Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
A listener production. House or travel? What do I do when I want to do both?
Honestly, there's no right or wrong here.
Chapter 2: What should I prioritize: saving or traveling?
It's actually about your goals and your future.
Hi, I'm Sarah and this is Small Talk. It's not quite a news headline, but it is what the girls are talking about. And I am here with Victoria Devine from She's On The Money. Welcome to Small Talk. Probably one of our most requested guests.
Are you joking? Because I'm so excited to be here. The second you invited me, I messaged my sister and I was like, guess what? And she was like, no.
Yeah, of course. Oh, my God. That's so nice. That's so surreal. I'm so excited to have you on. And for those who don't know She's on the Money, please go check it out. It is such a useful resource and just so well done. But Victoria is a retired financial advisor. You're a bestselling author. She's on the Money is like the number one financial podcast now, right? Yes. Kind of crazy, isn't it?
Kind of crazy.
Kind of crazy. You know, I'm just going to go with maybe we just don't have enough competition. Like maybe it's that because like it still baffles me that people are like, you're the number one still. And I'm like, what? Like, I mean, not number one podcast in general, though. That's that's a big claim. But when it comes to my niche of finance, like I'll just live in that bubble.
And being number one is really nice. But like. That's what's crazy to me. Like finance is not niche. Like we are all affected by finance. Yeah, but finance content, like, come on, come on. Let's go back. If you told me when I was 16, Victoria, you're going to make a finance podcast. I'd be like, may as well die now.
Like that's, that's not living. Like I'm someone who's genuinely terrified of talking about money. Like not my specialty.
Well, I've got you. And that just sounds like a game to me. Like anytime someone's like, I'm bad with money. I'm like,
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Chapter 3: How can I start investing as a beginner?
Really, really well. Yeah. It's like, it's, it's so exciting. Like, obviously I don't want that for you, but like, there's just so much opportunity. Like I just, there's so much opportunity to be empowered and put yourself in the best possible position. And like, I think once you learn how not overwhelming it can be, you'll be like, Oh, why didn't I do this sooner?
Like it's actually the best. I know. It's one of those things that you just, when you don't learn it, like if you don't learn it straight away, you kind of feel like you've missed the boat on something. You've not missed the boat, I promise. And it's one of those things that I had this sort of realization maybe a year or so ago that I was like, why have I always told myself that I'm bad at this?
Like, I think I just decided when I was a kid that I was bad at math and therefore I would never I'll just only be an English and creatives person and that's it.
And see, the magic here is that you can be crap at math and amazing at finance. Like you don't even need maths. Like if you went to school and your experience of money and maths was like Victoria had three cupcakes and sold each for $5, like no one cares about that math. But when I talk about you getting rich, all of a sudden you start paying attention because it's not about ā
pretend cupcakes or trigonometry or cause and sign and sin and you just don't get it like that. When do I even use that? I don't. Yeah. But you know what I do use? My superannuation. And you know what I am going to do? Retire rich. And so will you now that we've met in person.
What we did is we put something on my story just to say, hey, we're having Victoria on. Do you have any money questions? I know. I feel like I'm at the beginning of my journey. And the response was overwhelming. And I just think this is such a good time for the episode as well because we are at the end of financial year.
It's like something that I'm realizing I probably need to do a bit of a money reset. I think this is a time that we all kind of need to do an audit in the least scary way possible.
Yeah.
um but I wanted to audit that sounds terrible like don't don't start me off on the worst foot don't be like Victoria's here to audit your finances people your drop-off rate of this podcast is going to be horrific like people are going to be like absolutely not but what we are going to do is be like hey next tax season because not this tax season but like next tax season
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Chapter 4: What is the best budgeting strategy for beginners?
Like, I just feel like working in news every week, I'm seeing a story about billionaires. I'm seeing cost of living pressure increase, wars in the Middle East, fuel prices. What has this been like for you this year working in this space?
I feel like this year particularly is quite heavy and there's a few reasons for it. So the first reason is obviously the cost of living crisis. I don't think that's going to be mind blowing to anybody, but we're seeing a lot of people, you know, if we step back a little bit, Money news has always been a thing. Wars, I'm not saying this is a good thing, but wars have always been talked about.
Oil and the cost of oil has always been published. Like that's something that is actually talked about on a daily basis. But you know what's happening now? The cost of living crisis is being married with these things and we're feeling it in our back pockets. And then you know what media is doing? They're picking up those narratives and marrying it with things like war and oil.
And we're going, hold on.
this actually impacts us and there's so much negativity around those news stories that when we hear them now we're like oh my goodness that sounds so bad what's going to happen if oil prices increase that's going to be really bad for me and like we're starting to realize that the broader economy and the way that that functions actually impacts our day-to-day lives and for a really long time it
And I'm not saying it hasn't, it absolutely has, but it hasn't in such a tangible way. Like you and I have always just been able to go to the supermarket and, you know, the price of fish is the price of fish. Whereas now we're seeing the price of things increase in direct correlation with what's happening overseas.
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Chapter 5: How can I protect my finances in a long-term relationship?
we're seeing things that are really heavy and going wow this does impact me we've come out of covert and i think a lot of us were really positive and optimistic we were like okay cool 2020 is behind us we're going to rebuild and i think so many of us were happy to be in that financial limbo of i don't have as much money as i used to but i'm still coming out of what has happened to us and we're kind of all bound together because you know we all experienced this all of my friends you know dipped their savings like
heaps of my friends got made redundant. Heaps of my friends were on JobKeeper. That wasn't uncommon. And now it hasn't lifted. Like we aren't in the better position that we were anticipating. Like, I don't know about you, but 2025 was meant to be the year that felt lighter and And then it wasn't.
And then 2026 happened and we're all just a little bit pissed off that we're not getting our pay rises. The cost of goods and services is increasing, but our salaries aren't. We're not getting any rental relief. We're not getting anywhere. And we're starting to just be really frustrated by that and rightly so. But the way that we fix that, unfortunately- does come back to us.
The way that we alleviate these things in a way that can have tangible impact today and tomorrow and put ourselves in the best possible position comes back to us. And I don't want to hear that.
I wanted it to all just fix itself. That's not even frightening to hear because I do think when things feel so overwhelming in the news cycle and, you know, what we're being told our generation is going to put up with, etc.,
it's actually nice to feel like there are tangible steps you can take i think it's just trying to figure out where to start which is what's been so great about some of these messages we've had come through and i did say like no silly questions no there's literally no silly questions in finance because honestly we talk about cgt and then we talk about etfs and then we talk about so many different things and somehow all of them impact us but then it doesn't what the hell like there's just so much going on at the moment
Well, Catherine is the first one. She says, should everyday people who are financially okay but have no big money to invest still see a financial advisor?
It's a good question, Catherine. And since we're besties, I'm just going to tell you no. And I say no, not because I don't want you to get advice, not because I don't want you to get ahead, but financial advice in Australia is becoming so expensive. Yeah. Like I went and looked it up and according to ASIC, the average advice fee now is about $4,000.
And most of us, like if we then go and look at data from Westpac, most Australians do not have the ability to find $500 in an emergency if they needed to. For me, making sure that you are financially literate and you are in a good financial position is what you should be doing. And I think so many of us put it off because you go, well, why would I do that?
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Chapter 6: What steps can I take for a mid-year money reset?
But do you know what 22-year-old Victoria wanted? She wanted to go to Ibiza. And I don't think that... sacrificing one for the other is necessary, but I do think having a bigger idea of the bigger picture, like what does it mean to have a house? Do we need to save a couple of hundred bucks each month or a couple of thousand dollars each month for the next five years?
Or do we stretch that goal out a little bit longer and have it achievable in 10 years, but we still get to enjoy the journey?
I was going to say, it's actually, it's really nice to hear you talk about this because I think there's always so much, and we've spoken about this on the podcast before, there's so much emphasis on success is measured by your ability to own a house. And it makes sense, but I guess this like changing Australian dream in a way is also being like, well...
I do prioritise travelling right now and I do want to experience these things in my 20s or before I choose to have kids or, you know, if I am renting and that lets me to do that, then maybe that's a new version of success.
Yeah, and I think this isn't going to be a comment that people are going to be like, oh, V, I'm so glad you said that. That was so nice of you. But I think that this idea of property ownership also really deeply ties to people having a lack of financial education.
And that is something that I'm working so hard to change because so many of us see this marker of success as having a house and being like, right, well, she's made it. And I don't know about you, but when I was 20, if someone had bought a house, they had made it. Like in my head, they must be the most adult person ever. What has debt got to do with it? How do we know they picked a good house?
How do we know they're not being absolutely strangled by their mortgage? How do we know that they're not arguing with their partner every day about picking the wrong house on the wrong street in the wrong location and it's going to cost them so much money and their peace? Yeah.
So for me, I think we need to increase people's financial education because if you have that literacy, you can look at the bigger picture and be like, well, actually I want to travel. Maybe I'll start investing because if I then want to travel and like spend a little bit more, I just don't invest that month. And then I pull back a little bit. But if you get a mortgage, you're strapped into that.
Like the bank doesn't care if you want to go on a holiday. Like the bank doesn't care about your financial literacy. They just care about getting paid. So I think that especially as women, because so many more of us are choosing not to settle down. And I mean, the statistics support that. And I mean, I'm all for not settling down with a douchebag, right?
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Chapter 7: How do changes in the economy affect personal finance decisions?
I mean, the same is true. And we have just gone through the SpaceX IPO and seen a SpaceX IPO. Sounds really confusing and overwhelming. IPO is initial public offering. And it just means that it is the first time that share has been on a share market before.
No. Don't worry, we did that as a whole segment on the podcast this week. And we were like, women in STEM, IPO, let me explain.
Queen, but that's just one asset. And we've seen that, you know, absolutely turbocharge and people are so excited about it. But what happens to that asset when all of the excitement wears off? Like what happened? Is it going to crash? Is it going to stay high? Like are people going to purchase and then go, I don't even know why I'm invested.
So it's really important that when we are creating an investment portfolio, we're not just investing in one individual share. Now you could do this by going into the supermarket and individually picking. broccoli, beans, potatoes, carrots, and individually picking all those assets. But you know what that takes? A lot of work.
And I need to make sure that it's in the right amounts so that the recipe comes out right. But if you go and purchase an ETF, and an ETF sounds really confusing. It means exchange traded fund. It's actually just a bucket of shares. That's like going to the frozen food section and picking up one meal in one packet. Yeah, ready-made meal.
And it is actually giving you, exactly, it's like the TV meal of the internet. And it gives you instant diversification. So you've got a little bit of something for everybody. But you know what happens every single time you purchase that? It's the exact same. You get diversification each and every single time. There might be like different recipes. So like there's Lean Cuisine.
There's like other different brands on the shelves. And I can't think, I'm trying so hard with this analogy, right? I'm killing it.
Yeah.
I'm trying, but there's different brands. But every single time you purchase that, you're getting diversification on that plate immediately. And if hypothetically the carrots in that container were off. Well, I mean, we wouldn't really like that. But if the carrots are off, it doesn't ruin the whole meal, right? What it does is it means that you've still got the rest of it.
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Chapter 8: What are the best ways to build intergenerational wealth?
And no one talked about it and no one still talks about it. And these things are seen as things you want to do. Don't get me wrong. Like one of the greatest privileges of my life has been being a mum and having the freedom to stay home with them and raise them. And I mean, my baby's in the other room at the moment and it just, it's literally the best thing ever.
I don't know if you heard that, but that was one of them. I get it. And these are things that, you know, before having kids, I didn't realise how deeply I would want that. I was always like, I'm such a career woman. Like I'm building a business. Like I'm never going to want that. That's so silly. But there's something in us that wants us to want that. And I wouldn't want you to diminish that.
But I also need you to support yourself more. So that you and those babies are protected. And it's such a hard conversation to have because we all go, no, my husband's a good man. Yeah. Yeah. Well, get him to pay your super while you're on leave.
That's good. There was another conversation that I think is so worth having in this. And this was sent in by Christy. And she said... I would love to talk about the nuance of building wealth and specifically intergenerational wealth. In the current climate, I feel like intergenerational wealth and inequality is thrown around a lot. Valid, I get it.
For those of us out here who don't come from wealth but are trying to build something to hand down to our kids, are we the problem?
No, no, the economy is the problem. So if you go and look at the Australian Bureau of Statistics health sold wealth data, it consistently shows that residential property and superannuation are the two major drivers of household wealth in Australia. And that's why wealth inequality is consistently showing through, I guess, housing access and family support, because
It's just what historically we've been able to build. In Australia, we aren't that old. We're just over 200 years old, which means that, you know, 100 years ago, your great-grandmother that we were just talking about was in a position where if she had worked even just like a normal admin job, she would have been able to afford a house pretty comfortably.
She might have chosen not to work and she might have chosen to get married and, you know, do what society expected of her, but she had that opportunity to She probably had to get a man to co-sign that mortgage though because YOLO. But that was an opportunity that was available with that income, like a standard income.
And now that has changed and we are moving into a world where property is more out of reach and it is just getting more expensive. The people who already own it are getting more wealthy because we don't have a choice but to rent their properties, right? So... Christy, no, you are not the problem for wanting to give your children stability.
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