Money Dials

Foreign money, where we show you how to pay your home loan off in up to half the time of a normal bank loan. Welcome to the Crown Money podcast. It is a great day today and I am joined by Scott Parry. How are you?

I'm doing great, Jerry. Doing great.

Everything's great.

It's just all great or systems go. No, it's been. It's been a pretty wild financial year, to be honest. Had some peaks and troughs and it's. Yeah, one of those things where very, very interested for what we've got on the Verizon, for all of you Australians out there who are wanting a little bit more in terms of money and guidance and coaching and how to grow it and how to save it. So today I wanted to take a walk down a lane called money dials. And so this is from one of my mentors. His name is Remy. He's basically talking about how everyone's got money dials. And what a money dial is, is whether or not you're prepared to spend big on a certain item versus like for example, if your money dial for hotels is a nine, where I really like a nice hotel room. And so for me personally, I like really nice hotel room.

And do you love a nice hotel room, a nice resort? Let's say I've just met.

I work so hard, so when I switch off I want to reward myself and so I've got that to look forward to.

Value, right? Like that's the things that you value, that's what you'll spend the most. On.

Exactly. And so my money dial for hotel rooms is a nine, but my money dial for, let's say my electricity is like a one. Like I just don't care as long as the lights turn on, I don't care who it's with. I don't care anything around the brand. I just want basically the cheapest I possibly can get. A commodity. And so they're my money dolls that everyone's different. And really today's just having a chat about how people are different and what it comes back down to. There's certainly no right or wrong money dollar everyone. Like that's just your jam and whatever makes you excited.

So is the aim to not have too many of those dials at a 9 or 10 or.

Yeah, you definitely can't.

Everything is a 10. Yeah, yeah.

Ye. They're called spenders and they, they usually marry the savers and they usually end up divorced. So yeah, we don't want all dollars to be in a 9 or 10, but it's really about what gets you going, what floats your boat, what gives you that real high sense of satisfaction, excitement, happiness and fulfillment. And so what would you say would be your top two or three money dollars?

Jesse? Yeah, it's a really good question because I've never been a big like, oh, buy very expensive clothes type person. But what I will spend on is activities with the kids. Like if I'm going out and doing an activity with a kid, I don't care how much it costs. It's like, yeah, you want to do that thing? Absolutely. Do you want to go to the movies? Let's do it. Let's get the popcorn, let's get the ice cream. Let's all of it. So I'm more than happy to spend on that. I also have, you know, a personal passion for art. So buying art supplies. My husband always, always jokes anytime he sees a new box arrive at the door, it's me ordering something from an art store or Amazon. And it's like, I needed it. I needed those new paints. But for me, I get so much enjoyment out of it and I really value that. So I will always spend big on art supplies and things like books. Like I'm always downloading new books or listening to books. So yeah, just spending on that. Those are the ones where I kind of. I don't look at the price. Which I think is what your nine and ten dollars are.

Exactly. So experiences with the kids, art supplies.

Books, throwing their dinners with friends as well.

Okay.

With friends going out. Yeah, yeah. Let's get the oysters.

Okay. And so let's, let's walk through each of those and give them a score out of 10 for like. Yeah, scores. So let's talk about experiences with the kids.

Those are 10.

10.

I'm sorry.

That's why such a great mum. What about, what about art supplies?

Probably a 9. It would be a 10. But I feel slightly guilty about the way my husband looks at me.

And dinner with friends.

Yeah, nine of ten. I just think if, you know, like those friends that you want to see all the time, but just life gets in the way and so you may see them every couple of months or something. So when I do, I'm night. You just, you just go all out. Just whatever you need to do to enjoy that night. I'm. I'm all in.

Yeah. And remember in the previous episode we talked about that cost per unit of happiness?

Yes. Yeah, absolutely.

Yeah. And you see how what you just gave all those nines and tens for if you actually costed it out For a unit per happiness that'd probably be the highest.

Yeah, it's really delivering a buck.

Exactly right. And so all those things interestingly enough are experiences. Not materialistic clothes or cars or watches or shoes, which for some people that.

That is what for sure.

Absolutely.

You know they like. Yeah. I have friends that absolutely love designer clothes and they have such a passion for it and they're quite frugal in other areas of their life so that they can afford it and that that gives them great amounts of pleasure. I often thought about it. Some of you may know that Scott and I actually studied NLP a long time ago which is neuro linguistic programming. It's all about the subconscious and how the mind works. And we're all kind of influenced in the way that we both absorb information and kind of absorb the world around us. For example, Scott, you're a visual processor from memory and I'm kinesthetic which is touch and feel. So I always wondered whether the people that are very visual maybe they do value the things that are to do with their appearance. So they like you know, the clothes and, and the designer wear and shoes and things like that. Whereas I'm kinesthetic so how things feel. And so I wonder whether I value like you said, the experiences and those moments with my family and friends as a top partner. That was a little bit of a side, little side angle there but I.

Always love a good side angle side quest. Yeah. So that's, I mean like you said it runs different. There's no right or wrong. And if you are into the designer clothes you do you that's great because I'm sure there'll be other things that others are into that you're just not that into like Jess said. And so for me my money dials would be like experience like family holidays is very high up. I'm just. There's no amount of money which I wouldn't spend to have an experience somewhere different with my family. Hotel rooms which you talked about. I usually try and intertwine those of the family holiday for the family and then for me for my other money though, which I'm. I just don't care about the cost of because I'm just going to do it anyways is also like experiences of friends like you said, they're like we're having a big chore or a dinner or, or catching up or going to go see someone for their 30th or 40th or a wedding. Like I. Those experiences with friends, I just are everything.

Yeah.

Always come Away from them saying that was an excellent decision to push a button on it. So I'm not as surprising. This is probably to you saying that I was visual is. I'm just not into clothes. I don't do the designer stuff. I don't. I'm not into cars. I just drive secondhand cars. Really Shit. Secondhand cars. And because someone once told me, drive the cheapest car ego can afford. And I just got to that point, I think when you hit 40, you just stop giving a shit what other people think. I actually don't care.

Just amazing what a gift like that is an absolute gift, isn't it? Like the freedom to live, be your true self with no. No care.

But really, yeah. If I could give anyone one piece of ice, I've got a younger niece who's 17, 16, 17, like prime impressionists, I just. I just sit down and say, if you could just do one thing for me, just focus on one skill set. Just stop caring what other people think. Because I. I think you're under a little bit of illusion that actually do care. They don't. They actually don't care. They care about themselves. They're worried about themselves, not you or what you're wearing or what your bag or any of those sort of things. So it's just something where. And also just trying to compete against yourself, you know, like, stop trying to compare yourself with others. And I was very guilty of this. In my sort of twenties, I was always sort of comparing my. With others financially, especially to who's making more money and who's more financially successful. And it was. It was quite a. I've got some very rich friends.

It's a hard one to be.

Yeah, I mean. I mean, these guys are making like $600,000 a month. And I'm looking at myself going, holy shit. Like, that is just. I'm way behind. And so I was starting to get quite down on myself, thinking it was a little bit of a failure because I wasn't making that sort of money. But then sort of came to a point, I said, man, just, am I better off than what I was last year? Beneficial position than I was. Is my net worth either when it was last year? Am I earning more than what was last year? As long as I'm improving myself and competing against myself, then that's a win. And I think all of you guys should start doing that. Because when you are comparing yourself with others, you're not taking a full sample size. You just compare yourself to your five closest friends. And if you got to compare yourself to others, Compare yourself to the whole world.

Yeah, yeah.

And you are in the top 2% of people on this planet. So you have won at life because you've got a roof over your head, you've got food on a table and you've got a warm shower and a toilet like you're crushing it. And so that sort of reframe for me was like, yeah. If you are going to compare yourself, Scott, compare yourself to everyone, not just your five little buddies.

And that's it. Yeah.

So. So they're my money dollars. What are your ones? We just. It's like a 0 or 1 just where you just. I don't.

I'm not interested in spending.

I don't care.

Great question. I am quite. I don't want to say frugal, but so certain things in my life where conscious. Conscious. Yeah. Like I've been big on Facebook Marketplace.

Lately, so I will buy Greatest inventions next to Shazam. By the way, Facebook Marketplace, they don't take a cut like these green at Uber or Airtasker who are taking 30%.

Yeah.

Clean.

Just clean. Yeah. It's so smart. Yeah. So I'm a big fan of things like, okay, the desk, my desk that I use now, great desk, solid desk. Got it off Facebook Marketplace for like a hundred bucks. And if I bought that brand new, be like three, $400. And I'm like, it is just. It's in as fire quality as what it would have been, you know, slightly damaged, which I'm going to damage it anyway. Like, I'm rough with my stuff. So in my mind I'm like, I.

Just saw your message. Messy.

Yeah. It's literally. Yeah. So things like that, where I go, if I. If I can buy the same thing but cheaper, I will do it every day of the week and it just. No need. So, yeah, things like that. I have never been a big brand person. I don't really care about brands. I, you know, buy a lot of my clothes from Kmart and things like that and I'm like, as long as I'm comfortable and it serves the purpose, then who cares?

That's.

That's one of it.

I love it. I'm. I'm the same around kids clothes and toys.

Oh, right.

Oh, I am just this Facebook Marketplace fiend who just didn't care. Like. So, for example, this is just the most recent example. I just had a baby named Summer and she, my friends, like, we had a really tough first baby. Like didn't sleep for eight months. It wasn't Good for anyone was a very dark place. And I was like, no, this is not happening again. I'm going to just make sure that this doesn't happen again. With your first baby, I think you just don't know what to expect or what's happened, how often should last. But your baby should be sleeping within eight months for more than one hour at a time. And so I'm just going to do everything, anything to try and keep the peace in the house and just get everyone sleeping. Because I just know if sleep is everything, if you have a good sleeping, you're sick or depressed or angry. It just helps everyone else in the family if you're sleeping better.

Yeah, it does.

And so. And we know sleep deprivation compounding is torture and most mums. So you know that. So I thought there's a thing that people were talking about was a snoo. It's like, okay, what's this snoo? Which basically rocks the baby whenever the baby, I think moves or like makes any noise.

And so like a crib, right? Like it's a kind of a crib.

And so it's a cock for the baby, but it's like sort of Bluetooth, slash, like intuitive and just helps the baby whenever getting restless starts moving at different paces depending on how restless the baby is and all this stuff. So my friend's like, you have to buy this new. This is the game changer. I'm like, oh, man, look to the price 2000. I said, you are tripping. But mind you, during the eight months I know, slave boulder throwing, like 20.

Oh, yeah, you would have paid anything for it from America.

You know, you're forgetting about, like, you just. It's all a blue. You forget about how bad it was. So 2,000. I'm not spending 2,000 on a crib, dude. That's like nearly worth as much as my car. So I jumped on Facebook, marketplace, second hand, 1, 900. I'm down. That's less than half price. Still works. Go pick it up. Put some in the Snoop. She's sleeping like a bear. And I'm first six months, wow, this kid is such a good sleeper. And then my partner goes, she's just been blocked every minute of her day. When she's in that crib, I'm like, oh, yeah, that might be too. So I'm not 900 in summer's now outgrown it. I'm thinking, you know what? Right back on the face of marketplace selling for 800. So for six months of peace and quiet and calmness, and everyone happy. $100. $100.

Amazing.

And so like any of the kids stuff like toys, Lego, all that stuff. I'm on Facebook Marketplace because a the kid doesn't know second hand. It's not a copy.