody knows when you're leaning over too far into a territory that is not yours. Like I see it a lot of the times where I'll have friends will be like, I want to make a quick money, I'll be an influencer. And I was like, Hey, I want that for you too, but you just try it for a week and let me know how you go. They come back a week later. Nobody's looking at my videos. Nobody's commenting. La la la la la. And I'm like, okay, so what do you do now? It's just too hard. Okay, cool. So you've tried it, but I understand what your lane is and do it. I always know I don't compete where I don't compared to like, yes, I'm an influencer, but I started ten years ago when it was a sidebar and bikini pitches. I couldn't do that, so I quit very quickly. Had to pivot. Not all of us are going to become, you know, big figure babes from working in an office job. Some of us will. I mean, you might be CEOs, you know, CFO something, right? So figuring out what your lane is and whether that lane is articulated by a feeling, a vibe, you know, a destination, whatever, but you have to know what it is and then just iterate, replicate, iterate, replicate it. Right?

Sophie: [00:32:37] That's it produces ashes to ashes, like make you content once and then use it seven times. Yeah. Replicate, replicate, replicate.

Maddy: [00:32:44] Well Flex, thank you very much for your time today. It's been an absolute joy chatting with you and if you are listening and you do want to hear more from Flex, you can visit flex and firms Great Hill four on Kita every day yeah Monday to Friday so go and check it out. It is seriously good listening where you're not based in Sydney and can't get Kate out. You can listen to the podcast version. Yeah.

FlexMami: [00:33:08] It's all online.

Sophie: [00:33:09] Now. Thank you for your time. Flex. If anyone wants to find out more about any of your bio but everything you buy, where do you where do you send them?

FlexMami: [00:33:18] Just go to the website. You'll find me if you want to. I'll be on your TikTok page. I'll be on the billboard by driving to work. You see me around town.

Maddy: [00:33:28] Well, thank you very much. So catchy.

FlexMami: [00:33:30] Singer.

Sophie: [00:33:31] Oh, it was just such a. A feeling chat. Both of those chats I really, really, truly enjoyed speaking about money and investing reflects.

Maddy: [00:33:39] She's so generous with her stories and the way that she really lets you in. Feeling very fortunate.

Sophie: [00:33:45] Off the back of that conversation, I feel like there was a lot more to talk about. We were really lucky to sit with Flex for another 20 minutes. So if you have thoughts and feelings about today's episode, please come and chat to us. We love chatting with anyone about anything, money or investing. Find us at YIGC podcast on Instagram.

Maddy: [00:34:01] Yeah, there was just still so much to unpack. I feel like the two of us could talk about this forever, so join us on Facebook at YIGC Investing Podcast Discussion Group. We love chatting about this. So if you've got thoughts, if you've got opinions, bring them and give them to us and we'll break it down. And if you enjoyed listening today, please send it to a friend so they can enjoy it.

Sophie: [00:34:23] Otherwise we'll see you next week.

Maddy: [00:34:25] As she then.

Sophie: [00:34:26] Bye.