Season 3 Episode 5: Interview with Entrepreneur Dani Ferron
IN THIS EPISODE
In this inspiring episode of The Money Collective Podcast, we dial in with entrepreneur Dani Ferron, whose journey as a hairdresser and thriving business owner and now expat in America is nothing short of remarkable. Dani shares how breaking free from childhood money beliefs, embracing risk, and focusing on personal growth transformed her financial life and wellbeing. We explore the power of mindset, overcoming financial fears, and the importance of building resilience when chasing your dreams. Dani also opens up about balancing family life, money values, and her new passion for helping others find financial freedom. If you’ve ever felt stuck or unsure about taking a leap, Dani’s story will light a fire within you. Tune in for a heartwarming, empowering conversation about choice, courage, and creating a life you love!
OUR GUEST
Entrepreneur Dani Ferron
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0:00
Welcome to The Money Collective podcast. We're here to uplift your financial wellbeing. Your hosts are me, Mel Pearce and Darlene Neu. We are the co-founders of The Money Collective and together we have over 50 years of finance and banking experience. We provide the tools, information and guidance to better understand your money and feel confident making money decisions.
0:22
Welcome to another episode of our podcast.
0:25
Yeah, uplifting your financial wellbeing with us.
0:27
Yes, yes.
0:29
I think I'm here to uplift my financial wellbeing though, honestly, look, you know, we talk about this all the time.
0:35
It's it is very therapeutic.
0:39
And you know, we have lots of, I reckon light bulb moments in the moment just by chatting with each other.
0:45
And the reason we do it is because we want people to talk about money like we are and be really open and let down those walls and judgements and just, I don't know, talk and share about it and take, take the yeah, try and let go of some of that.
1:03
What we hold on to, I think what we do is we protect ourselves when it comes to money.
1:08
Like we, I think shame and guilt come up a lot like for people, you know, we think that we're doing worse than other people.
1:16
So, hey, if I share with you the honest truth about what's going on for me, maybe you can relate to that.
1:24
So we do always start with the truth.
1:26
So for me this week I just wanted to chat about the fact that my bank accounts are all screwballi wrong.
1:37
Scribbly wrong.
1:38
Yes.
1:39
Did you hear her voice phrase a little bit?
1:42
Yeah, I know.
1:43
It's like I've got some of the basics kind of OK, But even that's not right, actually.
1:49
So I've got my automation is going into my spending accounts because I try and control my spending.
1:55
So every month I get, you know, an allowance for certain things.
2:00
And I am, I've said this in previous weeks that I haven't got enough money going into those accounts.
2:06
So I'm transferring money and like I'm taking money from other accounts which means I don't know how much impact that is having and I don't have enough accounts.
2:19
I know I'm speaking really fast right now but basically I'm overspending or I haven't got my account set up correctly which means I can't.
2:26
I don't know how and when I'm going to reach my goals basically because I'm just spending the monies.
2:35
So I really need to sort that out.
2:38
I need to have the right amount of money going into those accounts.
2:40
I need to be sticking to that budget and I need to have more accounts set up for my goals.
2:46
I tried doing that and I was a little bit frustrated because we've got joint accounts.
2:51
They all need to be offset accounts and then my husband, I set them up and then my husband needs to approve them, you know, you know, getting him to look into the Internet banking.
3:00
I just kind of get tired in the evenings and haven't pushed that fact.
3:05
So at the moment, because I haven't got enough accounts, all of the extra money sits in our home loan account and it's just like one big clumpy lump of money.
3:16
And I don't know whether it's not the clump.
3:19
Yeah, I haven't got the clarity.
3:20
I can't see it.
3:21
I need to see it because that helps me and it keeps me motivated when I can see my goals growing or even if they're not growing, it's OK.
3:30
I kind of can understand what's happening with my money at all times.
3:34
And I cannot see that at the moment.
3:36
That's my goals are so important, right?
3:39
Because if you haven't got that, you know, you can't see that direct link of what you're doing and whether it's working or not or am I achieving it or do I need to adjust or even why I'm doing it.
3:51
Like there's so much emotion that goes and drive.
3:55
And when I say emotion like Dr motivation or not, when you've got that working or not, it's actually really critical to your system.
4:04
Yes, it really is because I can't make money decisions properly or clearly at the moment.
4:10
So for example, when we came back, I think I was down to like about $50,000 sitting in our redraw account from our holiday, which that I don't like that number.
4:25
And now I've got that back up to about $63,000.
4:29
So I know that I've been able to save that, but then I know that I've also changed our system so that I'm going to have lump sums coming out for tax and things like that.
4:38
So it's not even a real number at the moment.
4:41
So I can't see these things and I don't really know how I'm tracking and how well I'm going.
4:46
I know I'm doing OK and I've got kind of what I'm saying is I've got my system half set up, like to half support my behaviours, but not fully support me or us.
4:56
I should say.
4:57
I say me a lot because I feel like you're doing it right.
5:00
Who's you're the one that's managing it for the household.
5:02
That's right.
5:04
I think also what I take out of that is that systems, you've got to do this for life.
5:13
And we, we talk about this and like setting up your budget and your system is just not a one off exercise.
5:18
You have to constantly do this.
5:19
And there'll be things that move around in your life and specific times like Mel's head systems that worked amazingly for her to go to Canada and do a wonderful trip.
5:29
But now it's a reset because you've got different things that are going on and different things you have to align to.
5:36
So it it's you just have to keep at it.
5:39
You have to keep at it.
5:40
And I'd set it up so that it would, it would be streamlined when I got back, but it's not quite working.
5:45
And that's okay.
5:46
It doesn't mean it's broken or my budget doesn't work.
5:49
It can definitely, it's asking for improvement.
5:51
I think it's great that you're reviewing it and, you know, keep, you know, and, you know, changing it to what you need right now.
5:58
The thing is that it takes time too, you know, So it's like actually, I need to actually put time aside to do it.
6:05
And at the moment I've only really got Saturdays in my life, so I need to just carve out some time and prioritise it somewhere.
6:14
It needs to be prioritised, otherwise that **** ain't getting done and it doesn't get done.
6:18
And I think that is the, there's so many great messages there 'cause that's the other thing.
6:21
We put it at the bottom of the list when we get time.
6:23
Yeah, we get time, we'll do that.
6:25
We'll get time, we'll do it.
6:26
I feel like that never happened.
6:27
Never come out for two months.
6:29
Yeah, well, it sounds like that's a really good next step.
6:36
My truth is about kids and activities.
6:43
I've only got one at home.
6:45
Lily, she's 13.
6:47
I've talked about her a lot on the podcast, but she does quite a lot of activities.
6:52
And it's not just the time commitment.
6:55
It comes back to the money commitment, right.
6:57
You know, so she.
6:59
And then whether or not she's appreciating them enough to put in, and then you think, well, why am I doing it?
7:07
Is it good for you?
7:08
Is it good for me?
7:09
And is it good for the budget?
7:10
Right.
7:10
So at the moment, what she does is she's dancing two nights a week, she's playing basketball for club, she's playing tennis for club, and she's doing violin at school.
7:23
They're the activities that cost money, OK.
7:26
And if I add that up, that would be well over and I need to go and add it up to be precise.
7:32
But it would be about 6 grand a year.
7:34
Yeah.
7:34
Now we are doing on those things.
7:36
Now where do I see the passion?
7:38
She's got passion for basketball, so sure willing to, you know, she's really trying to improve a game and we're paying for some private, you know, technical skills and that's quite expensive on a Sunday night.
7:52
But the uplift in a game has been amazing and she feels really good about herself and she's very committed.
7:58
She goes out every night, shoots as you've got a thing going at the moment where she shoots 12, like from the free throw line and she's trying to get 75% in.
8:09
So every night she's doing that and to see how many out of 12 she gets.
8:13
Love it, love it, love it.
8:14
So commitment Dr Don't have to chase her, don't have to remind her if she's just doing that.
8:19
So that seems like that's in #1 let's keep going.
8:23
And then the next one is dancing.
8:26
She's danced since she was about 3.
8:29
She loves dancing.
8:30
She's quite good at it.
8:33
She it gives her a chance to do things at school again.
8:36
Confidence makes her feel good about herself because she can participate at a reasonable level.
8:42
But it is 2 nights a week.
8:45
It's a little bit of money.
8:47
You know, again, that one would probably be a couple of grand a year and I'd say she wants to keep that in.
8:55
So her and I have had a conversation about what's in and what's out.
8:57
Sorry I didn't give you that, that background.
9:00
And we got into a bit of an argument this week because I'm suggesting in a nice way she should quit some stuff and she's saying no, no, I want to do it all.
9:12
So happy for some advice here.
9:14
So I feel like from what I can gauge and see and what she's saying, they're the two top ones.
9:19
Then we come down to tennis.
9:22
So she's playing tennis for a club and she goes to this group session on Friday nights, which she's hardly going to cause of other commitments.
9:31
And I've been to watch it and see it and I don't think it's doing anything for a game.
9:36
This is a tennis mum, by the way.
9:38
Yeah, yeah.
9:40
I would rather just stop that, do a couple of private lessons and get her to play club if she wants and and then, you know, she really enjoy it.
9:48
She tells me she does, but I'm not seeing it, you know, and she wants to.
9:54
So on Saturday she had another commitment.
9:56
So she, you know, I don't want to play.
9:57
And I said, well, if you're not going to play then you have to email.
10:02
Like they have a junior convening convener, so somebody that organised the juniors at the club.
10:07
And rather I said, well, I'm not going to email because I think, you know, you could make it and you've made a commitment to the team.
10:14
If you don't want to play and you can't play for a reason, you have to email Brian's his name.
10:19
And Oh my gosh, she was not happy about that.
10:21
And I said, well, either turn up or you email Brian there.
10:26
That's the arrangement.
10:27
So that's sort of some of the conversation we've had.
10:30
And then the fourth thing is violin at school.
10:33
So she's been doing violin for quite a long time.
10:35
She, she wants to keep doing it.
10:37
There's an orchestra on a Monday morning, which she never gets up in time for.
10:42
She goes for a private lesson 3 out of four times.
10:46
You know, I just and she reckon she's adamant she wants to keep doing it.
10:52
So there you go.
10:54
That's all things.
10:54
OK, So can you afford $6000 a year?
10:58
Oh, we can, but it means it's if everything's a trade off, right?
11:03
Yes.
11:04
If I had a couple 1000 back in the pocket, yes, that we could put towards something else that we all want to do.
11:13
I'd prefer to be doing that.
11:14
OK, so you feel like she's getting the lion's share and not appreciating it too.
11:20
Yes.
11:21
And then there's about what lessons are we loving her with on money as well, too.
11:25
Because I hate it when all the time when it comes up at home, when when like Percy does it a lot, like when the kids don't value how much money he spent on something, you know, So the value of money and things like that, when you know, that kind of gives me the ick sometimes too.
11:46
You know, when you're always going, that's relating things back to money, you know, instead of experiences too.
11:52
So how do you balance between them valuing what they're doing and not being spoilt brats and getting the most out of things as well too?
12:03
Because I reckon if you dropped some of those things, that would free up some of her time to do more things that she likes.
12:12
Like, first of all, she might be more rested or less tired.
12:15
I think that definitely less tennis or violin might mean more basketball, which means she actually gets better at some of these things as well.
12:24
And you could do a trial on it and see how it works for her if she's really missing any of these things or you guys decide as a family.
12:31
Yeah, you go.
12:32
Right.
12:33
Well, turn 1 next year.
12:34
This is the agenda.
12:36
And I really want to support you with the basketball.
12:38
It seems to be your primary passion, you know, And let if we let go of the tennis, maybe, you know, yeah, that's right.
12:46
Might even get better at the old basketball.
12:48
Exactly.
12:49
Might get 80% of your shots in.
12:51
There you go.
12:52
I don't know.
12:53
I like it because at the moment she feels like I'm going to take something away from her and I'm depriving her of these opportunities.
13:01
Yeah, but that's OK too.
13:03
Sometimes that that is, they are lessons and sometimes we can't do everything that we want.
13:08
I I think if she is stretched to thin, I think that is a really key factor of me worrying about this too, you know, and the budget things there.
13:16
But that's not the primary.
13:17
I mean, it matters because we could do something else.
13:20
But as a mum then, and sometimes we need to.
13:23
Do that and make the calls for our kids.
13:27
Do the hard thing.
13:28
Honestly, we were so like when our kids, our kids are right into cricket and like when they were little, they would have to share their equipment, they would have to they'd be coming with stuff they've used for years and years and it's like not good quality.
13:43
And then when they were they I think about a year or two ago we started buying them really good stuff and they're like the amount of appreciation they had to.
13:51
So that's good.
13:52
Like, yeah, I don't know what the lesson is there or whatever, but sometimes when they they don't know what they're missing, if they have it all the time too, I think that's a key thing too.
14:03
And then I suppose on the flip of that, though, you could say, well, if you invested in it, they might be more likely, you know, to really try hard.
14:11
But I think you've got to try the other first to see if they like it because I can relate to that.
14:15
So Lily doesn't have her own tennis racket.
14:17
Her and I are sharing a tennis racket because why would I invest in a tennis racket when I'm it's going to be tossed to the side maybe anyway and she can't be bothered going to half the games.
14:29
No tennis racket for you, Lily?
14:31
No, But then then you could say the other thing I was contemplating.
14:35
Do we buy a tennis racket for Christmas?
14:37
But you know, would she actually have more commitment if I did that?
14:42
But I don't think it's to do with that actually.
14:44
I just think she's spread too thin and and you just like you said, you can't put all your energy in so many different places.
14:52
Well, you can.
14:52
I like, but you might be to try what its difference would be if you didn't.
14:57
You can always go back.
14:58
I do like that.
14:59
So yes, I'm going to cut one out for next term.
15:04
OK.
15:05
At least I'd really like to cut 2, but I'm happy to cut 1 and see what difference it makes.
15:10
Yep.
15:11
Great.
15:12
Awesome.
15:13
Good luck.
15:14
Thank you very much.
15:15
All right, So today we've got a.
15:18
Well, we've recorded a special guest interview for you and her name is Danny Ferran.
15:27
Danny we've known for a very long time in our community.
15:33
She used to work with us.
15:34
So she definitely is of our ethos and we have also done some financial well being coaching together.
15:41
So we have interviewed Danny.
15:44
She is actually currently on a life changing long term trip that actually her and her partner and children have moved to America in the US and have been living there and in a different life.
16:02
So she's going to share her experiences and her money story.
16:05
So I hope you enjoy it.
16:08
OK.
16:08
Well, welcome, Danny, to our podcast.
16:10
We're so happy to have you with us today.
16:14
We've known you, Danny, for quite a while and have been following your story and find it intriguing and interesting.
16:22
And you definitely dear to our hearts.
16:25
So thanks for being here today.
16:28
Thank you, guys.
16:28
Definitely.
16:29
I feel like it's just part of family.
16:31
It'll be like that for a while.
16:33
So, yeah, we can't wait to get you to Share your story.
16:36
Thank you.
16:38
Thank you for having me.
16:40
Just for our listeners, Danny used to work with us for a very short period of time.
16:46
And used to keep me very much in line.
16:52
I was basically your organisational girl.
16:55
Come on now.
16:55
You haven't done this.
16:56
Let's do it.
16:57
Come on, let's do it.
16:58
Pick up that phone.
17:01
I know yeah, we had so much fun.
17:04
It was very for a short period because I reckon as soon as I started that opportunity with you guys I fell pregnant.
17:10
So yes, you did.
17:12
And had many babies since.
17:15
3 little boys.
17:17
Yeah yeah, they keep me very busy, but yeah, very cool.
17:24
But I'm definitely like minded spirits, I would say absolutely.
17:27
So maybe to kick off today's about, you know, your journey with money, so maybe kick off maybe your earliest memory with money and how you grew up in your family with money and how it was talked about and what beliefs you learned, you know, through that.
17:45
OK, so growing up, I feel like I have a lot of memories around my dad.
17:54
He he grew up in Croatia.
17:56
He moved over here when he was 15 and they didn't have money.
17:59
So dad's mentality was always work hard, study hard, go to uni and get a good job like that.
18:08
That is all.
18:10
That's all my dad could see.
18:11
That's all he wanted the three of like me and my brothers to do.
18:15
And if you strayed from it, like you basic it, you didn't feel accepted.
18:23
And I'm not sure if that was like many European families or just him.
18:29
And what were some of the beliefs that he had that like, you know, where you had to stay in those boundaries, Like what was it and what was that?
18:37
Well, you had to have a university degree basically.
18:39
So when I remember when I was in grade 10, I had a friend who wanted to do hairdressing and I went for a walk with her around a park.
18:51
And when I got back, I was telling my mom and dad about it.
18:54
And he goes, well, you can't be friends with her.
18:58
What, she's going to lead you on a straight anyway?
19:01
Ironically, however many years later, I became a hairdresser.
19:05
He was right.
19:06
He was right.
19:07
Totally her fault.
19:08
God, and how did that make you feel?
19:13
Like, did you feel bad for becoming a hairdresser?
19:16
Oh, so much guilt.
19:17
There was like, and like even just have like never.
19:21
We, we didn't have a super tight relationship, but like, I always felt ashamed of the career path I had chosen.
19:28
And I always for a long time, I felt like I was trying to prove to my dad that what I was doing was good enough and through a lot of self development and like I have a beautiful coach and all the rest of it.
19:44
Like my mindset is completely different these days.
19:47
So yeah, it's just, it's such a drummed in belief when you're when you're a child about what you should do and how to do that to impress your parents basically.
20:07
We weren't, we were never like struggling for money, but I always remember my dad saying like, you know, you've got to live within, live within your means and you know that that is great.
20:16
But it also within our business, it got me very nervous about getting credit cards because I was always like, Oh no, we shouldn't do this, we shouldn't do this.
20:27
But you know, credit cards can lead to growth.
20:31
So it's, it's just a very interesting mentality how you look at things, right.
20:37
So if we, if we didn't have like that option of a credit card, we wouldn't have had as much growth in our business.
20:47
Anyway, I'm probably rambling off, off the off the topic, but it is really interesting how it just sort of it plays out.
20:59
In your adult life and do you feel like you're running your own race now?
21:03
Do you feel like that's changed and you just have more awareness over it?
21:08
I think by doing the work of self development and becoming a lot more conscious of my own beliefs and my limiting beliefs that once were, I think that is where my true power lies now.
21:24
I think that I have control over that, and I won't let that limiting beliefs stop where I want to be today.
21:35
Did your dad treat you different to your brothers?
21:38
No.
21:39
With expectations, yeah.
21:41
No, no, not at all.
21:43
Maybe because I was the eldest, it was probably more drilled in, but I don't think so.
21:52
I don't think it's any different.
21:54
Oh, sorry.
21:55
Yeah, I do think you've got that responsibility trait, you know, we're yeah.
22:01
And that could be just the older child syndrome maybe.
22:06
But I do feel it even like within my brothers though, like I shouldn't speak on their behalf.
22:11
But like, like my youngest brother, he, he went and got and finished a degree and he wasn't happy.
22:19
Like what he wanted to do.
22:23
His passion is music and he's amazing at it.
22:25
But he went and got an accounting degree.
22:28
Similarly similarly that that is actually what I did as well.
22:32
Yeah, majority of.
22:34
But I think that like in this day and age, a degree is not essential, definitely not essential to be successful.
22:45
And you did start your business really early as a hairdresser like I did?
22:50
Yeah.
22:51
I felt so stuck working for somebody.
22:54
I my mental health wasn't good because like I felt, yeah, I felt stuck within that realm.
22:59
So when I did go out hairdressing, I think I was maybe around like 2122 or something, I started building up a clientele.
23:10
I was, I pretty much was fully booked all the time, but I wanted more like I pretty much reached my cap very quickly, my capacity.
23:20
And I didn't want to open like I worked from a salon at home.
23:24
I didn't want to go and lease a shop and or rent a chair.
23:29
I didn't want that.
23:30
That wasn't what I was after.
23:34
So I was always searching for something else.
23:40
So my husband and I opened well started keep it rate in 2018.
23:47
We had Marcus who was six months old and we took a risk and essentially we were on one income because I, you know, I had a six month old baby and Jace was cabinet making and absolutely hated it.
24:04
And his passion is drifting in like motorsport.
24:07
For those who don't know, motorsport, drifting, and yeah, we just took that risk.
24:14
And what are we, 5 or?
24:17
I think this is almost our sixth year and we're in America.
24:22
It's brought us to America.
24:23
We've still got a team back at home running everything.
24:27
And it's just a really incredible feeling, I think, when people just believe in themselves.
24:34
And by all means, I didn't necessarily believe in myself back then, but I do now.
24:41
I think if you just take a risk and you can see the vision and the bigger picture, then that's all you need.
24:48
And thinking.
24:49
I'm thinking about you and Jason and money personalities.
24:54
So we are.
24:55
I don't.
24:55
Can you?
24:56
Can you remember doing your money personalities with us and what you are and what Jace is?
25:03
I can talk about our money personalities.
25:06
Is there a direct realm of it?
25:08
There's a spender, a saver, a risk taker and avoider, OK.
25:14
It's got to be a risk taker in there somewhere.
25:17
So Jason is all the risk taker and the spender, OK.
25:21
And then I am the conservative 1.
25:26
And what would you, what would you think about and a risk taker.
25:29
I think you've got risk taker profile in yours as well.
25:31
Some risk taker.
25:32
But I'm very like, I'm not super calculated, but I'm more risky horse than he is.
25:40
I'm more a saver.
25:41
Jace is very much more like, yeah, we'll just go with the flow.
25:43
Everything will work out.
25:44
And it always does.
25:45
But I'm always like, Oh my God, this month's really stressful.
25:50
And has there been times when that dynamic has been helpful where he it's been good that he's had you've had his back because of your money personality.
25:58
Absolutely.
25:59
Like he does my head in.
26:01
But we work so well as a team.
26:04
So what are some of those things that might have happened, might not have that haven't happened that you might have saved?
26:11
Well, what wouldn't have happened is we wouldn't have had as much growth as what we have.
26:17
We wouldn't have tried new things and failed, but learnt from it.
26:22
So I think like whatever we do, we always take away something.
26:26
So whether it's not we had huge success or, you know, something didn't work out and we were scrambling again, you know, But do you think that's more Jason's personality to push you along or more yours to do it in a safe, secure way?
26:40
Mine is definitely, I'm, I'm more comfortable in a safe, secure way, but so you don't get as much growth.
26:49
So I'll sort of pull the strings a little and he'll pull the other way.
26:53
And we kind of just, you know, meet in the middle somewhere.
26:57
We'll keep going back and forth until, yeah, I feel like that's just our whole journey.
27:03
We just go back and forth and we've had so much growth and yeah, we learn a lot.
27:10
We're also, we're also in a very hard industry where what we do, no one else really does.
27:17
So it's not like we have anyone that we can be like, oh, they're idle, let's follow them.
27:25
We're in a very unique.
27:27
Our business model is very unique.
27:29
The risk and problem at Eurasia because it all depends on what you do and the actions that you take to get the reward.
27:37
But it's really hard when you're that leader out the front of the pack.
27:41
Yeah, which can be scary sometimes, but it sounds like that's where you were meant to be like.
27:46
Because I remember when Jayce was working as a Carpenter and he'd changed jobs and he wasn't happy and, you know, he was quite depressed, you know, like not loving life the way that he does now when you've got something that you're super passionate about.
28:01
And.
28:03
What about though, Danny?
28:05
Because it's Jason's passion and it's Jason's drive, and you've obviously helped him carve that out.
28:11
And so, yeah, you know, we, it's like an equal business.
28:16
But, you know, how do you feel about that and maybe finding your own path, you know?
28:21
Yeah, I feel like as much as it is mine as well, I'm not like my heart is not I'm, that's not my passion.
28:34
It's fun, but that's not where my heart lies.
28:36
And I've enjoyed helping grow the business.
28:39
But I'm we're also at a point where I don't need to be as heavenly involved.
28:46
And it's been a really nice thing.
28:48
So we've got a beautiful team at home who are, you know, running the business incredibly.
28:57
And Jace, you know, still has his input.
28:59
I still have a little bit of input, but I'm so pulled back from it.
29:04
I don't, I don't need to be.
29:06
And I can focus on myself and my new business adventure business venture.
29:10
Tell us about that and how it's making you feel.
29:15
So I, it's only very new.
29:16
I started 3 weeks ago.
29:18
But basically my aim within my business is to help other moms or people find financial freedom essentially by working at home on their phones so they can be with their children if that's what they choose to do.
29:37
They can travel the world and still work and earn an income.
29:41
So it is a network marketing company.
29:45
It is back to hair care.
29:47
So I'm still, I'm still sort of like in my roots and my comfort zone, but I'm loving it.
29:55
Like I have such a drive for it.
29:57
And even though I'm on the opposite time zone, like it's, it's just so much fun.
30:04
Like, yeah, it's like it's sparked something within me.
30:10
And I don't think, I don't think I felt this lit up for.
30:14
I'm not sure if I've ever felt this lit up about something.
30:18
Wow, that's impressive.
30:21
So, yeah.
30:22
So now you feel like Jason's got his passion and you've got yours to move on with.
30:28
And I also feel like although our kids are still really young, like then they're not like they are still very dependent on me.
30:36
I've got a 6A6, four and three year old, so they are still very dependent on me.
30:41
But I still can have my own space and do my own thing.
30:46
So it's it's been really fun.
30:50
So just talking about their children a little bit more and thinking about how money currently influences your life, What traits do you wanna pass on to your kids?
31:00
And yeah, how does money influence your day to day life?
31:06
Our kids, we're probably teaching them terrible money traits.
31:14
What are you worried about?
31:16
What are you worried?
31:16
Yeah, I'm worried that they're going to be spoiled brats.
31:21
OK, that's my first train of thought.
31:24
But we do because we're homeschooling Marcus at the moment.
31:29
He's, as I said, he's sick.
31:30
So that he'd be in his first year of prep in Australia.
31:37
We like, so they've got like a chores list and stuff and when they do things, they get stickers.
31:42
And then at the end of each week we calculate how much pocket money they get.
31:47
And then we do like a fun little trip to the shops and they spend their money and they'll give it.
31:55
They'll walk up, they'll choose a toy, we'll talk about how much it costs, do you have enough money, blah, blah, blah.
32:01
And then they'll walk up to the cash person and they'll hand the money over and then they'll get the change back.
32:07
So as much as we have so much, so many toys, I feel like we're still teaching them, you know, value less valuable lessons about money.
32:22
And if you don't have enough money there, then, you know, let's save for it.
32:26
Or yeah, yeah, you might not have put too much thought into it yet, but it's a little, you know, as time, you know, goes on and they get a little bit older, you know how, you know, I think, and I think what we don't do is we once we start to unpack our own money stories, we start to realise the things like we've behaved a certain way because of and mostly it's our growing up years with our families.
32:58
And then we can decide and what we like and want to keep and what we can let go of.
33:01
Like you were saying, you know, you were brought up in a very more conservative finance household and you've realised that, you know, you can be more free and let go and chase your dreams.
33:11
And yes, it's higher risk but can be higher reward.
33:16
So if you contemplate that, and I wish more people would think about that and think about how they behave at home with money and their children because everything that we do rubs off on them.
33:29
And you can have siblings and their money story is different to your money story.
33:35
And you'll grow up and say because of, you know, maybe our DNA and our mindset as well, you know.
33:40
But yeah.
33:42
Do you have any thoughts on, you know that for your kids as they grow up and what legacy and what thoughts you want to leave them with?
33:50
Yeah, I don't know if it's more around money, but I feel like it's, I definitely want them to be able to do whatever they whatever lights them up in their lives.
34:04
I, I had a realisation actually quite recently I did a, a live on Instagram with my coach and it was all about money mindset.
34:14
And what came up for me was I had a very big fear.
34:20
It wasn't about earning the money, it was about keeping the money.
34:24
So I had this like scarce mentality about like, yes, I'm earning income, but it's not going to last.
34:29
So like it's going to be taken away from me, which was, I really like interesting and confronting realisation that I had.
34:39
So I think just like as I've worked through that, I, I don't want the boys to have like, I want them to just live freely and have a healthy relationship with money.
34:51
And you know, Oliver actually came up.
34:54
Oliver's my middle child.
34:55
He came up to me the other day and he was like in a, in a fit.
34:58
He's like, mommy, I want to go to the shops, I want to buy a toy and I'm like, no, Oliver, we're not going today.
35:03
And he's like, but mommy, you get to go when you want to.
35:07
And I was like, Oh my God, I do.
35:10
So you know what I did?
35:12
I'm in the car and I took them to the shops because it's true.
35:17
And I don't want to treat them like, you know, to a degree, I want to treat them as equals, like they are equals.
35:24
If they've got their own money that they work for, if that's what you want to spend it on, let's do that.
35:30
Yeah, that's really freeing.
35:32
And I think so basically you've let go of the controls where traditionally speaking, so many of us are tightly controlled around the the fear of like being responsible for the outcomes of our children, you know, so our parents hold it very tight sometimes around how to behave and act with money.
35:54
Yeah, sure.
35:55
I think, I think traditionally, though, that is what we do as parents.
35:58
We feel responsible for, you know, obviously we want to give them the best life.
36:04
And you know, but you know, there's that thinking of it, you know, if we're really honest with ourselves, how it reflects on us, you know, I think people exactly.
36:14
I think you're exactly right when you say that, Darlene.
36:16
I think when, when we are wanting that so badly, like that's what my dad wanted.
36:20
He just wanted us to have a really good life.
36:22
He didn't want us to struggle, but he pushed that on us and it made and it made us not want that at all.
36:29
So I, I think by letting go of those reins and control, like, obviously you can give guidance and whatnot, but they still need their own voice.
36:40
And I think what comes from a lot of the work that we do and what we see and even in our own lives with our children at home, you know, I've certainly changed a lot of how I parent with money.
36:52
Is that what what we do because we want them to do it our way.
36:57
It's not helping them build resilience around my we, we obviously use money, but it's really about life and, you know, those failures and those successes on their own terms, because when they do that, that's, you know, that's the greatest gift we can give our kids.
37:16
You know, often talk about the experience, you know, saving, say you're saving for a car.
37:21
You know, I remember I saved for a car and I still remember that day when I went and I bought the car.
37:27
You know, that feeling of being able to do that.
37:30
We're not giving that to our children because we are saying we'll help you do that, you know, and we think it's coming from a really good place and helping them out, but it's not actually helping their journey and not even making their our choices for them.
37:46
And that is, that is a problem.
37:48
I think, I think that's really linked to kids and mental health actually, and young adults and mental health.
37:54
I like, I've got a savings account for each of the boys and I put money in weekly for them, but I don't plan on telling them that because I still want them to work hard for that.
38:09
And then when they have achieved their goal, whatever I've got there, you know, that's a bonus.
38:14
That's, you know, that's what we can contribute to them, whether or not it's for a car or for their first home.
38:20
I would essentially like like it to be for their first home and not a drift car, but that's it.
38:28
You'll see.
38:29
We'll see.
38:30
But that that will just tend to a gift.
38:32
It's not.
38:33
It wouldn't be an expectation.
38:35
Yeah.
38:35
It's like a surprise thing when it happens.
38:37
So they're not relying on it.
38:38
They're not planning for it.
38:40
It just turns up if you choose to do that.
38:44
So I just want to like, I've really related to what you've said about how you treat your children and how you want to raise them and not really sculpt them and let them, you know, kind of run their own lives a little bit.
38:55
I feel like my parents did the same for me.
38:58
But then the stories that I've inherited are more observational about how I've seen them behave with money.
39:04
It's not what they've said to me at all about money.
39:06
They didn't say, I know that my mom would have liked us all to go to university, but she never pressured us.
39:11
Always we're encouraged to follow our own dreams, even though I'm doing the same career that my dad is doing because I always aspired and looked up at my dad.
39:18
Like I feel like we hear these dads stories all the time about particularly for women about what their dads want.
39:26
And my dad never said to do it or anything like that, but I must just hold him on a pedestal.
39:31
And then the way that I formed my beliefs around money is when I've, when I've seen my parents outcomes with money and they haven't been really rich and they've had money come and in and out of their life as fast as it's come, you know, so we've never been short of money.
39:46
There's never been any need to worry about money even in my growing up, but because I could see the money just leave as quickly and they haven't retired, you know, rich or anything like that, you know, and things are quite a struggle financially for them.
40:04
That worries me.
40:05
They've that's I've inherited and it's through nothing that they've said.
40:10
But no, I don't want the same money outcomes.
40:14
How we walk the wall and get that everything.
40:16
It's like so, but yeah, but we need to like kind of we're observers.
40:22
We are, and even as adults, we're still observers of our parents.
40:25
But we need to, like, stop saying this is good or bad because I've had a great life and I've not been able to not do anything that I haven't wanted to do.
40:32
But we have still a fear around, oh, what if I end up like that or I don't want to be that or what if I get all the money, like what you said, and then it leaves and it goes like, that's a scary.
40:43
It's actually putting fear into my body right now.
40:46
I'm sorry to do that.
40:47
Yeah, like, I know because I believe those very similar thoughts and they're so powerful.
40:54
And then sometimes that stops us from following our dreams totally.
41:00
Well, just does or just not your risk.
41:03
Not even just following, following your dreams, but limiting your limiting them.
41:08
Absolutely.
41:09
You're staying in your safety to stay in a safety zone or to protect yourself or protect what you have.
41:15
And then at the consequence of what truly makes you happy in life.
41:20
Actually, Mel's heard me bang on a bit at the minute.
41:23
I'm listening to Jay Shetty.
41:25
You know, you love Jay Shetty.
41:27
Yeah, right.
41:28
He's great.
41:29
It reminds me of something, you know, with that, we chase happiness as human beings.
41:35
That's what we do, but it it, it never exists.
41:38
Like it's not a thing.
41:39
The more money you have doesn't mean you're going to have more happiness.
41:43
We're in happiness.
41:44
It's not that happiness doesn't exist.
41:45
We are, we should.
41:46
We're in happy right now.
41:48
Right now.
41:49
Exactly something that we have to go and find.
41:51
We just need to, we're not chat right now.
41:54
And people, that feeling of, you know, people thinking, I think that's really hard.
41:58
I think that's hard.
42:00
And I understand that as well.
42:02
But yeah, money does make it easier.
42:06
It does, but it doesn't make you happy.
42:08
It might not make you happy, but it you get to experience things with it.
42:15
It's funny because I was literally I before this, I was making a real and my real was whoever said money doesn't money was make you happy.
42:26
Money won't bring you happiness.
42:28
And I've written I call ******** because you can have so many incredible experiences travelling the world like with your family, like it.
42:39
It does enable you to have it enables you to have experiences and have those incredible core memories with your family.
42:49
And I totally understand what you mean, Darlene, about like it.
42:54
It has to be within, of course, of course you need to do the work before you can appreciate the money.
42:59
But.
43:02
But the point is, though, I think that you need to if you're going on a trip, the happiness isn't planning for the trip or the fact that you can go on a trip.
43:11
The happiness comes from the trip.
43:13
So when you're in it.
43:14
So in the moment, we need to make sure that we're doing that.
43:17
I know, but I and come back into the moment and what we enjoy and because otherwise it's a waste of time.
43:25
You buy, you know, you know.
43:27
Yeah, no, I totally understand.
43:29
And you could go to America and be super worried about so many things, or you could just have the experience and be in the moment.
43:38
Totally this.
43:39
It's very interesting.
43:40
It's hard because you've also got to be out, afford to get there and afford to do it and aspire to do more things and aspire to do more.
43:47
You know, I go, it's just the mindset around it.
43:50
It's the mindset around it.
43:52
Having the money.
43:53
Of course it's incredible because you get to do more things, but you need to have that mindset before you have the money potentially or, or you need to have the mindset to know what to do with the money that will enhance that happiness potentially.
44:10
So I don't know if that came out right.
44:13
I think if we often think if I had the some of that wisdom and we, you know, as you know, I think we learn for life.
44:20
But yeah, if we have that wisdom now, I don't know.
44:25
I challenge what you're saying a bit, Danny.
44:27
I don't know, I think I, I definitely see what you're saying.
44:31
You know, if you've got more money, you've got, you know, choice.
44:34
I mean, we talk about that in the work that we do.
44:36
It it does buy you choice.
44:37
That's more what it's about.
44:38
It's about having the choice.
44:41
And making the memories.
44:42
Not necessarily like your core happiness.
44:45
That's not your happiness, though.
44:47
No.
44:48
OK.
44:49
It's about it does bring a choice for sure.
44:54
It's about choice, yes, I will change my real to choice.
44:59
Yeah, because you know what we say we were talking before about fear, right.
45:05
So everything comes from fear.
45:07
But having having choice or backup plans or it just we because for us that's very much linked to financial well being and being more optimistic about the future.
45:18
You can be when you've got that choice, even if you never, I don't know, whatever you want to spend it on is irrelevant.
45:26
It's just that feeling of actually, I feel safe, secure for those people that value safety and security.
45:32
You know, I've got choice.
45:34
You know, I could sleep at night, you know?
45:36
Yeah, yeah, yeah.
45:39
And what are your money fears?
45:40
It sounds like you're living pretty, you know, free and liberal and try not to worry about it.
45:45
Is there any money worries?
45:46
Sophie's, what are your fears about money you talked about before?
45:50
Yeah, The fear of it wasn't going to come.
45:52
You know, it was short lived and it was just not going to be there.
45:55
Yeah, that was definitely one.
45:59
But I feel like I'm, I'm not sure if I fully worked through it or if I'm continuing.
46:05
I think it always working through something.
46:14
I'm not sure.
46:17
I think there's I think there's, there's always opportunity.
46:22
So I think if you look at if you look at it as you always have an opportunity, then I think your mindset shifts from Fiat to opportunity.
46:31
I can totally feel that energy within you like if you like you don't even want to go there.
46:36
It's just like I am in that opportunity space, like within I really did think hard about like what my fears are.
46:43
But right at this very point I don't have any.
46:46
That's good.
46:47
And what about keeping that energy around you about and so that you are going to the places that you want?
46:52
Is it important to have people around you like if you ever dip low or whatever to have encouragement or where do you get that resource?
47:00
I mean, yeah, like as I said, I have a mindset coach who I've been working with for a year now and I, I honestly think that that has shifted a lot of my limiting beliefs because like helped you step away from keep it right a little bit as well.
47:24
I don't know if she's necessarily helped me with that.
47:26
I think I've just allowed that space to have my own realisations because everything, everything is already within you, right?
47:36
So I think you have all the answers, you just gotta they'll just present at different times.
47:44
So my journey with her has been really good and clearing those limiting beliefs have been very powerful to allow me that space to find, yeah, where where my true passion lies.
47:56
And I've always known that it has been helping people and like, I don't know, it's always it's how you look at it, right?
48:04
So like some someone who might be narrow minded might just look at it as like she's selling luxury shampoo.
48:12
Like, you know what I mean?
48:13
Like whereas I see it as an opportunity.
48:16
Hey, yeah, it's a network marketing company, but you can come and join me.
48:20
And we're selling a consumable product that is incredible.
48:24
Like it's actually like change my hair incredibly and you can come and join me and earn amazing money.
48:31
Like girls in my team are earning.
48:34
Like she's been doing it for 18 months earning 18 KA month, another one's earning like 43 KA month.
48:40
Do you know what I mean?
48:40
Like that excites me that I can help other people get to that point where they can have that financial freedom and live in abundance and just, you know, to be able to do what they want.
48:53
They can work from home if they want the kids around, you know, they've got options.
48:57
They've got choice.
48:57
It always comes.
48:59
You're right, Darlene.
48:59
It always comes back to choice.
49:01
Such a choice.
49:02
Thank you for making me realise that it comes back to choice.
49:04
Not realised, not happiness.
49:06
Yeah, yeah, yeah, yeah, yeah.
49:13
I maybe just to finish off or, you know, Mel's got some more questions.
49:19
I'd, you know, love to hear if you could leave, you know, for people that are listening to the podcast, if you could leave them with a few tips.
49:27
And I'm sure they've got some already, you know, and how liberating life can actually be.
49:33
You know, what would you, what would you leave, you know, the two, maybe two or three key things.
49:38
Can I just add to that a caveat, like you're talking to somebody who's got limited choice right now.
49:43
What would you say to a woman whose choices seem really confined?
49:48
Well, I've spoken to lots of women recently that have got really limited choices, financial positions, and I just think if you want something really badly, you'll go and get it.
50:00
I think if you want, if you want to change your life and if you want to get out of this rut, I call it, or like the position that you are in now, the struggle, then you'll make it happen.
50:17
Yep.
50:17
I love that.
50:18
And I think that that's just you from the very first time I met you, I reckon, to now.
50:23
And, you know, we all, like you said, you have our journeys upwards, backwards, 2 step forward, one back.
50:27
But at that has been it.
50:29
If you.
50:30
Yeah, If I had to have a tagline for Danny, that would be if you want it, go and get it, you know, and believe it too, because, like, your belief comes through in everything.
50:39
And like, like that everything that you say gives me energy and like, it puts the tingles through me.
50:45
Like I've got tears in my eyes.
50:47
It's so genuine, but it's just like, that's what that and that's what it comes back to.
50:52
That's my why.
50:53
That's that's my why to my core.
50:55
And I know that because it makes me want to cry.
50:56
It makes me tear up because it's just like I've got that passion behind it.
51:01
And.
51:01
And I truly believe that.
51:04
I think, yeah.
51:06
And I was going to say I'll also talk about this quite a bit, but people that do their money coaching with us and financial well being, the two things that we've identified that if you don't actually do the work, you will not get any change.
51:22
One is this stuff, it's mindset limiting beliefs, money, stories if you don't actually go deep.
51:30
And a coach is a great idea if you can't get there, you know, yourself.
51:34
But actually we talk about journaling, you know, do what do certain things that can help you, but my journaling next to me that can help you really unpack that.
51:44
The other one is actually looking at past bending, but we won't talk about that today.
51:48
But yeah, so no, I'm definitely yeah, definitely leaves money.
51:54
Well, we, I did my Jason and I both did our funny coaching with you guys and it, it, it helped.
52:04
It helped so, so much like the position that we were in at that very point in time.
52:10
We needed direction help.
52:12
We're we're both not structured people.
52:15
So numbers and systems are like too much, too much.
52:21
So like having that accountability and just like understanding the story behind it as well.
52:27
Our story.
52:30
Yeah, it was really, really, really helpful.
52:32
Thank you.
52:33
Thank you, guys.
52:34
No, thank you.
52:35
Thank you for joining us today.
52:37
We have thank you every second of that.
52:39
And good luck with your new adventures.
52:43
That's right.
52:43
And I look forward to following along.
52:46
And yeah, keep the journey going.
52:49
It's so good.
52:50
So good to see you so happy.
52:52
Thanks, guys.
52:54
I really appreciate it.
52:55
Thank you so much for having me on.
52:56
I feel very honoured.
52:59
OK, so our question for today, Mills got a great case study.
53:06
Do you want to give us the scenario?
53:08
Oh yeah, cool.
53:08
So I have a mortgage broking client who is 62 years old and buying a house after a separation.
53:20
And we were talking about she's planning on working for another 13 years.
53:28
So like how, what, how long do we want the loan for?
53:30
So if we took out a 30 year home loan, then what happens at retirement?
53:36
How would she pay that out?
53:37
If we take take out a 30 year loan, it's going to reduce the repayments for her and make life a lot more affordable.
53:42
And I'm sure we can sort something out at the back end, you know, whether it's selling the house, downsizing, paying some of it out with super, or if we take out a shorter loan term of say 15 years, then that would mean that life might be a little bit harder in the meantime.
54:00
But at the back end, come retirement, the loan balance will be a lot less.
54:06
And we actually did the numbers on that.
54:07
So in 13 years, if she took out the 15 year mortgage, then she would only have $61,000 left on the home loan balance.
54:16
And she's currently got more than that in super.
54:18
So we know for sure that she could pay it out with super with a little bit of money leftover and like have her house owned outright.
54:26
So that's really attractive.
54:28
But the first instinct was to go a 30 year loan because that means that the repayments are a little bit lower and her lifestyle right now might be a little bit nicer.
54:36
And in actual numbers it's about 605, fifty a week, a month less in repayments, right, to get a 30 year loan.
54:46
But it come retirement, she'll owe over $255,000 still on that loan and she's got nowhere near that in superannuation.
54:54
So it makes that exit strategy a lot different at come retirement, particularly if you want to stay in that house.
55:03
So yeah, the question really was what loan term, right question.
55:07
So I we haven't answered that.
55:09
She's going to go back and have a look at her living expenses and see what she can afford.
55:13
Because we can actually obviously see once you've got the clear numbers in front of you, once you're working with facts and figures, right?
55:20
So the actual facts and information rather than imagined, oh, it's going to be better.
55:25
Like we talk in those terms all the time.
55:27
If you do this, if you put money in your offset account, it would be better.
55:30
If you make extra repayments, it would be better.
55:31
But I'm like, how much better?
55:33
Show me the number I put this much money in.
55:36
How much better off will I be?
55:38
They're the real numbers that we need to be seeing and talking about all the time.
55:42
And then knowing your numbers for you every day to see what's the best option?
55:46
What can you make work if you cannot make it work?
55:50
And we're working with that worst case scenario where retirement you're owing a lot more money, OK, And you're making that as an informed decision.
55:58
That's what we're going to do.
56:00
Then what is the plan then, right.
56:02
So your plan can change along the way.
56:04
It's this is about resilience and backup and thinking it through rather than going throwing it all out there and splatting some pain against the wall and hoping it looks good.
56:14
That's it.
56:14
I love that forecasting component and actually thinking about it in that way because normally if people are evaluating their home loans like Mel St, they're just thinking about right now, what does it mean to my cash flow, which is absolutely critical information, but we're not actually giving the whole picture because you can do some really great resilience planning, you know, if this person chose the longer term.
56:46
But then it also comes down to, again, personal values, your risk appetite, your, you know, and what else might be going on in your future life.
56:58
But if you've got those facts, then you can weigh up your personality, what's likely to happen, You know, is there more income coming in in the future, you know, to help support, you know, that plan of not working anymore or is this it, you know, so really weighing up and trading off now for the future or which one, you know, is more critical to you or what balance is, right?
57:24
So, yeah, looking at the whole picture and doing the numbers, I mean 255,000 / a thirty year, if you take a 30 year loan term, then that after 13 years, 255, right?
57:35
Is that what you said?
57:36
And versus 61 that is a significant different at that moment in time is going to make.
57:43
But for how much hurt do I have to have now just over 100 bucks a week?
57:47
Wow, yeah, yeah, yeah.
57:50
And so it depends on how skimp and, and knowing your numbers for your budgeting now.
57:54
So wow, I love, I love that.
57:57
But that is the information you should be considering and looking at to help you make decisions, not just one piece in our everyday lives to, you know, should I be going on that extravagant holiday or that smaller holiday?
58:09
If we do the smaller holiday, this is what the other things that we can do in our life.
58:13
Yes.
58:14
It just is all relative, all relative, all relative.
58:19
Yeah, well that's the goal we have for you this week.
58:22
We hope you enjoyed this episode.
58:25
Yeah, and we'll see you next time.
58:29
At The Money Collective we provide financial wellbeing, premium coaching, mortgage broking and workplace financial wellbeing programs, which we couldn't do without the seamless support of our fabulous team. If you'd like to find out more, head to themoneycollective.com.au or our socials to take action and engage our services. In our Facebook group, join the conversation and help us break down the taboo around money. All content in this podcast is for educational purposes only and is general in nature. For tailored personal advice please seek out a professional.
This podcast provides general advice only. It does not take into account your objectives, financial situation or needs. Before acting on any information provided, you should consider the appropriateness of the information and the nature of the financial product in regards to your objectives, financial situation and needs. We recommend discussing your personal situation with a financial professional.
Podcast by:
MEL PEARCE & DARLENE NEU
Co-Founders, Financial Wellbeing Coaches and Mortgage Brokers
The Money Collective
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