Account-ability
Money basics, compound interest, saving versus investing, first payslips, credit scores, buy now pay later — the financial education no one put on the timetable. Part one of two.
In this episode
No one sits a girl down and explains her first payslip. They just hand it to her — tax gone, super gone, PAYG, a tax file number to go and find — and leave her to work out what any of it meant. Nobody came to school to explain it. It wasn't in the maths curriculum either. That gap is the whole episode.
Maya Farah and Emily Barker are the co-founders of Finverity, a Perth financial education company that has been sitting in front of Year 7 to 12 students having the honest money conversations most young women never get. They sit with Maddie to cover the three things everything else rests on — inflation, debasement and compound interest, explained with replica Mona Lisas and a melting ice cube — and then the part that actually lands: you can start investing with fifty cents. Ten dollars a week from age fifteen is around $700,000 by sixty. Saved instead of invested, it's about $45,000.
Plus why budgeting is backwards-looking and what to do instead, the fine print hiding in your savings account, how buy now pay later at fifteen turns up again in your mortgage at thirty, and how to ask a friend for money back without losing the friend.
Chapters
- 0:00Disclaimer: The information in this episode does not constitute personal financial advice, nor should it be relied upon as such.
- 0:05Meet Finverity and Their Mission
- 0:53What Do Wish Someone Had Told You
- 4:09When Money First Felt Real
- 4:49First Jobs and Early Money Lessons
- 9:55Three Money Basics To Learn
- 10:38Inflation and Why It Hurts
- 13:14Debasement and Money Printing
- 15:08Compound Interest and The Ice Cube
- 17:46Starting Small With Investing Apps
- 24:03Bank Accounts That Actually Help
- 29:44Debit Cards, Credit Cards & BNPL
- 31:55Budgeting That Looks Forward
- 39:11Credit Scores and Borrowing Power
- 42:10Questions From The Panel
- 47:38Rapid Fire Questions
- 49:44Wrap Up
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Transcript
Shout Outs
- What's Maddie wearing? Pants by Kookaï, Shirt by Veronika Maine, Shoes by Cosy Island, Earrings by Keikouno Jewellery, Ring by Linneys
- Podcast theme music created by Lettie Lee.
- Artwork featured in the background of the podcast videos is by the talented Lindsey Erin.
- The Mugs by the fabulous Jess from JS Handmade Ceramics.
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