EP 33 | Life Update & Money Lessons
In this episode, I chat about
Podcast show name change
Reintroducing myself for any new listens
Give you a life update of what has been happening in my life for the past 12 months
Taking a 1-month working holiday in Bali (January 2020)
Dealing with Covid
Working from Home for the past 12 months
Experience of dealing with the share market chasing
Some of the important life and money lessons from COVID
Having a plan for your money
The importance of having an emergency fund
Getting your debts under control
Diversify and have multiple income sources or streams
Episode Sponsor
This episode is brought to you by More Time Financial a financial planning company that is on a mission to help young Australians make smarter decisions with money by providing real-life financial advice, coaching and financial education. Apply for a complimentary 30-minute consultation moretimefinancial.com.au/apply
Disclaimer
In preparing this podcast episode, the contributors have not taken into account any particular person's objectives, financial situation or needs. Before acting on this information, you should consider its relevance to your personal circumstances.
Shows Notes
Ross (00:00):
Welcome to more than money. I'm your host Ross Moray. This is a podcast about lifestyle, money, and business. For any previous listeners, you would have noticed by now that we have had a name change. So we have changed the podcast name from previously called the young money podcast, and now called more than money in this episode, I'm going to just reintroduce myself. So that it's obviously been a little while since we released that last episode. So almost 14 months ago, so 12, 14 months ago since we released our last episode. And that was the interview that I did with the grandad jacks owner, Luke ridden. So if anyone's coming to this podcast now hopefully you'll start to get the sense that episode this episode 33 was when we officially changed the name of the podcast and in previous references to the young money pot, to the young money podcast, just bear in mind that we have now changed to more than money.
Ross (01:01):
So in this episode, I just wanted to reintroduce myself to any new listeners and also old listeners as well. Just that ones that maybe haven't gone back to episode number one and don't really know who I am and what I do. Just wanted to give you a quick rundown on, on the name, change the decision and what our thoughts are, what our thoughts were around that and take you through what to expect from this podcast going forward. What that looks like and the types of guests and content that we are going to be releasing for you on the show. Also want to just give you a quick life update. So, as I said, it's been 12 or 14 months since our last episode. So just wanted to give you a quick recap on what's happened in the last 12 months, obviously been a very interesting year for everyone and because this is obviously a money podcast and I'm a financial advisor. We want to take you through some important life and also money lessons that have come out of COVID in the last, 12 months or so. So really excited to take you through that. Stay tuned for this week's episode,
Ross (02:07):
Welcome to more than money with your host Ross marae. This episode of more than money is brought to you by more time financial, a financial planning company that is on a mission to help young Australians make smarter decisions with money by providing real-life financial advice, coaching and financial education.
Ross (02:26):
And before we get started on today's episode, this is just a friendly reminder in order to keep our lawyers happy that in preparing this podcast myself and any contributors have not taken into account any particular person's objectives, financial situation or needs. So before acting on any of this information, you should consider its relevance to your personal circumstances. And if required seek the assistance of a licensed professional, firstly, just take you through was the decision to change the name. So previously, as I said, we were called the young money podcast and we had released 32 episodes and under that name, and that was something that I had just kind of thought of. I really wanted to start a podcast obviously a long time ago. And I thought the only way I'm going to do this is if I just start. And I just thought I deal with younger clients
Ross (03:22):
Young money got a few comments about little Wayne and the young money enterprise that he's built. And I remember someone saying that, Oh, maybe shouldn't call it that because you know, copyright things. And I said, well, if little Wayne complaints to me about the name, then I'll happily change it. So
Ross (03:39):
Unfortunately, that didn't happen. I didn't get. A letter or a message from Lil Wayne asking me to change the name. It was entirely mine. The decision, but then, the main thing that kind of prompt. I to change the name was that I'd got a handful of comments that were kind of sticking with me regarding
Ross (03:57):
The young, the name, the young money podcast. And few people were asking whether I help like children I'm doing like French education for children. And that type,
Ross (04:06):
I think this obviously is not the case. We do provide financial education, but not for children per se. So I think a few people are getting a little bit confused about who we were helping and who this podcast is for. So that kind of prompt prompted me. And after a number of kind of revisions and looking at this, I decided to just change it, start fresh
Ross (04:29):
And relaunch the podcast again with a new brand, a new name and everything to turn kind of emphasize that, that we're back, we're back relating to that episode. So more than money, quite literally on this podcast, we talk about more than money. So that's, that's pretty much the emphasis
Ross (04:48):
Around, around the name. So part of that is we talk about lifestyle. So what's happening in people's lifestyle. There are different life stages that we go as young adults. So getting married, having children,
Ross (05:00):
The thing there's obviously the money aspect that we're going to cover. And the thing that I'm most passionate about. Money and how that integrates into our life.And then a big part of that as well is from a business perspective. So I am a small business.
Ross (05:12):
Well, I know I've been running my business More Time Financial for I've just over five years coming up to six years and I'm very passionate
Ross (05:21):
Business and chatting to other business owners to learn about what they do, how they do it, how they manage it, their money. So that's, that's kind of the three core topics that we like to cover on the show. Another kind of, part of that kind of common falls under the lifestyle aspect is the travel component, which I'll come to talk about my experience in travel and kind of what's happened over the last 12 months with, with most people when it comes to travel as well. So that was kind of the emphasis around it. Yeah.
Ross (05:46):
To, to tell people that we, it is a money podcast. We do talk about money. I'm a financial advisor. However, we do. Do talk. We want to talk about more than just money, just more about like, just more than
Ross (05:58):
Just tax and super and on and more of that, that boring stuff. We want to talk about the stuff that actually affects us. So, from my perspective, I know that there's, there's not many things that happen in our life that isn't somehow connected to money. So everything that, unfortunately, almost everything that we want to do buys or have has money and has a money aspect to it. So obviously we're going on holiday. We need money to do that. We want to buy a house. We need money to do that. If you're running a business, cashflow money, all that is just critical. We want to send that, send our kids to school. Or we think about taking time off to have a family. I have baby money, there are money conversations in there as well. So that's what I do on a day to day basis with the clients as we talk about the money stuff.
Ross (06:45):
Yes, we talk about the technical side of things as a set of tax and super and investing, but it's just all the other things that money touches as well. So that was kind of the emphasis regarding the name change and yeah, so that's hope, hopefully, everyone likes the name locks, the new branding make sure you head over to the website, which you can find the link below Ross marae.com forward slash podcast. Boss has set up our own dedicated Instagram. So we can, you can follow along there as well. So head to more than money, eight you on Instagram, again, link in the show notes below and follow along. Give us a, like, give us a follow and really hope you enjoy what we've created credit there so far. So the next thing I just wanted to touch on was just to reintroduce myself.
Ross (07:33):
So again, for any previous listeners that maybe you haven't, haven't been listening for the last 12 months, or haven't caught up on the latest episodes, not really sure who I am and who this guy is that talks about money and, and things like that. And obviously, for any new listeners, that's coming, coming on board, just so you guys get a sense of who I am and what I'm all about. So my name is Ross marae. I am a financial advisor or registered and qualified financial advisor, and I've been a registered financial advisor for about six, seven years. I kind of, I prefer Y I much prefer the name financial coach. So generally speaking, when I tell someone I'm a financial advisor, they have this automatic thought of dodgy salesmen gonna steal my money, kind of saying what's happened in the past. If you have you ever watched the TV show, the OSI, which I embarrassingly admit that I rewatched it last 12 months during, during COVID watched the first two season. And I realized, which I didn't understand when I first watched it back when I was 15 or 16 or whenever it was, I'm not sure of the character's name, but the dad in the OSI, he's a financial advisor and he steals everyone's all of his client's money who would shoot obviously in that community. And it was part of what led to his divorce. So I realized which was what it's, but it's quite funny to look back and see that. And I think that really kind of sets the tone from when people
Ross (09:02):
Hear financial adviser, they hear dodgy
Ross (09:04):
Investor stealing money, GFC parents lost all their money because of their financial planner. You've seen in the news, all that kind of all that bad stuff. Which unfortunately has happened in the past when in the financial planning world, obviously things have changed and things are getting a lot better. So I kind of like using it,
Ross (09:21):
The word financial coach. And I think that kind of plays too, to more of the
demographic and the clients that I work with, which is younger, younger clients, generally
Ross (09:30):
In there, in their late twenties, thirties, and early forties, that's where I kind of help people the most.
Ross (09:36):
So I've had my, my business more time financial for, as I said about five years. So that was a business that I started with my father.
Ross (09:45):
Back in 2015,
Ross (09:48):
We've been building that ever since again,
Ross (09:50):
The major focus on, on helping younger, younger clients with the goals, financial life and getting, basically getting their financial sorted.
Ross (09:59):
We do obviously help in a range of ways we work with as I said, mainly younger clients, a lot of business owners, helping them to get their financial, personal financial world sorted and also their business
Ross (10:10):
Financial stuff sorted. Because we know the two of them to work so closely together.
Ross (10:15):
So I live on the gold coast in Palm Beach and I grew up down in part grew up in Palm beach. Spent some time in Brisbane, spent some time in Sydney and yeah,
Ross (10:24):
Now back living awesome, close to the beach. So it's a really nice place to live and a hard place to, to move away from,
Ross (10:31):
If you want to know any more about me, head over to the same, same website to rosemary.com a bit about me and also Ross marae on Instagram. You can find me there and find out a bit more about me. So what I wanted to cover off next was just give you a bit of a life update of what's happened over the last 12 to 14 months personally, professionally, and kind of what my
Ross (10:55):
In the whole COVID situation. So yeah,
Ross (10:58):
I definitely don't want to spend too much time dwelling on the situation because I'm personally sick of it. I'm sure everyone else is sick, sick of hearing about the COVID situation, but just want to give you a quick rundown of what my experience has been and what's kind of happened and what I've seen from, from my perspective. So if we jump back to about November 2019, me and my partner Jacinta, I were organizing and planning for our upcoming trip to Bali. So we had booked to spend a month. So I spent the whole of January in BARR
Ross (11:38):
On a, on a working holiday, which is still being holiday travelling somewhere, but
Ross (11:44):
Keen as well at the same time. So that was out, that would have been our plan for about six months to cinema partner. She had just quit her job and started for herself. We had planned as it spent the entire month of January in Bali. We'd also kind of pencilled in, but yeah,
Ross (12:00):
Luckily hadn't booked. Anything else
Ross (12:04):
Past that, but we had some friends weddings overseas that we were going to try and spend 2020 taking a few different trips, some extended trips from about a month at a time in various places. So that was kind of our plan for 2020 was very much travel focus, which is a big passion of, of, of ours. And we had a big goal to be able to work remotely. So set ourselves up that if we needed to, we could work from home, which was worked out quite luckily for the last 12 months, work from homework overseas or work, work from the office. So that was kind of the plan that was the 2020 plan to travel as that we had pencilled in about four trips. Luckily only a booked one, which was the January trip. So January was going to be our kind of our test run to say, okay, let's see if we can do this working remotely thing.
Ross (12:52):
See if it affects our businesses positively, negatively, and just kind of do a bit of a trial run Bali as I'm sure most people know relative to cheap, nice and close. So that obviously, if anything did happen, we could quickly come back and everything would be okay. So that was, it was kind of out our test run. We chose January big. So mainly from my perspective, we know, Oh, I know that most people aren't making massive life decisions in January when it comes to their finances. And everyone's kind of getting back into the swing of things coming out of the Christmas period slowly, getting back into the work aspect. So it was kind of a good time, to take that month and give it a trial. So that all went well. Christmas rolled around we'd left. I think it was on new year's Eve.
Ross (13:36):
And we spent a week in Bali on
Ross (13:39):
What we call an actual holiday. So no computers, no laptops no work and an actual holiday. We moved then into a, like a Villa that was staying at for the next three weeks booked into a co-working space. And that was the start of our working holiday. And we would obviously just work normal hours and a co-working space,
Ross (14:00):
But then still obviously enjoying the perks
Ross (14:02):
Of working remotely. So, that all went really well. We're really happy about that. Had a great time, had an awesome experience in Bali. So we were staying in Chengdu, which for anyone that hasn't been over there, it's very westernized, probably overrun by mainly Australians, but a lot of tourists locked most of Bali, but there seems to be a big ex-pat people, a lot of people working remotely or digital nomads, they call them
Ross (14:24):
In, in Bali, manly and C
anguu, the internet's is good cost of living is really cheap. That was, yeah, it was an awesome experience to be able to see what other people were doing. Obviously, I and Jacinta were quite new to this whole thing of working overseas or working remotely.
Ross (14:39):
But those people that have been doing it for the last 10, 20 years, a lot of kind of
Ross (14:43):
Online coaches, a lot of programmers and things that people that can work online. It's a lot of people running retreats or fitness or traits, traits, meditation, or traits, that type of thing. So it was just a kind of massive inspiration. It was an inspirational place to be around or a motivational place to be around is probably the better way of putting it because all these people were doing these awesome things and sitting in a co-working
Ross (15:06):
Space over there, you got to meet some really, really amazing people doing some
Ross (15:10):
Really cool things. So that happens, that all went well. We'd booked to come back, we'd booked our flights ready to come back in January, obviously, while we're over there, this thing, the COVID thing it's starting to get a little bit more a bit more real. So obviously mainly in China, that kind of thing. And then our first kind of sense of it was when we're flying home at the end of January, coming through the airports, obviously, there wasn't a traveller
Ross (15:33):
Frictions, there wasn't any masks or anything like that we had
Ross (15:36):
That we had to wear, but we noticed walking through the airport on the way home that mainly the Asian travellers were all wearing masks, but all the Western Westerners man, the Australians, I guess weren't wearing masks. And I thought that was an interesting kind of perspective. Like obviously I'd been in airports before when I've seen people wearing masks, but it was the first time that like there was a large portion of travellers wearing masks. And so we, we wore masks on the way home, not that we had to.
Ross (16:06):
So we just decided that it's probably best because of everything that was happening
Ross (16:09):
Name. And then we came back, got back into our, our normal lives back into our normal working schedule. And then obviously covered,
Ross (16:19):
Started to get more and more real and everything started
Ross (16:21):
To happen. So then it rolled around to around about March, I think from memory is when it kind of hit off. And that was where the when it started to hit home, that this thing was a bit more real and that's when obviously restrictions started to happen and things like that. So that was kind of leading up to that, that point. So I then moved home as I had an office in Miami and moved home, was working from home for that period. And then the kind of the
Ross (16:48):
Chaos really started to kick in
Ross (16:51):
Not so much personally, but more so from a business perspective and helping clients through everything that was happening. So again, didn't want to dwell too much on this, but it was just a really, it was just a really, really intense kind of three months of uncertainty. The share market had crashed. There were announcements surrounding job keeper, obviously, travel restrictions have started to come in. Everything kind of all happened at once. And I think the biggest thing that came out of that was just the uncertainty and not knowing what was going to be around the corner. So there was a period of about two to three weeks that I was fielding, I'd say on average, about five
Ross (17:27):
To 10 phone calls a day from
Ross (17:30):
Clients, from friends, from prospective clients, people that were just dealing with this stuff. And again, coming back to that thing about, about more than money. So there was obviously there was the money yeah.
Ross (17:44):
Of losing jobs and stuff, but there was all this other stuff that was happening that obviously is connected to as well.
Ross (17:50):
So yeah, I said about five to 10 phone calls a day for about a three-week period and that ranged anywhere from, Hey Ross, I've just
Ross (17:58):
Been told I've lost my job. What do I do?
Ross (18:02):
I've just been told that I'm on a flight. Oh, I'm a flight attendant. And I've just been told that I've been made redundant, obviously can't travel I'm a business owner. I have a cafe just being
Ross (18:12):
Told that we can no longer serve customers and we have to, we have to shut up
Ross (18:18):
Two weeks. I'm a business. I am I'm a gym owner and just retired because of the gym, so what do we
Ross (18:23):
Do? I have just
Ross (18:26):
Logged into my investment account, my investment portfolio and realize that I've my investment account is down $50,000. Like, what should I buy? Should I buy more? Should I sell it? I'm scared. I don't know. No, I don't know. So there was just an array of phone calls that were dealing with an array of different situations, but obviously, the common theme in there was just the uncertainty. Cause obviously
Ross (18:47):
We, we, we seek
Ross (18:49):
Certainty. We, we like certainty and things. And when things are uncertain, it makes us scared, worried and concerned naturally. So that was, those are the types of phone calls, right.
Ross (19:00):
I was having. And it was
Ross (19:04):
Well interesting, scary at the same time to help people work through those work, through those things. So like always, it was figuring out the plan, working out what the current financial position is, how much money have we got in savings? What does our runway look like? So, okay. If you do lose your job, obviously we didn't know things we didn't know about job keeper and stuff at that stage. So if you are going to lose your job, how much money have we got in savings? How can this last, what can we do to cut back on expenses to give us a bit out, make our runway go a bit longer? So that was kind of the conversations that we're having and the things that we help people with during that time
Ross (19:41):
Was yeah, just managing
Ross (19:43):
All that kind of stuff. So then there was the the added pressure in the added aspect around the share market. So if anyone that does invest or follows the share market, which doesn't, doesn't take too much to see what happened on the news during that period. But that was just, there was a massive drop in the sharing process.
Ross (20:02):
And that obviously caused a bit of chaos
Ross (20:07):
Across the globe. And that was yeah. Helping people to realize what had happened, talking to them about their situation, what the plan was, do we sell, do we buy and help just really helping people through that, through that period. So, yeah, it was very, very scary for a lot of people uncertain and yeah, it was just a really kind of interesting, it's probably the easiest way to put a really interesting kind of three month period of, of all that kind of happening. So since then, obviously, Oh, we're moving on from then things got, I wouldn't say they got better, but we got a little bit more clarity around with job keeper and job seeker. And then the kind of government incentives started to kick in for a lot of people. And as we've moved
Ross (20:48):
Throughout the rest of the year, restrictions and stuff started to ease, ease off and things got a little bit, a little bit better to a point.
Ross (20:56):
So just to recap on, on what we do on, on our side, which
Ross (21:00):
I had a big impact on the conversations and people's plan. So we are financial advisors and what we do is financial planning. So a big part of us, our job is helping people to plan for the future. And,
Ross (21:12):
And what that looks like is sitting down and saying, Hey, what, what do we want to be doing in 12 months? Where do we want to be in two years, five years, that kind of thing? So that for a lot of people that might be, I want to be travelling. I want to buy a house thinking about getting married. I want to start a business. I want to start investing because of this. I want to send my kids to private school. I want a new car Luxe. So a lot of our jobs future-focused
Ross (21:33):
And, and future planning.
Ross (21:35):
What happened with something like this with COVID was
Ross (21:38):
That people's plans just got pretty much thrown in the bin.
Ross (21:41):
So for some clients we had, we had a plan and we had organized and we're working towards, this was like a five-year plan that we're working towards to kind of set themselves up, start their own business, be able to work remotely so that it all that was all working. And the plan was for them to be able to travel and work
Ross (21:59):
For the next 12 months
Ross (22:01):
At a minimum. So that was all good. Everything was on track for that.
Ross (22:07):
And then COVID hit all the travel restrictions or
Ross (22:11):
In place, no one can travel. So then obviously we had saved this money for, for some clients and built all this planet
Ross (22:18):
And then travel restrictions hit. And that changes the entire plan. So I'm sure that's not a unique situation. And for a lot of people
Ross (22:26):
It's been quite common that I found that, Hey, I've got all this money saved or I've been saving a lot more money because I haven't been travelling or haven't been going out in those six months that I didn't go out and I've got all this money saved. I wasn't thinking about buying a house, but now that I can't travel, I might do that. I was thinking about starting a business, but now I can't do that. And I've been job on job keeper and just, it was just kind of everything kind of got thrown in the bin.
Ross (22:47):
It was reassessing people's plans and getting a sense, of what that might look like in 12 months and kind of race setting those plans and those goals, for a lot of people.
Ross (22:58):
So that has been in a, in a nutshell, that has been my experience with COVID I might do a different and another. Podcast episode and go into a bit more in-depth about exactly what's happened from
Ross (23:08):
An investment perspective and from a financial perspective and, and talk a bit more about that in a lot more depth, but I just wanted to give you a quick recap of what's happened in there. So
Ross (23:18):
From a personal side, I've been I said moving out of the office in March and have been working at my home office for the past 12 months as the last week. So the start of March, I actually just moved back into office in Miami, which has been a good,
Ross (23:36):
Good change have enjoyed working from home, But obviously, this has been pros and cons with that as well. So I'm officially moved back into the office. So again, I do a separate episode about
Ross (23:46):
The experiences of working from home and what that's looked like. But I guess jumping back to the original plans of being able to work remotely, that has kind of proven that concept of everyone had to work remotely for the past 12 months. So that
Ross (23:59):
Was, again, a good, a good outcome from, from a bad situation, was our control. A lot of people noticed that the benefits of working from home or the benefits of being able to work from home if you want to, I'm not having to commute. And obviously, I spending more time at home with family and that type of stuff. So that's, that might do a separate episode on that topic as well. But in all, in all the last 12 months has been very, very busy from, from a financial planning perspective, from a business perspective, being obviously very, very lucky in a time of uncertainty and time of crisis, where a lot of people losing jobs and closing businesses, that type of thing, our, our business. And I think the accounting business businesses as well have really benefited
Ross (24:42):
That from obviously when people need help the people, the way the people that they they do. And to, to, to finalize this, this episode, I just wanted to quickly take you through some important life and also money lessons that have come from this COVID situation. So again, looking at it from the positive and negative, without spending too much time on the negative aspect of it, but some, some really important money lessons that have come from a bad situation. Now, I think it would be interesting too, and I'm planning on interviewing some people about what their experience has been for the last 12 months. So especially those business owners that had to close down and go online. So gyms and things like that, it was really interesting. And I was helping some people, with that transition of moving in-person gym to then move into an online business for a period of time and what that looked like and the process we went around to do that. So I think it would be really interesting to hear from some people about how they transitioned and some of the positive stories that have come out of this situation. So I think for a lot of people, they had this plan of being able to,
Ross (25:48):
To work remotely and, and go Online, but they never really had to because they got comfortable. And then when COVID hit, they didn't have H had never a choice and they had to do that. So from, from my side, again, putting my financial advisor, financial coach hat on and money and life lessons from, from COVID 19, number one would be having a plan
Ross (26:09):
And for your money and having a plan for your investments, which are we'll touch on a bit later, having a plan for your money. We found that when COVID hit, people had just been before COVID hit. People had just been kind of coasting along. They were getting their, their regular income. Things were good. They didn't have to worry too much. They weren't really planning for the future, a lot of living for now. And didn't really have a plan of what, what they were doing with their money, because they didn't have to, because life was good. They were only money spending
Ross (26:39):
And it didn't really have to, nothing was going wrong per se. So having
Ross (26:44):
A plan for your money and your investments is really important and something that I would highly recommend. So that doesn't necessarily mean you have to work with a financial planner, it's just having a plan for your money of what are those are the goals you're working towards. How do you manage your money? What's going on? Just having a bit more knowledge around your financial or your money situation is a really good starting point. Number two would be the importance of having an emergency fund. So this could for anyone that doesn't know what an emergency fund is, this is having access, to cash that you've got sitting in a savings account that you can access within 24 hours or 48 hours at the most. That is that's kind of where we see an emergency fund. So that's something you can access. Some people like to keep money in there in their drawer or under the pillow, which I don't recommend doing, but having access to money in the time of need or in the time of an emergency.
Ross (27:39):
Hence the name and an emergency fund are really, really important. And what we saw, unfortunately, for a lot of people when, when COVID hit and there was maybe they were, maybe they were out of work. And again, this was before job keeper and job seeker and all those things incentives came in when the government came to help. But we saw that people had been living their life right to the edge and kind of living wait to wake in, in most cases and not having an emergency fund to rely on when hitting the fan. So the importance of having an emergency fund is that when an emergency does strike at a moment's notice if something does happen, number three would be managing your debts. Again, unfortunately, we saw a lot of people that were in debt and then haven't, didn't necessarily have to worry about it too much previously because they were getting a regular paycheck life was okay.
Ross (28:33):
They were all getting by kind of week to week. And they, their level of debt was, was manageable. However, as soon as that income stopped and whether that was a month period or for some people, they got made redundant. So a lot of people in the travel space or the the entertainment space with, with cafes and, and not clubs and things like that closed down. So the hospitality industry and the travel industry obviously got hit the hardest. So for people that, that, that they lost their job and were out of work for six months or three months, whenever job keeper kind of kicked in her job seeker. And what we saw with that was people having all this debt. So after pays debt zip pay, or is it money, credit card, personal loans, car loans, mortgages, all that kind of stuff that we had just had been sitting there and had been getting paid slowly while you had an incumbent. Soon as that income stopped, then really kind of got real because we had this debt that people weren't managing properly and when your income stops and you've still got debt repayments to make, then that just eats into any savings that you do have
Ross (29:42):
Or may have, so really, really important to get on top of your debt. And I've touched on this previously. And again, if you are new to this podcast, go back a couple of episodes, right?
Ross (29:54):
And I've got it an episode relating just about explaining debt in more detail, but there are three types of debt. There's the good debt, there's the bad debt. And then there's the or toxic debt managing your debt, clearing, getting rid of any or toxic debt as quick as possible. And
Ross (30:10):
Building up those emergency funds is really, really important. The final point that of CA that came out of COVID important life Or money lesson that came out of covid was diversifying your sources of income or having multiple income streams is really, really important. So again, what we saw was from a, from a personal perspective, people that maybe lost their job and they were solely reliant on that one source of it
Ross (30:37):
Income, which I think is a lot of people have one source of income. And what we saw there was that if that income stops, then everything else gets affected. We hadn't, I think for a lot of people that
Ross (30:50):
Just never had to worry about that income stopping because they've. Had a secure job, things were going good. Life was okay for the last 10 years. They've never had to worry about losing their job. And because they've. Always just had that regular job had that regular income. Coming in. However, when that stopped people realize. How close to the edge they were. They were living that
.
Not wait to wait for kind of mentality. As soon as that income stops and they'll have to go for a week, maybe two weeks, maybe four weeks without income. We didn't have an emergency fund. We didn't have debt under control. You can see how a lot of people are being caught out in that, in that period of time. So from a personal perspective, that what that looks like is having multiple streams of income or sources of income. So that might be your, the regular wage that you get from work that might be investment income. So whether that's an investment property or dividends or something like that, it might be a side hustle that you, that you do obviously on the side, an online business or something that you've got another source of income. That's not
Ross (31:50):
Just solely reliant on you doing your job on a day-to-day basis,Obviously on a business front as well. That's become really important on not relying on one source of income. So just thinking about that, that I think for a lot of people, they got
Ross (32:03):
Caught out and have realized how dependent they were on that job or that one line of revenue that they were getting in their business. So that would be really important life and also money lesson to come
Ross (32:14):
To come from COVID. So that wraps up episode 33 of the more than money podcast. Once again, thanks for tuning back into the podcast. From now on, we are going to be back to our weekly podcast schedule, so you can expect a new podcast episode from us every single week. So be sure to head over to wherever you get your podcasts, whether that's Apple Podcasts, Spotify, YouTube, subscribe, and follow us along there. So you don't miss an episode head over to Instagram and follow us at more than money a year to stay up to date with all the latest episodes, the schedule and the plan going forward again, for any previous listeners, you would know that we liked to interview guests on the show. So that might be business owners. That might be some people doing things, some, some cool things. So whether that's travelling as we did a few episodes ago when interviewed Dan and Annie, they moved out of the house and travelled to Australia for 12 months.
Ross (33:10):
So people that are doing some cool stuff, business owners that are doing things differently, that's the types of conversation that we like to have on the podcast. So be sure to follow along and stay tuned for next week's episode, which I have a guest episode that was actually recorded in January 2020 was in Bali. So we've got Emily goth, who is a Canadian podcasting coach. And I spent some time chatting with her about all things, business, relationships, and travel, and she has a really interesting story. So be sure to stay tuned for that episode, have a great week. And I'll see you soon
