Bunnies & Monies with Victor Idoko & Lionel O’Mally | Ep. 31
I am joined by two incredible guests, Victor Idoko & Lionel O’Mally who have taken their experience in the financial sector and written a children’s book, Bunnies & Monies. Our conversation is truly wonderful, they share so much about their childhood, their experience with money growing up and the reasons why this project was so important to them both. Their answers to my usual (but tweaked) last question are very insightful, I loved my time with them.
Bio:
Victor Idoko is a passionate financial planner, international wealth strategist, and author of the acclaimed 7 Basic Wealth Strategies. With over 13 years of experience in finance, 10 of which have been devoted to helping individuals and families navigate wealth and financial planning, Victor has dedicated his career to empowering others with the tools to build a better financial future.
Having studied for 17 years across various disciplines, he now helps clients in Australia and internationally through his integrated approach to money, mindset, and legacy.
Victor’s love for education, kids, and health inspired this book, an engaging introduction to money for young minds. It’s a personal mission that began in his own childhood, learning money habits from his parents from a very young age. That foundation became the springboard for a life dedicated to financial education and generational impact.
The kid’s book (Bunnies & Monies) ticks two of the boxes closest to his heart, teaching children and building a healthier financial future for every family.
Lionel O’Mally is a dedicated financial planner, retirement specialist, and co-author of Bunnies & Monies. With over a decade of experience helping Australians prepare for and enjoy a confident retirement, Lionel has built his career around simplifying complex financial topics and empowering everyday people to make smart, informed money decisions.
Originally from the country town of Bourke, New South Wales, Lionel’s journey has been one of hard work, family values, and community spirit. After moving to Sydney to play semi-professional rugby league for the Bulldogs and Wentworthville Magpies, he discovered his true passion – helping others create financial security and purpose in retirement.
Lionel is also the author of the Little Book of Retirement Concepts, a practical guide designed to help pre-retirees get organised and take control of their retirement planning.
He hosts two popular Australian podcasts – The Supermen Podcast and The Retirement Concepts Podcast, where he shares real stories, practical advice, and insights to help Australians live with more clarity, confidence, and purpose.
Victor’s Social Media:
Website: https://www.cfvadvisory.com.au
Facebook: https://www.facebook.com/cfvadvisory
Instagram: https://www.instagram.com/cfvadvisory
LinkedIn: https://www.linkedin.com/in/victor-idoko/
TikTok: https://www.tiktok.com/@victoridokowlthadv
Lionel’s Social Media:
Website: https://www.purposeplanning.com.au/
Facebook: https://www.facebook.com/purposeplanningau/
Instagram: https://www.instagram.com/purposeplanningaus
LinkedIn: https://www.linkedin.com/in/lionelomally/
TikTok: https://www.tiktok.com/@purpose.planning?lang=en
Links to purchase Bunnies & Monies
Amazon – https://amzn.asia/d/8Jv4Fir
Website (Australia only) – https://bunniesmonies.com.au/ – order form is found at the bottom
Transcript:
Victor brings an international perspective as a wealth strategist and long-time educator with a deep passion for teaching kids how good money habits can shape their future. His own early lessons about saving and investing inspired him to focus on financial education and legacy, and that personal mission is at the heart of this book.
Lionel adds his expertise as a retirement specialist who has spent over a decade simplifying complex financial concepts so people can feel more confident and in control. From his country town roots and rugby league days to guiding Australians towards secure retirements, he’s always focused on practical, real-world advice.
Together, Victor and Lionel have poured their shared values of family, community, and empowerment into Bunnies and Monies, a fun and practical story designed to help parents start meaningful money conversations and build a healthier financial future for every family.
Welcome to the show, Victor, Lionel. I’m really thrilled to have you here today.
Victor Idoko (01:45)
Thanks for having us, Megan. It’s a pleasure being here.
Megan North (01:48)
You’re very welcome.
Lionel O’Malley (01:49)
Thanks, Megan. It’s nice to be on your show.
Megan North (01:51)
Thank you. So, Victor, I’m going to ask you the very first question. What was the defining moment that led you to create a children’s book that teaches kids about money and healthy money habits?
Victor Idoko (02:06)
Yeah, so I think the defining moment that led to action was actually when Lionel mentioned it to me. He was like, “We need to do something for financial literacy and kids.” And I was like, “Okay, let’s definitely do a book.” So that was the defining moment.
I think before then, I’d always not really known how to help parents and help guardians teach kids about money. I’ve always wanted to do something, just never really thought about it. And then when Lionel mentioned it, I was like, “Yeah, that’s a good idea. Let’s do that.”
Megan North (02:37)
Yeah, and what prompted you, Lionel? Why did you think of a book?
Lionel O’Malley (02:43)
I’ll probably give you the same example, but I asked Victor and Victor told me. We both have written our own books individually before. Victor’s book was 7 Basic Wealth Strategies, and mine’s called The Little Book of Retirement Concepts.
We thought we would join together and write a book together, and Victor suggested a kids’ book. And I was like, “That’s a great idea,” because I’ve got three kids of my own who are featured in the book, the three bunnies, which are my two boys and my little daughter.
And I was like, there’s no kids’ book in the market at the moment that actually helps talk about money at all. There are always books talking about a wide range of different scenarios, but there was nothing that spoke about money, good habits, and anything like that.
And I was like, as advisors, financial planners here in Australia, we are educators first. So we educate people on how they understand finances. And I was like, why don’t we just create a kids’ finance book? And away we went with it.
Megan North (03:53)
Mmm, fantastic. And look, I grew up, my parents were older. I was the youngest of six children, and when I was born my eldest brother was 17, so my parents were effectively two generations away from me. I grew up in a Catholic household. You know, “money is the root of all evil”, “we don’t talk about money”… and it was just normal. It just never, ever was spoken about.
So I love this concept because as a child I had no concept of money. Even going into young adulthood, my first job, all of that, I never had that concept because my parents didn’t talk about it. So I think this is absolutely groundbreaking for parents and also to give parents something tangible to help and guide the children. I think that’s where the genius is here.
Lionel O’Malley (04:51)
Yeah, I can 100 percent agree because the Australian household, like you said, the taboo area is money. No one really talked about money at all, and that’s probably led to a lot of issues for retirees trying to manage their money now.
When I see it at the moment, a lot of people stick their head in the sand talking about superannuation here in Australia. It’s a very complex area for a lot of people because they just don’t understand it. They’ve never been educated on it.
Once we formed the book together, I’m like, “Victor, we’re onto something here.” A lot of people are talking about this. We give it to someone, they love it. “I wish we learned this.” “I wish we did this.” “I wish I had that for my kids.”
And that’s the thing. Now we’ve got this little book series that can go and help the generation coming through to be more equipped with their own money. So it’s pretty exciting.
Victor Idoko (05:47)
Yeah, I think part of that as well, one thing that I like with the book is it’s very practical and it’s still story-based. It’s just the stories, and kids, everyone loves stories, and everyone remembers stories.
But the psychology behind it is finance, and really educating people on financial literacy. So to me, it was genius. Speaking to Lionel today, I was like, there’s no way I’d have been able to do this book by myself because he really brings that practical side, having kids and ensuring we’re doing it in such a way that kids understand this. Add the story, add the money psychology, to me, it’s amazing. And we’ve had amazing reviews so far.
Megan North (06:30)
Mmm.
Lionel O’Malley (06:31)
And the story is one thing, but also the illustrations that we’ve had done as well are top quality. They’re high-class.
Megan North (06:41)
Is it someone that you knew?
Lionel O’Malley (06:44)
We found an illustrator online, just a consultant that does illustrating. We’ve given him the brief and the idea, and he’s come back with the illustrations for the book. It’s pretty… we’ve had a lot of feedback on that as well.
Megan North (06:59)
Fantastic. And some of the energy work that I do is I work with people on their theta brainwave. We’re in a theta brainwave between the ages of two and six, and that’s when we take on all our belief systems. Usually kids between two and six don’t necessarily have their own belief systems. It’s usually their parents, their grandparents, it’s ancestral.
So having this book as well, it’s fantastic because it’s almost subconsciously putting all these belief systems into children when they’re in that theta brainwave. Because unconsciously, subconsciously, they’re taking all of this in. So it’s a perfect time, age bracket as well.
Lionel O’Malley (07:42)
Yeah, yeah, I guess learning is in between that age.
Megan North (07:46)
Mmm.
Victor Idoko (07:47)
Yeah, so I think I was speaking to a psychologist the other day and they were like… and I’ve read a few books about this as well, hence why I was very passionate about it. We need to start educating kids from when they’re about two years old. And no one really does that with finance because, one, the parents don’t know how to. They don’t even know what to begin with.
Even me, before I wrote the book, I’d probably been talking in concepts that the kids can’t understand. But with the book now, it’s such… you just read it to them. You explain to them. You ask a few questions because there are a few lessons at the back, and you’ve embedded some concepts that will help them thrive.
The simple concept in the book is “save, spend, and share”. And one thing we’re talking about with Lionel as well is each parent has the ability to choose what ratios that should be at. Because some households would want you to share with your siblings or share with your family. Other households will want you to share more externally in the world.
So to me, it’s just perfect because you can teach and shape the kids how you want them to be taught.
Megan North (08:53)
And have you found that there is a difference in money mindset from Australian culture to international culture?
Victor Idoko (09:06)
Yeah, definitely, yes. Because I obviously experienced that first-hand. I wasn’t born in Australia, I was born in Nigeria. And one of the things in the household I grew up in, money wasn’t a taboo. So we always spoke about money. It was something that we spoke about all the time. And my mum really taught me how to save.
Now, one thing I’ve noticed is in the non-Western world, developing countries, you’re taught how to save a lot. So generally, you’re a good saver, but then you’re not a good spender. You’re not a good sharer. It’s all about saving and keeping as much as you can.
My perspective on that is you need to have a balance, and everyone’s balance is slightly different. Even between us, it’s different.
We were never taught the balance back home. It was more “save, save, save.” And then as soon as I was able to spend, I was spending, spending, but I was like, surely there’s a better way to do this. So balancing all that is very important.
Yeah, cultural differences matter and are very impactful because the financial system back home in Africa is different from the financial system here. So as an advisor, I understand both because I’ve experienced both, but the advice I’m giving people here wouldn’t be the same advice I’d give people back home because the structures and everything are different.
Megan North (10:33)
And do you think culturally that’s because we, I mean, in Australia we live in a pretty privileged country in the sense of… super is paid by our employers, we’ve got free healthcare. There’s a lot of things that we get naturally being an Australian citizen that doesn’t then compute for us that we have to accommodate that if we didn’t. It just comes naturally to us, right? If you’ve got a job, your employer pays you super. If you need to go to the doctor, you go to the hospital and you don’t pay anything.
And so I’m wondering if then, from an Australian point of view, we’ve got a bit of a… I don’t know, I wouldn’t say privilege, maybe a privilege expectation, that then from a young age we don’t have to think about survival, I suppose, because there’s a lot given to us.
Victor Idoko (11:28)
Yeah, 100 percent, I agree. I think the part is the structure. The structure back home is interesting because from a relationship and community perspective it’s very communal, but from a wealth and survival perspective it’s very personal because there’s no Medicare, there’s no welfare support, there’s no retirement planning. So if you don’t save, you’re going to be in so much trouble, while in Australia you have that. So that’s part of the structural differences.
Megan North (12:03)
Lionel, have you got anything to add to that?
Lionel O’Malley (12:09)
I can’t really talk about anyone internationally. I do agree that with the superannuation arrangement coming in in 1992 as a mandatory thing, a lot of countries around the world are envious of the superannuation system that we’ve built up here.
Donald Trump talked about in the last couple of weeks that he wants to bring in something like that in the US… and yeah, we’re seeing the fruits. There’s a lot of money that people have inside superannuation. So it’s going to be massive for retirees retiring now because they’re going to have a lot more money. It’s going to take a lot less pressure off the welfare system.
So if we can educate people more about these areas, then it’s going to help the system so much more. And yeah, I think countries should take notes on what we’re doing here in Australia with the superannuation system.
Megan North (13:12)
Yeah, yeah. So Lionel, I’ll ask you this question. How do you balance running your financial business, all that you do, and then writing books, and still staying connected to the deeper purpose behind teaching kids about money? Where does that balance come in? Have you got tips and rituals and things like that?
Lionel O’Malley (13:36)
Well, I’m fortunate to have a wife and three beautiful kids. Part of being a parent and being responsible is a big part of your day when you’re at home. So I’m trying to be a good role model for them and teaching them the right way to think about money and saving money and stuff like that. That all comes with that responsibility.
Fortunately for Victor and I, we just sort of stumbled across each other. If I didn’t find him and he didn’t find me, the Bunnies and Monies book series probably wouldn’t have been born, to be honest.
Juggling is just doing it. It’s not thinking about it. It’s planning ahead, being organised, and just doing it and trying to work hard. That’s the motto with it.
I don’t try and think, “How do I do this?” or “How do I do that?” I’ll just get on and get it done. Do the parenting. When we need to think stuff, we do the work hours.
And for us as small business owners, we’re always working around the clock after hours that people don’t see. We have the evening between 8 pm and 12 o’clock at night to fill in extra hours if we need to.
Organisation is key. Being organised, planning ahead.
Megan North (15:06)
Yep. Victor, how did you and Lionel come across each other? Did you meet in Australia or somewhere else?
Victor Idoko (15:14)
Yeah, we met in Australia. In my mind, I was like, who is this guy that’s so passionate about… there’s a group called MDRT, it’s like a networking group for financial advisors. This guy was so passionate about it.
Then I found out he was genuinely trying to help other advisors and trying to ensure that we’re all learning and bouncing ideas off each other. So I was like, okay, we’ll give it a go.
We went to Vancouver together. That was the first time we actually went there on the same flight. And it’s such a huge conference that everyone is together, so we spent lots of time together. I learned a lot. He told me he had written his book on retirement concepts, and I got motivated to write my own book as well. So I wrote my own book.
Then we caught up in Miami again next and we were like, “What are we going to do next?” The relationship and everything built on that.
It was a perfect match because two authors, we kind of know how and why books are important and how to go about it. So it was easy from there. We met through financial planning.
Megan North (16:37)
Wow. So you were just saying you take action and get these things done. Can you share a significant challenge you faced while creating the book? Creatively, emotionally, logistically? How did you stay aligned to the purpose of this book and make sure you were focusing on that purpose as you went through the process?
Lionel O’Malley (17:06)
For us, time is the hardest part. So we said, “Let’s lock in the time, lock in the days to get this stuff sorted,” and give ourselves a deadline of what we need to have done by that time.
Setting yourself deadlines is the key. Once we did that, everything started to fall into place. We had the stories written, we had the illustrators organised, and it all fell into place before the end of the year because the book was released just before Christmas.
Our plan was to get it out before Christmas so people could use it as a Christmas present. So yeah, deadlines and locking in time.
Megan North (18:12)
Yeah.
Victor Idoko (18:14)
What I’ll add to that is one thing I was very happy to partner with Lionel about: he gets stuff done. I like working with people that get stuff done because I know I get stuff done as well. So it worked well. We’d have a list of things to do and before I knew it, he’s done two, I’ve done two, six things are already done. Then the other two we divvy up and do. That was really good because things move quicker.
In terms of staying focused on the goal, there are three things I care about deeply: education, health, and kids. I have this, I call it a utopian mindset that if kids grow up with good education and good ethics, the world is a better place. So I was like, okay, what can I do about that?
Even before the book, I was already helping out with a few charities and a few things around kids and education. So with the book, it was like, yep, fits that purpose well.
From a financial planning perspective, educated clients are the best clients because they get where we fit in and how we can help. So it really tied into two of the three things I care about. I’m like, yep, we have to do it. There’s no question.
Megan North (19:40)
And where does that passion for you, Victor, come from? Educating children, where do you think that comes from?
Victor Idoko (19:47)
The pros and cons of coming from an underdeveloped society to a developed society is seeing kids in Africa that don’t have the basics, don’t have education, don’t have water, don’t have food. So to me, that was something I felt, because I understand that deeply, I should do something about.
When I moved here and I could see the difference… I know I’ve done okay moving here, but there are lots of people that, if given the same opportunity, would have done a lot better. So I was like, I’m not going to waste that.
It definitely comes from having both perspectives. It’s a blessing and a curse. Because if I didn’t know better, I probably wouldn’t feel so deeply about it.
Megan North (20:36)
And for you, Lionel, it’s that deep passion about educating your kids as much as you can?
Lionel O’Malley (20:46)
Yeah, 100 percent. We’re educating them to be healthy little humans who make good decisions for themselves. If we can start them earlier to think about what to do and what not to do and how to adapt to making good decisions over time, then that’s our journey.
Part of being a parent is making sure you’re bringing up respectable kids that can make good decisions for themselves.
It’s lost these days. There’s so much money around, cash and cards, and the cardless system has taken over. You can’t really see the real appreciation of value and what money looks like. When I used to grow up, we’d have $2 and go down to the lolly shop and you could buy a stack of lollies for $2. If you had $2 back in the day, you were rich.
But nowadays you can’t even buy two red frogs. It’s crazy. So that’s why we’ve got to teach kids the value of money, where it comes from, how you earn it, why you should save it.
The main thing everyone talks about in Australia at the moment is the cost of housing, the cost of living.
Megan North (21:56)
Yeah.
Lionel O’Malley (22:13)
Will you ever own a house? A lot of people will probably never own a house, especially here in Sydney at the moment. So if you can help people earlier on to save their money more wisely, then they’re going to have a lot more at the back end when they start their adult life as well. You’re putting traits into kids, into the generation, the right traits to help them manage money effectively.
Megan North (22:41)
And are you sure there’s not another reason for you? That you don’t want that call from your teenager saying, “Dad, I haven’t got any money, can you lend me some?”
Lionel O’Malley (22:51)
What’s that? I should say, “Son, you should have listened when you were five years old reading the Bunnies and Monies book.”
Megan North (22:59)
Exactly. But I agree with you, that whole tangible money thing. I remember my first job, I was 17 and I worked as a legal secretary. The lead secretary used to go to the bank and get the pay. I think I used to get like $170 a week or something, and she’d be there giving it out. She got paid $280, and I used to say to my mum, “My gosh, she gets so much more money.”
But it was tangible. It felt like you were getting something. But now it’s just contactless and… I don’t know, it’s like we’ve disconnected from what money is.
Lionel O’Malley (23:44)
Yeah, that’s what it feels like. Especially when you go to the shops, they’re like, “Dad, can we tap? Can we tap?” Money doesn’t tap and grow on trees. We have to go and work.
I’m sitting here in a car on the side of the road because I’ve been out seeing clients at their house doing meetings, and that’s where our money comes from, from advice.
I think we need to go back to being more careful with money over time. If you go back around the Great Depression, money was scarce. People from that era saved so well. They had jars or envelopes for different reasons: bills, expenses, kids, travel accounts.
What we’ve done through the Bunnies and Monies book series is we created a little one-pager at the back called “Little Money Lessons”. Each guardian or parent can look at the lessons we’re teaching during that story and take that into their household and apply it.
We’ve got in the first book about giving the kids a $2 coin to go and buy something and see what they can buy with it. And giving them some rejection as well: “You actually can’t buy that with $2 because you don’t have enough money. Save some more money and you potentially can buy it.”
Those are the lessons we’re giving to kids in the book. You don’t have to buy instant gratification stuff that makes you happy for a moment in time. Maybe don’t buy something and instead save for something more valuable.
Megan North (25:30)
Yep.
Lionel O’Malley (25:39)
That makes you happy for a moment in time. Maybe don’t buy something, buy something that’s going to be more valuable for you.
Megan North (25:46)
Yeah. I remember as a kid saving your money to buy something that you wanted and finally having that amount of money and being able to buy it. It was so joyous because it felt like a real treat, because you knew you’d saved little bits of money to be able to purchase that.
Lionel O’Malley (26:08)
Yes.
Megan North (26:09)
Victor, what advice would you give to a parent or an educator who is just starting to teach kids about money, even if they don’t feel financially confident themselves?
Victor Idoko (26:25)
Very good question. One of the key things is progress, not perfection. Start where you are and grow from there. Whatever happens in the financial world will change over time, but if you’re teaching the right principles and teaching that you need to keep learning, things will become better.
Many people don’t know everything, and I’d be very surprised if any parent who is not a financial planner feels 100 percent confident they’re teaching their kids the right thing. So it’s about starting with what you know and being intentional. And starting with the kids and with yourself as well.
With financial literacy, everyone needs it. Wherever stage parents are at, you still need something. A 40-year-old might be focused on school fees, clearing the mortgage, cash flow. Late 50s, it’s retirement. There’s always something to learn, and that means you always have something to teach your kids.
Principles are very important. A lot of parents close to 50 always tell kids about super, super, super. But generations are different. Super came in 1992, so people retiring now had minimal super because it came late. But those in their 20s and 30s now will have a very healthy super over time because of that 12 percent going in consistently.
So remember: progress, not perfection. Even we advisors do about 40 hours of learning every year. So just teach them something. If you teach them nothing, they get nothing. Teach them something and they can build on that.
Megan North (28:29)
Hmm. Lionel, anything else to add?
Lionel O’Malley (28:35)
What would you teach parents? Is that what the question?
Megan North (28:40)
Yeah, yeah.
Lionel O’Malley (28:44)
Keep it very simple. Help them understand their own personal finances first so they can understand that before they educate their kids.
Simple exercise: help yourself understand what financial assets you have and how they work. Understand your super.
Even simple banking things. Most people have a mortgage but they don’t have an offset account attached to the loan. They have a savings account in another bank account earning interest, but that money could be offsetting their mortgage. Plus the interest you earn is taxable, so you’re getting taxed before you can use it to pay down debt.
Have an offset account attached to your home loan so it helps you pay down the principal quicker. It’s a simple thing for borrowing and managing money more effectively when owning a home.
Megan North (30:26)
Yeah, wow. There’s so much. Victor, in what ways do you believe your personal upbringing and life experiences shape the message you’re trying to pass on to children through this book? You’ve touched on it, but I’d love to go deeper.
Victor Idoko (30:51)
I’m very happy about coming from both worlds. With both worlds, I needed to understand how things work and why they are that way. My upbringing in Nigeria taught me how to save. Saving is one of the easiest things for me because it was drilled into me from a very young age.
I remember when I was about four or five. In Africa, they give you money if you’ve been a good kid, on your birthday or during Christmas. I remember the first time I got money, my mum was like, “Give it to me. I’ll save it for you. If you need it in the future, we can use it.” I remember her putting it under her jewellery box. Vividly. She put it there.
A few days later I went back and it wasn’t there. I was like, “Mum, where’s my money?” She’d taken it to keep it safe. But that was my first memory of money. So from that time onwards, each time I got money, I saved it.
Then coming here, I came to study, and I had to start spending my own money. It was eye-opening to see there needs to be a balance.
One of the good things my dad taught me as well was to share and give back to the community. So having those three things together, I had to find my own balance and what that looks like.
That really shapes how we teach parents and how we teach clients. It comes down to those three things: what are you going to save, spend, and share? Sometimes one bucket might be zero. A retiree might not need to save because they’ve saved enough, but they still need to manage what they spend and what they share, or they run out of money.
So those three basic principles, those three jars, are what we deal with over time.
Megan North (33:56)
Yeah, I love that. And for you, Lionel?
Lionel O’Malley (34:04)
Going back for me, I grew up in a small country town out of Bourke. My dad was a shearer and my mum worked in a clothes shop. Pretty humble beginnings. I started work in a shearing shed when I was a young kid. Money was scarce.
I always remembered having some money, and saving it for something bigger. Those are the principles we try to teach kids. We’re actually teaching them to save for a house. That’s what we talk about saving for something big: a house.
A house could eventually give them something to invest in that gives them money back. So we’re giving them a big, audacious goal to set their eyes on, and embedding that principle early, when they’re three, four, five, six, seven years old: what are you saving your money for? They’re saving for a house, not chocolate, not lollies.
We’re building in the principles early, to use money smartly to invest wisely, so over time it gives them more security.
Megan North (35:34)
Yeah. Victor, particularly what you talked about with balance. At the end of the day, money is just energy. It’s an exchange of energy. Particularly now, it’s cashless, so it’s not even tangible. But I love that you talk about balance, because sometimes if you’ve got all your money in one jar and it’s not moving, it gets stuck.
So it’s that beautiful balance of how can you share it, how can you help others, but also how can you invest in some things so it’s constantly moving and has energy moving around it.
Victor Idoko (36:17)
Yeah, yeah. One thing I preach: think of money as a tool. It’s a tool to help you survive. It’s a tool to help you have a better life in the future. It’s a tool to impact people around you. So use that tool wisely.
Sometimes when I model out scenarios for clients and there’s so much money towards the end, I’m like, “Do you want to spend some?” Because it’s the balance. You don’t need $20 million when you’re retiring.
Even small things, like giving an early inheritance. The hardest time for most people is when they have kids on a huge mortgage. After that, it gets a lot better. Helping your family out then can be huge versus giving them an inheritance when they can’t even say thank you when you’ve passed away.
So it’s a tool to live the life you want to live, and it’s different from person to person.
Megan North (37:27)
Yeah, I love that. Lionel, how has your understanding of teaching financial literacy to children evolved over time? What’s changed from your first draft of the book to now?
Lionel O’Malley (37:42)
I think we got it right from the start, to be honest. The one thing we’ve been toying with is the three jars: save, spend, share. I’ve been asking clients this and capturing the data: how much should you save, spend, or share out of $100?
Megan North (38:21)
I would say, I don’t know, save 70 percent, spend 15, share 15.
Lionel O’Malley (38:31)
That’s your answer, and everyone else has their own opinion too because everyone’s circumstances are different.
Megan North (39:05)
I’ve got a bit of delay with Lionel today.
Victor Idoko (39:07)
Yeah, we do.
Lionel O’Malley (39:11)
Listen.
Megan North (39:12)
Sorry, Lionel, we lost you. Yep, you’re back.
Lionel O’Malley (39:13)
Can you hear me now?
Megan North (39:35)
Yeah, and I think that’s the thing too. It’s an overarching principle: do what you can and what works for you, because what works for you and I could be different for others. But having guidelines and a principle is really great.
Lionel O’Malley (40:02)
Yeah, the key part at the start of life is to save. Generally, that ranges between 50 and 80 or 90 percent. If you can save that amount, 70 percent is where I think. You should spend 20 percent and share 10 percent.
Megan North (40:23)
Hmm, interesting. Victor, do you have any daily practices or parenting teaching rituals that help you stay grounded and inspired to create content that helps kids build confidence around money?
Victor Idoko (40:42)
Okay, this is probably a little line of questions, but I’ll give my two cents because Lionel has the kids, so he would have the practical tips. Mine might not be too practical.
Back home, we didn’t have many bedtime stories. I remember always sleeping on the couch or in the lounge, and next thing my parents would pick me up and take me to my room. That was the routine.
So if there’s a daily thing, I think bedtime stories are very good to help kids learn a lot. If I was to start a family, I’d definitely want to read to my kids, especially early on, every night. Teach them values, including values about money.
Lionel O’Malley (41:47)
You are 100 percent on the money, Victor. Routine is a big thing in families. Bedtime routine is critical to help kids open up their imagination before bedtime. Reading to them is really important in that two to seven-year range because they soak up so much. The more you read to them, the more they love reading, so you create a good habit.
Life’s about creating good habits. Reading is a really good long-term habit. That’s why the Bunnies and Monies book is a great tool. It’s a cool, catchy rhyme. It’s not a facts and figures thing.
It’s a little bedtime story about three little bunnies finding a piece of money and learning ways they can earn money to buy what they want. Harvey, my middle son, is full of character. He’s always niggling his younger sister, and there’s a part where Liliana gives her money to her mum and keeps it in the pouch so Harvey can’t come near, and he cracks up about that all the time.
I’ve read the book to my kids a couple of times and it’s really nice. It talks about mum and dad’s role, hard work, working smarter.
And the key is the back of the book with the “Little Money Lessons”, so families can take those lessons and apply them.
Megan North (44:08)
That’s great. I love that you’ve got that practical part too, because it’s all well and good to read a book and get the theory, but then it’s like, how do I actually implement it?
Victor Idoko (44:22)
Yeah, and I’ve read it a few times as well. As an adult, I’ve honestly liked it, the stories. Even the part where it says Liliana drops one of the socks while she’s folding clothes to earn money. When I finally met Liliana, it sounded like I’d known her for ages. It’s a truly good story.
Even if parents didn’t care too much about finances, which they should, it’s still a naturally good story about these bunnies who are siblings and how they find a coin and what they think about it. It’s a wonderful book.
Megan North (45:05)
Great. Lionel, what do you do to make sure your mental health is in good shape?
Lionel O’Malley (45:24)
I try and exercise a little. The more I exercise, the better I feel. I don’t do as much as I’d like. Exercising is good to release pressure.
I do regular catch-ups with my advisor mates. Victor and I catch up quarterly and talk about business, networking, and developing ourselves. Networking helps.
But yeah, hanging out with family. I get rejuvenated spending time with them. Over Christmas you spend quite a bit of time with family, so I’ve come ready and roaring for 2026.
Megan North (46:20)
Fantastic. Victor, what about you?
Victor Idoko (46:24)
I love fitness. And I was thinking, how did that come about? My dad was a soldier. In the military, they’ll get up about four or five every day and go for a workout. As a young man, I didn’t work out much, but seeing my dad do that felt normal.
So my love for fitness and the habit came from that. Health is very important because if you take care of yourself, you have more longevity to spend time with the people you care about.
It’s a good habit that came from my parents. Even though I didn’t go work out with my dad in my teens, it still stuck with me.
Fitness is my go-to. I also read lots of books and listen to lots of audiobooks. And time with family when I can, though my family is all over the world, so it’s harder.
Megan North (47:56)
Fantastic. So can you believe we’ve only got a few minutes left? Honestly, I feel like we could talk longer and longer. But for the moment, we’ve only got a few minutes left.
So I’d love to ask you both separately the same question, tweaked for this conversation. Lionel, I’ll start with you.
What is one lesson about money mindset or purpose that you wish you had learned earlier as a child, and that now you would love every child to know who reads your book?
Lionel O’Malley (48:39)
Great question. I think on purpose… because my business is purpose planning… always create a purpose in life that gives you drive. Find your purpose in life so you can get out of bed every day, whether it’s in work, in school, academically.
At the start of my life, my purpose was to become an NRL player. Once you’ve found your purpose, don’t give 75 percent or 85 percent. Give 100 percent. Don’t go half-arsed. Go all in.
When tough days come, your purpose gives you strength and energy, and you keep your mind on the end goal with the purpose you’ve created.
So purpose is the thing I’d help the younger generation discover sooner, so they can be more in control of their future.
Megan North (50:09)
Yeah, and perfectly tied back into the name of this show being The True North Show. Thank you for that. And I didn’t pay him to say that. Victor, what about you?
Victor Idoko (50:32)
Yeah, I agree with Lionel. Find that purpose, and don’t be scared if that purpose changes from time to time. Stick to it and give it 100 percent.
What I’ll add is balance, and really understanding balance. Most of my clients are parents in their 30s and 40s. I always tell them balance sometimes means that at this period in time, you may not be able to save, but that’s the balance you need right now to keep going.
As long as you understand that balance and you’re working towards the right purpose and goal, that’s okay.
So balance is very important. With young families, there might be one salary because one parent is staying at home, and the mortgage and all that. It might just be a time where you spend some savings, but that’s the timeframe. So balance, on top of purpose and drive, and giving 100 percent or 200 percent if you can.
Megan North (51:38)
Yeah, fantastic. Wow. Love that. Victor and Lionel, thank you. I am so incredibly grateful to have both of you on the show today. And I’m definitely going to buy the book because I can’t wait to read it now. So hopefully I might learn something from it. Thank you so much for being on the show today.
Lionel O’Malley (52:05)
No worries. Thanks for having us.
