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BONUS EP: The Hidden Truths of Credit · She's On The Money

0:00
Speaker 1: She's on the Money.
0:02
Speaker 2: She's on the Money. Hello, and welcome to She's on
0:15
Speaker 2: the Money, the podcast for millennials who want financial freedom.
0:19
Speaker 3: I'm Tony Lodge.
0:20
Speaker 2: You are I know, I'm new this hellos time new friend,
0:24
Speaker 2: and today we have a very special bonus episode. I'm
0:27
Speaker 2: sure that you saw your phone light up and it
0:29
Speaker 2: was a Saturday morning and you thought, I've got to
0:31
Speaker 2: go and do the shopping. And then you went, oh,
0:33
Speaker 2: there's a news She's on the Money episode in.
0:35
Speaker 3: My Torria and Tony can join me.
0:37
Speaker 1: We go.
0:38
Speaker 2: So whatever you're doing, your run, your walk, whatever, we're
0:42
Speaker 2: here with you and v tell us about the exciting
0:44
Speaker 2: chat that you had over the weekend.
0:47
Speaker 4: So over the weekend, I had a really good chat
0:49
Speaker 4: with my friend Glenn James, who is from my Millennial Money,
0:52
Speaker 4: about a number of different topics that we're really passionate about.
0:55
Speaker 4: We thought we'd wrap it all up into a special
0:57
Speaker 4: edition podcast for you because it didn't really fit into
1:00
Speaker 4: the mold of any of our traditional episodes. But I
1:02
Speaker 4: did genuinely think it was a really important conversation to
1:05
Speaker 4: have and to share with you guys, because it is about,
1:07
Speaker 4: you know, misleading marketing and debt and credit products, and
1:11
Speaker 4: just this conversation needs to happen more often and regularly,
1:15
Speaker 4: and I didn't want to have to have it in
1:17
Speaker 4: a structured way. So Glenn and I we jumped on zoom.
1:20
Speaker 4: He's over in New Zealand at the moment, living his
1:22
Speaker 4: best life.
1:23
Speaker 3: How good's that?
1:23
Speaker 4: Tony Ima just been like, I'm gonna jet set off
1:26
Speaker 4: to Queenstown and spend two weeks working from there and just.
1:30
Speaker 2: Be like, oh yeah, I'll just jump on the phone
1:31
Speaker 2: with my best mate Victoria Divine. We'll chat about some
1:34
Speaker 2: good stuff and then I'll go and eat all the
1:36
Speaker 2: delicious food in you see, oh too? Did?
1:39
Speaker 4: That is exactly what he did. He's like, Oh, I'm
1:41
Speaker 4: just off to arrow Town, which is a beautiful place
1:44
Speaker 4: just outside of Queenstown that has one of the best cafes.
1:47
Speaker 4: It's called the chop Shop. I don't know if anyone's
1:49
Speaker 4: been or loves it, but I adore it and they
1:52
Speaker 4: have one of the best Nazi gorgs I've had in
1:54
Speaker 4: my life. Anyway, he rubbed that in and was like,
1:56
Speaker 4: very relatable. It's not relatable, but it is really beautiful.
2:02
Speaker 4: S If you're ever going to go to Queenstown. I
2:04
Speaker 4: definitely would recommend that. But enough about Nazi goring and
2:07
Speaker 4: how good Rice is. Let's jump into the chat I
2:10
Speaker 4: had with Glenn James.
2:14
Speaker 1: Hey everyone, Glenn James here, I host my mil anial Money,
2:18
Speaker 1: otherwise known as the Father of Money in Australia.
2:22
Speaker 3: Wow, that's audacious.
2:23
Speaker 1: And I'm joined by the Mother of Money in Australia,
2:27
Speaker 1: Victoria Devine from She's on the Money. Victoria.
2:29
Speaker 3: Hello, Hello, Glenn, how are you?
2:32
Speaker 1: I'm good now. We're doing this random, weird public service announcement.
2:37
Speaker 4: Today because we're quite frustrated and we've been having a
2:41
Speaker 4: bit of a rant over the last few weeks. Ya
2:43
Speaker 4: our DMS and text messages and phone calls, and you're
2:47
Speaker 4: in Queenstown right now having a beautiful time, and I'm
2:50
Speaker 4: very envious. And I'm sitting in my home office here
2:53
Speaker 4: in Melbourne, and we just decided enough is enough. Let's
2:56
Speaker 4: have a conversation. Glenn, why are we so frustrated?
3:01
Speaker 1: We're so frustrated, And I think as I look out
3:03
Speaker 1: over the remarkables in Queenstown.
3:06
Speaker 3: It's nice for some just ravity.
3:08
Speaker 1: I know my privilege is showing, but I think you
3:11
Speaker 1: know it's not just us. You've had people in She's
3:14
Speaker 1: on the Money Facebook group. I've had people in mar
3:16
Speaker 1: Milinial Money Facebook group genuinely ask questions about one of
3:21
Speaker 1: the things we're going to talk about, and that's going
3:22
Speaker 1: to be these quote unquote new savings accounts and savings
3:27
Speaker 1: apps as I use inverted commas. But we are personally
3:31
Speaker 1: frustrated about the almost ridiculous, sly weird, false, strange, misleading, misleading, Absolutely, misleading.
3:45
Speaker 3: Is the word I would use.
3:46
Speaker 1: Misleading advertising for some of the buy now, pay later products.
3:52
Speaker 4: It's not just buy now, pay later, though it's by
3:55
Speaker 4: now pay later, it's credit funds.
3:57
Speaker 3: It is everyone, seemingly at the moment totally.
4:00
Speaker 1: And we both had a pitch from a media company
4:04
Speaker 1: and they pitched both of us.
4:06
Speaker 3: And that's separately, not at the same time.
4:10
Speaker 1: Yeah, that's fine, and you know, we welcome pitchers to
4:13
Speaker 1: advertise on the show, but this was a pitch for
4:15
Speaker 1: a buy our pay later platform. And what's stuck out
4:19
Speaker 1: to me is they said this campaign is all about
4:22
Speaker 1: how X, and I'm not going to give the brand
4:25
Speaker 1: the light of day because I don't respect the brand
4:27
Speaker 1: can help you manage your money and spending in a
4:31
Speaker 1: responsible way, moving away from some of the perceptions that
4:34
Speaker 1: the brand can be known for now if you've got
4:38
Speaker 1: to buy now, pay later brand, that is, whether it's
4:42
Speaker 1: regulated or not a credit brand because you are receiving
4:47
Speaker 1: items that you haven't paid for and you owe somebody money.
4:51
Speaker 1: What's on the box isn't necessarily what's in the box.
4:55
Speaker 1: Would you agree with Victoria?
4:56
Speaker 3: Absolutely?
4:57
Speaker 4: And I think I'm just incredibly frustrated because we are
5:01
Speaker 4: intelligent people, as in not you and I, Glenn, that's
5:04
Speaker 4: overly ambitious, but our community or intelligent people. But when
5:08
Speaker 4: they read the advertising that comes through their Facebook platforms
5:13
Speaker 4: or their instagrams, and they say this product doesn't impact
5:16
Speaker 4: your credit score or this product helps your savings, you
5:20
Speaker 4: just go hold up, it does neither of those things,
5:23
Speaker 4: because one, it's not truly savings when I'm referring to
5:27
Speaker 4: this other credit product. And two, if we're going to
5:30
Speaker 4: talk about this by now, pay later program that's saying
5:32
Speaker 4: it doesn't impact your credit score, look, they're not wrong.
5:36
Speaker 4: It doesn't impact your credit score until you make a misstep.
5:41
Speaker 4: And I think that that's where we really need to
5:43
Speaker 4: be talking because it absolutely does have an impact on
5:46
Speaker 4: your credit score, your ability to get a mortgage, to
5:49
Speaker 4: service a mortgage, to do all of those things. And
5:52
Speaker 4: it just feels so hypocritical of us to be talking
5:56
Speaker 4: about these products in a good way, which makes me
5:59
Speaker 4: wonder why these media companies even contact us to talk
6:02
Speaker 4: about them in the first place, given you and I,
6:04
Speaker 4: Glenn are so vocal about not liking them.
6:08
Speaker 1: Yeah, totally. And once I actually stepped off the plane
6:11
Speaker 1: at Queenstown Airport on the baggage carousel, there was an
6:16
Speaker 1: advertisement and you actually sent me the same one and
6:19
Speaker 1: a lot of you may have seen it, and it
6:21
Speaker 1: said stop paying money to use money.
6:24
Speaker 4: What That's exactly what I'm doing by using your product,
6:27
Speaker 4: your potatoes, And.
6:30
Speaker 1: To me, it sounds cute and it looks amazing. It's like,
6:35
Speaker 1: you don't get a pass on maths. One plus one
6:38
Speaker 1: always equals to you don't get a pass on gravity.
6:41
Speaker 1: You know, there are basic laws that you don't get
6:44
Speaker 1: a pass on. And no matter how amazing the marketing is,
6:48
Speaker 1: at the end of the day, you are borrowing money
6:52
Speaker 1: from an entity and you are receiving consumables and you
6:57
Speaker 1: have to pay money back. So that, my friends, is
7:00
Speaker 1: consumer debt. Whatever way you cut it, and I just
7:04
Speaker 1: want to be clear for my audience, and I know
7:06
Speaker 1: this is going on both podcasts that I'm really strict
7:10
Speaker 1: about what stuff that I put in front of you.
7:13
Speaker 1: And if, for example, you can use these products quote
7:18
Speaker 1: unquote responsibly and all that stuff, that's fine, But I
7:21
Speaker 1: think it would be irresponsible for me to advertise these
7:25
Speaker 1: because there could be a percentage of people who misuse
7:28
Speaker 1: it and get caught out.
7:29
Speaker 4: And I'm just absolutely absolutely, and that's a blanket rule
7:33
Speaker 4: on our podcast as well, to not promote any level
7:36
Speaker 4: of credit product. No buy now, pay later, nothing that
7:39
Speaker 4: puts my community in a worse off position than they
7:41
Speaker 4: started in. So the sponsors and the people that we
7:44
Speaker 4: work with are always people that I genuinely think, wow,
7:47
Speaker 4: like they've got a cool product. It might not be
7:49
Speaker 4: for absolutely everybody in my community, and that's okay. No
7:52
Speaker 4: one can ever be everything to everybody, but I know
7:55
Speaker 4: if my community engages with them, they will never be
7:58
Speaker 4: in a worse off position. Because I can cannot imagine
8:01
Speaker 4: putting something in front of you that would make a
8:03
Speaker 4: detrimental impact to your financial future. Because I'm working so
8:08
Speaker 4: hard to put you in a good financial position.
8:10
Speaker 3: Why would I stunt that? Why would I stunt that?
8:13
Speaker 4: But also why would I risk my reputation of doing
8:16
Speaker 4: the best by you by working with these businesses?
8:20
Speaker 1: Yeah, And I just want to quickly talk about the
8:24
Speaker 1: risks that I see with the buy now, pay later,
8:27
Speaker 1: and also the risks of these new tech stuff that's
8:30
Speaker 1: coming out there where they will prepay your salary daily.
8:34
Speaker 3: Oh, it makes me sick.
8:36
Speaker 1: I knows and what it is. It's the payday lender
8:40
Speaker 1: of this generation. And it's not teaching you how to
8:43
Speaker 1: manage your own money. I've crepped on for a long
8:46
Speaker 1: time Victoria. For me. It's been hard to outsource my
8:50
Speaker 1: diet and weight loss to a diet shake. You know,
8:54
Speaker 1: I'm better off to learn how to eat good. I'm
8:55
Speaker 1: better off to learn how to get into routine. And
8:59
Speaker 1: it's the same way that we can't outsource our money
9:02
Speaker 1: management to a product that's designed to potentially make money
9:07
Speaker 1: off us. Now, the way I see it is sure
9:12
Speaker 1: you might get something and pay it off in four
9:15
Speaker 1: easy installments. And because at the time of recording right now,
9:18
Speaker 1: it's unregulated, so we're going to start to see eight
9:21
Speaker 1: easy installments. We're going to start to see fifty two
9:24
Speaker 1: easy installments. The problem is victoria. You know, you buy
9:27
Speaker 1: that nice lounge on later pay or whatever they're you know,
9:31
Speaker 1: calling themselves in it. I don't know. Two weeks time,
9:35
Speaker 1: if your situation changes and you can't afford the rest
9:39
Speaker 1: of the payments, you've now got a product that's probably
9:42
Speaker 1: not worth what you paid for it. So you're in
9:44
Speaker 1: a pickle. So I think it's about learning how to
9:47
Speaker 1: control your money yourself and keeping your life as simple
9:51
Speaker 1: as possible. But that's not cool. That doesn't have an app,
9:55
Speaker 1: that doesn't it doesn't feel fun and sophisticated and all
10:00
Speaker 1: that stuff.
10:01
Speaker 4: It's like when you start talking about investments, and the
10:04
Speaker 4: best types of investments are boring. The best type of
10:07
Speaker 4: money management is bland, And I'm really sorry. It's not
10:09
Speaker 4: going to come with a shiny app. It's not going
10:11
Speaker 4: to come with another business's commitment to give you access
10:14
Speaker 4: to your wage in real time. Like, I'm so done
10:18
Speaker 4: with it. If it's boring, you're probably doing the right thing.
10:21
Speaker 1: Totally and just on these unregulated buy now, pay later products.
10:28
Speaker 1: Banks know what debt is, right, So if you're applying
10:33
Speaker 1: for a mortgage, while it could be completely off your
10:37
Speaker 1: credit profile. The banks will look at your bank statements,
10:41
Speaker 1: and if they see all these different company names, they
10:46
Speaker 1: know that you are using debt in your day to
10:48
Speaker 1: day life and it can have an impact on your
10:51
Speaker 1: borrowing capacity for a mortgage. So it's that old saying.
10:55
Speaker 1: If it looks like a duck, if it quacks like
10:57
Speaker 1: a duck, if it walks like a duck, if it
11:00
Speaker 1: SIPs lipped an iced tea like a duck, and it's
11:03
Speaker 1: none of your business that meme.
11:04
Speaker 3: Guess what, Victoria, it's probably Glen in a duck suit.
11:08
Speaker 1: It's probably mean a duck suit. So I just want everyone,
11:13
Speaker 1: particularly in the my millennial money world, to know that
11:16
Speaker 1: I'm calling things how they are. It's not a cute app.
11:20
Speaker 1: It's not sophisticated. It's a debt that you are using
11:24
Speaker 1: to buy consumables that are reducing in value. It's easy
11:27
Speaker 1: to learn how to control your money yourself by being
11:30
Speaker 1: engaged in out respective Facebook groups.
11:34
Speaker 3: One hundred percent.
11:35
Speaker 4: And I think that what you were saying before we
11:37
Speaker 4: started recording this is actually really important here as well.
11:41
Speaker 4: And that's you know you might be using after pay
11:43
Speaker 4: in saying, look, I'm really responsible with it.
11:45
Speaker 3: And use it really well.
11:46
Speaker 4: But it's like, okay, but if you've had a really
11:48
Speaker 4: good cash flow and budget system, and there are many
11:51
Speaker 4: out there, like you've got one, Glen, I've got one,
11:54
Speaker 4: Like there are other ones you could google and find,
11:56
Speaker 4: But if you've got a good one and you're using
11:58
Speaker 4: it properly, you don't actually need a tool like cough
12:02
Speaker 4: by now pay later schemes. I keep going to say
12:05
Speaker 4: the brand names, but I know that we really shouldn't
12:07
Speaker 4: play slander games.
12:10
Speaker 1: And all this is allegedly to their lawyers listening.
12:13
Speaker 4: Yeah, if anyone's listening, this is allegedly, But at the
12:15
Speaker 4: same time, it's not allegedly, Like I'm on one of
12:19
Speaker 4: these pay it forward websites.
12:22
Speaker 3: What do you call it?
12:23
Speaker 4: Like, it's like a it's a payday loan, Like essentially
12:26
Speaker 4: it's a payday loan. And I've done an entire podcast
12:28
Speaker 4: episode on payday loans, And to be honest, I find
12:31
Speaker 4: them disgusting. They really pray on the vulnerable people that
12:35
Speaker 4: need more money right now and have ridoculous amounts of
12:39
Speaker 4: interest payable if you don't meet a payment or you
12:42
Speaker 4: you know, slip up in any way. But they have
12:44
Speaker 4: beautiful branding and they say, look, this company gives you
12:47
Speaker 4: access to your wage in real time, like you know
12:50
Speaker 4: you earn money, get your hands on it today. And
12:53
Speaker 4: it's just it breaks my heart because I know that
12:56
Speaker 4: their branding is working on people because they have the
12:59
Speaker 4: money to put it there, Like I don't care if
13:02
Speaker 4: you're the quote new way to get your pay today,
13:04
Speaker 4: Like if you need a pay advance and you are
13:07
Speaker 4: so far up, let's call it the proverbial creek without
13:11
Speaker 4: a paddle, like you actually need to go and talk
13:13
Speaker 4: to your employer, Like most employers are going to be
13:16
Speaker 4: somewhat flexible on a salary if you're a full time employee,
13:20
Speaker 4: and like I'm an employer and Glenn, I'm sure you
13:23
Speaker 4: would be in exactly the same position. If one of
13:26
Speaker 4: my team came to me and said, hey, they I'm
13:28
Speaker 4: really struggling with money. Is there anything you can do
13:31
Speaker 4: to help, and they just needed an advance on their salary,
13:34
Speaker 4: I'd absolutely talk to them about making that happen so
13:37
Speaker 4: that my team didn't end up in debt. And I'm
13:41
Speaker 4: sure most places are like that, and if they can't,
13:43
Speaker 4: there's a lot of places out there, like the debt helpline, like,
13:47
Speaker 4: oh my gosh, they do an incredible job if you
13:49
Speaker 4: need to talk to financial counselors. But these companies are
13:52
Speaker 4: paying an absolute premium to come up at the top
13:55
Speaker 4: of your Google search. If you're struggling with anything and
13:59
Speaker 4: you're googling how to get pay advance or how to
14:01
Speaker 4: get money today, they're going to come up.
14:04
Speaker 3: And they're going to essentially pray.
14:06
Speaker 4: On you and put you in a worse off long
14:08
Speaker 4: term financial position. And it just frustrates me beyond belief.
14:13
Speaker 1: Yeah. And I think I've copped criticism for making these
14:17
Speaker 1: type of comments before, but I will say it again now.
14:20
Speaker 4: If you got criticism here, shower it on me again.
14:24
Speaker 1: Yeah. Basically, if you're in a position and you happen
14:30
Speaker 1: to be a low income earner, or you're on a
14:33
Speaker 1: disability pension, or you know you've hit hard times, when
14:38
Speaker 1: we go back to the laws of gravity, like there's
14:41
Speaker 1: actually no there's no way around these laws. And the
14:44
Speaker 1: same with money. There's no way around money laws. Now
14:48
Speaker 1: if you aren't doing it great at the moment. The
14:52
Speaker 1: worst time to go into any type of debt is
14:56
Speaker 1: when you're not doing it great, because what can happen
14:59
Speaker 1: is you are already struggling, you go into debt, and
15:04
Speaker 1: then you then basically get behind again, and then if
15:09
Speaker 1: your situation gets worse, you've doubled down the negative money
15:15
Speaker 1: vibe in your life. So, while I don't have all
15:18
Speaker 1: the answers, I would encourage anyone that's doing it tough.
15:21
Speaker 1: I'd encourage anyone who's on a low income. You particularly
15:25
Speaker 1: need to stay away from consumer debt.
15:27
Speaker 3: One hundred. I couldn't agree more.
15:30
Speaker 4: And I get a lot of criticism about this as well,
15:33
Speaker 4: because I get people sliding into my DMS on She's
15:36
Speaker 4: on the money saying, but you know, I've been using
15:39
Speaker 4: this and it's a really helpful tool, and look, I
15:41
Speaker 4: get it. And if you're listening to this and you go, hey, cool,
15:44
Speaker 4: I'm financially free and I use this tool and it's
15:47
Speaker 4: not impacted me in the slightest, Okay, well, maybe this
15:50
Speaker 4: isn't a podcast aimed at you. Maybe have a think
15:53
Speaker 4: about the people that aren't using it responsibly and stop
15:55
Speaker 4: taking it so personally when I say, hey, this is
15:59
Speaker 4: so negative, I'm so grateful that you're having a positive
16:02
Speaker 4: experience with this tool and this product, and that is
16:05
Speaker 4: so great. At the end of the day, I think, Glenn,
16:07
Speaker 4: you and I can agree to genius business model like
16:10
Speaker 4: it's a fantastic company, like it's so good, but for
16:15
Speaker 4: the consumers that aren't as educated, for the consumers that
16:19
Speaker 4: are more vulnerable, for the consumers that do lean towards
16:22
Speaker 4: FOMO and getting into personal debt like this is not
16:25
Speaker 4: something I want you to.
16:26
Speaker 3: Get involved with.
16:27
Speaker 4: And I think, you know, Glenn and I have been
16:29
Speaker 4: talking recently about how do we have this conversation and
16:32
Speaker 4: how do we open this up without coming across as
16:35
Speaker 4: condescending and titled people who are like, just don't do it,
16:38
Speaker 4: Like I get it. But I think that's why we've
16:41
Speaker 4: decided to go about it in this way, Glenn, and
16:43
Speaker 4: just have an open, honest conversation about how bad.
16:46
Speaker 1: It is totally. And you know, again, I'm I'm talking
16:51
Speaker 1: about consumer debt. We're talking about people who might be
16:55
Speaker 1: struggling out there, you know, we are talking about you know,
16:58
Speaker 1: one of these providers say their average transaction is one
17:01
Speaker 1: hundred and fifty dollars. Now, I would suggest if you
17:05
Speaker 1: need one hundred and fifty dollars split up for an
17:09
Speaker 1: item of luxury, you might have a bigger problem in
17:13
Speaker 1: your life now. I totally know that I'm sitting in Queenstown.
17:18
Speaker 1: I'm privileged, I'm overlooking the most beautiful vista. But I
17:23
Speaker 1: do know I have been up at night with anxiety.
17:27
Speaker 1: I have been up at night with literally fifteen hundred
17:31
Speaker 1: dollars to my name, like I have been there. So
17:34
Speaker 1: I am acutely aware of what it's like to go
17:36
Speaker 1: through a hard patch. I'm acutely aware of what it's
17:39
Speaker 1: like to have no money. But I just want to
17:42
Speaker 1: encourage you listening. It's not forever, it's just for now,
17:47
Speaker 1: and tomorrow is a better day. But we need to
17:49
Speaker 1: make sure we keep away from any type of consumer debt.
17:54
Speaker 1: And everything I've said, i've said with love and please
17:58
Speaker 1: if you are struggling, reach out, as you said, Victoria, the.
18:01
Speaker 4: Debt the National Debt Helpline is so fantastic. They have
18:06
Speaker 4: free counseling. They have free financial counselors who provide information
18:10
Speaker 4: and advice and they will point you in the right direction.
18:13
Speaker 4: They might even help you get a NILS loan, which
18:16
Speaker 4: is a loan that doesn't have any any interest on
18:19
Speaker 4: it at all, because it's existing purely to help you
18:22
Speaker 4: if you are allowing home earner, Like there are options
18:25
Speaker 4: out there, you just need to connect with the right
18:27
Speaker 4: people who can help you on that journey, as opposed
18:30
Speaker 4: to just wondering whether these solutions are there and you're
18:34
Speaker 4: just like, yeah, but I'll just go do this and
18:35
Speaker 4: I'll work it all out later. Like it's such a
18:38
Speaker 4: bad mindset to be in, Like, don't ever be too
18:41
Speaker 4: proud to just put your head up be like, hey,
18:43
Speaker 4: I'd love to talk to a financial counselor, Like, I'm
18:45
Speaker 4: sure you guys are lovely people as well, Like your
18:48
Speaker 4: financial situation does not define who you are as a person.
18:51
Speaker 3: And I think that's really important to point out as well.
18:54
Speaker 1: And while we're talking about maybe people struggling and that
18:58
Speaker 1: is one hundred percent legit and real in our community.
19:02
Speaker 1: But I want to flick over to the other side
19:04
Speaker 1: of the coin, victoria. If you're in a relationship and
19:07
Speaker 1: maybe or you're single, and maybe you've got some really
19:10
Speaker 1: cracking money coming the door, and you've got debt everywhere
19:14
Speaker 1: because you're being sloppy, I think it's just you need
19:18
Speaker 1: to take ownership of that debt that you've got. You
19:20
Speaker 1: need to first decide to have no debt anymore, so
19:24
Speaker 1: no new debt, and then you've just got to work
19:26
Speaker 1: out it. You've got to hustle, you've got to grind
19:29
Speaker 1: and usually I don't know about you, Victoria, but when
19:32
Speaker 1: working with clients, I found that, you know, we haven't
19:36
Speaker 1: come into ten thousand dollars worth of credit card or
19:39
Speaker 1: personal oone debt from one transaction. It's been death by
19:43
Speaker 1: a thousand cuts.
19:44
Speaker 4: Yeah, at the end of the day, debt is just
19:46
Speaker 4: an outcome of you spending more than your earning and
19:49
Speaker 4: just not keeping track of your budget and cash flow.
19:51
Speaker 4: Like it's not something that people get into on purpose.
19:55
Speaker 4: It is always an accident. Like no one goes in
19:57
Speaker 4: gets a personal oane. They're like, I cannot wait to
19:59
Speaker 4: be to in the hole. It's always about just not
20:03
Speaker 4: managing your cash flow efficiently. And I think that that's
20:05
Speaker 4: where every good money habit begins.
20:09
Speaker 1: And I guess the bookend this debt conversation. There's no
20:13
Speaker 1: magical way out of debt. You know, you've got to
20:16
Speaker 1: put the hardyards in. Don't worry about going to those
20:19
Speaker 1: companies that charge you to manage the debt for you,
20:21
Speaker 1: because they're just going to consolidate the debt, put it
20:24
Speaker 1: into one easy payment, and it's just not really doing
20:29
Speaker 1: anything except from moving the debt.
20:31
Speaker 3: And it's also not teaching you anything.
20:33
Speaker 4: It's taking it away from you, as if a parent
20:36
Speaker 4: would take, you know, something off a child they can't
20:38
Speaker 4: do yet. It's not teaching you any good money habits.
20:41
Speaker 4: It's not teaching you anything that you can do constructively.
20:44
Speaker 4: It's actually putting you in a worse off position because
20:47
Speaker 4: it creates the feeling of safety so that you feel
20:50
Speaker 4: as though you're in control when in reality you're not.
20:53
Speaker 4: And once you're out of debt and you no longer
20:55
Speaker 4: need them, you end up in the same place again.
20:58
Speaker 4: You end up going backwards, which is really frustrating and
21:01
Speaker 4: not what you would have ever intended.
21:04
Speaker 1: Totally. Now to bookend the piece about buying our pay
21:07
Speaker 1: later before pay all that crap that's out there, jump in.
21:12
Speaker 1: Use Victoria's spending plan, use my spending plan, use a
21:15
Speaker 1: spending plan. Do not outsource your budget management to an app.
21:20
Speaker 1: And I'll just finish by saying, Victoria, if you love
21:23
Speaker 1: small business, do not use buying our pay later with
21:27
Speaker 1: small businesses because they make seventy five percent of their
21:30
Speaker 1: money from the retailer, and if you love small business, you're.
21:33
Speaker 4: Just not helping them totally, so not helping them, and
21:36
Speaker 4: I think that that's what's really upsetting as well, because
21:39
Speaker 4: it's like a rock and a hard place, right, So
21:41
Speaker 4: small businesses want to have after pay because they know
21:44
Speaker 4: that when offering a consumer after pay them more likely
21:48
Speaker 4: to purchase because of our bad spending mentality. But at
21:52
Speaker 4: the same time, as a consumer, we have so much
21:55
Speaker 4: more power and we are able to put that power
21:57
Speaker 4: in the hands of small businesses when we buy direct.
22:00
Speaker 4: So I think that if you really want something and
22:03
Speaker 4: you are going to spend the money anyway, definitely just
22:06
Speaker 4: kind of bite the bullet.
22:07
Speaker 3: Don't use something like and after paying app.
22:11
Speaker 4: You know, it's very hard for the small business, but
22:13
Speaker 4: at the same time, like they're so reliant on it,
22:16
Speaker 4: which is so frustrating. And the reason they're reliant on
22:19
Speaker 4: it is because, you know, we have the ability to
22:22
Speaker 4: make snap decisions and after pays one of those.
22:25
Speaker 1: Absolutely. So as much as I love money like the
22:28
Speaker 1: next person, unfortunately.
22:30
Speaker 3: I think you love it more.
22:32
Speaker 1: No, No, I like it just as much as the
22:34
Speaker 1: next person. But oh really, don't reach out to me, Well,
22:37
Speaker 1: you can reach out to me, but I'll be polite
22:39
Speaker 1: with declining your offer to sponsor my millennial money if
22:43
Speaker 1: you're a consumer debt product. Right. Finally, for those who
22:48
Speaker 1: might be out of debt and for those who are
22:50
Speaker 1: saving Victoria, interest rates are really crap at the moment.
22:55
Speaker 4: They're so terrible. But quickly touch on Glenn. Why are
22:58
Speaker 4: they terrible? It's not because bang So trying to do
23:00
Speaker 4: the wrong thing by us.
23:01
Speaker 1: Is it. No? So essentially it all goes back to
23:06
Speaker 1: central banks and governments wanting to stimulate the economy and
23:10
Speaker 1: get money moving, and they effectively make money cheap, so
23:13
Speaker 1: money flows more. If you think of a race car
23:17
Speaker 1: that's going really fast, you've got to put the brakes
23:19
Speaker 1: on it before a big crash on the corner. As
23:22
Speaker 1: interest rates rise, it's like putting the brakes on that
23:27
Speaker 1: racing car to try and slow it down. So the
23:30
Speaker 1: lower the interest rates are is sometimes a sign of
23:33
Speaker 1: the economy needs some stimuli, if you will. And at
23:38
Speaker 1: the moment the economy seems like it needs some stimuli,
23:42
Speaker 1: and we're at the point where interest rates that the
23:46
Speaker 1: Reserve Bank in Australia set are at historical lows, which
23:49
Speaker 1: means the banks are borrowing that money at a low
23:53
Speaker 1: rate and are also paying interest at a low rate
23:57
Speaker 1: as well. Is that what you wanted me to say, Victim?
24:00
Speaker 3: That was pretty good? That is pretty good.
24:03
Speaker 4: I mean, at the end of the day, it might
24:05
Speaker 4: not be beneficial for your savings account, but it absolutely is
24:08
Speaker 4: if you're in any kind of debt, like a mortgage,
24:10
Speaker 4: it means you've got lower interest rates. And there's lots
24:13
Speaker 4: of people going around at the moment saying things like
24:15
Speaker 4: money's never been so cheap, like if you're going to buy, like,
24:18
Speaker 4: that's a really great time to take out a mortgage.
24:20
Speaker 4: It's also a really great time to refinance your mortgage
24:22
Speaker 4: so that you can save some money on the interest
24:24
Speaker 4: that would be payable on your mortgage. Also, just to
24:27
Speaker 4: caveat that, do not drop your interest rate and then
24:30
Speaker 4: start paying the lower amount per month, continue paying the
24:33
Speaker 4: same amount, so we're out of debt quicker.
24:36
Speaker 3: But I think that.
24:37
Speaker 4: Something that is frustrating, and I know that you're leading
24:39
Speaker 4: down the garden path to Glenn. Are these new savings
24:43
Speaker 4: apps that are not really savings apps?
24:47
Speaker 3: Is that where we're going, Glenn?
24:48
Speaker 1: We are there, Victoria we have arrived. And you know,
24:52
Speaker 1: if it's advertised that you know you can get three
24:55
Speaker 1: percents on your savings asterisks. We know three percent is
25:00
Speaker 1: more than one percent.
25:01
Speaker 3: That's pretty sexy, Glenn, I like it.
25:03
Speaker 4: It is for a savings account in twenty twenty one,
25:06
Speaker 4: three percent.
25:07
Speaker 3: That is wild. How do they do it?
25:09
Speaker 1: Well? The thing is, when we look at investment returns,
25:14
Speaker 1: generally speaking, the higher the return, the higher the risk.
25:19
Speaker 1: So anything above the cash rate of let's just call
25:22
Speaker 1: it one percent in your normal online savings account, hm,
25:27
Speaker 1: it may imply two things. One the bank is wanting
25:31
Speaker 1: to pay more interest for new customers to get more
25:35
Speaker 1: money in the door as a promotion. Or two that
25:39
Speaker 1: interest rate is not an interest rate linked to straight
25:42
Speaker 1: up cash.
25:44
Speaker 3: M hmmm. So what does that mean, father of finance?
25:49
Speaker 1: So it means you are not investing your savings into
25:53
Speaker 1: a bank account within an app.
25:55
Speaker 4: So you just said investing, which is not what I
25:57
Speaker 4: said I wanted to do with my savings.
26:00
Speaker 1: That's right, sweet one, that's right. Can I be more
26:02
Speaker 1: comfort Can I be more condescending?
26:05
Speaker 4: I don't know, but that's what's frustrating, right, Like these
26:08
Speaker 4: apps are saying this is where your savings go to grow,
26:12
Speaker 4: and they're using terms like savings and you know, put
26:15
Speaker 4: your savings here so you can reach your goals faster.
26:19
Speaker 4: If that's not misleading, I don't know what is. Because
26:22
Speaker 4: you're actually an investment product. You are a credit fund.
26:26
Speaker 4: You are targeting three percent return. You are not guaranteeing
26:30
Speaker 4: that in the way that a bank would. And whilst
26:32
Speaker 4: we know that a bank can't guarantee it, and they
26:34
Speaker 4: turn around one day and say, hey, there, you know,
26:37
Speaker 4: we're dropping from you know, two point five percent interest
26:40
Speaker 4: down to one and you go, okay, well that kind
26:42
Speaker 4: of sucks, but you know, I know my money's safe.
26:45
Speaker 4: You're actually investing in these funds and there's risk that
26:49
Speaker 4: you might not think you're taking in them, and that's
26:52
Speaker 4: incredibly concerning.
26:53
Speaker 1: And I will say as well, while you said that
26:56
Speaker 1: the banks won't guarantee a percentage trade, the government will
27:00
Speaker 1: guarantee up to two hundred and fifty thousand dollars.
27:03
Speaker 4: Yeah, but that's different than an interest rate, So that's
27:06
Speaker 4: different in a return. It just means that if your
27:08
Speaker 4: money is sitting in a bank account, a registered ADI what.
27:12
Speaker 1: Is that, right, an authorized deposit institution.
27:16
Speaker 4: Yeah, but if they are a bank and they are
27:18
Speaker 4: an ADI, and I think that it's important to stipulate
27:21
Speaker 4: that because recently there's been a lot of apps coming
27:23
Speaker 4: out where you think that they might be a bank
27:25
Speaker 4: and they're not. If they don't have an ADI, they
27:27
Speaker 4: don't have this government guarantee, which I think is incredibly
27:31
Speaker 4: important to have because it means that if the bank
27:33
Speaker 4: went completely flop, your money is safe still the government
27:37
Speaker 4: will make sure it comes back to you, whereas in
27:40
Speaker 4: these savings apps that is not true.
27:43
Speaker 1: Now another risk with these funds, and we will explain
27:47
Speaker 1: how they work. If you invest your money quote unquote
27:51
Speaker 1: as they would like to say, move your savings to
27:55
Speaker 1: this app, there's a liquidity risk as well. So you
27:58
Speaker 1: could say I want to take more mony honey out.
28:00
Speaker 1: They could actually say, no, we can't get that to you.
28:04
Speaker 1: So basically, what you've done is to get that higher
28:08
Speaker 1: return of even three percent, so two percent higher than
28:10
Speaker 1: your normal bank account, you've had to take on some
28:13
Speaker 1: inherent risk. And some of that inherent risk is your
28:16
Speaker 1: capital is not secure. And some of that inherent risk
28:20
Speaker 1: is when you want to call on your money, it
28:22
Speaker 1: might not be available. Now, these credit funds. Victoria could
28:26
Speaker 1: be made up of a couple of things. Number one,
28:28
Speaker 1: it could be made up of government bonds. Now, government
28:32
Speaker 1: bonds is where you might give some money to the
28:37
Speaker 1: government and they will guarantee a return each year for
28:40
Speaker 1: the length of the bond. They could be corporate bonds,
28:43
Speaker 1: so CBA might want to do a capital raise and
28:46
Speaker 1: they say, hey, give us some money. We'll give you
28:49
Speaker 1: x amount over this amount of time for this long
28:52
Speaker 1: Usually it's higher than the cash rate to attract that money. Thirdly,
28:56
Speaker 1: it could be some private mortgages, so some rich people
28:59
Speaker 1: might get to get and fund mortgages for people who
29:04
Speaker 1: might not qualify for a loan with a traditional lender.
29:07
Speaker 1: And Fourthly, it could be a Peter peer lending scenario
29:11
Speaker 1: where Glenn James says, here's one thousand dollars, I will
29:15
Speaker 1: invest that. That company will loan that out to somebody
29:20
Speaker 1: who needs one thousand dollars, charge them six percent, and
29:23
Speaker 1: then give me three percent, and then also keep three
29:27
Speaker 1: percent for their own profits. So victoria. A credit fund
29:32
Speaker 1: is basically a fund where private money is pulled together
29:38
Speaker 1: and then is providing credit to different I guess facilities
29:44
Speaker 1: or end users or endpoints exactly.
29:46
Speaker 4: And I think that a really important thing to point
29:49
Speaker 4: out here is that these aren't bad things. You know,
29:52
Speaker 4: I've got a bond as a part of my portfolio,
29:54
Speaker 4: and I feel like it's really important to stipulate that
29:57
Speaker 4: we don't not like these things. What we don't like
30:00
Speaker 4: is the lack of transparency around these things and you
30:03
Speaker 4: being able to make an educated decision on these things.
30:06
Speaker 4: And that's really hard when you're not a financial advisor,
30:09
Speaker 4: because these websites and these PDSs are beautiful and it's
30:13
Speaker 4: not about what is included. Because the amount of ticks
30:16
Speaker 4: on the website that's in front of me right now,
30:18
Speaker 4: they're like, oh my gosh, this bond portfolio is held
30:21
Speaker 4: by this security, and you know, our underlying investments are
30:24
Speaker 4: for investment grade and they're a rating of A.
30:27
Speaker 3: And you look at it and you go, wow, this
30:28
Speaker 3: is pretty good. This is nice.
30:30
Speaker 4: But to me, it's about what they don't say. It's
30:33
Speaker 4: about what's not mentioned. And you, as a consumer who's
30:37
Speaker 4: not a financial advisor, you don't know what you're looking
30:40
Speaker 4: for and you don't know what it's missing. And I
30:43
Speaker 4: think the most concerning thing about this is if I
30:45
Speaker 4: scroll all the way down to the very very bottom
30:48
Speaker 4: of this website. In the tiniest font Glenn, it says
30:53
Speaker 4: withdrawal rights are subject to liquidity and maybe delayed or
30:57
Speaker 4: even suspended. That means you might not get your money
31:01
Speaker 4: back totally. And if they are suggesting you put your
31:05
Speaker 4: savings there, like the amount of times I say, nah,
31:08
Speaker 4: your savings and your savings, have your emergency fund, make
31:11
Speaker 4: sure that you've always got access to quick cash. Investing
31:14
Speaker 4: is a completely different thing. It feels so convoluted for
31:18
Speaker 4: them to be saying, just add your savings and plant
31:21
Speaker 4: the seeds so that you can watch your investment grow.
31:24
Speaker 3: Like what, No, this is so misleading and it is
31:27
Speaker 3: not the right thing to be doing.
31:30
Speaker 1: Yeah, I guess what we're calling for is to write
31:33
Speaker 1: what's inside the box on the front of the box
31:36
Speaker 1: very clear.
31:37
Speaker 3: And I'm not a deserved clarity. We deserve transparency.
31:42
Speaker 4: We deserve to have people trying to put us in
31:45
Speaker 4: the best possible position, not trick us with fancy marketing.
31:49
Speaker 4: It's beautiful, Like, I bet they paid a lot of
31:52
Speaker 4: money for this website.
31:52
Speaker 1: Glenn, Like I actually like the website.
31:55
Speaker 3: I love the website, And that's not the point that's right.
31:59
Speaker 1: But also hear our hearts like, we've got nothing against
32:03
Speaker 1: credit funds. We've got nothing against bond funds and all
32:05
Speaker 1: that they can play a part in your overall portfolio.
32:09
Speaker 1: If you call your super fund at the moment, you'll
32:11
Speaker 1: probably have a ten to fifteen percent allocation to defensive assets,
32:15
Speaker 1: and that will be made up of bonds and credit
32:17
Speaker 1: funds and whatnot. But please don't say it's a freaking
32:21
Speaker 1: account that looks like a savings account. Because a savings account,
32:25
Speaker 1: I get access to my money at call. It's backed
32:29
Speaker 1: by the government's guarantee, but it only is one percent interest.
32:34
Speaker 1: These funds may be a three percent interest. But the
32:37
Speaker 1: other inherent risks. So if in doubt, I think the
32:41
Speaker 1: answer is no. It's a good metaphor for life, isn't
32:44
Speaker 1: it Victoria.
32:44
Speaker 3: If in doubt, no, If in doubt, run away or.
32:48
Speaker 1: Just watch the movie yes man, and do everything.
32:50
Speaker 4: Don't do that, do not do that, do not listen
32:53
Speaker 4: to Glenn's advice.
32:54
Speaker 1: Oh no, terrible, Okay, so no, no, yes, If in doubt, no,
32:58
Speaker 1: when it comes to your money, stuff that life, watch yes, ma'am.
33:01
Speaker 3: Yeah, okay, watch yes, ma'am.
33:02
Speaker 4: But when it comes to investing, you know, and it
33:05
Speaker 4: comes to your money. Please please please understand what you're
33:08
Speaker 4: putting your money into. And I think I'm incredibly frustrated
33:12
Speaker 4: by this because you know, this particular website that we're
33:15
Speaker 4: talking about, Glenn One. Yeah, you're right, it's beautiful, but
33:19
Speaker 4: it's very She's on the money. And I have had
33:22
Speaker 4: so many people slide into my DMS be like, hey,
33:25
Speaker 4: the I've seen this new thing. You're involved, right, No,
33:29
Speaker 4: I have nothing to do with this company. No, like,
33:33
Speaker 4: because obviously the target and marketing for these guys would
33:36
Speaker 4: be very similar to our demographics of our community because
33:39
Speaker 4: it's very feminine, right Like, it's not really a masculine
33:43
Speaker 4: type of app. It's definitely very female focused, which is fine.
33:48
Speaker 4: But because of that, I think there seems to be
33:50
Speaker 4: this level of association and I just want to stamp
33:52
Speaker 4: that out. I have nothing to do with these people,
33:55
Speaker 4: and to be honest, I wouldn't even work with them,
33:58
Speaker 4: not because they're bad people or they're delightful, but because
34:02
Speaker 4: it is not putting you in the best possible position,
34:04
Speaker 4: and because it is not transparent, it is not fair.
34:07
Speaker 1: Well, there you have it. Good summary, Victoria, Now get
34:11
Speaker 1: you some final thoughts do you want to I guess Oh, firstly,
34:17
Speaker 1: tell graven't had you on mind learning your money? Tell
34:20
Speaker 1: us about your book?
34:22
Speaker 3: Oh my gosh, thank you. It comes out on the
34:25
Speaker 3: sixteenth of.
34:26
Speaker 4: June, Glen, which is very, very fun, and I've spent
34:29
Speaker 4: the last week recording the audio book of it, which
34:32
Speaker 4: if you're a podcaster you go into feeling really confident about.
34:37
Speaker 4: It is not the same as recording a podcast. It
34:39
Speaker 4: is so much different. And I have been absolutely zoonked
34:43
Speaker 4: all week because it is exhausting, but it is so fun.
34:46
Speaker 1: It's so fun. Who should buy your book? What's it about?
34:51
Speaker 1: And will put a link in the show notes of
34:53
Speaker 1: this episode if someone wants to buy it.
34:55
Speaker 4: So the book is essentially a summary of She's on
34:58
Speaker 4: the Money, right, like it is called She's on the Money,
35:01
Speaker 4: and it is a book about taking charge of your
35:03
Speaker 4: financial freedom and your financial life, and it is everything
35:07
Speaker 4: from A to Z in exactly the same way that
35:09
Speaker 4: I think you're writing a book, Glenn. They'll be best
35:11
Speaker 4: friends on the shows.
35:12
Speaker 1: I hope He's on the Money.
35:15
Speaker 3: Oh good, Yeah.
35:16
Speaker 4: That's absolutely not a conflict of my copyright.
35:19
Speaker 3: That's so good for you. Yeah, that's fine.
35:22
Speaker 4: I will take one hundred percent licensing fee, so I'm
35:25
Speaker 4: more than happy for you to do that. I'll just
35:27
Speaker 4: charge you one hundred percent of your profits.
35:29
Speaker 1: Yea, Victoria take one hundred and ten.
35:31
Speaker 3: Thank you so kind.
35:33
Speaker 4: But essentially, I want to teach you how to be
35:35
Speaker 4: more secure, more independent, and more informed with your money.
35:38
Speaker 3: And this book does all of that.
35:39
Speaker 4: So everything from a to Z, we go all through
35:42
Speaker 4: saving investment, how to get out of debt, how much
35:45
Speaker 4: a cost to have a baby, what that looks like.
35:48
Speaker 4: We go through how much it costs to go to
35:50
Speaker 4: preschool in primary school. We talk about a state planning.
35:53
Speaker 4: So for me, it's a to Z, but it's not
35:56
Speaker 4: going to be something that is condescending or rude. Like
35:59
Speaker 4: I know you because I am you, and that's why
36:01
Speaker 4: I've been so excited to create this book. And I
36:03
Speaker 4: know that you're doing yours at the same time, Glenn,
36:05
Speaker 4: So hopefully these two books can change a generation.
36:09
Speaker 1: Well, we'll give it a shake, that's for sure.
36:11
Speaker 3: I'm excited about it.
36:13
Speaker 1: Yeah, I'm looking forward to getting my myths on a copy.
36:16
Speaker 1: You'll have to send me a signed copy.
36:18
Speaker 3: Oh, I don't know.
36:18
Speaker 4: You didn't even send me any of your bloody money cards.
36:21
Speaker 1: So no, no, no, no, they're serious.
36:24
Speaker 3: They're in the mail.
36:26
Speaker 1: They are no word of a lie. I told Jess
36:30
Speaker 1: last week to post you down a handful.
36:34
Speaker 3: But I love that. I'm going to give them to
36:36
Speaker 3: my community.
36:37
Speaker 1: Totally do it. I mean I had to order a
36:39
Speaker 1: thousand of them.
36:41
Speaker 3: That's right, was it? Because were you listening to my podcast?
36:45
Speaker 4: You never listen to my podcast, which is fair because
36:48
Speaker 4: you're not going to learn anything from it. But I
36:50
Speaker 4: actually said on my podcast the other day, I was like, everybody,
36:53
Speaker 4: slide into Glenn's DMS. Tell them to give me free stuff.
36:56
Speaker 1: Yeah, slide in everyone. It's the wild West in there.
37:00
Speaker 1: But there we have it. You can check out Victoria's book,
37:03
Speaker 1: She's on the Money. We'll put a link in the show.
37:05
Speaker 3: Note each kind.
37:07
Speaker 1: I'm just keen to have a bit of a PSA
37:11
Speaker 1: public service announcement. Just want to call out things for
37:14
Speaker 1: what they are. And I'm sorry, I'm not looking at
37:16
Speaker 1: the zoom screen, Victoria. I'm looking at the mountain range.
37:19
Speaker 4: But that's my favorite mountain range. I'm so envious when
37:23
Speaker 4: you're like, oh my gosh, I'm just staring at them.
37:25
Speaker 3: Remarkable, So I'm like, cool.
37:27
Speaker 1: That's nice, And I just think we need to call
37:31
Speaker 1: things out for what they are at the risk of
37:33
Speaker 1: I don't know, the cards falling where they may. I
37:36
Speaker 1: certainly don't use any buy now, pay later stuff, No,
37:39
Speaker 1: absolutely not. Any financially successful people that I know stick
37:43
Speaker 1: away from it. They're not trying to get cute with
37:45
Speaker 1: their money. They're not trying to outgame the system. And
37:48
Speaker 1: if it walks like a duck and all that duck stuff,
37:51
Speaker 1: it's a quackity quack quack.
37:53
Speaker 4: Yeah, And I just think it's really important to remember that,
37:56
Speaker 4: you know, we are people as well, and we are
37:59
Speaker 4: small business and as much as Glenn and I obviously
38:02
Speaker 4: have the privilege of getting on a podcast and saying hey,
38:06
Speaker 4: like we want what's best for you, this is also
38:09
Speaker 4: and I don't mean it in a bad way, because
38:11
Speaker 4: to be honest, I'd never make any other decision, But
38:13
Speaker 4: as small businesses like Glenn and mine, it's obviously financially
38:17
Speaker 4: detrimental to say stuff like this publicly because we're not
38:20
Speaker 4: going to get to work with companies, and other companies
38:23
Speaker 4: might see this and go, oh my gosh, I can't
38:25
Speaker 4: believe they had that opinion and our product isn't the same,
38:28
Speaker 4: but we don't want to work with them because of
38:30
Speaker 4: their opinions on this, And to be honest, I'm all
38:32
Speaker 4: right with that because I just want what's best for you.
38:35
Speaker 4: That's where she's on the money came from. It's where
38:38
Speaker 4: my millennial money came from. Like, neither of these businesses
38:41
Speaker 4: were started because we thought, hey, we can make money
38:43
Speaker 4: from podcasting. It was started because we both genuinely loved
38:47
Speaker 4: talking about money and genuinely want to connect with more
38:50
Speaker 4: people about this topic that we are so passionate about
38:54
Speaker 4: and we're just so lucky to have made it our careers.
38:57
Speaker 4: So I think it's really important to remember that. You know,
39:00
Speaker 4: we're trying to not be judgmental here. We're trying to
39:03
Speaker 4: be really honest, reliable, and relatable for you. But this
39:06
Speaker 4: does come at a level of cost to us, and
39:09
Speaker 4: it's not a bad cost, to be honest, It's a
39:12
Speaker 4: cost that I'm absolutely happy to pay. But I don't
39:14
Speaker 4: want you to think that we're getting on here to
39:17
Speaker 4: just blow our own horns. We're getting on here because
39:20
Speaker 4: we genuinely think it's the best thing for you, and
39:22
Speaker 4: it is really irresponsible of us to not speak up
39:25
Speaker 4: in situations like this.
39:27
Speaker 1: Totally could not have said it any better. Well, maybe
39:30
Speaker 1: a little bit.
39:31
Speaker 4: Oh okay, well you why don't you start your own podcast?
39:35
Speaker 1: Hey? Everyone, Victoria and I are good friends and we
39:38
Speaker 1: always have digs at each other, so it's all good.
39:40
Speaker 4: Yeah, that's not legit. I actually got a message a
39:43
Speaker 4: little while ago. They were like, oh, Glenn's been so
39:45
Speaker 4: mean to you recently, and I was like, mate, you
39:47
Speaker 4: should see what I send back.
39:49
Speaker 3: I can't remember what you said. You were like, oh,
39:50
Speaker 3: Victoria or something, and.
39:51
Speaker 4: I was like, excuse me, Like he's saying that back,
39:54
Speaker 4: Like do you realize we're friends in real life?
39:57
Speaker 1: How funny? Got kid? Love it.
40:03
Speaker 3: All right?
40:04
Speaker 2: Such an amazing chat between you and Glen Vie, Like
40:07
Speaker 2: all those things you just don't think about how the
40:11
Speaker 2: apps that shall not be named are going to affect
40:14
Speaker 2: your life. And I think it's really important that in
40:16
Speaker 2: the future, in the next couple of weeks or so,
40:18
Speaker 2: maybe we do a full episode of Full Deep Dive,
40:21
Speaker 2: you and g can kind of chat about how those
40:23
Speaker 2: things affect your future and the big impact they can
40:27
Speaker 2: actually have on your finances and your whole life.
40:30
Speaker 3: Absolutely.
40:31
Speaker 4: And the one thing that I really want to leave
40:32
Speaker 4: you guys with is that we're not saying these companies
40:35
Speaker 4: are bad inherently. We're just saying that people that actually
40:39
Speaker 4: use them are often not in the best possible financial position.
40:43
Speaker 4: I'm not saying, oh my gosh, you're so vulnerable, but
40:45
Speaker 4: that's what they're kind of relying on, especially with these
40:48
Speaker 4: new marketing techniques and the things that their stuff into market.
40:51
Speaker 3: It is savage.
40:52
Speaker 4: And you know, Tony, you and I have had this conversation,
40:55
Speaker 4: and our whole team has this conversation because we've got
40:57
Speaker 4: this big group chat on all our computers and we
41:00
Speaker 4: often send photos of marketing to each other and we're like,
41:03
Speaker 4: how is this legal?
41:05
Speaker 2: I mean, you and Glenn mentioned a few times during
41:08
Speaker 2: that chat, like how beautiful the website is, like it's
41:10
Speaker 2: that dopamine hit of Oh my god, what a beautiful website,
41:13
Speaker 2: and it's like a good smelling stranger.
41:16
Speaker 3: You're like, oh my gosh. Like that, I feel like
41:18
Speaker 3: I can trust you because I like what I see.
41:21
Speaker 2: And as always, if you've got any questions at all,
41:24
Speaker 2: please pop them into the Facebook community search shees on
41:27
Speaker 2: the money on Facebook, and we can have some really
41:29
Speaker 2: great chats about it, but definitely we'll do an app
41:32
Speaker 2: very soon about the potential outcomes from using these kinds
41:35
Speaker 2: of services.
41:36
Speaker 3: Absolutely, it's a chat.
41:37
Speaker 4: I'm really glad that Glenn and I had recorded, because
41:39
Speaker 4: more often than not, Glenn and I have these conversations
41:42
Speaker 4: that we get a bit randy and they're not recorded conversations,
41:45
Speaker 4: and I just feel like being a fly on the
41:47
Speaker 4: wall in a conversation like that with myself who's a
41:50
Speaker 4: financial advisor, and Glenn, who was a financial advisor for
41:53
Speaker 4: more than ten years, who runs arguably one of Australia's
41:57
Speaker 4: most successful money podcasts as well. It's just a powerful
42:01
Speaker 4: chat that I hope starts to go further, Like I
42:03
Speaker 4: want to see more regulation on these things and just
42:06
Speaker 4: people taking more responsibility for the impact they're having, not
42:10
Speaker 4: necessarily the bottom line of their businesses.
42:13
Speaker 2: Yeah, I could not agree more. And you've spoke really,
42:15
Speaker 2: really well, and it's just nice hearing two people like
42:18
Speaker 2: you said that are extremely experienced in finance but chat
42:22
Speaker 2: in a way that we can understand and we can
42:24
Speaker 2: then go hang on, I do need to reassess the
42:26
Speaker 2: way that I'm accessing these services and stuff, so I
42:29
Speaker 2: think that lots of people will get something out of that.
42:30
Speaker 2: But like I said, any questions at all please pop
42:33
Speaker 2: them into our Facebook group. Search Facebook for.
42:35
Speaker 3: She's on the Money.
42:36
Speaker 2: Anything else you want to let people know on this Saturday.
42:38
Speaker 4: No, absolutely not, But as always, just before we do
42:42
Speaker 4: head off today, we'd like to acknowledge and pay respect
42:44
Speaker 4: to Australia's Aboriginal and to our Astraight Islander people's. They're
42:48
Speaker 4: the traditional custodians of the lands, the waterways and the
42:51
Speaker 4: skies all across Australia. We thank you for sharing and
42:54
Speaker 4: caring for the land on which we are able to learn.
42:56
Speaker 4: We pay our respects to order's past and present, and
42:59
Speaker 4: we share our friends and ou kindness.
43:01
Speaker 2: The advice sheared on She's on the Money is general
43:03
Speaker 2: in nature and does not consider your individual circumstances. She's
43:07
Speaker 2: on the Money exists purely for educational purposes. We hope
43:10
Speaker 2: you learn something we do, We really do and should
43:13
Speaker 2: not be relied upon to make an investment or financial decision,
43:17
Speaker 2: and we promise. Victoria Devine is an authorized representative of
43:20
Speaker 2: Australia Pacific Funds Management Proprietary Limited ABN three four one
43:25
Speaker 2: three two four six, three two five seven AFSL three three.
43:28
Speaker 3: Nine one five one Oh, I can do Why am
43:31
Speaker 3: I here? You can do this yourself? Thanks? Why did
43:34
Speaker 3: I come in on a Saturday? If you know what
43:35
Speaker 3: you're doing? I genuinely have no idea. Why are you here?
43:37
Speaker 2: Okay, well you'll be cutting this. You're we're going to
43:39
Speaker 2: thank you.
43:40
Speaker 3: You cut the en. You're the audio wizard that we're
43:42
Speaker 3: going to thank you because you can do. Go ahead
43:45
Speaker 3: and thank you to our.
43:46
Speaker 2: Team of Victoria the audio Wizard, who will be cutting
43:49
Speaker 2: to next podcast.
43:50
Speaker 3: Jokes on you guys.
43:50
Speaker 4: If if this was cut by me and it was
43:52
Speaker 4: in your ears, it wouldn't be in your ears, it
43:55
Speaker 4: would be on the cutting room floor.
43:56
Speaker 3: Anyway.
43:57
Speaker 4: We hope you have a brilliant weekend and we can't
43:59
Speaker 4: wait to see you bright and early on Monday morning.
44:02
Speaker 2: Love you bye,