IQ Meets EQ Podcast

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Ep78 She Who Controls the Money, Makes the Rules

by Jacqui Brauman
October 6th 2021

Louise Bedford is a best-selling author of five books on the sharemarket. She is one of Australia's most compelling speakers on the sharemarket, has been trading the markets since 1990, and has tra... More

Welcome to the I. Q. Meets E. Q. Podcast. I'm Jacqui Brauman principal solicitor at T. B. A. Law and ceo of Legally Wise Women and as always I'm here with Ush Dhanak former corporate lawyer then head of HR and now an emotional intelligence coach. Good morning Ush morning Jacqui, how are you going? I'm all right. How's yourself? Yeah good. We're in still in lockdown but I feel like every time we record a podcast it's it's like Groundhog Day. The only interesting thing is we have nice people to interview each week. So that's right. It is actually making it like people want to connect over zoom because we're just so starved. Yeah we are we are to know I love it. It's really nice listening to all our interviews and doing this bit. So yeah it's good. Yeah. The only thing that's really changed for me as well similarly is that the days are getting longer? Oh my God a couple of months ago it was fully dark while we were doing this but now like it's been like for half an hour.

I know we're lucky. We're lucky. And then the daylight savings is this weekend isn't it? Yes. Yeah I think so. So that's always like it's christmas next week. I know at least we got roadmaps out now. I mean yeah better than nothing. So that's right we do plane, yep. At least there's a light at the end of the tunnel as you say because the jumping around in and out in and out of lockdown and without any ability to make any difference is now. Yeah, that's the way out. Yeah. So how are the businesses that you're supporting? Yeah. Look, they've actually all been okay. There's there's a couple that are on hold at the moment just because of the impact of Covid, which is really sad to see that impact. But outside of that it's just pretty much normal business as usual. If anything, they need that support around their staff and employees and everything that's going on. Yeah. So yeah, that support is still continuing, which is good.

What about yourself? Is it much this hole in and out business, but only of this in office, only motivation and psychologically like, and as you say, trying to make sure staff a good and happy. But I think the team at the moment is Almost the best. It's been in 18 months, so we're I think we're actually pretty good. So I mean that at least is a blessing. I spoke to someone during the week who's daughter who's a lecturer at a university and it's just it was interesting to realize how much of an impact it's having on different industries because I hadn't really thought so much about teachers. Like I knew they were all teaching from home and that was the extra stress, but the way that she had had to move from lecturing. So she used to do seven hours of lectures a week and they were to rooms full of about 500 people, but if you take it on to zoom, she's been limited to 100 people in a lecture on zoom and so she has to do the same lecture five times.

So God 35 lectures a week instead of seven. And then because of the cutbacks with tertiary education but they have let go all the people who do all the marking of the assignments and so as well as having to do all that hours of lecturing and prep, she's also doing all the marking far out. Just got psychological impact of the repetition of it as well. It's going to kill You. That's right, that's right. And you know you you think you can do that for a little while because like you're like Yep pandemic will get through this, I can do this for six months but it has been 18 months. Oh my God. Yeah full on. And I think it's just this year is pretty much a write off as well, isn't it? Remember that tv we were saying this last year won't we? Oh my God anywhere. We're having up hurry up, we're doing the same thing Again now. Yeah that's right. This year has been almost a repeat of 2020. It's bad.

I want those years back. I know two years of our lives just like watching a really boring long last movie that you can't get back on. That's right. Not even any popcorn. What the hell is exactly what's happening? Shitty seats. Yes. Yeah. So I mean it's interesting thinking about all of that that we've just spoken about and then to switch to financial security, which is what I spoke to about with Louise Bedford this week. And Louise has come to being a financial expert from a different perspective to the financial planners that we've spoken about before. So Louise has um we got degrees in psychology and business and then had her own adversity and came around to supporting herself financially by trading shares and now has written a number of books on share trading. She's called Australia's candlestick queen and she runs a business with a business partner who do a whole lot of mentoring for people who want to do the same.

So yeah, let's have a listen. Louise Bedford, welcome to the podcast. How are you today? Oh great. It's so good to be here. It is. It's good to be able to chat and interact despite being victorian lockdown these times we're in now before we jump into what you do now and the challenges you faced and what your passion points are. Can we go all the way back to when you were growing up and what you actually wanted to do when you were growing up? Oh, that is a long time ago now. I really wanted to be a wallpaper designer go figure. But yeah, clearly that there was no money in that. I wanted something with lots of money so that I could have choices in my life. There was a very big moment for me with my grandmother and my parents were fighting in the background and I could hear things being thrown around and I was hiding in a cupboard underneath my mom's coats and my grand knew where I was and she opened the door and she said stay down and I did, I hit under the coats and she said just think about this, she who makes the money makes the rules and it was a real turning point for me.

I think I would have been nine at the time and it just made me think she's right to be able to create your own destiny to work out where you want to be in life. You need to make the money so you can make the rules. And it has guided my life ever since. So thanks grand. Yes. Yeah, grand. Really wise because even just using that phrase, she who makes the money, not here, Who makes the money. Yes, yes. Because grandma was actually quite the independent woman. My grandfather married her for her money. So that was a little bit of a twist. And I think that set me up with that wealth mindset that women can do this and that we can call the shots. So there was a lot of good mentoring from a young age, maybe not from the direct parental units, but one level up. So many people are so grateful for their grandparents, aren't they? Yes. Yes by that stage there's a lot of wisdom to give that's for sure. And it's funny as well you know the perception of whether you can make money in a creative field or not either because it's interesting.

I have clients who do screen printing and they have gone into making Children's wallpapers are nuts because of everyone being blocked down. Oh my goodness maybe I should take a change of career now. I'm glad they're going very well. Sorry you didn't end up designing wallpaper but you have done fairly well and certainly working in the financial space. But what did your career path look like? So doing school, what then did you do? And how did it wind to where you are now? Yeah. Well way back when my sister was going out with a lovely gentleman and he took me to his uni and he said you've got to do business with the way that you are with your methods of being able to extract money out of people for persuasion. He said you've really got to do marketing. So I did psychology and in a degree and an arts degree and marketing in a business degree and I just loved it.

I loved everything about it. I started out in the corporate world and I was just flying high, it was so much fun climbing that corporate ladder, I was in sales, I became a sales manager than a national manager and I was on the fast track big american company and unfortunately for me, I had a health problem kick in and everything that I dreamed of was suddenly shattered. It was a time where I was very uncertain about what my future would hold. I had a problem with my hands and my arms ended up not being able to move my hands and arms for three years, so I had to get a carer, had to have somebody to accompany me to the toilet to open doors to even, you know, just brush my hair. How Old were you? 26, how painful! It was just emotionally shattering. It was physically ever so painful. I felt like my life was over.

I didn't know if it was going to be a situation that could be fixed and it was one of those situations, I think when your back is to the wall, you have to get creative and for me, I'd already been trading alongside my career and then it took on a whole new urgency. It was just like you have to do this because the only other foreseeable career I thought I could have was maybe I could work in a jewelry store because things are very small and they're light and maybe my carer could come with me. So for trading for me, it's right up there with oxygen. I've been a full time trader ever since and it has provided every aspect that my career did when I had that job at the multinational and more and it's provided the freedom so that I could pay for the immense costs that it involves to get better from a situation like that.

Everybody kind of goes up. We'll surely the government covers these things. Uh you do not want to have a physical issue and be poor. You really don't. It's a critical thing, wow. Okay, so how long it was? About three years, was it, did you say? Yeah, about three years. And I still have hitches now and again, certainly after I've had two Children since then. So I had problems during the pregnancies. And just after it turns out that it's a family based issue to which I didn't know until after I had my Children that my two cousins have had a similar issue. And it has been a big emphasis for me on compassion, on caring for people with different situations and being able to get creative about how we think about ourselves, our identity and the ways we have of making money. Oh my God, there's so much in all of that. Absolutely.

And to not just fall in a heap and then rely on others still had that drive to work out how to make this happen for yourself. That's it. And to find out who to rely on as well, that's the tricky part because some of the friends that you gather when you're able bodied, they are not the ones that hang around when you've had a change of life circumstance, but new people emerge. So I remember with my first book that I wrote about how to trade options, I popped in only really speaking from my scars at that stage, I couldn't talk from my wound when it was all fresh and knew I had to wait until I recovered somewhat to be able to write the book. But I wrote that book and I wrote in that very first section about my health issue and I had people from around the world come to me saying that had other situations were disabilities, car accidents, paragliding accidents.

So many people have got veins of pain that run through their life and they don't let it define them and they're the people I want to hang around with, not the person that's been handed at all and just goes, hey, look what I've got now and I was so fantastic ego. I'm 100 people who've had something in their life that they've had to overcome and I want those people to be my inner circle. Okay, so back to trading. So you'll be doing a little bit of trading. So you at least had an account, you knew how to start. Like I had a little bit of confidence I guess because I think that that's a little with trading, isn't it? I, to be honest, have dabbled a little bit and then just get too scared to even place a real trade. And so I end up pulling all the money out of my trading account because I'm like, it's just sitting there doing nothing. It's interesting you mention that because one of the top areas that female traders have to overcome is that lack of confidence.

Now that is actually a positive for women. It is a situation where we're more conservative, we evaluate all of the risks. We don't just jump in. Like the guys, a lot of the guys have overconfidence as their problem. I take a lot of solace from the quote. There are no old bold traders because they just won't have made it, they won't have made it through that minefield. So I like that you Got the basis there, but maybe you just needed a mentor just to help encourage you to take that next step. I always say don't evaluate your progress until you've done 20 trades on the market because after 20 something magical happens, you start to go and I understand a bit more about it. I've kind of got my idea is here flowing and yeah, it gives you a lot more of a basis to judge your cell phone, you know that even makes me scared to go, I have to do 20 oh my God, so finding a mentor them, so you're, you know, you've got physical pain, you're unable to do a lot of things for yourself.

You're alone, Probably not able to access people as easily as you could before. How do you go about finding a mentor in that situation who did you learn to trust and learn from? Yeah, it's not like you have people applying for the job hey? Yeah, luckily in those days it was a human broker. I asked him when I was trading with a pen in my mouth because I couldn't use my hands. So I had to use a pen in my mouth to touch the computer keyboard. I said, can you help me with this? Is this something that you are prepared to do otherwise? I'm going to have to find somebody else. And he said, look, I don't know that much about the markets, but I'm willing to learn with your money. I thought it was a brilliant opportunity. I just went of course and go figure a bit of navy to them. So we did, we did learn together and it was a wonderful situation where he could introduce me to some of his other clients who had made money and who were doing well, which was inspiring for me.

And as I recovered, I was able to hang out at a swimming pool, which was like a hydrotherapy swimming pool for physio. And then I had a whole heap of new people with all sorts of disabilities come to me and say, well how come you're managing to make money and you're not having to go on the pension. They became my very first group of people. And I think through that I've still maintained some of the friendships there after all those years through, through that friendship group that gave me a lot of confidence as well. But finding a mentor is really important. You bring up a valid point. You have to find somebody who really has the experience and the knowledge in this field with the credentials because that is something to consider. There's a lot of new people on the block, they've made money for a year. They think they know how to teach it really. I've been trading since 1990 and I've got an F sell Australian financial services license.

So you do want to learn from somebody with some level of qualification and also importantly, somebody who cares for you. Somebody who hasn't warmed through wants to see you do well who has their heart in it, you know, you want somebody who has had that battle hardened few, but also somebody who has that care that can let you in and you can be vulnerable in front of you know, easier said than done. Yes, much easier said than done. Look even I think part of the battle is when you're looking for a mentor is even to find someone that is actually doing what they say they are doing and that you can see yourself reflected in them because the only to be honest, I haven't looked around all that much either. The only traders that you see that are making a lot of noise are middle aged white men and I'm like well I don't relate to that.

And funnily enough the stats don't even back that so women on average make more than male traders. We are more cautious, we take longer to get involved and sure we do have to fight with our own mindset A little bit more. But on average were making 2% more than the Bloke's a year. So when you compound that that is huge, there's a vast difference. Looking at my own traders, I run a mentor program. So a lot of my traders provide their results to me and I managed to do a bit of data extraction and analysis on those. Which is exciting. And when I look at it, my top three traders are females. Now the guys are making a bigger hoo ha about it. But the women are just there quietly achieving. One of my top traders, her husband left her when she was eight months pregnant. She trades through revenge her babies Now five years old.

She's been one of my top traders probably for all of that time. I'd have to check and make 100% sure. But it's definitely the last four years. She says, look he's the settlements done. You know the divorces through. He left me when I was vulnerable and now I'm going to rub his nose in it every single day. So she and her little bub, gorgeous little boy. They have an amazing lifestyle and the husband really doesn't get a look into that money. I know that it's a bit of a negative motivation. I do get that and I'm on the podcast, but it has actually turned the trick for this lady. It has just been a complete mind shift And you know what is? I love that, I love seeing my people succeed. I love seeing their wife fulfilled and changing the cars that they drive, changing the schools, they send their Children to changing their level of education. A lot of people go back after they've realized that they can earn money.

They can actually educate themselves into a field that they want to go into. It's just been such a freedom reveal er in terms of what guides people, once you add a bit of money into the mix and it doesn't take as long as you think. You know, you don't have to be it at three hours a day in front of your screen. So what are you going to do with the rest of the time? Uh huh, wow, fascinating. So I mean really practical question. Like how much do you start with, How much do you need to start? Yes, look, I'm more conservative than a lot here. I mean, you know, you do see people say, oh, I started with $1000 and you know, now is 100,000, I'd prefer not to go with that kind of big pine the sky. Sure some people have done that, but let's get real here. So the ideal is to start with as much as you can, but as a minimum 10 to $15,000 as a minimum because I can tell you why you're going to need to be able to give some of that back to the markets, that will be your education fund.

It will be a few losses and it'll take a little while to break even. And in fact, even with the traders that are trained, I say this is a 3 to 5 year plan. This is not, you get rich and then you hold onto it for life in the first six months, you'll be seeing bucket loads of money flow into your account. It doesn't work that way, aim to break even in that first year. That is a brilliant goal. Once you can break even then you can work out what you're made of, Maybe you're going to make Roughly what the warlords make or the 6, 200, say 12-14% a year, you get that the next year and then you aim to beat that. So we're talking about accumulating wealth over the long term so that you can live the life you want. It's not something that is, hey, You're going to make $5 million dollars next week. It's just not going to be that way. Yeah. Yeah. And it's, as you say, it's like an income generator as well.

I mean, yes, you can also build your capital as well, but isn't it about just making enough to have the last style you want and then to do the things you want to do too, isn't it? Yes. I think also the big one is to say no. You know, you look at how women have been impacted through the pandemic around the world, 47 million new women have been plunged into poverty. It has impacted women more. We've lost our jobs to a greater extent. We've taken pay cuts to a greater extent. We've had that sandwich crush of having to look after the Children, particularly for home schooling in this country. And of course we're also looking after our parents that were terrified about the women are taking on the brunt of this. So for us to be able to call our own shots for us to be able to say no to the demands of a boss who's expecting ridiculous demands on our time. Apparently, even though we're working from home for a lot of us, average workday has gone up by 46 minutes.

That is if you leave it, I believe a couple of hours in most people's case. Yeah, that's it. Exactly. And when you look at, even though we're not traveling in potentially, but we're certainly looking at so many aspects of home life and trying to juggle that everything just merges into one. So I really do want to encourage every woman listening that you can take control of your future that you can develop enough money to have it on the side. It's your stuff. You maybe there's an f in front of that word. Usually if you're listening with a kid in the background, it's your stuff you fund because that is going to be such a good potential for freedom for you instead of having to just say yes to that boss every, every single day. Yeah, that's right. You know I met with a woman two days ago and we were talking about doing a state planning and talking about how she'd taken 10 years out of the workforce and how smaller super was.

And we had the conversation more openly than I would usually have with a couple because she was ready to have that conversation about those inequalities and the impacts on her and thinking about well as a blended family, how do you meet all the obligations that you have when you took when you've done yourself out as well for the fact of looking after kids, you're right. Women do need to take ownership and consciously build the confidence to do that sort of thing. But as you're saying, we've got such a load. I know you talk about decision fatigue as well with the mental load that we have. Like how do you even find the space to start committing to learning this instead of just going my God, it's just another thing and you put yourself to the bottom of the list and all Of another burden. Yeah, actually that's a really good point. I think you need to have a why the thing that will drive you that will get you out of bed is probably not necessarily going to be carrot or stick, it will be your own blend of things that appeal to you.

You know apparently if you get divorced in Australia over the age of 50 as a female, you have a one in three chance of ending up below the poverty line, one in three. So let's use that as a y let's find out what is going to drive us because we are retiring with less money in our super we are finding that with the estate planning process that it's our kids in the blended family that end up missing out. So sure the guys are dying the seven years younger than us on average but we have that extra time that where our money has to stretch and we do have to consider that. So work out the things that really appeal to you, what is it about your life that's missing at the moment. Get it down to a value statement as well, find out your top three values and let them pull you and draw you towards your goal. So my values I Have is my top three love, inspiration and nurture.

Now those three can't really be fulfilled entirely as a trader, but the results from trading can help me fulfill all three. So I have to think about how this could fit in with your life. A lot of people decide to have either income or wealth as being their focus for trading or a blend. So the majority of people who are trading on weekly charts, actually making more money than people who are day trading or trading on short term charts. So you could end up spending an hour or two on the weekend and maybe half an hour during the week and then that is your workload after you've educated yourself. That is all. So it might take less time than people think it's finding that thing that's going to drive you, that's going to help you educate yourself when you doubt yourself and carving out time because you are a priority. Yeah, that's right. And that's a huge mindset. Just mind set shift for so many women is making themselves a priority, isn't it?

Yeah. And popping that into your calendar. You know, like currently my living situation is I have my wonderful husband, I've got my two kids, they don't come and annoy him when he's a computer, they come up to me. That's the thing that I think a lot of women do struggle with. So finding methods to be able to carve out that time? Like I've got a notice on the door saying zoom meeting in progress don't come in. Alright so I've taught the kids that after the zoom meeting is over I'll give them heaps of attention and care and might even go out and get a bubble tea. Wouldn't that be lovely? Just do not come in that door and you be quiet while I'm doing this because I'm earning money for your future. So they don't know whether it's trading or podcasting. Either or I do the same for trading. So I've got to focus. I need time away from them. They're loud and noisy and I can't think with them near me refreshing to hear.

I saw a woman in our the other day who was letting everyone go in front of her at the ill because she just wanted a little bit more time away from the keys. Oh my God I'm so hearing you And we have really caught the brunch of this in terms of when you look at the household chores that women are doing we're doing more than usual and having to deal with home schooling as well. So you just might need a little bit of something something for yourself on the side and it might not even be home shopping because we have just been burning those credit cards haven't we? How much we've been using them. Why don't you have to think about your future? You why don't you consider what you'll look like in 3-5 years time and let that person that image of the ideal life that you could carve out for yourself, draw you in and then work backward to work out what you need to do to achieve that ideal life. Love it, love it, love it. All right, so everything that you know now, what would you tell your 21 year old self?

What would you go back and tell that girl? It'll be okay love. It'll be okay. It'll work out. I just spent so much time doubting myself and just wondering if I ever had it in me to achieve and not even realizing that down the track. Sometimes the things that go wrong can make the best memories and they can be your springboard. You know, I just had no idea that that could be the case even though I did lose the use of my arms for that period of time and I still have to go through physiotherapy now. Even with all of that I wouldn't switch out that experience for the life of me because I wouldn't be a full time trader. I wouldn't be looking after thousands of other people. It wouldn't it wouldn't be the same. It wouldn't be the same life at all. You know? So it will be okay love. But you'll make it Yes. And sometimes it's like there's so much more potential in you than you realize. Yeah, yeah.

What would you tell your 21 year old self look, something really similar as well. Like, you know, all the angst and anxiety doesn't make any difference. Like there's no point in feeling that because you like what happens is going to happen, But I think we waste a lot of time thinking ahead when it's the source of anxiety really, isn't it? That future thinking what could go wrong? What could go wrong? Yeah, that's right, That's right. There's a lot of time spent doing that. That's definitely a habit that I'm still trying to get out of. So looking after yourself, particularly, you know, as you say, all the challenge that we're facing now lockdown kids and all those things. How do you check in with yourself to make sure that you're doing okay? And is there something that you do regularly to keep yourself going and keep your focus and happiness? Yeah, it's so important at the moment, isn't it?

There's been a lot of good science around gratitude, journaling the one that I've been using since I was at uni actually when I got to have presented to me Julia Cameron's ideas from the artist's way and now to know Julia personally, how exciting is that? She's been on my podcast on talking trading dot com dot au and she sends me a little messages that she's just sweetest lady you have ever met. So her view was morning pages. I call it a morning journal where I write and write and write and I just came to keep the pen in motion and not to judge what is pouring out of me, which is often a heck of a lot of vitriol. You know, it's really like who is my lunatics? You know, she's really got a hold of that pan, hasn't she? So to be able to have a method of extraction from the darkness so that the light can sleep in. I think it's really important whether you do it through a therapist, whether it's talking to a girlfriend.

I mean I find for me a lot of introspection is a good thing. It is a wonderful way to get your head around it. And if you haven't done morning journals before, do it if you can before anybody else wakes up before you said your first word before you've had a cup of coffee and it will end up being a to do list sometimes as well. Sometimes it'll just be like bitch fest from hell and it's a really good way to keep yourself centered. But also the basics sleeping enough, making sure you're not sleeping too much eating the right food going for walks, making sure you get outside vitamin D, making sure your social needs are met, all of these basic inputs because we are an animal and we need those animal type of inputs. Imagine you're a labrador, how would you look after a labrador so that the labrador is happy, you have play dates with other dogs. But exactly. So try and remember that. It's ok. It's not going to last forever. We can get through this and other people are going through this as well.

So be grateful for the things that you can be grateful for, the things you can control and everything else. It's okay. You can pick it up later. It'll be all right. Mm. Yeah. Again, such great messages, thank you so much. All right, Is there anything else you want to let the audience know other than where to find you and how to work with you if they want to do that? Yeah. The thing that I really have in my heart at the moment is just such a lot of respect for everybody listening to this podcast. You know, this is one of the ways that we can help each other as women and that we can spread the word that all of the things that you want are possible. So I want to applaud your courage applaud that you're making the time to focus on an area such as this EQ is so important. It is even more important than IQ because that is the thing that is going to be remembered. People are going to remember the stories that you tell more than the actual data that you give them.

So I do applaud. I do applaud each and every one of your listeners and I love what you do, Jackie, I've been listening ever since we've been in touch and it's terrific the work that you're doing. So yeah, kudos to you, my friend. So tell us the website where to go and how to connect with you. Sure. So if you're looking to extend the way that you make money to have some choices in the world to be able to say no to that demanding boss, then do check out trading and I can help you get started. So, come to trading game dot com dot au and I'll give you when you register my free five particles called trading made simple. I know you love it. It'll get you started super quick and you'll also get my trading plan template, trading game dot com dot au. And I'd love to see you there and you can even send me a little personal email. I respond to all of my emails myself. I don't do a virtual assistant.

I love that people contact and I'd love to hear that you heard about this interview and that you're a friend of Jackie's fantastic. That's great. So good. I have signed up as well and been getting your little snippets of audio and they're short guys, they're not like something you have to drive an hour for to listen to. Yes, it's brilliant. Thank you so much. And we'll put that link in the show notes to for everyone. Okay. Wish, what did you think? I loved? It was just really this one I found really inspiring listening to this. I think that's the year. That's the emotion part of what I was feeling when I was listening to it. And and also the sense of empowerment, right? The yes. That, you know, what is that, that okay, we can have this financial freedom and it's a case of, you know, just educating. So that was the side of what I was feeling. And I think from the eu perspective, the good reminder is that it's a long game, isn't it? I think we sometimes think that we can have some winds overnight or we can learn this really quickly, but actually we can, it takes time.

And, you know, I think if that so many people going to invest in, it's a case of whether they're going to learn this for a half an hour a week or an hour a week. And You know, I really liked, she said, well it was 12 months, wasn't it? To get your money back to break even. Yes, but but I thought actually that whole year's investment would be just to learn as opposed to making money. Yeah, it's a fascinating point. I hadn't thought of it like that and then thinking of it, like how much we invest into educating ourselves in other areas and how long, you know, it takes to do a degree to get into your profession and then yet in other aspects were like, I want to learn it in five seconds, but it doesn't work that way. So I wonder why we think that we're different, like we're in paid more impatient for some things than others. Yeah. Yeah, I know and I think she also, I like, you know, the whole empowered thing, I felt empowered to vote, you know what, this is something I could probably learn whereas before I always put something like trading in the too hard basket or well, you know, that's just something I can't do, other, people can do it, but not me.

Yes. Yeah. Um look, I completely agree. And I actually am like, okay, um, Probably to flat out this quarter coming up to the end of the year, but I think for 20, this is actually going to be something I'm going to invest in and actually learn. Amazing, but you won't have doubled in avenue, That's right. And it terrifies me to think that I could do something about it consistently because you know, the amount of trades I've done has been less than 20 and they're terrifying every time. Yeah, it's very strange. But you know what I loved was how openly ambitious she was, even from a kid, she's like, I just got to make money, it's gonna make money. Like how many people just go, that was my goal. Yeah. But you know what I think it is people's goals but probably just not spoken about as openly as she did.

Yeah, I agree. I think we all have that sense of feeling don't we? Like you know, I remember I was talking about her granny which is really really cute and sweet, remember my mom saying to me as well growing up like you know always have your own money, you know save your money and and not from a scarce as your point of view but more of you just never know what's gonna happen. But I was always a bit blase about the whole thing to venice because oh yeah money will just come, you know and then you get to a stage where you go shit yeah, I could have worked for this stuff doesn't just come unless you marry a rich guy. But yeah, it doesn't just come, you got it, you got to go out there and add it, you got to do the work. Yeah. Yes, that's right now, it was never my ambition to marry for money, that's for sure I'm somewhere along the line. I did pick up that. Yeah, I got to work really hard to make money and so I mean that's obviously playing out in my life at the moment because it doesn't have to be that hard as Louise was saying like You don't have to be a day trader, like you could be a week trader and still beat the markets over a 12-month period.

So yeah, mm. Yeah, I like that and I think it's, you know, look at it almost like you're learning a new skill, but it's like a side hustle that's going to make your money over the long term. Yeah. And and really learn that skill and hone that skill. I'd be up for it next year too. Sure. Great. You and me have a little mini mastermind, let's do it. Yeah. Well you're ahead of me because you've done your meditation one. Yeah, we're not open yet and they won't run it here until we can do it face to face. Uh so yeah, you're you're a little bit ahead of me, which is great. So I think as soon as we can open up, I'm going to be doing the meditation thing and then I'll be doing this. Yeah, awesome. But I think I, although I did the course earlier, I think I was already behind you in the Eq anyway, catching up. That's right. We've got to talk about the adversity then as well, that louise went through because oh my God, like At 26 with this neurological issue that she didn't know what it was and she was in pain, didn't know if there was any way of ever recovering.

I'm hard that have been. Yeah, absolutely. I think it's the whole unknown, isn't it? When she was saying was in the hands of his lack of movement in the hands, wasn't there? Oh yeah, her whole arms essentially. Um That's it, yeah. Yeah. And it's just that whole not knowing of what's going on and what the cause of it potentially isn't. Yeah. At that age and and also how she explained, you know how the people that she thought would have been there weren't there to support her. Oh yeah, that was very interesting. And I think that happens though, isn't it? Uh Yeah, I don't know if this case, if I don't know, people don't know or they can't relate or they think someone else will support you don't get it. But yeah, and then to go through that as well. But I also wonder maybe you can tell me from the accused perspective what that difference is between people who space that sort of adversity and then just go, you know, my life's over. I'll just have carers and live off the pension for the rest of my life versus her who just went, I've dabbled in trading before, I need to support myself, I'll do trading with the pen in my mouth.

Yeah, yeah. I think it goes back just to that, you know, your will, isn't it? So, you know, I think when you're hit with adversity, you're absolutely right, it's going to go one way or the other and you're either going to go into victim mode, which is based on your upbringing and paradigms and that, you know, the people that surround you will impact whether you go into victim mode or not based on what you've led or you're going to go the other way which is where she went. Which is going to go, well, you know what, I'm still going to survive, I still gotta make a living. I've got to get out of there so I'm going to push no matter what if you call on that inner strength and will to get you through that. And then I think, you know, if you haven't got that support around you, whether it's friends or family, it's going to make you even more of a fucking mindset isn't it? Because you're going to go well fine I'm on my own here and it's either me or no one else. I'm not gonna push, I'm gonna make this happen. Yeah. Which potentially it goes the same way not only two surviving financially but actually having some form of recovery.

Imagine those that if we're facing a similar thing who were a victim mentality wouldn't have been doing the physio and wouldn't have been doing all the diet changes and all the things that it took to get back to a functionality again. Yeah. And I also think it's important to acknowledge that you know, I'm sure she had those voices coming right to go, I can't do this today or I'm on my own. I've got no support and I think the key there with high E. Q. People is you're able to listen to those voices and go okay I heard them. I acknowledge them but I'm not gonna let them overtake me and let it rule the path that I'm on or I'm not going to let those voices dictate my journey in my life because we all have that right. Like whether no matter how strong we are there's moments whether that's you know at night before you go to bed or the first thing you wake up in the shower while you're walking or training that you get those voices to go shit this is hard and you know I want to just have a rest for a moment and let let these voices just like come in for a bit.

But then it's that it's a card had it and I'm gonna I'm gonna get back up now. Yeah. Yeah it's um it's interesting because in your Eq Academy mini bites that are running at the moment talking about the Frankenstein brain which is pretty much yes isn't it? Absolutely yeah. Yeah but it just really goes back to that will power of being able to push through those thoughts push through those feelings. I'm not gonna overtake. Yeah. Almost coming back around to the beginning how we were talking about putting effort into some areas of education versus others. It's funny how willpower, I was just thinking complaint in my life in different areas because you were talking about exercise just then and I think that's part of the reason why I do endurance running because it's the mental game, my body can do it and I know those voices are going to come up and it's going to say why are you doing this? You don't have to do this, this is hard and it's it's the push through. And yet in other areas of my life I quite often let those voices dominate on the opposite.

I have no more trouble concentrating and like, you know, I'm just like whatever, it will be fine, but when it comes to certain other things, I'll push through. So but then again it really does. It goes back to our paradigms that's simply all it is. So it's it's just what we, what will be conditioned with when we've grown up, what have people said to us where we've grown up. So for me, I was traumatized at sports at school. You know, my paradigm even as an adult is literally that So yeah, I think it's just how you were conditioned and how you were brought up that impacts those stories that you tell yourself and then those stories evolve over time and you add bits to it, depending on how you're feeling and that becomes your reality. Unless you go, hey, this is just the story of my own mind, it's not reality, It's not the truth and I can overcome this because I'm a strong powerful being. But again, do you listen to that voice and push through? Or do you sometimes let that voice become your excuse for things in life? Mm Yes, Because it's I suppose to consistently re change that story will take a fair bit of mental power itself as well.

If you've sort of been building up a paradigm over 30 or 35 years in the opposite direction. So yeah, I've got a friend of mine who's in my coaching business coaching group and she works with women who struggle with like their weight from an emotional eating point of view and she does a lot of work in that space with women around their stories and paradigms and it literally all all balls back down, their relationship with food balls back down to their relationship with their parents, what they were told Pretty much Madam, 9% of the people. So you know, if they're emotionally eating because they feel more validated out of love and things like that then that those patterns continue throughout their lives unless they go right, this is why I'm doing this or this memory is what's causing my current behavior. Well, yeah, it's interesting work, isn't it? Mm. It is, yeah. So it will be interesting then when we start trading what stories come up for us because I already know that I have these huge confidence blocks to actually trusting my decision to make a trade and yet louise is saying that that's half the power for female traders is the caution.

See, I don't think that's an issue for me because I'm a bit of a risk taker, weapons like that. My, she's going to be patience. I'm going to be like, why am I not a millionaire overnight? Why? Dammit 3%. What at all. What? So I don't think mine's gonna be, mine is going to be that. I was going to be like, oh, I can't make this trade. I don't trust myself. And I think also for me, I'm okay with failing in that because I'm like, I got to learn it's getting which man is, is to fail and I'm cool with the failure aspect and the trust aspects, but my patients and wanting, you know, those results a bit quicker than I can probably get them. And even listening to her go 12 to 18 months, I'm like, oh God, yeah. Whereas I go, well that time is going to pass anyway, so I may as well be learning something true trade. Yeah. But no, it's gonna be interesting. I'm, I'm keen to do this.

Yeah, awesome. Yeah, I'm excited. Well, let's see if anyone else in our audience is going to put their hands up and join us. Yeah, we could have like a little Eichmanns eq masterclass like amazing. Yeah. And yeah, it looks like you and I have obviously complement each other in terms of how strength and cautions. Yes, I'll be like just hit sell, just hit by. Yeah, I did not zero to that figure. Please, Jackie. Yeah, maybe I'll be like Bush, Hold on. Have you really thought about um Yeah. Okay. Yeah. All right. Well, look forward to that. I would love to hear from people actually about whether they've had experience trading, what has come up for them too. Yeah, absolutely. And I think, you know, I think we spoke about it before in the podcast, but this also plays on, you know, the money stories as well, isn't it?

That we that we have and we've made up in our minds as well around our relationship with money as well. So I think that's interesting. And I know if I hadn't done the work on my money story, 100%, that would come up for me learning this. So yeah. And it's just going to delve deeper and look at different stories. So yeah. Yeah. It's gonna be, it's gonna be great. Yeah. Look forward to it. So yeah, if anyone wants to reach out and let us know their experiences or wants to join us. This is posted at like 802 dot com dot au. And you can comment there on the post black wise linked in. We always have a good post running there with comments and otherwise, where can people reach? You wish. Yeah, I'm eq dot academy. Excellent. And I'm Jackie at legally wise women dot com dot au. Okay. Yeah. I'm a little bit excited. I know we should have a goal. Both for sure of like how much money you want to make. Yeah, we won't listen to her expertise and go, oh we just want to break even that stuff that let's make some money.

Yeah, but not excessive. I'm like okay, break even would be it'd be better than losing, but over a 12 month period. Yeah, I wanna, I also would prefer to like, yeah, 2 to 4% would be awesome. 8% would be like mind blowing. I want to double my money. What's 100% it is? Remember like compounding because if you make, if you make 2% on each trade you due to trades a week that does compound over the year. Mm two. That's true. Mm That'll be interesting to learn. All right, awesome. Well have a great week. Look forward to talking to you next time. Thanks. Yeah. Mhm. Right. Mhm.

Ep78 She Who Controls the Money, Makes the Rules
Ep78 She Who Controls the Money, Makes the Rules
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