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How you can make money in the sharing economy · She's On The Money

0:00
Speaker 1: She's on the Money. She's on the Money.
0:23
Speaker 2: Hello, and welcome to She's on the Money, the podcast
0:26
Speaker 2: for millennials who want financial freedom. One in five Australians
0:31
Speaker 2: are turning to the sharing economy to supplement their income.
0:34
Speaker 2: But what exactly is the sharing economy? How is it
0:37
Speaker 2: transforming the way we live? And importantly, how can it
0:40
Speaker 2: make you money? My name is Georgia King, and joining
0:44
Speaker 2: me as she does each and every Wednesday, is financial
0:47
Speaker 2: advisor Victoria define V. What exactly is the sharing economy
0:53
Speaker 2: and why should our listeners care?
0:55
Speaker 3: Because we're doing a whole episode on at Georgia, So like,
0:58
Speaker 3: obviously we think it's important, so you should too, because
1:01
Speaker 3: that's what this podcast is for forcing our opinions on you. No,
1:07
Speaker 3: that's absolutely not correct. This is all about education. There
1:10
Speaker 3: is no such thing as the right or wrong when
1:12
Speaker 3: it comes to stuff like this. So the sharing economy
1:14
Speaker 3: g is essentially the system that we are all relatively
1:17
Speaker 3: familiar with, but likely haven't given a whole heap of
1:20
Speaker 3: thought too. So this is a system where individuals get
1:23
Speaker 3: to share goods and services and it's facilitated by some
1:26
Speaker 3: kind of platform or app. So a popular example of
1:28
Speaker 3: this is Airbnb, where homeowners are able to use an
1:31
Speaker 3: app to let their homes out to strangers, or even Uber,
1:35
Speaker 3: where passengers are connected with drivers and vice versa. And
1:38
Speaker 3: more recently, our Melbourne based listeners might have noticed the
1:41
Speaker 3: electric scooters that have been popping up around the place.
1:45
Speaker 3: I've seen so many Instagram stories of people writing them,
1:47
Speaker 3: and I kind of like, I don't have a need
1:50
Speaker 3: for that mode of transport at this point in time,
1:53
Speaker 3: but I kind of have fomo, like, I'll go out
1:55
Speaker 3: find a scooter and have a fun time. Don't want
1:57
Speaker 3: to give to see you just like rocking the Gucci
2:00
Speaker 3: on on a little scooter on your way to the office.
2:02
Speaker 3: I don't want are you joking?
2:06
Speaker 2: The start? Turn it down?
2:09
Speaker 3: Neither go to spriends.
2:11
Speaker 1: Wow.
2:12
Speaker 3: But essentially, Gee, these are examples of products that are
2:15
Speaker 3: part of the sharing economy, which is really cool.
2:18
Speaker 2: So why should our listeners care? Because obviously you've said
2:21
Speaker 2: we all know what it is, but I guess we've
2:23
Speaker 2: never really thought long and hard. Why is this episode interesting?
2:26
Speaker 3: Gee? Because we said it okay, but also because you
2:29
Speaker 3: get to save money by utilizing the sharing economy. Plus
2:32
Speaker 3: it's changing our spending behaviors. And is impacting the way
2:35
Speaker 3: that we live our lives, which is what we're going
2:37
Speaker 3: to be talking about all todayzing.
2:39
Speaker 2: So how big is the sharing economy exactly be? And
2:42
Speaker 2: is it going to continue to grow?
2:44
Speaker 3: All right? So it's like really really really big. But
2:47
Speaker 3: according to Forbes, this sharing economy is projected to grow
2:51
Speaker 3: globally from fifteen billion dollars, which was valued out in
2:55
Speaker 3: twenty fourteen, which is already pretty big, to three hundred
2:59
Speaker 3: and thirty five billion dollars in twenty twenty five. Crazy massive,
3:04
Speaker 3: those big numbers. We like that. I feel like this
3:06
Speaker 3: industry or this area, I don't even know if you
3:09
Speaker 3: can call it an industry because it's so diverse. I
3:12
Speaker 3: think it's just going to become ingrained in what we
3:14
Speaker 3: do because it's just so much more flexible and so
3:17
Speaker 3: much more accessible for so many people. But of course,
3:20
Speaker 3: sharing isn't new. It's existed for some time in various ways,
3:23
Speaker 3: shapes or forms, and of course the advancement of technology
3:26
Speaker 3: over time, especially over the last decade or so, has
3:29
Speaker 3: really played into this, and the fact that a majority
3:31
Speaker 3: of us now have computers quite literally in our hands
3:34
Speaker 3: that connect us and allow us to access systems like
3:37
Speaker 3: this is probably why the sharing economy is able to thrive.
3:41
Speaker 3: Like how often do you pick up your phone and
3:44
Speaker 3: you know that you've got the Airbnb app on there,
3:46
Speaker 3: so you're like, oh, I wonder what it would be
3:48
Speaker 3: you like to get an Airbnb in this location over
3:51
Speaker 3: this period of time, Like you are instantaneously engaging in
3:54
Speaker 3: a sharing economy and the amount of times that I
3:57
Speaker 3: pick up my phone and we're not going to judge
4:00
Speaker 3: me on this, but auto uber eats and have dinner
4:03
Speaker 3: delivered to my door, Like, guys, I'm single handedly keeping
4:07
Speaker 3: this sharing economy alive.
4:10
Speaker 2: But it's weird, isn't, Like, because obviously delivery services existed
4:15
Speaker 2: fifteen years ago, but Uber eats didn't. But it's now
4:19
Speaker 2: so much more convenient. You don't have to talk to anyone.
4:22
Speaker 2: You could just whip up your app. You can look
4:24
Speaker 2: at all of the ranges of food that are delivering
4:27
Speaker 2: near you, Like it is so convenient.
4:29
Speaker 3: It's literally the accessibility of it right, So it's absolutely
4:32
Speaker 3: as you were saying, it's not new, like you could
4:34
Speaker 3: always have a pizza delivery or not always, But for
4:36
Speaker 3: as long as I've been alive, I know that we
4:39
Speaker 3: have had pizzas delivered, but like the Fish and Chip
4:41
Speaker 3: shop didn't deliver, so it was always I guess niche
4:45
Speaker 3: to a particular area. But now it's so accessible because
4:48
Speaker 3: we've got other people doing it. It's not just calling
4:51
Speaker 3: up a pizza shop seeing if they could deliver a pizza.
4:54
Speaker 3: It's now an absolute plethora of different companies and different
4:58
Speaker 3: things that you can have delivered. And gee, you know,
5:00
Speaker 3: recently I had COVID, which was a wild time. But
5:04
Speaker 3: ge you know, recently I had COVID and that meant
5:07
Speaker 3: that I could not leave my house and I was
5:10
Speaker 3: a bit worried about, you know, things that I needed
5:12
Speaker 3: to do and get and organize. And I knew that
5:15
Speaker 3: we had access to Uber Eats, but the amount of
5:18
Speaker 3: things that I could actually access while I was at home.
5:21
Speaker 3: Like I even ordered from Chemist Warehouse and it was
5:25
Speaker 3: at my house in three Hoursly, what, Yeah, because no,
5:30
Speaker 3: they've partnered with Daughter. You have to like order from
5:33
Speaker 3: the Chemist Warehouse website, so it's there, but you pick
5:37
Speaker 3: the instantaneous like delivery thingacha three hours. So I was
5:40
Speaker 3: like great, because there are some products that you can't
5:43
Speaker 3: get from the supermarket that I get from Chemist warehouse. Anyway,
5:47
Speaker 3: long story short, sharing economy is great, and I am
5:51
Speaker 3: genuinely surprised on a regular basis of how much more
5:54
Speaker 3: convenient it gets. Like I thought it would stop at
5:57
Speaker 3: pizza and pasta, and now you can have like rat delivered,
6:01
Speaker 3: Like what is the world coming to?
6:04
Speaker 2: I guess you touched on a major benefit to the
6:07
Speaker 2: sharing economy there v in its convenience, But what are
6:10
Speaker 2: the other major benefits?
6:12
Speaker 3: So there are heaps, and obviously there is one that
6:15
Speaker 3: I really like. It's obviously very good for our planet
6:17
Speaker 3: because sharing services means that people are you know, we're
6:21
Speaker 3: talking about uber eats and stuff, but people are genuinely
6:25
Speaker 3: very less likely to buy new things. It's really helped,
6:28
Speaker 3: I guess, reframe our relationship with or I think with consumption.
6:32
Speaker 3: And it also means that the items that we might
6:35
Speaker 3: have thrown away or maybe had sitting in the back
6:37
Speaker 3: of our wardrobe for a really long period of time
6:39
Speaker 3: or in a shed that we haven't been using, are
6:42
Speaker 3: going to be able to get use out of it,
6:44
Speaker 3: and I guess bring down that cost per wel cost
6:46
Speaker 3: per use and potentially give it a second lease of life.
6:49
Speaker 3: The other one, which I think is really good, especially
6:52
Speaker 3: because we are she's on the money is we can
6:54
Speaker 3: increase our income, like we historically haven't been able to
6:58
Speaker 3: increase our income without negotiating another role with an employer
7:04
Speaker 3: or going and starting our own businesses, which obviously includes
7:08
Speaker 3: like massive startup costs and like going above and beyond
7:11
Speaker 3: and having to be relatively creative in our thought patterns.
7:14
Speaker 3: But now in twenty twenty two, people can make money
7:16
Speaker 3: with relatively little effort, Like you don't have to be creative.
7:20
Speaker 3: You just have to have the time and access to
7:22
Speaker 3: a phone with an app, and you can start creating money,
7:24
Speaker 3: be that renting out clothes by platforms like release it,
7:27
Speaker 3: or by driving ubers at night.
7:28
Speaker 2: It is a super great.
7:30
Speaker 3: Option as a side hustle for people who don't have
7:32
Speaker 3: a heap of time but also want the flexibility in
7:35
Speaker 3: their lives to choose their own hours and you know,
7:38
Speaker 3: choose how they actually manage that, because if you're picking
7:41
Speaker 3: up an extra shift on like a Thursday and a
7:43
Speaker 3: Friday working in hospitality or something like that, like that's
7:46
Speaker 3: an ongoing commitment. Or if you're like, you know what,
7:48
Speaker 3: on Thursday or Friday nights, I'm going to drive ubers.
7:50
Speaker 3: I'm going to do Uber deliveries or I'm going to
7:52
Speaker 3: go pick up people, Like, there's so much flexibility in
7:56
Speaker 3: doing that. Something comes up, you don't have to do it.
7:59
Speaker 3: Want to work late? Great, do that, don't want to
8:01
Speaker 3: work late, don't do it? Like it's so flexible, And
8:04
Speaker 3: I think in twenty twenty two that's become an expectation
8:07
Speaker 3: of a role. But also we expect the flexibility in
8:10
Speaker 3: our lives nowadays, especially after COVID, I feel the other
8:14
Speaker 3: is increased to affordability. A good example of this is
8:17
Speaker 3: things like Airbnb right where now it often is actually
8:20
Speaker 3: cheaper to rent out someone's entire house than booking a
8:24
Speaker 3: three by four meter hotel room and asking a friend
8:26
Speaker 3: to sleep on the trundle. Across most of these platforms
8:29
Speaker 3: is relatively low overheads, which means lower prices for consumers,
8:33
Speaker 3: which gee, we love. We do the other thing which
8:36
Speaker 3: shares on the money. We're a community. The sharing economy.
8:39
Speaker 3: It promotes a heightened sense of community, which we adore.
8:43
Speaker 3: And there's certainly more of a personal touch in the
8:45
Speaker 3: shag economy, whether that is sitting in someone's car and
8:48
Speaker 3: driving it, renting out their home, for the weekend, or
8:51
Speaker 3: renting address that someone else has worn. There's just something
8:53
Speaker 3: really nice about that, and I don't know, I really
8:56
Speaker 3: like that. But I also know that some people are
8:58
Speaker 3: going to be like, ben't want want to sit in
9:00
Speaker 3: someone else's car. I also don't want to wear their dress,
9:03
Speaker 3: And I'm like, oh, I really like.
9:04
Speaker 2: That, So each to their own.
9:06
Speaker 3: Absolutely. Another benefit is obviously g convenience. It's hard to
9:10
Speaker 3: argue that delivery services and apps that are now transport
9:14
Speaker 3: us from door to door and snacks from door to
9:16
Speaker 3: door is much more seamless and a much more affordable
9:19
Speaker 3: option than it used to be because previously we had
9:23
Speaker 3: higher price points to have things delivered, Like there was
9:26
Speaker 3: no way I could have had, you know, something couriered
9:29
Speaker 3: across the city for the amount of money I can now,
9:32
Speaker 3: Like nowadays, George, if I need to drop something off
9:35
Speaker 3: at your place and I don't have time to drive
9:37
Speaker 3: over there, I can book an uber. I can chuck
9:39
Speaker 3: it in the uber and have them cory it over.
9:41
Speaker 3: Like it is crazy the amount of convenience I get
9:44
Speaker 3: as a business owner but also personally out of this,
9:47
Speaker 3: And I guess that's a massive appeal for what the
9:50
Speaker 3: sharing economy can actually offer us, right, And the last
9:53
Speaker 3: one ge I've been trying to think of a whole
9:55
Speaker 3: heap of these because I knew you'd ask me, like,
9:57
Speaker 3: what are the benefits? How does this work? The last
10:00
Speaker 3: one is efficiency, So I've written down efficiency because we
10:03
Speaker 3: wouldn't be using apps like Uber or Airbnb or release
10:06
Speaker 3: it if they weren't really seamless in the service that
10:08
Speaker 3: they're providing and provide us a good customer experience. So
10:13
Speaker 3: from my perspective, they do an amazing job of making
10:15
Speaker 3: life easier for us, and I guess that's why we're
10:17
Speaker 3: all so drawn to them, Like I am a creature
10:20
Speaker 3: of efficiency and comfort and convenience, and as much as
10:24
Speaker 3: that might not be what you're up to, for me,
10:26
Speaker 3: this is perfect one hundred percent. And yeah, I don't
10:30
Speaker 3: think we can underestimate how impressive. I mean, this episode
10:34
Speaker 3: is not sponsored by Uber, but I feel like we've
10:37
Speaker 3: all had canceled trips and you know, the driver hasn't
10:40
Speaker 3: turned up or whatever. You pop through a complaint and
10:43
Speaker 3: they always they generally offer you a credit. They're very good,
10:47
Speaker 3: and I mean that's not their fault that the driver canceled,
10:50
Speaker 3: Like I know that there's always going to be things
10:51
Speaker 3: that could be ironed out, and it usually comes down to,
10:55
Speaker 3: I guess, the user experience, so like it's usually with
10:58
Speaker 3: the people involved, not with the platform. Like the platform
11:02
Speaker 3: didn't make the driver cancel. The driver probably just didn't
11:05
Speaker 3: know how to get to you. And like, I've had
11:07
Speaker 3: a couple of times where you know, on Uber it's
11:09
Speaker 3: the food has arrived and maybe something's missing or it
11:13
Speaker 3: was stone cold or something like We've all been there,
11:16
Speaker 3: but every time I've spoken to Uber, like it's been
11:18
Speaker 3: refunded immediately or redelivered, and I'm always like, oh, that's
11:22
Speaker 3: kind of efficient, Like I didn't expect that, like especially
11:24
Speaker 3: so quickly.
11:26
Speaker 2: One hundred percent Sophy back to kind of the idea
11:30
Speaker 2: of the sharing economy in more of a rental space.
11:35
Speaker 2: I guess, do you think our behavior is going to
11:38
Speaker 2: change and the way we purchase products, because we're going
11:41
Speaker 2: to be thinking of them as investments that could potentially
11:44
Speaker 2: provide us with some income, some extra income. So for example,
11:49
Speaker 2: I might strongly consider buying a one thousand dollar dress
11:53
Speaker 2: that in the past I never would have considered because
11:56
Speaker 2: now I can get a few weares out of that amazing,
12:00
Speaker 2: and I can also potentially rent that out, so the
12:03
Speaker 2: value is higher. Like, do you think our behaviors are
12:07
Speaker 2: going to change and how we value things?
12:09
Speaker 3: G Are you using that particular example because you were
12:12
Speaker 3: privy to the conversation I was having with Jess earlier
12:15
Speaker 3: this night, I feel like you were you were flying,
12:18
Speaker 3: so talk to me all right, So, Jess, I don't
12:20
Speaker 3: know if you want me to share this because, like
12:23
Speaker 3: you know, we're talking about very expensive dresses, and like
12:26
Speaker 3: when I say very expensive, I mean like a thousand
12:28
Speaker 3: dollars for a dress. Anyway, Jess has found online the
12:32
Speaker 3: stunning dress and we are both obsessed with it. Here
12:35
Speaker 3: a Zimmerman girl, you would know. But Jess found this
12:38
Speaker 3: dress that she adores and wants to wear to as
12:40
Speaker 3: she's on the money event next month, so we're doing
12:43
Speaker 3: the International Women's Day events, which we are super excited about.
12:46
Speaker 3: But Jess is like, they I really want this, and
12:49
Speaker 3: she's been doing some research and like came up with
12:51
Speaker 3: some platforms like release it where she's like the if
12:54
Speaker 3: I put it on there, like I could get cost
12:56
Speaker 3: per wear down and I could you know, if I
12:58
Speaker 3: rented out four times then actually covers the cost of
13:01
Speaker 3: the dress, and then I get to wear it, and
13:02
Speaker 3: then the dress is essentially free for me. And we
13:04
Speaker 3: were like negotiating how she could essentially afford to buy
13:08
Speaker 3: this dress. And yes, like literally yes to the question
13:12
Speaker 3: that you're asking, because you just said, would it change
13:16
Speaker 3: the way that we view things totally? There's no way
13:19
Speaker 3: Jess would ever have said, you know what, a thousand
13:22
Speaker 3: dollars on a dress? Easy or wear it, pop it
13:24
Speaker 3: in my wardrobe. But now for her, if she does
13:27
Speaker 3: the extra work, it becomes a really feasible option, Like
13:31
Speaker 3: that's a popular dress. Yes it will rent out, like
13:34
Speaker 3: I would rent it from her Closet's stunny, But it's
13:36
Speaker 3: one of those things where you go, hey, you're right,
13:39
Speaker 3: that could potentially, you know, one become a feasible way
13:42
Speaker 3: of owning something that you couldn't have owned before, but
13:45
Speaker 3: also a way to generate some income. Like I feel
13:49
Speaker 3: like people are going to be altering the way that
13:51
Speaker 3: they purchased because now they're considering the other uses their
13:54
Speaker 3: purchase could potentially have. For example, if you're like, oh
13:58
Speaker 3: my gosh, you know, Steve and I are doing DIY
14:00
Speaker 3: around the house at the moment, we're about to do
14:02
Speaker 3: a really big renovation. Like maybe when I pop down
14:05
Speaker 3: to Bunnings to purchase a tool, I'm going to rethink
14:08
Speaker 3: about the quality of it because I might want to
14:11
Speaker 3: be able to lease it out or you know, put
14:13
Speaker 3: it online for somebody else to use at some point,
14:16
Speaker 3: as opposed to just like, oh, just get the cheap one.
14:18
Speaker 3: We'll use it once like and pop it in the shed.
14:20
Speaker 3: It's not going to be you know, of value to
14:23
Speaker 3: us long term. It's not worth the extra investment, like
14:26
Speaker 3: may we now we are going to consider it as
14:29
Speaker 3: an actual investment and buy more quality items. I don't know,
14:32
Speaker 3: how do you feel about that? Do you think that
14:34
Speaker 3: that would change the way that you purchase?
14:36
Speaker 2: Yeah? I think I do V, which is kind of
14:40
Speaker 2: exciting because it means you can justify, as may well
14:47
Speaker 2: do you can justify a more high quality, more expensive
14:50
Speaker 2: product and kind of feel like you're taking one for
14:53
Speaker 2: the planet because you will then rent it out. But
14:57
Speaker 2: I guess off the back of that V could then
15:01
Speaker 2: the businesses who create these products, would they then potentially
15:06
Speaker 2: hike up the prices in anticipation that people may expect
15:10
Speaker 2: them to be more expensive? Does that make sense?
15:12
Speaker 3: I don't know. I hadn't really thought about that, but
15:15
Speaker 3: it's a good point in saying that I feel like
15:17
Speaker 3: everything's getting more expensive at the moment. Like I'm looking
15:20
Speaker 3: at dresses and stuff for events, and I'm looking at
15:23
Speaker 3: you know, buying different things, and I feel like everything
15:25
Speaker 3: at the moment is just a bit more expensive than
15:27
Speaker 3: what I had anticipated it to be. But maybe that's
15:30
Speaker 3: just me because overall, I want to bargain. Like I'm
15:33
Speaker 3: very likely to just buy dress that I can find
15:36
Speaker 3: a dfol because I'm like, yes, money, like that fits,
15:39
Speaker 3: it's on sale, it's very cute. But for me, yeah,
15:43
Speaker 3: I don't know. G what do you reckon?
15:45
Speaker 2: I mean, I think it'll be really interesting to see
15:49
Speaker 2: what happens in the next ten twenty years and how
15:52
Speaker 2: much the sharing economy really does infiltrate the every day
15:57
Speaker 2: because it certainly already has to a degree. But yeah,
16:00
Speaker 2: I'm just really fascinated as to where this is all
16:03
Speaker 2: going to go and how our behaviors are just going
16:06
Speaker 2: to continue to change. I don't know, I'm scared.
16:09
Speaker 3: It's a lot, right because they feel like historically, obviously
16:13
Speaker 3: you could hire things like tools, but do you remember
16:16
Speaker 3: when like dress hire started to become a thing, and
16:18
Speaker 3: it was incredibly novel, and there were companies like glam
16:21
Speaker 3: Corner that popped up where you could hire a dress
16:23
Speaker 3: instead of purchasing it, and that was kind of like,
16:26
Speaker 3: I don't know, at the start, it was a bit strange.
16:28
Speaker 3: Now it's just second nature. Like a lot of my
16:30
Speaker 3: girlfriends will just hire address for an event instead of
16:33
Speaker 3: paying full price because they're like, well, I would only
16:35
Speaker 3: wear it to that wedding once, so why don't I
16:37
Speaker 3: just hire it? And then that kind of extended into
16:40
Speaker 3: these other websites and other ways of hiring where it's
16:44
Speaker 3: not a company that you're hiring from, it's individuals. Like
16:48
Speaker 3: you go on these websites and Georgia King has uploaded
16:51
Speaker 3: a few dresses that she owns. You send an inquiry,
16:54
Speaker 3: it goes straight to them they posted off to you,
16:56
Speaker 3: and it's kind of like this platform and this hiring
16:59
Speaker 3: culture has come completely evolved from your hiring from a
17:02
Speaker 3: company to you're now hiring from individuals, and like, I
17:06
Speaker 3: really like that because I know that they're making money.
17:08
Speaker 3: I'd love to know the margins of these things, like
17:11
Speaker 3: how much do you get if you rent out your dress? Like,
17:13
Speaker 3: what's the profit margin of the platform that you're listing
17:16
Speaker 3: it on. How does that actually work? But also I
17:20
Speaker 3: feel like a company has the ability to take more
17:22
Speaker 3: risk than an individual. Right, So if a company owns
17:25
Speaker 3: a thousand dollars dress and they've like collected your credit
17:28
Speaker 3: card details and know that if you ruin the dress
17:31
Speaker 3: or don't return the dress, they can charge you xyz. Like,
17:34
Speaker 3: I feel like there's maybe a little bit more scope
17:36
Speaker 3: for people to be taken advantage of if they're kind
17:39
Speaker 3: of like smaller fish sending out individual items and don't
17:43
Speaker 3: know their rights and don't know how to protect themselves. Like,
17:46
Speaker 3: I don't know. That just pops into my head because
17:48
Speaker 3: I don't want people to be taken advantage of.
17:50
Speaker 2: Definitely, definitely, And we will talk about that a little
17:52
Speaker 2: bit later on in the show. The transport, hotel, and
17:57
Speaker 2: even the fashion industries, as we kind of pointed to,
17:59
Speaker 2: just have all been disrupted by the impact of the
18:03
Speaker 2: rise of the sharing economy. Do you think other industries
18:07
Speaker 2: could be impacted when tech advances further? Like healthcare springs
18:12
Speaker 2: to mind. We were speaking before the show. I don't
18:14
Speaker 2: really know how it would work.
18:16
Speaker 3: How healthcare would were well, it was actually very funny,
18:19
Speaker 3: and I like throwing people unto buses, and you said, oh,
18:23
Speaker 3: if you could get like a platform and like doctors
18:27
Speaker 3: could go on there, and I was like, like hot doc.
18:32
Speaker 2: But I meant more like freelance doctors a bit us.
18:35
Speaker 2: I don't know if that well, no, it would have
18:38
Speaker 2: to be entirely regulated. Otherwise I could like pop on
18:40
Speaker 2: a little lab coat, a little stethoscope around my neck
18:44
Speaker 2: and that doctor Jordan kind.
18:46
Speaker 3: Of service George up if we're going to play dress ups.
18:50
Speaker 3: But I do think that other industries are definitely impacted
18:53
Speaker 3: by this, right, So I was saying before to you
18:56
Speaker 3: as well, like it's not just transport and hotel and
19:00
Speaker 3: individual things like the She's on the Money office is
19:03
Speaker 3: quite literally in a share office space, Like yes, we
19:07
Speaker 3: have our own individual office suite area and so like
19:10
Speaker 3: if you're watching it on social media, you'll be like,
19:12
Speaker 3: that's their own space, and it absolutely is, but we're
19:15
Speaker 3: inside a bigger office space. I suppose of literally hundreds
19:20
Speaker 3: of different types of businesses that all want to somehow
19:24
Speaker 3: collaborate and bring down the cost. Like it doesn't make
19:27
Speaker 3: sense to me as a business owner anymore to go
19:31
Speaker 3: do you know what, George, She's on the money is growing.
19:33
Speaker 3: Let's go lease an entire office space and have to
19:36
Speaker 3: pay individually for internet and for you know, services and
19:39
Speaker 3: utilities and cleaning and all of the other things that
19:42
Speaker 3: you would require for an office. And she's on the
19:45
Speaker 3: money is in this share office space. So we've built
19:47
Speaker 3: into the cost of rent, like our internet and all
19:51
Speaker 3: of the services and like coffee that our team drinks like,
19:54
Speaker 3: it's all shared, which ultimately brings down the cost. So
19:58
Speaker 3: from my perspective, like, it works really well, and I
20:01
Speaker 3: don't know why it wouldn't, you know, stretch across different
20:05
Speaker 3: areas of the world, because I can definitely see in
20:08
Speaker 3: the future even jobs being shared. We already know the
20:11
Speaker 3: concept of job sharing exists, but I can see as
20:14
Speaker 3: tech advances there being a more seamless way to job
20:18
Speaker 3: share where potentially you might be a marketing professional but
20:24
Speaker 3: you actually work across five different businesses one day a week. Like,
20:28
Speaker 3: how cool would that be if that became the case?
20:31
Speaker 3: So I do think that lots and lots of different
20:33
Speaker 3: industries are changing. George. There's even like an uber nowadays
20:38
Speaker 3: for private jets, like you can just go on your
20:40
Speaker 3: phone and work out how to fly in a private jet, Like, like,
20:46
Speaker 3: I just can't see any industry that couldn't adapt something similar.
20:51
Speaker 2: Is that, Like is there any danger in that though?
20:55
Speaker 2: Be not in private jets specifically. I know they are
20:58
Speaker 2: hugely problematic.
21:00
Speaker 3: But I've also had literally no experience with private jets,
21:03
Speaker 3: Like that's a different salary bracket, Georgi.
21:06
Speaker 2: King, But do you think, like I don't know, all
21:10
Speaker 2: certain industries collapse or like, is anything bad going to
21:14
Speaker 2: happen because of the sharing economy or is it all
21:17
Speaker 2: looking pretty dandy.
21:18
Speaker 3: I don't know. I feel like there's a lot of
21:20
Speaker 3: scope for people or individuals to be taken advantage of. Though,
21:25
Speaker 3: So as things grow, and you know, as businesses are
21:28
Speaker 3: trying to be more I guess economical, and even I
21:32
Speaker 3: am looking at it from this perspective as a business owner,
21:36
Speaker 3: I go, well, how do we save on rench and
21:38
Speaker 3: share space? No problem? But as that increases and as
21:42
Speaker 3: people are trying to find cheaper solutions, we have to
21:45
Speaker 3: remember that sometimes the people actually delivering that service aren't
21:49
Speaker 3: being paid minimum wage. So I'm sure we'll get into
21:52
Speaker 3: it at some point. But you look at how much
21:54
Speaker 3: people might make for doing Uber deliveries and then we
21:58
Speaker 3: might compare that to the minimum wage per hour in
22:01
Speaker 3: Australia and it might not actually equate. And I think
22:04
Speaker 3: that there's a fair bit of scope for people to
22:07
Speaker 3: be taken advantage of who are trying to like side
22:09
Speaker 3: hustle and do their own thing and like put their
22:12
Speaker 3: all into it, but maybe not be remunerated in the
22:15
Speaker 3: way that they should be because these companies don't have
22:19
Speaker 3: them as employees, so they don't have minimum standards that
22:23
Speaker 3: they need to adhere to. And yeah, I just I
22:26
Speaker 3: feel like that is probably, from my perspective, the biggest risk.
22:30
Speaker 3: But to be honest, I haven't put a lot of
22:32
Speaker 3: thought into how it could be the downfall of other areas.
22:36
Speaker 2: Okay, yeah, so more on an individual level, I guess
22:39
Speaker 2: these people are probably not being paid super they'll have
22:41
Speaker 2: to pay their own taxes, et cetera, et cetera.
22:43
Speaker 3: So's there's a lot more responsibility on people. And then
22:46
Speaker 3: you look at how much money you're paying for a delivery,
22:49
Speaker 3: right George, So, like we ordered ty Fhood the other night,
22:52
Speaker 3: and I think I ended up with free delivery because
22:55
Speaker 3: like there was a promotion going on and you're like, well,
22:57
Speaker 3: how much is the driver being paid? How does this work?
23:01
Speaker 3: Like is it economical? Is it actually fair? Like I
23:04
Speaker 3: just I worry about that.
23:06
Speaker 2: But then even say the small business, the small tie
23:09
Speaker 2: restaurant that you ordered that Uber eats from, are they
23:13
Speaker 2: being penalized through using uber eats because if they're not
23:16
Speaker 2: on Uber eats, then no one's going to order from
23:18
Speaker 2: them because that's just the way things are now, and
23:20
Speaker 2: like uberts is going to take a cut.
23:21
Speaker 3: Yeah, for small business, that could be really disruptive because
23:25
Speaker 3: also Uber EAT's obviously charge a fee, and that's a
23:28
Speaker 3: percentage of the purchase price. And so I know that
23:31
Speaker 3: if I went to pick up that tie just because
23:33
Speaker 3: it's my local tie shop, I know it would be cheaper.
23:36
Speaker 3: But I know that on Uber they are slightly more expensive.
23:40
Speaker 3: And I'm making the grand assumption that's to make up
23:42
Speaker 3: for the fact that uber take quite a large cut,
23:45
Speaker 3: so they have to charge more, which I'm totally fine with.
23:48
Speaker 3: But then does that put customers out? Like does that
23:52
Speaker 3: then you know, turn away some customers who might be like, well,
23:55
Speaker 3: I only wanted to pay twenty dollars an hour, it's
23:57
Speaker 3: like close to thirty because of this service, it's now unobtainable,
24:01
Speaker 3: Like I don't know, it just feels like a really
24:04
Speaker 3: interesting space. And then obviously the rental space is being
24:08
Speaker 3: impacted by Airbnb because nowadays it's obviously so easy to
24:13
Speaker 3: put your apartment if you own one, on Airbnb, but
24:16
Speaker 3: then it minimizes the amount of apartments that are available
24:19
Speaker 3: for people to rent on an ongoing basis. And obviously,
24:22
Speaker 3: if you're a landlord and you own a property, you're
24:25
Speaker 3: trying to maximize how much it makes. So it's kind
24:28
Speaker 3: of like a rock and a hard place because it
24:29
Speaker 3: benefits one person, but disadvantage is another. But then you've
24:32
Speaker 3: got to think about the responsibility you have to the economy,
24:35
Speaker 3: like I don't know, I know.
24:36
Speaker 2: A tough one. That is such a hard one, and
24:38
Speaker 2: it is a point flagged a little further on in
24:41
Speaker 2: the show. So we'll get to that when we do,
24:43
Speaker 2: but let's take a little break here. But on the
24:45
Speaker 2: other side, we will be chatting through how we can
24:47
Speaker 2: both save and make money via the sharing economy, as
24:51
Speaker 2: well as what those potential downfalls are. So please don't
24:54
Speaker 2: go anywhere straight back into it, vd onto the exciting stuff.
24:59
Speaker 2: How can and the sharing economy actually make us money.
25:02
Speaker 3: Oh, these are the good questions. We can essentially now
25:06
Speaker 3: make side hustles and up our income from things that
25:09
Speaker 3: we have laying around our house or in our shared
25:11
Speaker 3: or in our garage or sitting in the garden or
25:13
Speaker 3: literally the actual house that we're sitting in. Unlike selling
25:17
Speaker 3: unused items that we have around the house, which we
25:19
Speaker 3: obviously promote you do to, we are now able to
25:22
Speaker 3: make money from them, which not only pays off those items,
25:25
Speaker 3: but also contributes to increasing your income on an ongoing basis,
25:28
Speaker 3: which we love. And gee, you and I we speak
25:31
Speaker 3: about side hustles all the time, and we often hear
25:34
Speaker 3: the feedback like, oh, I don't have a skill set
25:36
Speaker 3: that I mayble to monetize, or you know, I don't
25:39
Speaker 3: think that I could do that. I just don't have
25:42
Speaker 3: any creative ideas to start a business. But the beauty
25:46
Speaker 3: of this model is that it allows making money to
25:48
Speaker 3: become more accessible. Like, sure, you still need to have
25:51
Speaker 3: the items, like you need to have the clothes that
25:53
Speaker 3: you want to run out, or a car to put
25:54
Speaker 3: online or a house to offer for airbnb, but you
25:58
Speaker 3: don't actually necessarily need a ski. You just need the
26:01
Speaker 3: time to set it up and organize it and get
26:03
Speaker 3: it done. Do keep in mind, low G, this is
26:06
Speaker 3: like financial advisor me kicking into gear. If you are
26:09
Speaker 3: going to do that, you will need to pay tax
26:12
Speaker 3: because there is a very big difference between making money
26:15
Speaker 3: as a hobby and also trying to make a commercial
26:17
Speaker 3: effort to actually increase your income, and those two things
26:21
Speaker 3: are very different. But if you have any questions, you
26:23
Speaker 3: absolutely should ask your accountant.
26:24
Speaker 2: Yeah, brilliant. Just on the tax theme, be if we
26:28
Speaker 2: do choose to use a service like release it and
26:31
Speaker 2: rent out our goods, or maybe if we're using like
26:34
Speaker 2: a skill based provider like air tasker, do you have
26:37
Speaker 2: any tips for just how to stay on top of
26:39
Speaker 2: that tax.
26:40
Speaker 3: It can get away from you really really quickly because
26:43
Speaker 3: it all adds up, and if you're using the same
26:46
Speaker 3: bank account that you usually transacting, it can intertwine with
26:49
Speaker 3: all your other expenses and you're like, well, I don't
26:51
Speaker 3: know how much I made because my pay goes into
26:53
Speaker 3: that as well, and I've also been spending money, so
26:55
Speaker 3: it goes and it comes, and I have no idea.
26:58
Speaker 3: I think from my perspective, I like clarity. So if
27:01
Speaker 3: you are going to use a service like release It,
27:03
Speaker 3: and you're going to start putting things online and making money.
27:06
Speaker 3: To be honest, one of my top tips would be
27:08
Speaker 3: getting a separate bank account and tracking all the money
27:11
Speaker 3: through there, and any money that you need to spend
27:14
Speaker 3: on that particular service comes from there, just so you've
27:17
Speaker 3: got really clean records for tax and then understand what
27:21
Speaker 3: the taxable income rates are. So I have another podcast,
27:26
Speaker 3: Subtle Plug Georgia King the Business Bible, and we actually
27:30
Speaker 3: take you through how much you need to hold for
27:32
Speaker 3: tax if you're a small business, and these things would
27:34
Speaker 3: apply to you because it's essentially like operating a small business,
27:38
Speaker 3: but you will need to make sure that you hold
27:40
Speaker 3: back some tax because you don't want to be stung
27:43
Speaker 3: at tax time with a really hefty bill.
27:45
Speaker 2: Gotcha, Okay, I guess yeah. It can be really complicated,
27:49
Speaker 2: especially if you like are on air Tasker and you
27:51
Speaker 2: are on release It and you are uber driving at
27:54
Speaker 2: night and you're renting you on that on the weekend.
27:55
Speaker 2: Like it is a lot to stay on top of,
27:58
Speaker 2: so hot tips.
27:59
Speaker 3: Set and keep track of and like that's a small
28:01
Speaker 3: business tip in general is just don't use your personal
28:04
Speaker 3: bank accounts like have a separate bank account. It doesn't
28:07
Speaker 3: have to be with a different bank. You just set
28:09
Speaker 3: it up so that that income is captured in a
28:12
Speaker 3: separate location, so that you know what it looks like
28:15
Speaker 3: and you can kind of go onto your online banking happen,
28:18
Speaker 3: look at how much in total you've made over the year,
28:20
Speaker 3: instead of having to print out all your bank statements
28:22
Speaker 3: and work out what that actually looks like, because I
28:25
Speaker 3: promise it can get away from you really quickly.
28:28
Speaker 2: Brilliant. Okay, so we've chatted through the major benefits, of
28:32
Speaker 2: which there seems to be plenty when it comes to
28:34
Speaker 2: the sharing economy, we have pointed to a couple of downfalls,
28:37
Speaker 2: but what other downfalls are there?
28:40
Speaker 3: Look to me, the downfalls are more related to each
28:43
Speaker 3: service rather than the model on a holistic level. Like
28:46
Speaker 3: from a holistic level, I think that the sharing economy
28:49
Speaker 3: is fantastic and it gives us so much opportunity, But
28:53
Speaker 3: it goes back to what I was saying before about
28:55
Speaker 3: like Airbnb and stuff, and it goes back to the
28:58
Speaker 3: housing affordability crisis that we can't in. So, for example,
29:01
Speaker 3: I'm going to use the Peninsula as an example because
29:04
Speaker 3: George and I are from there. So many houses have
29:06
Speaker 3: now turned into airbnbs because homeowners can make so much
29:09
Speaker 3: more money from that asset by offering short term rentals
29:12
Speaker 3: over the holidays compared to leasing their homes out the
29:15
Speaker 3: old fashioned way. And this actually means that long term
29:18
Speaker 3: rentals on the Mornington Peninsula are much harder to come by,
29:22
Speaker 3: and the prices are arguably a lot more expensive, and
29:26
Speaker 3: people who need homes can't necessarily access them as easily.
29:30
Speaker 3: And you know, this crisis is everywhere. It is not
29:34
Speaker 3: just the Mornington Peninsula. But that's an example that I
29:36
Speaker 3: know quite well, and it's conversation I've had recently with
29:40
Speaker 3: lots of friends who are looking for new houses to
29:42
Speaker 3: move into and genuinely they're like, everything is an Airbnb
29:46
Speaker 3: and it's really frustrating. And I mean, the nature of
29:49
Speaker 3: capitalism means that people will be driven by whatever can
29:51
Speaker 3: make them the most amount of money from something. So
29:54
Speaker 3: if they can make more money by renting out their
29:56
Speaker 3: home a few weeks a year on Airbnb and then
29:58
Speaker 3: have access to it personally, rather than leasing it out
30:01
Speaker 3: to people who need to live their long term and
30:04
Speaker 3: they can't use their property or have that flexibility like,
30:08
Speaker 3: most people are going to choose that option if it's
30:10
Speaker 3: viable for them, which is really tough. But at the
30:13
Speaker 3: end of the day, that's how people are wired. And
30:16
Speaker 3: I'm not saying it is right. But on an individual level,
30:20
Speaker 3: if someone is making an investment decision about a property,
30:23
Speaker 3: because let's be honest, if you have a property that
30:26
Speaker 3: you don't live in that isn't an investment property, you're
30:29
Speaker 3: going to want to get the best return on your investment.
30:32
Speaker 2: Right, totally, Like it just totally, it.
30:34
Speaker 3: Just makes sense for you to want that, even though
30:37
Speaker 3: you know, if you step back and look at it
30:39
Speaker 3: from a macro level, it's a really big issue. But
30:42
Speaker 3: on an individual issue, George, if you bought a property
30:45
Speaker 3: on the peninsula and weren't living in it, like weighing
30:47
Speaker 3: up the pros and cons of how you individually earn
30:50
Speaker 3: an income from that property. Do you want to earn
30:53
Speaker 3: minimum long term rental yield or you know, the penicial
30:57
Speaker 3: goes wild at Christmas time? Do you want to earn
31:00
Speaker 3: that amount of money over the Christmas New Year's Easter
31:02
Speaker 3: break and then have access to your own holiday property
31:05
Speaker 3: over the winter. Like, Yeah, I'm not saying that these
31:09
Speaker 3: are the right decisions to be making. You can absolutely
31:13
Speaker 3: see why people are making them if they're in that
31:15
Speaker 3: privileged position.
31:17
Speaker 2: It's such an ethical dilemmavie because I totally understand how,
31:20
Speaker 2: on an individual level, you want to make as much
31:23
Speaker 2: money as you can. You worked hard for that investment,
31:26
Speaker 2: et cetera, et cetera. You deserve all the riches in
31:29
Speaker 2: the world. But then if you look beyond yourself, you know,
31:33
Speaker 2: there's a homelessness crisis. People can't access housing. But we're like, oh, well,
31:37
Speaker 2: you know, I've got an investment property. I want to
31:39
Speaker 2: make more money from that. And it's like, what's happened.
31:43
Speaker 2: I sound like some kind of I don't know, preacher,
31:47
Speaker 2: but it is. It kind of is a bit sad
31:49
Speaker 2: that we're choosing money above humanity. But at the end
31:53
Speaker 2: of the day, that's capitalism and here we are.
31:55
Speaker 3: Yeah, and it's really hard because that means there's no
31:58
Speaker 3: right or wrong, and lots of people I have colorful
32:02
Speaker 3: opinions on people who own multiple houses, and from my perspective,
32:06
Speaker 3: like if they've worked really hard and they've earned that themselves, Like,
32:09
Speaker 3: we live in a really beautiful country where we can
32:12
Speaker 3: do whatever we want. Essentially, and so like, I'm not
32:15
Speaker 3: opposed to people being landlords, but we know that a
32:17
Speaker 3: lot of people are, and that's like, that's okay, that's
32:21
Speaker 3: personal opinion. But that's also why I think councils and
32:25
Speaker 3: the government more broadly is starting to really work out
32:29
Speaker 3: what is and isn't available for airbnb. Like they are
32:33
Speaker 3: now zoning things to say no, these properties cannot be
32:36
Speaker 3: leased out as airbnbs, and I think that they do
32:39
Speaker 3: need to be a little bit more clear on that
32:41
Speaker 3: because I think a lot of people are now purchasing
32:44
Speaker 3: property with the intention of leasing it out and that
32:46
Speaker 3: could obviously then impact property prices. So how do you
32:50
Speaker 3: rezone an apartment? Like let's say we bought a house
32:53
Speaker 3: on the peninsula together, George, and at the time that
32:57
Speaker 3: we purchased it, we purchased it with the intention of
33:00
Speaker 3: leasing it out as an Airbnb and making a certain profit.
33:04
Speaker 3: So therefore that property is worth more to us and
33:06
Speaker 3: it would have gone for more. But then if it's rezoned,
33:10
Speaker 3: is that fair on that person who purchased that investment
33:13
Speaker 3: that their investment's now worth much less because of a
33:16
Speaker 3: decision that was made that you know at the time
33:19
Speaker 3: was not something that they had signed up for. Like
33:22
Speaker 3: I get it, and I don't get it, and I
33:24
Speaker 3: think that it's a rock and a hard place where
33:27
Speaker 3: we need to do the right thing at a more
33:29
Speaker 3: macro level, like at a more holistic level, but we
33:32
Speaker 3: also need to respect the fact that individuals should be
33:35
Speaker 3: at a base level be able to operate however they
33:38
Speaker 3: would like in a way.
33:40
Speaker 2: Yeah, yeah, that's a tough one. Food for thought, goodhash.
33:43
Speaker 3: Yeah, look that's Airbnb, Like that's the housing affordability crisis.
33:48
Speaker 3: But then we also know that there's been past huge
33:51
Speaker 3: issues with companies like Uber who haven't treated their driver
33:55
Speaker 3: as well and haven't put them in the positions that
33:57
Speaker 3: they should be in. And we're not just talking about pay,
34:00
Speaker 3: we're also talking about safety here. They've both been big issues.
34:04
Speaker 3: And then a lot of these platforms do take a
34:07
Speaker 3: cut of your earnings, so that's the cost of using
34:10
Speaker 3: the service. Like at the end of the day, I
34:11
Speaker 3: think that they absolutely should, but we need to make
34:14
Speaker 3: sure that these are fair and reasonable and that you're
34:17
Speaker 3: familiar with them. And I know that a lot of
34:20
Speaker 3: companies like air Tasker is another one, but they make
34:24
Speaker 3: sure that you don't take the client off the app,
34:27
Speaker 3: so you can't build a business and step away from that.
34:31
Speaker 3: So they do have I guess catches in a way
34:34
Speaker 3: to make sure that you do stay on those apps,
34:36
Speaker 3: which I think is absolutely fair because that's their business model, right, Like,
34:39
Speaker 3: they don't want you to use that platform, build your
34:41
Speaker 3: own business and buger off.
34:43
Speaker 2: Yeah, one hundred percent. This is kind of a little
34:46
Speaker 2: bit of a side step, and maybe it's not necessarily
34:48
Speaker 2: a downfall, but I'm curious to hear your opinion. So
34:52
Speaker 2: the theme of gentrification is kind of interesting to me.
34:56
Speaker 2: So again it comes back to Airbnb. But I remember
35:00
Speaker 2: a couple of years ago, pre covid, I went to
35:02
Speaker 2: Europe with a couple of girlfriends and we went to
35:05
Speaker 2: a place called Benelaria and it was in the It
35:09
Speaker 2: was in Spain, yes, in the hilltops. It was not
35:12
Speaker 2: the hilltops in the mountains. It was amazing, but it
35:15
Speaker 2: was so remote. It was not a tourist destination. No
35:19
Speaker 2: one spoke English, which was fantastic, but it did kind
35:23
Speaker 2: of feel like we were aliens and like we were
35:27
Speaker 2: stepping into someone else's space that maybe we weren't that
35:31
Speaker 2: welcomed there, because Yeah, and I wonder if Airbnb now
35:36
Speaker 2: allowing us to stay in places where there aren't hotels,
35:41
Speaker 2: that aren't tourist destinations, that are just these gorgeou little communities.
35:44
Speaker 2: I wonder if that is a positive or a negative
35:46
Speaker 2: thing for these communities.
35:49
Speaker 3: And I think that that's where the community has to
35:51
Speaker 3: have a say on that, right, yes, if they're not
35:53
Speaker 3: comfortable with that happening, that's about local government getting involved
35:57
Speaker 3: and you know, negotiating where the airbeam be and services
36:01
Speaker 3: like this should be able to go to these locations.
36:04
Speaker 3: And you know, I've been lucky enough and privileged enough
36:07
Speaker 3: to travel before as well, and Airbnb has been a
36:10
Speaker 3: really big part of that and arguably one of my
36:13
Speaker 3: favorite parts of that. And you're probably the same. Where
36:16
Speaker 3: I went to Paris with a couple of friends and
36:19
Speaker 3: we got this gorgeous Airbnb together and it just felt
36:22
Speaker 3: like we got to immerse ourselves in the culture in
36:25
Speaker 3: a way that you couldn't immerse yourself in it if
36:28
Speaker 3: we'd stayed in a hotel, like we just wouldn't have
36:31
Speaker 3: been able to have that experience. So finding our feet
36:34
Speaker 3: in a location where you know, we could go and
36:37
Speaker 3: get our own breakfast in the morning and have a
36:39
Speaker 3: little apartment with a little kitchen and kind of live
36:42
Speaker 3: there for a little while, as opposed to a hotel
36:45
Speaker 3: where it is a little bit more clinical and it
36:48
Speaker 3: doesn't give you the I guess, ability to live in
36:50
Speaker 3: a little apartment with a dingy old lift that was
36:54
Speaker 3: terrifying and had those great doors, like it was just
36:57
Speaker 3: an experience. But you're right, where's the line with that?
37:00
Speaker 3: Like in the center of Paris, I feel like that's
37:03
Speaker 3: really reasonable, Like I didn't feel out of place, but
37:06
Speaker 3: I can absolutely see how in an incredible remote town
37:10
Speaker 3: in Spain you did feel that way. And I would
37:13
Speaker 3: love to see on the flip side, how other people
37:15
Speaker 3: felt about that, Like did other travelers feel the same way?
37:19
Speaker 3: What about the locals? Did they like that? Like, because
37:22
Speaker 3: some locals might turn around and be like, yeah, like
37:24
Speaker 3: we're not a tourist town, but it's so nice to
37:25
Speaker 3: have different faces around and they came to our cafes
37:28
Speaker 3: and they brought a little bit more business. But at
37:31
Speaker 3: what point does that become too commercial? And I guess
37:34
Speaker 3: this is a conversation that is really stretching into something
37:36
Speaker 3: that it wasn't before. But if you had traveled to
37:39
Speaker 3: Bali twenty years ago, it was this gorgeous, really I guess,
37:44
Speaker 3: cultural experience where you got to experience their culture and
37:49
Speaker 3: what they were doing. And now you go to Bali,
37:51
Speaker 3: I don't know what it is like post COVID, so
37:54
Speaker 3: I do think that maybe it has changed very significantly.
37:57
Speaker 3: But you know, twenty nineteen, if you went to Bali,
38:00
Speaker 3: it wasn't that cultural experience because it's now been saturated
38:04
Speaker 3: with tourism. And that doesn't mean that it's a bad
38:07
Speaker 3: place to go, but is that what the locals want?
38:10
Speaker 3: Is that what they wanted for their communities, and you
38:13
Speaker 3: know that would have started off in the same way
38:16
Speaker 3: as you go into that remote town in Spain, But
38:19
Speaker 3: at some point Bali wasn't a tourist location and then
38:23
Speaker 3: it became one. So I think that there's a lot
38:25
Speaker 3: of conversation to be having around that, and I do
38:28
Speaker 3: wonder if it is a concern for more remote townships
38:31
Speaker 3: and places that you know, maybe want that, but also
38:34
Speaker 3: don't know what the implications of that are, right Like,
38:38
Speaker 3: they might love the few little tourists that come through
38:41
Speaker 3: and grab a coffee at their local cafes, but then
38:44
Speaker 3: it gets out of hand and what does that look like,
38:46
Speaker 3: and how do we manage that for them? Because I
38:49
Speaker 3: do think that homes should be respected and that communities
38:53
Speaker 3: should be respected. But yeah, I just don't know what
38:57
Speaker 3: the rules are or what the ethical dilemma there is.
39:00
Speaker 2: Yeah, it's going to be very interesting to see what
39:02
Speaker 2: happens moving forward. V. I have loved this chat today,
39:06
Speaker 2: my friend. I feel like it's been very ethical. We
39:09
Speaker 2: have really changed its.
39:10
Speaker 3: Very much around our own personal values, isn't it.
39:14
Speaker 2: I'll be interested to hear what the feedback is on
39:15
Speaker 2: this one, if you guys have got stuff out of it,
39:18
Speaker 2: or if you just want us to shut up.
39:20
Speaker 3: Probably both.
39:22
Speaker 2: My final question for you today, V is I guess
39:26
Speaker 2: for anyone who is sick of their nine to five.
39:28
Speaker 2: We know the Great resignation has been a massive thing
39:30
Speaker 2: over the last six months or so, would you say
39:33
Speaker 2: that maybe working within the share economy could be a
39:36
Speaker 2: viable option or would you say maybe it's just a
39:40
Speaker 2: better thing to have on the side.
39:42
Speaker 3: Look, I think it could be both. It depends on
39:45
Speaker 3: the time and energy and effort that you're willing to
39:47
Speaker 3: put into this, Like, there are people who do these
39:50
Speaker 3: things absolutely full time. If you're considering it, I wouldn't
39:54
Speaker 3: jump your nine to five job until you've worked out
39:57
Speaker 3: what that could look like viably for you. I would
40:00
Speaker 3: give it a few trial tests and see what's going on,
40:03
Speaker 3: Like if you're planning on driving Uber like, go and
40:06
Speaker 3: see how much you're actually able to make and at
40:08
Speaker 3: what times you're able to make that money. Because if
40:12
Speaker 3: you're planning on replacing your nine to five job, are
40:15
Speaker 3: you going to get the amount of you know, Uber
40:18
Speaker 3: drives that you want to get during the hours of
40:21
Speaker 3: nine to five if that's what you're replacing, or are
40:24
Speaker 3: most of them going to be nine pm to one
40:26
Speaker 3: am because that's Friday and Saturday night for you. G Yeah,
40:30
Speaker 3: what does that actually look like? How would that work
40:33
Speaker 3: for you? What sharing economy are you going to be
40:36
Speaker 3: engaging in? Like you're going to get a whole heap
40:38
Speaker 3: of dresses and put them online. You're going to get
40:40
Speaker 3: tools and pop them on release it? Are you going
40:42
Speaker 3: to be just driving ubers? Are you going to do
40:44
Speaker 3: Uber eats deliveries? Like? What does that look like? Absolutely?
40:48
Speaker 3: People could make an entire career off this, And I've
40:51
Speaker 3: seen people from our Shehes on the Money community actually
40:53
Speaker 3: g make a lot of money on platforms like air
40:56
Speaker 3: Tasker by putting up tasks that they're able to do,
41:00
Speaker 3: and then they end up creating a full time income
41:02
Speaker 3: for themselves and being able to charge more and you know,
41:05
Speaker 3: actually have a bit more flexibility around it. But it's
41:08
Speaker 3: an interesting question, and I love the fact that so
41:11
Speaker 3: many of us now have so much more power in
41:14
Speaker 3: our hands when historically that wouldn't have existed.
41:17
Speaker 2: All right, well said that, V, thank you again for
41:20
Speaker 2: this chat. I loved every second, but I do think
41:24
Speaker 2: that is all we have time for.
41:26
Speaker 3: As always, just before we head off, we'd like to
41:28
Speaker 3: acknowledge and pay respect to Australia's Aboriginal and torrest Right
41:32
Speaker 3: Islander people. So they're the traditional custodians of the lands,
41:35
Speaker 3: the waterways and the skies all across Australia. We thank
41:39
Speaker 3: you for sharing and for caring for the land on
41:41
Speaker 3: which we are able to learn. We pay our respects
41:43
Speaker 3: to elders past and present, and we share our friendship
41:46
Speaker 3: and our kindness.
41:47
Speaker 2: And remember, guys, that the advice shared on She's on
41:50
Speaker 2: the Money is general in nature and does not consider
41:53
Speaker 2: your individual circumstances. She's on the Money exists purely for
41:57
Speaker 2: educational purposes and should not be relied on to make
42:00
Speaker 2: an investment or a financial decision. And remember Victoria Divine
42:04
Speaker 2: is an authorized representative of Infocused Securities Australia Proprietary Limited
42:09
Speaker 2: ABN four seven zero nine seven seven nine seven zero
42:13
Speaker 2: four nine AFSL two three six five two three. We
42:16
Speaker 2: will see you next week guys. Bye bye