MONEY EXPERT: How To Think Like The 1%

We often think that to reach financial We often think that to reach financial freedom, you need to earn more. Earning freedom, you need to earn more. Earning freedom, you need to earn more. Earning money doesn't actually make you better money doesn't actually make you better money doesn't actually make you better with money. It's about how you manage with money. It's about how you manage with money. It's about how you manage what you make. what you make. what you make. >> What does the top 1% understand about >> What does the top 1% understand about >> What does the top 1% understand about money that most of us don't? money that most of us don't? money that most of us don't? >> The single easiest way to get rich >> The single easiest way to get rich >> The single easiest way to get rich long-term is by long-term is by long-term is by >> Hey everyone, welcome back to on >> Hey everyone, welcome back to on >> Hey everyone, welcome back to on purpose. Today I'm sitting down with purpose. Today I'm sitting down with purpose. Today I'm sitting down with Nisha Sha, former investment banker and Nisha Sha, former investment banker and Nisha Sha, former investment banker and accountant who left the traditional path accountant who left the traditional path accountant who left the traditional path to help millions rethink money, success to help millions rethink money, success to help millions rethink money, success and freedom. Nisha breaks down how to and freedom. Nisha breaks down how to and freedom. Nisha breaks down how to stop letting money anxiety run your stop letting money anxiety run your stop letting money anxiety run your life. Nisha is a dear friend and I love life. Nisha is a dear friend and I love life. Nisha is a dear friend and I love welcoming friends to on purpose. Please welcoming friends to on purpose. Please welcoming friends to on purpose. Please welcome Nisha Sha. Nisha, it's great to welcome Nisha Sha. Nisha, it's great to welcome Nisha Sha. Nisha, it's great to have you here. have you here. have you here. >> Thank you so much for having me. I'm so >> Thank you so much for having me. I'm so >> Thank you so much for having me. I'm so excited. excited. excited. >> I want to talk to you about this >> I want to talk to you about this >> I want to talk to you about this transition you went through. We know a transition you went through. We know a transition you went through. We know a lot of the same people. For me, going to lot of the same people. For me, going to lot of the same people. For me, going to a good university, getting a good job a good university, getting a good job a good university, getting a good job was like the pinnacle. You did that. was like the pinnacle. You did that. was like the pinnacle. You did that. >> You achieved that. Why would you leave >> You achieved that. Why would you leave >> You achieved that. Why would you leave behind a great job with a great salary? behind a great job with a great salary? behind a great job with a great salary? >> There's so much more to life than >> There's so much more to life than >> There's so much more to life than following the traditional path where you following the traditional path where you following the traditional path where you get a job, qualify, keep going, climbing get a job, qualify, keep going, climbing get a job, qualify, keep going, climbing up the corporate ladder. And there was a up the corporate ladder. And there was a up the corporate ladder. And there was a point in my life where I felt like I had point in my life where I felt like I had point in my life where I felt like I had to really look inwards and ask myself, to really look inwards and ask myself, to really look inwards and ask myself, what am I actually doing? For a good what am I actually doing? For a good what am I actually doing? For a good part of it, I was really enjoying the part of it, I was really enjoying the part of it, I was really enjoying the banking lifestyle. There was glitz and banking lifestyle. There was glitz and banking lifestyle. There was glitz and glam to it. There was the business glam to it. There was the business glam to it. There was the business trips. There was the status. And for a trips. There was the status. And for a trips. There was the status. And for a while, I convinced myself that this is while, I convinced myself that this is while, I convinced myself that this is what I want. This is the life I I want what I want. This is the life I I want what I want. This is the life I I want to live. And then as I went on, I felt to live. And then as I went on, I felt to live. And then as I went on, I felt like there was a massive disconnect like there was a massive disconnect like there was a massive disconnect between what I wanted to do and what I between what I wanted to do and what I between what I wanted to do and what I was doing. And I felt as I kept going, was doing. And I felt as I kept going, was doing. And I felt as I kept going, that misalignment kept getting louder that misalignment kept getting louder that misalignment kept getting louder and louder and louder. I had to go and louder and louder. I had to go and louder and louder. I had to go through quite a dark phase to understand through quite a dark phase to understand through quite a dark phase to understand that this isn't what I wanted. And it that this isn't what I wanted. And it that this isn't what I wanted. And it was at that point where I had to look was at that point where I had to look was at that point where I had to look inwards and ask myself the difficult inwards and ask myself the difficult inwards and ask myself the difficult questions like am I living a life that I questions like am I living a life that I questions like am I living a life that I actually want or one that everyone else actually want or one that everyone else actually want or one that everyone else expects me to live? expects me to live? expects me to live? >> Am I buying things that I want to buy >> Am I buying things that I want to buy >> Am I buying things that I want to buy for myself or what I want to show other for myself or what I want to show other for myself or what I want to show other people that I have? The question that people that I have? The question that people that I have? The question that really really changed everything for me really really changed everything for me really really changed everything for me was would I still be happy if I was was would I still be happy if I was was would I still be happy if I was living the same life in five years or 10 living the same life in five years or 10 living the same life in five years or 10 years time as I am today. The fear of years time as I am today. The fear of years time as I am today. The fear of that was so much greater than the fear that was so much greater than the fear that was so much greater than the fear of anything that I had to do. And it of anything that I had to do. And it of anything that I had to do. And it gave me the confidence to say no, I'm gave me the confidence to say no, I'm gave me the confidence to say no, I'm walking away. I'm walking away from this walking away. I'm walking away from this walking away. I'm walking away from this job. I'm walking away from this job. I'm walking away from this job. I'm walking away from this lifestyle. I'm walking from this lifestyle. I'm walking from this lifestyle. I'm walking from this identity because there's so much more identity because there's so much more identity because there's so much more out there for me. And I had a bigger why out there for me. And I had a bigger why out there for me. And I had a bigger why that overtook anything that that moment that overtook anything that that moment that overtook anything that that moment had in store for me. I feel like there's had in store for me. I feel like there's had in store for me. I feel like there's probably a lot of people listening right probably a lot of people listening right probably a lot of people listening right now who are thinking the exact same now who are thinking the exact same now who are thinking the exact same thing. They've got the traditional thing. They've got the traditional thing. They've got the traditional degree that they were expected to do. degree that they were expected to do. degree that they were expected to do. They've got the job. Maybe they're 5 They've got the job. Maybe they're 5 They've got the job. Maybe they're 5 years in, 10 years in, and they're years in, 10 years in, and they're years in, 10 years in, and they're thinking, "I'm not in the right place." thinking, "I'm not in the right place." thinking, "I'm not in the right place." But you've got all this sunk cost bias, But you've got all this sunk cost bias, But you've got all this sunk cost bias, this idea that I spent all those years this idea that I spent all those years this idea that I spent all those years studying for that. All my friends studying for that. All my friends studying for that. All my friends thought this is what I was going to do. thought this is what I was going to do. thought this is what I was going to do. Maybe I've even got a partner. Maybe Maybe I've even got a partner. Maybe Maybe I've even got a partner. Maybe I've got children. This isn't the right I've got children. This isn't the right I've got children. This isn't the right time to rock the boat. Like talk to me time to rock the boat. Like talk to me time to rock the boat. Like talk to me about the bias that we have of I've about the bias that we have of I've about the bias that we have of I've invested so much time and money into invested so much time and money into invested so much time and money into this. Everyone in my life understands this. Everyone in my life understands this. Everyone in my life understands this. How could I possibly dream about this. How could I possibly dream about this. How could I possibly dream about doing anything different? I mean, it's doing anything different? I mean, it's doing anything different? I mean, it's the hardest thing to do living life cuz the hardest thing to do living life cuz the hardest thing to do living life cuz what everyone else has told you to do? what everyone else has told you to do? what everyone else has told you to do? But if you don't have the courage to But if you don't have the courage to But if you don't have the courage to write your own story, someone else will write your own story, someone else will write your own story, someone else will always write it for you. And I think always write it for you. And I think always write it for you. And I think what most people think of as bravery or what most people think of as bravery or what most people think of as bravery or courage or doing something new and courage or doing something new and courage or doing something new and leaving behind what you've created is leaving behind what you've created is leaving behind what you've created is actually just having a financial cushion actually just having a financial cushion actually just having a financial cushion in place and having the safety to be in place and having the safety to be in place and having the safety to be able to walk away from situations you able to walk away from situations you able to walk away from situations you might not like or environments that you might not like or environments that you might not like or environments that you might not enjoy. But we put a lot of might not enjoy. But we put a lot of might not enjoy. But we put a lot of pressure on ourselves today that we have pressure on ourselves today that we have pressure on ourselves today that we have to do all or nothing. We've got to quit to do all or nothing. We've got to quit to do all or nothing. We've got to quit our job and follow our passion. So for our job and follow our passion. So for our job and follow our passion. So for someone in that situation or that someone in that situation or that someone in that situation or that position, I would say a get your position, I would say a get your position, I would say a get your financial cushion in place cuz that financial cushion in place cuz that financial cushion in place cuz that gives you more peace of mind and sanity gives you more peace of mind and sanity gives you more peace of mind and sanity than anything else that you could than anything else that you could than anything else that you could possibly think of. And the second thing possibly think of. And the second thing possibly think of. And the second thing I would say is that when I was in I would say is that when I was in I would say is that when I was in banking, there was a lot of comfort that banking, there was a lot of comfort that banking, there was a lot of comfort that came from having a salary which let me came from having a salary which let me came from having a salary which let me have a lot of tiny experiments on the have a lot of tiny experiments on the have a lot of tiny experiments on the side. So it was my evenings, my weekends side. So it was my evenings, my weekends side. So it was my evenings, my weekends that I just spent triing and testing and that I just spent triing and testing and that I just spent triing and testing and doing loads and loads of different doing loads and loads of different doing loads and loads of different things. And when you do it that way, you things. And when you do it that way, you things. And when you do it that way, you actually look at your job and think, actually look at your job and think, actually look at your job and think, "Oh, I'm so grateful that I've got this "Oh, I'm so grateful that I've got this "Oh, I'm so grateful that I've got this salary coming in that lets me do all salary coming in that lets me do all salary coming in that lets me do all these things on the side without these things on the side without these things on the side without thinking, oh, I've just got to somehow thinking, oh, I've just got to somehow thinking, oh, I've just got to somehow figure out a way to pay my bills and it figure out a way to pay my bills and it figure out a way to pay my bills and it makes everything just a lot less makes everything just a lot less makes everything just a lot less enjoyable." enjoyable." enjoyable." >> I fully agree with you. I that was the >> I fully agree with you. I that was the >> I fully agree with you. I that was the same path for me. I was working my day same path for me. I was working my day same path for me. I was working my day job and then doing this on the evenings job and then doing this on the evenings job and then doing this on the evenings and weekends, i.e. at the time making and weekends, i.e. at the time making and weekends, i.e. at the time making videos. And I don't think I would have videos. And I don't think I would have videos. And I don't think I would have been as creative if I had been been as creative if I had been been as creative if I had been financially crippled. Now, I wasn't financially crippled. Now, I wasn't financially crippled. Now, I wasn't making that much money, but I was making making that much money, but I was making making that much money, but I was making enough to pay my bills and take care of enough to pay my bills and take care of enough to pay my bills and take care of things. And I was having to edit my things. And I was having to edit my things. And I was having to edit my videos because I couldn't afford to videos because I couldn't afford to videos because I couldn't afford to outsource it to someone. I was having a outsource it to someone. I was having a outsource it to someone. I was having a friend do me a favor by shooting my friend do me a favor by shooting my friend do me a favor by shooting my videos because I could afford one. But videos because I could afford one. But videos because I could afford one. But the idea was I wasn't creatively starved the idea was I wasn't creatively starved the idea was I wasn't creatively starved because I wasn't scared that every video because I wasn't scared that every video because I wasn't scared that every video had to make money. And I think people had to make money. And I think people had to make money. And I think people put themselves into these positions put themselves into these positions put themselves into these positions where you take this big leap and now the where you take this big leap and now the where you take this big leap and now the dream has to pay the bills. Absolutely. dream has to pay the bills. Absolutely. dream has to pay the bills. Absolutely. And now the dream doesn't feel like a And now the dream doesn't feel like a And now the dream doesn't feel like a dream anymore. It feels like pressure. dream anymore. It feels like pressure. dream anymore. It feels like pressure. >> Absolutely. It turns into a chore when >> Absolutely. It turns into a chore when >> Absolutely. It turns into a chore when you don't have that money coming in. And you don't have that money coming in. And you don't have that money coming in. And so I always like to think of different so I always like to think of different so I always like to think of different things that you're doing that serve things that you're doing that serve things that you're doing that serve different purposes. And sometimes your different purposes. And sometimes your different purposes. And sometimes your job just serves a purpose of paying your job just serves a purpose of paying your job just serves a purpose of paying your financial life and then a passion financial life and then a passion financial life and then a passion project can be the purpose of your project can be the purpose of your project can be the purpose of your creativity or whatever without like you creativity or whatever without like you creativity or whatever without like you said feeling like oh how am I going to said feeling like oh how am I going to said feeling like oh how am I going to or going into survival mode. or going into survival mode. or going into survival mode. >> Is there a good way to calculate what a >> Is there a good way to calculate what a >> Is there a good way to calculate what a financial cushion should be for someone? financial cushion should be for someone? financial cushion should be for someone? Typically, you'd recommend 3 to six Typically, you'd recommend 3 to six Typically, you'd recommend 3 to six months of your living expenses. So, you months of your living expenses. So, you months of your living expenses. So, you calculate what it costs to for your calculate what it costs to for your calculate what it costs to for your basic living expenses in a month, and basic living expenses in a month, and basic living expenses in a month, and you times it by three if you're feeling you times it by three if you're feeling you times it by three if you're feeling a bit comfortable with a lower cushion a bit comfortable with a lower cushion a bit comfortable with a lower cushion or six if you're if you want to be a bit or six if you're if you want to be a bit or six if you're if you want to be a bit more safe. I went all the way for the 9 more safe. I went all the way for the 9 more safe. I went all the way for the 9 months because I'm super super months because I'm super super months because I'm super super calculative. But it really comes down to calculative. But it really comes down to calculative. But it really comes down to what what makes you feel comfortable? what what makes you feel comfortable? what what makes you feel comfortable? What makes you feel like you can walk What makes you feel like you can walk What makes you feel like you can walk away from this and be like, I I've got a away from this and be like, I I've got a away from this and be like, I I've got a good financial runway ahead of me. good financial runway ahead of me. good financial runway ahead of me. >> Yeah. Yeah, that's smart. That makes a >> Yeah. Yeah, that's smart. That makes a >> Yeah. Yeah, that's smart. That makes a lot of sense. What was the cost? What lot of sense. What was the cost? What lot of sense. What was the cost? What were the things that were sacrificed in were the things that were sacrificed in were the things that were sacrificed in switching away from the life you thought switching away from the life you thought switching away from the life you thought you'd lead? you'd lead? you'd lead? >> I'd say the biggest thing that I >> I'd say the biggest thing that I >> I'd say the biggest thing that I sacrificed at that moment in time was sacrificed at that moment in time was sacrificed at that moment in time was this identity that I'd built around this identity that I'd built around this identity that I'd built around myself. And when you don't spend time to myself. And when you don't spend time to myself. And when you don't spend time to look inwards, you find a way to have look inwards, you find a way to have look inwards, you find a way to have external noises define who you are and external noises define who you are and external noises define who you are and what you do. And without knowing for the what you do. And without knowing for the what you do. And without knowing for the good part of 9 years, which is how long good part of 9 years, which is how long good part of 9 years, which is how long my banking career was, my identity was my banking career was, my identity was my banking career was, my identity was around what I did for a living, knowing around what I did for a living, knowing around what I did for a living, knowing that when I walk into this other path, that when I walk into this other path, that when I walk into this other path, all of that is going to be stripped away all of that is going to be stripped away all of that is going to be stripped away from me. All of what I thought defined from me. All of what I thought defined from me. All of what I thought defined my worth had to vanish. So you find a my worth had to vanish. So you find a my worth had to vanish. So you find a way to get that fulfillment and that way to get that fulfillment and that way to get that fulfillment and that validation from within you or you find validation from within you or you find validation from within you or you find something that is so much bigger than something that is so much bigger than something that is so much bigger than what has defined you up until that what has defined you up until that what has defined you up until that moment in time. moment in time. moment in time. >> That's such a great point because that >> That's such a great point because that >> That's such a great point because that is the biggest thing you're giving up is is the biggest thing you're giving up is is the biggest thing you're giving up is what you've defined your identity to be. what you've defined your identity to be. what you've defined your identity to be. >> I didn't get to the point where it was >> I didn't get to the point where it was >> I didn't get to the point where it was complete like breaking point, but I did complete like breaking point, but I did complete like breaking point, but I did see that the ladder that I was climbing see that the ladder that I was climbing see that the ladder that I was climbing was leaning up against the wrong wall. was leaning up against the wrong wall. was leaning up against the wrong wall. And that's when I thought okay I could And that's when I thought okay I could And that's when I thought okay I could either keep walking but it's it's just either keep walking but it's it's just either keep walking but it's it's just not a situation I want to be. So in that not a situation I want to be. So in that not a situation I want to be. So in that sense it was yeah it was great that it sense it was yeah it was great that it sense it was yeah it was great that it wasn't complete breaking point but it wasn't complete breaking point but it wasn't complete breaking point but it was very n was very n was very n >> I really wanted to understand that and I >> I really wanted to understand that and I >> I really wanted to understand that and I wanted our audience to really understand wanted our audience to really understand wanted our audience to really understand because I do think that the majority of because I do think that the majority of because I do think that the majority of people are in that position and I love people are in that position and I love people are in that position and I love this few takeaways that we've already this few takeaways that we've already this few takeaways that we've already had which is you don't have to quit your had which is you don't have to quit your had which is you don't have to quit your job. You can build something on the job. You can build something on the job. You can build something on the side. You don't have to go all or side. You don't have to go all or side. You don't have to go all or nothing nothing nothing >> and it is okay. You do deserve to ask >> and it is okay. You do deserve to ask >> and it is okay. You do deserve to ask the question, do I want more? Do I want the question, do I want more? Do I want the question, do I want more? Do I want to be more aligned? Do I deserve a to be more aligned? Do I deserve a to be more aligned? Do I deserve a better life? Can I leave this behind? better life? Can I leave this behind? better life? Can I leave this behind? Like, I think sometimes people don't Like, I think sometimes people don't Like, I think sometimes people don't feel worthy to ask that question. They feel worthy to ask that question. They feel worthy to ask that question. They feel like they don't deserve it. feel like they don't deserve it. feel like they don't deserve it. >> Talk to me about the biggest money >> Talk to me about the biggest money >> Talk to me about the biggest money mistakes people make in their 20ies. mistakes people make in their 20ies. mistakes people make in their 20ies. >> Avoiding looking at their finances. That >> Avoiding looking at their finances. That >> Avoiding looking at their finances. That is the number one thing that sets people is the number one thing that sets people is the number one thing that sets people back. It's very easy to do to just back. It's very easy to do to just back. It's very easy to do to just ignore it and because it makes you feel ignore it and because it makes you feel ignore it and because it makes you feel a bit uncomfortable sometimes looking at a bit uncomfortable sometimes looking at a bit uncomfortable sometimes looking at your finances. I mean, there's a your finances. I mean, there's a your finances. I mean, there's a psychological bias called the ostrich psychological bias called the ostrich psychological bias called the ostrich effect where we actively avoid effect where we actively avoid effect where we actively avoid information that makes us feel information that makes us feel information that makes us feel uncomfortable in the hope that if you uncomfortable in the hope that if you uncomfortable in the hope that if you ignore it, it sometimes disappears and ignore it, it sometimes disappears and ignore it, it sometimes disappears and it's what reason why you don't check it's what reason why you don't check it's what reason why you don't check your bank account after a weekend of your bank account after a weekend of your bank account after a weekend of spending. Don't check your credit card spending. Don't check your credit card spending. Don't check your credit card statement because you're scared of the statement because you're scared of the statement because you're scared of the damage and what it will do. But in your damage and what it will do. But in your damage and what it will do. But in your 20s, you are creating the habits that 20s, you are creating the habits that 20s, you are creating the habits that will either over time compound for you will either over time compound for you will either over time compound for you or compound against you. The stakes or compound against you. The stakes or compound against you. The stakes aren't that high. So, you want to be aren't that high. So, you want to be aren't that high. So, you want to be able to learn and learn the small habits able to learn and learn the small habits able to learn and learn the small habits early. Look at your finances, small all early. Look at your finances, small all early. Look at your finances, small all the small gaps that happening and solve the small gaps that happening and solve the small gaps that happening and solve them or improve them before it compounds them or improve them before it compounds them or improve them before it compounds against you. against you. against you. >> Why do people avoid looking at their >> Why do people avoid looking at their >> Why do people avoid looking at their bank account? because it almost shows bank account? because it almost shows bank account? because it almost shows them sometimes what their priorities are them sometimes what their priorities are them sometimes what their priorities are and what their what their focus is and what their what their focus is and what their what their focus is >> and that might be completely out of >> and that might be completely out of >> and that might be completely out of alignment of what their core values alignment of what their core values alignment of what their core values actually are and they might impulse actually are and they might impulse actually are and they might impulse purchase or they might buy things that purchase or they might buy things that purchase or they might buy things that they didn't actually think of at the they didn't actually think of at the they didn't actually think of at the time and then looking at it and seeing time and then looking at it and seeing time and then looking at it and seeing actually these are all the things that actually these are all the things that actually these are all the things that I've bought but all of the things I I've bought but all of the things I I've bought but all of the things I wanted to do for myself for my future wanted to do for myself for my future wanted to do for myself for my future self have taken the back seat. So I self have taken the back seat. So I self have taken the back seat. So I think that's a big part of it. think that's a big part of it. think that's a big part of it. >> Yeah. I even I saw this study years ago >> Yeah. I even I saw this study years ago >> Yeah. I even I saw this study years ago which talked about how money has which talked about how money has which talked about how money has changed. So for example before when you changed. So for example before when you changed. So for example before when you paid for something you took cash out of paid for something you took cash out of paid for something you took cash out of your personal wallet and gave it to your personal wallet and gave it to your personal wallet and gave it to someone. So you actually had to count someone. So you actually had to count someone. So you actually had to count how many dollars, how many cents, how how many dollars, how many cents, how how many dollars, how many cents, how many pounds wherever you live, right? many pounds wherever you live, right? many pounds wherever you live, right? And you had to count and you'd be like, And you had to count and you'd be like, And you had to count and you'd be like, "Oh my gosh, this is a lot of money. "Oh my gosh, this is a lot of money. "Oh my gosh, this is a lot of money. It's a $100, it's $50, whatever it is." It's a $100, it's $50, whatever it is." It's a $100, it's $50, whatever it is." Then we had cards. And so now you can't Then we had cards. And so now you can't Then we had cards. And so now you can't see money anymore. And so it's so much see money anymore. And so it's so much see money anymore. And so it's so much easier to tap your card and put your easier to tap your card and put your easier to tap your card and put your card into a machine than it is to card into a machine than it is to card into a machine than it is to actually count the dollars. And now you actually count the dollars. And now you actually count the dollars. And now you just do an online transaction. So you just do an online transaction. So you just do an online transaction. So you don't have to give anything. You don't have to give anything. You don't have to give anything. You literally just type in a code or press literally just type in a code or press literally just type in a code or press buy and you click or whatever it may be. buy and you click or whatever it may be. buy and you click or whatever it may be. And the next thing you know it's already And the next thing you know it's already And the next thing you know it's already there. And so spending money has become there. And so spending money has become there. And so spending money has become so much more easier. And so I get why so much more easier. And so I get why so much more easier. And so I get why people are scared because it's like people are scared because it's like people are scared because it's like you've gone from having to count to you've gone from having to count to you've gone from having to count to having to give to having to click. having to give to having to click. having to give to having to click. >> Absolutely. >> Absolutely. >> Absolutely. >> And now you don't even have to think >> And now you don't even have to think >> And now you don't even have to think about it. about it. about it. >> Yeah. You can literally buy a car from >> Yeah. You can literally buy a car from >> Yeah. You can literally buy a car from your phone at 2:00 a.m. in the morning your phone at 2:00 a.m. in the morning your phone at 2:00 a.m. in the morning and not speak to anyone in the process. and not speak to anyone in the process. and not speak to anyone in the process. And so it requires effort. It's And so it requires effort. It's And so it requires effort. It's friction. And so the uncomfortable thing friction. And so the uncomfortable thing friction. And so the uncomfortable thing to do is create friction between you and to do is create friction between you and to do is create friction between you and a purchase. But that's that's the hard a purchase. But that's that's the hard a purchase. But that's that's the hard thing. That's it's hard to wait 48 hours thing. That's it's hard to wait 48 hours thing. That's it's hard to wait 48 hours before you make an impulse purchase and before you make an impulse purchase and before you make an impulse purchase and then decide if you actually want that then decide if you actually want that then decide if you actually want that thing or not. thing or not. thing or not. >> Yeah. >> Yeah. >> Yeah. >> It's hard to say no to an Instagram ad >> It's hard to say no to an Instagram ad >> It's hard to say no to an Instagram ad that pops up multiple times and decide that pops up multiple times and decide that pops up multiple times and decide you don't want to buy that thing. This you don't want to buy that thing. This you don't want to buy that thing. This is the hard hard things to do that more is the hard hard things to do that more is the hard hard things to do that more more it's more important now than ever more it's more important now than ever more it's more important now than ever like you said because everything is so like you said because everything is so like you said because everything is so frictionless. frictionless. frictionless. >> And would you argue that is it a >> And would you argue that is it a >> And would you argue that is it a willpower issue or do you believe if we willpower issue or do you believe if we willpower issue or do you believe if we looked at our finances we'd make better looked at our finances we'd make better looked at our finances we'd make better decisions automatically? decisions automatically? decisions automatically? >> I definitely think it's a combination of >> I definitely think it's a combination of >> I definitely think it's a combination of both. One of it comes down to willpower both. One of it comes down to willpower both. One of it comes down to willpower and being able to say no to things at and being able to say no to things at and being able to say no to things at the time. The world at the moment it's the time. The world at the moment it's the time. The world at the moment it's built in a way to take your money for built in a way to take your money for built in a way to take your money for you to spend. That's how the economy you to spend. That's how the economy you to spend. That's how the economy runs. So, a lot of it is requires you to runs. So, a lot of it is requires you to runs. So, a lot of it is requires you to have the willpower. But a good way to have the willpower. But a good way to have the willpower. But a good way to stop that is actually looking at your stop that is actually looking at your stop that is actually looking at your finances, spending 20 minutes at the end finances, spending 20 minutes at the end finances, spending 20 minutes at the end of the month, looking through what you of the month, looking through what you of the month, looking through what you spent and saying, "Okay, do these spent and saying, "Okay, do these spent and saying, "Okay, do these purchases line up with what I wanted? Do purchases line up with what I wanted? Do purchases line up with what I wanted? Do they bring me happiness? Do they they bring me happiness? Do they they bring me happiness? Do they actually improve my life in any way, actually improve my life in any way, actually improve my life in any way, shape, or form?" And then deciding, do shape, or form?" And then deciding, do shape, or form?" And then deciding, do you want to continue that habit in the you want to continue that habit in the you want to continue that habit in the next month and the next month or are you next month and the next month or are you next month and the next month or are you going to start making some changes? If going to start making some changes? If going to start making some changes? If someone listens to this podcast and they someone listens to this podcast and they someone listens to this podcast and they go, "Okay, Nisha, I'm going to start go, "Okay, Nisha, I'm going to start go, "Okay, Nisha, I'm going to start looking at my finances for 20 minutes at looking at my finances for 20 minutes at looking at my finances for 20 minutes at the end of the month. Is that the right the end of the month. Is that the right the end of the month. Is that the right time to do it?" What is the plan? Talk time to do it?" What is the plan? Talk time to do it?" What is the plan? Talk to me through a really simple 20-minute to me through a really simple 20-minute to me through a really simple 20-minute plan of what someone should look at when plan of what someone should look at when plan of what someone should look at when they're checking their finances. they're checking their finances. they're checking their finances. >> I would say there's probably two types >> I would say there's probably two types >> I would say there's probably two types of people of people of people >> and some one type is they absolutely do >> and some one type is they absolutely do >> and some one type is they absolutely do not want to look at their finances. The not want to look at their finances. The not want to look at their finances. The idea of budgeting or looking at the idea of budgeting or looking at the idea of budgeting or looking at the numbers just makes their skin crawl. numbers just makes their skin crawl. numbers just makes their skin crawl. They've tried to romanticize it. They They've tried to romanticize it. They They've tried to romanticize it. They tried to do it with a a glass of wine. tried to do it with a a glass of wine. tried to do it with a a glass of wine. they tried to do with their girlfriends they tried to do with their girlfriends they tried to do with their girlfriends and it just hasn't worked for them. I and it just hasn't worked for them. I and it just hasn't worked for them. I would actually recommend taking a step would actually recommend taking a step would actually recommend taking a step back, zooming out and thinking about back, zooming out and thinking about back, zooming out and thinking about what's the objective of looking at your what's the objective of looking at your what's the objective of looking at your finances. Why do you want to budget or finances. Why do you want to budget or finances. Why do you want to budget or look at your finances? And the main look at your finances? And the main look at your finances? And the main objective is so that you save a portion objective is so that you save a portion objective is so that you save a portion every single month. I would recommend if every single month. I would recommend if every single month. I would recommend if you fall into this bracket, the back of you fall into this bracket, the back of you fall into this bracket, the back of a napkin approach, take your take-home a napkin approach, take your take-home a napkin approach, take your take-home pay minus an amount that you want to pay minus an amount that you want to pay minus an amount that you want to save every single month. Start with save every single month. Start with save every single month. Start with whatever you feel comfortable with. whatever you feel comfortable with. whatever you feel comfortable with. Whether it's $50, we're in the States, Whether it's $50, we're in the States, Whether it's $50, we're in the States, $50, $100, whatever it is, that's your $50, $100, whatever it is, that's your $50, $100, whatever it is, that's your saving. Put that away. Don't touch that. saving. Put that away. Don't touch that. saving. Put that away. Don't touch that. The rest you could spend. Important The rest you could spend. Important The rest you could spend. Important thing to do here is with that amount, as thing to do here is with that amount, as thing to do here is with that amount, as soon as your money comes in on payday, soon as your money comes in on payday, soon as your money comes in on payday, set up an automatic transfer, so it's set up an automatic transfer, so it's set up an automatic transfer, so it's out of the amount, out of your bank out of the amount, out of your bank out of the amount, out of your bank account into a separate bank account account into a separate bank account account into a separate bank account that you cannot even touch. If you hate that you cannot even touch. If you hate that you cannot even touch. If you hate numbers, if you hate looking at your numbers, if you hate looking at your numbers, if you hate looking at your finances, if you don't want to look at finances, if you don't want to look at finances, if you don't want to look at your bank statement, do that. And then your bank statement, do that. And then your bank statement, do that. And then as the months go on, you can try and as the months go on, you can try and as the months go on, you can try and tweak that saving amount. If you are tweak that saving amount. If you are tweak that saving amount. If you are someone who's like, you know what, I someone who's like, you know what, I someone who's like, you know what, I want to look at my bank statements. I want to look at my bank statements. I want to look at my bank statements. I want to look at my numbers. I want to I want to look at my numbers. I want to I want to look at my numbers. I want to I want to understand this a bit better. want to understand this a bit better. want to understand this a bit better. Then I would recommend a less Then I would recommend a less Then I would recommend a less restrictive way of looking at your restrictive way of looking at your restrictive way of looking at your finances that makes you feel like taking finances that makes you feel like taking finances that makes you feel like taking control is a way to say yes rather than control is a way to say yes rather than control is a way to say yes rather than saying no to buying stuff. And so I saying no to buying stuff. And so I saying no to buying stuff. And so I would recommend if you fall into the would recommend if you fall into the would recommend if you fall into the bucket where you're like, okay, I want bucket where you're like, okay, I want bucket where you're like, okay, I want to optimize my finances. looking at your to optimize my finances. looking at your to optimize my finances. looking at your take-home pay. Once again, this is the take-home pay. Once again, this is the take-home pay. Once again, this is the number on your pay slip, not on your job number on your pay slip, not on your job number on your pay slip, not on your job description, and splitting that description, and splitting that description, and splitting that take-home pay into three buckets. These take-home pay into three buckets. These take-home pay into three buckets. These are three numbers that everyone should are three numbers that everyone should are three numbers that everyone should know. The first would be your know. The first would be your know. The first would be your fundamentals. These are your must haves fundamentals. These are your must haves fundamentals. These are your must haves in life. The things that you need for in life. The things that you need for in life. The things that you need for day-to-day living, mortgage or rent, day-to-day living, mortgage or rent, day-to-day living, mortgage or rent, groceries, car payments. That's your groceries, car payments. That's your groceries, car payments. That's your first bucket. The second bucket is your first bucket. The second bucket is your first bucket. The second bucket is your fun bucket. So, these are leisure, fun bucket. So, these are leisure, fun bucket. So, these are leisure, travel, manicure, pedicure, spa, travel, manicure, pedicure, spa, travel, manicure, pedicure, spa, massages, all of that falls into the massages, all of that falls into the massages, all of that falls into the fund bucket. And then the final bucket fund bucket. And then the final bucket fund bucket. And then the final bucket is the future you bucket. So this is is the future you bucket. So this is is the future you bucket. So this is anything for you tomorrow. Savings, anything for you tomorrow. Savings, anything for you tomorrow. Savings, investments, uh even extra debt investments, uh even extra debt investments, uh even extra debt payments. When it comes to your payments. When it comes to your payments. When it comes to your spending, allocate a percentage of your spending, allocate a percentage of your spending, allocate a percentage of your spending to each of those three buckets. spending to each of those three buckets. spending to each of those three buckets. One that I recommend is around 65% for One that I recommend is around 65% for One that I recommend is around 65% for your fundamentals, 25% for your fund, your fundamentals, 25% for your fund, your fundamentals, 25% for your fund, and then 10% for your future U. So and then 10% for your future U. So and then 10% for your future U. So that's what you want to look at when you that's what you want to look at when you that's what you want to look at when you look at your bank statements. The first look at your bank statements. The first look at your bank statements. The first thing is, are you saving enough? That's thing is, are you saving enough? That's thing is, are you saving enough? That's the first category. And then you want to the first category. And then you want to the first category. And then you want to look for patterns in your other look for patterns in your other look for patterns in your other spending. What am I consistently spending. What am I consistently spending. What am I consistently spending on? Uh what can I cut out? And spending on? Uh what can I cut out? And spending on? Uh what can I cut out? And if you're looking at your items line if you're looking at your items line if you're looking at your items line item by line item, ask yourself three item by line item, ask yourself three item by line item, ask yourself three questions. Do I need it? If I do need questions. Do I need it? If I do need questions. Do I need it? If I do need it, can I live with less of it? Or can I it, can I live with less of it? Or can I it, can I live with less of it? Or can I get the same thing for cheaper? get the same thing for cheaper? get the same thing for cheaper? >> Say those three again. >> Say those three again. >> Say those three again. >> Do I need it? Can I live with less of >> Do I need it? Can I live with less of >> Do I need it? Can I live with less of it? Or can I get the same thing for it? Or can I get the same thing for it? Or can I get the same thing for cheaper? cheaper? cheaper? >> Those are great questions. That's that >> Those are great questions. That's that >> Those are great questions. That's that perfect break between about to click and perfect break between about to click and perfect break between about to click and buy and actually creating some space in buy and actually creating some space in buy and actually creating some space in your mind. Yeah. your mind. Yeah. your mind. Yeah. >> Because as soon as you say those three, >> Because as soon as you say those three, >> Because as soon as you say those three, I'm like, I'm like, I'm like, >> yeah, it makes you question whether you >> yeah, it makes you question whether you >> yeah, it makes you question whether you want to buy that thing or not. want to buy that thing or not. want to buy that thing or not. >> Yeah. Absolutely. Absolutely. And I love >> Yeah. Absolutely. Absolutely. And I love >> Yeah. Absolutely. Absolutely. And I love your breakdown because one of my your breakdown because one of my your breakdown because one of my favorite quotes is from Warren Buffett favorite quotes is from Warren Buffett favorite quotes is from Warren Buffett where he said, "Don't save what is left where he said, "Don't save what is left where he said, "Don't save what is left after spending. Spend what is left after after spending. Spend what is left after after spending. Spend what is left after saving." saving." saving." >> I love it. >> I love it. >> I love it. >> And that's exactly what you've just >> And that's exactly what you've just >> And that's exactly what you've just shared with us, which is you have to put shared with us, which is you have to put shared with us, which is you have to put aside your saving first. And I think aside your saving first. And I think aside your saving first. And I think most of us just spend and then see what most of us just spend and then see what most of us just spend and then see what we have left at the end of the month and we have left at the end of the month and we have left at the end of the month and then put it away. And of course that then put it away. And of course that then put it away. And of course that never grows up. I think one of the never grows up. I think one of the never grows up. I think one of the biggest things Nisha is when it comes to biggest things Nisha is when it comes to biggest things Nisha is when it comes to finances and I know I was like this finances and I know I was like this finances and I know I was like this honestly I used to feel like you had to honestly I used to feel like you had to honestly I used to feel like you had to wait for a big payday to make money and wait for a big payday to make money and wait for a big payday to make money and save money and invest money and until save money and invest money and until save money and invest money and until you got that it didn't really matter. you got that it didn't really matter. you got that it didn't really matter. >> Like you're not really going to do >> Like you're not really going to do >> Like you're not really going to do you're not really going to save that you're not really going to save that you're not really going to save that much and little amounts. What are they much and little amounts. What are they much and little amounts. What are they going to do anyway? What are the micro going to do anyway? What are the micro going to do anyway? What are the micro habits that actually make us rich? habits that actually make us rich? habits that actually make us rich? Because I think we think it's these big Because I think we think it's these big Because I think we think it's these big things that happen like getting a things that happen like getting a things that happen like getting a promotion, somehow selling an amazing promotion, somehow selling an amazing promotion, somehow selling an amazing company or like you know all these company or like you know all these company or like you know all these things that you see online that you things that you see online that you things that you see online that you think are going to make you rich. But think are going to make you rich. But think are going to make you rich. But what are actually the micro habits that what are actually the micro habits that what are actually the micro habits that make people rich? A couple of weeks ago make people rich? A couple of weeks ago make people rich? A couple of weeks ago I was at in a hotel lobby and this lady I was at in a hotel lobby and this lady I was at in a hotel lobby and this lady came up to me. She was super sweet. She came up to me. She was super sweet. She came up to me. She was super sweet. She said, "I watch your videos and I've been said, "I watch your videos and I've been said, "I watch your videos and I've been wanting to invest, but I need to know a wanting to invest, but I need to know a wanting to invest, but I need to know a little bit more. I have I just need to little bit more. I have I just need to little bit more. I have I just need to learn more about it. And as we got spoke learn more about it. And as we got spoke learn more about it. And as we got spoke speaking, I realized that she knew what speaking, I realized that she knew what speaking, I realized that she knew what she wanted to invest in. She was she wanted to invest in. She was she wanted to invest in. She was following the recommendations that following the recommendations that following the recommendations that everyone says online, the S&P 500. She everyone says online, the S&P 500. She everyone says online, the S&P 500. She knew how much she wanted to invest. She knew how much she wanted to invest. She knew how much she wanted to invest. She even had the an investment app even had the an investment app even had the an investment app downloaded on her phone and she hadn't downloaded on her phone and she hadn't downloaded on her phone and she hadn't turned that knowledge into action yet turned that knowledge into action yet turned that knowledge into action yet for whatever reason. And we were for whatever reason. And we were for whatever reason. And we were standing there, we were both waiting for standing there, we were both waiting for standing there, we were both waiting for our taxis. And so I just said, "Okay, our taxis. And so I just said, "Okay, our taxis. And so I just said, "Okay, why don't why don't you just do it right why don't why don't you just do it right why don't why don't you just do it right now? Why don't you just invest right now? Why don't you just invest right now? Why don't you just invest right now? You know what you want. you know now? You know what you want. you know now? You know what you want. you know what you want to do, we could do it what you want to do, we could do it what you want to do, we could do it together. So she did it. She got her together. So she did it. She got her together. So she did it. She got her phone out. She she bought what she phone out. She she bought what she phone out. She she bought what she wanted to buy and within 3 minutes she wanted to buy and within 3 minutes she wanted to buy and within 3 minutes she had invested and it was like this thing had invested and it was like this thing had invested and it was like this thing that she built up in her head for so that she built up in her head for so that she built up in her head for so long. This analysis paralysis, this long. This analysis paralysis, this long. This analysis paralysis, this fear, it just collapsed the moment she fear, it just collapsed the moment she fear, it just collapsed the moment she actually took action. And that is one of actually took action. And that is one of actually took action. And that is one of the micro habits that actually put the micro habits that actually put the micro habits that actually put people so far ahead. Taking what you've people so far ahead. Taking what you've people so far ahead. Taking what you've learned and turning it into action cuz learned and turning it into action cuz learned and turning it into action cuz so often we just learn for the sake of so often we just learn for the sake of so often we just learn for the sake of learning and we don't actually do learning and we don't actually do learning and we don't actually do anything with it. So that is one of the anything with it. So that is one of the anything with it. So that is one of the main things. Every time you learn main things. Every time you learn main things. Every time you learn something new about personal finance, something new about personal finance, something new about personal finance, action it that day and then refine it as action it that day and then refine it as action it that day and then refine it as you're going. It might not be the thing you're going. It might not be the thing you're going. It might not be the thing that works for you, but it might. But as that works for you, but it might. But as that works for you, but it might. But as long as you keep moving and keep long as you keep moving and keep long as you keep moving and keep implementing your own life, that's what implementing your own life, that's what implementing your own life, that's what makes someone who's sitting in the back makes someone who's sitting in the back makes someone who's sitting in the back seat and doing nothing from someone seat and doing nothing from someone seat and doing nothing from someone who's actually taking the driver's seat who's actually taking the driver's seat who's actually taking the driver's seat and carving the way for their life. And and carving the way for their life. And and carving the way for their life. And another habit I would say is they create another habit I would say is they create another habit I would say is they create goals but have concrete plans to follow goals but have concrete plans to follow goals but have concrete plans to follow up with those goals. So how often do we up with those goals. So how often do we up with those goals. So how often do we say I want to save more or I want to say I want to save more or I want to say I want to save more or I want to invest more invest more invest more >> all the time >> all the time >> all the time >> or I I want to reach financial freedom. >> or I I want to reach financial freedom. >> or I I want to reach financial freedom. Right? We say all the time. But one of Right? We say all the time. But one of Right? We say all the time. But one of the habits that people could get into the habits that people could get into the habits that people could get into the mindset of is following that up with the mindset of is following that up with the mindset of is following that up with a really really concrete step. So a really really concrete step. So a really really concrete step. So instead of saying I want to save more, instead of saying I want to save more, instead of saying I want to save more, it'll be I want to save 5,000 over the it'll be I want to save 5,000 over the it'll be I want to save 5,000 over the next 12 months. That's just over 400 a next 12 months. That's just over 400 a next 12 months. That's just over 400 a month. And to do that I'm going to do X month. And to do that I'm going to do X month. And to do that I'm going to do X Y Z. I'm going to cut my subscription Y Z. I'm going to cut my subscription Y Z. I'm going to cut my subscription stack. I'm going to negotiate this bill stack. I'm going to negotiate this bill stack. I'm going to negotiate this bill and I'm going to automate my savings. and I'm going to automate my savings. and I'm going to automate my savings. That's a completely different situation That's a completely different situation That's a completely different situation now. now. now. >> Absolutely. Yeah. That's huge. >> Absolutely. Yeah. That's huge. >> Absolutely. Yeah. That's huge. >> Huge. You've now got a clear goal and a >> Huge. You've now got a clear goal and a >> Huge. You've now got a clear goal and a path to get there. The people who are path to get there. The people who are path to get there. The people who are good with money and not good with money good with money and not good with money good with money and not good with money or bad with money, it's not about or bad with money, it's not about or bad with money, it's not about different goals. It's just the follow different goals. It's just the follow different goals. 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You're right. We do throw out these You're right. We do throw out these You're right. We do throw out these goals all the time like I wish I had goals all the time like I wish I had goals all the time like I wish I had more money. I want to save up for this more money. I want to save up for this more money. I want to save up for this D. But you haven't really broken down D. But you haven't really broken down D. But you haven't really broken down what it looks like. And like you said, what it looks like. And like you said, what it looks like. And like you said, it could be as simple as the automat it could be as simple as the automat it could be as simple as the automat automatic savings, cutting your automatic savings, cutting your automatic savings, cutting your subscriptions. Talk to me about how much subscriptions. Talk to me about how much subscriptions. Talk to me about how much does having a coffee every day, does having a coffee every day, does having a coffee every day, >> Yeah. actually negatively impact your >> Yeah. actually negatively impact your >> Yeah. actually negatively impact your bank account. bank account. bank account. >> If you're really really really feeling >> If you're really really really feeling >> If you're really really really feeling like you're living paycheck to paycheck like you're living paycheck to paycheck like you're living paycheck to paycheck and you actually have cut everything out and you actually have cut everything out and you actually have cut everything out except for coffee, then maybe you want except for coffee, then maybe you want except for coffee, then maybe you want to look at the coffee bill. But to look at the coffee bill. But to look at the coffee bill. But actually, it's a lot more about actually, it's a lot more about actually, it's a lot more about alignment when it comes to spending and alignment when it comes to spending and alignment when it comes to spending and intentional spending. Because what you intentional spending. Because what you intentional spending. Because what you want to do is you want to look at the want to do is you want to look at the want to do is you want to look at the things that bring you joy or bring you things that bring you joy or bring you things that bring you joy or bring you happiness and then deciding for yourself happiness and then deciding for yourself happiness and then deciding for yourself whether that's worth keeping or worth whether that's worth keeping or worth whether that's worth keeping or worth cutting out on. So, I wouldn't say, "Oh, cutting out on. So, I wouldn't say, "Oh, cutting out on. So, I wouldn't say, "Oh, take out those coffees and instead take out those coffees and instead take out those coffees and instead invest that money." is just looking invest that money." is just looking invest that money." is just looking looking at every single decision or looking at every single decision or looking at every single decision or every single pound or dollar that comes every single pound or dollar that comes every single pound or dollar that comes into your life and asking yourself or into your life and asking yourself or into your life and asking yourself or what do I want the purpose of this pound what do I want the purpose of this pound what do I want the purpose of this pound or dollar to be cuz if you don't define or dollar to be cuz if you don't define or dollar to be cuz if you don't define its purpose it will end up defining its purpose it will end up defining its purpose it will end up defining yours. yours. yours. >> So just be more conscious and more >> So just be more conscious and more >> So just be more conscious and more intentional with how you're spending intentional with how you're spending intentional with how you're spending rather than cutting things because rather than cutting things because rather than cutting things because that's what everyone else online is that's what everyone else online is that's what everyone else online is telling you to do. telling you to do. telling you to do. >> What happens to someone who says I'm >> What happens to someone who says I'm >> What happens to someone who says I'm going to save up one month 3 months for going to save up one month 3 months for going to save up one month 3 months for a bag? How do we improve our willpower a bag? How do we improve our willpower a bag? How do we improve our willpower towards the expensive things that make towards the expensive things that make towards the expensive things that make us happy? us happy? us happy? >> Yeah. >> Yeah. >> Yeah. >> So for someone who's like, I do want >> So for someone who's like, I do want >> So for someone who's like, I do want that pair of shoes. I do want that bag. that pair of shoes. I do want that bag. that pair of shoes. I do want that bag. I do whatever it may be for anyone. You I do whatever it may be for anyone. You I do whatever it may be for anyone. You can afford it, but can you really like can afford it, but can you really like can afford it, but can you really like is it really creating a better life for is it really creating a better life for is it really creating a better life for you? Are you more financially safe? How you? Are you more financially safe? How you? Are you more financially safe? How do you control your willpower when it do you control your willpower when it do you control your willpower when it feels so addictive? It's a lot easier to feels so addictive? It's a lot easier to feels so addictive? It's a lot easier to spend on things when you know that the spend on things when you know that the spend on things when you know that the future you is being taken care of. future you is being taken care of. future you is being taken care of. >> And when you know that, okay, the first >> And when you know that, okay, the first >> And when you know that, okay, the first thing I'm doing is saving a portion and thing I'm doing is saving a portion and thing I'm doing is saving a portion and that money is compounding for the future that money is compounding for the future that money is compounding for the future me. You feel a lot more happier to spend me. You feel a lot more happier to spend me. You feel a lot more happier to spend on whatever it is in that moment in time on whatever it is in that moment in time on whatever it is in that moment in time that will make you happy. And I do that will make you happy. And I do that will make you happy. And I do encourage everyone to have a look at encourage everyone to have a look at encourage everyone to have a look at their life, their goals, and decide, is their life, their goals, and decide, is their life, their goals, and decide, is this bringing me closer towards my life this bringing me closer towards my life this bringing me closer towards my life goals or taking me further away from goals or taking me further away from goals or taking me further away from them? Do you need a six-figure salary to them? Do you need a six-figure salary to them? Do you need a six-figure salary to achieve financial freedom? achieve financial freedom? achieve financial freedom? >> This is such a common misconception. We >> This is such a common misconception. We >> This is such a common misconception. We often think that to be better with often think that to be better with often think that to be better with money, to reach financial freedom, you money, to reach financial freedom, you money, to reach financial freedom, you need to earn more. Whilst that is great, need to earn more. Whilst that is great, need to earn more. Whilst that is great, earning money doesn't actually make you earning money doesn't actually make you earning money doesn't actually make you better with money. And it's not actually better with money. And it's not actually better with money. And it's not actually about how much you make, it's about how about how much you make, it's about how about how much you make, it's about how you manage what you make. So someone on you manage what you make. So someone on you manage what you make. So someone on 100,000 who is spending 100,000 is 100,000 who is spending 100,000 is 100,000 who is spending 100,000 is actually worse off than someone who's on actually worse off than someone who's on actually worse off than someone who's on 50,000 and saving 10% of it. So if you 50,000 and saving 10% of it. So if you 50,000 and saving 10% of it. So if you want to reach financial freedom, you got want to reach financial freedom, you got want to reach financial freedom, you got to be saving and investing a portion to be saving and investing a portion to be saving and investing a portion every single month. And then really what every single month. And then really what every single month. And then really what the market rewards is time and the market rewards is time and the market rewards is time and consistency. So even small contributions consistency. So even small contributions consistency. So even small contributions today, leaving it for the future, today, leaving it for the future, today, leaving it for the future, leaving it for 10, 20 years massively leaving it for 10, 20 years massively leaving it for 10, 20 years massively compound over time. And it's such an compound over time. And it's such an compound over time. And it's such an unfair advantage that people don't make unfair advantage that people don't make unfair advantage that people don't make the most of. um using the money that you the most of. um using the money that you the most of. um using the money that you have right now and using leverage to let have right now and using leverage to let have right now and using leverage to let it multiply in a way that doesn't it multiply in a way that doesn't it multiply in a way that doesn't require you to keep working and trading require you to keep working and trading require you to keep working and trading your time for money. your time for money. your time for money. >> Yeah, I love what you said about the >> Yeah, I love what you said about the >> Yeah, I love what you said about the habits because it feels like that's what habits because it feels like that's what habits because it feels like that's what it really comes down to where just it really comes down to where just it really comes down to where just because you earn more money doesn't mean because you earn more money doesn't mean because you earn more money doesn't mean you're better with money. And I think you're better with money. And I think you're better with money. And I think that's what happens is that you can go that's what happens is that you can go that's what happens is that you can go from making 50k and even if you went to from making 50k and even if you went to from making 50k and even if you went to make 250k, if you are used to spending make 250k, if you are used to spending make 250k, if you are used to spending everything you had at 50, you do the everything you had at 50, you do the everything you had at 50, you do the same. And that's so fascinating that we same. And that's so fascinating that we same. And that's so fascinating that we ultimately just sort these habits out early. It feels sort these habits out early. It feels like and it's hard, right? Because I like and it's hard, right? Because I like and it's hard, right? Because I feel like money mindset's built from feel like money mindset's built from feel like money mindset's built from families. It's built through trauma. families. It's built through trauma. families. It's built through trauma. It's built through our relationship with It's built through our relationship with It's built through our relationship with money over the years. Like it's not money over the years. Like it's not money over the years. Like it's not easy. Like I grew up in a house where we easy. Like I grew up in a house where we easy. Like I grew up in a house where we always had just enough. always had just enough. always had just enough. >> And so I grew up with zero in my bank >> And so I grew up with zero in my bank >> And so I grew up with zero in my bank balance often growing up. And I started balance often growing up. And I started balance often growing up. And I started working when I was 14. I delivered working when I was 14. I delivered working when I was 14. I delivered newspapers. is I then worked at newspapers. is I then worked at newspapers. is I then worked at Morrison's which is a grocery store in Morrison's which is a grocery store in Morrison's which is a grocery store in the area. I then worked in retail. Like the area. I then worked in retail. Like the area. I then worked in retail. Like I I basically worked every year since I I I basically worked every year since I I I basically worked every year since I was 14 years old. But even when I was was 14 years old. But even when I was was 14 years old. But even when I was working, I was paying for my phone bill working, I was paying for my phone bill working, I was paying for my phone bill and I remember paying for my car and I remember paying for my car and I remember paying for my car insurance and all the rest of it. I insurance and all the rest of it. I insurance and all the rest of it. I would end up with zero in my bank would end up with zero in my bank would end up with zero in my bank balance a lot because that's what I was balance a lot because that's what I was balance a lot because that's what I was always trained to have. always trained to have. always trained to have. >> And so it took me years of like changing >> And so it took me years of like changing >> And so it took me years of like changing my relationship with money to actually my relationship with money to actually my relationship with money to actually understand what to do with it. And it understand what to do with it. And it understand what to do with it. And it was almost like an emotional was almost like an emotional was almost like an emotional relationship more than even a it was relationship more than even a it was relationship more than even a it was definitely a tactical practical definitely a tactical practical definitely a tactical practical relationship but there was also an relationship but there was also an relationship but there was also an emotional relationship I needed to work emotional relationship I needed to work emotional relationship I needed to work on. Do do you touch on that in your on. Do do you touch on that in your on. Do do you touch on that in your work? work? work? >> Yeah, I do. And you know what? It's so >> Yeah, I do. And you know what? It's so >> Yeah, I do. And you know what? It's so much easy no matter where you are in much easy no matter where you are in much easy no matter where you are in your financial journey. It is actually your financial journey. It is actually your financial journey. It is actually so much easier to feel behind so much easier to feel behind so much easier to feel behind financially than it is to feel ahead financially than it is to feel ahead financially than it is to feel ahead financially. And a big part of that is financially. And a big part of that is financially. And a big part of that is because we compare how we're doing not because we compare how we're doing not because we compare how we're doing not based on how much we have, but how much based on how much we have, but how much based on how much we have, but how much we have compared to those around us. And we have compared to those around us. And we have compared to those around us. And there's research on this. There's there's research on this. There's there's research on this. There's research that shows that two people research that shows that two people research that shows that two people could earn the exact same income and could earn the exact same income and could earn the exact same income and report different levels of satisfaction report different levels of satisfaction report different levels of satisfaction purely based on whether the people purely based on whether the people purely based on whether the people around them are earning more than them around them are earning more than them around them are earning more than them or less than them. So you could be on or less than them. So you could be on or less than them. So you could be on 50,000 and you would feel and could feel 50,000 and you would feel and could feel 50,000 and you would feel and could feel happy about your finances if everyone happy about your finances if everyone happy about your finances if everyone around you is earning 45,000 or feel around you is earning 45,000 or feel around you is earning 45,000 or feel less happy about it if everyone around less happy about it if everyone around less happy about it if everyone around you is earning 55,000. you is earning 55,000. you is earning 55,000. >> That's wild. Yeah. >> That's wild. Yeah. >> That's wild. Yeah. >> We measure our success based on we're >> We measure our success based on we're >> We measure our success based on we're humans. We're social creatures. We humans. We're social creatures. We humans. We're social creatures. We measure our success based on what's measure our success based on what's measure our success based on what's happening around us. And previously this happening around us. And previously this happening around us. And previously this wasn't such a bad thing when our social wasn't such a bad thing when our social wasn't such a bad thing when our social circle didn't extend beyond our local circle didn't extend beyond our local circle didn't extend beyond our local town or our local neighborhood. You town or our local neighborhood. You town or our local neighborhood. You could be a baller blissfully unaware of could be a baller blissfully unaware of could be a baller blissfully unaware of the bigger fish down the road, right? the bigger fish down the road, right? the bigger fish down the road, right? But now with the internet, it exposes us But now with the internet, it exposes us But now with the internet, it exposes us to everyone and the most successful to everyone and the most successful to everyone and the most successful outliers, the most successful anom outliers, the most successful anom outliers, the most successful anom anomalies are there for everyone to see. anomalies are there for everyone to see. anomalies are there for everyone to see. So yeah, it's really it's the emotions So yeah, it's really it's the emotions So yeah, it's really it's the emotions are a big part of my work. But I want are a big part of my work. But I want are a big part of my work. But I want people to understand that there are people to understand that there are people to understand that there are things that drive their emotions that things that drive their emotions that things that drive their emotions that are outside of their control and to are outside of their control and to are outside of their control and to always remember like the checkpoints always remember like the checkpoints always remember like the checkpoints that matter and come back to the finance that matter and come back to the finance that matter and come back to the finance part of it to understand if you're doing part of it to understand if you're doing part of it to understand if you're doing better or um you're doing okay better or um you're doing okay better or um you're doing okay financially. Yeah, I'm really glad you financially. Yeah, I'm really glad you financially. Yeah, I'm really glad you raised that too because I also think raised that too because I also think raised that too because I also think that it shows a kind of flaw in human that it shows a kind of flaw in human that it shows a kind of flaw in human training in that you'd hope that if training in that you'd hope that if training in that you'd hope that if everyone around you was making more than everyone around you was making more than everyone around you was making more than you, you could study them and learn from you, you could study them and learn from you, you could study them and learn from them and also grow. them and also grow. them and also grow. >> But we just end up envying them or being >> But we just end up envying them or being >> But we just end up envying them or being jealous or being upset at ourselves. jealous or being upset at ourselves. jealous or being upset at ourselves. Even if we're not jealous or envious of Even if we're not jealous or envious of Even if we're not jealous or envious of of others, we kind of become harsh on of others, we kind of become harsh on of others, we kind of become harsh on ourselves. Oh, you should be doing ourselves. Oh, you should be doing ourselves. Oh, you should be doing better and you're behind and everyone's better and you're behind and everyone's better and you're behind and everyone's ahead of you. And it's almost like if we ahead of you. And it's almost like if we ahead of you. And it's almost like if we could learn to study people instead of could learn to study people instead of could learn to study people instead of envy them, criticize them, or envy them, criticize them, or envy them, criticize them, or >> be upset at ourselves, >> be upset at ourselves, >> be upset at ourselves, >> then it would be healthy to be around >> then it would be healthy to be around >> then it would be healthy to be around people who are doing better than us. people who are doing better than us. people who are doing better than us. Because we also always hear the famous Because we also always hear the famous Because we also always hear the famous quote of you're the average of the five quote of you're the average of the five quote of you're the average of the five people you spend the most time with. people you spend the most time with. people you spend the most time with. >> If if you're trying to grow your >> If if you're trying to grow your >> If if you're trying to grow your finances, and I'm not telling people to finances, and I'm not telling people to finances, and I'm not telling people to change their friends, but if you're change their friends, but if you're change their friends, but if you're trying to grow a certain area of your trying to grow a certain area of your trying to grow a certain area of your life, you will have to be around people life, you will have to be around people life, you will have to be around people who are excelling in that area. who are excelling in that area. who are excelling in that area. >> Absolutely. And it it just knowing or >> Absolutely. And it it just knowing or >> Absolutely. And it it just knowing or people excelling in that area. Sometimes people excelling in that area. Sometimes people excelling in that area. Sometimes you are at a certain level of your you are at a certain level of your you are at a certain level of your finances and you don't realize what's finances and you don't realize what's finances and you don't realize what's possible because everyone around you is possible because everyone around you is possible because everyone around you is also at that same area or same stage. also at that same area or same stage. also at that same area or same stage. And I remember the moment when I heard And I remember the moment when I heard And I remember the moment when I heard uh someone earning X amount uh per uh someone earning X amount uh per uh someone earning X amount uh per month. That's when it clicked for me month. That's when it clicked for me month. That's when it clicked for me that I thought oh that's actually that I thought oh that's actually that I thought oh that's actually possible. And then when you get there possible. And then when you get there possible. And then when you get there then you hear someone else say oh this then you hear someone else say oh this then you hear someone else say oh this is how much I earn per month. And you it is how much I earn per month. And you it is how much I earn per month. And you it just changes your view on what normality just changes your view on what normality just changes your view on what normality is. And yeah, like it's not about like is. And yeah, like it's not about like is. And yeah, like it's not about like you said, it's not about changing your you said, it's not about changing your you said, it's not about changing your circle to try and find friends that make circle to try and find friends that make circle to try and find friends that make more money, but just understanding that more money, but just understanding that more money, but just understanding that this is the things that are possible and this is the things that are possible and this is the things that are possible and none of that is out of your reach. None none of that is out of your reach. None none of that is out of your reach. None of it is like you could do whatever you of it is like you could do whatever you of it is like you could do whatever you set your mind to and surround yourself set your mind to and surround yourself set your mind to and surround yourself with. with. with. >> What what does the top 1% understand >> What what does the top 1% understand >> What what does the top 1% understand about money that most of us don't? about money that most of us don't? about money that most of us don't? >> There's the 1% of financial success and >> There's the 1% of financial success and >> There's the 1% of financial success and then there's the 1% of financial then there's the 1% of financial then there's the 1% of financial happiness. happiness. happiness. >> And they're two different things. >> And they're two different things. >> And they're two different things. Financial success is society's Financial success is society's Financial success is society's definition of happiness. Financial definition of happiness. Financial definition of happiness. Financial happiness is your intrinsic definition happiness is your intrinsic definition happiness is your intrinsic definition of happiness. And the people who are in of happiness. And the people who are in of happiness. And the people who are in the 1% of financial happiness, they get the 1% of financial happiness, they get the 1% of financial happiness, they get a really really clear on what they want a really really clear on what they want a really really clear on what they want out of life, what a good life means for out of life, what a good life means for out of life, what a good life means for them. And going back to my banking them. And going back to my banking them. And going back to my banking experience, this is a lot easier said experience, this is a lot easier said experience, this is a lot easier said than done because if you don't take your than done because if you don't take your than done because if you don't take your time to look inwards, then you're just time to look inwards, then you're just time to look inwards, then you're just going to follow what is outlined for you going to follow what is outlined for you going to follow what is outlined for you and the path ahead of you. So that's the and the path ahead of you. So that's the and the path ahead of you. So that's the first thing that people do who are in first thing that people do who are in first thing that people do who are in the 1% financial happiness. And the the 1% financial happiness. And the the 1% financial happiness. And the second thing is they understand that second thing is they understand that second thing is they understand that every money decision they make, every every money decision they make, every every money decision they make, every pound or dollar that they spend is pound or dollar that they spend is pound or dollar that they spend is either working for them to get closer either working for them to get closer either working for them to get closer towards that level of happiness or towards that level of happiness or towards that level of happiness or further away from that. And that's the further away from that. And that's the further away from that. And that's the thing. If you if you don't know what thing. If you if you don't know what thing. If you if you don't know what you're doing or why you're doing it, you're doing or why you're doing it, you're doing or why you're doing it, you're going to be spending money you're going to be spending money you're going to be spending money carelessly not realizing if it's carelessly not realizing if it's carelessly not realizing if it's bringing you closer to your life goals. bringing you closer to your life goals. bringing you closer to your life goals. But you can't have number two without But you can't have number two without But you can't have number two without having number one. You've got to get having number one. You've got to get having number one. You've got to get clear on your why first and then spend clear on your why first and then spend clear on your why first and then spend in alignment with that why. I love that in alignment with that why. I love that in alignment with that why. I love that redefinition. I think that's so redefinition. I think that's so redefinition. I think that's so important because I think social media's important because I think social media's important because I think social media's also made us more focused on the top 1% also made us more focused on the top 1% also made us more focused on the top 1% and here's the billionaire list and and here's the billionaire list and and here's the billionaire list and here's the millionaire list and and the here's the millionaire list and and the here's the millionaire list and and the reality is that living an aligned life reality is that living an aligned life reality is that living an aligned life and living a life based on your values and living a life based on your values and living a life based on your values and what you care about is far more and what you care about is far more and what you care about is far more within your reach and grasp and is going within your reach and grasp and is going within your reach and grasp and is going to make you happier. And I love that to make you happier. And I love that to make you happier. And I love that reframe from financial success to reframe from financial success to reframe from financial success to financial happiness because I think financial happiness because I think financial happiness because I think that's what we're all actually looking that's what we're all actually looking that's what we're all actually looking for. And it comes back to your same for. And it comes back to your same for. And it comes back to your same point of just it's not just about making point of just it's not just about making point of just it's not just about making more. It's about knowing what you're more. It's about knowing what you're more. It's about knowing what you're doing with what you have and then doing with what you have and then doing with what you have and then allowing that to expand. And I I'm so allowing that to expand. And I I'm so allowing that to expand. And I I'm so glad that you're kind of pushing that glad that you're kind of pushing that glad that you're kind of pushing that conversation out there as as a money conversation out there as as a money conversation out there as as a money expert because I think it's easy to get expert because I think it's easy to get expert because I think it's easy to get excitable and just talk about like how excitable and just talk about like how excitable and just talk about like how to make like $100 million or a million to make like $100 million or a million to make like $100 million or a million dollars or 10 million or whatever. And dollars or 10 million or whatever. And dollars or 10 million or whatever. And it's like well a there may that may be a it's like well a there may that may be a it's like well a there may that may be a long road. And you know this comes back long road. And you know this comes back long road. And you know this comes back to all the get-rich quick schemes. It to all the get-rich quick schemes. It to all the get-rich quick schemes. It comes back to like people promising you comes back to like people promising you comes back to like people promising you you can make a million dollars in a week you can make a million dollars in a week you can make a million dollars in a week like all that kind. What's your take on like all that kind. What's your take on like all that kind. What's your take on passive income? Is it even possible? passive income? Is it even possible? passive income? Is it even possible? >> There is no such thing as pass >> There is no such thing as pass >> There is no such thing as pass completely passive income. There are completely passive income. There are completely passive income. There are different forms of income, but none of different forms of income, but none of different forms of income, but none of them are completely 100% passive without them are completely 100% passive without them are completely 100% passive without requiring a lot of upfront work. So, requiring a lot of upfront work. So, requiring a lot of upfront work. So, >> so glad you said it. >> so glad you said it. >> so glad you said it. >> It's just not. And the most passive way >> It's just not. And the most passive way >> It's just not. And the most passive way of actually making money with the least of actually making money with the least of actually making money with the least amount of work is investing. It is the amount of work is investing. It is the amount of work is investing. It is the easiest to get into, the easiest to easiest to get into, the easiest to easiest to get into, the easiest to understand and you can make understand and you can make understand and you can make extraordinary amount of wealth through extraordinary amount of wealth through extraordinary amount of wealth through small amounts of income. So passive small amounts of income. So passive small amounts of income. So passive income in the way that it's marketed income in the way that it's marketed income in the way that it's marketed online or through what we see on the online or through what we see on the online or through what we see on the internet, it's take it with a pinch of internet, it's take it with a pinch of internet, it's take it with a pinch of salt and understand who's saying it, why salt and understand who's saying it, why salt and understand who's saying it, why they're saying it. And nothing is they're saying it. And nothing is they're saying it. And nothing is passive without a lot of work. The passive without a lot of work. The passive without a lot of work. The easiest way and the single easiest way easiest way and the single easiest way easiest way and the single easiest way to get rich long term is by investing in to get rich long term is by investing in to get rich long term is by investing in the stock market. the stock market. the stock market. >> Yeah. And that's and I feel like that's >> Yeah. And that's and I feel like that's >> Yeah. And that's and I feel like that's again if you were exposed to that as a again if you were exposed to that as a again if you were exposed to that as a kid. Yeah. And you knew about it then kid. Yeah. And you knew about it then kid. Yeah. And you knew about it then you know otherwise it feels like this you know otherwise it feels like this you know otherwise it feels like this wild wild west like it feels so scary wild wild west like it feels so scary wild wild west like it feels so scary and you're like how do I know what that and you're like how do I know what that and you're like how do I know what that means? Like where where do people start means? Like where where do people start means? Like where where do people start to give them a 60-cond masterclass on to give them a 60-cond masterclass on to give them a 60-cond masterclass on investing? Where do people start? investing? Where do people start? investing? Where do people start? >> So we believe that to start investing we >> So we believe that to start investing we >> So we believe that to start investing we need to pick individual stocks. We need need to pick individual stocks. We need need to pick individual stocks. We need to find the next Tesla, the next Nvidia, to find the next Tesla, the next Nvidia, to find the next Tesla, the next Nvidia, the next Amazon. But the truth is that the next Amazon. But the truth is that the next Amazon. But the truth is that could work but it's very very hard to do could work but it's very very hard to do could work but it's very very hard to do and it requires a lot of time and a lot and it requires a lot of time and a lot and it requires a lot of time and a lot of energy to do it even semi-safely and of energy to do it even semi-safely and of energy to do it even semi-safely and you could still get it wrong even you could still get it wrong even you could still get it wrong even experts get it wrong actually an example experts get it wrong actually an example experts get it wrong actually an example of this a great example of this is in of this a great example of this is in of this a great example of this is in the 2008 Leman brothers just before the the 2008 Leman brothers just before the the 2008 Leman brothers just before the financial crisis just before they financial crisis just before they financial crisis just before they collapsed which triggered the entire collapsed which triggered the entire collapsed which triggered the entire financial global crisis analysts at one financial global crisis analysts at one financial global crisis analysts at one of the largest investment banks in the of the largest investment banks in the of the largest investment banks in the world gave Lehman a buy rating a buy a world gave Lehman a buy rating a buy a world gave Lehman a buy rating a buy a couple of months later it collaped aped. couple of months later it collaped aped. couple of months later it collaped aped. These are some of the smartest people in These are some of the smartest people in These are some of the smartest people in finance and they have access to finance and they have access to finance and they have access to information to data. They have information to data. They have information to data. They have experience that most of us don't have experience that most of us don't have experience that most of us don't have and they still got it catastrophically and they still got it catastrophically and they still got it catastrophically wrong. That's to say it is very very wrong. That's to say it is very very wrong. That's to say it is very very hard to do. It's almost impossible to hard to do. It's almost impossible to hard to do. It's almost impossible to consistently get it right if they can't consistently get it right if they can't consistently get it right if they can't get it right. It's very hard for normal get it right. It's very hard for normal get it right. It's very hard for normal people with less information, less time people with less information, less time people with less information, less time to be able to do it consistently and to be able to do it consistently and to be able to do it consistently and reliably. So the way that I recommend reliably. So the way that I recommend reliably. So the way that I recommend for people to start when it comes to for people to start when it comes to for people to start when it comes to investing is through index funds. Index investing is through index funds. Index investing is through index funds. Index funds is just instead of buying funds is just instead of buying funds is just instead of buying individual companies, you're buying tens individual companies, you're buying tens individual companies, you're buying tens if not thousands of companies all at if not thousands of companies all at if not thousands of companies all at once. So for instance, an S&P 500, it's once. So for instance, an S&P 500, it's once. So for instance, an S&P 500, it's 500 of the largest companies. You're 500 of the largest companies. You're 500 of the largest companies. You're buying a small slice of 500 of the buying a small slice of 500 of the buying a small slice of 500 of the largest companies, Coca-Cola, Amazon, largest companies, Coca-Cola, Amazon, largest companies, Coca-Cola, Amazon, Tesla, Johnson and Johnson, all in one Tesla, Johnson and Johnson, all in one Tesla, Johnson and Johnson, all in one go. And is the safest and most reliable go. And is the safest and most reliable go. And is the safest and most reliable way to build long-term wealth. Even way to build long-term wealth. Even way to build long-term wealth. Even Buffett, he Warren Buffett, he's he's Buffett, he Warren Buffett, he's he's Buffett, he Warren Buffett, he's he's instructed for 90% of his wife's instructed for 90% of his wife's instructed for 90% of his wife's inheritance to go towards lowcost inheritance to go towards lowcost inheritance to go towards lowcost diversified funds. For the majority of diversified funds. For the majority of diversified funds. For the majority of people, that is the way to go. Once you people, that is the way to go. Once you people, that is the way to go. Once you have that foundation set up, once you've have that foundation set up, once you've have that foundation set up, once you've got that set up, then sure, you could got that set up, then sure, you could got that set up, then sure, you could have your fund money and play around have your fund money and play around have your fund money and play around with some stocks that you might think with some stocks that you might think with some stocks that you might think are high growth, but you can't do that are high growth, but you can't do that are high growth, but you can't do that without having a solid foundation in without having a solid foundation in without having a solid foundation in place. It's just not worth that level of place. It's just not worth that level of place. It's just not worth that level of risk that comes with individual stock risk that comes with individual stock risk that comes with individual stock picking. And is that money that you're picking. And is that money that you're picking. And is that money that you're planning on leaving there for like a planning on leaving there for like a planning on leaving there for like a decade, two decades? Like this is money decade, two decades? Like this is money decade, two decades? Like this is money you're not touching. And how much do you you're not touching. And how much do you you're not touching. And how much do you need to get started? need to get started? need to get started? >> Yeah. So I recommend not investing >> Yeah. So I recommend not investing >> Yeah. So I recommend not investing anything that you're going to need in anything that you're going to need in anything that you're going to need in the next 5 years because historically the next 5 years because historically the next 5 years because historically the stock market has averaged 8 to 10% the stock market has averaged 8 to 10% the stock market has averaged 8 to 10% over the long run. That's the average over the long run. That's the average over the long run. That's the average annual return of the stock market. But annual return of the stock market. But annual return of the stock market. But that is over the long run. If you look that is over the long run. If you look that is over the long run. If you look at any given year the stock market could at any given year the stock market could at any given year the stock market could go up 30%, it could be down 40%. So if go up 30%, it could be down 40%. So if go up 30%, it could be down 40%. So if you need that money in the next five you need that money in the next five you need that money in the next five years, say you're saving for a home, years, say you're saving for a home, years, say you're saving for a home, you're saving for a car payment, you're you're saving for a car payment, you're you're saving for a car payment, you're saving for your kids' education, if you saving for your kids' education, if you saving for your kids' education, if you need that in the next five years, you need that in the next five years, you need that in the next five years, you don't want to put it in the stock market don't want to put it in the stock market don't want to put it in the stock market because the last thing you want is to because the last thing you want is to because the last thing you want is to save money and then need it in the next save money and then need it in the next save money and then need it in the next couple of years. And actually, at that couple of years. And actually, at that couple of years. And actually, at that time, the stock market is at a dip and time, the stock market is at a dip and time, the stock market is at a dip and you have to pull out at a loss. You want you have to pull out at a loss. You want you have to pull out at a loss. You want to avoid that. So any money that you to avoid that. So any money that you to avoid that. So any money that you want to invest, you want to make sure want to invest, you want to make sure want to invest, you want to make sure you don't need that money in the next 5 you don't need that money in the next 5 you don't need that money in the next 5 years, and you want to keep it there for years, and you want to keep it there for years, and you want to keep it there for 10 years, 20 years. The longer you keep 10 years, 20 years. The longer you keep 10 years, 20 years. The longer you keep it, therefore, the closer you get to the it, therefore, the closer you get to the it, therefore, the closer you get to the average stock market returns. average stock market returns. average stock market returns. >> Yeah, great advice. >> Yeah, great advice. >> Yeah, great advice. >> You could start with a dollar. You could >> You could start with a dollar. You could >> You could start with a dollar. You could start with the price of a loaf of bread. start with the price of a loaf of bread. start with the price of a loaf of bread. The hurdles that we had to invest back The hurdles that we had to invest back The hurdles that we had to invest back in the day just don't exist anymore. You in the day just don't exist anymore. You in the day just don't exist anymore. You could do it within a second on your could do it within a second on your could do it within a second on your phone with as little as a dollar. phone with as little as a dollar. phone with as little as a dollar. >> You just brought this up. Should people >> You just brought this up. Should people >> You just brought this up. Should people even plan on buying a home? even plan on buying a home? even plan on buying a home? >> You do not want to look at a home as an >> You do not want to look at a home as an >> You do not want to look at a home as an investment opportunity. There was a time investment opportunity. There was a time investment opportunity. There was a time when I thought buying a home was a when I thought buying a home was a when I thought buying a home was a really, really good decision. And when I really, really good decision. And when I really, really good decision. And when I bought my home, I thought that was a bought my home, I thought that was a bought my home, I thought that was a great financial decision and it gave me great financial decision and it gave me great financial decision and it gave me a lot of comfort and peace of mind a lot of comfort and peace of mind a lot of comfort and peace of mind knowing that no matter what happened, I knowing that no matter what happened, I knowing that no matter what happened, I will always have this roof over my head. will always have this roof over my head. will always have this roof over my head. That psychological comfort, it's hard to That psychological comfort, it's hard to That psychological comfort, it's hard to put a number on. Now I rent and that put a number on. Now I rent and that put a number on. Now I rent and that gives me a huge amount of psychological gives me a huge amount of psychological gives me a huge amount of psychological comfort because knowing that I could comfort because knowing that I could comfort because knowing that I could pick up and leave if an opportunity pick up and leave if an opportunity pick up and leave if an opportunity comes up, that I'm not tied to a certain comes up, that I'm not tied to a certain comes up, that I'm not tied to a certain place, that gives me a lot of freedom. place, that gives me a lot of freedom. place, that gives me a lot of freedom. So there's two ways to look about the So there's two ways to look about the So there's two ways to look about the buyer rent situation. First is actually buyer rent situation. First is actually buyer rent situation. First is actually when it comes to your home, it is a when it comes to your home, it is a when it comes to your home, it is a psychological part of it that plays a psychological part of it that plays a psychological part of it that plays a big big role. And then the second part big big role. And then the second part big big role. And then the second part then comes the numbers. You want to then comes the numbers. You want to then comes the numbers. You want to figure out okay does it make sense to be figure out okay does it make sense to be figure out okay does it make sense to be for me to be putting this money towards for me to be putting this money towards for me to be putting this money towards buying a home? Also taking into account buying a home? Also taking into account buying a home? Also taking into account the cost that most people forget which the cost that most people forget which the cost that most people forget which is stamp duty, buying all the is stamp duty, buying all the is stamp duty, buying all the furnishing, legal fees, surveyor fees, furnishing, legal fees, surveyor fees, furnishing, legal fees, surveyor fees, all of that comes into maintenance. all of that comes into maintenance. all of that comes into maintenance. Yeah. Or does it make sense for me to Yeah. Or does it make sense for me to Yeah. Or does it make sense for me to rent and invest that difference? So rent and invest that difference? So rent and invest that difference? So those are the ways you want to look those are the ways you want to look those are the ways you want to look about the buy and the rent situation. about the buy and the rent situation. about the buy and the rent situation. It's not a what we used to think which It's not a what we used to think which It's not a what we used to think which was just buying is the way to go and if was just buying is the way to go and if was just buying is the way to go and if you're paying someone if you're paying you're paying someone if you're paying you're paying someone if you're paying rent you're just paying someone else's rent you're just paying someone else's rent you're just paying someone else's mortgage. There's so much more that mortgage. There's so much more that mortgage. There's so much more that comes into the emotions and the comes into the emotions and the comes into the emotions and the psychology of making something like a psychology of making something like a psychology of making something like a house purchase which is one of the house purchase which is one of the house purchase which is one of the biggest purchases you're going to make biggest purchases you're going to make biggest purchases you're going to make in your entire life. in your entire life. in your entire life. >> A few decades ago it felt like that's >> A few decades ago it felt like that's >> A few decades ago it felt like that's what you had to do. Why has it suddenly what you had to do. Why has it suddenly what you had to do. Why has it suddenly become a debate over the last 5 to 10 become a debate over the last 5 to 10 become a debate over the last 5 to 10 years? Maybe years? Maybe years? Maybe >> a decade ago, even for our pre for our >> a decade ago, even for our pre for our >> a decade ago, even for our pre for our parents generation, it was a lot easier parents generation, it was a lot easier parents generation, it was a lot easier to get onto the property ladder. And if to get onto the property ladder. And if to get onto the property ladder. And if you compare the way house prices have you compare the way house prices have you compare the way house prices have gone up since then, the way gone up since then, the way gone up since then, the way >> insane >> insane >> insane >> everything has gone up since then. And >> everything has gone up since then. And >> everything has gone up since then. And compare that to wages, it's not the same compare that to wages, it's not the same compare that to wages, it's not the same anymore. And for the majority of people, anymore. And for the majority of people, anymore. And for the majority of people, it's not as easy to do as it was for it's not as easy to do as it was for it's not as easy to do as it was for previous generations. And actually with previous generations. And actually with previous generations. And actually with the way the stock market is going, it the way the stock market is going, it the way the stock market is going, it might make a lot more sense saving that might make a lot more sense saving that might make a lot more sense saving that money, but you have to be disciplined money, but you have to be disciplined money, but you have to be disciplined enough to save the money that you would enough to save the money that you would enough to save the money that you would have otherwise put in towards a mortgage have otherwise put in towards a mortgage have otherwise put in towards a mortgage or the difference between a rent and a or the difference between a rent and a or the difference between a rent and a mortgage and saving that money and then mortgage and saving that money and then mortgage and saving that money and then putting towards the stock market. So putting towards the stock market. So putting towards the stock market. So it's a very very different economy that it's a very very different economy that it's a very very different economy that we're in. And whilst having or buying a we're in. And whilst having or buying a we're in. And whilst having or buying a home, if you if that's your goal, that's home, if you if that's your goal, that's home, if you if that's your goal, that's a great goal to have, but I don't think a great goal to have, but I don't think a great goal to have, but I don't think it's the be all and end all if you don't it's the be all and end all if you don't it's the be all and end all if you don't get onto the property ladder. other ways get onto the property ladder. other ways get onto the property ladder. other ways to make a lot of wealth that doesn't to make a lot of wealth that doesn't to make a lot of wealth that doesn't require you to buy a home. require you to buy a home. require you to buy a home. >> I think you've acknowledged something >> I think you've acknowledged something >> I think you've acknowledged something really important there. Like the reality really important there. Like the reality really important there. Like the reality is it feels like the cost of everything is it feels like the cost of everything is it feels like the cost of everything is going up. Like the cost of fuel, the is going up. Like the cost of fuel, the is going up. Like the cost of fuel, the cost of rent, the cost of a mortgage, cost of rent, the cost of a mortgage, cost of rent, the cost of a mortgage, the cost of living, like everything's on the cost of living, like everything's on the cost of living, like everything's on the rise. No wonder everyone's stressed. the rise. No wonder everyone's stressed. the rise. No wonder everyone's stressed. Like everyone is so stressed. And so no Like everyone is so stressed. And so no Like everyone is so stressed. And so no wonder we're getting more scared or wonder we're getting more scared or wonder we're getting more scared or insecure about our finances and we don't insecure about our finances and we don't insecure about our finances and we don't want to look at them because want to look at them because want to look at them because everything's just fear-based, right? So everything's just fear-based, right? So everything's just fear-based, right? So it's like the cost of living is going it's like the cost of living is going it's like the cost of living is going up, the cost of raising kids is going up, the cost of raising kids is going up, the cost of raising kids is going up. Uh you're not getting paid more up. Uh you're not getting paid more up. Uh you're not getting paid more necessarily to catch up with that rate. necessarily to catch up with that rate. necessarily to catch up with that rate. Exactly. Exactly. Exactly. >> So then of course we're like what do I >> So then of course we're like what do I >> So then of course we're like what do I do? And I can empathize and I understand do? And I can empathize and I understand do? And I can empathize and I understand that it just leads to this like uh that it just leads to this like uh that it just leads to this like uh freeze, right? It's like that fight or freeze, right? It's like that fight or freeze, right? It's like that fight or flight and we're just like we're we're flight and we're just like we're we're flight and we're just like we're we're kind of stuck in freeze cuz we're like kind of stuck in freeze cuz we're like kind of stuck in freeze cuz we're like well nothing I do makes a difference. If well nothing I do makes a difference. If well nothing I do makes a difference. If someone wants to completely transform someone wants to completely transform someone wants to completely transform their finances in the next 6 months, their finances in the next 6 months, their finances in the next 6 months, what's the plan? There's a specific what's the plan? There's a specific what's the plan? There's a specific order of steps that I'd recommend people order of steps that I'd recommend people order of steps that I'd recommend people take and especially the first bit. I take and especially the first bit. I take and especially the first bit. I think a lot of that fear comes from the think a lot of that fear comes from the think a lot of that fear comes from the first thing which is not having an first thing which is not having an first thing which is not having an emergency cushion in place. So saving emergency cushion in place. So saving emergency cushion in place. So saving your expenses. The first one that I your expenses. The first one that I your expenses. The first one that I recommend or the first step that I recommend or the first step that I recommend or the first step that I recommend anyone saving is $2,000. And recommend anyone saving is $2,000. And recommend anyone saving is $2,000. And Vanguard research shows that just by Vanguard research shows that just by Vanguard research shows that just by saving that $2,000 that increases your saving that $2,000 that increases your saving that $2,000 that increases your financial well-being by up to 21%. financial well-being by up to 21%. financial well-being by up to 21%. >> Wow. >> Wow. >> Wow. >> From saving $2,000. And then if you up >> From saving $2,000. And then if you up >> From saving $2,000. And then if you up that amount to 3 to 6 months, that's a that amount to 3 to 6 months, that's a that amount to 3 to 6 months, that's a further 13% on financial well-being. We further 13% on financial well-being. We further 13% on financial well-being. We don't realize the extent of having that don't realize the extent of having that don't realize the extent of having that cushion has to not operate from a place cushion has to not operate from a place cushion has to not operate from a place of scarcity. of scarcity. of scarcity. >> Just 2,000 to start. >> Just 2,000 to start. >> Just 2,000 to start. >> Just 2,000 to start. Yeah. After that, >> Just 2,000 to start. Yeah. After that, >> Just 2,000 to start. Yeah. After that, you want to make sure that your high you want to make sure that your high you want to make sure that your high interest debt has been paid off. And by interest debt has been paid off. And by interest debt has been paid off. And by high interest, I mean anything above 8%. high interest, I mean anything above 8%. high interest, I mean anything above 8%. This is credit card debt. This is This is credit card debt. This is This is credit card debt. This is consumer debt. And I say 8% because consumer debt. And I say 8% because consumer debt. And I say 8% because historically the average stock market historically the average stock market historically the average stock market return has been 8 to 10%. So if you have return has been 8 to 10%. So if you have return has been 8 to 10%. So if you have debt that is more than 8% you're debt that is more than 8% you're debt that is more than 8% you're actually worse off financially by actually worse off financially by actually worse off financially by keeping that debt than by paying it off. keeping that debt than by paying it off. keeping that debt than by paying it off. So that's the first thing that you want So that's the first thing that you want So that's the first thing that you want to do. And then for interest or for debt to do. And then for interest or for debt to do. And then for interest or for debt that is less than 8% again this is where that is less than 8% again this is where that is less than 8% again this is where the mathematically smart choice is to the mathematically smart choice is to the mathematically smart choice is to invest instead of paying off the debt invest instead of paying off the debt invest instead of paying off the debt below 8%. But again, we're not robots. below 8%. But again, we're not robots. below 8%. But again, we're not robots. We're not AI. We're humans with We're not AI. We're humans with We're not AI. We're humans with emotions. And one of my we have a a emotions. And one of my we have a a emotions. And one of my we have a a WhatsApp chat with some of the girls WhatsApp chat with some of the girls WhatsApp chat with some of the girls I've known for like 13 years. And in I've known for like 13 years. And in I've known for like 13 years. And in that in that WhatsApp chat, we talk that in that WhatsApp chat, we talk that in that WhatsApp chat, we talk about our investments and what we've about our investments and what we've about our investments and what we've been investing, giving each other ideas. been investing, giving each other ideas. been investing, giving each other ideas. And one of the girls, she has invested And one of the girls, she has invested And one of the girls, she has invested far a far little amount. She's just far a far little amount. She's just far a far little amount. She's just dipped her toes into it. But she spent dipped her toes into it. But she spent dipped her toes into it. But she spent her whole time paying off her student her whole time paying off her student her whole time paying off her student loan and has nearly paid off her loan and has nearly paid off her loan and has nearly paid off her mortgage. For her, sure, the mortgage. For her, sure, the mortgage. For her, sure, the mathematically right choice would have mathematically right choice would have mathematically right choice would have been to invest her money. And we look at been to invest her money. And we look at been to invest her money. And we look at finances in terms of optimizing revenue, finances in terms of optimizing revenue, finances in terms of optimizing revenue, expected value, expected rate of return. expected value, expected rate of return. expected value, expected rate of return. But peace of mind has value, too. But peace of mind has value, too. But peace of mind has value, too. >> Yeah. >> Yeah. >> Yeah. >> And if you've got debt, that keeps you >> And if you've got debt, that keeps you >> And if you've got debt, that keeps you up at night and that stresses you out up at night and that stresses you out up at night and that stresses you out and that adds to the way you're feeling, and that adds to the way you're feeling, and that adds to the way you're feeling, then who's to say that you should be then who's to say that you should be then who's to say that you should be investing first? investing first? investing first? >> Absolutely. Yeah. >> Absolutely. Yeah. >> Absolutely. Yeah. >> You want to be doing the things and >> You want to be doing the things and >> You want to be doing the things and making sure that your finances set up in making sure that your finances set up in making sure that your finances set up in a way that helps you sleep at night. And a way that helps you sleep at night. And a way that helps you sleep at night. And then once you're comfortable on that then once you're comfortable on that then once you're comfortable on that debt position, then you want to start debt position, then you want to start debt position, then you want to start investing and going on towards your investing and going on towards your investing and going on towards your long-term wealth journey. But that's long-term wealth journey. But that's long-term wealth journey. But that's what I recommend. what I recommend. what I recommend. >> I love that plan. That's such a great >> I love that plan. That's such a great >> I love that plan. That's such a great plan. It feels so achievable in the plan. It feels so achievable in the plan. It feels so achievable in the beginning. beginning. beginning. >> It gives you a step-by-step process >> It gives you a step-by-step process >> It gives you a step-by-step process because I think sometimes people are because I think sometimes people are because I think sometimes people are debating, do I save money first or do I debating, do I save money first or do I debating, do I save money first or do I pay for my debt first? And you're like, pay for my debt first? And you're like, pay for my debt first? And you're like, well, actually, you'll feel much better well, actually, you'll feel much better well, actually, you'll feel much better if you just have that cushion. if you just have that cushion. if you just have that cushion. >> That's important. You need that. Next >> That's important. You need that. Next >> That's important. You need that. Next thing, start paying off that debt. And thing, start paying off that debt. And thing, start paying off that debt. And now once you've done that, now further now once you've done that, now further now once you've done that, now further down the line, we can start thinking down the line, we can start thinking down the line, we can start thinking about investing and everything else. And about investing and everything else. And about investing and everything else. And I think you're so right that often we do I think you're so right that often we do I think you're so right that often we do it the opposite way. We think, oh, if I it the opposite way. We think, oh, if I it the opposite way. We think, oh, if I invest first and hopefully one of these invest first and hopefully one of these invest first and hopefully one of these things will make me a bit of money. things will make me a bit of money. things will make me a bit of money. Obviously, it doesn't or it takes 5 to Obviously, it doesn't or it takes 5 to Obviously, it doesn't or it takes 5 to 10 years or even longer. 10 years or even longer. 10 years or even longer. >> And so the fear doesn't go away. The >> And so the fear doesn't go away. The >> And so the fear doesn't go away. The insecurity doesn't go away and now insecurity doesn't go away and now insecurity doesn't go away and now you're not saving right either. So, I you're not saving right either. So, I you're not saving right either. So, I really like that reframe because I'm really like that reframe because I'm really like that reframe because I'm really hoping everyone who's listening really hoping everyone who's listening really hoping everyone who's listening and watching right now, like Nisha has and watching right now, like Nisha has and watching right now, like Nisha has just laid out an absolute masterass of just laid out an absolute masterass of just laid out an absolute masterass of what to do with your money right now if what to do with your money right now if what to do with your money right now if you're in that type position. And I you're in that type position. And I you're in that type position. And I couldn't agree with you more. Sorting couldn't agree with you more. Sorting couldn't agree with you more. Sorting out your financial well-being and your out your financial well-being and your out your financial well-being and your peace first is a much stronger peace first is a much stronger peace first is a much stronger foundation to build from. foundation to build from. foundation to build from. >> Sure, people need to get better with >> Sure, people need to get better with >> Sure, people need to get better with their finances, but I want them to use their finances, but I want them to use their finances, but I want them to use their finances to build a life that's their finances to build a life that's their finances to build a life that's more aligned for them, more bigger, more more aligned for them, more bigger, more more aligned for them, more bigger, more bolder. And that comes with deciding bolder. And that comes with deciding bolder. And that comes with deciding what peace of mind means for you and what peace of mind means for you and what peace of mind means for you and then doing what works for that. then doing what works for that. then doing what works for that. >> Yeah. What are the three things we >> Yeah. What are the three things we >> Yeah. What are the three things we should stop wasting money on that most should stop wasting money on that most should stop wasting money on that most of us don't even realize? of us don't even realize? of us don't even realize? >> The first thing people need to stop >> The first thing people need to stop >> The first thing people need to stop wasting money on is anything that they wasting money on is anything that they wasting money on is anything that they think increases their value by think increases their value by think increases their value by showcasing to others what they have. showcasing to others what they have. showcasing to others what they have. >> Oh, good answer. >> Oh, good answer. >> Oh, good answer. >> I mean, it's one of the quickest ways to >> I mean, it's one of the quickest ways to >> I mean, it's one of the quickest ways to save money by saying, "I'm not going to save money by saying, "I'm not going to save money by saying, "I'm not going to buy this thing to show other people that buy this thing to show other people that buy this thing to show other people that I've got it." And actually with every I've got it." And actually with every I've got it." And actually with every purchase that you buy, ask yourself, am purchase that you buy, ask yourself, am purchase that you buy, ask yourself, am I buying this for me or am I buying it I buying this for me or am I buying it I buying this for me or am I buying it because I want other people to know that because I want other people to know that because I want other people to know that I have it. So that's the first overall I have it. So that's the first overall I have it. So that's the first overall thing that I'd say for people to do. thing that I'd say for people to do. thing that I'd say for people to do. >> I'm remembering a purchase I made early >> I'm remembering a purchase I made early >> I'm remembering a purchase I made early days. Like it was just like this early days. Like it was just like this early days. Like it was just like this early days um watch that I bought that I days um watch that I bought that I days um watch that I bought that I thought everyone would notice and thought everyone would notice and thought everyone would notice and everyone hated it. Like people first of everyone hated it. Like people first of everyone hated it. Like people first of all, no one noticed it. all, no one noticed it. all, no one noticed it. >> Yeah. >> Yeah. >> Yeah. >> And so then I' I' I'd try and like be >> And so then I' I' I'd try and like be >> And so then I' I' I'd try and like be like, you know, like just trying to like like, you know, like just trying to like like, you know, like just trying to like just hope that it would Yeah. Exactly. just hope that it would Yeah. Exactly. just hope that it would Yeah. Exactly. Yeah. And and then when people saw it, Yeah. And and then when people saw it, Yeah. And and then when people saw it, they just they weren't impressed by it they just they weren't impressed by it they just they weren't impressed by it whatsoever. whatsoever. whatsoever. >> And I was like, "Wow." Like, and that >> And I was like, "Wow." Like, and that >> And I was like, "Wow." Like, and that was like it wasn't even that expensive. was like it wasn't even that expensive. was like it wasn't even that expensive. Um, you know, even at the time it Um, you know, even at the time it Um, you know, even at the time it wasn't. And I was just like, "Oh, wow." wasn't. And I was just like, "Oh, wow." wasn't. And I was just like, "Oh, wow." Like, that did nothing for me. Like, that did nothing for me. Like, that did nothing for me. >> Yeah. >> Yeah. >> Yeah. >> Because I didn't even like it myself. I >> Because I didn't even like it myself. I >> Because I didn't even like it myself. I bought it cuz everyone thought it would bought it cuz everyone thought it would bought it cuz everyone thought it would be cool and now it's, you know, I don't be cool and now it's, you know, I don't be cool and now it's, you know, I don't even know where it is anymore. And it's even know where it is anymore. And it's even know where it is anymore. And it's like, no, like, let me buy things that I like, no, like, let me buy things that I like, no, like, let me buy things that I think are cool and I know the value of. think are cool and I know the value of. think are cool and I know the value of. And yeah, And yeah, And yeah, >> I think that's the difference. If you do >> I think that's the difference. If you do >> I think that's the difference. If you do it, if you buy it for yourself and it it, if you buy it for yourself and it it, if you buy it for yourself and it makes you feel good or makes you enjoy makes you feel good or makes you enjoy makes you feel good or makes you enjoy it, then go for it. But if you're purely it, then go for it. But if you're purely it, then go for it. But if you're purely doing it thinking it's going to bring doing it thinking it's going to bring doing it thinking it's going to bring you happiness based on other people's you happiness based on other people's you happiness based on other people's expectations or opinions, don't bother. expectations or opinions, don't bother. expectations or opinions, don't bother. It's not. And I I made a similar mistake It's not. And I I made a similar mistake It's not. And I I made a similar mistake my first 3 months of my paycheck when I my first 3 months of my paycheck when I my first 3 months of my paycheck when I started at the first investment bank started at the first investment bank started at the first investment bank that I worked at went straight on a new that I worked at went straight on a new that I worked at went straight on a new car. And it was the most ridiculous car. And it was the most ridiculous car. And it was the most ridiculous purchase I could make, but I didn't have purchase I could make, but I didn't have purchase I could make, but I didn't have that introspection at the time to know that introspection at the time to know that introspection at the time to know whether this is what I wanted or if it whether this is what I wanted or if it whether this is what I wanted or if it was in line with my goals or not. was in line with my goals or not. was in line with my goals or not. >> Yeah. The second thing that people >> Yeah. The second thing that people >> Yeah. The second thing that people shouldn't waste their money on is shouldn't waste their money on is shouldn't waste their money on is upgrades. I actually believe that when upgrades. I actually believe that when upgrades. I actually believe that when you buy something for the first time, you buy something for the first time, you buy something for the first time, your level of happiness increases your level of happiness increases your level of happiness increases massively. But then for every marginal massively. But then for every marginal massively. But then for every marginal upgrade that you have after that, upgrade that you have after that, upgrade that you have after that, there's this diminishing law of return there's this diminishing law of return there's this diminishing law of return where the amount that you spend in where the amount that you spend in where the amount that you spend in proportion just doesn't match up to the proportion just doesn't match up to the proportion just doesn't match up to the extra happiness that you get. So extra happiness that you get. So extra happiness that you get. So actually rather than spending that money actually rather than spending that money actually rather than spending that money on a new thing every single time, on a new thing every single time, on a new thing every single time, spending it on experiences or memories spending it on experiences or memories spending it on experiences or memories has a way bigger impact on your has a way bigger impact on your has a way bigger impact on your happiness and overall life satisfaction happiness and overall life satisfaction happiness and overall life satisfaction than buying spending it on the next big than buying spending it on the next big than buying spending it on the next big thing. thing. thing. >> Yeah. Yeah. Absolutely. The new iPhone >> Yeah. Yeah. Absolutely. The new iPhone >> Yeah. Yeah. Absolutely. The new iPhone for example, like it's going to be the for example, like it's going to be the for example, like it's going to be the same for the next four years anyway. same for the next four years anyway. same for the next four years anyway. >> Yeah. And every time you bought the >> Yeah. And every time you bought the >> Yeah. And every time you bought the upgrade, you really can barely tell the upgrade, you really can barely tell the upgrade, you really can barely tell the difference between the first one. difference between the first one. difference between the first one. >> Totally. I really appreciate that you're >> Totally. I really appreciate that you're >> Totally. I really appreciate that you're thinking about this advice because the thinking about this advice because the thinking about this advice because the quality of insight you're giving is quality of insight you're giving is quality of insight you're giving is allowing us all to reflect. It would be allowing us all to reflect. It would be allowing us all to reflect. It would be so easy for you to just say cancel your so easy for you to just say cancel your so easy for you to just say cancel your subscriptions, cut out the coffee, like subscriptions, cut out the coffee, like subscriptions, cut out the coffee, like and those are basic things that sure and those are basic things that sure and those are basic things that sure people can look at, but the questions people can look at, but the questions people can look at, but the questions you're making us ask are actually the you're making us ask are actually the you're making us ask are actually the drivers of how and why we spend money. drivers of how and why we spend money. drivers of how and why we spend money. And I feel like that's so much more at And I feel like that's so much more at And I feel like that's so much more at the root of it. And the third thing I the root of it. And the third thing I the root of it. And the third thing I would say is actually when you're buying would say is actually when you're buying would say is actually when you're buying something understand are you buying it something understand are you buying it something understand are you buying it for the name or are you buying it for for the name or are you buying it for for the name or are you buying it for the purpose that it holds the utility of the purpose that it holds the utility of the purpose that it holds the utility of it. So are you buying a designer purse it. So are you buying a designer purse it. So are you buying a designer purse because of the designer of it or is it because of the designer of it or is it because of the designer of it or is it because you like the purse and it can because you like the purse and it can because you like the purse and it can actually help you carry your money actually help you carry your money actually help you carry your money around. Having that way of thinking around. Having that way of thinking around. Having that way of thinking actually can shave off a lot of the actually can shave off a lot of the actually can shave off a lot of the spending that you're unnecessarily doing spending that you're unnecessarily doing spending that you're unnecessarily doing in your dayto-day. in your dayto-day. in your dayto-day. >> Yeah, absolutely. I've had so many >> Yeah, absolutely. I've had so many >> Yeah, absolutely. I've had so many friends I remember who bought sunglasses friends I remember who bought sunglasses friends I remember who bought sunglasses or wallets that they thought look cool, or wallets that they thought look cool, or wallets that they thought look cool, but then they never wear them or use but then they never wear them or use but then they never wear them or use them. Yeah. them. Yeah. them. Yeah. >> Because they don't actually like the way >> Because they don't actually like the way >> Because they don't actually like the way it looks on their face, but you made the it looks on their face, but you made the it looks on their face, but you made the purchase that day, you you exchanged and purchase that day, you you exchanged and purchase that day, you you exchanged and now you can't give it back and all the now you can't give it back and all the now you can't give it back and all the rest of it and you you're stuck with it. rest of it and you you're stuck with it. rest of it and you you're stuck with it. No, those those are absolutely great. No, those those are absolutely great. No, those those are absolutely great. And I feel like it's so true that so And I feel like it's so true that so And I feel like it's so true that so much of the money we spend is either much of the money we spend is either much of the money we spend is either things that we're unaware of or because things that we're unaware of or because things that we're unaware of or because we're doing it based on some we're doing it based on some we're doing it based on some subconscious need that we're trying to subconscious need that we're trying to subconscious need that we're trying to figure out. And and even if you do that, figure out. And and even if you do that, figure out. And and even if you do that, it's good to just know. So even if it's good to just know. So even if it's good to just know. So even if you're spending based on some you're spending based on some you're spending based on some subconscious need, it's like it's good subconscious need, it's like it's good subconscious need, it's like it's good to just be aware of it and and accept to just be aware of it and and accept to just be aware of it and and accept that that's what it is. What I want to that that's what it is. What I want to that that's what it is. What I want to do with you, Nisha, is I want to talk do with you, Nisha, is I want to talk do with you, Nisha, is I want to talk about saving that actually works. And so about saving that actually works. And so about saving that actually works. And so this is a little bit of a quickfire this is a little bit of a quickfire this is a little bit of a quickfire session on saving specifically because I session on saving specifically because I session on saving specifically because I feel like so much of your work is based feel like so much of your work is based feel like so much of your work is based on helping us save better. Okay. What on helping us save better. Okay. What on helping us save better. Okay. What habit do successful savers do? habit do successful savers do? habit do successful savers do? >> Hold on, hold on. But I also want to say >> Hold on, hold on. But I also want to say >> Hold on, hold on. But I also want to say that that you'd only save so much in that that you'd only save so much in that that you'd only save so much in your life. your life. your life. >> Okay, go on. Go on. You're flipping the >> Okay, go on. Go on. You're flipping the >> Okay, go on. Go on. You're flipping the script. I like this. script. I like this. script. I like this. >> Yeah, you say that you and I I one thing >> Yeah, you say that you and I I one thing >> Yeah, you say that you and I I one thing I want people to understand and to know I want people to understand and to know I want people to understand and to know is that saving is only going to get you is that saving is only going to get you is that saving is only going to get you so far. You could only cut so many so far. You could only cut so many so far. You could only cut so many coupon codes. You could only find so coupon codes. You could only find so coupon codes. You could only find so many offers. After a while, you realize many offers. After a while, you realize many offers. After a while, you realize that you cannot cut your costs beyond a that you cannot cut your costs beyond a that you cannot cut your costs beyond a certain level. Whereas the other side, certain level. Whereas the other side, certain level. Whereas the other side, the earning income side, that side is the earning income side, that side is the earning income side, that side is infinite. And there is unlimited infinite. And there is unlimited infinite. And there is unlimited potential. And I actually feel like a potential. And I actually feel like a potential. And I actually feel like a lot of people miss the earning income lot of people miss the earning income lot of people miss the earning income side. And that has far more scope to side. And that has far more scope to side. And that has far more scope to change your finances than saving money change your finances than saving money change your finances than saving money does. We could just think about it. When does. We could just think about it. When does. We could just think about it. When you're saving, if you think about saving you're saving, if you think about saving you're saving, if you think about saving literally, what what is it? If you think literally, what what is it? If you think literally, what what is it? If you think about it more broadly, is the difference about it more broadly, is the difference about it more broadly, is the difference between your income and your spending. between your income and your spending. between your income and your spending. And one way to increase your saving is And one way to increase your saving is And one way to increase your saving is sure by cutting your spending. The other sure by cutting your spending. The other sure by cutting your spending. The other way is by increasing the amount you're way is by increasing the amount you're way is by increasing the amount you're making. making. making. >> Mhm. The easiest way to increase your >> Mhm. The easiest way to increase your >> Mhm. The easiest way to increase your income is by creating more value. Money income is by creating more value. Money income is by creating more value. Money is just an exchange of value is just an exchange of value is just an exchange of value >> and the amount of value you can create >> and the amount of value you can create >> and the amount of value you can create as a byproduct money will come from as a byproduct money will come from as a byproduct money will come from that. So with that in mind, how can you that. So with that in mind, how can you that. So with that in mind, how can you increase your income? Firstly, how can increase your income? Firstly, how can increase your income? Firstly, how can you think about increasing your value? you think about increasing your value? you think about increasing your value? If you work in a day job, what can you If you work in a day job, what can you If you work in a day job, what can you do to make you more indispensable to do to make you more indispensable to do to make you more indispensable to your corporation? If you work for a your corporation? If you work for a your corporation? If you work for a company, can you take on projects that company, can you take on projects that company, can you take on projects that no one else wants to take on? Can you no one else wants to take on? Can you no one else wants to take on? Can you increase the revenue for your team? Can increase the revenue for your team? Can increase the revenue for your team? Can you cut the stress for your boss? What you cut the stress for your boss? What you cut the stress for your boss? What are these things that can warrant a pay are these things that can warrant a pay are these things that can warrant a pay rise or a promotion? And if you're rise or a promotion? And if you're rise or a promotion? And if you're working in a place or a situation or an working in a place or a situation or an working in a place or a situation or an organization where you're almost capped organization where you're almost capped organization where you're almost capped with your increases in your income and with your increases in your income and with your increases in your income and you can't get pay rises or promotions um you can't get pay rises or promotions um you can't get pay rises or promotions um as you can in other industries, then the as you can in other industries, then the as you can in other industries, then the same still applies how can you increase same still applies how can you increase same still applies how can you increase your value? But you want to look for your value? But you want to look for your value? But you want to look for ways to do this outside of your day job. ways to do this outside of your day job. ways to do this outside of your day job. >> Mhm. >> Mhm. >> Mhm. >> Look at your friends, your families, >> Look at your friends, your families, >> Look at your friends, your families, your colleagues, and ask yourself, what your colleagues, and ask yourself, what your colleagues, and ask yourself, what do they need and what do I have that can do they need and what do I have that can do they need and what do I have that can solve what they need? What skills can I solve what they need? What skills can I solve what they need? What skills can I charge for? If you think of your saving charge for? If you think of your saving charge for? If you think of your saving as the difference between your earning as the difference between your earning as the difference between your earning and your spending, if over time you keep and your spending, if over time you keep and your spending, if over time you keep earning more, you get those pay rises, earning more, you get those pay rises, earning more, you get those pay rises, you get those promotions, and your you get those promotions, and your you get those promotions, and your earnings increasing, and you keep your earnings increasing, and you keep your earnings increasing, and you keep your spending somewhat the same, sure, enjoy, spending somewhat the same, sure, enjoy, spending somewhat the same, sure, enjoy, upgrade, if you get a a small bonus, upgrade, if you get a a small bonus, upgrade, if you get a a small bonus, spend a little bit to make yourself spend a little bit to make yourself spend a little bit to make yourself happy. I I don't believe in the notion happy. I I don't believe in the notion happy. I I don't believe in the notion of just completely cutting out and just of just completely cutting out and just of just completely cutting out and just making your life consistent. But if the making your life consistent. But if the making your life consistent. But if the gap and the difference between your gap and the difference between your gap and the difference between your earning and your spending keeps earning and your spending keeps earning and your spending keeps increasing and getting wider and you increasing and getting wider and you increasing and getting wider and you keep banking that difference and saving keep banking that difference and saving keep banking that difference and saving it away, that is rocket fuel for your it away, that is rocket fuel for your it away, that is rocket fuel for your finances. finances. finances. >> That is going to wait make a way bigger >> That is going to wait make a way bigger >> That is going to wait make a way bigger difference than just focusing on cutting difference than just focusing on cutting difference than just focusing on cutting back and finding ways to save because back and finding ways to save because back and finding ways to save because you could only save as much as you earn, you could only save as much as you earn, you could only save as much as you earn, but you could always earn more. Yeah, but you could always earn more. Yeah, but you could always earn more. Yeah, I'm I'm glad you did that reframe and I'm I'm glad you did that reframe and I'm I'm glad you did that reframe and I'm glad you went there after talking I'm glad you went there after talking I'm glad you went there after talking about the habits for saving because like about the habits for saving because like about the habits for saving because like you said the habits will expand into you said the habits will expand into you said the habits will expand into wherever we are. But I couldn't agree wherever we are. But I couldn't agree wherever we are. But I couldn't agree with you more. I I remember in my family with you more. I I remember in my family with you more. I I remember in my family it was always about like making sure we it was always about like making sure we it was always about like making sure we saved every penny that we could and that saved every penny that we could and that saved every penny that we could and that was really important to us. was really important to us. was really important to us. >> But what I found was that the amount of >> But what I found was that the amount of >> But what I found was that the amount of time dedicated to saving. So, for time dedicated to saving. So, for time dedicated to saving. So, for example, if if you'd bought something example, if if you'd bought something example, if if you'd bought something from the supermarket or whatever and it from the supermarket or whatever and it from the supermarket or whatever and it you had to return it or it wasn't you had to return it or it wasn't you had to return it or it wasn't perfect or there was some it was past it perfect or there was some it was past it perfect or there was some it was past it sell by date or whatever. And I remember sell by date or whatever. And I remember sell by date or whatever. And I remember like sometimes my family would like sit like sometimes my family would like sit like sometimes my family would like sit on the phone for like an hour or 2 hours on the phone for like an hour or 2 hours on the phone for like an hour or 2 hours trying to save like 30 p a pound, trying to save like 30 p a pound, trying to save like 30 p a pound, whatever it was. whatever it was. whatever it was. >> And as I grew older, I started to >> And as I grew older, I started to >> And as I grew older, I started to realize, well, if you put that 2 hours realize, well, if you put that 2 hours realize, well, if you put that 2 hours towards making money, towards making money, towards making money, >> Yeah. >> Yeah. >> Yeah. >> it would just And I I'm I'm not saying >> it would just And I I'm I'm not saying >> it would just And I I'm I'm not saying this is easy. I'm not saying that you're this is easy. I'm not saying that you're this is easy. I'm not saying that you're stupid if you're doing the opposite. stupid if you're doing the opposite. stupid if you're doing the opposite. That's not the point. The point is time That's not the point. The point is time That's not the point. The point is time is money. We've heard that for years. is money. We've heard that for years. is money. We've heard that for years. And you can either put two once you've And you can either put two once you've And you can either put two once you've done everything Nish has said. You're done everything Nish has said. You're done everything Nish has said. You're either spending 2 hours trying to save either spending 2 hours trying to save either spending 2 hours trying to save an extra x amount which like you said is an extra x amount which like you said is an extra x amount which like you said is limited or you have the ability to use limited or you have the ability to use limited or you have the ability to use that two hours to use your creativity to that two hours to use your creativity to that two hours to use your creativity to use your passion, to use your energy, to use your passion, to use your energy, to use your passion, to use your energy, to use your skills, to use your whatever it use your skills, to use your whatever it use your skills, to use your whatever it may be to actually create value in the may be to actually create value in the may be to actually create value in the world which has no limit. And I love the world which has no limit. And I love the world which has no limit. And I love the way you put that that saving has a way you put that that saving has a way you put that that saving has a limit, earning has no limit. But I think limit, earning has no limit. But I think limit, earning has no limit. But I think that's where it comes back to what we that's where it comes back to what we that's where it comes back to what we talked about earlier where it's like if talked about earlier where it's like if talked about earlier where it's like if you don't believe you don't believe you don't believe >> that you can make more, you listen to >> that you can make more, you listen to >> that you can make more, you listen to this conversation right now and you go, this conversation right now and you go, this conversation right now and you go, "Yeah, easy for you to say." You know, "Yeah, easy for you to say." You know, "Yeah, easy for you to say." You know, and it's like and and I remember being and it's like and and I remember being and it's like and and I remember being that person and that's why I'm raising that person and that's why I'm raising that person and that's why I'm raising it in a vulnerable way is I grew up in a it in a vulnerable way is I grew up in a it in a vulnerable way is I grew up in a town where the most the wealthiest town where the most the wealthiest town where the most the wealthiest person I knew made 100,000 a year and I person I knew made 100,000 a year and I person I knew made 100,000 a year and I believe that if you were anywhere close believe that if you were anywhere close believe that if you were anywhere close to that then you had made it in life and to that then you had made it in life and to that then you had made it in life and that was the pinnacle. And I know that that was the pinnacle. And I know that that was the pinnacle. And I know that that's for some places that's a high that's for some places that's a high that's for some places that's a high amount, for some places that's a very amount, for some places that's a very amount, for some places that's a very low amount, but that was the amount low amount, but that was the amount low amount, but that was the amount where I grew up. And I knew one person where I grew up. And I knew one person where I grew up. And I knew one person that made that. Everyone else was making that made that. Everyone else was making that made that. Everyone else was making 50K or or thereabouts. I knew one person 50K or or thereabouts. I knew one person 50K or or thereabouts. I knew one person who made 100K. And and everyone just who made 100K. And and everyone just who made 100K. And and everyone just thought he'd made it. And then as time thought he'd made it. And then as time thought he'd made it. And then as time went on, I met people who made 100K, not went on, I met people who made 100K, not went on, I met people who made 100K, not in a year, but in a month. in a year, but in a month. in a year, but in a month. >> And I was like, what? Like I never knew >> And I was like, what? Like I never knew >> And I was like, what? Like I never knew someone could do that. I didn't even someone could do that. I didn't even someone could do that. I didn't even know an entrepreneur growing up. Like know an entrepreneur growing up. Like know an entrepreneur growing up. Like everyone I knew pretty much worked at everyone I knew pretty much worked at everyone I knew pretty much worked at companies. So I was like, oh, you can be companies. So I was like, oh, you can be companies. So I was like, oh, you can be an entrepreneur. Oh, you can run your an entrepreneur. Oh, you can run your an entrepreneur. Oh, you can run your own business. Like, fascinating. Then I own business. Like, fascinating. Then I own business. Like, fascinating. Then I met someone who can make 100k in a week. met someone who can make 100k in a week. met someone who can make 100k in a week. >> Yeah. >> Yeah. >> Yeah. >> And then I met someone who made 100k in >> And then I met someone who made 100k in >> And then I met someone who made 100k in a day and then an hour and whatever else a day and then an hour and whatever else a day and then an hour and whatever else it was. And I was like, oh my gosh, my I it was. And I was like, oh my gosh, my I it was. And I was like, oh my gosh, my I have been living on this tiny little have been living on this tiny little have been living on this tiny little island, even though it wasn't, not island, even though it wasn't, not island, even though it wasn't, not knowing what was possible. And I say knowing what was possible. And I say knowing what was possible. And I say that with empathy and love and that with empathy and love and that with empathy and love and compassion compassion compassion >> to tell you that no one who's making >> to tell you that no one who's making >> to tell you that no one who's making that much money is that much smarter that much money is that much smarter that much money is that much smarter than you or better than you or knows than you or better than you or knows than you or better than you or knows more than you. They have just found a more than you. They have just found a more than you. They have just found a skill and figured out a way to use that skill and figured out a way to use that skill and figured out a way to use that skill to add value to other people. And skill to add value to other people. And skill to add value to other people. And school didn't teach us that. Chances are school didn't teach us that. Chances are school didn't teach us that. Chances are our parents didn't teach us that. Not as our parents didn't teach us that. Not as our parents didn't teach us that. Not as a dig, just as they didn't have the a dig, just as they didn't have the a dig, just as they didn't have the skills either and they weren't given skills either and they weren't given skills either and they weren't given that training. And so don't limit that training. And so don't limit that training. And so don't limit yourself by that voice in your head that yourself by that voice in your head that yourself by that voice in your head that just goes, you can't do that. You don't just goes, you can't do that. You don't just goes, you can't do that. You don't deserve it. Right. deserve it. Right. deserve it. Right. >> Yeah. And sometimes you have this voices >> Yeah. And sometimes you have this voices >> Yeah. And sometimes you have this voices that telling you if you want more money, that telling you if you want more money, that telling you if you want more money, you're a bad person. Or that you're you're a bad person. Or that you're you're a bad person. Or that you're looking for to earn more. You're there's looking for to earn more. You're there's looking for to earn more. You're there's something about you that's not right. something about you that's not right. something about you that's not right. That is also completely wrong. That That is also completely wrong. That That is also completely wrong. That quote that is money is the root of all quote that is money is the root of all quote that is money is the root of all evil, which is not money is the root of evil, which is not money is the root of evil, which is not money is the root of all evil. It's the love for money is the all evil. It's the love for money is the all evil. It's the love for money is the root of all evil. But trying to earn root of all evil. But trying to earn root of all evil. But trying to earn more isn't actually about the money more isn't actually about the money more isn't actually about the money necessarily. It's just about even it necessarily. It's just about even it necessarily. It's just about even it just for a lot of people having more just for a lot of people having more just for a lot of people having more money just exasperates who you are at money just exasperates who you are at money just exasperates who you are at your core. And if you could do more with your core. And if you could do more with your core. And if you could do more with the money that you have, then actually the money that you have, then actually the money that you have, then actually there's no harm in also wanting more for there's no harm in also wanting more for there's no harm in also wanting more for yourself. And a lot of people say, "Oh, yourself. And a lot of people say, "Oh, yourself. And a lot of people say, "Oh, I don't know if I can earn more or I I don't know if I can earn more or I I don't know if I can earn more or I don't know if this is for me." I would don't know if this is for me." I would don't know if this is for me." I would recommend even setting yourself an recommend even setting yourself an recommend even setting yourself an hourly rate in your head, putting an hourly rate in your head, putting an hourly rate in your head, putting an hourly rate for yourself. And anything hourly rate for yourself. And anything hourly rate for yourself. And anything that you can outsource for less than that you can outsource for less than that you can outsource for less than that hourly rate, outsource it. So even, that hourly rate, outsource it. So even, that hourly rate, outsource it. So even, for instance, if you're spending three for instance, if you're spending three for instance, if you're spending three hours trying to save $10, what is your hours trying to save $10, what is your hours trying to save $10, what is your hourly rate? Cuz you just spent 3 hours hourly rate? Cuz you just spent 3 hours hourly rate? Cuz you just spent 3 hours trying to save $10. Whereas if you spent trying to save $10. Whereas if you spent trying to save $10. Whereas if you spent that 3 hours trying to earn more, that that 3 hours trying to earn more, that that 3 hours trying to earn more, that would change your finances. that would would change your finances. that would would change your finances. that would have a way bigger impact. have a way bigger impact. have a way bigger impact. >> That's a great way of thinking about it. >> That's a great way of thinking about it. >> That's a great way of thinking about it. I like the hourly rate breakdown because I like the hourly rate breakdown because I like the hourly rate breakdown because you basically just said your your hours you basically just said your your hours you basically just said your your hours are worth $3 each and you know that you are worth $3 each and you know that you are worth $3 each and you know that you could go out there and add more value could go out there and add more value could go out there and add more value and and make a lot more. I feel like and and make a lot more. I feel like and and make a lot more. I feel like there's a lot of talk about in our there's a lot of talk about in our there's a lot of talk about in our generation right now and and the generation right now and and the generation right now and and the generation that's growing up around the generation that's growing up around the generation that's growing up around the value of money. And that's why I love value of money. And that's why I love value of money. And that's why I love your reframe of financial happiness. I your reframe of financial happiness. I your reframe of financial happiness. I think you're spot on uh to talk about think you're spot on uh to talk about think you're spot on uh to talk about financial happiness over financial financial happiness over financial financial happiness over financial success. What are the keys to people who success. What are the keys to people who success. What are the keys to people who are financially happy, not just are financially happy, not just are financially happy, not just financially successful? financially successful? financially successful? >> I'm just going to be talking from my >> I'm just going to be talking from my >> I'm just going to be talking from my experience here where I've almost feel experience here where I've almost feel experience here where I've almost feel like I've lived two lives in a way where like I've lived two lives in a way where like I've lived two lives in a way where I worked for um a corporation for 9 I worked for um a corporation for 9 I worked for um a corporation for 9 years years of it. And part of that I years years of it. And part of that I years years of it. And part of that I loved what I did. I found it really loved what I did. I found it really loved what I did. I found it really intellectually stimulating. I enjoyed intellectually stimulating. I enjoyed intellectually stimulating. I enjoyed the work. I enjoyed the environment. And the work. I enjoyed the environment. And the work. I enjoyed the environment. And this is not to say that working in a this is not to say that working in a this is not to say that working in a corporation is not the thing to do at corporation is not the thing to do at corporation is not the thing to do at all. If you're an employee, own that and all. If you're an employee, own that and all. If you're an employee, own that and you enjoy it. that is totally for you. you enjoy it. that is totally for you. you enjoy it. that is totally for you. If you're an entrepreneur and you enjoy If you're an entrepreneur and you enjoy If you're an entrepreneur and you enjoy that, totally that's for you. But for that, totally that's for you. But for that, totally that's for you. But for me, I found that my version of financial me, I found that my version of financial me, I found that my version of financial happiness was to be able to work on happiness was to be able to work on happiness was to be able to work on things that genuinely made me happy. To things that genuinely made me happy. To things that genuinely made me happy. To be able to take on projects that I be able to take on projects that I be able to take on projects that I wanted to take on and that I knew I can wanted to take on and that I knew I can wanted to take on and that I knew I can do really well at. And also just being do really well at. And also just being do really well at. And also just being able to have more control, freedom, able to have more control, freedom, able to have more control, freedom, options, independence with my life. And options, independence with my life. And options, independence with my life. And whilst I don't necessarily think you whilst I don't necessarily think you whilst I don't necessarily think you could you have to get that from outside could you have to get that from outside could you have to get that from outside of as an entrepreneur or doing your own of as an entrepreneur or doing your own of as an entrepreneur or doing your own thing, I do think that a lot of people thing, I do think that a lot of people thing, I do think that a lot of people do look for the same things. do look for the same things. do look for the same things. >> Yeah. >> Yeah. >> Yeah. >> And that comes from getting your >> And that comes from getting your >> And that comes from getting your finances in check and setting it up in a finances in check and setting it up in a finances in check and setting it up in a way where like we said before can you way where like we said before can you way where like we said before can you can carve a life that's more aligned to can carve a life that's more aligned to can carve a life that's more aligned to what you want. what you want. what you want. >> I also think there's so so much of an >> I also think there's so so much of an >> I also think there's so so much of an idealization around being an idealization around being an idealization around being an entrepreneur today. Yeah, we're living entrepreneur today. Yeah, we're living entrepreneur today. Yeah, we're living in that era where it's like quit your in that era where it's like quit your in that era where it's like quit your job, do what you love and whatever else job, do what you love and whatever else job, do what you love and whatever else it is. And I think about this two ways. it is. And I think about this two ways. it is. And I think about this two ways. One is I worked inside organizations One is I worked inside organizations One is I worked inside organizations with people who are really smart and with people who are really smart and with people who are really smart and sharp and are still at those sharp and are still at those sharp and are still at those organizations doing really well for organizations doing really well for organizations doing really well for themselves. themselves. themselves. >> And I have an amazing team that I >> And I have an amazing team that I >> And I have an amazing team that I couldn't do what I do without. And couldn't do what I do without. And couldn't do what I do without. And they're incredible and I'm very lucky to they're incredible and I'm very lucky to they're incredible and I'm very lucky to work with them every day. work with them every day. work with them every day. >> Exactly. And I look at that and I go, >> Exactly. And I look at that and I go, >> Exactly. And I look at that and I go, this pressure that's on people today for this pressure that's on people today for this pressure that's on people today for everyone to figure out what their own everyone to figure out what their own everyone to figure out what their own path looks like. I'm like, I don't think path looks like. I'm like, I don't think path looks like. I'm like, I don't think it's fair to put that on everyone. I it's fair to put that on everyone. I it's fair to put that on everyone. I don't think everyone's meant for it. And don't think everyone's meant for it. And don't think everyone's meant for it. And I don't think it's better than someone I don't think it's better than someone I don't think it's better than someone who succeeds inside an organization. who succeeds inside an organization. who succeeds inside an organization. Like, you know, uh, Steve Balmer was Like, you know, uh, Steve Balmer was Like, you know, uh, Steve Balmer was inside Microsoft. He didn't invent inside Microsoft. He didn't invent inside Microsoft. He didn't invent Microsoft. He's one of the wealthiest Microsoft. He's one of the wealthiest Microsoft. He's one of the wealthiest people on the planet. And Bill Gates people on the planet. And Bill Gates people on the planet. And Bill Gates invented Microsoft and he's one of the invented Microsoft and he's one of the invented Microsoft and he's one of the wealthiest people on the planet. I'm wealthiest people on the planet. I'm wealthiest people on the planet. I'm like, who's done it better? Who's done like, who's done it better? Who's done like, who's done it better? Who's done it worse? It's just like, well, no, it worse? It's just like, well, no, it worse? It's just like, well, no, maybe they were just playing to their maybe they were just playing to their maybe they were just playing to their strengths. strengths. strengths. >> Exactly. And survivorship bias is real. >> Exactly. And survivorship bias is real. >> Exactly. And survivorship bias is real. We always see the wins and the people We always see the wins and the people We always see the wins and the people who have made it online and the people who have made it online and the people who have made it online and the people who have made entrepreneurship a thing, who have made entrepreneurship a thing, who have made entrepreneurship a thing, but you don't hear about all the losses but you don't hear about all the losses but you don't hear about all the losses and the failures that happened. And even and the failures that happened. And even and the failures that happened. And even if you look at content creation, like if you look at content creation, like if you look at content creation, like the amount of people that actually make the amount of people that actually make the amount of people that actually make money through creating content, which is money through creating content, which is money through creating content, which is what we usually see on social media, what we usually see on social media, what we usually see on social media, it's such a small small percent. And it's such a small small percent. And it's such a small small percent. And even that, most of them don't earn more even that, most of them don't earn more even that, most of them don't earn more than paycheck to paycheck. So I think than paycheck to paycheck. So I think than paycheck to paycheck. So I think there there's a lot of a lot to say by there there's a lot of a lot to say by there there's a lot of a lot to say by having that regular paycheck coming in, having that regular paycheck coming in, having that regular paycheck coming in, that security coming in that knowing that security coming in that knowing that security coming in that knowing that you don't have to put a huge amount that you don't have to put a huge amount that you don't have to put a huge amount of capital at risk and that there is of capital at risk and that there is of capital at risk and that there is very little downside at least in the very little downside at least in the very little downside at least in the short term. So yeah, I don't think that short term. So yeah, I don't think that short term. So yeah, I don't think that this whole message about doing your own this whole message about doing your own this whole message about doing your own thing and being an entrepreneur is a way thing and being an entrepreneur is a way thing and being an entrepreneur is a way to go at all at all. to go at all at all. to go at all at all. >> What's the best investment you ever >> What's the best investment you ever >> What's the best investment you ever made? made? made? >> The best investment I've ever made is in >> The best investment I've ever made is in >> The best investment I've ever made is in myself. And when I had to change what I myself. And when I had to change what I myself. And when I had to change what I do, what I did from banking to what I do do, what I did from banking to what I do do, what I did from banking to what I do now, I mean, I spent my days on now, I mean, I spent my days on now, I mean, I spent my days on spreadsheets and doing presentations and spreadsheets and doing presentations and spreadsheets and doing presentations and speaking to clients. I didn't know how speaking to clients. I didn't know how speaking to clients. I didn't know how to use the camera. I didn't know how to to use the camera. I didn't know how to to use the camera. I didn't know how to edit. I didn't know how to do any of the edit. I didn't know how to do any of the edit. I didn't know how to do any of the things that comes with content creation. things that comes with content creation. things that comes with content creation. And I spent a lot of money behind it. I And I spent a lot of money behind it. I And I spent a lot of money behind it. I spent a lot of money learning it. I spent a lot of money learning it. I spent a lot of money learning it. I spent money on how to edit because the spent money on how to edit because the spent money on how to edit because the first five months I was editing myself. first five months I was editing myself. first five months I was editing myself. I learn I spent money on like everything I learn I spent money on like everything I learn I spent money on like everything you could think of a a new camera, a new you could think of a a new camera, a new you could think of a a new camera, a new mic. That's and that was all to fulfill mic. That's and that was all to fulfill mic. That's and that was all to fulfill this creativity for me. And so it was this creativity for me. And so it was this creativity for me. And so it was even though I didn't know if I was going even though I didn't know if I was going even though I didn't know if I was going to make money from it, I it took me 11 to make money from it, I it took me 11 to make money from it, I it took me 11 months for me to actually start making months for me to actually start making months for me to actually start making money through social media, I didn't money through social media, I didn't money through social media, I didn't care because for me it was such an care because for me it was such an care because for me it was such an escape from my day-to-day job. I would escape from my day-to-day job. I would escape from my day-to-day job. I would go to work and I'll be doing my job and go to work and I'll be doing my job and go to work and I'll be doing my job and I'll be crushing it there, but I know I'll be crushing it there, but I know I'll be crushing it there, but I know deep inside that part of me wanted more. deep inside that part of me wanted more. deep inside that part of me wanted more. And for me, going home in the evening And for me, going home in the evening And for me, going home in the evening and spending my weekends working on this and spending my weekends working on this and spending my weekends working on this creative passion project just gave me creative passion project just gave me creative passion project just gave me life. It was kind of like this escape life. It was kind of like this escape life. It was kind of like this escape from my dayto-day. And actually, I spent from my dayto-day. And actually, I spent from my dayto-day. And actually, I spent money on this project not knowing if it money on this project not knowing if it money on this project not knowing if it was going to bring me anything in was going to bring me anything in was going to bring me anything in return, but it increased my happiness return, but it increased my happiness return, but it increased my happiness massively. massively. massively. >> And then over time, I've it's yeah, it's >> And then over time, I've it's yeah, it's >> And then over time, I've it's yeah, it's completely changed my life. But that completely changed my life. But that completely changed my life. But that investment was in myself and just to investment was in myself and just to investment was in myself and just to keep improving in my skills and keep improving in my skills and keep improving in my skills and knowledge. We really are so afraid to knowledge. We really are so afraid to knowledge. We really are so afraid to spend on our skills and knowledge and we spend on our skills and knowledge and we spend on our skills and knowledge and we really sometimes we we look at courses really sometimes we we look at courses really sometimes we we look at courses and online programs as like this scam and online programs as like this scam and online programs as like this scam but really someone's condensing so much but really someone's condensing so much but really someone's condensing so much of the information of the information of the information >> into a short space and I've bought so >> into a short space and I've bought so >> into a short space and I've bought so many and if I didn't my trajectory and many and if I didn't my trajectory and many and if I didn't my trajectory and where I would have got to would have where I would have got to would have where I would have got to would have been a lot slower. been a lot slower. been a lot slower. >> I'm just learning other people's >> I'm just learning other people's >> I'm just learning other people's knowledge. And so that's one thing knowledge. And so that's one thing knowledge. And so that's one thing investing in your skills and your investing in your skills and your investing in your skills and your knowledge that's one thing that no one knowledge that's one thing that no one knowledge that's one thing that no one can take away from you. You could go can take away from you. You could go can take away from you. You could go bankrupt. You can lose everything, but bankrupt. You can lose everything, but bankrupt. You can lose everything, but as long as you have those two, you can as long as you have those two, you can as long as you have those two, you can start and build yourself up. start and build yourself up. start and build yourself up. >> Yeah. >> Yeah. >> Yeah. >> Whereas with everything else, it can be >> Whereas with everything else, it can be >> Whereas with everything else, it can be taken away. It can be stolen. It could taken away. It can be stolen. It could taken away. It can be stolen. It could be robbed. But you own those things for be robbed. But you own those things for be robbed. But you own those things for life. And I think that is hands down the life. And I think that is hands down the life. And I think that is hands down the best investment I've made. best investment I've made. best investment I've made. >> Yeah. Great answer. I feel like it's >> Yeah. Great answer. I feel like it's >> Yeah. Great answer. I feel like it's that's like a critical pattern in all that's like a critical pattern in all that's like a critical pattern in all high performers is that they'd all say high performers is that they'd all say high performers is that they'd all say the best investment they made is the best investment they made is the best investment they made is investing in themselves. Like it's not a investing in themselves. Like it's not a investing in themselves. Like it's not a tech investment or something that made tech investment or something that made tech investment or something that made them a billion dollars or a million them a billion dollars or a million them a billion dollars or a million dollars, whatever. It's always this dollars, whatever. It's always this dollars, whatever. It's always this investment they made in themselves investment they made in themselves investment they made in themselves because they know that that's all they because they know that that's all they because they know that that's all they have. Yeah. And everything came from have. Yeah. And everything came from have. Yeah. And everything came from that. that. that. >> And I think we're so quick to, again, >> And I think we're so quick to, again, >> And I think we're so quick to, again, this isn't a criticism. It's it's a this isn't a criticism. It's it's a this isn't a criticism. It's it's a reflection point of it's really easy to reflection point of it's really easy to reflection point of it's really easy to spend a lot of money on a vacation. spend a lot of money on a vacation. spend a lot of money on a vacation. Vacations are important. Rest is Vacations are important. Rest is Vacations are important. Rest is important. I'm a I am completely a important. I'm a I am completely a important. I'm a I am completely a proponent of avoiding burnout. But at proponent of avoiding burnout. But at proponent of avoiding burnout. But at the same time, there may be a period of the same time, there may be a period of the same time, there may be a period of your life where that investment in your life where that investment in your life where that investment in yourself may pay off for better future yourself may pay off for better future yourself may pay off for better future vacations. And I think there's this vacations. And I think there's this vacations. And I think there's this challenge we have today of this challenge we have today of this challenge we have today of this short-term long-term thinking. Like I short-term long-term thinking. Like I short-term long-term thinking. Like I think maybe for our parents and those think maybe for our parents and those think maybe for our parents and those generations, they thought too long term generations, they thought too long term generations, they thought too long term and they didn't have any fun in the and they didn't have any fun in the and they didn't have any fun in the short term and they didn't really create short term and they didn't really create short term and they didn't really create those memories. And then for our those memories. And then for our those memories. And then for our generation, I think the pressure is the generation, I think the pressure is the generation, I think the pressure is the opposite. It's like have fun now, do opposite. It's like have fun now, do opposite. It's like have fun now, do everything now because you're not going everything now because you're not going everything now because you're not going to be around forever. And the reality is to be around forever. And the reality is to be around forever. And the reality is chances are you probably have a few more chances are you probably have a few more chances are you probably have a few more decades left and that's going to be decades left and that's going to be decades left and that's going to be really stressful. So, I feel like we've really stressful. So, I feel like we've really stressful. So, I feel like we've got to find this middle ground, got to find this middle ground, got to find this middle ground, >> as always is the balance, and I don't >> as always is the balance, and I don't >> as always is the balance, and I don't mean work life balance, but I mean the mean work life balance, but I mean the mean work life balance, but I mean the balance of like short-term and long-term balance of like short-term and long-term balance of like short-term and long-term thinking. Like, I know I want to be thinking. Like, I know I want to be thinking. Like, I know I want to be happy today, happy today, happy today, >> but I want to be happy tomorrow and in >> but I want to be happy tomorrow and in >> but I want to be happy tomorrow and in 10 years time. 10 years time. 10 years time. >> Yeah. And you can't take your money to >> Yeah. And you can't take your money to >> Yeah. And you can't take your money to the grave with you. Like, you've you've the grave with you. Like, you've you've the grave with you. Like, you've you've got to be spending it in your lifetime got to be spending it in your lifetime got to be spending it in your lifetime at some point. And there's that Bronny at some point. And there's that Bronny at some point. And there's that Bronny Wear who's written that book, The Top Wear who's written that book, The Top Wear who's written that book, The Top Five Regrets of the Dying. And for those Five Regrets of the Dying. And for those Five Regrets of the Dying. And for those of anyone listening that doesn't know, of anyone listening that doesn't know, of anyone listening that doesn't know, she wrote this book, Top Five Regrets of she wrote this book, Top Five Regrets of she wrote this book, Top Five Regrets of the Dying, where she based on her the Dying, where she based on her the Dying, where she based on her experience where she was a nurse and experience where she was a nurse and experience where she was a nurse and spent time with people who are in the spent time with people who are in the spent time with people who are in the last weeks of um their life. And what last weeks of um their life. And what last weeks of um their life. And what she found was that the main regret for she found was that the main regret for she found was that the main regret for people was that they didn't have the people was that they didn't have the people was that they didn't have the courage to live a life true to them. No courage to live a life true to them. No courage to live a life true to them. No one spoke about earning more or making one spoke about earning more or making one spoke about earning more or making more money or wishing they beat the S&P more money or wishing they beat the S&P more money or wishing they beat the S&P 500 or any of that. It was just living a 500 or any of that. It was just living a 500 or any of that. It was just living a life true to them. And so always using life true to them. And so always using life true to them. And so always using money in a way to live a life that's money in a way to live a life that's money in a way to live a life that's that's true to you. that's true to you. that's true to you. >> Yeah. >> Yeah. >> Yeah. >> Yeah. >> Yeah. >> Yeah. >> What's the worst thing you've ever spent >> What's the worst thing you've ever spent >> What's the worst thing you've ever spent money on or the worst money you've ever money on or the worst money you've ever money on or the worst money you've ever spent? spent? spent? >> The worst money I've ever spent was on a >> The worst money I've ever spent was on a >> The worst money I've ever spent was on a on a my first couple of months of on a my first couple of months of on a my first couple of months of paycheck going towards a new car. paycheck going towards a new car. paycheck going towards a new car. >> Okay. >> Okay. >> Okay. >> I mean at the time it was the best thing >> I mean at the time it was the best thing >> I mean at the time it was the best thing ever. I mean, and I think there is a ever. I mean, and I think there is a ever. I mean, and I think there is a time and a place when you can do that, time and a place when you can do that, time and a place when you can do that, but at that point in my life, it wasn't but at that point in my life, it wasn't but at that point in my life, it wasn't necessary and I could have spent it in necessary and I could have spent it in necessary and I could have spent it in so many other ways where sometimes I so many other ways where sometimes I so many other ways where sometimes I look back and I say to myself, "Oh, I look back and I say to myself, "Oh, I look back and I say to myself, "Oh, I wish I took some risks earlier on in my wish I took some risks earlier on in my wish I took some risks earlier on in my life, but I wasn't able to because I life, but I wasn't able to because I life, but I wasn't able to because I didn't have my finances set up in a way didn't have my finances set up in a way didn't have my finances set up in a way that enabled me to do it." And if I was that enabled me to do it." And if I was that enabled me to do it." And if I was a bit more conscious earlier on, I might a bit more conscious earlier on, I might a bit more conscious earlier on, I might have been able to play a little bit um have been able to play a little bit um have been able to play a little bit um less safe earlier on. I think there is a less safe earlier on. I think there is a less safe earlier on. I think there is a feeling of being behind feeling of being behind feeling of being behind >> and you raised this earlier but like >> and you raised this earlier but like >> and you raised this earlier but like just going back to it like there's this just going back to it like there's this just going back to it like there's this feeling of like I wish I started saving feeling of like I wish I started saving feeling of like I wish I started saving when I was 25. when I was 25. when I was 25. >> Yeah. >> Yeah. >> Yeah. >> I wish I started saving when I was 35. >> I wish I started saving when I was 35. >> I wish I started saving when I was 35. What would you say to that person who's What would you say to that person who's What would you say to that person who's saying I'm listening to Nisha I wish I saying I'm listening to Nisha I wish I saying I'm listening to Nisha I wish I wish you were in my life 20 years ago. wish you were in my life 20 years ago. wish you were in my life 20 years ago. >> The best time to plan a trade was 10 >> The best time to plan a trade was 10 >> The best time to plan a trade was 10 years ago. The second best time is years ago. The second best time is years ago. The second best time is today. You can't turn back time. But if today. You can't turn back time. But if today. You can't turn back time. But if you're sitting there watching this in you're sitting there watching this in you're sitting there watching this in your like 30s and 40s, you have so many your like 30s and 40s, you have so many your like 30s and 40s, you have so many other things that are going for you. You other things that are going for you. You other things that are going for you. You probably have a higher income than when probably have a higher income than when probably have a higher income than when you did when you were in your 20s or you did when you were in your 20s or you did when you were in your 20s or 30s. So you might be able to afford a 30s. So you might be able to afford a 30s. So you might be able to afford a bigger portion of your paycheck. And bigger portion of your paycheck. And bigger portion of your paycheck. And secondly, you have likely a more clearer secondly, you have likely a more clearer secondly, you have likely a more clearer definition of what you're aiming for and definition of what you're aiming for and definition of what you're aiming for and what you're aiming towards. And that can what you're aiming towards. And that can what you're aiming towards. And that can be very very powerful in the long run be very very powerful in the long run be very very powerful in the long run because a lot of saving comes down to because a lot of saving comes down to because a lot of saving comes down to having something that you're saving having something that you're saving having something that you're saving towards and knowing why you're doing it. towards and knowing why you're doing it. towards and knowing why you're doing it. And when you have a very strong reason And when you have a very strong reason And when you have a very strong reason why you're doing it, you're a lot more why you're doing it, you're a lot more why you're doing it, you're a lot more likely to keep it up or keep with it. likely to keep it up or keep with it. likely to keep it up or keep with it. >> So for anyone listen listening who says, >> So for anyone listen listening who says, >> So for anyone listen listening who says, "I wish I started this 20 years ago." "I wish I started this 20 years ago." "I wish I started this 20 years ago." You're in a in a place where you can you You're in a in a place where you can you You're in a in a place where you can you have a lot of unfair advantages with the have a lot of unfair advantages with the have a lot of unfair advantages with the place of the life you're in right at the place of the life you're in right at the place of the life you're in right at the moment and use that to help yourself moment and use that to help yourself moment and use that to help yourself with where you are. with where you are. with where you are. >> Great. All right. All right, we're going >> Great. All right. All right, we're going >> Great. All right. All right, we're going to play a game that me and the team came to play a game that me and the team came to play a game that me and the team came up with called this or that money up with called this or that money up with called this or that money edition. So, we're going to give you a edition. So, we're going to give you a edition. So, we're going to give you a choice and you have to decide. So, choice and you have to decide. So, choice and you have to decide. So, Nisha, this or that money edition. Nisha, this or that money edition. Nisha, this or that money edition. Financial discipline or financial Financial discipline or financial Financial discipline or financial flexibility? flexibility? flexibility? >> Financial flexibility. >> Financial flexibility. >> Financial flexibility. >> Explain. >> Explain. >> Explain. >> You've got to live life in seasons. >> You've got to live life in seasons. >> You've got to live life in seasons. There are different parts of your life There are different parts of your life There are different parts of your life where spending on different things will where spending on different things will where spending on different things will have outsized benefits than spending on have outsized benefits than spending on have outsized benefits than spending on it later on in your life. And when it later on in your life. And when it later on in your life. And when you're so stuck in discipline and you're so stuck in discipline and you're so stuck in discipline and structure, you forget the whole structure, you forget the whole structure, you forget the whole serendipity of life, you sometimes serendipity of life, you sometimes serendipity of life, you sometimes aren't so spontaneous. You miss things. aren't so spontaneous. You miss things. aren't so spontaneous. You miss things. You don't take on opportunities. When You don't take on opportunities. When You don't take on opportunities. When you're flexible with your spending, you're flexible with your spending, you're flexible with your spending, you're flexible financially. You want to you're flexible financially. You want to you're flexible financially. You want to take a broader view on life. You want to take a broader view on life. You want to take a broader view on life. You want to zoom out. And at times in your life, zoom out. And at times in your life, zoom out. And at times in your life, when it's times to save, you save. On when it's times to save, you save. On when it's times to save, you save. On times in life when it's times to spend times in life when it's times to spend times in life when it's times to spend and make the most of life, you make the and make the most of life, you make the and make the most of life, you make the most of it. most of it. most of it. >> Well said. You get a $500 bonus. Invest >> Well said. You get a $500 bonus. Invest >> Well said. You get a $500 bonus. Invest it or use it to pay off debt. Me it or use it to pay off debt. Me it or use it to pay off debt. Me personally, personally, personally, >> uh, no, anyone. >> uh, no, anyone. >> uh, no, anyone. >> Anyone depends. I mean, this is the >> Anyone depends. I mean, this is the >> Anyone depends. I mean, this is the boring answer, but it depends what debt boring answer, but it depends what debt boring answer, but it depends what debt you have. If you have debt over 8%, pay you have. If you have debt over 8%, pay you have. If you have debt over 8%, pay that debt off. If it's less than 8%, I that debt off. If it's less than 8%, I that debt off. If it's less than 8%, I mean, I'm a mathematical person. I mean, I'm a mathematical person. I mean, I'm a mathematical person. I always go for the financially optimal always go for the financially optimal always go for the financially optimal decision when it comes to debt and decision when it comes to debt and decision when it comes to debt and invest investing. So, invest it. invest investing. So, invest it. invest investing. So, invest it. >> Expensive wedding or save for the >> Expensive wedding or save for the >> Expensive wedding or save for the future? future? future? >> Save for the future. >> Save for the future. >> Save for the future. >> Talk to us about that. >> Talk to us about that. >> Talk to us about that. >> I do love the idea. I do I'm not against >> I do love the idea. I do I'm not against >> I do love the idea. I do I'm not against weddings at all. I love the idea of weddings at all. I love the idea of weddings at all. I love the idea of having everyone in your life on both having everyone in your life on both having everyone in your life on both sides together in one room and it's sides together in one room and it's sides together in one room and it's probably the only time where both of probably the only time where both of probably the only time where both of your partners will have or you and your your partners will have or you and your your partners will have or you and your partner will have all your friends and partner will have all your friends and partner will have all your friends and family in one room and that doesn't come family in one room and that doesn't come family in one room and that doesn't come around again but I don't think you need around again but I don't think you need around again but I don't think you need to spend a lot of money to be able to do to spend a lot of money to be able to do to spend a lot of money to be able to do that and there is a lot more that comes that and there is a lot more that comes that and there is a lot more that comes from a return on a relationship when you from a return on a relationship when you from a return on a relationship when you spend towards the life that you're spend towards the life that you're spend towards the life that you're trying to create with someone than just trying to create with someone than just trying to create with someone than just hosting a big wedding. I think about it hosting a big wedding. I think about it hosting a big wedding. I think about it all the time like just how much is spent all the time like just how much is spent all the time like just how much is spent on weddings and even compared to how on weddings and even compared to how on weddings and even compared to how much we had the time we me and Radi had much we had the time we me and Radi had much we had the time we me and Radi had at the time when we got married and how at the time when we got married and how at the time when we got married and how much we spent on our wedding. I'm like I much we spent on our wedding. I'm like I much we spent on our wedding. I'm like I look back and I go that was so look back and I go that was so look back and I go that was so irresponsible irresponsible irresponsible >> and I look back and I think oh my gosh >> and I look back and I think oh my gosh >> and I look back and I think oh my gosh like I can't believe like I can't believe like I can't believe >> no one just talked some sense into us >> no one just talked some sense into us >> no one just talked some sense into us and we didn't even spend that much but and we didn't even spend that much but and we didn't even spend that much but we spent a lot for what we had is what we spent a lot for what we had is what we spent a lot for what we had is what I'm saying. I'm saying. I'm saying. >> Yeah. No, same and same here. And it's >> Yeah. No, same and same here. And it's >> Yeah. No, same and same here. And it's because that's what everyone around you because that's what everyone around you because that's what everyone around you is doing. And so when you're not doing is doing. And so when you're not doing is doing. And so when you're not doing it, you feel like you're behind or it, you feel like you're behind or it, you feel like you're behind or something something's not going right. something something's not going right. something something's not going right. But yeah, I But yeah, I But yeah, I >> it's not something that you always >> it's not something that you always >> it's not something that you always reflect on looking back. reflect on looking back. reflect on looking back. >> Yeah. >> Yeah. >> Yeah. >> Credit cards only or debit only. >> Credit cards only or debit only. >> Credit cards only or debit only. >> If you know how to use credit cards in a >> If you know how to use credit cards in a >> If you know how to use credit cards in a way that can stack up for you, credit way that can stack up for you, credit way that can stack up for you, credit cards only if you are paying them off in cards only if you are paying them off in cards only if you are paying them off in time. Because if you use credit cards time. Because if you use credit cards time. Because if you use credit cards correctly, the bonuses, the advantages correctly, the bonuses, the advantages correctly, the bonuses, the advantages that you get from it is way bigger than that you get from it is way bigger than that you get from it is way bigger than what you would get from debit card. Not what you would get from debit card. Not what you would get from debit card. Not to mention also the insurance and the to mention also the insurance and the to mention also the insurance and the protection you get from credit card protection you get from credit card protection you get from credit card spending as well. But if you are someone spending as well. But if you are someone spending as well. But if you are someone who thinks that with a credit card who thinks that with a credit card who thinks that with a credit card you're just going to spend unnecessarily you're just going to spend unnecessarily you're just going to spend unnecessarily with money that you don't actually have, with money that you don't actually have, with money that you don't actually have, then debit card. then debit card. then debit card. >> Mhm. >> Mhm. >> Mhm. >> Yeah. >> Yeah. >> Yeah. >> Seeing a high balance in your bank >> Seeing a high balance in your bank >> Seeing a high balance in your bank account or knowing your money is working account or knowing your money is working account or knowing your money is working by investing it. by investing it. by investing it. >> I mean it's it's so rewarding looking at >> I mean it's it's so rewarding looking at >> I mean it's it's so rewarding looking at your bank account and seeing that go up your bank account and seeing that go up your bank account and seeing that go up in value. But it's a very almost in value. But it's a very almost in value. But it's a very almost irresponsible way to look at your irresponsible way to look at your irresponsible way to look at your finances. And when you invest your finances. And when you invest your finances. And when you invest your money, you can still think of that money money, you can still think of that money money, you can still think of that money as yours. It's just in different forms as yours. It's just in different forms as yours. It's just in different forms >> rather than in cash. It's growing for >> rather than in cash. It's growing for >> rather than in cash. It's growing for you in in assets. So 100% anything over you in in assets. So 100% anything over you in in assets. So 100% anything over your emergency fund and money that you your emergency fund and money that you your emergency fund and money that you don't need in the next 5 years, invest don't need in the next 5 years, invest don't need in the next 5 years, invest it. Let that money be working for you. it. Let that money be working for you. it. Let that money be working for you. >> $1,000 online shopping for a dress or >> $1,000 online shopping for a dress or >> $1,000 online shopping for a dress or $1,000 invested. $1,000 invested. $1,000 invested. >> $1,000 invested, hands down. Unless >> $1,000 invested, hands down. Unless >> $1,000 invested, hands down. Unless you're going to a place where the way you're going to a place where the way you're going to a place where the way you look might generate more than $1,000 you look might generate more than $1,000 you look might generate more than $1,000 for you. for you. for you. >> Good answer. Good answer. I love it. >> Good answer. Good answer. I love it. >> Good answer. Good answer. I love it. Well done, Nisha. I think you did great Well done, Nisha. I think you did great Well done, Nisha. I think you did great on this or that. You're fantastic. Uh we on this or that. You're fantastic. Uh we on this or that. You're fantastic. Uh we end every episode of On Purpose with a end every episode of On Purpose with a end every episode of On Purpose with a final five. These questions have to be final five. These questions have to be final five. These questions have to be answered in one word to one sentence answered in one word to one sentence answered in one word to one sentence maximum. maximum. maximum. >> All right, >> All right, >> All right, >> Nisha, these are your final five. Uh >> Nisha, these are your final five. Uh >> Nisha, these are your final five. Uh question number one, what is the best question number one, what is the best question number one, what is the best financial advice you've ever heard or financial advice you've ever heard or financial advice you've ever heard or received? Best financial advice I've received? Best financial advice I've received? Best financial advice I've ever heard or received is you can't take ever heard or received is you can't take ever heard or received is you can't take money to the grave with you. You got to money to the grave with you. You got to money to the grave with you. You got to spend it in your lifetime. spend it in your lifetime. spend it in your lifetime. >> Second question. What is the worst >> Second question. What is the worst >> Second question. What is the worst financial advice you've ever heard or financial advice you've ever heard or financial advice you've ever heard or received? received? received? >> The worst financial advice I've ever >> The worst financial advice I've ever >> The worst financial advice I've ever received is save your way for received is save your way for received is save your way for retirement. You cannot save your way to retirement. You cannot save your way to retirement. You cannot save your way to retirement in this day and age. It is retirement in this day and age. It is retirement in this day and age. It is just not possible with the way things just not possible with the way things just not possible with the way things are going, with the way cost of living are going, with the way cost of living are going, with the way cost of living is going. You have to be investing your is going. You have to be investing your is going. You have to be investing your money. money. money. >> Mhm. Uh question number three. What >> Mhm. Uh question number three. What >> Mhm. Uh question number three. What would you do differently now looking would you do differently now looking would you do differently now looking back on your financial journey? back on your financial journey? back on your financial journey? >> I mean, there was a period in my life >> I mean, there was a period in my life >> I mean, there was a period in my life where I spent a lot of money on material where I spent a lot of money on material where I spent a lot of money on material items and design items and looking the items and design items and looking the items and design items and looking the part. Since then, I've made a quite a part. Since then, I've made a quite a part. Since then, I've made a quite a lot of good money decisions, I'd like to lot of good money decisions, I'd like to lot of good money decisions, I'd like to say, and I use it in a way that really say, and I use it in a way that really say, and I use it in a way that really really does bring me happiness today. really does bring me happiness today. really does bring me happiness today. But if I could go back in time, I would But if I could go back in time, I would But if I could go back in time, I would have spent more money on things that have spent more money on things that have spent more money on things that drive me in transient happiness, which drive me in transient happiness, which drive me in transient happiness, which uh I didn't at the time, and it would uh I didn't at the time, and it would uh I didn't at the time, and it would have changed those years for me. have changed those years for me. have changed those years for me. >> Question number four. If you could give >> Question number four. If you could give >> Question number four. If you could give your younger self a piece of advice, your younger self a piece of advice, your younger self a piece of advice, what would you say? Lil Nisha. what would you say? Lil Nisha. what would you say? Lil Nisha. >> Lil Nisha, if I could give you a piece >> Lil Nisha, if I could give you a piece >> Lil Nisha, if I could give you a piece of advice, I would say, and it's that of advice, I would say, and it's that of advice, I would say, and it's that quote which is leap and the net will quote which is leap and the net will quote which is leap and the net will appear. appear. appear. >> There have been so many times um where >> There have been so many times um where >> There have been so many times um where I've feel like I'm standing at the edge I've feel like I'm standing at the edge I've feel like I'm standing at the edge of a cliff and I don't know if I can of a cliff and I don't know if I can of a cliff and I don't know if I can take the leap and have it in me to do take the leap and have it in me to do take the leap and have it in me to do whatever the thing is. And as I've got whatever the thing is. And as I've got whatever the thing is. And as I've got older, I've just found that as long as older, I've just found that as long as older, I've just found that as long as you're in motion, you will find a way to you're in motion, you will find a way to you're in motion, you will find a way to make it work. you'll find a way in make it work. you'll find a way in make it work. you'll find a way in motion to make that net for yourself. motion to make that net for yourself. motion to make that net for yourself. >> The fifth and final question, we ask >> The fifth and final question, we ask >> The fifth and final question, we ask this to every guest who's ever been on this to every guest who's ever been on this to every guest who's ever been on the show. If you could create one law the show. If you could create one law the show. If you could create one law that everyone in the world had to that everyone in the world had to that everyone in the world had to follow, what would it be? follow, what would it be? follow, what would it be? >> I'm going to make this a financial one. >> I'm going to make this a financial one. >> I'm going to make this a financial one. >> Yeah, please. >> Yeah, please. >> Yeah, please. >> And I'm going to say not to treat other >> And I'm going to say not to treat other >> And I'm going to say not to treat other people with the amount of money that you people with the amount of money that you people with the amount of money that you they show that they have or that you they show that they have or that you they show that they have or that you think that they have. I think so often think that they have. I think so often think that they have. I think so often we assign a value to someone based on we assign a value to someone based on we assign a value to someone based on the dollar number in front of them, but the dollar number in front of them, but the dollar number in front of them, but actually there's so much more that comes actually there's so much more that comes actually there's so much more that comes with a person. So much more with a person. So much more with a person. So much more characteristics that define a person. characteristics that define a person. characteristics that define a person. So, and I also think it will solve so So, and I also think it will solve so So, and I also think it will solve so many issues about not having to spend many issues about not having to spend many issues about not having to spend money for external validation. That money for external validation. That money for external validation. That would probably be a law that I would would probably be a law that I would would probably be a law that I would love to create. love to create. love to create. >> Well said. >> Well said. >> Well said. >> Yeah. >> Yeah. >> Yeah. >> Nisha, thank you so much. >> Nisha, thank you so much. >> Nisha, thank you so much. >> Thank you so much on purpose. So >> Thank you so much on purpose. So >> Thank you so much on purpose. So everyone who's listening and watching, everyone who's listening and watching, everyone who's listening and watching, make sure you subscribe to Nisha's make sure you subscribe to Nisha's make sure you subscribe to Nisha's YouTube channel. You can follow her YouTube channel. You can follow her YouTube channel. You can follow her across social media and of course check across social media and of course check across social media and of course check out her programs all about financial out her programs all about financial out her programs all about financial training, financial savviness, and training, financial savviness, and training, financial savviness, and creating a better future for yourself. creating a better future for yourself. creating a better future for yourself. Nisha, thank you so much for being so Nisha, thank you so much for being so Nisha, thank you so much for being so open, thoughtful, insightful. This I open, thoughtful, insightful. This I open, thoughtful, insightful. This I felt like I learned so much uh and I'm felt like I learned so much uh and I'm felt like I learned so much uh and I'm so grateful we got to spend this time so grateful we got to spend this time so grateful we got to spend this time together. together. together. >> Yeah, thank you so much. And even for >> Yeah, thank you so much. And even for >> Yeah, thank you so much. And even for you, Jay, you're exactly the same person you, Jay, you're exactly the same person you, Jay, you're exactly the same person as you are online and offline. Like you as you are online and offline. Like you as you are online and offline. Like you could tell that your whole why online is could tell that your whole why online is could tell that your whole why online is trying to serve as many people as trying to serve as many people as trying to serve as many people as possible and to give back as much as you possible and to give back as much as you possible and to give back as much as you can and even offline. You do that in can and even offline. You do that in can and even offline. You do that in your dayto-day and everything you do is your dayto-day and everything you do is your dayto-day and everything you do is about helping other people and I'm so about helping other people and I'm so about helping other people and I'm so grateful to be to see both sides of you. grateful to be to see both sides of you. grateful to be to see both sides of you. So thank you. So thank you. So thank you. >> Well, I appreciate that and >> Well, I appreciate that and >> Well, I appreciate that and congratulations to you. I can't wait for congratulations to you. I can't wait for congratulations to you. I can't wait for so much more to come. Like so excited so much more to come. Like so excited so much more to come. Like so excited for you Nisha. for you Nisha. for you Nisha. >> Amazing. >> Amazing. >> Amazing. >> If you're ready to take control of your >> If you're ready to take control of your >> If you're ready to take control of your finances, create freedom on your own finances, create freedom on your own finances, create freedom on your own terms, you want to hear my conversation terms, you want to hear my conversation terms, you want to hear my conversation with Cody Sanchez. if you want to be with Cody Sanchez. if you want to be with Cody Sanchez. if you want to be successful today is that there's really successful today is that there's really successful today is that there's really there's two type of people. One type of there's two type of people. One type of there's two type of people. One type of person will be really successful and one person will be really successful and one person will be really successful and one type of person will never be successful type of person will never be successful type of person will never be successful until they change their mentality. And until they change their mentality. And until they change their mentality. And and we call these fixers versus and we call these fixers versus and we call these fixers versus freeloaders.