How to Achieve Financial Independence with Molly Benjamin from Ladies Finance Club

Bryce: [00:01:15] Welcome to get started investing in this podcast, we cover all the basics that you need to start your investing journey. We unpack all the jargon and confusing bits here, your investing stories with the goal of making investing less intimidating. And along the way, we want to have a good time. My name is Bryce and as always, I'm joined by my Equity Mates Ren. How are you going? [00:01:34][19.0]

Alec: [00:01:34] I'm very good, Bryce. Very excited for this episode. There's there's a few, there's, you know, we started this podcast, especially Get Started Investing feed to really help people understand the basics, you know, get started on their investing journey. And there's a there's a few other people out there in the space who are trying to do similar things. And it's always a pleasure when we get to speak to them. So I'm excited for this episode. [00:01:59][24.4]

Bryce: [00:01:59] Yes, it is our pleasure to welcome Molly Benjamin from the Ladies Finance Club. Molly, welcome. [00:02:04][4.3]

Molly: [00:02:04] Thanks very much for having me. [00:02:05][1.1]

Bryce: [00:02:06] So for those who are unaware of what Molly does, she is the founder of the Ladies Finance Club in Australia. Ladies Finance Club was born over in London, however, in 2018 and in 2019, Molly launched it here in Australia. And the mission is to to build a tribe of money savvy women and to transform their relationship with money. So, as Ren said, you know, we hear Equity Mates are doing what we can to help you and your investing journey. And Molly more broadly is trying to help women and on their money journeys. So, Molly, it's it's an absolute pleasure. [00:02:39][33.4]

Molly: [00:02:40] Thanks very much. [00:02:41][0.6]

Alec: [00:02:42] Now, Molly, we we want to unpack in this episode. We want to unpack everything you're doing with the Ladies Finance Club, the big move out to Australia. But before we do that, we do like hearing the stories of people's first investment. We find there's maybe some good lessons or a good story that comes out of it. So to kick us off today, can you tell us the story of your first investment? [00:03:05][23.0]

Molly: [00:03:06] Sure thing. So I was very young, actually. My my parents were quite into share investing, which I was very grateful for. And I didn't understand the concept of what a share was at all. I won't lie. But my dad used to have the newspaper and would have to go through the newspaper and pick pick a share that we liked and follow it over a period of a few weeks and see what would happen to it again. Like I was just picking out a name that I like the sound of, and then I kind of look at the numbers and like, write them down. I didn't really understand that consensus that my very first share I ever bought was David Jones because I was growing up. David Jones was in its prime. I was kind of going there with my mum all the time. It was something I understood. I knew what they were doing. I knew how busy it was when I was doing that. So I thought, oh, great, I'll I'll buy a share of David Jones. So I did that. And then I think I ended up selling it like a couple of years later so I could do it in class. But, you know, you live in your land. [00:04:12][66.8]

Bryce: [00:04:14] I mean, holding on to David Jones now probably wouldn't have been the best idea. So selling it for a class may have been the best move. [00:04:21][7.1]

Molly: [00:04:22] Yeah, I think I would have liked to have been like I saw the digital transformation, everything go online. So I thought so, but I really just needed the money. So I guess that's the lesson learnt that don't invest what you need the money for. [00:04:32][9.6]

Bryce: [00:04:33] And so from then until now, have you I know you're more sort of broadly personal finance, but if you developed somewhat of an investing philosophy. [00:04:40][7.3]

Molly: [00:04:42] I guess as far as the philosophy goes, like I'm I'm a pretty plain Jane. Less is more investing philosophy. So I have, like, you know, my my arse in Australia, in the US, in Asia. And then I've got a couple of others. But pretty much it is like trying to avoid looking at it regularly. And yeah, less really is more as far as following them. And yeah, I kind of describe it as like you don't want to be the Neila in anything, but except for when it comes to investing. So I'm very much just like a plain Jane Vanilla for the long term, looking at companies that I love and that I innovating. And that's pretty much it. So pretty, pretty stocks and did [00:05:28][45.2]

Bryce: [00:05:28] nothing wrong with that. [00:05:29][0.8]

Alec: [00:05:29] No, no. In fact, that's often the best way to do it. Yeah. Yeah. Similarly in the intro, Bryce touched on Ladies Finance Club, but would love to hear from you. Maybe let's start at the beginning. What is Ladies Finance Club and how did it come about? [00:05:45][15.7]

Molly: [00:05:46] Yeah, absolutely. So we're a tribe of women where our membership, where women can join if they're kind of feeling a bit stuck with their finances, they don't know where to start. And we have a programme that will kind of take them through the basics of finance. We're noticing that women really want to learn to invest. So we cover different monthly masterclasses on a different investing topics, from trends to ETFs to how to get started. But it all kind of started in my living room at home in London when I was coming back from an overseas holiday, living my best wealthy broke life where we were kind of living paycheque to paycheque, going out for amazing brunches, always overseas, but literally paycheque to paycheque, no emergency savings. If something was to happen, we'd be really stuck. So I was talking with my girlfriends about having a glass of Prosecco. And I was just like we were just talking about how broke we were. And I was like, this is crazy. We all have good jobs. We're all living this great life. How do we have no money and how it guys our age buying property and shares. So that's really where it was born from. And my dad runs an investment club with his mates and I was about to start a book club with my girlfriends and that was like, don't start a book club, start an investment club. And I was like, Yeah, that sounds good. How do you like how do you really invest? Like, I've done a little bit of it, but there's no way I could. I knew much about that. So I was working in finance at the time for a global bank and not in investing in and more like events, marketing, communications, growth. And so I spoke to the girls. I was working with the ladies, and I said, hey, do you guys know about investing where your pension is, which is their super? And they were all like, not no clue, but I got a bonus and I'm just about to buy handbag. And I was actually this there's more there's more than that. So, yeah, again, we asked a mate of us who worked in finance to come and talk to our group of friends. I got a bunch of friends together. We had pizza and wine and he told us about Ices, which is like a savings account, a tax, a tax free savings account. And so many of my friends reached out afterwards and said, oh, could I come along to the next one? Oh, I missed it. Oh, I love that one. We're doing it again. And so I was like, just wait. I work in finance. I'm an event manager. Let's put on an event and see how many women want to come along. And really, it was kind of crazy. We had eighty women show up. Fifty percent of them worked in financial services and from there it's really grown. So now we do events, we do corporate workshops. We've partnered with Financial Times on General Assembly, Fidelity, Vanguard. We've run events at Microsoft, Deloitte Plus Water, a whole bunch of different law firms in the UK. And it's all about just creating a safe space where women can come together and we can talk about finance because like it can be a little we say male, pale and stale and blue, but it's just about making it really fun, making it social. And when we could have events, which hopefully we can have events again in the future, you know, they were good fun and people would go away making friends and but it would give them that space where they could talk about money. And I'll tell you, why don't you get women talking about money? It's literally hard to shut them up. We were shooting them out the door at the end of every event. We're like, sorry, guys have to go home now with me. It's like it's like 11:00 PM. So, yeah, that's what it's all about, it seems. And yeah. So now we have a membership in Australia and the UK and yeah, you get a whole bunch of different things for that membership. [00:09:20][214.0]

Bryce: [00:09:21] Yeah. That's, that's a fascinating story. And you know, it's great to hear that you're trying to bring what you've created over in London, in the UK, over to Australia and the membership over here. Does that work in the same sort of way? Are you are you going to be doing the same sort sorts of things here pending Covid? Obviously, I reckon I would love to get out on the. On the. And do some live shows, but it's just hard to do. [00:09:45][23.6]

Molly: [00:09:45] It is, yes, or at the moment we're all online. So our membership is online, but we are planning some events at the end of the year. So fingers crossed they'll go through. But yes, at the moment, it's just kind of like monthly masterclasses. We have these tribe accountability groups where you join once a month. You tell us what you're going to do and we make sure you do it. And that's always around like finances, whether it's getting on top of your super creating your first budget, investing for the first time. [00:10:13][27.4]

Alec: [00:10:13] So I would love to sort of unpack some of the things that you've seen in your membership and some of the things that you've learnt while running ladies finance clubs. So I guess if we start General, what what are some of the attitudes you say, you know, to money when people first find you? And how how do those attitudes change over time? [00:10:34][20.3]

Molly: [00:10:34] Yeah, absolutely. So people generally, they can feel quite anxious, quite fearful, quite stressed and quite ashamed. There's a lot of emotions involved with money. So we're getting them in when when they're just not sure what to do, what to do first. And fortunately, money is still quite a taboo topic, it seems, when it comes to women. I know it is changing and it's changing slowly, but it's still very much like the thing we don't talk about that we use and spend and spend every single day, yet we just don't spend any time talking about how we're going to manage it. So I do think it's changing slowly, like it's a lot more accessible now to invest with robo advisors, with investing apps and with on with. Yeah, just information being like podcasts like this one being so readily available, it's definitely slowly making it more accessible. But the biggest thing is like when we when we speak to women, it's always about like at the end of the day we're living longer and earning less. That is just a fact of life. That is just as statistics, as nothing against men is just women live longer, we earn less. So we need our money to be lasting longer. And investing obviously is a great way to do that. So it's kind of showing, I guess, women why they need to be investing and why leaving their money in cash in a bank account is not going to help them get to that kind of financial goal and really working out what is their financial goal, because, you know, if you don't have a goal, you don't know where you're going. It's really hard to make a plan for that. But yeah. So it is quite funny, though. That was a really interesting stat that sixty one percent of women would rather talk about their own death than talk about money. Not great. But when it comes to confidence and competent competency, men and women are equal in the competency, but just men proving more confident when it comes to money. Therefore, they're they're dealing with it. And I think as women as well, where the attitude is very much like save, be frugal, don't get your nails done, do them yourselves. And with men, it's about growing wealth and investing and building their wealth. So it's kind of changing that conversation. But yeah, it's happening slowly, but I think it can happen a lot faster. This is why podcast like yours is so good, because it just gets that information out there. It makes it accessible and easy to understand. [00:13:04][149.9]

Bryce: [00:13:05] I think statistically as well, women are better investors than men. [00:13:08][3.0]

Alec: [00:13:08] So perform on average one percent a year. [00:13:11][2.3]

Bryce: [00:13:11] Yeah. [00:13:11][0.0]

Molly: [00:13:13] And that again, that that comes back to that. Like we have a goal and when we have a goal, we stick to it. And so when there is volatility and when it is a bit of a rollercoaster, we just kind of keep our calm. And we we stick through we sail through the storm as opposed to freaking out and selling. [00:13:29][16.7]

Bryce: [00:13:30] Yeah. So what are some of the big investing or I guess money myths that you find come through the door when people join and how do you try and break those. [00:13:38][8.3]

Molly: [00:13:39] Yeah, so I think the big one is it's really hot and complicated. You have to have a financial degree to invest or be the wolf of Wall Street and well, like you really don't. So that's one of the big myths we see. It's also we find we're very good at the excuses as well, like, oh, it's boring. I'm too busy. And I mean, to be fair, a lot of women are really busy, especially when they've got kids. They've got a full time job. They're running a household like that, like when will I have time to learn how to invest? And then, I mean, another myth is like I've got to have lots of money to invest. And investing is like gambling. Yeah. If I put all my money into into the stock market, I'm going to lose it again. What we're trying to show is, well, you know, if you look at an ETF, it's going to be a lot harder to lose all that money and really kind of breaking down and demystifying those general terms because there just seems to be a big cloud around it sometimes. And it's trying. Yeah, make that cloud a little more clear for people, and I actually know and I feel like I'm the best example. I'm like, look, if I can invest, you can invest. If you can online shop, you can invest in fantasy sports that I like. You know, if you go into eBay, you find something you like, you buy it, you get a confirmation and it's yours. Share investing ETFs at the exact same. You find the ETF, you want it, you buy it, you get a confirmation yet. So it's that simple. [00:15:16][97.1]

Alec: [00:15:17] So we don't really touch much on personal finance here at Equity Mates. We're very much focussed on the investing side. So while we've got you here, we'd love to pick your brains on that side as well for for our listeners that, you know, that want to know some of the key things they should be thinking about when it comes to the personal finance side of money. What are some of the things that you talk to your community about? [00:15:41][24.0]

Molly: [00:15:41] Yeah, absolutely. So a big one we talk about was one I mentioned before, is just around goal setting. So breaking down. What are you trying to achieve? Because it comes back to, you know, why you're investing, what you want to do with your money, what do you want from life? So with the goals, we always get the ladies to write out what are their short term goals, what are their medium term goals and what are their long term goals and then to work backwards from that. So if it's to build an emergency fund, then how much do they need? How much they need to be putting away each paycheque? Okay, how did they do that? Yes. So writing down the goals is definitely an important one there. We also find the very first thing we always tell our women to do is to just set up that emergency fund or as we like to call it, an OMG fund. So like, yeah. So like, oh my God, the car broke down. Oh my God, I broke my tooth. Not like, oh my God. Shouts to everyone. Oh my God. [00:16:37][55.9]

Alec: [00:16:38] She Bryce actually a separate fund for that. [00:16:40][2.2]

Molly: [00:16:43] That's a different fund than money. So that's, that's a really important one. And we see a lot of women when they come and join us, they come for two reasons. They're either in debt and they want to get out or they have money and they want to learn to invest. So generally they fall into one of those two categories. So so the ones in debt, obviously, we have like we're big fans of Dave Ramsey snowballing. And, you know, we helped them get that sorted as well as build that emergency fund for everyone else. It's all about kind of we have a online course about the basics of investing. The other thing we do as well is just kind of help them set up their kind of bank accounts. We love the fifty, thirty, twenty rule. So like, where do you guys know the fifty three twenty rule. [00:17:27][44.2]

Bryce: [00:17:28] I was actually reading about it yesterday but [00:17:29][1.3]

Alec: [00:17:30] I don't know. Can you tell me one line. [00:17:32][2.1]

Bryce: [00:17:32] Ren. [00:17:32][0.0]

Molly: [00:17:37] So you've got fifty percent of your paycheque going into like your everyday expenses. We call this a doting account so that's the boring stuff. So I like the electricity, the rent, the mortgage, the bills. Then we've got like 30 percent coming into your fund money and fun money account. And that's for the fun stuff. That's like the holidays, the brunches, the haircuts, the clothes, the shots at three a.m. and then you've got the twenty percent going into your future. My account, which is about growing your wealth, that's about investing, that's about adding extra to your super. That's about, you know, property. I mean, people kind of change the fifty, thirty, twenty. They might change the percentages, but as a general rule of oh, they might have another account which is like for a different goal. But generally that's kind of like the rule of thumb, because when you go to one account and you're trying to say you're trying to invest, you're trying to pay your bills, it just gets so messy and muddy. So it's really good to separate them. So they're kind of like the three main things that we will talk to women about. [00:18:43][66.8]

Alec: [00:20:00] Yeah, nice. So you've been in the UK and now in Australia. Are you noticing any differences in money, attitudes and practises between the two countries and feel free to slag off other countries? [00:20:12][11.8]

Molly: [00:20:15] Fortunately, not both. We all need a bit of work on it. So we're actually seeing very similar attitudes. I know I've spoken to women in America as well, and it's the same thing is that lack of confidence. It's the not knowing where to start. It's the feeling like it's something we're not a part of where excluded from it. So it's not a it's actually a very similar kind of sad situation. And as I mentioned before, we are the ones who need it the most because, well, living longer and unless we're retiring on half the super, we have interrupted careers. We take time off for all the right reasons. But then we were severely penalised by that when we go back to work. So, yeah, no, we're dealing with these same issues. These issues are kind of like global. So it's really. Yeah, no, it was I thought there might be a bit of a difference, but not. [00:21:08][53.0]

Bryce: [00:21:09] Do you see any difference in the government attitudes towards personal finance and helping like build wealth? I know that there's over in the UK, you know, they incentivise investing in sort of start ups or, you know, with tax incentives and those sorts of things. Have you noticed a difference? [00:21:26][17.4]

Molly: [00:21:28] Well, I think our super system is really advanced. Like there's still very few places out there in the UK where they'll actually find all your lost super and bring it together pension of and bring it all together for you. So I was actually surprised with how advanced our kind of pensions system was compared to the UK's in saying that as well, the government does a lot of kind of incentives to get first time home buyers buying. They they have the ISA saving accounts where they give you an allowance up to twenty thousand fee free. So they are very encouraging. I feel like they're a little more supportive of women in the workplace, however. Yeah, there's I mean, they again, it's it's a lot of the same issues that we're having in Australia. [00:22:17][49.3]

Alec: [00:22:18] So maybe now we'll move to, I guess, our favourite topic. But but we're obviously biased, which is the investing side of finance. What are some of the more common ways the experts you speak to talk about investing? What are some of, I guess, the investing philosophies that that are sort of taught at your seminars and in your content? [00:22:39][20.3]

Molly: [00:22:39] Yes, we are big lovers of ETFs or as my mum calls them, hefting. So, yeah, just like I said, the NAFTA thing, some of them. So, yeah. So exchange traded funds. And we so we do a lot about kind of breaking down what we're about to do. Another another few webinars with Vanguard on ETFs as well coming up. And really it's all about kind of like breaking down what they are and how you can get started buying. And we just think it's a really nice place to begin, as you guys, I'm sure, would probably agree. A nice place to begin is to start when it comes to investing. And we have some lovely analogies. You know, like it's it's like a box of favourite chocolates. You know, you've got your picnic, you got your cherry red, you got your dream. Whoever likes dream, you go you go dark chocolate. Let's pretend they are different companies. That's Telstra. It's BHP. It's CSL in your box of chocolates. That's your ETF. So we're really about kind of like breaking it down and and coming up with fun. And it's fun as I can be for for what they are. And then another part of it is around. What we're seeing with the ladies at the moment is a lot of them are jumping on different investing apps and these are proving really popular. So I did a survey the other day on our Facebook group. And yes, spaceship was definitely by far coming out the most popular as far as the investing apps were going, which was interesting to see. [00:24:15][95.5]

Bryce: [00:24:15] Yeah. The rise of the retail investor and also the new entrants in the market from brokers and trading platforms is only making it more accessible for everyone at the moment. It's seems to be getting cheaper and cheaper, which is great news. What are some of the common mistakes when it comes to investing that you see some of the women in your club doing from from the start? [00:24:37][21.3]

Molly: [00:24:37] There's a couple of mistakes we're seeing, but one of them. Is they using money that they need in the next kind of like three to five years? So we always say, you know, if you're going to need that money, you know, don't spend it. So if you're saving for property and we're explaining why, we also find people are investing when they have high interest debt. So they might have credit card credit card debt or they might have by now pay out loans. And really well, like, you've got to get rid of that. You got to get rid of that before you start investing and really showing. And the difference in if you're being charged 18 percent and you're making maximum seven percent, you can see how that maths just ain't going to work. So they're some of the kind of mistakes we're saying. I mean, the consequence as well is like just investing into one stock. So we've heard past stories from women going, I don't want to invest anymore because I invested once and I put my money into a company and I lost it all. And again, it comes back to that education piece and we like you know, we want to have lots of eggs and lots of baskets, not all our eggs in one basket. Or as we we use the dating analogy. When you're dating, you want to date lots of guys, not just one guy. So, you know, spreading out that risk. And I think also keeping those emotions in intact. So and I think this is something that women do do well, like trying not to freak out and trying not to watch the market so people get in. And I know a friend's little sister the other day bought her what age? It's the beta shares one. And the next day she called me up. She is like, you have dropped. And I'm like, that's cool. And then the next day she's like, but back up. And I'm like, OK, I'm going to get over that. I like shares will go up and down. You just got to chill your bones. Are you needing that money in the next five years? No. Great. Cool. Well, let's not look at it again for another six months and then tell me what it's doing. So I think it's like that behavioural finance stuff of just like not trying to let your emotions take control. And then I guess the other one we're saying is people treating it like gambling all day trading. So trying to get rich quick, we're like, hey, girlfriend, if the best in the business can't do it properly, you're probably not going to be able to do it properly. So, again, really just teaching them about, you know, investing in the long the long term, this ain't about getting rich overnight and also not listening to kind of Uncle Terry's stock stock tips as well. We don't really go into we haven't really touched on crypto a lot in our in our membership. We've got access crypto event coming up in March with the end days of Apollo Tim Johnson. So he's just going to be breaking it down for us. So, yeah, I guess. Yeah, investing in what you understand and. Yeah, yeah. I guess the main one we see is people using money that I don't have. [00:27:34][176.6]

Alec: [00:27:35] Yeah. Normally we often talk about, you know, people's best investments and you know, obviously a lot of the fund managers we get on obviously want to talk about their wins. We want we want to ask you about one of your losses. What's it what's an investment that you've made where you made a mistake? And what were some of the lessons that came out of that for you? [00:27:55][19.6]

Molly: [00:27:56] OK, so I have to say, one of them is, I guess, just be the classic crypto story. So I had no idea what I was doing. I didn't really understand it. I'd opened up a a crypto account ATM. I was actually on a Bumbo date and he taught me how to use crypto trade. I was like, thanks. We stayed. We stayed crypto friends. So it was really you know, I did actually make a little bit of money from it, but I had no idea what I was doing. It was so volatile I could have lost everything. So I guess the lesson learnt there was just like, don't invest in what you don't understand, which sounds so basic. And then the other one was I got very kind of like on my moral high ground. It was like I'm going to sell my Afterpay because I don't believe in what they're doing. Then Afterpay went up to over one hundred and I sold it at a twenty bucks. So I guess I was like, I don't know if that was a mistake because I was like, I don't know if I mostly agree with this company story. But then also I was like, oh damn. That was a I could have, you know, invested that money I made into my business to educate even more women into learning about it. So I would say they were my two little two little. [00:29:17][80.9]

Alec: [00:29:17] I don't think you can ever say that investing in a way that's consistent with your ethics or your morals is a mistake, though. No, I think, you know, Exxon Mobil might do really well next year. But, you know, I don't think we can say that it's a mistake not to invest in them. Morozova Yeah, that's you. Yeah. Bryce actually is a T-shirt that says the opposite money. [00:29:39][22.2]

Molly: [00:29:42] His country is definitely upset and companies I avoid because of that and that will never yeah, that will never change no matter what the returns. [00:29:49][7.2]

Bryce: [00:29:50] Yeah. Before we move to our final three questions, what's the best piece of money advice that you've ever received? [00:29:57][7.0]

Molly: [00:29:59] I mean, it would probably be one I never listen to, which I could spend less than you earn. Oh my God. So simple. But all through my all through my very first my very first job, I was just like spending everything I earned and a little bit more. And, you know, I could have gotten myself into a really sticky situation. So it was just about, you know, spending, paying myself first, putting that money aside, pretending it was a bill. And until I did that, that was the first time I saved before that, it was like paycheque to paycheque, go pay my rent, have a few drinks, maybe buy an outfit. And it was gone. And I live like that for a long time. So, yeah, that that's a device. Thanks, Mom and Dad. Sorry, not [00:30:48][48.1]

Alec: [00:30:49] so much as Bryce said. We do like to finish with a final three questions, but before we do, if people want to find out more about you will follow you online. What, some of the best places to go. [00:31:00][10.5]

Molly: [00:31:01] Yep. So we're on the gramme. So Ladies Finance Club and UK one is Ladies Finance Club UK or you can check us out on our website at Ladies Finance Club dot com. And we also have a Facebook group, which is Ladies Finance Club Money Chat if you want to talk shows on Facebook. [00:31:20][19.5]

Alec: [00:31:22] Nice one. So first of the final three questions, do you have any books that you consider Must Royds? And these can be, you know, finance, investing or otherwise. [00:31:32][10.0]

Molly: [00:31:33] Yeah, so I and I've just finished placidity by Daniel Danielle Yrsa, also currently reading You Are a Bad Arse at Making Money by Jen Zero, which I'm loving. It's very much a mindset, money mindset book. And then obviously the classic I know people love and love to hate him. I love him. But the best advice, I think [00:32:00][26.2]

Alec: [00:32:01] Bryce is a love to hate. Yeah. Love to hate. Yeah. This is a season as his biggest rival, [00:32:07][6.3]

Bryce: [00:32:10] even though he's not in the game anymore. But that's fun. [00:32:12][1.6]

Molly: [00:32:13] Yeah. I just I think some of those concepts in that book are just so then such foundational concepts and it's a good place for people to start [00:32:20][6.8]

Alec: [00:32:21] in 60 seconds. What's the best company you've ever seen? [00:32:24][3.0]

Molly: [00:32:25] I mean, I love Spanx. Female found Sara Blakely. Couldn't find any. Pants, pants, which went which you couldn't see through on white pants and started Spanx, she snipped the feet off her own panty hose and now she's worth one point one billion. And I just love her story of the struggle at the start and then how she was even selling, selling, pretending to be sales assistants and shopping centres and got it to where the company is today. They've got like a great big culture and, yes, socially conscious. So I love a bit of Spanx. [00:33:02][36.2]

Bryce: [00:33:03] Nice to [00:33:04][1.0]

Alec: [00:33:04] have them. And then final question, if you think back to when you were buying your first David Jones shares, looking at the share prices in the paper, what advice would you give to your younger self? [00:33:15][11.0]

Molly: [00:33:17] Probably while I was in David Jones stop spending so much to live, like buying clothes, you don't need the latest skincare range or the ladies shoes, I definitely would have been telling myself to put the bags back and put the moisturises back, put that money into ETFs and watch the magical the magic of compounding do it saying I think advertising really does work, especially when you're a young woman or man. And I think it would have just been to have I wish I had known about compounding at a young age, and I definitely would have made different choices with my investing and with my super as well. [00:33:57][39.4]

Bryce: [00:33:58] It's one of those pieces of advice that always pops up every now and then. Everyone's talking about understanding the power of compounding. Earlier, we had Hamish Douglass work last week and one of his pieces of advice is The Power of Compounding. So great piece of advice to finish on there, Molly, and appreciate you coming on and sharing the story of Ladies Finance Club and your story and in your money journey as well. So it's been a pleasure and I'm sure a lot of our audience will have taken something from that interview. So thank you very much. [00:34:27][29.1]

Molly: [00:34:28] And to say thanks. Thank you so much. And thank you so much for providing the service that you guys provide as well. [00:34:33][4.9]

Bryce: [00:34:33] Thanks, Molly. That brings us to the end of Get Started Investing feed this week. Hopefully you are able to take something from that interview that will help you earn your money and investing journey. A reminder that we do have our main podcast, Equity Mates Investing podcast. If you're feeling like getting a bit more information from some of the experts that we're talking to, also head over and listen to comedian VÉ economist where two brothers, Adam and his economist brother Thomas, unpack all that is going on in the macro environment at the moment, as well as mate pay love to awesome sisters Zoe and Carmel exploring the money side of relationships. So go over and subscribe to both of those. But Ren, as always, a pleasure to chat and we'll pick it up next week. [00:35:15][41.2]

Alec: [00:35:15] Sounds good. [00:35:15][0.3]

Speaker 4: [00:35:16] This podcast proudly brought to you by Equity Mates Media. Always remember all information contained in this podcast is for education and entertainment purposes only. It is not intended as a substitute for national financial label or tax advice. The host of Equity Mates and not financial professionals and are not aware of your personal financial circumstances before making any financial decisions. You should read the product disclosure statement and if necessary, consult a licenced financial professional. More information had to our disclaimer page where you can find resources to search for a registered financial professional. You. [00:35:16][0.0]

[1894.7]