Episode 315: Podcasts to help with recession
In this episode, Fiona discusses the importance of proactive money management and shares several podcasts that can provide helpful insights and advice. It also touches on the rising cost of living and introduces various financial experts such as Dave Ramsey, Canna Campbell, Ramit Sethi, and Farnoosh Torabi, whose podcasts cover a range of topics from debt management to achieving financial goals. Tune in!
Topics discussed in this episode:
Introduction
Importance of reviewing financials during the end of the financial year in Australia
Urging listeners to have regular meetings with accountants or financial advisors for proactive money management
Podcasts that can help with financial management
Rising cost of living and the impact on household expenses
Encouragement to listeners to find their own podcasts about money and to be proactive in managing their finances.
Conclusion
Get in touch with My Daily Business Coach
Resources and Recommendations mentioned in this episode:
Welcome to episode 315 of the My Daily Business podcast. Today it is a tip episode and that's where I share a quick tip, which is either a tip, tool or tactic or sometimes all three that you can implement immediately in your business or in your life, or both. I've got a good one today, especially if you are somebody who is a little concerned about money, with everything that's going on with recession, interest rates rising and everything else, I have got a tip that will help you.
Before I get stuck into that, I want to acknowledge the traditional owners and custodians of the beautiful land on which I record this. And that is the Wurrung and Wurundjeri people of the Kulin Nation. And I pay my respects to their elders, past, present, and emerging, and acknowledge that sovereignty has never been ceded. Let's get into today's quick tip episode.
If you are listening to this in real-time, and if you are like me and in Australia, we are coming towards the end of the financial year in Australia. The financial year runs from the 1st of July to the 30th of June. For a lot of people, this is the time, sometimes the only time that they are looking at their financials in terms of their business revenue, their profit and loss, and a whole lot of things. Because this is a retrospective look at money, sometimes people can feel some way about, whether the business didn't hit the profit margin we had hoped for, or is that our total revenue. Or we spent that much in our expenses for X, Y, Z. We're going to change things. That's it's a passive way of looking at money.
If you were somebody listening to this thinking, that's me, the only time I talk to my accountant is around tax time. Then I would urge you to start setting up regular meetings with your accountant or with a financial advisor or with somebody that is going to help you in terms of looking at your money in a much more proactive way. Even if you're reading from outside of Australia, and I know that we have so many people downloading these episodes from all over the world, welcome. Think about the financial year in your part of the world, and consider how often in that year are you stopping to reassess your money to look at your revenue streams, to look at your profit margin, to look at your expenses, and look at how these can be improved right now rather than waiting until tax time or the end of the financial year or the start of the new financial year to make these changes.
Today it is a chat about money and in particular podcasts that I think are going to help you, whether you are in a country that is in recession or you're in a country where they're talking about the recession coming, or you're somebody who is just challenged and concerned at the moment by the cost of living, which has gone up exponentially everywhere. Recently I was looking at eggs, the price of eggs in Australia, and I was shocked. We go through a lot of eggs and I have to say that my husband suggested we get some chickens, and I am all for that because we go through a lot of eggs in our house. I did just not realize that the price of eggs has just gone up and up. I was looking at some eggs the other day and I think it was $15 or $14 for 10 eggs.
I thought, “Wow.” Eggs are a stock standard in a lot of people's households. They are usually seen as quite cheap food. I guess still that's a dollar an egg or a bit over a dollar 40, which an egg can be a meal in itself and a piece of toast or some salad or whatever it is. However, traditionally you think eggs, milk bread, the usual stock standard things that you would have in a cupboard shouldn't be so expensive. If you're thinking, I'm quite concerned about money, then I would urge you to start listening to some of these podcasts. What are other podcasts? There are so many financial podcasts out there and I've talked about some of them in the past as well.
But I wanted to mention a couple of different ones that maybe you haven't heard of, newer ones that I've started listening to and see if perhaps by listening to these being a bit more proactive when it comes to your money, both in your business but also in your personal life, that it might help you feel a little bit more confident and less stressed or overwhelmed about all of the stuff that you're seeing in the media right now about interest rates and rental costs and prices of living and all sorts of things. What are these podcasts? The first one I'm going to mention is Dave Ramsey. I know for some people they are not fans of Dave Ramsey. I'm not in America so I can't claim to know, I don't know the ins and outs of the American lifestyle and politics and religious faith and all of that other stuff.
But Dave Ramsey, for those who don't know, is a radio personality, I believe who dishes out financial advice. It's like a radio show and that is repurposed, into a podcast. I think he had a TV show on Fox for some time back in the day. I would say he's like in his sixties at least, and he's written numerous books, but he started out as a property developer or a real estate agent or something. He amassed a great amount of wealth, but he'd also taken out huge loans and ended up filing for bankruptcy in the late eighties. He then takes, I guess his story of how he has rebuilt things and worked through debt and everything else to share that with other people. Dave Ramsey, his personality is not for everybody, but I think that he has a lot of good stuff to say.
He has different steps that he talks about, and a lot of this stuff is free. You can find his podcast obviously, but also he has YouTube videos, he has books that you could borrow from the library that will walk you through this. Obviously a lot of these people, he has programs and other things that you can buy, but even those, I would say are pretty affordable for what they offer versus other people in that space. That's the first one, the Dave Ramsey podcast. The second one that I'll mention is closer to home here in Australia and it's called How Do They Afford That? And that is by Canna Campbell, who I've talked about before. She is under the pseudonym on YouTube Sugar Mamma. It used to be called something else and I think she had to change the name, but she has a podcast as well if you look up Canna Campbell, and then Campbell.
But she runs that with Michael Thompson and talks about things that people think like, how do those neighbours afford that and how do people afford groceries right now? And how are people saving when we are in a recession and all sorts of things? And it's just a casual informal chat between Canna and Michael about things like how many bank accounts should you have what is that costing you money and when should you invest. And part of Canna Campbell's whole business model, she's a financial advisor from Sydney, but she has a whole lot on like how to get out of debt, how to save for things like IVF, she was a single parent for a long time. She now has, I think three children, she's married. But looking at how do you afford the lifestyle that you want with the financial means and not going into debt and not borrowing and all sorts of things.
She also talks a lot about investing. She has a couple of books as well, but the How Do They Afford That podcast I found quite helpful. I think it comes out every Wednesday in Australia and it just sometimes hits the nail on the head of how, like what are you thinking? And the idea of like, how do people afford things at the moment? I think that is interesting as well. It's called How Do They Afford That? The other one I wanted to mention is Ramit Sethi. He is an American, and he does a lot of ads on YouTube and I'd always like to cancel the ad and I was like, “Who is this guy?” He's annoying. He does all these ads. But then I was watching recently on Netflix because I like to watch shows about money and all of this stuff.
There's one called How To Get Rich, I think that's the name on Netflix. He is the financial person in that space and on that, he goes and talks to different people about their money and it's good. He has quite a variety of people on that show. People with numerous credit cards and massively in debt, people with huge amounts of money that come in and then they just seem to squander it. There's a lot going on. I like that he doesn't seem to judge people, but he also doesn't tell people what to do. He gives them scenarios and then guides them. But I have then, because of the Netflix show, started listening to his podcast, which I imagine a lot of people would do now.
But he does have some good episodes in there, including if you've watched the Netflix show where are they now episodes about different characters or they're not characters, they're real people in that show. Where have they gone with their finances? Because I know that it's probably easy if there's a camera in your face and you're on Netflix to say, I'm going to cut my credit cards up and I'm going to do this or that. It's harder when that has gone out and there isn't as much accountability. That's quite interesting as well. That podcast is called, I Will Teach You To Be Rich and also I mentioned the Dave Ramsey podcast. It's just called the Ramsey Podcast, not the Dave Ramsey podcast, but if you search Dave Ramsey, that's what you're going to find. But this one I've just mentioned by Ramit Sethi is called I Will Teach You To Be Rich.
The last one I will mention, and I've come to this more recently because of one of the guests that they had on and the topic I thought was quite interesting, and that is called So Money with Farnoosh Torabi and again, an American one. I know I'm mentioning quite a few American ones, but we have a lot of American listeners, so that makes sense. Plus I also think that we can learn from all over the world. This is one of the top-rated money podcasts in the US and in the world. She regularly interviews celebrities or people that you've heard of or come into contact with so recently. And the episode that I actually listened to was with Elise Loehnen.
But Elise was the content editor at Goop, and if you have watched the Goop shows on Netflix, you will have seen her. She talks about, and it's highlighting her new book, but also how the patriarchy is keeping women down financially and also looking at this concept of women wanting to feel good and be good people and not ask for too much money and not be seen as greedy and all these other things. That was the episode that I listened to. And I listened to a couple more. On this podcast, So Money talks to real people about their issues with debt and all sorts of other things. And talks to celebrities like Queen Latifah, very well-known celebrities through to people that people don't know as much.
That is called So Money With Farnoosh Torabi and we'll link to that in the show notes. But just I hope that some of these podcasts are helpful for you and I hope that maybe you'll find your own podcast that you like about money. Maybe you have a podcast about money. Please let me know if you have, please don't be a stranger. You can DM us @mydailybusiness_ or find us on TikTok, @mydailybusiness or just email hello@mydailybusiness.com.
I know that money is something that a lot of people worry about, a lot of small business owners worry about, it is a major cause for businesses not working out. You want to get on top of that and be proactive. If nothing else you take away from this episode. Start being proactive with your money, looking at your money regularly, and looking for things, where are the gaps? What's happening? I know that sometimes this can feel hard or sometimes you can let you know your systems suffer or slide, maybe other things get in the way, but always come back to that. Always come back to being proactive. How can I be proactive with my money?
I hope these help and I hope that you feel a little less overwhelmed by all the stuff that we are constantly being bombarded with in the media when it comes to the financial state of the world. Thank you so much for reading. If you found this useful, please leave a review. That just helps other small business owners find this. And who knows, maybe they need to listen to one of these podcasts about money. Thanks for listening.
