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FRIDAY DRINKS: "Stable" Coins, Crypto Horses and more! · She's On The Money

0:00
Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
0:04
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
0:08
Speaker 1: we get started on She's on the Money podcast, I
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Speaker 1: would like to acknowledge the traditional custodians of the land
0:14
Speaker 1: of which this podcast is recorded on a wondery country,
0:18
Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
0:23
Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
0:27
Speaker 1: the storytelling of you to make a difference for today
0:31
Speaker 1: and lasting impact for tomorrow.
0:33
Speaker 2: Let's get into it.
0:34
Speaker 3: She's on the Money, She's on the Money.
0:57
Speaker 4: Hello, and welcome to She on the Money, the podcast
1:01
Speaker 4: for millennials who want financial freedom. Today, my friends, is
1:05
Speaker 4: Friday once again, which means it is time to sit
1:08
Speaker 4: back with the girls with a beavy in hand, to
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Speaker 4: unpack our favorite moments from this week and of course,
1:13
Speaker 4: to celebrate you, guys, the incredible She's on the Money community.
1:17
Speaker 4: As always, we are going to be sharing our favorite
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Speaker 4: money wins. We're going to be discussing what's making news
1:22
Speaker 4: in the finance world, and we'll be helping to answer
1:24
Speaker 4: a very like extra very juicy money question this week
1:28
Speaker 4: about Finders investing platform that is backed by Crypto. So
1:33
Speaker 4: let's get into it. Jessicurci tell us what happened on
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Speaker 4: our Money Diary Monday. So this week's diarist just really
1:40
Speaker 4: got me in the heart. She was this beautiful single
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Speaker 4: mum who had a really great journey with money. She
1:47
Speaker 4: actually could recall and I'm not going to give it away,
1:49
Speaker 4: I want people to listen, but she could recall an.
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Speaker 2: Exact moment it was like, well pivotal.
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Speaker 5: Yeah in her childhood and a phrase that her grandmother
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Speaker 5: told her abound like money and finance in life that
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Speaker 5: just star with her. And I found it so fascinating
2:03
Speaker 5: that you know, that was twenty thirty. I don't remember
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Speaker 5: how old she was while was a yeah, and it
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Speaker 5: like that sentence stuck in her mind and resonated with
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Speaker 5: her and really shaped her money story, which I thought
2:15
Speaker 5: was it just goes back to that thing that you
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Speaker 5: always say that our money stories really shape in our childhood.
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Speaker 4: And it's so different for everybody. Like after that episode recording,
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Speaker 4: Jess and I ended up having this whole conversation about
2:26
Speaker 4: like things that I might have said or that you've
2:28
Speaker 4: had said to you that were pivotal money related or
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Speaker 4: not that the other person might not have any idea about.
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Speaker 2: Like I just even at school.
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Speaker 4: Like someone saying something about, like even let's talk about
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Speaker 4: body image, right, they'd be like, oh, v X y Z,
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Speaker 4: and you'd be like, wow, now I'm so self conscious
2:44
Speaker 4: of that, and they that was just a broad brush
2:46
Speaker 4: comment from them that they probably didn't mean. But it's
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Speaker 4: like changed the shape of the way you think and
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Speaker 4: act and feel and behave. And I just think that that's,
2:54
Speaker 4: you know, so important to talk about when it comes
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Speaker 4: to money, because you can change someone's life with a comment.
3:00
Speaker 4: And like, that's why I think we have to be
3:01
Speaker 4: so careful with our words.
3:02
Speaker 2: Yeah, we to have a lot of power.
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Speaker 5: She became a single parent at nineteen and she now
3:07
Speaker 5: has three kids.
3:08
Speaker 2: It was just a really it was I who love story? Yeah, agreed?
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Speaker 6: Guys, what was the sentence?
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Speaker 2: No, we're not telling you who do you think we are?
3:17
Speaker 4: Like, we need to plug our own shot fair enough
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Speaker 4: with the best advertisement for our own show one hundred
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Speaker 4: I mean, probably not, because if you're listening to the show,
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Speaker 4: you probably already listened to the Money Diary episode and
3:28
Speaker 4: we probably should look at some other advertising revenues, but
3:31
Speaker 4: not yet before.
3:32
Speaker 2: We go to Wednesday.
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Speaker 5: We did also have a bonus episode go up with
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Speaker 5: this week on Tuesday, all.
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Speaker 2: My favorite episode ever, guys.
3:40
Speaker 5: A whole extra She's on the Money day. I hope
3:42
Speaker 5: you'll enjoyed it. But it was a bonus Q and
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Speaker 5: A with a mortgage broker because we've just had so many,
3:48
Speaker 5: so many questions and.
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Speaker 4: It's like an extra special mortgage broker. We had Kate
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Speaker 4: Bransgrove on the show, who spoiler is my newest business
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Speaker 4: partner because we have rolled her mortgage broking business into
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Speaker 4: my mortgage broking business and now we are known as
4:04
Speaker 4: Zela Money as of literally today today, like.
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Speaker 2: It's official today, guys, Like we're in business. She's in business.
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Speaker 5: She's brilliant. You guys have heard me talking about on
4:16
Speaker 5: the podcast how I have been through three mortgage brokers
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Speaker 5: before I got to a good one. As spoiler alert,
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Speaker 5: Kate's the good ones.
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Speaker 4: So also spoiler alert, what's the lesson here, Jess? Is
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Speaker 4: it just maybe take my recommendation of the pop stop.
4:29
Speaker 5: We do move on.
4:29
Speaker 2: We can move on.
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Speaker 5: Really good episode, great Q and A. It's kind of
4:33
Speaker 5: like having a personal chat with a mortgage broker. She
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Speaker 5: answered so many good questions and if you do want
4:37
Speaker 5: to chat to her, you actually can do that.
4:40
Speaker 2: Jump on the website will allow you to do that.
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Speaker 5: I will share her head to the website, you can
4:44
Speaker 5: fill out a form and we can connect you with
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Speaker 5: someone from the seller team.
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Speaker 4: Yeah, absolutely all Headzela dot com dot a you. It's
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Speaker 4: pretty cute website. Designed it myself, guys. Little bit of
4:53
Speaker 4: background diy action. I'm a financial advisor, a podcaster, and
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Speaker 4: now a web designer because I didn't want to pay someone.
5:00
Speaker 2: Moving on, Miss Georgia King, Hello, tell us about Wednesday.
5:05
Speaker 2: How are you? By the way? You just good. It's
5:07
Speaker 2: so good to see you. Guys, had a little and
5:10
Speaker 2: you went to a little stint in.
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Speaker 6: News I did a couple of days in NUSA, wrote
5:13
Speaker 6: about it in the newsletter. In fact, but it was
5:16
Speaker 6: it was divine. It was non fence, don't get me wrong, but.
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Speaker 2: It was it was bloody. Oh my gosh, deceased.
5:25
Speaker 6: We should go one day, Jeorge, Yeah, yeah, okay, come along.
5:28
Speaker 2: You might get an invite this time. O. They good?
5:31
Speaker 2: But what happened on Wednesday's okay?
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Speaker 6: So Wednesday was all about simplifying tax time.
5:37
Speaker 2: We love, I love. I don't know about you, guys,
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Speaker 2: because you're so organized, I'm really not.
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Speaker 4: That's Jessic making me look organized.
5:46
Speaker 6: Well compared to me.
5:46
Speaker 2: You're both superstars. Thank you.
5:48
Speaker 6: But basically it was a really good episode for anyone
5:50
Speaker 6: who is like me and they're not as together. We
5:54
Speaker 6: spoke about just how to make it all way more
5:56
Speaker 6: easy because it can be so overwhelming at this time
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Speaker 6: of year. So we went through what you can claim,
6:02
Speaker 6: what you can't claim. You went into detail, and yeah, basically,
6:05
Speaker 6: if you are like me and you're someone who is
6:06
Speaker 6: really overwhelmed at this time of year, then it's the
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Speaker 6: perfect place to start.
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Speaker 5: You can do your tax yourself. I know a lot
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Speaker 5: of people think you can't. I've never had my tax
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Speaker 5: done for me, really never, And like, if you're prepared, it's.
6:17
Speaker 2: A lot easier on you, for sure.
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Speaker 4: Yeah, that's that's the count. How did you learn how
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Speaker 4: to do you tax yourself?
6:21
Speaker 6: Though?
6:21
Speaker 4: Jess I just got on the ATY website and followed
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Speaker 4: the prompts. Yeah, cool, it's actually not that complicated. I
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Speaker 4: feel like we over complicate things, guys. It's twenty twenty two.
6:30
Speaker 4: AI is our best friend. It is very self explanatory,
6:33
Speaker 4: but I do recommend if you have an investment, property,
6:36
Speaker 4: or you know, some confusing duel incomes or something that
6:39
Speaker 4: you want help with, I would genuinely reach out to
6:42
Speaker 4: an accountant because they're going to know best. And also
6:45
Speaker 4: money win one of the things you can claim. It's
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Speaker 4: your accounting fees from the last year.
6:49
Speaker 2: Correct money win.
6:51
Speaker 4: All right, gee, speaking of money wins, it is time
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Speaker 4: to share some of that budget direct money wins.
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Speaker 2: What have you got for us this way already?
6:58
Speaker 6: Let's do it, ladies. The first one the week comes
7:00
Speaker 6: from Rebecca money in. We have been pining over an
7:04
Speaker 6: espresso machine film months. We've previously had a pod machine
7:08
Speaker 6: still good, not great. So she's gone on to say
7:10
Speaker 6: we couldn't justify it the two thousand dollars eight hundred?
7:14
Speaker 2: How do you say that to hundred dollar? No starts wrong.
7:19
Speaker 2: We're going to keep that in.
7:20
Speaker 4: You guys knew what we were talking reading numbers is
7:23
Speaker 4: twenty eight hundred dollars.
7:24
Speaker 6: The one for the model that we wanted. But then
7:26
Speaker 6: I found it on sale at JB for nineteen hundred
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Speaker 6: dollars and we bought it with gift cards purchased through
7:31
Speaker 6: shot back. I know it's still really expensive, but I
7:34
Speaker 6: love it and it's worth every cent.
7:36
Speaker 4: Yes, I love that for you get it queen. Also
7:39
Speaker 4: the hack there that was just shared buying gift cards
7:42
Speaker 4: to spend on yourself because you get money back.
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Speaker 2: Smart. That is smart. Love it.
7:48
Speaker 6: Well done to you, Rebecca, all right. Next week it
7:50
Speaker 6: comes from Julia. I've managed to hustle and save an
7:53
Speaker 6: extra eight hundred and forty five dollars this month. I
7:56
Speaker 6: achieved this by selling goodies on Marketplace, by returning bottles,
7:59
Speaker 6: by doing an e task a job, by depositing coins,
8:02
Speaker 6: and by saving on fuel using the seven eleven app.
8:05
Speaker 6: Some hot tips there.
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Speaker 4: I feel like that seven eleven hot tip app came
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Speaker 4: from Miss Jessic.
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Speaker 2: She a color we love that.
8:13
Speaker 6: Next week comes from sus This is a fun one.
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Speaker 6: I sang BWS happy birthday and I won twenty dollars.
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Speaker 6: Bring on a bottle of red in front of the
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Speaker 6: fire cheers way, she wrote, She's sang the okay, So
8:26
Speaker 6: I did a little research.
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Speaker 2: Thank you you. We were going to ah, well, how
8:30
Speaker 2: do we see? We can see just so great?
8:32
Speaker 6: It turns out they'll probably show you away if you
8:34
Speaker 6: do it at the counter at BWS. So is beer,
8:37
Speaker 6: wines and spirits for anyone who's not an alcoholic.
8:39
Speaker 2: Can you tell everybody to do that?
8:40
Speaker 6: Yeah, well maybe we can just do it just counter. No,
8:44
Speaker 6: So the real campaign is that you log onto their
8:47
Speaker 6: website and they've got multiple options. It's bws's birthday, so
8:50
Speaker 6: you have to film yourself singing happy birthday to b WS,
8:54
Speaker 6: like having a dance and they'll transfer you to twenty.
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Speaker 2: To everyone like, or is it you win it?
8:59
Speaker 6: No?
8:59
Speaker 2: No, look is this a sponsored this.
9:06
Speaker 5: Dance?
9:07
Speaker 2: It's like you just get paid to do this? Correct?
9:09
Speaker 5: If anybody I really hope this is a money in
9:12
Speaker 5: for somebody, bus and may we should hit them uth payment.
9:15
Speaker 5: But if anyone out there sings in a choir, go
9:19
Speaker 5: on the website because there's a button that says get
9:21
Speaker 5: a choir to sing us Happy Birthday in public.
9:23
Speaker 2: You get two grand. It's almost there. I will do it.
9:29
Speaker 2: I will do it. We should do it.
9:31
Speaker 5: If you're in a school or if you sing, for
9:34
Speaker 5: surely there is a music teacher years get this and
9:38
Speaker 5: please send us a video because I really hope that
9:41
Speaker 5: you get the true grand.
9:43
Speaker 4: Okay, okay, but stepping down from there, you can get
9:46
Speaker 4: five hundred dollars for making a BWUS birthday outfit like Jess,
9:50
Speaker 4: you are the queen of outfits on Instagram, Like you
9:53
Speaker 4: can make a b w US outfit.
9:55
Speaker 2: You can do that grade out though I don't know
9:58
Speaker 2: what that would maybe the we're all done.
10:00
Speaker 4: Maybe someone's done it at a Norman Aerial birthday message
10:03
Speaker 4: one thousand dollars.
10:05
Speaker 5: What is it?
10:06
Speaker 2: Is this a competition?
10:07
Speaker 6: Assuming it's some kind of like data fishing situation.
10:10
Speaker 2: But it's very legit. I don't think it is just
10:13
Speaker 2: down the rabbit hole.
10:15
Speaker 4: Hold on, guys, I think it's actually just genius marketing.
10:18
Speaker 4: From that, if we think about it, like two grand,
10:21
Speaker 4: you're like, wow, that's a lot of money to win,
10:23
Speaker 4: but two grand for an ad real cheap.
10:27
Speaker 2: They're in it for the marketing. We're in it for
10:28
Speaker 2: the money. Everybody, Just wait, just wait. It is the
10:32
Speaker 2: end of financial year.
10:33
Speaker 4: Watch out in twenty twenty two, twenty twenty three financial
10:36
Speaker 4: year plans for she's on the money, We've.
10:38
Speaker 2: Got vil marketing. You'll see us next week. We'll be like,
10:41
Speaker 2: oh my gosh, seeing she's on the money. Birthday. How
10:45
Speaker 2: do it go? How good you got?
10:46
Speaker 6: Let's move on to Ashley money Win. I received a
10:49
Speaker 6: call from our old bank saying they had been trying
10:51
Speaker 6: to reach us since twenty nineteen to give us a
10:54
Speaker 6: check for nearly five hundred dollars.
10:56
Speaker 4: I mean, I get why you weren't answering the phone
10:59
Speaker 4: to the bank.
11:00
Speaker 6: We'd closed our accounts and had moved house, so the
11:02
Speaker 6: mail never reached us. Now I'm five hundred dollars rich
11:05
Speaker 6: just for answering the phone call. I never answered my phone.
11:08
Speaker 2: Maybe rich.
11:10
Speaker 6: Interesting. The next win comes from Denise. I scored Think
11:13
Speaker 6: and Grow Rich from our local up shop for one
11:16
Speaker 6: dollar and it looks like it's never been opened.
11:18
Speaker 2: That is a very good book.
11:19
Speaker 6: Didn't we talk about that?
11:20
Speaker 3: Now?
11:21
Speaker 6: Eliso, we did get you a little throwback if you're
11:23
Speaker 6: interested in finance books, ladies, and I did a little
11:26
Speaker 6: deep dive, so we rob.
11:27
Speaker 2: That in a couple of weeks. I love a finance book, and.
11:30
Speaker 4: You guys love being told what's in the finance book,
11:33
Speaker 4: so you don't have to read the exercisely.
11:35
Speaker 2: The next win comes from Emma money Win.
11:37
Speaker 6: I started the ten thousand dollar money hack grid and
11:39
Speaker 6: have ticked off six squares in nine days.
11:42
Speaker 2: I feel like we haven't spoken about those recently in
11:44
Speaker 2: a while.
11:44
Speaker 6: Where do we find them be?
11:45
Speaker 2: What are they?
11:46
Speaker 4: They're free downloadables on the website. You can print them,
11:48
Speaker 4: you can save them on your phone, you can cross
11:50
Speaker 4: them off. And they're like savings hacked. So there's like
11:53
Speaker 4: one thousand dollars or like ten thousand dollars or whatever
11:55
Speaker 4: you want to save for in twelve months, and then
11:57
Speaker 4: there's like fifty two boxes and you fill it in
11:59
Speaker 4: and you'll be richer. I guarantee it if you actually
12:03
Speaker 4: follow the savings hack.
12:04
Speaker 1: Yeah.
12:04
Speaker 6: Well, Emma said that she sticks on the fridge and
12:06
Speaker 6: it's a constant reminder to keep on plugging away.
12:09
Speaker 4: We did make them very esthetic, so they look cute
12:11
Speaker 4: on your fridge too, Like you're welcome.
12:13
Speaker 2: Head to the freebies page. That's where they are stunning,
12:15
Speaker 2: all right.
12:16
Speaker 6: Our final win of the day, Ladies is from Stella
12:19
Speaker 6: Money Win. My full time job is literally as far
12:22
Speaker 6: from creative as you can get, but I love doing
12:25
Speaker 6: art in my spare time. I started a side hustle
12:27
Speaker 6: job running painting classes at a local art studio after
12:30
Speaker 6: business hours and earned more hourly than I do at
12:33
Speaker 6: my day job.
12:34
Speaker 2: My gosh, buddy weir.
12:35
Speaker 6: Not only does it force me to do what I
12:37
Speaker 6: love each weekend, but it also adds to my salary
12:39
Speaker 6: every single week. It covers my groceries and my takeaway
12:42
Speaker 6: for the week.
12:42
Speaker 2: Well done, Stella, we.
12:44
Speaker 4: Lovesle, we stand side hustle.
12:47
Speaker 2: I love that? Is that all you got?
12:49
Speaker 1: Fast?
12:50
Speaker 2: Good work? Gee?
12:51
Speaker 4: I feel like that was a really good rap or
12:53
Speaker 4: like collection of She's on the Money wins And as always,
12:56
Speaker 4: it has been great celebrating some of your budget Direct
12:58
Speaker 4: money wins this week budget Direct winner of can Stars
13:02
Speaker 4: Insurer of the Year Award twenty twenty two Budget Direct
13:05
Speaker 4: Insurance Solved.
13:06
Speaker 2: Let's go to a quick breaking after that, we are
13:08
Speaker 2: going to jump into some juicing content.
13:14
Speaker 5: All right, guys, it is end of financial year, Victoria
13:16
Speaker 5: Devine's favorite time of year and if you came to
13:19
Speaker 5: our Ses on the Money Birthday event last night, you
13:22
Speaker 5: would have celebrated with us. And if you didn't get
13:24
Speaker 5: to come, we will actually be unlading p episode from
13:27
Speaker 5: that next week, so keep an ear out. But ef y,
13:30
Speaker 5: this yar means something very special for super I'm super
13:33
Speaker 5: excited about.
13:33
Speaker 4: Yes, you've changed, Like, imagine you saying this like two
13:37
Speaker 4: years ago, like, oh my gosh, guys and the financial year.
13:39
Speaker 4: I am so excited. Have you seen the recent super changes?
13:42
Speaker 4: Whereas before this episode we were like, oh my god,
13:44
Speaker 4: this is sick.
13:44
Speaker 2: Have you seen this? Have you seen that? Jess, what's happening?
13:47
Speaker 2: So you might.
13:47
Speaker 5: Remember we spoke about this probably this time last year.
13:50
Speaker 5: I would imagine, seems legit that our story adds up. Yeah,
13:53
Speaker 5: but the changes that were made to superannuation are staggered
13:57
Speaker 5: steps up, if you will. So we were shifting from
13:59
Speaker 5: the original mandatory superannuation rate of nine point five percent yep,
14:04
Speaker 5: stepping slowly towards the end goal of twelve So last
14:08
Speaker 5: year went from nine point five to ten yesha, ten
14:11
Speaker 5: to ten point five.
14:12
Speaker 2: So you're getting more super from me this year. Jesse agreed. Sha,
14:15
Speaker 2: That's why I'm excited.
14:16
Speaker 4: You're like, yes, make money, make bank, but it's actually
14:20
Speaker 4: really cool. So, as you said, we are planning, or
14:22
Speaker 4: I mean the ATO or the Australian Taxation Office is
14:25
Speaker 4: planning to get us to twelve percent by twenty twenty five,
14:29
Speaker 4: but it has to go up in small increments, otherwise
14:31
Speaker 4: businesses might get you know, a little bit stunted by that,
14:34
Speaker 4: So small steps in the right direction. If we had time,
14:38
Speaker 4: I would go on around about how I don't believe
14:40
Speaker 4: that twelve percent.
14:41
Speaker 2: Is enough, But we're not going to do that today.
14:43
Speaker 4: We are celebrating the small wins and that means more
14:45
Speaker 4: money in your super. But Jess, it wasn't the only
14:49
Speaker 4: change that is going to be happening as of today.
14:51
Speaker 4: What is the other one?
14:52
Speaker 2: The removal of the threshold.
14:54
Speaker 4: But what are you talking about? No one knows what
14:55
Speaker 4: you're talking about. No, let me explain.
14:57
Speaker 5: So Previously, if you're a low income earner, maybe you're
15:00
Speaker 5: one day a week casually, or maybe you're on Central
15:02
Speaker 5: Link and you could only work a cetin number of hours. Yeah,
15:05
Speaker 5: you weren't entitled super if you were earning less.
15:08
Speaker 2: Than four hundred and fifty dollars per month.
15:10
Speaker 5: There you go, glad, she's on it. So if you're
15:12
Speaker 5: earning four hundred fifty dollars a month less, you ain't
15:14
Speaker 5: getting any superannuation, which honestly is just kind of shitty.
15:17
Speaker 4: If you ask me, yes, I don't like it at all.
15:20
Speaker 4: So from the first of July twenty twenty two, spoiler
15:23
Speaker 4: that's today employees can be eligible for the super Guarantee,
15:27
Speaker 4: Like that is SG, So on your pay sleep it'll
15:29
Speaker 4: say SG. And I feel like I've had that question
15:31
Speaker 4: a lot recently. On my DMS. People are like, oh,
15:33
Speaker 4: I was just looking at my payslip, what's SG. I'm like, babe,
15:36
Speaker 4: that's super guarantee. That's really important. We need to pay
15:38
Speaker 4: attention to it. But essentially, you're now going to earn
15:41
Speaker 4: SUPER regardless of how much you earn, and that has
15:44
Speaker 4: been abolished, which I really like because previously, if you
15:48
Speaker 4: worked maybe like I don't know, two days a month
15:50
Speaker 4: because you're at UNI, maybe you weren't earning any SUPER
15:53
Speaker 4: at all because you were earning less than four hundred
15:55
Speaker 4: and fifty dollars, which for an employer, they're like, great money, win,
15:59
Speaker 4: don't have to have that cost. But now everybody is
16:02
Speaker 4: earning SUPER if you're working full time, except get this,
16:06
Speaker 4: except if you are under eighteen, in which case you
16:09
Speaker 4: need to work more than thirty hours a week to
16:11
Speaker 4: qualify for it. Is that not cool much? Because that's
16:15
Speaker 4: always been there, that's not new. I'm just bringing it
16:18
Speaker 4: up now because it seems topical and I knew where
16:20
Speaker 4: it offend you, so that.
16:21
Speaker 5: I find that really counterintuitive, particularly in this instance, because
16:25
Speaker 5: more often than not, if you're going to be working
16:27
Speaker 5: to earn four hundred and fifty dollars, you're a being
16:29
Speaker 5: paid very little and b you're probably not working a
16:32
Speaker 5: lot of hours. Those two things together to me, say,
16:35
Speaker 5: eighteen year old.
16:36
Speaker 4: Can we also just talk about how messed up that
16:39
Speaker 4: is just economically, So, like, let's think about it. If
16:43
Speaker 4: you're under the age of eighteen, it's very likely that
16:45
Speaker 4: you are in full time education, right, So, like, regardless
16:48
Speaker 4: of what you're doing, probably still at school because that's
16:50
Speaker 4: how the system works, unless you left early to do
16:52
Speaker 4: like an apprenticeship or whatever it is. But if you're working,
16:56
Speaker 4: you know, twenty five hours a week as a sixteen
17:00
Speaker 4: seventeen year old, it might be because you genuinely need
17:04
Speaker 4: that money, because you're already financially compromised, Like you might
17:07
Speaker 4: have had a hard start to life. You might not
17:09
Speaker 4: be in the best position with your family. You might
17:11
Speaker 4: be you know, living out of home and you're only
17:14
Speaker 4: able to work, you know, twenty nine hours a week
17:16
Speaker 4: because you've got school full time.
17:18
Speaker 2: And you're not feel a lot. That's twenty so much, Like.
17:20
Speaker 4: That is so much, But there are people out there
17:22
Speaker 4: where that is their reality. They're not earning super because
17:25
Speaker 4: they're under the age of eighteen, and that makes no
17:27
Speaker 4: sense to me because they are arguably working harder than
17:31
Speaker 4: I am because they're hustling. It really frustrates me that
17:34
Speaker 4: there is no need for employers to pay superannuation to
17:38
Speaker 4: people under the age of eighteen if they work less
17:40
Speaker 4: than thirty hours a week, that's cool, right if you
17:43
Speaker 4: start thinking about, like, well, what type of person would
17:45
Speaker 4: be under the age of eighteen and working, you know,
17:48
Speaker 4: twenty nine thirty hours a week, like it exists because
17:51
Speaker 4: they need to put food on their table. Not all
17:53
Speaker 4: of us are in the privileged position to live at home,
17:56
Speaker 4: have food put on our table, be able to get
17:58
Speaker 4: to school and that be a really comfortable existence. Like
18:01
Speaker 4: that's not everybody's reality. To me, that's really disadvantageous to
18:05
Speaker 4: a lot of people, and we just sometimes don't contextualize
18:08
Speaker 4: those things in the way that we should.
18:10
Speaker 5: It's hard because they're getting shafted on both sides. Like
18:13
Speaker 5: they're getting shafted with the hours thing because they're working
18:16
Speaker 5: after work. Yeah, like working thirty hours a month is
18:19
Speaker 5: a lot of hours when you're already doing something full
18:22
Speaker 5: time like schooling. But then they're also getting shafted in
18:24
Speaker 5: terms of like minimum wage when you're under the age
18:27
Speaker 5: of eighteen, even under the age of twenty.
18:29
Speaker 2: It's cook really.
18:31
Speaker 5: I remember when I used to work retail, and I'm
18:33
Speaker 5: very blessed that I have never worked for less than
18:36
Speaker 5: twenty dollars per hour, and that was purely by accident.
18:39
Speaker 5: But I remember when I was working retail and I
18:41
Speaker 5: was a little bit older, I would have been like
18:42
Speaker 5: maybe twenty two, twenty three. There was a girl who
18:44
Speaker 5: worked with us who was sixteen, and I'm pretty sure
18:47
Speaker 5: at the time she made like nine dollars an hour,
18:50
Speaker 5: and I was like, I genuinely, by the time you
18:54
Speaker 5: pay tax, I mean, she probably wouldn't have been paying
18:56
Speaker 5: a lot of tax.
18:57
Speaker 2: Actually, she would be a working coomeenter.
18:59
Speaker 5: But just by the time I remember, she used to
19:01
Speaker 5: have to catch the train, so by the time she
19:03
Speaker 5: pays for five bucks for her train ticket if she
19:06
Speaker 5: worked a three hour shift, she basically hadn't earned any money.
19:10
Speaker 6: So I grew up in a pretty high socioeconomic area,
19:13
Speaker 6: you could say, down on the Peninsula, and a lot
19:16
Speaker 6: of kids in high school. They would work to kind
19:19
Speaker 6: of gain a decent work ethic and understand that rather
19:24
Speaker 6: than actually to save a lot.
19:27
Speaker 2: Yeah, I was the same, right.
19:29
Speaker 4: The reason I got my first job was because my
19:31
Speaker 4: parents were like, you are fourteen years and nine months old,
19:33
Speaker 4: why don't you go and get a job. And my
19:34
Speaker 4: first job was, you know, in an ice cream shop,
19:36
Speaker 4: and I earned money, and that money was basically spent
19:39
Speaker 4: on going to the movies. Guys, if you know, you know,
19:41
Speaker 4: you go down to Rosebud, you go to the movies,
19:43
Speaker 4: you walk to McDonald's. That was my existence, right, But
19:47
Speaker 4: that's a very privileged upbringing where the money that I'm
19:50
Speaker 4: earning is you know, frivolous in a way. Like at
19:52
Speaker 4: that point in time, my dad was trying very hard
19:55
Speaker 4: to teach me the value of money, but I was
19:57
Speaker 4: not listening because I didn't I'm not going to say
20:00
Speaker 4: I didn't need to. I absolutely did, but I didn't
20:02
Speaker 4: feel like I needed to. Right, Like, earning that money
20:05
Speaker 4: not the same whereas Jess, you moved out when you
20:08
Speaker 4: were pretty young and were completely self sufficient, so it
20:11
Speaker 4: might be a very different story when you know, when
20:14
Speaker 4: you're actually forced to provide for yourself right and as
20:18
Speaker 4: a human right at an evolutionary level, it's not actually
20:22
Speaker 4: all that normal to put yourself in somebody else's shoes
20:26
Speaker 4: because it's got nothing to do with fight or flight
20:28
Speaker 4: or survival, right, Like I have no need, literally, if
20:31
Speaker 4: we're talking about psychologically and on an evolutionary level, I
20:34
Speaker 4: have no need to put myself in your shoes, George,
20:37
Speaker 4: literally none. It doesn't benefit me at all. Now in
20:40
Speaker 4: twenty twenty three, absolutely it does. But you know, Aspace,
20:43
Speaker 4: we just don't think that way. So I think it's
20:45
Speaker 4: really important to call those things out and be like, wow,
20:48
Speaker 4: like we're so privileged. Like I'm the same I grew
20:51
Speaker 4: up in exactly the same area you did, George. But
20:54
Speaker 4: growing up I also had some friends who were working
20:58
Speaker 4: because their parents weren't supporting them in the way that
21:01
Speaker 4: my parents were supporting me, And they actually were helping
21:04
Speaker 4: to pay the rent and they were putting food on
21:06
Speaker 4: the table for their families because they just didn't have
21:09
Speaker 4: that level of privilege that I had. And I just
21:12
Speaker 4: it blows my mind. And as we've been talking, I've
21:14
Speaker 4: just looked up the Fairwork Omensman Guide for and I've
21:18
Speaker 4: just looked up fast food industry because I feel like
21:20
Speaker 4: that's a really pretty easy it's pretty standard as a
21:22
Speaker 4: you know, sixteen year old. If you are a junior,
21:26
Speaker 4: you're a full timer or a part timer. Under the
21:28
Speaker 4: age of sixteen, your hourly pay rate at a level one.
21:32
Speaker 4: Not sure what that is, but level one is eight
21:34
Speaker 4: dollars seventy one in twenty twenty two.
21:36
Speaker 2: That's crazy, someone buy you a meal?
21:38
Speaker 4: So what No, then one, there's like different levels, right,
21:42
Speaker 4: so we'll skip to level three. Level three has like
21:44
Speaker 4: a little categorization. It says level three in charge of
21:47
Speaker 4: two or more persons. Your hourly pay rate if you
21:50
Speaker 4: are under the age of sixteen is nine dollars forty nine.
21:52
Speaker 5: So if you're managing people, you get not even a
21:55
Speaker 5: full extra dollar, not even a.
21:56
Speaker 2: Full extra dollar.
21:58
Speaker 4: Like that to me is insane because if you're needing
22:01
Speaker 4: to rely on that income, you're just you're already behind,
22:06
Speaker 4: Like you're literally already behind. Don't worry though, the second
22:10
Speaker 4: to sixteen you're a level one ten dollars eighty nine.
22:14
Speaker 4: Like that's still so low in comparison to what we
22:17
Speaker 4: call the minimum wage in Australia, which is categorized in
22:20
Speaker 4: this as being quote an adult. So I don't know
22:24
Speaker 4: what this means or how this works, but I just
22:26
Speaker 4: I think you should be paid for the work that
22:28
Speaker 4: you're doing. And if George is doing exactly the same
22:30
Speaker 4: job as me, does it matter that George's sixteen and
22:34
Speaker 4: I'm twenty five, Like, why should a twenty five year
22:36
Speaker 4: old be paid more for exactly the same thing.
22:38
Speaker 5: Yeah, I think it's interesting to bring it back around
22:40
Speaker 5: to where we were at with Super. I think it's
22:42
Speaker 5: a little bit disappointing to think about because I reflect
22:45
Speaker 5: on when I was younger and same as you. I
22:46
Speaker 5: got a job at fourteen and nine months, and I
22:49
Speaker 5: worked two days a week on the weekends, and I
22:51
Speaker 5: worked pretty long days, Like I think I was doing
22:53
Speaker 5: like decent, like eight or so hour Dawn.
22:55
Speaker 2: I'm not surprised because you're a hustler. You wouldn't like
22:57
Speaker 2: that money from me one hundred percent.
22:59
Speaker 5: I liked the money, But like the thing ultimately is,
23:01
Speaker 5: I look back on it and I go, I actually
23:04
Speaker 5: don't know that I would have been earning super. And
23:06
Speaker 5: I think about this sometimes because I look at my
23:08
Speaker 5: super balance and I go, I feel like it's not
23:10
Speaker 5: as high as I would have thought given how long
23:13
Speaker 5: I've been working for.
23:14
Speaker 2: And it's probably two things.
23:15
Speaker 5: It's partially because I had multiple accounts when I was younger,
23:17
Speaker 5: and the fees probably aided away, but also I guess
23:20
Speaker 5: a really significant chunk of my working life, like what
23:23
Speaker 5: was it under eighteen? Right, Yeah, so four years or
23:27
Speaker 5: like three and a bit years of my working life
23:29
Speaker 5: I wasn't earning super most likely because I wouldn't have
23:32
Speaker 5: been meeting necessarily the threshold for the hours. And that's
23:35
Speaker 5: just kind of frustrating because you go, you're putting in
23:38
Speaker 5: the time, you're working hard, you're doing the hours, but
23:41
Speaker 5: you're not necessarily getting all of the benefits just because
23:44
Speaker 5: you're a little bit younger. But then you're doing such
23:46
Speaker 5: a great thing by going out and getting a job
23:49
Speaker 5: and earning money.
23:50
Speaker 6: And I just feel like it's not to be paid
23:51
Speaker 6: for the work you're doing exactly. But kids aren't going
23:54
Speaker 6: to question that either if you said no, like what
23:57
Speaker 6: the hell's super when you're fifteen, like you wouldn't you know?
23:59
Speaker 2: No, I filed out a new form every time I
24:01
Speaker 2: got a job.
24:02
Speaker 6: Another piece of this puzzle in terms of not paying
24:05
Speaker 6: underage people the super that they certainly deserve, is that
24:09
Speaker 6: it kind of sets them up at a very early
24:12
Speaker 6: age to be exploited and kind of expect that from
24:16
Speaker 6: places of authority. It's not okay. And that would also
24:20
Speaker 6: have an impact on your money story, which we talk
24:21
Speaker 6: about all the time. And she's on the money and
24:24
Speaker 6: I don't know, I think that's something that really needs
24:26
Speaker 6: to be addressed.
24:27
Speaker 2: I can't believe. Yeah, I've just never thinking about it.
24:29
Speaker 5: I didn't know this and yeah, like it's kind of
24:31
Speaker 5: like when you tick over eighteen and now you are
24:33
Speaker 5: eating super. Yeah, because it's not something you've ever had
24:35
Speaker 5: to think about before, you might not necessarily comprehended that
24:38
Speaker 5: it should be there. And we've seen stories in the
24:40
Speaker 5: Facebook group of people very frequently working at like small
24:43
Speaker 5: local businesses or jobs that again you would quite often
24:47
Speaker 5: see younger people working and they're like, oh, my boss
24:50
Speaker 5: hasn't paid me super in three years? Like can I
24:51
Speaker 5: do something about that? And it's like, yeah, Queen, absolutely
24:55
Speaker 5: you can, and you should. But you're right, if you
24:58
Speaker 5: haven't had that expectation and you haven't been taught the
25:00
Speaker 5: value of it because you didn't receive it, how are
25:04
Speaker 5: you to know any difference exactly.
25:05
Speaker 4: That's why she's on the money exists quite literally because
25:08
Speaker 4: not everybody is afforded the same level of financial literacy.
25:12
Speaker 4: And I just think that it should be a base, right,
25:14
Speaker 4: Like we don't get it in school, and if we're
25:16
Speaker 4: not getting it in school, some of us are privileged
25:18
Speaker 4: enough to get.
25:19
Speaker 2: It at home.
25:20
Speaker 4: And if we're not getting at home, maybe we are
25:21
Speaker 4: lucky enough to be surrounded by people in our friendship
25:25
Speaker 4: groups that teach us or that we learn from their
25:27
Speaker 4: parents or whatever it is. Or maybe you get a
25:29
Speaker 4: good part time job and your boss actually goes, hey, Jess,
25:32
Speaker 4: you probably should be xiz or whatever it is. But
25:35
Speaker 4: not all of us are afforded financial literacy, which to
25:38
Speaker 4: me seems wild because, as you said, it opens you
25:42
Speaker 4: up for exploitation later down the track, and like nobody
25:45
Speaker 4: deserves that, Like if you think about it, like, hey,
25:48
Speaker 4: we're actually putting people and children in a position where
25:51
Speaker 4: they're going to be exploited hard no from me, Wow,
25:53
Speaker 4: this conversation really took a turn from where I thought
25:55
Speaker 4: it was going to go. But to summarize, and a
25:57
Speaker 4: financial year is exciting because we're taking steps in the
26:00
Speaker 4: right direction.
26:01
Speaker 5: More superhation. Make sure you check with your employer, make
26:04
Speaker 5: sure you watch you're super, and ensure that that's happening.
26:06
Speaker 4: It is a lot like I'm so I always say
26:09
Speaker 4: wildly passionate, but I am wildly passionate, like go check
26:12
Speaker 4: your super. And this opens the conversation up to the
26:15
Speaker 4: conversation I was having earlier today with a friend that
26:17
Speaker 4: I went and had a coffee with. We're doing some
26:19
Speaker 4: financial advice stuff, and they were talking about how one
26:22
Speaker 4: of their friends didn't realize they weren't being paid their SUPER,
26:26
Speaker 4: and they assumed that their super was being paid because
26:28
Speaker 4: it was on their pay slip. But you actually have
26:30
Speaker 4: to sign into your super fun to double check that.
26:33
Speaker 4: It's just like kind of a record of bookkeeping your
26:37
Speaker 4: pay slip for super, right like, it doesn't mean it's
26:39
Speaker 4: been paid. And a lot of businesses, like my business,
26:42
Speaker 4: pays super quarterly, so every quarter or every three months
26:45
Speaker 4: we do a big super run and we get that done.
26:47
Speaker 4: But if you haven't been paid super now, end of
26:50
Speaker 4: financial year is a very good time to have a
26:52
Speaker 4: quick check see what's going on, because there would be
26:55
Speaker 4: a super run on June thirty, so it would and
26:58
Speaker 4: should be up to date because because you're going to
27:00
Speaker 4: do your tax return. So if you haven't checked your
27:02
Speaker 4: super in a while, now's the time, shine my friend
27:05
Speaker 4: log in. I hope you're bored by it. I hope
27:08
Speaker 4: you're like, oh, it's exactly what it should be.
27:10
Speaker 2: Great.
27:10
Speaker 4: But if it's not, you get to follow up on that,
27:13
Speaker 4: and then it's not a few years down the track
27:14
Speaker 4: where you're like, hey, I worked for that job.
27:16
Speaker 2: I just do.
27:17
Speaker 4: I think I made super, but we're not sure, right, Like,
27:20
Speaker 4: if I asked you, Jess, you always paid super. I'm
27:23
Speaker 4: sure you're like, well, I don't know, Like I never
27:25
Speaker 4: checked when I was younger, because I'm exactly the same.
27:27
Speaker 4: So I think now's a good time check your super.
27:29
Speaker 4: My loves good content piece. We should move off it, though,
27:32
Speaker 4: because all we do is talk. Hi.
27:35
Speaker 6: There, Have you got a money dilemma you just can't solve?
27:38
Speaker 6: The Sheese on the Money Team is here to help.
27:41
Speaker 6: Every week, we tackle your dilemmas, both big and small,
27:44
Speaker 6: to answer your most burning money, career and life questions.
27:47
Speaker 6: To get involved, simply head to our website and leave
27:50
Speaker 6: us a quick voice recording, and you may just find
27:52
Speaker 6: yourself on the show. Now let's take a listen to
27:54
Speaker 6: today's Money Dilemma.
27:57
Speaker 7: High ladies love the podcast, listening to it religiously. I
28:01
Speaker 7: have a very random question about Finder dot com dot AU.
28:05
Speaker 7: Don't know if you know this. What there recently came
28:07
Speaker 7: out with an earned functionality. It's basically a cryptocurrency. You
28:11
Speaker 7: lend them your savings and they look, you earn four
28:14
Speaker 7: point one percent in interest and it's a stable coin.
28:19
Speaker 7: But I just want to know what you guys know
28:21
Speaker 7: about it, whether you think it's sounds dodgy. I feel
28:26
Speaker 7: like no other bank would offer you that amount of
28:29
Speaker 7: returns without a huge amount of risk. So I am
28:33
Speaker 7: so keen to hear your thoughts on this. Thanks ladies,
28:36
Speaker 7: Bye Nasis.
28:38
Speaker 2: Not about it, not about it, not about it.
28:40
Speaker 4: If you follow me on my personal Instagram account, which
28:44
Speaker 4: is not a recommendation, you shouldn't because I go rogue.
28:47
Speaker 4: That's why Jess literally took that She's on the Money
28:50
Speaker 4: posting ability off me because she was like, you can
28:52
Speaker 4: read the comments, you can talk to people in the DMS.
28:55
Speaker 4: If you post something, though, I will revoke your access
28:58
Speaker 4: to that She's on the Money Instagram because stuff like
29:01
Speaker 4: these frustrates the hell out of me? Did you hear
29:05
Speaker 4: how that question was phrased? Guys like do you know
29:08
Speaker 4: where I'm going with this? I'm looking at you two
29:10
Speaker 4: and you're just looking at me blankly. So this has
29:12
Speaker 4: been a really good start to this content. Save a
29:14
Speaker 4: coin Yet no, no, she said no bank would offer that.
29:19
Speaker 4: So what that listener question has told me is she
29:23
Speaker 4: is comparing mentally this crypto saving investing option to the
29:29
Speaker 4: returns a bank would give you. Those two are not
29:32
Speaker 4: the same, Those are not the same asset classes, those
29:34
Speaker 4: are not comparable. That's like saying, hey, Jess, should I
29:38
Speaker 4: keep my money in a savings account or should I
29:40
Speaker 4: buy property? Like those two things are so far from
29:44
Speaker 4: each other in being able to generate interest and return
29:47
Speaker 4: that they should not be compared. And this goes back
29:49
Speaker 4: to the rants I've been on. I don't believe on
29:51
Speaker 4: the podcast as yet because I have tried to bite
29:54
Speaker 4: my tongue. But that is about deceptive marketing and the
29:57
Speaker 4: thing that I went on a rand about on in Instagram,
30:00
Speaker 4: which I'm gonna call this it's not true at all.
30:04
Speaker 4: I'm hoping it is because I called it out, but
30:07
Speaker 4: it's not. It's because you know, I think there have
30:09
Speaker 4: been a lot of people that called it out. But
30:12
Speaker 4: Finders Earn app used to say earn four point oh
30:17
Speaker 4: one percent on your savings, and I got so frustrated
30:22
Speaker 4: at that because that leads you down the garden path
30:24
Speaker 4: and thinking that's quite safe, right because I earn interest
30:27
Speaker 4: on my savings in my bank account, or I could
30:28
Speaker 4: just put it in this earn thing like and I
30:30
Speaker 4: earn better money or my savings like, No, that's an investment.
30:34
Speaker 4: To update that they have changed it to on your capital,
30:37
Speaker 4: which I much prefer because it is much clearer that
30:40
Speaker 4: it is an investment. But the find to Earn thing
30:44
Speaker 4: is an investment. It is not a savings It should
30:46
Speaker 4: not be compared to your bank account. And now we
30:49
Speaker 4: can talk about its actual product. I don't want you
30:52
Speaker 4: guys to think that these things are comparable. I have
30:55
Speaker 4: spoken about it on my Instagram again because it's the
30:58
Speaker 4: only platform where I can go truly wrote.
31:00
Speaker 2: Without being in trouble these days.
31:02
Speaker 4: But I spoke about Blossom app, which is a app
31:05
Speaker 4: that is an investment app that calls themselves as savings app,
31:09
Speaker 4: and that is absolutely not the case. They are not
31:11
Speaker 4: a savings app. They are an investment app, but they're
31:14
Speaker 4: branding and they're marketing calls themselves a savings app. You've
31:17
Speaker 4: probably seen their targeted marketing because it is very she's
31:20
Speaker 4: on the money targeted as in the same demographics like
31:23
Speaker 4: young millennial women. Not that they are targeting she's on
31:26
Speaker 4: the money specifically, but I mean it would be a
31:27
Speaker 4: good marketing strategy for them. Right, we've got your audience,
31:31
Speaker 4: But then you've also got me being like, no, that's
31:33
Speaker 4: deceptive marketing. So I don't know how you feel about that,
31:36
Speaker 4: but yeah, I think that the one thing with these
31:39
Speaker 4: different earning apps that are coming out recently is that
31:42
Speaker 4: their marketing is making you feel more confident and more
31:46
Speaker 4: safe because they're using language that makes you think that
31:48
Speaker 4: they're savings apps when in reality they're actually investment apps.
31:52
Speaker 4: And to segue straight into what the find to Earn
31:56
Speaker 4: app is, it's crypto app and they're trying really hard,
32:00
Speaker 4: and I'm sure that you know they're gonna bite my
32:01
Speaker 4: heads off about this. I'm literally lighting my ability to
32:04
Speaker 4: ever be sponsored by a finder up in flames right now,
32:07
Speaker 4: and that is.
32:08
Speaker 2: Fine by me.
32:09
Speaker 4: But they say, oh, stable coin, guys, what's stable coin
32:14
Speaker 4: like sounds safe, sound safe, yep, But like there was
32:17
Speaker 4: a stable coin crash recently, so like, stable coin is
32:21
Speaker 4: not actually that stable. It's just a term used to
32:24
Speaker 4: make you feel far more confident in that asset class
32:28
Speaker 4: when it's still crypto. So stable coin is usually deemed
32:32
Speaker 4: to be more stable because why yes.
32:34
Speaker 5: It's essentially a crypto that it tries to attach itself
32:37
Speaker 5: to a stable currency, which I think usually is the
32:40
Speaker 5: usd or the US dollar.
32:41
Speaker 4: Yep.
32:42
Speaker 5: So in theory, if you had a thousand of a
32:46
Speaker 5: certain stable coin, you can exchange it for one thousand dollars,
32:50
Speaker 5: So it's meant to be kind of lack for Like
32:53
Speaker 5: that is a very simplified explanation because you know, crypto
32:57
Speaker 5: is definitely not my domain. But the idea is that, yeah,
33:00
Speaker 5: it's meant to be like the stable you know, currency
33:04
Speaker 5: that follows along with a standard, so that if you
33:06
Speaker 5: were to exchange back and forth, it would be somewhat
33:08
Speaker 5: likeful light.
33:09
Speaker 4: Yeah, and a lot of people are a bit more
33:11
Speaker 4: drawn to that if they're interested in cryptocurrencies, because they're like,
33:14
Speaker 4: all right, it feels a bit more stable, and that's
33:16
Speaker 4: where it's got its name from. But remember a couple
33:20
Speaker 4: of weeks ago, we're doing Friday Drinks episode and one
33:23
Speaker 4: of our you know, money wins was actually not a
33:25
Speaker 4: money win, and Jess you called it out. It was
33:27
Speaker 4: like Luna if you know, you know, And that's because
33:30
Speaker 4: Luna was a quote stable coin, and people invested in
33:34
Speaker 4: it and felt really confident. They're like, oh my gosh,
33:36
Speaker 4: got into crypto and it crashed completely off the chart's gone,
33:41
Speaker 4: completely gone.
33:41
Speaker 2: But that was a stable coin.
33:43
Speaker 4: So I feel like we still need to be quite
33:46
Speaker 4: apprehensive of stable coins because at the end of the day,
33:50
Speaker 4: they are a cryptocurrency. Doesn't necessarily mean that cryptocurrency is bad.
33:55
Speaker 4: And I think that you guys are probably picking up
33:57
Speaker 4: the vibe that cryptocurrency isn't my forte. And the reason
34:01
Speaker 4: it's not my forte is not because it's not been
34:04
Speaker 4: around long enough and Victoria doesn't understand it. I fully
34:07
Speaker 4: comprehend it. But most cryptocurrencies don't have a backing right,
34:12
Speaker 4: So if I win, and I always use this example
34:14
Speaker 4: and it's not the best example ever, but if I
34:16
Speaker 4: go by and NAB share, right, Nab is bank. Behind
34:20
Speaker 4: that bank is thousands of employees making those cogs turn,
34:24
Speaker 4: and there's marketing division, and there's thousands and thousands, if
34:27
Speaker 4: not hundreds of thousands of customers that they look after
34:30
Speaker 4: every single day that are committed right, So for NAB
34:33
Speaker 4: to go broke would be one very significant and there's
34:37
Speaker 4: probably a lot more going on in the economy if
34:39
Speaker 4: that actually happens. But two, if they start to go down,
34:42
Speaker 4: there's lots of like fail safes and things they could do,
34:45
Speaker 4: and there's some savings in that bank that they could
34:48
Speaker 4: use to pay their employees and make sure that your
34:50
Speaker 4: share price doesn't completely plummet. There is no backing with cryptocurrencies,
34:56
Speaker 4: there's no employees, there's no business that actually turns and
34:59
Speaker 4: cogs that is in the background. It is actually really
35:02
Speaker 4: risky because today it could exist and tomorrow it could
35:06
Speaker 4: completely disappear and well, your money's gone, Like there's nobody
35:10
Speaker 4: to chase, there's nobody to follow. And for me, that's
35:12
Speaker 4: why I'm a little bit more apprehensive of these things.
35:16
Speaker 4: I'm very positive on it. I want to learn more.
35:18
Speaker 4: I want to in the future be like, okay, cool,
35:21
Speaker 4: like this is an investment asset that I can advise on.
35:24
Speaker 4: But in Australia right now, it is not an asset
35:26
Speaker 4: class that is legislated is not an asset class that
35:30
Speaker 4: is recognized for financial advisors to even advise on. So therefore,
35:35
Speaker 4: I'm like, why would I use the shehese on the
35:38
Speaker 4: money platform to promote an asset class that is far
35:41
Speaker 4: riskier than any other asset class that could put you
35:44
Speaker 4: in the best possible position to create wealth.
35:47
Speaker 5: And I think that's the primary difference between I guess
35:50
Speaker 5: that you know the bank or the savings app and
35:53
Speaker 5: something that is investing, particularly in stable coin, because cryptocurrency
35:57
Speaker 5: isn't regulated and banks are regulated. There are laws in place,
36:01
Speaker 5: and as you said, fail safes, stable coins theoretically aim
36:06
Speaker 5: to back their coins up with hard assets. Yeah, so
36:09
Speaker 5: dollars or gold or treasuries. But that is a theoretical
36:13
Speaker 5: and there is no regulation or requirement. And we have
36:17
Speaker 5: seen that in the past where influencers or people who
36:21
Speaker 5: maybe own a cryptocurrency or a cryptocurrency brokerage or something
36:26
Speaker 5: like that have promoted and almost pumped and dumped, and
36:29
Speaker 5: they've promoted.
36:30
Speaker 2: It one hundred percents terrifying.
36:32
Speaker 5: Yeah, really elevated the value of that currency, and then
36:37
Speaker 5: it sold theirs, it's crashed out and there's been nothing
36:40
Speaker 5: to back it up and people have been left with nothing.
36:42
Speaker 5: And I think that's probably the biggest thing that I
36:45
Speaker 5: personally would keep in mind is that you know, well
36:47
Speaker 5: Finder is a legitimate company and I'm sure they're doing
36:50
Speaker 5: their due diligence, et cetera, et cetera. There is no
36:54
Speaker 5: regulation there in Australia as of yet, and that is
36:58
Speaker 5: something that I person you find very scary.
37:02
Speaker 4: I absolutely agree, And that's the thing that makes me
37:05
Speaker 4: really apprehensive of that asset class because here today, gone tomorrow, Like,
37:10
Speaker 4: that's not the type of investment I want my community
37:13
Speaker 4: to be making. But it's also interesting, right like you
37:16
Speaker 4: see it on money diaries. A lot we'll ask the
37:18
Speaker 4: question like do you have any investments? If so, what
37:20
Speaker 4: are they? And they'll be like, oh, I'm invested in
37:22
Speaker 4: crypto and you'll be like, great, how when?
37:24
Speaker 2: Where?
37:24
Speaker 1: What?
37:25
Speaker 3: You know?
37:25
Speaker 4: How does this all work for you? And it's interesting
37:28
Speaker 4: to see that that nowadays is a lot of people's
37:31
Speaker 4: first investment. But then I'll go what do you think
37:35
Speaker 4: of the share market? And they go, oh, it's too risky,
37:37
Speaker 4: and I go, but where are you getting this information?
37:40
Speaker 4: How does that work? Because you look at the share
37:42
Speaker 4: market and you're like, yeah, it can feel really overwhelmeding.
37:44
Speaker 4: It can feel like a lot, But why do you
37:48
Speaker 4: feel like cryptocurrency is quote the future? And I get
37:51
Speaker 4: that there's a lot of media circus around it, but
37:53
Speaker 4: I think that that's it, right, Like a lot of
37:55
Speaker 4: people are feeling like cryptocurrency is a lot more accessible
37:58
Speaker 4: and a lot easier because they're like, oh my gosh,
38:00
Speaker 4: but I saw it all on Instagram. My friend's doing it,
38:03
Speaker 4: and this is how it's working, and that's how it's working,
38:05
Speaker 4: and it just it confuses me a lot because I'm like,
38:07
Speaker 4: I get that it could be the future, but the
38:10
Speaker 4: risk you need to take with your capital or your
38:12
Speaker 4: cash is so significant. Whereas you could go buy blue
38:16
Speaker 4: chip stocks and create a future for yourself that is
38:19
Speaker 4: arguably far less risky than going, oh, well, I picked
38:22
Speaker 4: up a stable coin.
38:23
Speaker 2: It's much much less risky than a.
38:24
Speaker 4: Normal crypto Like okay, But like, if we get a
38:28
Speaker 4: risk return chart out down, the very bottom left corner
38:32
Speaker 4: is cash, and then it you know, dots up, and
38:34
Speaker 4: then there's property, and then there's the share market, and
38:36
Speaker 4: then it just goes off the chart to where crypto
38:39
Speaker 4: currency sits like the amount of risk and investor takes
38:42
Speaker 4: on by choosing that asset class is so much more
38:45
Speaker 4: significant than that of the share market. But so many
38:49
Speaker 4: people are more apprehensive of the share market than of crypto.
38:52
Speaker 4: And I have a sneaky submission. It's social media.
38:55
Speaker 6: Yeah, that's what I was gonna ask, Like, why is
38:57
Speaker 6: that where we're at? Because you do you have people
38:59
Speaker 6: like my little brother he has a crypto horse. I
39:02
Speaker 6: don't know a crypto I don't really know the details.
39:05
Speaker 6: I haven't asked him about it, like if he hasn't
39:07
Speaker 6: invested in anything else, Like he thinks that crypto is
39:09
Speaker 6: as legitimate an investment path as the share market, so
39:13
Speaker 6: like what's happening there?
39:14
Speaker 4: But then it's not a recognized financial asset in Australia.
39:18
Speaker 4: So is that not a thing that would make you
39:20
Speaker 4: go alarm bells? Maybe that's not as legit. Like I
39:24
Speaker 4: feel like a lot of people know about crypto horses
39:27
Speaker 4: sent me like, I an't going to do so much
39:29
Speaker 4: research after this next week we'll talk about the crypto horse.
39:32
Speaker 4: But I feel like a lot of people have done
39:35
Speaker 4: their quote research and they're just googling it and buying
39:37
Speaker 4: into it and it's topical, and it's new and it's
39:39
Speaker 4: really exciting. It's nothing sexy about a blue chip stock,
39:42
Speaker 4: Let's be honest, Like, who wants to go buy West
39:45
Speaker 4: Farmers except for me?
39:47
Speaker 6: Whereas crypto is quite sexy because of social media, I
39:50
Speaker 6: feel like it's quite broish because it's like it's risky but.
39:53
Speaker 2: The return is huge.
39:56
Speaker 5: I've definitely seen someone on TikTok saying basically this.
40:00
Speaker 6: Yeah in that foot Well, I think it's probably worth
40:04
Speaker 6: throwing a note in here that we're poking a little
40:06
Speaker 6: bit of fun.
40:07
Speaker 5: We are, by no means saying that you shouldn't invest
40:09
Speaker 5: in crypto, and we're definitely not saying that it is
40:12
Speaker 5: a bad thing or a negative thing. We're just trying
40:15
Speaker 5: to highlight the risk that is attached to it without
40:18
Speaker 5: the regulation. I mean, it absolutely could potentially have a
40:21
Speaker 5: place in your portfolio alongside something that is really well diversified,
40:26
Speaker 5: if that's something that aligns to your values by all means.
40:29
Speaker 4: Just one hundred percent exactly what you're saying. I think
40:32
Speaker 4: for me, I actually like summary TLDR of shoes on
40:36
Speaker 4: the Money. Victoria Devine does not care at all what
40:40
Speaker 4: you spend your money on as long as you're spending
40:42
Speaker 4: it in line with your values. Like if you tell me, nave,
40:45
Speaker 4: I made a decision. I had all the options on
40:47
Speaker 4: the table, and I made the decision that felt right
40:49
Speaker 4: for me.
40:50
Speaker 2: You do you boo.
40:50
Speaker 4: I literally am so happy for you if you want
40:54
Speaker 4: to go buy a crypto horse. I am genuinely literally,
40:57
Speaker 4: it's no judgment. I'm talking about these things in what
41:01
Speaker 4: I would deem to be quite a pragmatic way in
41:03
Speaker 4: that I'm like, Okay, cool, let's look at risk versus
41:06
Speaker 4: return and how that works. And the thing that from
41:08
Speaker 4: my perspective as somebody who has a background in psychology,
41:12
Speaker 4: who is a financial advisor, has studied finance and gets to,
41:16
Speaker 4: you know, interact with this beautiful community of money minded
41:20
Speaker 4: people every single day, I do get quite confused when
41:23
Speaker 4: people are like, yeah, I'm happy to invest in crypto,
41:26
Speaker 4: but I'm not that keen on the shed market. I'm like, wow,
41:29
Speaker 4: I'm really what am I missing?
41:31
Speaker 1: Like?
41:31
Speaker 2: What am I missing?
41:32
Speaker 4: That is making you feel so much more comfortable with
41:35
Speaker 4: that than me as a financial advisor looking at it,
41:38
Speaker 4: going this is terrifying. And I was at the Financial
41:41
Speaker 4: Advisor Innovation summit last week. Last week, na like a
41:45
Speaker 4: month ago. Time is absolutely flying. And we did hold
41:49
Speaker 4: segments on what cryptocurrency means in this industry and how
41:53
Speaker 4: it works and how we can integrate it for our
41:55
Speaker 4: clients if they are desperately wanting to have it. There
41:58
Speaker 4: are cryptocurrency ETFs and that blows my mind. But it's
42:02
Speaker 4: one of those things where I have been at these conferences,
42:04
Speaker 4: I am talking to literal industry experts.
42:07
Speaker 2: We talked about.
42:08
Speaker 4: These things, and I just it still makes me feel
42:11
Speaker 4: a little bit uneasy because as much as I'm learning
42:13
Speaker 4: as a financial advisor about this asset class, I'm still
42:17
Speaker 4: legally not allowed to provide financial advice on it. Does
42:20
Speaker 4: I mean, I can't talk about it on a podcast
42:22
Speaker 4: and semantically break it down and talk about you know,
42:24
Speaker 4: stable coin versus different types of cryptocurrency or lunar or
42:28
Speaker 4: you know, whatever is going on in the market. But
42:31
Speaker 4: it really does baffle me that people like, oh, yeah,
42:35
Speaker 4: I'm happy with crypto, but not with the share market.
42:38
Speaker 5: So to swing it back around to this finder platform specifically.
42:41
Speaker 2: Yes, sorry for going on another rant. Is what we're
42:45
Speaker 2: saying here.
42:46
Speaker 5: Ultimately, be very conscious of what you're investing in because
42:50
Speaker 5: the comparison that our community member is kind of making
42:52
Speaker 5: this dilemma is just really not apples to apples.
42:56
Speaker 4: It's definitely not apples to apples. And I'm only picking
42:59
Speaker 4: up on the semantics and the way she said, oh,
43:01
Speaker 4: bank would never give you that type of return. What
43:03
Speaker 4: do you think about it? Well, I think that it
43:06
Speaker 4: looks like a very good platform if that is an
43:08
Speaker 4: asset class that you want to invest in, Like, it's
43:12
Speaker 4: not something that I'd go wow, Victoria recommends it.
43:14
Speaker 2: That's not it at all.
43:15
Speaker 4: But I think it's interesting because like obviously been through
43:18
Speaker 4: the website, cute website, great branding, makes me feel really
43:22
Speaker 4: comfortable with it. But let's actually look at that underlying
43:24
Speaker 4: asset class, your risk portfolio. We've done an entire episode
43:28
Speaker 4: on what your risk portfolio is and what risk you
43:32
Speaker 4: would be willing to take on and how that works,
43:34
Speaker 4: and I think we really need to go back to
43:36
Speaker 4: that because on the website for Finder, it feels really
43:42
Speaker 4: is the word palatable or absorbable. I don't know what
43:44
Speaker 4: I'm looking for here, but like it's cute, Like their
43:47
Speaker 4: app looks really good.
43:48
Speaker 2: They're like, what's your capital grow daily?
43:50
Speaker 4: No fees that the other like, it feels really accessible
43:54
Speaker 4: and I'm all good with that. I feel like they
43:57
Speaker 4: have updated their language to be very good. Flips Blossom
44:01
Speaker 4: has not.
44:02
Speaker 5: One last thing before we wrap, because we've definitely been
44:04
Speaker 5: nashering on today after a couple of weeks apart. The
44:07
Speaker 5: primary difference that I'm kind of picking up here through
44:10
Speaker 5: the marketing, etc. And the let me know if I
44:14
Speaker 5: am getting the vibe right, they're guaranteeing that it's not
44:17
Speaker 5: a targeted rate, it's we will give you this. However,
44:20
Speaker 5: you're getting that because you're taking on significant risk because
44:24
Speaker 5: it is crypto.
44:25
Speaker 4: Yes, absolutely so, it says, and I'm pretty is the
44:28
Speaker 4: word guarantee. I don't know if they guarantee, but they've
44:31
Speaker 4: led you down the garden path to feel like that, right, yes,
44:34
Speaker 4: yeh okay. So I have read the pds, and on
44:36
Speaker 4: the PDS they you know, have obviously said it's really
44:38
Speaker 4: important to take in to consider your risk profile and
44:41
Speaker 4: roh rah. Very different to a traditional savings account. If
44:45
Speaker 4: find a wallet becomes insolvent or subject to hacking or
44:48
Speaker 4: some other cybersecurity event, you may incur partial or total
44:51
Speaker 4: loss of your capital at the bottom. It says in Australia,
44:55
Speaker 4: money you deposit into a savings account is protected by
44:58
Speaker 4: the Financial Claims A scheme CS up to two hundred
45:01
Speaker 4: and fifty thousand dollars find to earn is not protected
45:04
Speaker 4: by the FCS. And then it also says trading and
45:08
Speaker 4: holding cryptocurrency has a high level of risk. Cryptocurrency is
45:12
Speaker 4: a volatile asset and you can incur losses. Though generally
45:16
Speaker 4: less volatile stable coin categories of cryptocurrency carry risk and
45:21
Speaker 4: may lose some or total market value. You should only
45:25
Speaker 4: trade cryptocurrency if you fully understand and agree to the risks.
45:29
Speaker 4: Didn't see that on their stable coin website.
45:32
Speaker 5: No, So is this saying you're lending your money to them? Yes,
45:36
Speaker 5: if the value of your money decreases. So let's say
45:39
Speaker 5: there's another significant crash and my thousand dollars that I
45:42
Speaker 5: put in is now with five hundred. You know you're
45:44
Speaker 5: getting your six point one percent return per annum. At
45:47
Speaker 5: the end of all of this, do I get my
45:48
Speaker 5: thousand dollars back or do I get five hundred dollars back?
45:51
Speaker 4: Well, it depends on when you're pulling it out and
45:53
Speaker 4: how it works. Like it's all about really understanding it.
45:56
Speaker 4: Like so with Finder Earn, you can convert to tud
46:01
Speaker 4: which is the crypto coin that they are purchasing, and
46:04
Speaker 4: then you lend that thad to them. They take all
46:08
Speaker 4: of the profit you get back that six point one
46:11
Speaker 4: unless shit hit that's the fan essentially, and you lose
46:14
Speaker 4: all your money.
46:15
Speaker 2: That doesn't seem like a great deal to me.
46:18
Speaker 4: I'm not that sold on it either, But it's all
46:20
Speaker 4: about marketing and really understanding it. And that's why I
46:22
Speaker 4: really implore everybody to actually read the PDS. I know
46:26
Speaker 4: it's boring, I know it doesn't make sense dm us
46:29
Speaker 4: if you don't get a PDS, because I'll just make
46:32
Speaker 4: an Instagram story set explaining what that part of a
46:35
Speaker 4: PDS means, because I guarantee you're not the only one
46:38
Speaker 4: looking at that particular company. But it all comes down to,
46:41
Speaker 4: as we're saying, marketing. I feel like Finder has done
46:44
Speaker 4: a good job of updating to use the term capital
46:47
Speaker 4: instead of savings, whereas to compare it back to the
46:49
Speaker 4: other business I was talking about, which I've posted about
46:52
Speaker 4: on Instagram before, Blossom, Like if you go to their website,
46:56
Speaker 4: their running headline still says Blossom where your savings go
47:00
Speaker 4: to grow, Like, no, Blossom is an investing app, Like
47:04
Speaker 4: why are we trying to make people feel more comfortable
47:08
Speaker 4: with investing by making it look like savings. It's like
47:11
Speaker 4: a trojan horse, Like I don't want you investing in something.
47:15
Speaker 4: Not saying that Blossom's investing company is bad, I'm saying
47:19
Speaker 4: that the marketing is. But it's about being deceptive and
47:22
Speaker 4: not being deceptive. I mean, if you go to this
47:24
Speaker 4: Blossom website, like, look at this, guys, right, So if
47:27
Speaker 4: you go to the Blossom website, it says where your
47:29
Speaker 4: savings go to grow, And then there's a quote of
47:31
Speaker 4: a current user that says, I was sick of getting
47:33
Speaker 4: screwed on my savings. Blossoms three percent return made getting
47:37
Speaker 4: a home deposit easier. They're making you think that this
47:41
Speaker 4: is absolutely comparable to a government guaranteed savings account, when
47:47
Speaker 4: in reality, this is actually an investment fund, and it's
47:50
Speaker 4: not even a super conservative one at that. Yeah, I
47:53
Speaker 4: just want people to say what they really mean, Like
47:55
Speaker 4: I want to buy a box of cereal and it
47:57
Speaker 4: says coco Pops on the outside, and there's coc He
48:00
Speaker 4: pops on the inside, Like I just want what I'm
48:02
Speaker 4: paying for.
48:02
Speaker 2: Well, that was a big charity.
48:05
Speaker 6: It went lots of places, but that's okay.
48:07
Speaker 2: I learned a lot about crypto.
48:09
Speaker 6: I think it's probably the right time to end.
48:11
Speaker 2: I think it's time to money. It's been a while.
48:14
Speaker 2: All right, boring but important stuff.
48:16
Speaker 4: Let's go.
48:16
Speaker 6: The advice sheet on She's on the Money is general
48:19
Speaker 6: in nature and does not consider your individual circumstances. She's
48:22
Speaker 6: on the Money exists purely for educational purposes and should
48:26
Speaker 6: not be relied upon to make an investment or a
48:28
Speaker 6: financial decision. And we promise Victoria divine and She's on
48:32
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48:36
Speaker 6: Proprietary Limited ABN four seven zero nine seven seven nine
48:39
Speaker 6: seven zero for on nine APHAICEL two three six five
48:42
Speaker 6: two three.
48:43
Speaker 2: See you on Monday, guys. Bye, guys, it's on the weekend.