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Take It or Leave It: Could Taking Stress Leave Affect My Insurances? · She's On The Money

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Speaker 1: My name's Sasha Bamblet. I'm a proud First Nations woman
0:03
Speaker 1: and I'm here to acknowledge country t Glenn Young Ganya
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Speaker 1: Niana Kaka yah y and beIN Ahaka nianaka In Mbini
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Speaker 1: yakarum Jar Dominyamiga Umagahawaka Woman Damon Imlan Bumba ban Gadabomba
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Speaker 1: in and now in wakah ghan On yak rum Jar
0:20
Speaker 1: water Nada. Now Hello, beautiful friends, we gather on the
0:24
Speaker 1: lands of the Aboriginal people. We thank acknowledge and respect
0:27
Speaker 1: the Abiginal people's land that we're gathering on today. Take
0:30
Speaker 1: pleasure in all the land and respect all that you see.
0:34
Speaker 1: She's on the Money podcast acknowledges culture, country, community and connections,
0:40
Speaker 1: bringing you the tools, knowledge and resources for you to thrive.
0:45
Speaker 2: She's on the Money. She's on the Money.
1:08
Speaker 3: Hello and welcome to She's on the Money, the podcast
1:11
Speaker 3: that makes personal finance fun, especially on Fridays, and every
1:15
Speaker 3: Friday we get the team together to celebrate you our
1:17
Speaker 3: incredible She's on the Money community. Of course, Miss Jessic
1:21
Speaker 3: got Ricci is here sharing all of your money. Wins
1:23
Speaker 3: Beck will be bringing you the best broke tips of
1:26
Speaker 3: the entire week. We'll be also sharing an insurance related
1:30
Speaker 3: money dilemma that explores what kinds of protection you might
1:33
Speaker 3: need if you're considering taking some time off work, especially
1:36
Speaker 3: if that leave is taken in the interest of your
1:39
Speaker 3: own mental health. And finally, we're hitting the DMS to
1:42
Speaker 3: settle the question for good should you seek financial advice
1:46
Speaker 3: from an unlicensed advisor? Oh I was gonna say about that?
1:51
Speaker 4: Oh God?
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Speaker 3: Remember you two can have your money dilemma explored on
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Speaker 3: the pod by leaving us a voice note on our website.
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Speaker 3: Simply tell us what's going on, and you might just
2:00
Speaker 3: hear yourself on a Friday Drinks episode. But more on
2:03
Speaker 3: that later. But first, my friend's a palette cleanser a
2:07
Speaker 3: five star review. There's something extra special, or I think
2:10
Speaker 3: there's something extra special about hearing from you our community
2:14
Speaker 3: directly about all the ways that you are achieving your
2:17
Speaker 3: financial goals. Not only does it mean that you're learning
2:20
Speaker 3: how to build wealth on your terms, it means that
2:22
Speaker 3: our rants and our resources are actually reaching more people
2:25
Speaker 3: in even more meaningful ways. If our little podcast has
2:29
Speaker 3: helped bring you closer to your money goals, girls, we
2:31
Speaker 3: want to hear it. Please please, please end boys to
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Speaker 3: be able to stop hear from anybodybody. Please share your
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Speaker 3: reviews and honestly Ego stroking comments on She's on the
2:40
Speaker 3: Money on Apple podcasts, socials, on dms, wherever you want
2:44
Speaker 3: to wax Lyrical, we are open this week's review. It
2:47
Speaker 3: comes from our friend Chantelle. Are you ready?
2:49
Speaker 5: Hi?
2:49
Speaker 3: Chantel Chantal says, and she DMed me this and I
2:53
Speaker 3: was like, I'm so grateful. Please post it on Apple.
2:58
Speaker 3: This podcast Victoria has nuinely changed my life. I found
3:01
Speaker 3: She's on the Money feeling completely behind all my money
3:04
Speaker 3: and honestly a little bit embarrassed about it. I ended
3:07
Speaker 3: up doing both the Investing master Class and the Money
3:09
Speaker 3: master Class, and for the first time, money made sense.
3:12
Speaker 3: I've since started investing, I've felt some savings, and I
3:15
Speaker 3: feel much more confident in the decisions that I've been making.
3:18
Speaker 3: It's not just about money, but it's actually been a
3:21
Speaker 3: mindset shift I didn't even know I needed. I recommend
3:24
Speaker 3: this to literally anyone who will listen. Oh isn't that cute?
3:29
Speaker 6: So stoked for you? That's amazing.
3:31
Speaker 3: Also, please keep recommending it to your arista, to your
3:34
Speaker 3: waxa like, imagine getting a leads and being like, have
3:36
Speaker 3: you heard if she's on the money. I think that's
3:39
Speaker 3: the time and the place. Yes, agreed, agreea a time
3:41
Speaker 3: and a place where it's not appropriate. Oh wait, oh
3:45
Speaker 3: wait anyway, yeah, in a funeral will be like I
3:48
Speaker 3: wonder what her life insurance.
3:50
Speaker 6: Was, Like, Hey, it's never a bad time to talk
3:52
Speaker 6: about finances.
3:53
Speaker 3: It's never a bad time never. All right, now, my friends,
3:56
Speaker 3: it is time the moment of Friday drinks where you
3:58
Speaker 3: finally get answers to the questions you have been dying
4:01
Speaker 3: to ask, money, work, insurance. It can be literally about anything.
4:06
Speaker 3: And this week's question came to us via our DMS
4:09
Speaker 3: and Sarah would like to know, my friends, what place
4:12
Speaker 3: have you traveled to that was actually really disappointing in
4:15
Speaker 3: real life?
4:16
Speaker 6: Oh it's a really good question.
4:18
Speaker 4: I have one which I've mentioned on the show before.
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Speaker 4: I'm pretty sure, and it's Mexico. I will say a
4:23
Speaker 4: little bit on us because I don't think we did
4:26
Speaker 4: enough research. The hotel we were in, it was like
4:28
Speaker 4: us and four other people. One of the restaurants was
4:31
Speaker 4: always close. You could really only eat at one restaurant.
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Speaker 4: It was just a very Tristy area. I think we
4:36
Speaker 4: weren't in Mexico City. We were in Plate or Carmen,
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Speaker 4: and it seems I didn't realize that the only thing
4:41
Speaker 4: to do there is drink, which we were two not
4:45
Speaker 4: huge drinkers. So how is just not the right choice
4:48
Speaker 4: by us. I would like to go back and see more,
4:51
Speaker 4: because I've heard really good things about Mexico City. So
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Speaker 4: it's not the country city.
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Speaker 3: You are so optimistic, because I have written that off
4:57
Speaker 3: and said I'm never riding back there.
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Speaker 4: No, I'm I'm assuming user error. You know what I'm saying.
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Speaker 4: I think every place, every country has something incredible.
5:07
Speaker 3: I just did the country was.
5:13
Speaker 6: I know it's my upset a lot of people, but
5:16
Speaker 6: honestly like London, but I was Lire like three days
5:18
Speaker 6: and also probably user error as well, but I like
5:20
Speaker 6: went to I had to go there to do somewhere else,
5:22
Speaker 6: and so I didn't really see all there was.
5:25
Speaker 3: See.
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Speaker 6: All I know is I couldn't afford to buy anything
5:28
Speaker 6: because it was so expensive and the conversions killer killer,
5:32
Speaker 6: and also went to I think I went to Big Ben.
5:35
Speaker 6: I don't know. I think I did the clock that
5:37
Speaker 6: was the clock. I was like, okay, well that's kind
5:40
Speaker 6: of cool, but yeah, I had they were just was
5:42
Speaker 6: kind of like, oh, I don't think I really need
5:43
Speaker 6: to be here for that much longer.
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Speaker 4: You know, London, for whatever reason, gives Melbourne vibes to me. Yeah,
5:49
Speaker 4: maybe it's just not that different for what we like.
5:52
Speaker 4: The architecture is beautiful, like the historical architecture, but I
5:55
Speaker 4: think like the city vibe reminded me a lot of home,
5:58
Speaker 4: which is why so many move over there to live.
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Speaker 6: Really, that is so true, and also probably why it
6:04
Speaker 6: felt so not that exciting because I was like, Okay,
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Speaker 6: culturally and aesthetically, I'm basically in Melbourne.
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Speaker 3: Maybe what that feeling is. And when I'm paying a
6:13
Speaker 3: lot more for that experience.
6:15
Speaker 4: Double the price to be here, Oh yeah.
6:18
Speaker 3: I feel bad. I feel really bad because I just
6:23
Speaker 3: traveling is a privilege, Like we're so lucky to experience this,
6:26
Speaker 3: and I'm about to poop all over something. And I
6:30
Speaker 3: also know that the location I'm about to disclose someone
6:33
Speaker 3: listening has probably picked it for their like honeymoon or something,
6:36
Speaker 3: and they're like, wait, what Victoria caveat This was like
6:39
Speaker 3: more than ten years ago. This was probably like fifteen
6:41
Speaker 3: nearly twenty years ago, which it's honestly no, not even
6:44
Speaker 3: twenty maybe fifteen years ago. I'm being dramatic. It's Peepee
6:47
Speaker 3: Island in Thailand. He b Island, Pib Island, and if
6:52
Speaker 3: you google this location, it's stunning, gorgeous, like white crystal,
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Speaker 3: white beaches, jounning like the photos are like next level
7:04
Speaker 3: the water, blue glustening. You just think island time, you think,
7:08
Speaker 3: oh incredible. Anyway, got there and again maybe user experience
7:12
Speaker 3: of the entire island. I was with an ex boyfriend
7:16
Speaker 3: traveling and we did Thailand. Adored Thailand, and they're more like,
7:20
Speaker 3: we're going to fly to Pep Island. It's more expensive locations,
7:23
Speaker 3: so we're going to spend less time there, and we
7:25
Speaker 3: researched like resorts. He mainly researched the resort that we
7:29
Speaker 3: picked because I would have read every single trip Advisor review. Yeah,
7:33
Speaker 3: we got bed bugs on which was one out of ten.
7:36
Speaker 3: We had to move hotels because I discovered the bed bugs,
7:39
Speaker 3: and then I looked up the reviews on trip Advisor
7:42
Speaker 3: and everyone reiterated those bed bugs. Turns out there's bed
7:44
Speaker 3: bugs all over the island and basically every hotel had
7:47
Speaker 3: them at that point in time, so we couldn't escape
7:50
Speaker 3: the problem, and we were stuck on an island. And
7:52
Speaker 3: then the beach was just it wasn't pristine. It was
7:55
Speaker 3: full of people, people that were trying to charge me,
7:57
Speaker 3: people that were trying to scam me. It was just
8:01
Speaker 3: so overwhelming, like you couldn't just go for a serene
8:03
Speaker 3: swim because it was full of just people, like back
8:06
Speaker 3: to back people. And yeah, nothing about it was good.
8:09
Speaker 3: And then I got food poisoning, and I remember being like,
8:12
Speaker 3: I don't think it can get worse.
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Speaker 4: That would truly just take the place you're in forever.
8:16
Speaker 3: I fed bugs when you want to lay down, but
8:19
Speaker 3: you have food poisoning. It's not the experience I wei
8:22
Speaker 3: show even my worst enemy. Oh I don't even have
8:26
Speaker 3: a worst enemy. So yeah, that's the place that didn't
8:31
Speaker 3: live up to the hype.
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Speaker 4: Okay, cool, good to sometimes hear the flip side of things. Yeah,
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Speaker 4: I mean, I feel like most people just want to
8:38
Speaker 4: travel everyhere. I know, I want to travel everywhere, and
8:40
Speaker 4: sometimes it's good to temper, you know, the Instagram with
8:43
Speaker 4: a little bit of reality.
8:44
Speaker 3: Yeah, I agreed, absolutely. Yeah. All right, well, guys, if
8:48
Speaker 3: you've got a question that you need answered on the pod,
8:51
Speaker 3: please send them through. We love reading your comments and
8:53
Speaker 3: your queries. Honestly, the more unhinged the better. Now, Miss
8:57
Speaker 3: Jessica Ricies, tell me about this week's money Lady.
9:01
Speaker 4: Firstly, this week I have one from Emily who said
9:03
Speaker 4: I have been I am off a Nation balance bike
9:06
Speaker 4: for baby boys first birthday. Came across one on marketplace
9:09
Speaker 4: for thirty dollars, which is half priced, and she didn't
9:12
Speaker 4: have to pay for shipping. It was only just around
9:14
Speaker 4: the corner, so she walked over to pick it up
9:16
Speaker 4: so it didn't even have to spend money on fuel
9:18
Speaker 4: money in Do you know that's.
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Speaker 3: Exactly what I've been manifesting on Facebook Marketplace this week. Yeah,
9:22
Speaker 3: but I want the cruisy one.
9:23
Speaker 6: It's quite a mouthful. What is it.
9:25
Speaker 3: It's just like a little kid's balance bike, so it's
9:29
Speaker 3: like basically think of a normal bike, shrink it and
9:32
Speaker 3: remove the pedals so they kind of like balance on it,
9:36
Speaker 3: and they're really light, so you can kind of toddler's.
9:39
Speaker 3: Toddlers suck. They say, no, I really want my bike.
9:42
Speaker 3: I really want my bike. Beckall, I have to take
9:44
Speaker 3: my bike and then you get five minutes into the
9:46
Speaker 3: walk and they're like, I want to be carried so
9:50
Speaker 3: really light bike. So that's an important one. Yeah, to
9:54
Speaker 3: pick up and take places because like, girl, you're going
9:56
Speaker 3: to be carrying the baby and the bike anyway I
9:59
Speaker 3: will for thirty bucks is a good deal, got you okay?
10:04
Speaker 4: Next, I've got a money in from Orlanda who said
10:06
Speaker 4: she's been taking the kids to the movies and got
10:08
Speaker 4: a family ticket which saved us some money, and she
10:11
Speaker 4: also managed to save by getting a voucher through shop
10:14
Speaker 4: Back using her shop back credits.
10:17
Speaker 3: Very good.
10:17
Speaker 4: I feel lots of people are doing movies with the
10:19
Speaker 4: kids on school holidays and things like that, so that's
10:21
Speaker 4: a good ear. Next, I've got a money in from Jane,
10:24
Speaker 4: who said my partner and I were planning on heading
10:25
Speaker 4: to a Kia to buy three chairs for our new office.
10:28
Speaker 4: Wooli's had twenty times points on the Ultimate gift cards,
10:31
Speaker 4: so I bought four hundred dollars worth and got forty
10:33
Speaker 4: bucks straight back in Woolies dollars, which are banked for Christmas.
10:37
Speaker 4: Then they went in store, they tried the chair and
10:39
Speaker 4: it was so uncomfortable they ended up getting a different
10:41
Speaker 4: one that was a third of the cost. So a
10:44
Speaker 4: twelve hundred dollar shop turned into a seven hundred and
10:46
Speaker 4: sixty dollars shop.
10:46
Speaker 3: Oh money, I'm so sorry the one that you liked
10:49
Speaker 3: didn't work out.
10:50
Speaker 5: Yeah.
10:51
Speaker 4: Happy. I also, yeah, it was a cheap bar that
10:53
Speaker 4: you lacked next time. I've got this from Die who
10:56
Speaker 4: said last week we were gonna have take away for dinner,
10:57
Speaker 4: but realized we'd had it in the past two weekend.
11:00
Speaker 4: So my husband went to the shops on his way home,
11:02
Speaker 4: purchased some chicken for twelve dollars and made wraps from
11:05
Speaker 4: the ingredients we already had. Takeaway normally cost our family
11:08
Speaker 4: fifty to sixty bucks instead of twelve.
11:10
Speaker 3: It's getting so expensive.
11:12
Speaker 4: Tell me why going to McDonald's is what once upon
11:16
Speaker 4: a time you would have paid at like your local
11:17
Speaker 4: Mexican restaurant. It's so expensive.
11:20
Speaker 3: I were into a Burgo restaurant yesterday for our work
11:24
Speaker 3: lunch chess and I was like, oh, yeah, I'll just
11:26
Speaker 3: have that burger and those chips, and they're like, oh,
11:28
Speaker 3: do you want to make it a combat and I
11:29
Speaker 3: was like, no, I don't need the drink and salt.
11:30
Speaker 3: Go thanks for drink. What do when I get back
11:32
Speaker 3: to the office twenty seven dollars. Still it's crazy. Sorry,
11:35
Speaker 3: what I know, Like I remember just looking at it
11:37
Speaker 3: and being like, okay, Like not again. Maybe we should
11:41
Speaker 3: have like a little fake away series. Like I keep
11:45
Speaker 3: getting in trouble because I suggest things that we should
11:47
Speaker 3: do on the podcast that gives the team more work.
11:49
Speaker 3: But like fake away, But I want fake away meals
11:52
Speaker 3: that I can buy and put in the freezer so
11:55
Speaker 3: they're not like a planned meal, They're just like a
11:58
Speaker 3: freezer meal back up. But I'm like, oh, we can
12:01
Speaker 3: have that fake away. Yeah, every time I tempted.
12:04
Speaker 6: I'll tell you what, There's nothing quite as if you
12:07
Speaker 6: have like those frozen fish fillids you can have like
12:09
Speaker 6: an air fry and it does feel like you've gotten
12:11
Speaker 6: You've gotten a fake away.
12:12
Speaker 3: Yeah exactly. But maybe we put together our favorite fake
12:15
Speaker 3: away meal based on things that we can either prep
12:18
Speaker 3: and freeze. And I'm saying that because I know Jess
12:21
Speaker 3: makes her homemade dumplings. Anything just makes this good. So
12:27
Speaker 3: I'm basically like, hey, can we have all your resbees
12:29
Speaker 3: jest me and.
12:31
Speaker 4: My freezer, my air fryer.
12:32
Speaker 1: I like this.
12:33
Speaker 4: Let me tell you all right, next, I've got the
12:36
Speaker 4: money in from c who said when KO put their
12:38
Speaker 4: prices up to sixty dollars a month for premium, she
12:40
Speaker 4: went to cancel, and I offered her a thirty dollars
12:43
Speaker 4: discount a month to stay that price. She said, try
12:46
Speaker 4: canceling your subscriptions. You might get a discount before you
12:49
Speaker 4: actually have to cancel it.
12:50
Speaker 6: Yes, I agreed.
12:51
Speaker 3: I do test that even when I don't want to cancel,
12:53
Speaker 3: and what would happen if and then I click it
12:55
Speaker 3: and they're like, oh, we will give you, you know,
12:57
Speaker 3: fifty percent off next month. Thanks, And I was like, okay, bye,
13:01
Speaker 3: I'm just testing you. I was also being a pest
13:03
Speaker 3: the other day. Sorry side note, my phone bill went
13:06
Speaker 3: up and so I got on the chat. I'm like,
13:10
Speaker 3: it's Sunday, I'm breastfeeding a baby girl. I have nothing
13:14
Speaker 3: but time. I am ready for this conversation. So I'm
13:18
Speaker 3: messaging the phone company I'm with and I was like,
13:21
Speaker 3: I want a better deal, and they were like, cool,
13:23
Speaker 3: we can basically off you ten dollars off a month
13:26
Speaker 3: for the next six months. And I was like nope,
13:28
Speaker 3: I just googled it and you're offering this here, and
13:31
Speaker 3: this here and this for new customers, and they were like,
13:34
Speaker 3: that's a new customer deal and I said, I was like,
13:37
Speaker 3: you know what, this is probably not the right thing
13:39
Speaker 3: to do. But I was like, so you don't value
13:40
Speaker 3: me as much as you do new customers. And they
13:45
Speaker 3: were like, oh no, we definitely value your ongoing service
13:49
Speaker 3: or whatever. And I said, so give me a better deal.
13:51
Speaker 3: Who all of a sudden, we're like, no worries, We're
13:54
Speaker 3: going to transfer you to the customer retention team. I said,
13:58
Speaker 3: no worries again, I have nothing but time on this bright, sunny,
14:01
Speaker 3: rainy Sunday. And yeah, ended up getting the price of
14:05
Speaker 3: the new customer for the next twelve fronths.
14:08
Speaker 6: Oh my god, love that.
14:09
Speaker 3: You just keep pushing. I wasn't rude, but I was like, oh,
14:11
Speaker 3: so you're trying to tell me that you don't value
14:13
Speaker 3: me as much as a brand new customer their heartstrings.
14:16
Speaker 4: It's so crazy.
14:17
Speaker 3: And then I quickly googled while I was on chat
14:20
Speaker 3: what other companies were doing, and I was like, oh,
14:22
Speaker 3: well this was doing this. Could you do this? That's
14:26
Speaker 3: clever anyway, We're smarter, not harder. Absolutely, we're not even smarter.
14:30
Speaker 3: Just questioning their morals, Yes, it worked.
14:34
Speaker 4: When the last fails, go for the heart exactly exact,
14:37
Speaker 4: exactly last of this week, I've got a money lost
14:39
Speaker 4: from Amanda who said their washing machine died. However, she's
14:43
Speaker 4: thankful that passed. Her set up an emergency fund and
14:45
Speaker 4: she was able to go shopping for a new washer
14:47
Speaker 4: without having to dip into savings or use credit, and
14:50
Speaker 4: their budget is still on track. I live in constant
14:53
Speaker 4: fee out of the day my washing machine dies. The
14:56
Speaker 4: sound that that thing makes, I can't even tell you, guys,
14:59
Speaker 4: it's gonna be a fair, very very bleak day for me.
15:02
Speaker 4: The rocket ship finally leaves for the moon. That's what
15:05
Speaker 4: it sounds like.
15:07
Speaker 3: Why goods are so expensive?
15:11
Speaker 4: Maybe I will get a new one. Sorry, like three
15:14
Speaker 4: thousand dollars.
15:15
Speaker 3: It's actually insect in my head. I promise. I don't
15:21
Speaker 3: need to touch grass. I promise, Like I know how
15:24
Speaker 3: much things cost, but I have in the back of
15:27
Speaker 3: my head how much things should cost. Yeah, and maybe
15:30
Speaker 3: this is from like I don't know, maybe I'm stuck
15:32
Speaker 3: in two thousand and nine or twenty ten when these
15:34
Speaker 3: prices were accurate. In my head, washing machine six hundred dollars.
15:39
Speaker 4: Fairy is to wash a dryer because I feel people to be.
15:42
Speaker 3: That's a thousand dollars in my head, Yeah, that's expensive.
15:46
Speaker 3: That's not true. No, that's not true. I promise I
15:50
Speaker 3: don't need to touch grass. I know that's not accurate,
15:52
Speaker 3: but like, I just have the default setting in my head,
15:54
Speaker 3: so immediately when I see the price, I'm offended.
15:57
Speaker 4: Yeah yeah, so Amanda, proud of your girl.
16:00
Speaker 3: I just offended myself so easily.
16:04
Speaker 6: We have a fine one.
16:05
Speaker 4: There's a market place and this is the thing, guys,
16:07
Speaker 4: you gonna get me in a rant. I got this
16:09
Speaker 4: question machine six or seven years ago, which is a while.
16:14
Speaker 4: I understand.
16:15
Speaker 3: No use washing machine as lasted forty years. I want
16:18
Speaker 3: the same longevity.
16:19
Speaker 4: I'm like, when you're paying thousand, thousands of dollars or something,
16:22
Speaker 4: that doesn't feel reasonable. And so I worry that if
16:24
Speaker 4: I get a second hand one. You know, I love
16:27
Speaker 4: something like a second hand item, But I'm like, well,
16:28
Speaker 4: if my brand new one only kind of made it
16:30
Speaker 4: through you know how many years, what's a second hand one?
16:35
Speaker 4: I don't know.
16:35
Speaker 6: Yeah that makes sense. That actually doesn't make a lot
16:37
Speaker 6: of sense.
16:37
Speaker 3: But if you do buy a second hand one, yes,
16:40
Speaker 3: call me. I'll teach you how to clean it perfect.
16:42
Speaker 4: Okay, I'll be yeah, probably not any type. I will wait,
16:47
Speaker 4: I will call you.
16:48
Speaker 3: Well, I can teach you how to clean your current one.
16:50
Speaker 4: Amazing.
16:52
Speaker 3: What have you got as a broke tip this week
16:54
Speaker 3: or even three broke tips that you'd like to share
16:56
Speaker 3: with us this week? Miss Beck say absolutely so.
16:59
Speaker 6: This first one come from Oh gosh, I'm so sorry.
17:02
Speaker 6: Maybe you're listening to this. You did send me this.
17:04
Speaker 6: You'll know who you are, and I know who you are,
17:06
Speaker 6: but I can't remember your name off the top of
17:07
Speaker 6: my head. But I'm just gonna call you mail for
17:09
Speaker 6: now because I have the reel that you sent me open,
17:13
Speaker 6: but not our chat. So this is a I guess
17:17
Speaker 6: like a mother with a teenage child, and it's like
17:20
Speaker 6: a silly one. It's like if your teenager needs driving hours,
17:24
Speaker 6: but you also really want to get your bread store dash.
17:26
Speaker 6: Then you smack them together and you save money by
17:29
Speaker 6: not getting delivery. You make your teenage loaner driver take
17:34
Speaker 6: you to the place.
17:35
Speaker 3: Brilliant.
17:37
Speaker 6: Yes, you get those hours up. You got those hours up,
17:40
Speaker 6: and you save on I don't know how much. It's
17:42
Speaker 6: like the food itself on Uber eats is like a
17:44
Speaker 6: lot more expensive than when you actually go, so that
17:46
Speaker 6: you save me a lot of money, and also killing
17:49
Speaker 6: two birds with one stone. This actually comes from Eryl,
17:52
Speaker 6: who sent me a reel from Abby Echol, and some
17:55
Speaker 6: people may follow Abby Echole, but basically she's saying, if
17:57
Speaker 6: I wanted to divorce my husband but couldn't for financial reason,
18:00
Speaker 6: and here is exactly.
18:01
Speaker 3: What I do.
18:01
Speaker 6: And it's a list of advice for this kind of thing.
18:04
Speaker 6: So it's like, I mean, I fear it won't be
18:06
Speaker 6: applicable to everyone. Some people are in really really die
18:09
Speaker 6: situations and some people are in like you know, financial
18:12
Speaker 6: abuse situations.
18:14
Speaker 3: So this might be more for but more advice, more better, more, Yes, exactly,
18:17
Speaker 3: and let's just keep talking about different options and one
18:20
Speaker 3: will stick for something exactly exactly.
18:22
Speaker 6: So I guess like I'll maybe I'll give the real
18:25
Speaker 6: link and you guys can pretty sure just because I guess,
18:29
Speaker 6: like I won't write off tips and tricks. But yes,
18:31
Speaker 6: I think it's it's it's really good and if you
18:34
Speaker 6: just want to go find it, Abby Echo A B
18:36
Speaker 6: B Y E C K E L. I thought it
18:38
Speaker 6: was a great, a great idea because a lot of
18:40
Speaker 6: people are probably in this situation where they just can't
18:42
Speaker 6: financially leave and it's really tricky.
18:44
Speaker 3: This is going to link back. I did an episode
18:47
Speaker 3: a little while ago, and I'll link that in the
18:49
Speaker 3: show notes as well, with a divorce lawyer, and we
18:52
Speaker 3: talked about how to prepare yourself to go through a divorce,
18:55
Speaker 3: what you should be looking for not only to protect
18:58
Speaker 3: your finances, but to like kind of protect yourself as well. So, yes,
19:02
Speaker 3: that's a good one. What's your bread tip?
19:04
Speaker 6: Though? So my one my friend Indy.
19:07
Speaker 4: You guys remember Indian.
19:08
Speaker 3: I love Indie, she said me. Do a little shout
19:11
Speaker 3: out though, because Indian you have a little podcast Indian
19:15
Speaker 3: New Indian. Yeah, no, you and Indiana have a podcast, yes,
19:22
Speaker 3: called Cheapskates.
19:23
Speaker 4: It's so funny.
19:25
Speaker 3: It really You're way any cackle every time you come
19:29
Speaker 3: up on the feed because it is different from She's
19:32
Speaker 3: on the Money. But I'm like, it is so beck
19:34
Speaker 3: like it's so I don't know.
19:37
Speaker 6: Yeah, honestly, guys, I don't know.
19:40
Speaker 3: Do you prepare for that episode or does just INDI
19:42
Speaker 3: go let's talk about this and you go, yep, no
19:44
Speaker 3: worries because like the amount of times did I watch
19:46
Speaker 3: that and I'm like, did Indie prepare beck or did
19:49
Speaker 3: she just like spring that on her.
19:51
Speaker 6: No, she doesn't. She doesn't preay me for anything. And like,
19:53
Speaker 6: so Indie feelsing but also in this way that she
19:55
Speaker 6: just does everything. And then she asked me to like
19:57
Speaker 6: she asked me to come to her house like three
19:58
Speaker 6: o'clock on a random Monday, and then I'll come and
20:01
Speaker 6: then and then before you know it, we're recording things.
20:03
Speaker 3: That's fun.
20:04
Speaker 6: I don't even know if you could say it's mine
20:05
Speaker 6: and indies.
20:05
Speaker 4: I think it's indies.
20:06
Speaker 6: And then I'm just there.
20:07
Speaker 3: So I just hang out.
20:08
Speaker 4: I just hang out. I just hang out. I just
20:10
Speaker 4: hang out. But thank you, that's so nice.
20:12
Speaker 6: Thank you so much for the shout out.
20:13
Speaker 3: Another link in the cheap.
20:17
Speaker 6: And then my one, it's yeah, it's a very very
20:19
Speaker 6: silly barely I guess advice. But this girl says frugal
20:26
Speaker 6: things I did today, and she goes through and she
20:29
Speaker 6: kind of like she'll take the lemon from her I
20:32
Speaker 6: don't know, free water at the pub and take like
20:35
Speaker 6: you know, a little butter cannister whatever they call things
20:37
Speaker 6: from hotels and things like that. And so basically, my
20:40
Speaker 6: my reminder to everyone in the world. Is that. Like,
20:44
Speaker 6: if you go out and if you get like, yeah,
20:45
Speaker 6: let's say free pub water, you can fill up your
20:48
Speaker 6: bottle of water. That's that's probably eventually going to save
20:51
Speaker 6: you water utility bill and money. And then you can
20:54
Speaker 6: take the free lemon from the free water and put
20:57
Speaker 6: that on a fish that you want to cook later.
20:59
Speaker 6: There are just things the world that there are actually
21:01
Speaker 6: things in the world that we could use them, and
21:04
Speaker 6: we could reuse them, we could recycle them. I just say,
21:07
Speaker 6: even like napkins, sometimes I have napkins from random places' expensive.
21:13
Speaker 6: My fouse is full of random napkins, and I'm like,
21:15
Speaker 6: just take what is free, Take what is complimentary straws.
21:19
Speaker 3: Take all the straws, not all of the No, I
21:20
Speaker 3: don't want straws these days.
21:22
Speaker 6: No paper straws.
21:23
Speaker 3: No, I cancel that if you offered me a plastic straw,
21:25
Speaker 3: though I do, miss I can't. Don't come at me.
21:28
Speaker 3: Do not come at me about the environment. I don't
21:30
Speaker 3: want to hear it. I know that there are people
21:33
Speaker 3: who love the environment, admit it. Plastic straw is just
21:36
Speaker 3: a superior experience.
21:38
Speaker 4: The solution is a like have you seen those portable
21:40
Speaker 4: siliconed ones. Like I have a little key chain that
21:42
Speaker 4: rolls up and it's a silicon straw, so it doesn't
21:44
Speaker 4: like disintegrate things. But you can have it like with
21:46
Speaker 4: you because it's small.
21:47
Speaker 3: That's so good. I wouldn't wash it, so I'm a
21:51
Speaker 3: cleaning expert, but that would die in the bottom of
21:53
Speaker 3: my handbag.
21:54
Speaker 4: Understood.
21:55
Speaker 3: Why can't they give us sugar cane ones. The sugar
21:58
Speaker 3: cane straws their eco friendly. There's also bamboo as an option.
22:04
Speaker 3: There are so many good options. I had a grice
22:07
Speaker 3: try to humble me with paper.
22:10
Speaker 4: It was made out of like the same sort of
22:12
Speaker 4: material as past I wasn't sugarcane, but it was like
22:15
Speaker 4: same concept.
22:16
Speaker 3: I had a rice one.
22:17
Speaker 4: Actually, yeah, like what kinds of things you can make
22:19
Speaker 4: them out of?
22:20
Speaker 7: Yeah?
22:20
Speaker 3: So true. Donald's waiting to talk because you are ruining
22:23
Speaker 3: my crispy coke experience.
22:25
Speaker 6: Yeah. Oh, speaking of free ice at those owner if
22:29
Speaker 6: they will have them. You know, you fuel your own
22:31
Speaker 6: posts post mix coke take take take is what I'm
22:34
Speaker 6: saying from the world around you.
22:36
Speaker 3: You know what, and don't be sorry about it.
22:37
Speaker 6: Don't be sorry about it?
22:38
Speaker 3: No, all right, I love that we're going to take
22:40
Speaker 3: a quick break, but when we come back, we're going
22:42
Speaker 3: to be getting into a money dilemma that's also a
22:44
Speaker 3: work dilemma that's all wrapped up into one. So my friends,
22:47
Speaker 3: stay tuned.
22:52
Speaker 4: Welcome back, everybody. Let's take a listen to this week's
22:54
Speaker 4: money dilemma.
22:57
Speaker 7: Hi, there, have you got a money dilemma you just solve?
23:00
Speaker 7: The Shees on the Money team is here to help.
23:03
Speaker 7: Every week, we tackle your dilemmas, both big and small,
23:06
Speaker 7: to answer your most burning money.
23:08
Speaker 3: Career and life questions.
23:09
Speaker 7: To get involved, simply head to our website and leave
23:12
Speaker 7: us a short voice recording and you might just find
23:14
Speaker 7: yourself on the show. Now, let's take a listen to
23:17
Speaker 7: this week's money dilemma.
23:21
Speaker 5: Hi, guys, I'm getting in touch because I'm hoping for
23:24
Speaker 5: your thoughts on a bit of a workplace dilemma I
23:27
Speaker 5: have at the moment. I'm in a really stressful role
23:29
Speaker 5: at work, but I have a great team around me
23:32
Speaker 5: and I have been offered to go on stress leave,
23:36
Speaker 5: which I think I would benefit from because my mental
23:38
Speaker 5: health has been struggling a bit lately. That said, I'm
23:41
Speaker 5: very mindful of the implications of taking stress leave, that
23:44
Speaker 5: this can you affect things like insurances in the future.
23:47
Speaker 5: I suppose I worry about the stigma that can come
23:50
Speaker 5: from that, even working in a field that is quite
23:53
Speaker 5: positive towards you seeking out mental health supports. I have
23:58
Speaker 5: tried to get my insurances done previous, and I have
24:01
Speaker 5: accidental injury insurance. However, wasn't able to get other insurances
24:05
Speaker 5: due to some other health conditions other than income protection,
24:09
Speaker 5: which is through my super So I suppose I know
24:12
Speaker 5: I'm already not as insurance of protectors as I would
24:16
Speaker 5: like to be, and I'm just trying to navigate whether
24:19
Speaker 5: or not it would be better to take stress leave
24:21
Speaker 5: to kind of protect my earning potential and also just
24:24
Speaker 5: general mental health, or I suppose maybe consider other options
24:28
Speaker 5: like reduced workload and things like that, which I have
24:31
Speaker 5: been trying but haven't been working great, just to kind
24:34
Speaker 5: of try and preserve my options for the future. Thanks.
24:40
Speaker 6: I think my main question is what is the difference
24:43
Speaker 6: between stress leave and like annual leave or like sick leave.
24:47
Speaker 3: It's usually an unpaid leave.
24:49
Speaker 6: Okay, and so that would and so an insurer or
24:53
Speaker 6: like an underwriter would need to know if you've ever
24:55
Speaker 6: taken stress leave.
24:57
Speaker 3: They would want to know that and it could potentially
25:01
Speaker 3: impact your mental health. Claims.
25:03
Speaker 4: Okay, it might be an exclusion at it.
25:06
Speaker 3: Yeah, it might be an exclusion to be like, gotcha,
25:09
Speaker 3: actually even though you haven't seen a psycholog and like,
25:12
Speaker 3: I'll get into it in a second. I wanted to
25:13
Speaker 3: shore stress. But to define it, stress leave is something
25:16
Speaker 3: that you would take if you're genuinely stressed, and an
25:19
Speaker 3: insurer might look at it and go, oh, well, we
25:20
Speaker 3: know you're not diagnosed with anything, but you took stress
25:23
Speaker 3: leave because of your mental health, and so we need
25:25
Speaker 3: to look into that, and we're worried that you'll take
25:27
Speaker 3: more extendedly and we'll have to pay for it.
25:29
Speaker 6: I also, I guess this is for the listener, but
25:32
Speaker 6: I wonder if your work is offering stress leave, but
25:37
Speaker 6: it's not going to change the actual workload, and therefore
25:41
Speaker 6: you come back from stress leave and feel stressed again
25:44
Speaker 6: in like a month. It sounds like you're being overworked,
25:47
Speaker 6: I would say. But even if not, maybe, like a
25:49
Speaker 6: lot of people say, like separate work in life, but like, hey,
25:53
Speaker 6: but the things that sometimes affect you beyond your control
25:57
Speaker 6: that you can't actually keep out of the workplace. Also
25:59
Speaker 6: we were working twenty four seven. I feel like so sorry.
26:02
Speaker 6: At points you're gonna have to really address things that
26:05
Speaker 6: are going on in your personal life. So it's not
26:07
Speaker 6: a problem if it's not strictly work that's overworking you.
26:11
Speaker 6: But I think that if you feel like this will
26:14
Speaker 6: heal you and will be really really good for your
26:16
Speaker 6: mental health, and you'll come back and work won't be
26:19
Speaker 6: overworking you, and you will genuinely feel less stressed and
26:23
Speaker 6: you can kind of like continue forth feeling good, then
26:26
Speaker 6: maybe it's worth it. But if you're not sure things
26:30
Speaker 6: are changing at work and you're just taking a big
26:32
Speaker 6: chunk of unpaid leave and you're going to come back
26:34
Speaker 6: to that, I mean, like I would see if I
26:36
Speaker 6: can take annually, you take sickly, you take other types
26:39
Speaker 6: of leave that I have to tell like an insurer about,
26:41
Speaker 6: or even just like maybe I really am curious to
26:43
Speaker 6: know why the reduce workload isn't working? Is it because
26:46
Speaker 6: it's not really It's like your boss is like here,
26:48
Speaker 6: you can do three days but exact same amount of work.
26:51
Speaker 6: I don't know that I'm curious about. Is there a
26:53
Speaker 6: way where you really can delegate and reduce that workload.
26:56
Speaker 4: I think it's important to acknowledge that sometimes you're or
27:00
Speaker 4: mental health can be specific to your mental health, it's not.
27:04
Speaker 4: It could be completely separate from work, like when I's
27:06
Speaker 4: diagnosed anxiety and a few other fun branch of disorders
27:09
Speaker 4: from that it is. Sometimes it just is you're dealing
27:14
Speaker 4: with the beast and that then bleeds out into the
27:16
Speaker 4: rest of your life. And my thought process, based on
27:19
Speaker 4: what our listener has said, is if you're saying you've
27:21
Speaker 4: tried reducing your workload and that's not helping, taking it
27:23
Speaker 4: at face value, to me, that does kind of indicate
27:27
Speaker 4: that it is your mental health that's really overwhelming you.
27:30
Speaker 4: And that is totally okay, totally you hot girls have
27:34
Speaker 4: mental health problems, Not really, but you like the two
27:36
Speaker 4: can be synonymous. Yeah, you know what I'm saying. I
27:39
Speaker 4: think that we as a society have come a really
27:42
Speaker 4: long way in recognizing that. I also would argue, and
27:45
Speaker 4: this could go one of two ways. It could even
27:47
Speaker 4: make you feel better, it could stress you out, and
27:48
Speaker 4: I'm sorry if it's the latter. But if you're at
27:51
Speaker 4: the point where your workplace is offering you stress, leave
27:54
Speaker 4: people probably can already tell that you're really stressed and struggling.
27:58
Speaker 5: You.
27:58
Speaker 4: If I think about again myself, like when I'm having
28:00
Speaker 4: a tough time, it's pretty apparent to the people around me.
28:03
Speaker 3: Oh what are you talking about?
28:05
Speaker 4: You know, I think like and for I mean, I
28:08
Speaker 4: don't know your workplace, but just thinking about like a
28:10
Speaker 4: typical classic corporate workplace, It's not the first thing they
28:14
Speaker 4: jump up and offer typically, Like, I think it probably
28:16
Speaker 4: is coming from a place of we think that you
28:19
Speaker 4: need this, We think that it would be beneficial to you,
28:21
Speaker 4: probably beneficial to us, and so I kind of think
28:25
Speaker 4: that you should take it. If I'm being honest, I
28:27
Speaker 4: think that you know, we say all the time, your
28:30
Speaker 4: mental health is so important and you need to put
28:33
Speaker 4: yourself first. And the fact of the matter is that
28:37
Speaker 4: the way that society is structured is not always conducive
28:40
Speaker 4: to looking after yourself, and especially when you are in
28:44
Speaker 4: one of those mental health holes, sometimes every ounce of
28:48
Speaker 4: your energy is required to pull yourself out and that
28:50
Speaker 4: is okay. And that might mean that you need to
28:53
Speaker 4: not be working, that you need to be seeking other help,
28:56
Speaker 4: or spending time in a space that makes you feel
28:58
Speaker 4: safe or happy or whatever that like, for whatever you're
29:00
Speaker 4: struggling with and I do want to say that I'm
29:02
Speaker 4: really sorry you're struggling, like that's a really tough spot
29:05
Speaker 4: to be and I think it's amazing that you are
29:07
Speaker 4: in a place where your workplace is offering that as
29:10
Speaker 4: an option. You're brave enough to consider it as an option.
29:13
Speaker 4: I don't think you should be embarrassed or scared or anything.
29:17
Speaker 4: You deserve to be okay, and you deserve to put
29:19
Speaker 4: yourself first. And I think that that is the most
29:22
Speaker 4: important thing in terms of the insurance. You know, I'm
29:26
Speaker 4: not going to be going to say it. I'm pretty
29:27
Speaker 4: sure We'retory is about to say it, But there are
29:29
Speaker 4: options available to you. And if you have exclusions that
29:33
Speaker 4: exists already and you can't access all of the other
29:37
Speaker 4: kinds of insurances, in that case, the mental health exclusion
29:40
Speaker 4: wouldn't make a difference anyway, if.
29:42
Speaker 3: You already couldn't access it. Yeah, yeah, agree, true. And
29:45
Speaker 3: that's where I go. Are you assuming about insurance or
29:49
Speaker 3: has your advisor told you that? Because if you've got
29:52
Speaker 3: that insurance already implemented, well, they can't take backseat once
29:56
Speaker 3: they've given it to you. That's why we're always advocating
29:59
Speaker 3: that you go get your insurance is set up when
30:01
Speaker 3: you don't have pre existing conditions, like your insurance is
30:04
Speaker 3: not going to go, oh well, now you've taken stress leave,
30:06
Speaker 3: we're not going to cover you. Now you're covered. If
30:08
Speaker 3: you take stress leave, even when you've got the cover,
30:12
Speaker 3: you might not be claiming on it, but they can't
30:14
Speaker 3: use that against you later because it was during a
30:16
Speaker 3: period of coverage. You clearly seem stressed about it, So
30:20
Speaker 3: please go and talk to an insurance advisor about it. Obviously,
30:23
Speaker 3: we work very closely with Sky Wealth and they are
30:25
Speaker 3: who I would talk to about, Hey, is this okay?
30:29
Speaker 3: Also from an employment perspective, just because I am an
30:32
Speaker 3: employer and if I had a team member that needed
30:36
Speaker 3: to take stress leave, back on what you were saying, yess,
30:39
Speaker 3: there would be a lot of lead up to that.
30:41
Speaker 3: So have you used all your sick days? If so,
30:44
Speaker 3: you're probably looking at unpaid leave. Could you potentially use
30:48
Speaker 3: your annual leave because I don't want you to be
30:50
Speaker 3: financially not okay? And annual leave it's not just for holidays,
30:54
Speaker 3: like annual leave is a period of time that you
30:57
Speaker 3: do not have to attend work, but still get to work.
31:01
Speaker 3: So from my perspective, yes, it would be nice if
31:03
Speaker 3: we could spend all of those days on a holiday,
31:06
Speaker 3: but sometimes they are so that you can be paid
31:08
Speaker 3: to just stay home in your pajamas, and that's cool,
31:11
Speaker 3: that's fine. The other thing that I think about is
31:15
Speaker 3: why you're taking stress leave. Obviously, if it's personal, it's
31:19
Speaker 3: very different. But if it's because of work, if it's
31:23
Speaker 3: because you're being bullied, or because of your workload, or
31:27
Speaker 3: because you experienced a traumatic event, work cover and workers
31:31
Speaker 3: compensation exist, and they can often cover paying you while
31:36
Speaker 3: you're off work, or even cover treatment if you need it,
31:40
Speaker 3: and I think that that's important to look into as well.
31:43
Speaker 3: But yes, I would be talking to your employer, but
31:45
Speaker 3: also an insurance advisor to be like, well, I'm clearly
31:48
Speaker 3: stressed about what this means from my insurances, but I
31:51
Speaker 3: think you should be putting your mental health first. If
31:53
Speaker 3: it's not just you going, oh, I'm thinking about taking
31:55
Speaker 3: some like some mental health leave or some stress leave,
31:59
Speaker 3: that's very different to someone having suggested you take it,
32:03
Speaker 3: because clearly it's not just you going oh, I need
32:05
Speaker 3: to put myself first, which is very important, But clearly
32:08
Speaker 3: it's bleeding into every other area of your life and
32:11
Speaker 3: something needs to give. Is where I would be.
32:14
Speaker 4: At sending you lots of love. Yeah, hope you feel
32:17
Speaker 4: better and don't feel bad about whatever journey you have
32:20
Speaker 4: to take. That's totally okay. You're important and valued and
32:23
Speaker 4: special and we love you completely.
32:25
Speaker 3: It's time for our DM of the week, where you
32:26
Speaker 3: guys slide into our dms with a dilemma that you
32:29
Speaker 3: would like us to group, source and solve. And this
32:33
Speaker 3: week we've got a really good one. And I feel
32:36
Speaker 3: like everyone's going to know what I'm going to say,
32:37
Speaker 3: but I want to know what you guys are going
32:39
Speaker 3: to say. Hi, she's on the money. I have a
32:40
Speaker 3: dilemma and I would love to hear your advice and
32:42
Speaker 3: thoughts from the community. My partner, his siblings, and his
32:45
Speaker 3: parents have a financial advisor that they all use and
32:48
Speaker 3: has helped to set them up in a shared self
32:50
Speaker 3: managed super fund. Recently, my partner and I have had
32:54
Speaker 3: big conversations around planning our financial future. We decided to
32:57
Speaker 3: meet with their financial advisor to discuss our options. I'm
33:01
Speaker 3: not paying for the advice, as it's been covered under
33:03
Speaker 3: their family agreement. After doing some research, I have found
33:07
Speaker 3: out that this financial advisor does not currently hold an
33:10
Speaker 3: AFS cell, which is an Australian financial services license. My
33:15
Speaker 3: partner and his family are aware and they don't feel
33:18
Speaker 3: that this is an issue at all. I'm concerned about
33:20
Speaker 3: the implications of receiving financial advice from an unlicensed advisor,
33:25
Speaker 3: especially free advice. I also am uncomfortable discussing strategies involving
33:30
Speaker 3: us making contributions to an SMSF that I am not
33:33
Speaker 3: a part of.
33:34
Speaker 6: What would you do? Oh, this is sounding like who
33:38
Speaker 6: the hell is Hamish?
33:41
Speaker 3: And we had her on the show? Really?
33:44
Speaker 1: Yeah?
33:44
Speaker 6: Oh sorry, I should.
33:46
Speaker 3: Know as in that was a messed up like story, yeah,
33:49
Speaker 3: isn't it?
33:50
Speaker 7: Yeah?
33:50
Speaker 3: No, we had her on the show, Tracy, she was
33:52
Speaker 3: an icon, scanned her out of all of her super
33:56
Speaker 3: ill for that in those show notes.
34:01
Speaker 2: Love.
34:02
Speaker 3: Yeah, like we went through her story because obviously we
34:05
Speaker 3: know who the hell is Hamish? Yes, Hamish McLaren for
34:07
Speaker 3: those of you who didn't know, absolute scam artist, scammed
34:11
Speaker 3: lots and lots and lots of people, have a true crime.
34:14
Speaker 6: And I think he was convincing people to set up
34:17
Speaker 6: a self managed super fun Yeah exactly, and he was unlicensed,
34:20
Speaker 6: and so I'm like, this is sounding a bit dodgy,
34:22
Speaker 6: but who knows. Let's say, for the sake of everyone's
34:28
Speaker 6: nervous system that it's not a scam and this is real. God,
34:32
Speaker 6: I guess there's really there's not a lot you could do.
34:35
Speaker 6: I think I would subtly show them who the hell
34:38
Speaker 6: is Hamish podcast? It is quite a I'm sorry for
34:42
Speaker 6: anyone who's listening who's like, I have no idea who
34:44
Speaker 6: that is all what you're talking about. It's a podcast,
34:46
Speaker 6: but there's a bunch of people, women who were unfortunately
34:50
Speaker 6: scammed out of lots of money, and I think all
34:53
Speaker 6: their super but I don't know, So I would just be,
34:57
Speaker 6: I guess, gently guiding them.
35:00
Speaker 3: To You're so kind, so gentle. It's just a.
35:04
Speaker 6: Tricky one because you can't really like especially I think
35:07
Speaker 6: if you're like in the headspace we like, no, this
35:09
Speaker 6: really is like your perception is your reality. And if
35:12
Speaker 6: you think this is the best thing for you, and
35:14
Speaker 6: you are like urgently like, no, this is this is
35:18
Speaker 6: the best way forward, you unfortunately won't listen to other
35:23
Speaker 6: kind of points of view, unless maybe you heard a
35:25
Speaker 6: story that sounded very very similar, very like you know
35:28
Speaker 6: your story adjacent or there are a lot of parallels
35:31
Speaker 6: between this story and one that goes horribly awry. Only
35:35
Speaker 6: then might you think, oh, this is probably not the
35:38
Speaker 6: best idea. But unfortunately there's just not a lot you
35:41
Speaker 6: can do when if especially like a few people are there,
35:45
Speaker 6: or you know, maybe in an echo chamber of some kind. Yeah,
35:48
Speaker 6: I would say, just gently guiding, it's my thing.
35:53
Speaker 3: Yeah, so kind of you, Jessica.
35:55
Speaker 4: I'm just going to put it out there. You actually
35:58
Speaker 4: legally can't call yourself a financial device or if you
36:00
Speaker 4: don't hold a financial advice license in Australia.
36:02
Speaker 3: The way I'm sitting here holding my child, I.
36:04
Speaker 4: Trying so hard best see they're not a financial advisor.
36:08
Speaker 4: They could be a retired financial advisor as our queping you.
36:12
Speaker 3: Advice because I'm retired, I'm not aud It is.
36:15
Speaker 4: Actually illegal for you to receive personalized advice somebody.
36:18
Speaker 3: I'm gentle. No we're not gentle, I see, no gentle.
36:22
Speaker 4: It actually also is illegal for you to receive general
36:25
Speaker 4: advice if you don't hold so we as a show
36:27
Speaker 4: and Victoria as an individual hold a general advice license,
36:30
Speaker 4: so we are licensed to provide you general advice only.
36:32
Speaker 4: That's why we always say nothing we say is personal
36:35
Speaker 4: advice obviously, So this person physically cannot be a financial
36:38
Speaker 4: advisor if they don't hold any kind of AFSL. Beyond that,
36:43
Speaker 4: I would say, it's red flag city exactly. It's a
36:46
Speaker 4: kind of all it's flashing the odd red light. I
36:50
Speaker 4: would absolutely not be taking advice. The only thing I
36:52
Speaker 4: can think of the only way that I would maybe
36:54
Speaker 4: be a little bit okay with this, but also not
36:56
Speaker 4: really because it's not like again, not on the up
36:58
Speaker 4: and up. Is like if you had a family friend
37:01
Speaker 4: who once upon a time was a financial advisor, and
37:05
Speaker 4: you know they took a look at things for you
37:06
Speaker 4: once in a while they said, look, I can't tell
37:07
Speaker 4: you what I would do, but like, if it was me,
37:09
Speaker 4: maybe I would do these things. Not that anyone would
37:12
Speaker 4: never do. No, like I could cont say that, but
37:15
Speaker 4: it sounds like there is an official agree there's a
37:17
Speaker 4: family plan in place. You're paying them, or your parents
37:21
Speaker 4: and your partner are paying them for a family plan
37:25
Speaker 4: advice license, which again they can't legally be providing you
37:28
Speaker 4: if they don't hold an AFSL. So I'm very confused
37:31
Speaker 4: by the whole thing, and I would be just reminding
37:35
Speaker 4: your parents and partner of exactly that, like they actually,
37:39
Speaker 4: like I think, even if the super concept is solid,
37:42
Speaker 4: like let's say they know what they're talking about by
37:45
Speaker 4: the grace of God, like their recommendations are good, they
37:48
Speaker 4: still legally cannot be taking your money for advice.
37:52
Speaker 3: Yeah.
37:52
Speaker 4: Like that is literally I keep saying the word illegal.
37:55
Speaker 4: I'd really try to hammer they can't do that.
37:59
Speaker 3: She said it's free.
37:59
Speaker 6: No, or something else is free.
38:00
Speaker 4: Putn't something else is free or that.
38:02
Speaker 3: The advice is free the advice is free?
38:03
Speaker 4: Oh okay, sorry, sorry, sorry I'm saying I think our
38:05
Speaker 4: listener was saying the advice is free because she doesn't
38:07
Speaker 4: pay for the plan, but the family I'm assuming you're
38:10
Speaker 4: paying for the family plan. Sorry of course, Okay, because
38:13
Speaker 4: nothing in this life is free. Let's be Yeah. I
38:15
Speaker 4: don't know the whole thing. I just think no. And
38:18
Speaker 4: also I completely agree with what they've what our listener
38:21
Speaker 4: has raised in that I would personally not be contributing
38:24
Speaker 4: to an SMSF that is not mine with my retirement money.
38:26
Speaker 4: That makes no sense. You need to protect yourself. Dealer M.
38:29
Speaker 4: That's all for me, Thank you.
38:32
Speaker 6: Very well, said I can see itching to get there.
38:34
Speaker 3: The button has passed to me. Yes, bestie, I'm going
38:37
Speaker 3: to hold your hand when I say this, and I'm
38:40
Speaker 3: just going to be really direct. This is one of
38:42
Speaker 3: those situations where your gut is telling you exactly what
38:44
Speaker 3: it needs to tell you. Run. If someone is giving
38:48
Speaker 3: financial a device in Australia without holding an AFSL or
38:51
Speaker 3: being authorized under one, it is not a gray area.
38:55
Speaker 3: It is a red crimson flag. And that is not
38:58
Speaker 3: a different approach, not just like a personality preference. It's
39:02
Speaker 3: a compliance issue and it is illegal, and I can
39:05
Speaker 3: guarantee that the person issuing that advice knows that because
39:09
Speaker 3: you don't talk about financial advice without googling products, without
39:13
Speaker 3: talking about smsfs, without stumbling across the fact that you
39:17
Speaker 3: should be licensed. Like ASK does not look kindly onto
39:22
Speaker 3: these things, and people go to like it's not just
39:24
Speaker 3: just being like, oh, it's illegal, like I said, slap
39:27
Speaker 3: on the wrisk.
39:27
Speaker 4: You go to jailah whoa.
39:29
Speaker 3: Like ten plus years forgiving unauthorized advice. That is why
39:34
Speaker 3: I am so scared of it. It is a one
39:37
Speaker 3: million dollar fine and ten years in jail.
39:40
Speaker 4: It's big illegal.
39:41
Speaker 3: It's like illegal, like people have done worse things I
39:45
Speaker 3: would argue than give illegal financial advice and gotten less
39:50
Speaker 3: time in jail and less of a fine.
39:52
Speaker 6: Yeah, oh my god.
39:54
Speaker 3: And it matters because the license is what's going to
39:57
Speaker 3: protect you. So like it's it's not just like, oh,
40:00
Speaker 3: Victoria needs to be licensed to give advice. It means
40:03
Speaker 3: that I've been given a rule book around how advice
40:06
Speaker 3: is given, what disclosures I need to give you, what
40:08
Speaker 3: conflicts exist, what documentation, and what happens if something goes wrong?
40:13
Speaker 3: How do you sue me? How do you make sure
40:15
Speaker 3: that you're not in a worse off position because I
40:17
Speaker 3: gave you shitty advice?
40:18
Speaker 1: Yeah?
40:19
Speaker 6: And if that is important, they were a financial advisors,
40:21
Speaker 6: they would know this, so maybe they weren't ever.
40:23
Speaker 3: Yeah, and without that, you have no recourse, Like with
40:26
Speaker 3: if you go take this advice and it doesn't work
40:30
Speaker 3: and you end up in a worse off financial position,
40:32
Speaker 3: be Yeah, there's no recourse. So the fact that the
40:36
Speaker 3: advice is free is actually I guess a bonus. You're
40:39
Speaker 3: not spending money on advice that's probably going to lose
40:42
Speaker 3: your money. If anything, I think that should be more
40:44
Speaker 3: of a red flag because good advisors charge for their
40:47
Speaker 3: advice because it's going to make you a lot of money.
40:50
Speaker 3: Because financial advice. Financial advice is not free, like full
40:53
Speaker 3: stop end of story is just not free. There's usually
40:56
Speaker 3: a structure or an incentive behind it, even if it's
40:58
Speaker 3: not super odd upfront, like be aware, take everything with
41:03
Speaker 3: a grain of like, someone somewhere along that line is
41:07
Speaker 3: going to be making money. Ask yourself, who ask yourself?
41:10
Speaker 3: When the other big red flag for me? SMSF. We
41:14
Speaker 3: know how I personally feel about this, doesn't mean that
41:16
Speaker 3: it is a terrible structure. No, smsfs are real cool
41:19
Speaker 3: in theory. SMSF is a self managed super fund, and
41:23
Speaker 3: I love the idea of being in control. But with
41:25
Speaker 3: compliance in twenty twenty six, they are really a good option.
41:29
Speaker 3: And when I say really, I mean if you don't
41:31
Speaker 3: have like half a million dollars in your superannuation fund,
41:35
Speaker 3: I probably wouldn't even blink, Like I wouldn't even consider
41:39
Speaker 3: it because the fees, the compliance, the accounting, the audit,
41:43
Speaker 3: all of that stuff is just too much. And you
41:46
Speaker 3: being asked to contribute to someone else's super Hey, bet,
41:50
Speaker 3: can you put your money in my super I'll share
41:52
Speaker 3: it with you later. Literally why. I know that makes
41:55
Speaker 3: no sense. That's not a financial decision. That's control, that's ownership,
41:59
Speaker 3: that's legal structure, and that's you not having future access
42:03
Speaker 3: to your own money.
42:06
Speaker 6: I don't like this.
42:07
Speaker 3: I do not want you to be in a position
42:08
Speaker 3: where your superannuation is tied up in something where you're
42:13
Speaker 3: not a trustee, you're not a beneficiary, you don't have
42:16
Speaker 3: full visibility. But not only do you not have full visibility,
42:19
Speaker 3: you don't have full access. Sorry, what the hell is that?
42:22
Speaker 3: Even if it's well intentioned, because I'm not saying his
42:25
Speaker 3: parents are doing the wrong thing, they might have been
42:27
Speaker 3: swindled by this little scammer. That's me being block. They
42:31
Speaker 3: are a scammer. That is not okay. Like, even if
42:33
Speaker 3: the family is comfortable for it, even if they've worked
42:36
Speaker 3: so hard and like maybe there's millions in there, I
42:39
Speaker 3: do not care. This is your financial future, not some
42:43
Speaker 3: family group project. But everybody else absolutely not. I'm just no,
42:49
Speaker 3: I want to like smack them and be.
42:50
Speaker 4: Like get down flicking the head.
42:52
Speaker 3: Yeah, like flick them in the head. So we ask
42:55
Speaker 3: the community, would you feel comfortable taking advice from an
42:59
Speaker 3: unlie sensed advisor?
43:01
Speaker 4: Can't imagine many people, but yes, it's.
43:05
Speaker 3: More than I thought would say yes. I'm like, guys,
43:07
Speaker 3: what the hell are you doing? Eighty four percent said no,
43:10
Speaker 3: but sixteen percent of you said yes.
43:12
Speaker 4: Oh well, but only again. The only way I can
43:15
Speaker 4: picture people say yes is like that previously mentioned example.
43:18
Speaker 3: But no, I just think you pressed the wrong button. Yeah, no, no, no.
43:23
Speaker 3: Next question I asked because anyone had experience with family
43:26
Speaker 3: run SMSs, because I was like, is this a thing
43:27
Speaker 3: that I'm not aware of? Ninety three percent of you
43:30
Speaker 3: said no, but then seven percent of you said yes. Okay.
43:32
Speaker 3: I then asked, would you get a second opinion, even
43:35
Speaker 3: if it calls tension? And thank god, ninety eight percent
43:39
Speaker 3: of you said you would.
43:39
Speaker 6: Oh, good, good good.
43:41
Speaker 3: Then I said, guys, what's your two cents? It did
43:44
Speaker 3: get spicy, so I'm just going to scrape a whole
43:47
Speaker 3: heap off the top because there was a lot of
43:49
Speaker 3: opinion Okay, girl, no, get out. Yeah. Some of you
43:53
Speaker 3: were dramatic and like same, it's good summary. Both of
43:56
Speaker 3: us were like bestie, no, no, like get down, bad dog,
44:00
Speaker 3: like no. Someone else said, to their decision, it's their money.
44:05
Speaker 3: They're probably happy with the advice. It doesn't mean you
44:07
Speaker 3: need to take it. Someone else said, absolutely not, I
44:10
Speaker 3: would not be putting my money into that fund. Another
44:14
Speaker 3: person just did as many red flags as fitted in
44:16
Speaker 3: the question box. Someone else said, girl, that's all too
44:20
Speaker 3: close for me. Something similar happened and I had to
44:23
Speaker 3: start from scratch, sorry to hear. Another person said, not
44:26
Speaker 3: every advisor has their own AFSL. Lots trade under a
44:29
Speaker 3: big umbrella, so maybe check that first.
44:32
Speaker 4: But that would still be if you got onto the directory,
44:36
Speaker 4: it still shows who is yeah, like if you.
44:38
Speaker 3: Look up the name. So when I was a financial advisor,
44:42
Speaker 3: I never owned my own AFSL. Yes, And the reason
44:46
Speaker 3: I didn't was one they are incredibly expensive and very complex.
44:50
Speaker 3: But usually an AFSL is owned by a really big
44:53
Speaker 3: organization that you then pay as a financial advisor to
44:56
Speaker 3: protect you because they've got their own compliance team, they've
44:58
Speaker 3: got their own legal team. I've got, like, you know,
45:00
Speaker 3: a structure of how that AFSL gives advice and receives advice.
45:04
Speaker 3: And so I was always licensed under somebody else's AFSL.
45:08
Speaker 3: Having my own would have been a compliance nightmare. I
45:10
Speaker 3: can't afford a compliance team.
45:12
Speaker 4: But that's still outlined in the directory, right like when
45:14
Speaker 4: ow I'm Solis somewhere and looked up you would say,
45:16
Speaker 4: if you looked up us, we are a latency of
45:19
Speaker 4: money shap RPTIL. She did it.
45:21
Speaker 3: Yeah, yeah, And if you look up me and you
45:24
Speaker 3: look up my name, it will give you my history.
45:26
Speaker 3: So it won't just say, oh, yeah, Victoria's licensed to
45:29
Speaker 3: give general advice tick box. It will say Victoria's currently
45:32
Speaker 3: licensed to give general advice through this person. You can
45:34
Speaker 3: contact them here. Previously she had this AFSL and was
45:38
Speaker 3: allowed to give this advice between this date and this date. Like,
45:41
Speaker 3: it is very detailed, and it will not only just say, oh,
45:44
Speaker 3: Victoria is a licensed advisor. It will say in these areas.
45:49
Speaker 3: So it will say Victoria was licensed to give investment advice,
45:52
Speaker 3: superannuation advice, insurance advice, this, that the other. And this
45:56
Speaker 3: is why I'm always like check because some people are
45:59
Speaker 3: only licensed give like budgeting and cash flow advice. Maybe
46:02
Speaker 3: they don't have the extra qualifications to give you know,
46:05
Speaker 3: direct share advice. Yeah, and that's where if you're getting
46:08
Speaker 3: direct share advice from somebody who's only licensed to give
46:11
Speaker 3: budget and cash flow advice, I'm like, even though they're licensed,
46:14
Speaker 3: they're not licensed enough. So there's like a little bit
46:17
Speaker 3: of nuance to it. A lot of people said run,
46:20
Speaker 3: A lot of people said never do something that you're
46:22
Speaker 3: not comfortable with, listen to your gut. And then someone said,
46:26
Speaker 3: go along with it. You can always ignore the advice,
46:29
Speaker 3: but maybe collect some information along the way.
46:31
Speaker 4: Oh okay, look.
46:34
Speaker 3: I'm on the same team as you. I agree. I
46:36
Speaker 3: don't want that to happen, but I also think it's
46:39
Speaker 3: really important to kind of like feel it out. Like
46:42
Speaker 3: when you say they don't own their own AFSL, do
46:45
Speaker 3: they don't? They same like, look them up, but I
46:47
Speaker 3: would just type their name into the financial advisor look
46:50
Speaker 3: up and if they're not there, they're not there.
46:52
Speaker 6: Yeah, I dare say, just google them. If they sounding
46:55
Speaker 6: very scamy, maybe someone else has been here.
46:57
Speaker 4: Done that.
46:58
Speaker 6: Yeah, that's a good one as well, Kuino.
47:00
Speaker 3: But mainly all of the comments were people aggressively being
47:04
Speaker 3: like run. Yeah, ye all right. Well that is a
47:07
Speaker 3: wrap for us, my friends. Thank you for joining us
47:09
Speaker 3: for another Friday drinks where we're going to hang out
47:11
Speaker 3: with our little community, and we love you all, so
47:14
Speaker 3: have a good weekend and we'll see you right early
47:16
Speaker 3: on Monday morning for a Money Diaries by guys so.
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