WEBVTT 1 00:00:00.000 --> 00:00:17.000 So if someone's listening to this right now, and they resonate with this idea of this slightly avoidant, they don't really have a plan, they kind of just, they get paid, they, they, they answer their bills, and then they wait till the next payday, they're not being intentional with their money. 2 00:00:17.000 --> 00:00:20.000 Is there a step one in taking back control? 3 00:00:20.000 --> 00:00:26.000 The very first thing, number one, that I'll say to do is build a piece of mind fund. 4 00:00:26.000 --> 00:00:29.000 A piece of mind fund. 5 00:00:29.000 --> 00:00:41.000 This is not about maths, it's not the mathematically optimal thing to do, but it is the psychological, because as you've discussed money is as much about emotions, as it is about numbers. 6 00:00:42.000 --> 00:00:54.000 So what I'll say is go through the last 30 days of your bank statements and calculate exactly how much it costs for one month of your living. 7 00:00:54.000 --> 00:01:05.000 So mortgage rent, utilities, bills, minimum debt payments, car payments, whatever that total is, that's the amount that you want to save up for your piece of mind fund. 8 00:01:05.000 --> 00:01:12.000 So I go through my last 30 days of my bills, I find out that it's cost me, let's say $1,000. 9 00:01:12.000 --> 00:01:15.000 Okay, that's one month of your core living expenses. 10 00:01:15.000 --> 00:01:17.000 Yeah, so I need to save $1,000. 11 00:01:17.000 --> 00:01:22.000 You don't need to invest it, you don't need to save it, you don't need to, it's not for a holiday. 12 00:01:22.000 --> 00:01:31.000 The reason why you want to save this is because when life does what it does best, which is so curveable, you want to make sure that you have a handled. 13 00:01:31.000 --> 00:01:40.000 If a boiler broke breaks your car dies on a Monday morning, the last thing you want on top of the stress of dealing with that thing is the financial stress of how you're going to pay for it. 14 00:01:40.000 --> 00:01:46.000 That's what this thing covers. It tells you, I've got piece of mind, whatever life throws at me, I can handle it. 15 00:01:46.000 --> 00:01:56.000 And saving that one month of living costs puts you ahead of 59% of Americans and 30% of people living in the UK. 16 00:01:56.000 --> 00:02:02.000 59% of Americans unfortunately can't pay for a $1,000 expense. 17 00:02:02.000 --> 00:02:08.000 And 30% of people in the UK can't cover one month of the living expenses if something happened. 18 00:02:08.000 --> 00:02:10.000 What is step two in that regard? 19 00:02:10.000 --> 00:02:13.000 Step two, this is where we do move into the mathematical optimal thing. 20 00:02:13.000 --> 00:02:16.000 This is you cut the financial bleeding. 21 00:02:16.000 --> 00:02:17.000 Okay. 22 00:02:17.000 --> 00:02:25.000 And what I mean by that is I get so many times people ask me, Nisha, I have 4,000, 5,000 sitting in my bank account, what should I do with that? 23 00:02:25.000 --> 00:02:29.000 And my first question back to them is, do you have any high interest rate debt? 24 00:02:29.000 --> 00:02:40.000 Because if you have savings of $2,000 earning 4%, but you also have credit card debt at 20%, you're leaking money more than you're making it. 25 00:02:40.000 --> 00:02:45.000 It's like pouring water into a bucket with holes in it and wondering why it's not going to fill up. 26 00:02:45.000 --> 00:02:50.000 So what you want to do is you want to take all of your debt that you have, rank it from highest to lowest. 27 00:02:50.000 --> 00:02:52.000 In terms of interest rate. 28 00:02:52.000 --> 00:02:57.000 And then everything above 8%, you want to make minimum payments across everything first. 29 00:02:57.000 --> 00:03:06.000 And then everything above 8%, you want to throw your extra savings into the highest interest rate first to the debt with the highest interest rate and then move down in that order. 30 00:03:06.000 --> 00:03:08.000 And interest rate is that paid monthly or yearly? 31 00:03:08.000 --> 00:03:09.000 It's paid monthly. 32 00:03:09.000 --> 00:03:18.000 So if I have a thousand pound loan on a credit card and the interest rate is 10%, I'm paying a hundred pounds. 33 00:03:18.000 --> 00:03:26.000 Paid monthly, over the year they're going to pay a hundred, but that split out into monthly payments assuming that they're not drawing down more on that credit card. 34 00:03:26.000 --> 00:03:28.000 Are you against credit cards? 35 00:03:28.000 --> 00:03:33.000 Credit cards are good if you're using them the right way, really good if you're using them in the right way. 36 00:03:33.000 --> 00:03:42.000 And that means the points that you're using, the rewards that you get for it, the bonuses that you get from it, or really helpful only if you're paying them off in full every single month. 37 00:03:42.000 --> 00:03:52.000 If you're not using that or if you're not doing it in that way, which is kind of what they want you to do because they want you to miss these payments because that's how credit card companies make money by your missed payments. 38 00:03:52.000 --> 00:03:55.000 If you're not doing that, then the benefits just don't weigh up. 39 00:03:55.000 --> 00:04:01.000 It doesn't make sense. Use credit cards, but use it in a way that stacks up in your favor, not in the credit card company's favor. 40 00:04:01.000 --> 00:04:05.000 It's almost paradoxical that you'd use a credit card, but only if you can afford to use a credit card. 41 00:04:05.000 --> 00:04:07.000 Yeah, that's exactly it. 42 00:04:07.000 --> 00:04:11.000 Yeah, you've got to think about it. Can I pay for this thing outright in cash? 43 00:04:11.000 --> 00:04:13.000 If I can, then I can ship it on my credit card. 44 00:04:13.000 --> 00:04:21.000 And that's the normally it's property if you're using it to make money, healthcare, education, better for anything else, unless it's making you money. 45 00:04:21.000 --> 00:04:27.000 Yeah, that's the way you want to think about it because it does encourage extra spending otherwise. 46 00:04:27.000 --> 00:04:31.000 Okay, so I'm going to pay off my high interest debts first with any spare cash that I have. 47 00:04:31.000 --> 00:04:32.000 Yeah. 48 00:04:32.000 --> 00:04:33.000 What's number three? 49 00:04:33.000 --> 00:04:37.000 Number three is build your emergency buffer. 50 00:04:37.000 --> 00:04:38.000 Okay. 51 00:04:38.000 --> 00:04:43.000 So this is your core living expenses that we've already calculated in step one. 52 00:04:44.000 --> 00:04:46.000 And you want to times up by three. 53 00:04:46.000 --> 00:04:52.000 If you are single, you have predictable income. 54 00:04:52.000 --> 00:04:57.000 Or you want to times that I six, if you are ahead of household, you have a mortgage, you have unpredictable income. 55 00:04:57.000 --> 00:04:59.000 That's your emergency cushion. 56 00:04:59.000 --> 00:05:02.000 And it protects you from the bigger life things. 57 00:05:02.000 --> 00:05:04.000 It's the very, it's the third thing you want to do. 58 00:05:04.000 --> 00:05:10.000 It protects you if you lose your job, if you have a health scare, if there are dependents that you need to care for. 59 00:05:10.000 --> 00:05:12.000 It kind of buys you that time. 60 00:05:12.000 --> 00:05:26.000 But there's really interesting research from Vanguard that actually showed saving three to six months of your living expenses does more for your emotional well-being than earning over 200K. 61 00:05:26.000 --> 00:05:28.000 So just the peace of mind again. 62 00:05:28.000 --> 00:05:29.000 It's that breathing room. 63 00:05:29.000 --> 00:05:31.000 Yeah, three to six months of breathing room in your bank account. 64 00:05:31.000 --> 00:05:32.000 It just moves the needle. 65 00:05:32.000 --> 00:05:33.000 It's the peace of mind. 66 00:05:33.000 --> 00:05:34.000 It's the security. 67 00:05:34.000 --> 00:05:36.000 It's the stability. 68 00:05:36.000 --> 00:05:38.000 One of the core human needs. 69 00:05:38.000 --> 00:05:44.000 And it's interesting because we're kind of looking at making more money and earning more and we're chasing the next number. 70 00:05:44.000 --> 00:05:54.000 And actually the thing that's going to have the biggest impact or move the needle on our financial well-being is at this stage having that three to six months of living expenses saved up. 71 00:05:54.000 --> 00:05:55.000 It's all relative, right? 72 00:05:55.000 --> 00:05:56.000 At the end of the day. 73 00:05:56.000 --> 00:05:58.000 And it's incredibly stressful. 74 00:05:58.000 --> 00:06:03.000 And I've been there when you don't know if you can pay this month's rent, if you don't know if you can feed yourself. 75 00:06:03.000 --> 00:06:11.000 But also there's sort of a back of the mind knowledge that if something were to happen, you'd be screwed. 76 00:06:11.000 --> 00:06:12.000 It's incredibly stressful way to live. 77 00:06:12.000 --> 00:06:15.000 And you might not even realize the stress consciously, but you might just feel it. 78 00:06:15.000 --> 00:06:17.000 It might just be an angst in your life. 79 00:06:17.000 --> 00:06:19.000 Yeah, and this applies at any income level. 80 00:06:19.000 --> 00:06:25.000 Even people earning six figures who are living paycheck to paycheck who don't have that emergency buffer in place. 81 00:06:26.000 --> 00:06:37.000 They have that anxiety and also that same report showed that having that three to six months with the people that they survey their productivity at work was better just from knowing that they didn't have that financial stress. 82 00:06:37.000 --> 00:06:48.000 I know millionaires, people that have a lot of money that are in a similar position in the sense of they are stressed and anxious because their overheads are also in the millions every month. 83 00:06:48.000 --> 00:06:50.000 And there's a lot of money coming in, but there's a lot of money going out. 84 00:06:50.000 --> 00:06:54.000 So they're still sometimes just one or two months away from being at zero. 85 00:06:54.000 --> 00:06:55.000 Yeah. 86 00:06:55.000 --> 00:07:00.000 It's a different type of stress because this was subjective experience and lifestyle is better on a day today. 87 00:07:00.000 --> 00:07:04.000 But it's interesting that it's really relative to your your outgoing. 88 00:07:04.000 --> 00:07:05.000 Exactly. 89 00:07:05.000 --> 00:07:06.000 What's the fourth point then? 90 00:07:06.000 --> 00:07:12.000 So I've got so far I've got have a piece of mind fund, which is one month's expenses. 91 00:07:12.000 --> 00:07:14.000 Number two is pay off high interest rate debt. 92 00:07:14.000 --> 00:07:18.000 Number three is building emergency fund, which is three times your monthly expenses. 93 00:07:18.000 --> 00:07:23.000 If you're single in six times, if you're in a relationship and there's people depending on you. 94 00:07:23.000 --> 00:07:24.000 Yeah. 95 00:07:24.000 --> 00:07:26.000 Most people actually stay here. 96 00:07:26.000 --> 00:07:27.000 Okay. 97 00:07:27.000 --> 00:07:29.000 A lot of people just save, save, save, save, save. 98 00:07:29.000 --> 00:07:33.000 And I just want to before we move on to step four, I want to say that if you're saving you and you want to save for one of two things. 99 00:07:33.000 --> 00:07:37.000 The emergency fund and the piece of mind fund that we spoke about. 100 00:07:37.000 --> 00:07:47.000 And the second thing is for any goals that you have at the next five years, whether that's a house deposit, car deposit, other than that, you don't want to be saving that money. 101 00:07:47.000 --> 00:07:55.000 It's going to be, the value is going to be eaten away quicker with inflation if you're just keeping it saved in a bank account. 102 00:07:55.000 --> 00:07:58.000 So that's when you want to move on to step four and there's investing. 103 00:07:58.000 --> 00:08:01.000 Okay, so you don't want to save, you don't want to oversave. 104 00:08:01.000 --> 00:08:02.000 You don't want to oversave. 105 00:08:02.000 --> 00:08:05.000 No when to stop saving and start investing. 106 00:08:05.000 --> 00:08:08.000 And when does one start investing and stop saving? 107 00:08:08.000 --> 00:08:10.000 After they've saved a three to six months of the living expenses. 108 00:08:10.000 --> 00:08:11.000 Okay. 109 00:08:11.000 --> 00:08:12.000 That's the third step. 110 00:08:12.000 --> 00:08:15.000 At that point, once they've done step one to three, this is the point. 111 00:08:15.000 --> 00:08:26.000 And the reason why I say this, Stephen, is because if you start investing before you've got from steps one to three and you don't have your savings set aside and the market goes down and you have an emergency, 112 00:08:26.000 --> 00:08:28.000 you're going to have to pull that money out at a loss. 113 00:08:28.000 --> 00:08:29.000 Yeah. 114 00:08:29.000 --> 00:08:33.000 Or you're going to have to go into debt, which is why that was step two cut the financial bleeding. 115 00:08:33.000 --> 00:08:39.000 So it's really important to have steps one to three done before you even think about investing. 116 00:08:39.000 --> 00:08:40.000 Okay. 117 00:08:40.000 --> 00:08:43.000 So those three to six months, it's your core living expenses. 118 00:08:43.000 --> 00:08:49.000 So it's, forget all your spending on the things that you love or the things that make make life good. 119 00:08:49.000 --> 00:08:51.000 It's just the things that you need to absolutely survive. 120 00:08:51.000 --> 00:08:57.000 Because if you do job, lose your job, you're not going to be out partying and spending loads of money. 121 00:08:57.000 --> 00:09:00.000 You're going to think, okay, how do I pay my bills for the next three months? 122 00:09:00.000 --> 00:09:02.000 How do I survive for the next month? 123 00:09:02.000 --> 00:09:04.000 That's the thing that's going to cover that off. 124 00:09:04.000 --> 00:09:05.000 Okay. Right. 125 00:09:05.000 --> 00:09:06.000 Yeah. 126 00:09:06.000 --> 00:09:09.000 So it's not like the season ticket at Manchester United or the Louis Vuitton Jackets. 127 00:09:09.000 --> 00:09:10.000 No, no. 128 00:09:10.000 --> 00:09:14.000 It's just you're heating your bills, your food, survival. 129 00:09:14.000 --> 00:09:15.000 Yeah. 130 00:09:15.000 --> 00:09:16.000 So number four is investing? 131 00:09:16.000 --> 00:09:17.000 Number four is investing. 132 00:09:17.000 --> 00:09:22.000 For a while, we've heard of the phrase save for retirement. 133 00:09:22.000 --> 00:09:23.000 Yeah. 134 00:09:23.000 --> 00:09:24.000 Saving for retirement. 135 00:09:24.000 --> 00:09:29.000 You cannot save your way to retirement with the way cost of living is going, with the way inflation is going, 136 00:09:29.000 --> 00:09:32.000 with the price of retirement is going to cost by the time you get there. 137 00:09:32.000 --> 00:09:34.000 Saving is just not enough. 138 00:09:34.000 --> 00:09:37.000 You have to be investing your money. 139 00:09:37.000 --> 00:09:41.000 And there are two main ways that you can invest. 140 00:09:41.000 --> 00:09:44.000 But before I even say that, most people know that they should be investing. 141 00:09:44.000 --> 00:09:46.000 But they don't do it. 142 00:09:46.000 --> 00:09:49.000 They say I'll do it tomorrow or next week or next year. 143 00:09:49.000 --> 00:09:50.000 Or when I'm rich. 144 00:09:50.000 --> 00:09:51.000 Or when I'm rich. 145 00:09:51.000 --> 00:09:58.000 And then by the time they do start, they've missed out on the most powerful lever that they had going for them, which is time. 146 00:09:58.000 --> 00:10:03.000 That is one of the most important things when it comes to investing. 147 00:10:03.000 --> 00:10:08.000 Because of the way when you start investing with small recurring amounts, it just compounds over time. 148 00:10:08.000 --> 00:10:13.000 So early, often when it comes to investing, there's two avenues to invest through. 149 00:10:13.000 --> 00:10:17.000 The first is through your employer-sponsored retirement account. 150 00:10:17.000 --> 00:10:23.000 And the second is through your own individual tax advantage account. 151 00:10:23.000 --> 00:10:24.000 What are those two things? 152 00:10:24.000 --> 00:10:27.000 The first is done through your employer. 153 00:10:27.000 --> 00:10:30.000 So what they do is they invest on behalf of you. 154 00:10:30.000 --> 00:10:32.000 In the UK, you're automatically enrolled into it. 155 00:10:32.000 --> 00:10:36.000 In the US, you'll have to check with your HR and get yourself enrolled into it. 156 00:10:36.000 --> 00:10:42.000 And what the stars is, your company, before it pays you or puts money into a bank account, it takes a small percentage. 157 00:10:42.000 --> 00:10:46.000 You could decide how much and it puts it towards investments. 158 00:10:46.000 --> 00:10:48.000 For you, on behalf of you, pre-tax. 159 00:10:48.000 --> 00:10:50.000 So you're not paying tax on that amount. 160 00:10:50.000 --> 00:10:54.000 You're putting into an investment account and then that money is compounding for you pre-tax. 161 00:10:54.000 --> 00:10:56.000 Do all employers do this? 162 00:10:56.000 --> 00:10:57.000 Most employers do it. 163 00:10:57.000 --> 00:10:58.000 Not all employers do it. 164 00:10:58.000 --> 00:11:04.000 And some employers have a match, which means if you put some money in, they will also match that amount that you're putting in. 165 00:11:04.000 --> 00:11:06.000 So how do I know if an employee does this? 166 00:11:06.000 --> 00:11:07.000 Check with your HR. 167 00:11:07.000 --> 00:11:08.000 And is there a cap? 168 00:11:08.000 --> 00:11:10.000 There is a cap to how much they will match. 169 00:11:10.000 --> 00:11:11.000 Yeah. 170 00:11:11.000 --> 00:11:15.000 So say if they match up to 3%, then you want to put in the 3%. 171 00:11:15.000 --> 00:11:16.000 But then you could keep going. 172 00:11:16.000 --> 00:11:21.000 But at this stage, you don't even need to go over the match at this point of the steps. 173 00:11:21.000 --> 00:11:25.000 You just want to put in enough to meet that match because you're getting the tax benefit. 174 00:11:25.000 --> 00:11:29.000 And then you're also getting free money from your sponsored plan on top of that. 175 00:11:29.000 --> 00:11:30.000 You don't leave that on the table. 176 00:11:30.000 --> 00:11:33.000 And when can I pull that money out? 177 00:11:33.000 --> 00:11:35.000 When you retire retirement. 178 00:11:35.000 --> 00:11:36.000 So this is for your retirement. 179 00:11:36.000 --> 00:11:38.000 You're looking after your future self. 180 00:11:38.000 --> 00:11:41.000 It's today's you planting seeds for future you. 181 00:11:41.000 --> 00:11:42.000 That's what this is about. 182 00:11:42.000 --> 00:11:45.000 What about people that say listen, retirement's a long way away? 183 00:11:45.000 --> 00:11:46.000 Yeah. 184 00:11:46.000 --> 00:11:48.000 You know, I'm going to be 65, 75. 185 00:11:48.000 --> 00:11:50.000 It's just a long way away. 186 00:11:50.000 --> 00:11:52.000 I want to live a good, I want to live it up now. 187 00:11:52.000 --> 00:11:53.000 Yeah. 188 00:11:54.000 --> 00:11:57.000 I don't want to be putting money in a box that I can't open for 50 years. 189 00:11:57.000 --> 00:11:59.000 And you want to spend the money now to live the good life? 190 00:11:59.000 --> 00:12:00.000 Yeah. 191 00:12:00.000 --> 00:12:06.000 The most important thing when it comes to money is understanding what you want. 192 00:12:06.000 --> 00:12:08.000 And then making sure your money backs those decisions. 193 00:12:08.000 --> 00:12:11.000 And I say this because when I was in the graduate scheme, 194 00:12:11.000 --> 00:12:15.000 there were two very different people who worked in my team. 195 00:12:15.000 --> 00:12:19.000 And the first person who sat opposite me on the bank of seeds in front of me. 196 00:12:19.000 --> 00:12:22.000 He used to come in in his Ferrari. 197 00:12:22.000 --> 00:12:25.000 And he on one day morning, when we were talking about what we did over our weekend, 198 00:12:25.000 --> 00:12:28.000 what we did in the weekend, he'll talk about the Michelin Star restaurants he tried, 199 00:12:28.000 --> 00:12:33.000 the last minute trip to Italy and his computer screen was the next car that he wanted. 200 00:12:33.000 --> 00:12:37.000 And on my left was Phil, who later become my mentor. 201 00:12:37.000 --> 00:12:40.000 And he came in with his pack lunch. 202 00:12:40.000 --> 00:12:43.000 He wore the same shirt Thai combo that I could probably remember, 203 00:12:43.000 --> 00:12:45.000 and sketch it from memory. 204 00:12:45.000 --> 00:12:47.000 And he had his holidays. 205 00:12:47.000 --> 00:12:51.000 He had his vacations, but he was almost selective about them. 206 00:12:51.000 --> 00:12:54.000 And I didn't see it at the time. 207 00:12:54.000 --> 00:12:59.000 But now it's so clear to me that they were chasing very different things. 208 00:12:59.000 --> 00:13:02.000 The person opposite me, he was chasing this good life, 209 00:13:02.000 --> 00:13:04.000 this stories, the status, the memories. 210 00:13:04.000 --> 00:13:07.000 And that was important to him, and he went for it. 211 00:13:07.000 --> 00:13:10.000 But Phil, and I visited him just before I came to LA, 212 00:13:10.000 --> 00:13:15.000 him his wife, his two kids, dogs in their countryside home. 213 00:13:15.000 --> 00:13:18.000 And he was enjoying the retired life. 214 00:13:18.000 --> 00:13:22.000 He was loving life, he bought what he wanted, 215 00:13:22.000 --> 00:13:27.000 which was early retirement, freedom, time, choice. 216 00:13:27.000 --> 00:13:35.000 Neither path is wrong, but both paths, both people required taking a series of trade-offs. 217 00:13:35.000 --> 00:13:36.000 Both had to make some sacrifices. 218 00:13:36.000 --> 00:13:38.000 And I think that's the thing that people miss. 219 00:13:38.000 --> 00:13:41.000 Sometimes it's so easy to say yes to the thing right in front of you, 220 00:13:41.000 --> 00:13:44.000 because the benefit is there, the benefit is immediate. 221 00:13:44.000 --> 00:13:47.000 You don't realise what you're going to miss out on later on in the life. 222 00:13:47.000 --> 00:13:49.000 So the guy that was set up was at you with the Ferrari. 223 00:13:49.000 --> 00:13:51.000 What was the trade-offs he was making? 224 00:13:51.000 --> 00:13:57.000 He was probably going to be end up working until he had retirement money to spend. 225 00:13:57.000 --> 00:13:59.000 He was going to spend his life at banking, 226 00:13:59.000 --> 00:14:02.000 but he was going to live at big, but he wouldn't have the freedom, the choice, the time. 227 00:14:02.000 --> 00:14:07.000 Because his spending and his income matched each other. 228 00:14:07.000 --> 00:14:10.000 And so what I want to just say is, for anyone saying, 229 00:14:10.000 --> 00:14:13.000 oh, I just want to live at big, I want to enjoy the money. 230 00:14:13.000 --> 00:14:16.000 Find out what is the thing that's most important to you. 231 00:14:16.000 --> 00:14:20.000 And make sure you use your money choices stack that decision. 232 00:14:20.000 --> 00:14:23.000 Because the wrong choice isn't choosing the wrong path. 233 00:14:23.000 --> 00:14:26.000 It's just not knowing that you even had a choice in this whole thing. 234 00:14:26.000 --> 00:14:31.000 Do you think the guy that's opposite you with the Ferrari was in any way insecure? 235 00:14:31.000 --> 00:14:34.000 Was there an element of seeking validation? 236 00:14:34.000 --> 00:14:36.000 They might have been. 237 00:14:36.000 --> 00:14:37.000 Yeah, they might have been. 238 00:14:37.000 --> 00:14:39.000 That might have been what made him happy. 239 00:14:39.000 --> 00:14:42.000 But I think it's also not having the self-awareness to, 240 00:14:42.000 --> 00:14:44.000 if that made him happy, then by all means. 241 00:14:44.000 --> 00:14:46.000 But if it didn't make him happy, 242 00:14:46.000 --> 00:14:49.000 and a lot of people do this, do this, me included. 243 00:14:49.000 --> 00:14:51.000 I've gone through this, I've done it. 244 00:14:51.000 --> 00:14:54.000 When you don't know what makes you happy, you end up just doing things 245 00:14:54.000 --> 00:14:56.000 that gets you the external validation. 246 00:14:56.000 --> 00:14:58.000 And for some people, it might mean, okay, you know what? 247 00:14:58.000 --> 00:15:00.000 I actually do enjoy this new car. 248 00:15:00.000 --> 00:15:02.000 It does bring me happiness. 249 00:15:02.000 --> 00:15:04.000 But for others, it might just be a facade. 250 00:15:04.000 --> 00:15:08.000 And later on in their life, they just realized that actually no one really cared. 251 00:15:08.000 --> 00:15:10.000 The only person who cared was me. 252 00:15:10.000 --> 00:15:12.000 And although I did it for other people, 253 00:15:12.000 --> 00:15:14.000 it's now I realize that, 254 00:15:14.000 --> 00:15:17.000 or the trade-offs that have to make as a result of it. 255 00:15:17.000 --> 00:15:21.000 Because happiness and external validation, they're like cousins. 256 00:15:21.000 --> 00:15:23.000 But they're not the same guy. 257 00:15:23.000 --> 00:15:24.000 Do you know what I mean? 258 00:15:24.000 --> 00:15:27.000 They look, they kind of like of the same family, 259 00:15:27.000 --> 00:15:30.000 but one of them's like dysfunctional sibling. 260 00:15:30.000 --> 00:15:32.000 But they kind of look the same. 261 00:15:32.000 --> 00:15:35.000 You know, you know, that guy in his Ferrari go on must be happy. 262 00:15:35.000 --> 00:15:39.000 And he comes in and he's probably got a smile in his face because he's talking about his Ferrari. 263 00:15:39.000 --> 00:15:40.000 Yeah, yeah, yeah. 264 00:15:40.000 --> 00:15:42.000 And that's what he's built himself on, I guess. 265 00:15:42.000 --> 00:15:44.000 But I don't know if that's happiness. 266 00:15:44.000 --> 00:15:46.000 You know, the guy without the Ferrari might be... 267 00:15:46.000 --> 00:15:53.000 I think universally, most people, what they want is the freedom and the choice at the time. 268 00:15:53.000 --> 00:15:55.000 I think more people are after that. 269 00:15:55.000 --> 00:16:00.000 And that can make more people happier than any status symbol. 270 00:16:00.000 --> 00:16:05.000 Because when you do end up going down the route of buying something to make you happy, 271 00:16:05.000 --> 00:16:07.000 you're on a hedonic treadmill. 272 00:16:07.000 --> 00:16:10.000 You're then buying the next thing and the next thing and the next thing. 273 00:16:10.000 --> 00:16:12.000 You get those spikes of happiness. 274 00:16:12.000 --> 00:16:15.000 The never is really long-lasting, fulfilling happiness. 275 00:16:15.000 --> 00:16:20.000 So investing strategy number one is asking your employer about the investment scheme? 276 00:16:20.000 --> 00:16:23.000 Finding out if your employer has, yeah, a project retirement plan 277 00:16:23.000 --> 00:16:25.000 and making sure that you're invested into it, 278 00:16:25.000 --> 00:16:28.000 enough to cover the match that they offer. 279 00:16:28.000 --> 00:16:30.000 What's strategy number two? 280 00:16:30.000 --> 00:16:35.000 The strategy number two is your own individual tax-advantaged investment account. 281 00:16:35.000 --> 00:16:37.000 This is a ISA in the UK. 282 00:16:37.000 --> 00:16:43.000 And this is where you put your own money after tax into an investment account. 283 00:16:43.000 --> 00:16:47.000 And then the money grows over time tax-free. 284 00:16:47.000 --> 00:16:51.000 So when you pull it out, at the end, with the UK, 285 00:16:51.000 --> 00:16:55.000 you could pull out five years and ten years or in retirement, 286 00:16:55.000 --> 00:16:57.000 then you could withdraw that money tax-free. 287 00:16:57.000 --> 00:16:59.000 So both of them have tax advantages. 288 00:16:59.000 --> 00:17:01.000 One is when you put the money in, you're getting the tax ranches, 289 00:17:01.000 --> 00:17:03.000 the other ones when you draw the money out, 290 00:17:03.000 --> 00:17:04.000 but they both have tax ranches. 291 00:17:04.000 --> 00:17:07.000 And so you're putting the money in and it's growing tax-free. 292 00:17:07.000 --> 00:17:08.000 That's a really big deal. 293 00:17:08.000 --> 00:17:09.000 That's huge. 294 00:17:09.000 --> 00:17:11.000 That's money that's compounding for you, 295 00:17:11.000 --> 00:17:13.000 and you're not paying tax on that. 296 00:17:13.000 --> 00:17:14.000 But there's a limit. 297 00:17:14.000 --> 00:17:15.000 There's a limit. 298 00:17:15.000 --> 00:17:17.000 Anually, it's 20,000. 299 00:17:17.000 --> 00:17:18.000 But in the UK, in the US? 300 00:17:18.000 --> 00:17:20.000 It changes year and year. 301 00:17:20.000 --> 00:17:22.000 At the moment, I believe it's $7,000. 302 00:17:22.000 --> 00:17:23.000 But with a quick Google search, 303 00:17:23.000 --> 00:17:26.000 you could stay on top of whatever the current limit is 304 00:17:26.000 --> 00:17:28.000 for the account or the tax board advantage account 305 00:17:28.000 --> 00:17:29.000 that you're investing in. 306 00:17:29.000 --> 00:17:30.000 So I get paid. 307 00:17:30.000 --> 00:17:32.000 I put it into my, in the UK, it's called an ISA. 308 00:17:32.000 --> 00:17:33.000 Yeah. 309 00:17:33.000 --> 00:17:35.000 And the limit is 20k. 310 00:17:35.000 --> 00:17:37.000 So if I put 20k in, let's say, 311 00:17:37.000 --> 00:17:39.000 if it goes to a 100k, 312 00:17:39.000 --> 00:17:41.000 because the investments go really well, 313 00:17:41.000 --> 00:17:43.000 is the whole 100k tax-free? 314 00:17:43.000 --> 00:17:45.000 Yeah, you're not paying capital gains tax. 315 00:17:45.000 --> 00:17:47.000 You're not paying interest. 316 00:17:47.000 --> 00:17:49.000 I mean, sorry, dividends tax. 317 00:17:49.000 --> 00:17:51.000 So pretty much that's the first place everyone should 318 00:17:51.000 --> 00:17:53.000 really be investing if they want an alternative 319 00:17:53.000 --> 00:17:54.000 to investing in their pension. 320 00:17:54.000 --> 00:17:55.000 Yeah. 321 00:17:55.000 --> 00:17:57.000 That's the first thing you want to cap out 322 00:17:57.000 --> 00:18:00.000 because of the taxable benefits that come with it. 323 00:18:00.000 --> 00:18:02.000 Is it called a Roth IRA in the US? 324 00:18:02.000 --> 00:18:03.000 Yeah, that's right. 325 00:18:03.000 --> 00:18:08.000 So as Max contribution is $7,000 to $8,000 a year 326 00:18:08.000 --> 00:18:10.000 if you're 50 or older. 327 00:18:10.000 --> 00:18:13.000 Yeah, the specific amounts depending on where you are. 328 00:18:13.000 --> 00:18:14.000 Yeah. 329 00:18:14.000 --> 00:18:17.000 The standard employee contribution limit of $23,000. 330 00:18:17.000 --> 00:18:19.000 Whereas in the UK, it's just a flat. 331 00:18:19.000 --> 00:18:22.000 20,000 is the current. 332 00:18:22.000 --> 00:18:25.000 And with my ISO, this tax-free ISO that 333 00:18:25.000 --> 00:18:27.000 everyone is eligible to invest in, 334 00:18:27.000 --> 00:18:30.000 do I then have to pick the things it invests in? 335 00:18:30.000 --> 00:18:31.000 Yes. 336 00:18:31.000 --> 00:18:32.000 Okay. 337 00:18:32.000 --> 00:18:33.000 This is the next. 338 00:18:33.000 --> 00:18:34.000 Oh, we could talk about this now, actually. 339 00:18:34.000 --> 00:18:37.000 Yeah, so when you are deciding what to invest in, 340 00:18:37.000 --> 00:18:39.000 this is with the employer's wants to that account, 341 00:18:39.000 --> 00:18:41.000 the employer's wants to retirement account, 342 00:18:41.000 --> 00:18:44.000 you actually just choose what risk profile you have 343 00:18:44.000 --> 00:18:46.000 and it will do that investing for you. 344 00:18:46.000 --> 00:18:48.000 So you'll say, I feel really risky 345 00:18:48.000 --> 00:18:49.000 or I'm not very risky at all. 346 00:18:49.000 --> 00:18:50.000 Yeah. 347 00:18:50.000 --> 00:18:51.000 And it does it for you. 348 00:18:51.000 --> 00:18:53.000 It does, it will invest on behalf of you. 349 00:18:53.000 --> 00:18:55.000 And so most of you don't even realize that they're investing, 350 00:18:55.000 --> 00:18:56.000 but they are investing through their company 351 00:18:56.000 --> 00:18:59.000 if they have that employer's wants to plan. 352 00:18:59.000 --> 00:19:03.000 Then the individual account is you doing the investing yourself, 353 00:19:03.000 --> 00:19:05.000 you're picking what to invest in. 354 00:19:05.000 --> 00:19:06.000 Yeah. 355 00:19:06.000 --> 00:19:08.000 And what shall I invest in? 356 00:19:08.000 --> 00:19:11.000 My principle with investing is very, very simple 357 00:19:11.000 --> 00:19:14.000 and it's just keep it simple and do it for the long term. 358 00:19:14.000 --> 00:19:17.000 So I say index funds and target date retirement funds 359 00:19:17.000 --> 00:19:18.000 is what you want to invest in. 360 00:19:18.000 --> 00:19:19.000 What's that? 361 00:19:20.000 --> 00:19:22.000 An index fund is for our index. 362 00:19:22.000 --> 00:19:25.000 Think about as a list of companies. 363 00:19:25.000 --> 00:19:29.000 So the S&P 500 is a list of the largest, 364 00:19:29.000 --> 00:19:31.000 the top 500 companies to keep this really simple. 365 00:19:31.000 --> 00:19:34.000 Fertzy 100 is the top 100 companies 366 00:19:34.000 --> 00:19:37.000 on the London Stock Exchange. 367 00:19:37.000 --> 00:19:40.000 The fund is a pot of money 368 00:19:40.000 --> 00:19:44.000 that invests in the companies on that list. 369 00:19:44.000 --> 00:19:46.000 So by investing in an S&P 500, 370 00:19:46.000 --> 00:19:50.000 you've invested in a small piece of the top 500 companies 371 00:19:50.000 --> 00:19:51.000 in the US. 372 00:19:51.000 --> 00:19:53.000 That's what an index fund is. 373 00:19:53.000 --> 00:19:56.000 And so even if one company goes down, 374 00:19:56.000 --> 00:19:57.000 you're diversified. 375 00:19:57.000 --> 00:19:59.000 And so there'll be another company that will, 376 00:19:59.000 --> 00:20:02.000 and the other companies will bring it back up again. 377 00:20:02.000 --> 00:20:04.000 And what kind of performance can I expect 378 00:20:04.000 --> 00:20:07.000 from investing in the S&P 500? 379 00:20:07.000 --> 00:20:09.000 Historically speaking, 380 00:20:09.000 --> 00:20:13.000 the long term average has been 8 to 10% per year 381 00:20:13.000 --> 00:20:17.000 depending on the years and the timeframe that you're looking at. 382 00:20:17.000 --> 00:20:20.000 That is different to a one-year holding period. 383 00:20:20.000 --> 00:20:22.000 It could go up, it could go down. 384 00:20:22.000 --> 00:20:23.000 You just don't know. 385 00:20:23.000 --> 00:20:25.000 So the longer you invest for, 386 00:20:25.000 --> 00:20:29.000 the chances of you getting that 8 to 10% on average increase. 387 00:20:29.000 --> 00:20:32.000 Is it to 10% going to make me rich, Donisha? 388 00:20:32.000 --> 00:20:34.000 How long are you doing it for? 389 00:20:34.000 --> 00:20:36.000 You tell me. 390 00:20:36.000 --> 00:20:37.000 If you have a lump sum amount, 391 00:20:37.000 --> 00:20:38.000 you're like, you know what, 392 00:20:38.000 --> 00:20:39.000 I have 2000 that I want to invest. 393 00:20:39.000 --> 00:20:41.000 What should I do with that? 394 00:20:41.000 --> 00:20:44.000 I was taking me five years to invest this. 395 00:20:44.000 --> 00:20:48.000 I would say 1,900 of that. 396 00:20:48.000 --> 00:20:50.000 Don't invest it. 397 00:20:50.000 --> 00:20:52.000 100 of it invest. 398 00:20:52.000 --> 00:20:54.000 I'll say what I'm saying, there's 100. 399 00:20:54.000 --> 00:20:57.000 I want you to invest it for anyone listening. 400 00:20:57.000 --> 00:20:58.000 I want you to listen. 401 00:20:58.000 --> 00:21:01.000 I want you to invest that because I want you to see and feel 402 00:21:01.000 --> 00:21:05.000 the emotions when you see your money go up over time. 403 00:21:05.000 --> 00:21:07.000 Sure, it's going to be small. 404 00:21:07.000 --> 00:21:09.000 It's not going to make you rich investing that. 405 00:21:09.000 --> 00:21:12.000 But you're going to instill that good habit early on 406 00:21:12.000 --> 00:21:14.000 and you're going to remember that 407 00:21:14.000 --> 00:21:16.000 because the remaining amount, 408 00:21:16.000 --> 00:21:19.000 you're going to put that towards increasing your income. 409 00:21:19.000 --> 00:21:21.000 That's the first thing you're going to do. 410 00:21:21.000 --> 00:21:24.000 Think of your income as a river 411 00:21:24.000 --> 00:21:26.000 and your specific milestones, 412 00:21:26.000 --> 00:21:28.000 life milestones as buckets across the river. 413 00:21:28.000 --> 00:21:31.000 So you have retirement, you have your house deposit, 414 00:21:31.000 --> 00:21:35.000 you have your car payment that you're all saving up for. 415 00:21:36.000 --> 00:21:39.000 Those buckets will fill up faster, the quicker, 416 00:21:39.000 --> 00:21:41.000 and wider that river is. 417 00:21:41.000 --> 00:21:43.000 That is your income that's coming through. 418 00:21:43.000 --> 00:21:45.000 If you don't have much of an income coming through, 419 00:21:45.000 --> 00:21:47.000 those buckets are going to take ages to fill up. 420 00:21:47.000 --> 00:21:50.000 That's why I say, if it's taken you a long time to save that amount, 421 00:21:50.000 --> 00:21:54.000 I actually would recommend you putting that money towards increasing your income first 422 00:21:54.000 --> 00:21:56.000 before investing it. 423 00:21:56.000 --> 00:21:59.000 If, however, you have disposable income, 424 00:21:59.000 --> 00:22:04.000 you have an reoccurring amount that you can invest monthly, 425 00:22:04.000 --> 00:22:06.000 use that to your advantage, 426 00:22:06.000 --> 00:22:09.000 harness the power of long-term compounding growth 427 00:22:09.000 --> 00:22:11.000 because that is the thing that is going to make you rich. 428 00:22:11.000 --> 00:22:13.000 Sure, it will take 25, 30 years, 429 00:22:13.000 --> 00:22:16.000 but that is leverage that you don't get through your day job. 430 00:22:16.000 --> 00:22:19.000 It's your money working for you without you having to be there. 431 00:22:19.000 --> 00:22:22.000 So you would suggest if you're really at that early level 432 00:22:22.000 --> 00:22:24.000 to focus on increasing your income, 433 00:22:24.000 --> 00:22:26.000 investing in increasing your income? 434 00:22:26.000 --> 00:22:27.000 Yeah, that's the first thing. 435 00:22:27.000 --> 00:22:29.000 If you're figuring out, 436 00:22:29.000 --> 00:22:30.000 okay, I need to increase my income, 437 00:22:30.000 --> 00:22:32.000 it's taking me a while to earn this amount 438 00:22:32.000 --> 00:22:35.000 and I only have a lump sum of 2005,000 439 00:22:35.000 --> 00:22:37.000 focus on increasing your income. 440 00:22:37.000 --> 00:22:39.000 Yeah, that's what I would say. 441 00:22:39.000 --> 00:22:41.000 And how does one focus on increasing their income? 442 00:22:41.000 --> 00:22:43.000 There are a couple of ways to do this. 443 00:22:43.000 --> 00:22:48.000 So the easiest way to increase your income 444 00:22:48.000 --> 00:22:51.000 is asking for a pay rise, 445 00:22:51.000 --> 00:22:53.000 increasing your responsibility, 446 00:22:53.000 --> 00:22:55.000 the work that you do, your contributions, 447 00:22:55.000 --> 00:22:57.000 and saying to your boss, 448 00:22:57.000 --> 00:22:59.000 your manager, this is the value that I've bought, 449 00:22:59.000 --> 00:23:02.000 this is the responsibility that I've taken on, 450 00:23:02.000 --> 00:23:04.000 this is what the market is paying for a similar role, 451 00:23:04.000 --> 00:23:08.000 and this is why a pay rise is fair. 452 00:23:08.000 --> 00:23:09.000 The other option. 453 00:23:09.000 --> 00:23:10.000 Did you ever ask for a pay rise? 454 00:23:10.000 --> 00:23:11.000 Multiple times. 455 00:23:11.000 --> 00:23:13.000 Multiple, multiple times. 456 00:23:13.000 --> 00:23:14.000 When you're at an investment banking? 457 00:23:14.000 --> 00:23:15.000 Yeah. 458 00:23:15.000 --> 00:23:18.000 It's one of those things where, 459 00:23:18.000 --> 00:23:20.000 if you don't ask, you don't get. 460 00:23:20.000 --> 00:23:21.000 Of course you'll get, 461 00:23:21.000 --> 00:23:24.000 but you sitting there and thinking 462 00:23:24.000 --> 00:23:26.000 the hard work is going to show 463 00:23:26.000 --> 00:23:28.000 that without you asking for it, 464 00:23:28.000 --> 00:23:30.000 it's unlikely. 465 00:23:30.000 --> 00:23:32.000 You're going to have to build a case 466 00:23:32.000 --> 00:23:35.000 and say, okay, these are the things that I've done. 467 00:23:35.000 --> 00:23:37.000 This is the things that we said we were going to do, 468 00:23:37.000 --> 00:23:39.000 or I wanted to work on in my performance review, 469 00:23:39.000 --> 00:23:40.000 which is what I had. 470 00:23:40.000 --> 00:23:42.000 Okay, to the end of the performance review, 471 00:23:42.000 --> 00:23:44.000 and these are the things that I actually did, 472 00:23:44.000 --> 00:23:45.000 and this is where I went above and beyond. 473 00:23:45.000 --> 00:23:46.000 So if I'm your boss, Nisha, 474 00:23:46.000 --> 00:23:49.000 if we just replay one of those conversations you had, 475 00:23:49.000 --> 00:23:51.000 you're a standard performance review. 476 00:23:51.000 --> 00:23:54.000 And what did you say to me? 477 00:23:54.000 --> 00:23:56.000 I would say, hey, Stephen. 478 00:23:56.000 --> 00:23:57.000 Hey. 479 00:23:57.000 --> 00:23:59.000 Three months ago, or six months ago, 480 00:23:59.000 --> 00:24:03.000 we spoke about the things that I needed to do 481 00:24:03.000 --> 00:24:06.000 to get promoted or to get a pay rise. 482 00:24:06.000 --> 00:24:09.000 And we mentioned XYZ. 483 00:24:09.000 --> 00:24:12.000 And I've done all of those things here. 484 00:24:12.000 --> 00:24:14.000 And here is the feedback that I've got. 485 00:24:14.000 --> 00:24:16.000 Here is where I've gone above and beyond. 486 00:24:16.000 --> 00:24:19.000 And this is some extra things that other people 487 00:24:19.000 --> 00:24:21.000 or the 360 feedback that I've done 488 00:24:21.000 --> 00:24:24.000 and this is what it says. 489 00:24:24.000 --> 00:24:26.000 Yeah, and that's when I'll say, 490 00:24:26.000 --> 00:24:29.000 do you think that this is the bracket that we discussed? 491 00:24:29.000 --> 00:24:30.000 Do you think that's fair? 492 00:24:30.000 --> 00:24:33.000 Research shows that women are much less likely 493 00:24:33.000 --> 00:24:35.000 to ask for a pay rise. 494 00:24:35.000 --> 00:24:36.000 And when they do, 495 00:24:36.000 --> 00:24:40.000 they are less likely to get one compared to men. 496 00:24:40.000 --> 00:24:42.000 Is that kind of what you found? 497 00:24:42.000 --> 00:24:43.000 Yeah, I've seen those facts, 498 00:24:43.000 --> 00:24:45.000 and I think it's really such a shame 499 00:24:45.000 --> 00:24:47.000 that when women ask for a pay rise, 500 00:24:47.000 --> 00:24:50.000 it may not be seen in the same way as when a male 501 00:24:50.000 --> 00:24:53.000 counterpart asks for the pay rise. 502 00:24:53.000 --> 00:24:57.000 And the fact is that we can control 503 00:24:57.000 --> 00:25:00.000 are the being prepared, 504 00:25:00.000 --> 00:25:03.000 having the book of all the things that you've done. 505 00:25:03.000 --> 00:25:04.000 But I recommend, 506 00:25:04.000 --> 00:25:05.000 and this is things that I've done 507 00:25:05.000 --> 00:25:06.000 when I was an organisation 508 00:25:06.000 --> 00:25:07.000 and when I felt like, 509 00:25:07.000 --> 00:25:10.000 even I was being paid less than my male counterpart, 510 00:25:10.000 --> 00:25:12.000 is speaking, firstly, 511 00:25:12.000 --> 00:25:16.000 if there's a HR team in your department, 512 00:25:16.000 --> 00:25:18.000 speaking to them and asking am I online 513 00:25:18.000 --> 00:25:20.000 or am I aligned to the average 514 00:25:20.000 --> 00:25:23.000 for my department and for what my role is? 515 00:25:23.000 --> 00:25:25.000 They could give you a really good guideline 516 00:25:25.000 --> 00:25:27.000 as to whether you are underpaid 517 00:25:27.000 --> 00:25:29.000 or whether you deserve a bump 518 00:25:29.000 --> 00:25:34.000 to be more aligned to the general pay in that role. 519 00:25:34.000 --> 00:25:35.000 And the second thing is, 520 00:25:35.000 --> 00:25:37.000 have an ally or have someone 521 00:25:37.000 --> 00:25:39.000 in your workplace that you'd always speak to, 522 00:25:39.000 --> 00:25:40.000 whether it's a mentor, 523 00:25:40.000 --> 00:25:41.000 whether it's a colleague, 524 00:25:41.000 --> 00:25:44.000 and it's worth always speaking 525 00:25:44.000 --> 00:25:46.000 to other people about money. 526 00:25:46.000 --> 00:25:48.000 It's such a taboo topic. 527 00:25:48.000 --> 00:25:49.000 We hate it. 528 00:25:49.000 --> 00:25:50.000 We hate talking to someone else 529 00:25:50.000 --> 00:25:53.000 about their salary, what they're making. 530 00:25:53.000 --> 00:25:56.000 But the more financial transparency 531 00:25:56.000 --> 00:25:57.000 that we encourage, 532 00:25:57.000 --> 00:25:59.000 the more we can learn from each other. 533 00:25:59.000 --> 00:26:01.000 Openly ask the person next to you, 534 00:26:01.000 --> 00:26:03.000 hey, this is what do you get paid? 535 00:26:03.000 --> 00:26:04.000 As hard as that is, 536 00:26:04.000 --> 00:26:06.000 open up that conversation. 537 00:26:06.000 --> 00:26:08.000 But the other way to increase your income 538 00:26:08.000 --> 00:26:11.000 is actually through switching jobs, 539 00:26:11.000 --> 00:26:13.000 switching companies. 540 00:26:13.000 --> 00:26:15.000 Because there's so much research 541 00:26:15.000 --> 00:26:17.000 that's been done. 542 00:26:17.000 --> 00:26:21.000 And the most popular one is actually one cited by Forbes 543 00:26:21.000 --> 00:26:22.000 that says, 544 00:26:22.000 --> 00:26:25.000 people who stay at the same company 545 00:26:25.000 --> 00:26:27.000 for two years or more 546 00:26:27.000 --> 00:26:31.000 on average and 50% less over their lifetime. 547 00:26:31.000 --> 00:26:33.000 And I've made a video 548 00:26:33.000 --> 00:26:36.000 on my salary year by year 549 00:26:36.000 --> 00:26:37.000 over the last, 550 00:26:37.000 --> 00:26:40.000 over the nine years I spent in banking. 551 00:26:40.000 --> 00:26:42.000 And the biggest pay jumps that I saw 552 00:26:42.000 --> 00:26:46.000 or from switching companies. 553 00:26:46.000 --> 00:26:48.000 So those are the two ways 554 00:26:48.000 --> 00:26:49.000 that I would actually say, 555 00:26:49.000 --> 00:26:50.000 yeah, increase your income 556 00:26:50.000 --> 00:26:53.000 by asking for more by switching. 557 00:26:53.000 --> 00:26:54.000 What you just listened to 558 00:26:54.000 --> 00:26:56.000 was a most replayed moment 559 00:26:56.000 --> 00:26:58.000 from a previous episode. 560 00:26:58.000 --> 00:27:00.000 If you want to listen to that full episode, 561 00:27:00.000 --> 00:27:01.000 I've linked it down below. 562 00:27:01.000 --> 00:27:02.000 Check the description. 563 00:27:02.000 --> 00:27:03.000 Thank you.