In this ep, Terry scrutinises the latest Rate rise, and the human folly behind it. Then Ryan and Terry detail all the ways we’re likely to trip ourselves up as we enter the most uncertain economic period in the last 30 years. Using the inversion principle, they explore the pitfalls, and preventable mistakes we tend to make when fear hijacks our thinking in times of economic instability.
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In this ep, Terry scrutinises the latest Rate rise, and the human folly behind it. Then Ryan and Terry detail all the ways we’re likely to trip ourselves up as we enter the most uncertain economic period in the last 30 years. Using the inversion principle, they explore the pitfalls, and preventable mistakes we tend to make when fear hijacks our thinking in times of economic instability.
Also in this episode:
Join the Private Podcast Community
Click here to access free courses and trainings, build new habits, and connect with us and others on the journey to financial self reliance.
Other links 👇
Money mentorship:
Click here to start putting what you've been learning into practice.
Corporate program:
Click here to find out more about our workplace program
Follow us on Instagram:
Click here to see behind the scenes of our business and learn more about personal finance in bite-sized chunks.
Gay legend, terry from the passive income project. Of course it is. You're on the passive income project. Of course you know who it is. I'm here to share with you an episode that we recorded about a year ago about surviving stagflation. We've just had the latest rate rise come through from the RBA. Michelle Bullock has decided in her infinite wisdom that it's a good idea to just push everybody with a mortgage to the absolute wall because yes that's the only thing we can possibly do.
Speaker 1:And I find it hilarious because Commonwealth Bank did research on their seven million customers data analytics and they found that, in fact, the people who do have mortgages are the ones tightening their belts, are not spending into the economy, and I can confirm that because these are the folks we work with.
Speaker 1:People with mortgages are they're in the peak spending years of their lives. They're not spending into the economy. What the data showed was that it's people beyond 65, the people who don't have mortgages that have increased their spending. So if there is any spending that is happening to cause inflation, raising the rates on mortgages ain't going to work, but we're going to keep pretending that we're fighting inflation this way. And I find this hilarious and almost just a bit tragic, because I want to read you a quote from Phil Lowe, who is the Reserve Bank governor that just handed over his job to Michelle Bullock, who's just raised the rates. This is what he said on his way out.
Speaker 1:Monetary policy is blunt and we've talked about how it's uneven and some people think it's unfair, and I understand where people are coming from. In principle, I think there's a better way of doing it. That's an actual quote. That's not any paraphrasing. That's exactly what he said, and I'll translate it for you. Fiddling with interest rates doesn't really address the broader sources that cause prices to rise or are causing prices to rise. It's just punishing people with a mortgage who are already in the most expensive period of their lives. So this is a huge mistake. It's not going to do what they want it to do, and we're probably going to feel the effects of this in six to 12 months time, because there's a lag with monetary policy and so there is a window of time where you need to make sure that you are sorted. You can weather whatever storm is coming, because this very well could be the change that breaks the economy's back, because the further they raise rates this way, they will break things, and the thing is they're not going to know that things are broken until a while later.
Speaker 1:So it's a great time for you to actually get across this stuff, and if you want to know really what Phil Lowe was getting at there, what he was actually talking about is saying listen, we have only got the one lever. Government has the other lever, but they don't pull it because they want to keep their jobs, and you can read this statement. I'll put a link in this episode description to show you exactly what he was saying. Basically, he was saying that people in government should be using taxation to handle overspending. Because, you know, if interest rates are a blunt tool that really can't be targeted to anywhere other than just people who have a mortgage, taxation is a sniper rifle. You can target exactly who you want to.
Speaker 1:So if it is the over 65s the smart thing to be doing, if you were really really concerned about inflation and you really really did actually care about the economy and your name was Jim Chalmers and it was your job to look after the nation's economy, the smart thing for you to be doing, the leadership position to be taking is this is going to hurt, this is going to suck, but if you're over 65, we're going to be using taxes to blunt your spending. That's not going to happen because Jim Chalmers wants to keep his job. So I probably going to find it very hard to vote for a bloke like this who continues to front up and say I feel really sorry for the people. There's nothing else we can do. There's actually plenty you can do, jim, you could actually be doing your job. Anyway, that's my rant over this episode is going to be, like I said before, just as relevant, if not more relevant, then it was a year ago when we recorded it.
Speaker 1:I hope you take it on board. There's some really good stuff in here. It'll help you figure out some of the mistakes you might be making or might be about to make, through the story of Bobby the Bumbler. Hope you enjoy. I'm here with Ryan, who's still galavanting all the way around the world. Where are you now, mate? Actually, I don't care, don't tell me I don't look. Talk about it anyway.
Speaker 2:I'm in Tuscany beautiful Tuscany, in the Keyanti region, enjoying a couple of red wines, but that's enough about that. What are we talking about?
Speaker 1:We're going to be carrying on from our first episode in this series. We talked about stagflation, we defined it, we explained why it was here, whose fault it was, and we did that. So if you're listening, you know that you're not doing anything wrong. It's nothing you have done that. It is our responsibility to figure out what to do about it. I think it does help to understand what is going on, as opposed to just going I don't know what's happening. I think it does help, but we want to move to what do we do about it?
Speaker 1:And we said we were going to be talking about the money moves, where we're going to be shifting our focus more to the present financial offense, financial defense, and we kind of realized that we've covered financial defense fairly well in the podcast before. So if you're interested and you want to brush up on those topics, we definitely encourage you to go back to season one, listen to the episode supercharge your savings, and also there's a couple of episodes around the COVID crash, too. Those things very much still apply. We wanted to do something a little bit different today, though, didn't we?
Speaker 2:Yeah, I think everyone's kind of covering how do you keep more of what you're earning and there's kind of all these tactical things. But we want to teach people how to think more about it, and so I'm excited we're going to talk about Bobby the Bumbler today, who is going to be our reference point. Explain what that means, man. Explain. It's all about not being like Bobby the Bumbler and really it's about basically looking at what not to do. We're using that inversion principle. Instead of saying basically do this, we're looking at it and saying don't do that. Where are the mistakes? Yeah, where are the potholes that we want to step around? And so, yeah, it's going to be a little bit different this episode, yeah, so it's basically saying here's what to do.
Speaker 1:If you want to bugger it up and you want to put your whole livelihood and all your family at risk and do all the wrong things, here are the things that you should be doing. That's it, yeah.
Speaker 2:So the reason why we want to do this is because we want to be aware of where the mistakes are, where are the potholes, like I just mentioned, so that you can be a better place to avoid them.
Speaker 2:And so, yeah, we're going to be looking at Bobby the Bumbler, we're going to talk about what he would do in this situation, so we can learn from Bobby the Bumbler and really just use that as a signal of what not to do. And so there's probably two ways you can go here. Right, this kind of period of uncertainty and maybe this is a little bit heightened for us because we're deep talking about it now this podcast has been around for two and a half years now, so our receptiveness to those signals is very heightened but for me this feels like one of the most turbulent times in living history in terms of just, I guess, the shakiness of the system that we've been talking about and just the uncertainty of how this all plays out. And so for us, as human beings, we can go two ways with this. We can either overreact and do something dumb, or we can underreact and do nothing at all. And I think Bobby the Bumbler he does a bit of both of those two things.
Speaker 1:Yeah, the way we're kind of wired is we're wired to make false positives, or what they call type one errors. So I think it's a really big deal and overreact to the negative because that's actually safer, that it turns out to be not as bad as we thought. Or it's a false negative, where we think it's not a big deal but it turns out to be a bigger deal than we thought, and so when we do make mistakes, we're going to be flipping on one of those two. We might be doing both those mistakes at the same time in different areas, and that's what we wanted to talk about in this episode. And Bobby the Bumbler like you said, he's our reference point. And, mate, just admit it, you didn't even know the word Bumbler before we started, did you no?
Speaker 2:We're looking up names and adjectives. Adjectives Is that right? Adjectives? It's probably words. Jeez, you're definitely going to put this in the episode it's going in. I didn't know, bumbler was a real word. I thought I was making it up every time I used it. So there we go, anyway, straight into it. So where are we going to start here?
Speaker 1:All right, let's start with overreact, right? So Bobby the Bumbler is fucking it up and he's overreacting. I reckon there's a pattern to this and there's an overarching pattern and we make three big mistakes within it. So the big pattern is that we get sucked into short term fatalistic thinking, so we stop thinking about our kind of bigger, longer term timeframes. And this news cycle, the hourly news cycle that we're sort of in it sucks us into this short term thinking and also we make this mistake that the way it is right now is the way it's always going to be, like it's permanent and it's going to be permanent going forward. So how it is right now, we just draw a line out into the future and we actually don't account for change the other way either.
Speaker 2:Obviously, the news is a big part of this. Right, it's just what creates a sentiment for people. Like we talked about in previous episodes, a stressed brain doesn't do well at many things, doesn't do well at learning and retaining new information, but it also doesn't do well in making good, informed decisions. And so Bobby literally just sits there and just consumes all the news and he just takes it on board and he feels every single wave of emotion that comes through it and he lives in fear. And what that means is he has a lot of quarters of running through his veins, and so when he comes to making decisions, it's just a very scary thing. It's a very foggy brain that's being used, and so you probably start to overweight some of the dangers and underweight some of the opportunities. And so I think you're exactly right there and kind of make sure that you do detach yourself from that ongoing cycle of new information that can sometimes be from not the right sources, but keep anchoring towards something much greater, which is what you're working towards in the future.
Speaker 1:And the way this plays out when we think about investing is when you're investing, you're making 10 years decisions. So Bobby's made 10 year decision and then, all of a sudden, he gets sucked into the one hour news cycle and all of a sudden he's judging those 10 year decisions against the one hour news cycle and all that information. And so Bobby starts to think I made a mistake, I've done something wrong, this is all wrong and that's why people sell. When prices are falling, you start changing your time period, your time frame around, how you judge it, and you actually don't have any rules in place. So Bobby's not going to look back to his decision journal. He's not going to say I'm not to review this decision for 10 years. He's just going to look at the news and say, holy shit, crypto is tanking, bitcoin's tanking, real estate's tanking, equities are tanking Must be a bad idea.
Speaker 1:And this is where Bobby's wired. Like every other human. We're all wired to hunt and seek opportunity and flee threats. And falling prices look like threats and rising prices look like opportunity. So that's why a lot of us tend to buy when things are rising and sell when things are falling. That's the first way that Bobby gets sucked into short term thinking. What's the second way that he gets sucked into short term thinking?
Speaker 2:Yeah, I think. The second one is he or she, bobby, becomes overly defensive and stops doing a few things that are really important at any point in time. And the first one is stop investing in herself and stop seeking out opportunities to grow that human capital, the skill set, the talent, the toolbox that will help her earn into the future and make sure that they're more resilient in the workplace in terms of being able to maintain strong income. The second one is to stop investing in opportunities that will actually help them save money in the future. I know this one's true for you right now, bobby. I mean, terry, you're looking at something at the minute, and what was that?
Speaker 1:We're just modeling this off me.
Speaker 2:It's got to be Bobbiness. You've got one right now.
Speaker 1:Yeah, I do. Yeah. So we're looking at solar energy, right. So we know that energy prices are going to be doubling, they're going to be going up, and so we've got money and we can sit on that money or we can spend that money in a way that saves us cash over time. So if I'm listening to the Bobby side of me, I'm like cling to that cash, buddy, cling to that cash. But probably the better thing to do is to get that money invested and get those cost savings as quick as possible. What do you?
Speaker 2:think your default state is. What would you do if that situation was Definitely hold on to cash? That's my default. You are Bobby. I thought that yeah.
Speaker 1:It's against my instinct. So you're combating Bobby. I'm combating Bobby right now. Yeah, okay, so I've made the call, bobby. I'm just telling you to shut the hell up.
Speaker 2:Nice. So I said stop investing in yourself. That one, which is, stop investing in cost savers and not really kind of running the price versus value calculation and extrapolating that over time. The third one is stop investing in assets. Yes, big one.
Speaker 2:Now this is a pretty timely one because obviously we're looking at the prices of things are changing. So even though the media headlines are definitely pushing things, you can't ignore the fact that the price is actually changing as well, and so when it's on a decline, it's a very hard thing for a human being to basically ignore a lot of their natural biases and instincts, essentially to then purchase something on the fall. And so I think a lot of people have accustomed themselves to dollar cost averaging as a way to invest, which is a really smart call. Quickly explain dollar cost averaging Dollar cost averaging is buying at the same time each month or each week and kind of just instead of buying in lump sums, saving up and buying in a lump sum, it's just breaking it down and investing at the same dollar amount of a specific periods of time. And so if you look at that, for example, and let's say you're investing $2,000 a month, effectively, what we're saying is you shouldn't stop that because the price is going down.
Speaker 2:Would you stop that if the prices were going up? And so what Bobby would do is he'd basically just go hang on. Prices are going down, why would I buy something that's reducing in value? That's going to cost me. But what Bobby needs to go back to is has his thesis changed around what the world is doing, where the world is going and the vehicles that will help create that world, essentially? And so Bobby is very much just waiting. What's happening today, or this month, or even this year, more so than the longer term trajectory of that vehicle. So Bobby would just stop investing in himself, bobby would stop investing in opportunities that will save him money, and Bobby would also stop investing in assets that can grow and work towards the future rewards.
Speaker 1:There's a classic one there at the moment. I was just talking to one of our members this afternoon actually, and she was saying price of Bitcoin. What do you think? Blah, blah, blah. Is it a good time? There's a bad time because the price is falling, and my comment has been basically so.
Speaker 1:The thesis for me personally is Bitcoin is insurance against a failing fiat system that's very fragile, and has any of that changed? Not really. Actually. It's probably even strengthened because we've had two interest rate hikes and the whole world is shattering, but that's that has fallen off a cliff, equity market is falling off a cliff and Bitcoin has completely shit itself. My comment is basically okay. So if the premium on your insurance fell by 70%, but the payout increased by three, would you be happy with that? Because that's essentially how I see it. The thesis hasn't changed right. It's just got a lot more cheaper for me to buy my insurance, and so why do I care about the price?
Speaker 1:I didn't buy Bitcoin to trade it out today or tomorrow. I bought it for a long period of time frame. So I think that's the key one there. You just get sucked into the short term thinking and you really forget that most of my 10-year decisions, at least, so Commenting on them or us analyzing more, assessing them. This could all be a rounding error in 10 years. You just don't know the difference between where you bought it at six months ago. Where you bought it at now, it is irrelevant, and that's true for all the assets right.
Speaker 2:Might be that you're looking to purchase a home, or buy an investment property or Shares, or whatever it might be, that same principle applies, it's just that it's even more heightened with Bitcoin right now. Absolutely. So what does Bobby? Do they?
Speaker 1:Bobby's probably gonna go. Oh, my god, I should sell out all my big coin that I bought six months ago. At the top I said to sell it all now, while I can, because I just got to get something back for my money and it's all gonna go to zero and it has only gone one way. I've got two data points the data point that I bought six months ago and the data point that I see now, and if I just draw a straight line that goes down to zero, and holy shit, I better sell right now.
Speaker 2:Yes, and that's a pretty good insight. That is what naturally most people do I'd say naturally everybody does, except for the experts in this that are kind of detached from it. But if you actually own the asset, then you do hold on to do two data points more strongly than anything else, which is the price you bought it for and the price it is today. And you do, you draw this linear line that ignores so much of reality and you follow that line and that's where your brain and that's where your feelings Go towards. So sometimes you just like on cloud nine and it is dandy, and you, frivolous at that point the other way, and which were kind of experiencing right at this, second gets a plane crash, isn't it?
Speaker 1:It's catastrophe. Yeah, it's just that. And down the hatches, buddy. It's going to hell. I keep seeing all this stuff pop up. Is crypto over? It's dead. It's very.
Speaker 2:Yeah, so that's a pretty solid thing that Bobby would probably do what else would Bobby do?
Speaker 1:I reckon the last one here is, like we've been talking about all these overreactions to the downside. I Think you can overreact to the upside as well. So Bobby might become overly aggressive, overly hubris. Stick and just take on a lot more obligations. Then she can handle that can look like a number of things that could be. I'm gonna load up on debt right now and we don't know how it's gonna play out, yeah, or you might just overexpose yourself to one asset class. So maybe Bobby says you know what, I hear what you're saying there, terry, I'm not gonna be that, bobby, but what I am gonna do is I'm gonna drop a hundred percent of my net worth into Bitcoin Because I think it's gonna go to the moon. That's another overreaction, isn't it?
Speaker 2:I've heard Bobby say that to the moon To the moon, buddy, but absolutely Yep. So kind of thinking that this is the greatest opportunity that's ever happened and Putting the house on it is essentially what you're saying.
Speaker 1:Yep, it may be the greatest opportunity, but putting the house on it, those are two different things.
Speaker 2:Yeah, and so it's probably alluding to the fact that it could be a period of time in front of us that requires some Cleanliness is what I'd probably say, like the fact that this period of time stagflation and what it could mean is, in the after-effect Maybe, like we've talked about quantitative easing, steps right in and we see another five, ten years and things push up, or could be the next two Years they go. You know, because we've been probably pretty surprised by some of the reactions from the central banks that they've gone for Such rate changes. Yeah, thesis still holds true.
Speaker 1:We're very surprised at how quickly they're Pushing it up, trying to kind of surprise people with it, I think it makes sense if you can't go far and you better go fast if you want to shock people into changing their behavior. That does make sense to me. So if I only knew that mathematically my limit was I could only get to 2% before the world goes to shit, and I'm gonna want to go fast as possible. So people shit themselves.
Speaker 2:Yeah, I've been saying that, which I completely agree with, and it's probably just looking at the next Three months or the next six months, or isn't the next three years, that things just get quite lean. Maybe that increase in the interest rates curbs inflation and productivity can sustain to a point, but not really move. And there is this neutral period. That's not growth, but it's also not hard decline, but things are a bit tight and they stay tight for a while, and so it's kind of just not knowing what that period of time can be, really, isn't it, and not being too aggressive now Thinking that yeah, this is heavy right now but it'll pass quickly. Maybe it takes a little bit of time to come out the other side.
Speaker 2:So basically, bobby, when he overreacts, he gets sucked into short-term, sometimes fatalistic thinking, judges ten-year decisions on an hourly news cycle. He becomes overly defensive, doesn't invest himself, stop investing in cost-savers, stops investing in assets, just halts everything. But he also sometimes becomes overly aggressive and takes on more than he can handle and you know that means you know kind of lumping debt and just you know setting himself up for a rough times later on. But he also underreacts. That's overreacts. He also underreacts. What does he do there?
Speaker 1:Well, I reckon this side of it is Bobby's just gonna stick his head in the sand and ignore reality. That's the pattern, I reckon, on this side, and there's a few things that go within that. The first one for me is yeah, I'm just gonna wait this out and I'm just gonna act like this is just a small thing that's gonna pass in a month or two months and I'm gonna ignore all the information at hand and I'm gonna just ignore the fact that I could be acting on and controlling the controllables.
Speaker 2:So wait for the storm to pass, wait till things are a bit rosier before I really kind of dig into this. Make money a project.
Speaker 1:This spring cleaning, I call this one the deer in the headlights. Just do nothing, just do nothing. Just freeze, just freeze, just freeze, wet it out, wet it out, wet it out, and it will be good It'll swerve.
Speaker 2:Exactly, maybe it will. We're definitely not saying it won't swerve and miss, but maybe it will. Either way, I'm running to get out of the road. Is Bobby Bobby's just taking the hit.
Speaker 1:No Bobby's standing there freezing and hoping it all works out.
Speaker 2:And so he's just doing nothing, basically waiting it out.
Speaker 2:And I think another one, which is probably very well connected to that first one, is just spending like you always have, going through the motions, not really having any intentionality in terms of how you're using your money and how you're extracting value from the income that you're owning.
Speaker 2:You know, a lot of that comes down to the wastage that we have. You know, in my experience and we obviously see this firsthand most people are living with somewhere between 10 and 50% wastage. And the way I'd define that leakage or that wastage is basically, if you've got a very clear vision for yourself in the future and then you've got a very good handle on what you value and you've kind of been able to go through that process and surface those things, then the spending that exists outside of that that's what wastage is or leakage. And so I think what Bobby is doing is he's not really paying attention to himself but he's also not putting in the work to plan for the future and think about what he wants to have and the things that, the experience he wants to have, and basically he's just going through the motions and he's just doing what he's always done, not really questioning it.
Speaker 1:The extreme of this is that Bobby could go the other way. I actually believe this is happening in the States right now. Did you know that credit card debt has skyrocketed in the last month? No, so let's have a think about that. Why would that be? Why would you be taken on credit card debt right now? You've watched the movie the Big Short.
Speaker 2:Yeah.
Speaker 1:There's a scene in the Big Short where they say secretly everyone wants it to be the end of the world so they can just do whatever they want. And I think people, when they feel bad, they just want to throw caution to the wind because they don't want to deal with the caution, they don't want to deal with that reality and actually so they'll even spend more money in order to change their internal emotional state and feel better in the moment rather than deal with what's ahead. I've got no doubt that some of this credit card spending is actually just getting by, but I also think a lot of it is coming, because this is just about oh my God, I just need to feel good, and spending money's a way to feel good. Let's do that.
Speaker 2:That's crazy. What, if you think about we went into the anatomy of impulse purchases I think it was episode seven, wasn't it? How to supercharge your savings and it's very much that right, where the purpose of marketing is basically to create a feeling of discontent, create a void that means, and we attach that purchase to the recovery it's like might go through this trough. There's something that makes us feel not that great. And so all of a sudden, we start to see shiny objects, and those shiny objects are even shinier than they were before because they will actually help us get out of this trough of discontent. And so there's a lot of shiny objects.
Speaker 1:And there's actually really interesting research that shows in periods of recession and depression, spending on small luxuries goes up. For that reason, which is here, bobby the Bumbler- and mate, I think you've insinuated that Bobby's American.
Speaker 2:Sorry to all our statesmen and women out there. That's a bit rough mate, I'm not sure.
Speaker 1:Not sure, just a few American examples, probably just because a bunch of those stats hit me in the face every day on Twitter.
Speaker 2:Okay, so Bobby the Bumbler, he is trying to wait it out and he's spending like he always, has never really made any changes. And what else is Bobby doing?
Speaker 1:Bobby's gonna neglect to review and negotiate their contracts. So things like my power bill, my power company, things like my salary the big one things like my rent or refinancing my mortgage, for example, or even reviewing my insurances, bobby's gonna ignore all those things because it's just gonna be too hard for Bobby. So they'll just carry on and work harder and harder, get more and more stressed and ignore all those things that could be sorting getting those one-time decisions done. And the next thing that Bobby's gonna do is complain a whole lot to everyone around him or her and just demand that the government gives more handouts, even though those handouts will only contribute to the inflationary problem causing the stagflation that we're having to deal with. That's a good one, too. Spend a lot of time complaining and asking for more handouts from the government. Are all handouts bad? No, handouts are bad if you're not doing what you can to look after yourself.
Speaker 2:Yeah, if it's directed in the wrong place ultimately, and a lot of that is consumption, isn't it? And then I think the last thing that Bobby does when he's underreacting is he goes into cruise control at work, not recognizing that periods like this the people that feel the most pressure are the business owners. I think you talked about it on an episode with Locky Smith about the separation that gets created between risk and someone's income, the risk on people's income. As business owners, those people are always seeing the risks, they're kind of foreseeing the things that are happening in the world, the turbulence and the changes, and so they're really sensitive to it, they feel it, they see it. But people that are on a salary don't experience that as much because they've got a contract and it's relatively fixed, considered stable.
Speaker 2:But the reality is the radars for a lot of business owners they're beeping.
Speaker 2:They're doing a lot of beeping at the moment because in these times money they can slow down a little bit and all of a sudden there's less revenue happening, meaning there's some cuts that have to be made and they're gonna have to get leant.
Speaker 2:In fact, there's a lot of businesses already cutting just knowing that there's kind of this period of time that exists ahead of them where they need to be very lean and they're actually preempting that. And so I think Bobby kind of ignores those macro signals, those things that are happening in the world, because he's on a salary and thinks that that's probably a little bit more fixed and safe than what he really is. So he just goes into cruise control. Like I said earlier, he stops investing in himself, doesn't really kind of look for new ways to learn new skills and kind of take on more opportunities or go the extra mile for different things, and he just takes the paycheck because it's there, does just enough essentially to get by. He doesn't put himself at the front of the line for the income, he's kind of sitting right back and hopefully that line doesn't get cut. That's rough, but I've really thrown it harder, bobby.
Speaker 1:There we were talking to a friend of ours last week and she said that 100 people got laid off at her company 100, that's gonna happen. If interest rates keep going up and businesses overhead keep going up, then they have to find ways to reduce that overhead. And so if you're somebody that is punching in and punching out at this time and you're not, like you said, going that extra mile, it's easy to be seen and noticed for all the wrong reasons. So, bobby, if you wanna underreact, just wait it out and freeze, pretend it's not happening, then, like you always have, maybe even spend more than you normally do so you can feel better. And also, while you're at it, neglect to review and don't nearly negotiate any of your contracts by any means, and complain a lot, demand more handouts and just assume that you'll be fine if you just keep clocking in at work. That's a good way to go.
Speaker 2:Fuck, I hope Bobby's not listening.
Speaker 1:Well, mate, this was fun. This was just a different way to look at it. We were like well, you know what Everybody will be saying do this, do this, do this and we've said all that stuff. You already know all that stuff. But the big mistakes are here. These are the big mistakes. You're gonna overreact, you're gonna unreact, you'll make all these mistakes if you're not careful about it. So that's kind of made it easier for you to spot them. If you're making them and do a 180 and do the right thing Nice, definitely there's a couple in there for me, like I said that freeze one, that's me.
Speaker 2:I think so too. I'm definitely one that can easily overspend in periods like that, I reckon.
Speaker 1:Oh, I could see that man. You're in fucking France, there with your wine in your hand. You're like it's all good mate, nothing's going wrong.
Speaker 2:I've been sussed, I've been talking, I've actually got a Q&A and I'm like you know what? Fuck it.
Speaker 1:It's all fine, just put it on the credit card. We're gonna be fine, don't worry about it. Deal with that later.
Speaker 2:Yeah, Good stuff. Good chat near Bobby. What's in the next episode? You?
Speaker 1:too, bob Mate. So the next one we're gonna be talking about getting on the offense. So we will be delving into this a little bit more, because we kind of touched on this here. The value here to you to getting busy, getting your hands dirty, trying new things, innovating yourself, innovating what you do, creating more value, capturing that value this is gonna be the superpower. I think there's gonna be two parts, and it's going to be your ability to negotiate, renegotiate and your ability to add more value. Over this period of time, we'll be heightened, we'll be accelerated. So we're gonna be talking about what are the quick wings you can have around increasing your income, but also what are the big wins. And I've also got a pretty cool announcement around a special guest that's gonna be coming in to help us with one of the most important skills around this. So I'm looking forward to dropping that one on the next episode.
Speaker 2:Oh, holding onto it. Okay, good, this is a big name. All right, good stuff, mate. Good chatting to you and see you in the next one.
Speaker 1:Enjoy your camp mate. See you soon. I will See you bye. Okay, if you like Easter eggs, stay with me here for a sec. I hope you liked this episode.
Speaker 1:Ryan and I wanted to have a little fun with it, and that's why we went in a bit of a different direction and detailed what not to do, but if you want guidance on exactly what to do, we've got you covered. To say thank you for listening and subscribing to the podcast, we've unlocked one of the most important modules in our program. It's called cultivating a mindful money practice and it's designed to get you up to speed fast on the seven principles of our signature method money mapping. This is how you can stop wondering where all your money is going and whether or not you're managing it effectively. It's also how you can manage your money in a way that works for you, not just somebody else's idea of what people like you should be doing, and it'll help you squeeze maximum value out of every dollar you earn, spend and invest. And when you learn to master these seven principles, you're going to feel grateful, wealthy and capable, and that's because you're going to have a practice that's going to fortify you as things get tighter.
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