How much money is a lot of money?

Maddy: [00:00:19] Hello and welcome to youre In Good Company, a podcast that makes investing accessible for everyone. I'm Maddy and as always, I'm in some very good company with my co-host, Sophie. 

Sophie: [00:00:29] Hello, Mads. How are you feeling today? 

Maddy: [00:00:31] Feeling very good. How are you. 

Sophie: [00:00:32] Feeling? Good. Sasha is also here again. Hi. 

Sascha: [00:00:35] Still got a Microphone.

Maddy: [00:00:38] Surprisingly, we didn't take it away after last night.

Sascha: [00:00:40] I know you enjoy that. 

Sophie: [00:00:45] You managed to try and hide it. 

Speaker 4: [00:00:49] Sasha found it somehow.

Sascha: [00:00:51] I own the mine. Of course I have to find them. So. [00:00:55][3.8]

Maddy: [00:00:55] So today is the last episode for or saying to sell. [00:00:59][3.6]

Sophie: [00:00:59] Forever. [00:00:59][0.0]

Maddy: [00:01:01] To us because we are taking. I think it's our first holiday from episodes. [00:01:05][4.2]

Sophie: [00:01:06] Yeah, first episode. What are you guys going to. [00:01:08][2.2]

Maddy: [00:01:08] Do since March last. [00:01:09][0.8]

Speaker 4: [00:01:09] Year. Wow. [00:01:09][0.2]

Maddy: [00:01:10] Huge for around will be just fine. [00:01:12][1.7]

Sophie: [00:01:14] I've been literally counting down the days to go away. I'm very excited. [00:01:17][3.7]

Maddy: [00:01:18] About eight working days. [00:01:19][0.8]

Sascha: [00:01:19] Left. So I want to clarify, you are counting down the days to leave your jobs and lives and go overseas just to a holiday you want to leave? Okay. [00:01:27][7.8]

Speaker 4: [00:01:27] Just checking. I think tonight. [00:01:29][1.2]

Maddy: [00:01:29] Very sad to be not having podcast episodes. Frankly, if you. [00:01:32][3.1]

Sophie: [00:01:32] Could come in my suitcase, I would bring you. [00:01:34][1.2]

Sascha: [00:01:34] Excellent. Okay. As you were. [00:01:35][1.5]

Maddy: [00:01:37] What I did think, though, it was appropriate to start off this episode. Have you come across I think it's like Lou Whaley on Tik-tok or in. [00:01:44][7.2]

Sophie: [00:01:45] She's the girl who does all the funny like working from home. [00:01:48][3.0]

Maddy: [00:01:48] Right? Yes, I know. Yes, she does that. If how do you professionally say yes? So it's funny that she says like, I hate my job and in fact, I prefer not to do things like this. So anyway. [00:01:58][10.0]

Sophie: [00:01:58] She's famous for doing that to Lulu. [00:02:00][1.7]

Speaker 4: [00:02:00] Yes. Yeah. [00:02:01][0.4]

Maddy: [00:02:02] So she recently did a great Out of office segment where she rounded up the best out of office order responses. So I thought it was an appropriate way to share it with everyone. Okay. The first one is Hello all. I'm off to pursue a modelling career. If it doesn't work out, I'll return on Monday. Bill? [00:02:19][17.2]

Speaker 4: [00:02:20] Bill. [00:02:20][0.0]

Maddy: [00:02:21] Yes, from Bill goes out of office. [00:02:23][2.0]

Sophie: [00:02:24] I just pictured that as a female designer. [00:02:25][1.4]

Maddy: [00:02:26] That's why it was funny. Another one for any urgent matters, please take a deep breath. Because only a few matters are urgent. Peyton. [00:02:33][6.8]

Sophie: [00:02:34] That should be on the back of every single email I know. [00:02:37][2.4]

Maddy: [00:02:37] One of my favourites says Era Forever for employee not found, but she's like, that is definitely someone who works in it. [00:02:43][5.6]

Speaker 4: [00:02:45] And they would have thought it was so funny, you and. [00:02:47][1.9]

Maddy: [00:02:47] I actually considering doing that one. I think it's pretty good except for people. I think you got fired, which is an ideal. [00:02:52][4.6]

Sophie: [00:02:52] So what we what are you going to put your out of office as well. [00:02:55][3.1]

Maddy: [00:02:56] One I quite like as I'm having an out of office experience. Thanks, Paul. [00:03:00][4.4]

Sophie: [00:03:02] I'm just going to say I'm not talking to you until like I'm back. And even if I come back. [00:03:06][4.2]

Maddy: [00:03:07] That's going to be out of office. That's going to go down really well. Your clients at work. [00:03:11][3.4]

Sophie: [00:03:13] You can do a different one for external and internal can. Yes, you. [00:03:16][3.5]

Maddy: [00:03:17] Can. One more. I did it. Really enjoy it. In case of an emergency it. Please contact my wife and explain to her why I must be contacted. [00:03:23][6.2]

Sophie: [00:03:24] I love that. [00:03:24][0.4]

Speaker 4: [00:03:24] I love that. That's funny. [00:03:26][1.3]

Maddy: [00:03:28] So. So today we wanted to do a slightly different kind of episode session. I kind of springing this one on you a little bit. [00:03:34][6.4]

Sophie: [00:03:34] I would like to say, Sasha, Maddie and I have a WhatsApp group all together and there was one day I was busy at work and I checked my phone at like, I don't know, whatever time of night it was. And I had like 100 messages from the two of them going back and forth. And I was like, There's no way I'm reading any of this. What are the key messages? And I didn't get any response. And so apparently this episode has come out of this WhatsApp chat, and I have no I have no idea what's going on right now. [00:03:54][19.9]

Maddy: [00:03:54] So this is the podcast will know that I'm a big fan of the imperfect so and. [00:03:59][4.2]

Sophie: [00:03:59] She's. [00:03:59][0.0]

Maddy: [00:03:59] Which is a podcast it's an excellent podcast highly recommend going to listen. [00:04:03][3.6]

Sascha: [00:04:03] Absolutely. It's one of my favourites and it has nothing to do with investing, but I always learn something. [00:04:08][4.6]

Maddy: [00:04:08] And you know, so you the reason why you don't know what we're doing today is because despite my numerous recommendations, you have never gone and listen to this fantastic podcast and I feel. [00:04:18][9.0]

Sophie: [00:04:18] Like I now I'm on like Jerry Springer or something like Punked. [00:04:20][2.4]

Maddy: [00:04:21] So what we're going to do today is if you have ever listened to Vulnerability House from the imperfect have a very fond like. [00:04:30][8.7]

Speaker 4: [00:04:31] Me do it. [00:04:32][1.4]

Sophie: [00:04:34] So doing like Cinderella type. [00:04:36][1.2]

Sascha: [00:04:37] Which is entering. [00:04:37][0.5]

Maddy: [00:04:38] You have entered the tea house. That's what Ron Shelton does. [00:04:40][2.5]

Sascha: [00:04:41] Oh, yes. He and I have decided that we're going to do our homage to the imperfect. So this is going to be an investing vulnerability or an investing and money vulnerability house. [00:04:53][12.0]

Maddy: [00:04:53] Love it. Yeah. Although I think this is about how never asked because you've kept me very out of the what if I'm what the actual what we're actually going to. Talking about? [00:05:00][6.3]

Sascha: [00:05:00] Yes. So basically what I'm going to do is I'm going to ask you three questions. You only need to answer one, and then we're just going to have a discussion about it. [00:05:08][8.1]

Sophie: [00:05:08] So I get to choose the question. [00:05:09][1.1]

Sascha: [00:05:10] Exactly. Yeah. So there's going to be three options. I want you to read them all out to us and then and then just choose which one you'd like to talk about. [00:05:20][10.6]

Sophie: [00:05:21] Okay. Okay, I'm. [00:05:22][1.1]

Sascha: [00:05:22] Ready. So here are your three questions that I've selected. Sophie, could you read them out for us? [00:05:30][7.3]

Sophie: [00:05:30] Okay. Producer Slash, who's now podcast host, is has given me. Okay. First question. Do you worry about money? How do you feel about it? That's two questions, but it's one. [00:05:42][11.8]

Maddy: [00:05:44] Voice calling. [00:05:45][0.5]

Sascha: [00:05:45] Out. I took a bit of artistic licence in the preparation of it. I'm going to have some prompts. [00:05:50][4.5]

Sophie: [00:05:50] Okay, second question is, at what age do you think you seriously start thinking about investing? What prompted it again to question? And the question is, oh, who is your financial role model and why? [00:06:04][14.2]

Maddy: [00:06:06] This is make me a bit nervous and I don't even want answering these questions. [00:06:08][2.5]

Sophie: [00:06:09] So like Survivor style getting eliminated, I'm probably going to eliminate question 2/1. [00:06:13][3.8]

Sascha: [00:06:14] Okay. So that's at what age do you think you started seriously thinking about investing? That one's we're striking from the record. [00:06:19][4.7]

Sophie: [00:06:19] I think so, because we've spoken about it on a couple of episodes. [00:06:23][3.4]

Maddy: [00:06:24] Yeah. Kind of know your money story. [00:06:25][1.0]

Sophie: [00:06:25] Yeah. I think. [00:06:27][1.6]

Speaker 4: [00:06:28] Mm. I don't know. [00:06:29][1.0]

Sophie: [00:06:30] I decisions. I'm going to go with number three. Who is your financial role model and why. [00:06:37][7.4]

Maddy: [00:06:38] I'm so excited to hear it. [00:06:39][1.1]

Sascha: [00:06:39] Yeah. So this is always interesting, I think, when you're picking role models because I always like kind of it's like a Rolodex going through my brain. Like there's so many different people that you can choose and then you're always like, Oh my gosh, I don't want to pick one because then I'm paying everyone. [00:06:52][12.8]

Maddy: [00:06:53] Everyone is for a different reason too. Yeah. [00:06:55][2.1]

Sascha: [00:06:55] So I guess we should caveat this with saying like, do you know if you're listening and you think you're sofi's financial role model, don't you? She doesn't pick you. But but today, on this day that we're recording, who is the first person that springs to mind? [00:07:11][15.7]

Sophie: [00:07:12] There's people in my life that aspirational. I don't know who they are. They have no idea who I am, but they are people that I would look up to in terms of them being a role model and what they've been achieved in business or in life. It's doesn't even have to do with finances. And so I think to that perspective, I would look up to them, but I don't know if it's a financial role model. So then I turn inward and say, is there a personal role model that someone that manages money really well or has taught me a really important money lesson? And so that's what I was struggling with. Otherwise, who do I turn to? [00:07:41][29.2]

Sascha: [00:07:41] Well, why don't we open it up and say, like, who has like a career or a life style that you think is really aspirational? Who doesn't know who you are and you don't really know them personally? [00:07:51][9.6]

Sophie: [00:07:52] The first one is super random, but there's. [00:07:54][2.4]

Maddy: [00:07:55] No. [00:07:55][0.0]

Sophie: [00:07:57] The first one is like travel influencers. No. Yeah. And I know that's super random. There's this girl on Instagram that I follow. Her name's Aggie. That's just her handle. And I think she used to be called, like in travel in her shoes or something like that. [00:08:12][14.5]

Maddy: [00:08:12] Oh, I think you might have sent me. [00:08:13][1.2]

Speaker 4: [00:08:13] This is real. NEGRON We arrived in our fancy lodge. Surprisingly, there's a pool in the middle of the river. [00:08:22][8.9]

Sophie: [00:08:23] And the reason why I find her really aspirational is because she is a real risk taker. She's always challenging herself. She started this page, you know, Mega-Successful millions of followers travels. The world does incredibly cool stuff day to day and makes money through doing it. So I look at that. I'm like, that is the coolest thing ever. [00:08:41][18.3]

Maddy: [00:08:42] Question Does she talk openly about her making money through the page and sort of how she funds her travelling and things like that? [00:08:51][8.5]

Sophie: [00:08:51] Yes, she's super transparent and she also kind of talks about this side of, you know, she gets followers being like, you know, you're living this really luxurious life and blah, blah, blah. And she talks about how this is kind of luxury Aggie, who's like, I've worked so hard to be here. I can spend on what I want. But then there's also this other side where it's like, I need to be a bit more cautious with my money and think about what I'm spending and think about what I'm putting out to the world because she has a lot of influence. But one of the really cool things about her and she speaks openly about it is like she doesn't speak openly about her investing journey, but she speaks openly about money. I've actually messaged her once before. [00:09:25][34.1]

Speaker 4: [00:09:26] Instagram. [00:09:26][0.0]

Maddy: [00:09:26] Can you pull it off? I want to say what you said and. [00:09:28][1.5]

Sophie: [00:09:28] Got no response. [00:09:28][0.3]

Maddy: [00:09:30] But like, would you? Would it be awkward if you ever tried to message your again? Like, no. [00:09:34][4.4]

Sophie: [00:09:35] No. She's got like millions of followers. But I. [00:09:37][2.4]

Maddy: [00:09:37] Mean, like, you know, any message someone and any say the last message that was. [00:09:40][2.6]

Sophie: [00:09:40] There. So the message was off the back of it. I remember it very clearly. She was on a plane and she posted a photo of an investing book. It might have even been like one up on Wall Street or something. And I was like, Do you want to come on this podcast that me and my friend have to talk about your investing job? [00:09:55][14.8]

Maddy: [00:09:56] Because how I respond, I know. [00:09:57][1.6]

Sophie: [00:09:58] So sad, but. On the other hand, her and her partner have now started selling nfts of all their travel photos and have made a fair bit of money out of it. They started an NFT course and I just think with these two together they've been very innovative and so it's a weird definition of success, but I think you're doing really cool things every single day, challenging yourself and you're making money through doing it. So that is one of my financial role. [00:10:22][24.1]

Sascha: [00:10:22] Models that's super interesting. And I think like even though you're hesitant and kind of thought, oh, it's not really financial, everything that you outlined that was financial, it's that she's like doing what we talked about in that other episode of the Live To But are you okay? Yeah, yeah, yeah. And it's like, clearly she's living that principle out. [00:10:40][18.0]

Sophie: [00:10:40] Yeah. And also the other thing I think you say from a page and you know what, preface this by saying Instagram isn't reality and I do get that. But like she and her partner just go and do whatever they want. They're in a different location all the time. Maybe that's taxing. I don't know. They seem to love it. And it's like to have that freedom to go do what you want when you want. And whilst you're there doing those cool things, you take some photos and make money out of it. [00:11:01][21.1]

Maddy: [00:11:01] I think that's a really cool thing about this though, because on Instagram there are so many influencers or people on social media who projects this sort of life that they're living. And often we can look at people and be really envious of what they appear to have. But I think that's why I really appreciate that she is very open about how she is funding this lifestyle. Right. Because as an image, as a sort of person who is objectively looking at her profile and looking at all the amazing things that she's doing and saying it could be quite easy to, I guess, maybe resent that lifestyle or like on the other hand, really aspire to be her when, you know, perhaps she actually is in a whole lot of debt. Yeah. And you don't really know what's going on behind the scenes. So I think the fact that she's really open about money and how she's funding what she's doing and her experiences is really cool. Yeah. [00:11:51][49.0]

Sophie: [00:11:51] And the other thing is, you know, she obviously started from nothing and has put herself out there and has become something. And from that she takes opportunities. So like I said, the NFT project, she also has a swimwear brand. Like she's someone I just look at it and like, you're not just sitting there with your money and be like, I'm good to go. It's like, What else can I do? What else can I learn? Like. [00:12:07][16.4]

Sascha: [00:12:08] So I'm not letting you off the hook. Who is someone in your personal circle? Who you know, who you look up to financially? [00:12:14][5.8]

Sophie: [00:12:15] Personal is probably my grandpa, both my grandpa's for different reasons. One of my grandpa's like set up a pharmacy in Shepparton, ran one of the first pharmacies in Shepparton where my family grew up. My mom and I just look up to him because it's like that was a big risk to take, you know, and set something up in regional Victoria and you know, have your family there as well. So on one side I'm like I think that's where I get the business side from a little bit from him. And then on the other side, my other grandpa is the one who still goes to university, even though he's in his late eighties and tells me that you need to be learning every single day. He has also built up businesses. I think his first job was in Durex and I remember him telling me about like the rubber glove factories and everything and like how he worked his way from being like on the floor into like some kind of, you know, office position. And I think those two stories really and still like working hard will get you somewhere. You do obviously need to make your money work for you as well in different ways. But I think for those two people it's like they gave up a lot in their lives to be able to have successful stories. So yeah, personally, I look to my grandparents a lot. Not that I don't. Mom and Dad, I'm really sorry. [00:13:34][79.0]

Speaker 4: [00:13:34] I love to do that. [00:13:35][0.9]

Maddy: [00:13:36] But I think with both of those stories, it shows like, yes, they worked really hard, but they were also very creative and innovative with how they went about earning money. [00:13:44][7.9]

Sascha: [00:13:44] Yeah. And a word you keep saying is risk. Like you seem to really admire people who take risks. [00:13:49][4.5]

Sophie: [00:13:50] Yeah, well, I always just think like there is a lot on the line for people with money. It's one of the biggest things you can do is making a decision about starting a business or giving up money. I think if you take a risk and you're really successful with it, there's something about that that makes me think What's in your brain that I should take on? What should I learn? What are the key lessons? Because I think if you've been successful, you're doing something right. [00:14:10][20.3]

Sascha: [00:14:11] Can I ask you another personal question? Do you think that you're risk averse or do you think you like taking risks? [00:14:16][5.3]

Sophie: [00:14:16] I take so much risk. Have you seen my crypto portfolio? [00:14:18][1.9]

Maddy: [00:14:20] We actually talked about this the other day. You have been very headstrong and very good and brave and through this whole career, I don't. [00:14:27][7.4]

Speaker 4: [00:14:27] Know if I could manage it. I'd call it stubborn. [00:14:30][2.7]

Maddy: [00:14:31] I would call it extremely brave. Whether that be a good thing or a bad thing. I'm not saying it's successful brave. I'm saying it's brave. But you have continued dollar cost averaging into crypto throughout this entire crash. I, on the other hand, have definitely like lost my conviction. It's funny, I've been reflecting on it a lot, right? Because you and I have come to know and become a lot more confident with investing and with the stock market. And through this period, I have felt really strongly about. I want to keep investing regularly through the downturn because I say the long term benefits of getting in whilst it's in this long period. Yeah. Why can't I apply that exact same logic to crypto? [00:15:12][41.2]

Sophie: [00:15:13] Well, I think it's what you said. If you don't have the conviction, it's like you're sticking true to your morals, your values, because you want to have that conviction. To me, investing and that. [00:15:19][6.8]

Maddy: [00:15:20] I had the conviction and it was up at like the pace. So why don't I have it now? [00:15:24][3.9]

Sophie: [00:15:24] Yeah, that's true. I think also the other thing is, like we as we always talk about, we have time on our side. So I'm like, if I'm learning lessons, I want to be learning them now. Not that that means you should take stupid risks to do that, but like even just like investing, we've spoken about, I've invested in a lot of high tech stuff. For example, lost a bit of money on it, but it's like taught me so much. Yeah. So I think risk somewhere does teach you along the way. [00:15:46][22.0]

Maddy: [00:15:46] If I think about my portfolio, I've definitely learnt far more from my bad investments than I have from my good. Yeah, that question. [00:15:53][6.7]

Sascha: [00:15:54] Well, I think we should take a break there. But when we come back, Maddie, you are not off the hook. I'm going to ask you three questions to choose from. Welcome back to our younger company, Homage to the Imperfect. One of our favourite podcast, I want to marry my favourite focus and soon to be a favourite podcast of soapies. [00:16:14][19.9]

Maddy: [00:16:15] I can't wait to hear your reviews any final listen. [00:16:17][2.3]

Sophie: [00:16:17] Can you give me the number one? Can you link me tonight the number one episode for me to listen to? [00:16:23][5.2]

Sascha: [00:16:23] We already have so many. [00:16:24][1.2]

Speaker 4: [00:16:25] I know. [00:16:25][0.2]

Sophie: [00:16:25] But they're lost in my WhatsApp, so I need one that I'm going to be hooked. [00:16:28][2.6]

Sascha: [00:16:28] Defining the one on the Harmony Monster. [00:16:30][1.3]

Maddy: [00:16:30] No, I'm going to say that was an exceptional episode. But I'm going to say Ryan Shelton's initial episode where he talks about his relationship with his best friend, Hamish Blake. [00:16:41][10.7]

Sascha: [00:16:42] But it's the Hamish Blake episode, I think. [00:16:43][1.5]

Maddy: [00:16:44] Game changing. [00:16:44][0.3]

Sascha: [00:16:45] Okay. All right. Well, let's enter our version of the vulnerability the investing vulnerability house. All right, Maddie, I want you to read out the three questions to me and then talk me. Talk me through your initial thoughts. [00:17:00][15.1]

Maddy: [00:17:01] I'm so nervous right now. Okay. Question one. What is your biggest investing fear? Question two What are three things you learnt about money from your family? Question three What to you feels like a lot of money and why? [00:17:22][21.3]

Speaker 4: [00:17:25] That is. [00:17:25][0.4]

Maddy: [00:17:26] Fascinating. [00:17:26][0.0]

Sascha: [00:17:27] Okay, so to like talk us through your process, what do you think you'll pick? [00:17:31][3.8]

Maddy: [00:17:32] Okay, I'm scratching out number one, what is your biggest investing fear? Because other than my crypto investments, I feel pretty secure, I think, with my portfolio. So that leaves me with three things I learnt about money from my family and what two feels like a lot of money. Sorry, I'm tempted. Like a few things come to mind with my family. I think about my mom's dad passed away from Parkinson's in his like quite early. I think he was late sixties, maybe early seventies, I think like late sixties. And my grandparents, that whole life saved through our retirement. And then he got sick and he never got to live that dream that they had. So my parents have always sort of instilled in me the idea of like in spending your money to make you happy and actually enjoy life and, you know, not sort of just saving for this future long term goal. Even though I do talk about investing for a long time. However, I think whilst that has sort of really influenced me in a lot of the ways that I think about money, I am going to pick number three because I find that I'm really intrigued. Right? So I'm going to do what she feels like a lot of money and why. [00:18:45][72.7]

Sascha: [00:18:45] Okay. Interesting. So, first of all, tell me why you think this is so interesting. [00:18:49][3.9]

Maddy: [00:18:50] So I have developed quite a fascination with billionaires recently. [00:18:55][5.5]

Sascha: [00:18:57] So $1,000,000,000. [00:18:57][0.2]

Speaker 4: [00:18:58] $1,000,000,000 is a lot of money. [00:18:59][1.5]

Sascha: [00:19:00] Money. Nothing short of that. [00:19:01][1.8]

Maddy: [00:19:02] So let me explain why. So Mike Cannon-Brookes has been in the media quite a bit recently. [00:19:07][5.0]

Sophie: [00:19:07] Oh my god. Money that's going to Mike Cannon-Brookes rant. We're going to be here. [00:19:10][2.8]

Speaker 4: [00:19:10] Let's hold on time. [00:19:11][0.7]

Maddy: [00:19:13] Mike Brooks has been in the media recently because he tried to buy AGL Energy Company and the reason why he tried to buy it is because he wasn't happy with how the company, which is a really sort of old Australian sort of corner hold what it like. [00:19:28][14.9]

Sascha: [00:19:28] It's a blue chip. Cornerstone, you mean Cornerstone. [00:19:30][1.9]

Maddy: [00:19:31] Cornerstone like company of the ASX. And he wasn't happy with how they were sort of approaching that energy transition and he thought they didn't have aspirational goals. And I am fascinated by the fact that someone who has accumulated as much wealth as he has. He's the co-founder and CEO of Atlassian, one of Australia's biggest tech darlings, can use that power and use the money that he has to change, like literally change the world in that way. [00:20:02][30.9]

Sascha: [00:20:02] That's so interesting. So do you feel a little bit daunted by that? Like you can't change the world until you're a billionaire? I mean, all jokes aside about billions of dollars, but like. [00:20:13][10.4]

Maddy: [00:20:13] Putting a pin in that. I don't feel daunted. That to me is, like, so inspiring. Like, I am so excited. Not by the idea that, like, that's what I'm going to do one day, but that there are people in this world who have accumulated money and who are doing that with their money. That to me is like just the coolest thing ever. [00:20:30][17.1]

Sophie: [00:20:31] Now, the thing I think about that, though, is like, how can one person have so much money and power? Because I always think like it's even like Elon Musk turning around and being like, I'm a billionaire, I'm going to buy Twitter, but also I can't afford Twitter. I need to get people to help me buy it. I don't have the cash on hand, but my net worth is that amount of money. And then he has that much influence, for one. It's a little bit scary. [00:20:51][20.4]

Sascha: [00:20:52] And the flip side of that being that, like when he decides that things aren't necessarily going the way he wants or he changes his mind, he's got the cash to pay, the legal fees to kind of try to get out of that deal, get him out of that deal, which I find amazing as well. It's like our parking tickets. I mean, parking tickets still upset me. And people always say, oh, it's just a parking ticket to them. And you think, well, how, how rich do you have to be along? [00:21:15][23.0]

Maddy: [00:21:15] Could park is Tesla anywhere? He does not have to worry about parking fines. That has just occurred to me. No, I know. [00:21:20][5.2]

Sophie: [00:21:21] But going back to $1,000,000,000 then, like, is that what you consider a lot of money? [00:21:25][4.2]

Maddy: [00:21:26] So I think taking going back to the pen and taking it out. [00:21:28][2.3]

Speaker 4: [00:21:29] Thank you. [00:21:29][0.2]

Maddy: [00:21:31] I think what I have more taken away from this is how money can make you free and how money can give you the power of choice to do what you want with your life. So definitely that is not having $1,000,000,000. But you know, last week on the episode we spoke about what's how you define wealth. And we talked about how in the book that I read, wealth was this idea of like how many if you stopped working tomorrow, how many days would you survive? And I think it comes back to that idea of like, what do you want to achieve in life? What do you want to do? What do you care about? What are the causes that really drive you or that you have a real sort of that really resonate with you? And then I guess sort of how money or how growing your wealth can contribute to that. [00:22:20][49.4]

Sophie: [00:22:21] You know what? I don't actually understand? If I ask that question to myself, how much would I need? I wouldn't know. No, I wouldn't know if I if I wanted to. Everything in my life that I want to do. I wouldn't know what that dollar figure looks like. And I think it's slightly down to like a little bit of ignorance of like how much life can cost. Like, I live day to day and I spend my money, but like, I'm just in a little shell of my own life. Like, I don't know what it's like to raise a family or like, you know, I don't have any of that kind of perspective. I don't know what that dollar figure would be. [00:22:50][28.7]

Maddy: [00:22:50] I think when I mean, neither do I, which is why I'm going to cop out of this question a little bit, because, I. [00:22:55][4.7]

Speaker 4: [00:22:56] Mean, I don't. [00:22:56][0.4]

Maddy: [00:22:57] Have a dollar figure for what is a lot of money. But to me, having is not the question, what is a lot of money? Yeah. [00:23:02][5.3]

Sascha: [00:23:02] What do you feel is like a lot of money and why? So you have said because $1,000,000,000 feels like a lot of money. [00:23:07][5.0]

Maddy: [00:23:08] But I think I guess what I would say is a lot of money is the amount that allows you to sort of make those choices and do what you want to do in life, which is completely different for every single individual person. [00:23:17][9.6]

Sascha: [00:23:18] So I've got a couple of follow ups. My first one, Larry, is like, yeah, a buckle up is that you're talking about my Cannon-Brookes and like looking up to him for what he's doing with his money. Do you feel a small part of that when you invest in like ethical funds or like I know I've invested just definitely not financial advice but in water desal and like, you know, recycled water ETF in the states because I felt really I read a lot about what's happening with water and I went, I think I want to put my money to work in that way. Like, do you get that kind of buzz from that? [00:23:51][33.1]

Maddy: [00:23:51] Definitely. Especially like the research and the learning process, that experience I get a real buzz from. And I think, you know, when we did our sustainable investing event, Camille had some really incredible stats. One of the panellists had some really incredible stats about comparing, you know, using your K-Pop or eating my free versus investing your money sustainably and how much of an impact that can create. And I think that for me was really inspiring because we think so much. They were talking about on Shameless the other day how all the celebrities are flying jets and how they're coming under so much scrutiny at the moment is air travel is like a huge load of carbon and they had this sort of broader conversation about the dynamics between, you know, you use your K-Pop and we all try and sort of play our part. And yet, do you feel quite dwarfed by the fact that they celebrities are going out flying jets and, you know, what impact can I really have? [00:24:47][55.5]

Sophie: [00:24:47] And these are the people as well that we would look to and be like, you have the money to choose to make a difference. Like you have the money to have the influence to be like, how do we find green fuel? You know, like that's kind of what dwarfs you a little bit. [00:25:00][12.6]

Maddy: [00:25:00] But I think like listening to that shameless episode, what I was really reflecting on is, well, the way that I can actually make a difference is through my investments and through. So exactly what you are saying. Slash I think the other thing that really comes to mind though is through where I work and what I'm doing for a job. So it's sort of part investing and where I'm putting my money because I think especially superannuation, like it's going to be one of the biggest assets that I have over my lifetime hopefully. So that where I choose to put that money, you know, can have a really good influence. And then where I guess where I choose to spend my time, where I work. [00:25:35][34.6]

Sascha: [00:25:36] My follow up and I'm going to ask you this as well, Sophie so here's some thinking time. My I when I lived in London, I used to walk past this really beautiful jewellery shop every day. And I used to be like when I get my dream job, I'm going to go in there and buy a ring. And then I got my dream job and then I was like, Oh, the rings are too expensive. I'm not going to buy it. And then right before I left London, I was like, You know what? Screw it, I'm going to go and buy myself that ring. Because if I told myself that for six months, yeah, I might as well. And so that for me was like I made up my mind. My brother has always said, I hope he doesn't mind me sharing this, that he'll know he's rich when he can go to any restaurant in the world and order anything off the menu and not look at the price. Do you have a like completely frivolous moment that you'll be like, I am wealthy, wealthy in spirit, wealthy in, you know, like, do you have something that in your mind you've thought about? [00:26:32][55.4]

Maddy: [00:26:32] I think for me it's when I leave a job without thinking twice about it, like to do or you know, when I when I retire, it's just when I am no longer in any way attached to my income from work. [00:26:48][15.5]

Sascha: [00:26:49] Okay. That's a really big thing, actually. That's not a frivolous thing. That's like, quite a lot. [00:26:53][4.6]

Maddy: [00:26:55] I may never get there. Yeah. Hey, can I. [00:26:58][2.8]

Sascha: [00:26:58] Say it out loud? So. [00:27:00][1.9]

Sophie: [00:27:01] Okay, well, I'll be materialistic. [00:27:02][0.7]

Sascha: [00:27:03] Yes, right. Come through. [00:27:04][1.3]

Sophie: [00:27:04] I've been booking flights overseas. I will feel like I'm rich when I book a business class flight and I don't care about it. [00:27:12][8.0]

Speaker 4: [00:27:13] Oh, my gosh. Because they back everything I. [00:27:15][2.4]

Sophie: [00:27:15] Said when I take. [00:27:16][1.0]

Maddy: [00:27:17] Back it all that is exactly mine. [00:27:18][1.6]

Sophie: [00:27:19] Like, I'm not even joking, I. Like. I mean, I just. I just. Look, I just want to see what the price is. It's like ten grand one way. Who the hell buys that? [00:27:28][9.1]

Maddy: [00:27:28] And, you know, it's funny. A few years ago, I remember thinking, I will never be the person that flies business class like I. I don't care. [00:27:36][7.9]

Sophie: [00:27:36] I think that pays me to go business five. I'm going. [00:27:38][2.4]

Maddy: [00:27:39] I don't care how rich or how much money I have in the future, I just can never justify spending a lot. Oh how times have changed. I want to fly business class. [00:27:49][9.8]

Sophie: [00:27:50] I think that's when I'll feel rich. When I'm like, Yeah, yeah, just book it. Like. [00:27:53][2.9]

Maddy: [00:27:53] That's your retirement. It's it's taking. [00:27:56][2.4]

Sophie: [00:27:56] Because honestly, it does sound a bit materialistic. It obviously is. But like, like, I just can't let people have that kind of money. I just cannot believe it. [00:28:03][7.3]

Maddy: [00:28:03] I was going to say, pet, you always hear about people getting upgraded. I do not. I can't fathom how this works. [00:28:08][4.9]

Sophie: [00:28:08] I ask every single time. I'm so shameless about it. What do you you just ask a lot. She'll say, Can I. [00:28:14][5.3]

Maddy: [00:28:14] Sit in business. [00:28:14][0.2]

Sophie: [00:28:14] Class? Is there an upgrade available? And they and then like usually they'll give you a bit of a resting bitch face and say, well, it's going to cost you five grand. And you're like, That's fine. No, I started I'm I'm off. But I ask every single time I am shameless. [00:28:27][12.6]

Maddy: [00:28:28] Okay, I'm going to try and do it. I feel a bit sick just thinking about it. I'm nervous. [00:28:31][2.8]

Sascha: [00:28:32] All right, so I have a quick fire. Would you rather to finish off? So would you rather walk away now with $1,000 or flip a coin for 5000? [00:28:48][16.0]

Sophie: [00:28:49] Flip a coin. [00:28:50][0.2]

Maddy: [00:28:50] Flip a coin. [00:28:50][0.2]

Speaker 4: [00:28:51] Really? Yeah. Wow. A quick bias, actually. I know. [00:28:56][4.7]

Sophie: [00:28:56] But. Right. $1,000 is a lot of money, don't get me wrong, but, like, it's not enough for me to. Like, if you like it, could you walk away with five now of for ten? I'd say I want five. [00:29:05][8.7]

Maddy: [00:29:05] Yeah, me too. Yeah. [00:29:06][0.7]

Sascha: [00:29:07] It's the 1000 that you didn't have before with my income. [00:29:10][3.2]

Sophie: [00:29:10] It's so much money, but it's five times the amount. The 5000. Like, that's a lot. Whereas five, ten, something double, you know. Anyway. [00:29:16][5.1]

Maddy: [00:29:16] The odds. Four or five times the amount. Yeah. [00:29:18][1.8]

Sascha: [00:29:19] Oh I see. And also, I guess cause I did kind of turn up out of nowhere with this magic money to offer it to you. [00:29:25][6.0]

Sophie: [00:29:25] Yeah. [00:29:25][0.0]

Maddy: [00:29:26] Yeah. I didn't have it before. [00:29:26][1.0]

Sascha: [00:29:27] You didn't have it? You didn't. I did. [00:29:29][1.9]

Maddy: [00:29:29] This stuff took my $1,000 different if you took $1,000 of mine and flipped. [00:29:35][6.0]

Speaker 4: [00:29:36] Oh, well, all right. [00:29:38][1.9]

Sascha: [00:29:38] Like, as if I took it from your bank account. Yeah. [00:29:40][2.1]

Maddy: [00:29:41] And you're like, you can even have the have this back or flip to get five k. That's a better question. What would you do? [00:29:48][6.5]

Sophie: [00:29:48] So I'm not. You're not taking any of my money. [00:29:50][1.8]

Sascha: [00:29:50] Yeah, give me my money. [00:29:51][0.9]

Maddy: [00:29:52] I hope that's a confession. [00:29:53][0.7]

Sophie: [00:29:54] No, I see what you're going there, but I just feel like I'm not giving up my money. That's. [00:29:57][3.3]

Sascha: [00:29:57] Yeah, I would also. I. Look, I'm going to take the thousand. Okay. Okay. I just think like a bird in the hand. Safer than two in the bush. [00:30:05][7.7]

Maddy: [00:30:05] You can invest it too and make five k. [00:30:07][1.5]

Sophie: [00:30:07] Also, Marina, there's two of us. So that's double chance. We could split it. Get two. [00:30:11][3.6]

Speaker 4: [00:30:13] Mil. [00:30:13][0.0]

Sascha: [00:30:13] That's true. Maybe I'll let you two go first and then use the rule. [00:30:16][3.2]

Sophie: [00:30:17] It's probability anyway. [00:30:19][1.9]

Speaker 4: [00:30:20] Yes. [00:30:20][0.0]

Sascha: [00:30:21] Oh, we want another. Would you rather? Yeah. Yeah. All right. Would you rather go back in time and fix your biggest money mistake or look into the future to find out where you end up on Sofi's birthday? No. [00:30:33][12.7]

Sophie: [00:30:34] I know. I'm going back in time. 110%. If you go back in time, do you have all your future knowledge? [00:30:39][4.7]

Sascha: [00:30:40] Yeah. Okay. Let's say you. [00:30:41][0.9]

Sophie: [00:30:41] You got on your feet. You know, you. [00:30:42][0.9]

Sascha: [00:30:42] Could just it's only 1 million. You get to fix your biggest money mistake. So it's only. [00:30:47][4.9]

Sophie: [00:30:47] One I just make up mistake and invest in a stock that 100 times itself. If I go back in time, I know that, like, Afterpay is going to be whatever. Yeah, well, whatever stock is going to make so much money, I'm going to be like, oops, my only mistake is I didn't invest in that. So all of my money into it, I think that series of events gets to stay the same. [00:31:07][19.6]

Sascha: [00:31:08] Okay. Interesting. Would you rather make 100,000 investing in Bitcoin or make 50,000 investing in a business that helps the environment? [00:31:18][10.4]

Sophie: [00:31:20] Oh, you dog. Oh, okay. I'm saying the environment because. [00:31:29][9.6]

Speaker 4: [00:31:30] You're rolling your eyes now. Okay. Yeah, I'll say because what? [00:31:34][3.6]

Sophie: [00:31:34] I'll say the environment, because I want to have kids one day. So I would like them to be. I'm investing in them. [00:31:41][6.5]

Sascha: [00:31:41] That's very brave of you, Sophie. [00:31:43][1.7]

Maddy: [00:31:44] I'm saying Bitcoin because I will make $100,000, sell it and then use it. Use that money that I have gained to invest in something really beneficial. [00:31:55][11.0]

Sophie: [00:31:55] Invest in Mike Cannon-Brookes. [00:31:56][0.7]

Maddy: [00:31:56] Exactly. [00:31:56][0.0]

Sascha: [00:31:58] That's good. I like the technicality that. Okay. [00:32:00][2.5]

Maddy: [00:32:01] Well, I think that brings us nicely to the Anastasia's episode. So we're off on holidays. [00:32:06][4.7]

Sophie: [00:32:07] You guys aren't going to hear from us for a couple of weeks. We will not be replying to this. [00:32:12][4.5]

Speaker 4: [00:32:12] So Instagram. [00:32:12][0.5]

Maddy: [00:32:13] Dover, just on Instagram by AJC podcast, but follow us and message us and we'll get back. [00:32:18][4.5]

Sophie: [00:32:18] To you. We will definitely get back to you, but just don't think we're being rude. Taking a well-deserved. [00:32:21][3.3]

Maddy: [00:32:22] Set, one of blue whales out of office is on our Instagram. 

Sophie: [00:32:26] But I hope you guys have a nice break from us in your ears and we will get and wait. You'll hear from us again in a couple of weeks

Speaker 4: [00:32:34] Catch you then.