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FRIDAY DRINKS: Investing while living overseas, criminal fraud and conspiracy · She's On The Money

0:00
Speaker 1: She's on the Money. She's on the Money.
0:23
Speaker 2: Hello and welcome to the first episode Bank of Friday
0:27
Speaker 2: Drinks On She's on the Money, the podcast for millennials
0:30
Speaker 2: who want financial freedom. Today's Friday, which means it is
0:34
Speaker 2: time to sit back with the girls and a bear
0:36
Speaker 2: fragino in hand, to unpack our favorite moments of the week,
0:40
Speaker 2: and of course, time to celebrate you the incredible She's
0:44
Speaker 2: on the Money community. As always, we are sharing our
0:47
Speaker 2: favorite money wins, We'll be discussing what's making news in
0:50
Speaker 2: the finance world, and we'll be helping to answer our
0:54
Speaker 2: juicy money question, which this week is going to be
0:57
Speaker 2: all about investing as an ex But first it is
1:01
Speaker 2: time to recap the week that was. Miss jesse Garci
1:05
Speaker 2: talked to us about Monday's Money Diary episode this week,
1:09
Speaker 2: so this Week'staris had a chat to us about managing
1:13
Speaker 2: I guess different financial habits. Her and her partner have
1:17
Speaker 2: two vastly different styles, and she's had to kind of
1:20
Speaker 2: make some concessions as you do in any relationship, but
1:24
Speaker 2: also find I guess a middle ground where she's still
1:26
Speaker 2: comfortable and happy operating. She said that she's always been
1:30
Speaker 2: able to save, but didn't have any long term savings,
1:33
Speaker 2: and now she's working towards her IVF journey, which obviously
1:36
Speaker 2: can be a really costly experience, so expense. Yeah, she
1:40
Speaker 2: had to get on the same page as her partner
1:42
Speaker 2: because they've got that shared goal, and it was just
1:44
Speaker 2: really interesting to hear from her about how she approached
1:47
Speaker 2: those conversations and how they made her feel. The thing
1:50
Speaker 2: I found so interesting about that money diary is it
1:53
Speaker 2: was just so different to the way I manage things
1:55
Speaker 2: myself with my partner, and I know that you would
1:57
Speaker 2: probably feel very similar as well, Like I know you
1:59
Speaker 2: and your part now manage money differently to Steve and I.
2:02
Speaker 2: So it's like nice to see what other people are doing.
2:05
Speaker 2: But I was like at the same time, like, ah,
2:07
Speaker 2: that would frustrate me so much, like I don't want
2:10
Speaker 2: to have to keep telling him each year, like I
2:12
Speaker 2: just want him to keep knowing. So I don't know,
2:15
Speaker 2: it was just cool to be able to see what
2:17
Speaker 2: other people do and I guess what their boundaries are,
2:19
Speaker 2: because we all have different boundaries and different things that
2:22
Speaker 2: we accept in, different things that we're actually willing to
2:24
Speaker 2: work with. So I think that that was kind of
2:26
Speaker 2: one of the cool things to come out of it.
2:28
Speaker 2: And I'm saying that because Jess. This week, our DMS
2:31
Speaker 2: blew up with people being like, oh my gosh, I
2:33
Speaker 2: can't believe they X y Z and it's just like, well,
2:36
Speaker 2: actually I can, because we're all different. And that's the
2:38
Speaker 2: beauty of Money Diaries.
2:39
Speaker 3: A thousand percent. It's a safe space to share what
2:42
Speaker 3: you do, free of judgment, just because you know someone
2:45
Speaker 3: does something differently to the way we would. We're not
2:48
Speaker 3: here to criticize. We're here to hear about it and
2:50
Speaker 3: learn from you. And that's exactly what we did.
2:52
Speaker 2: Absolutely And on Wednesday's Deep Dive, I feel like I'm
2:57
Speaker 2: stealing George's job here, but she's not feeling well and
3:00
Speaker 2: in the current stage of the world, she's isolating. So
3:02
Speaker 2: we just said, don't even worry, just stay in bed,
3:04
Speaker 2: look after yourself. Jess and I. I hope we can carry this,
3:07
Speaker 2: Jess like it's the first episode of the year. We've
3:08
Speaker 2: got to do a really really good job, right, No
3:11
Speaker 2: pressure though, No pressure, no pressure. But this week on Wednesday,
3:15
Speaker 2: we spoke all about new Year, New me vibes. We
3:17
Speaker 2: talked about how we can reset goals and talk about
3:20
Speaker 2: what we want to do in the year to come.
3:22
Speaker 2: And I just think it's so important to remember that
3:25
Speaker 2: everybody's different and that we all have different goals and
3:28
Speaker 2: whether your goal is to save five hundred dollars or
3:30
Speaker 2: it is to just start paying off a debt, like,
3:33
Speaker 2: everybody's goals are going to be different. And I think
3:36
Speaker 2: that one of the most challenging things over the next
3:38
Speaker 2: twelve months for us and for the She's on the
3:41
Speaker 2: Money community is actually going to be comparison. And I
3:44
Speaker 2: say that because we're all kind of like creeping slowly
3:47
Speaker 2: out of lockdowns and having gone through so much, especially
3:51
Speaker 2: because so many of us and Melbourne and Sydney based,
3:54
Speaker 2: We're now going to see people spending money on weddings,
3:56
Speaker 2: maybe buying houses that they've been holding off buying. We're
3:59
Speaker 2: going to see them saving money and going on holidays
4:02
Speaker 2: because we've all been held back for the last two
4:04
Speaker 2: years from being able to travel at all. That I
4:07
Speaker 2: know that when it's going to be posted on social media,
4:09
Speaker 2: some people are going to be like, oh my gosh,
4:11
Speaker 2: like how are they affording going on a holiday after
4:13
Speaker 2: the year that was Like It's just it's a very
4:16
Speaker 2: hard time to go through I think, and I think
4:18
Speaker 2: that we all need to just be a little bit
4:20
Speaker 2: kinder to ourselves and a little bit more mindful of
4:23
Speaker 2: maybe what pressures we're putting on ourselves, because usually it's
4:26
Speaker 2: completely unnecessary. But moving away from that, because I feel
4:30
Speaker 2: like on the Wednesday episode I was sappy enough. Jess
4:34
Speaker 2: Lance dive straight into the community money wins. You've picked
4:38
Speaker 2: out a few to share on the show this week.
4:40
Speaker 2: Do you want to start the ball rolling with number one?
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Speaker 3: Absolutely? I feel like it was such a good thread because,
4:46
Speaker 3: as you said, New Year knew me coming out of Christmas.
4:48
Speaker 3: Everyone had some wins, awesome confessions. It was a really
4:51
Speaker 3: good one this week.
4:52
Speaker 2: Yeah, and we didn't do it over Christmas because we
4:54
Speaker 2: were on holidays.
4:56
Speaker 3: A thousand percent, so I feel like we had double
4:59
Speaker 3: double the quali be content. So thank you to everyone
5:01
Speaker 3: for sharing. We're going to start with Jade, She said,
5:03
Speaker 3: money win. I bought someone a Christmas gift that they
5:06
Speaker 3: already had. I returned it and purchased what they asked
5:09
Speaker 3: for instead, and it was half of the price, so
5:11
Speaker 3: now I have a credit to use in the future.
5:14
Speaker 3: Although I wish I'd kept the receipt because it could
5:16
Speaker 3: have been cash back.
5:17
Speaker 2: Oh that's okay, that's still a win, nonetheless, because you
5:20
Speaker 2: were happy to give away that entire amount.
5:22
Speaker 3: One thousand percent. And I was going to say, I
5:24
Speaker 3: feel like this really goes to what we spoke about
5:27
Speaker 3: at the end of last year, which is not being
5:29
Speaker 3: afraid to either regift or if you receive something you like,
5:33
Speaker 3: tell someone because in this case, the person who received
5:36
Speaker 3: the gift wouldn't have had any benefit from having two
5:38
Speaker 3: of the same thing, and by telling the person who
5:41
Speaker 3: gifted it to her, she saved Jade some cash. So
5:43
Speaker 3: it's a win all round in my plan.
5:45
Speaker 2: No, and I think that that's it's just better. Like
5:47
Speaker 2: I would feel so much better, Jess if I got
5:50
Speaker 2: you a gift and you were like, I already have that,
5:53
Speaker 2: could we swap it for something else? I'd be like, yes,
5:55
Speaker 2: because I want to get you something you like. Like,
5:58
Speaker 2: that's not a problem in my I don't understand why
6:01
Speaker 2: more people don't do that, because no one wants too
6:03
Speaker 2: matching cheese plates. I'm telling you right now.
6:05
Speaker 3: One thousand percent. Next up, we had Emily who says
6:07
Speaker 3: I don't drive, so usually I end up ubering to
6:09
Speaker 3: my psychologist appointment, which is about seventy dollars there and back,
6:13
Speaker 3: but I just amy it because the appointment is bulk bill,
6:17
Speaker 3: so she gets that cost subsidized. But now her psychologist
6:22
Speaker 3: is offering Tellyhealth appointments so she doesn't need to uber there,
6:25
Speaker 3: which is here go. And I wanted to say two
6:28
Speaker 3: things here. Firstly, if you are seeing a mental health professional,
6:32
Speaker 3: a lot of them are doing like Emily's doctor and
6:35
Speaker 3: are offering Tellyhealth now. So if it's really hard for
6:37
Speaker 3: you to get to someone, have a look online because
6:40
Speaker 3: a number of places do offer it. But I also
6:42
Speaker 3: just wanted to plug I've shared this before, but we
6:45
Speaker 3: have a really great mental health plan here where like
6:48
Speaker 3: Emily has done, you can get the cost of your
6:50
Speaker 3: appointments subsidized. I think it's ten appointments. And then they
6:54
Speaker 3: did add another ted on for COVID. I'm not sure
6:56
Speaker 3: if that is still available, but at the very least,
6:59
Speaker 3: if if you are an Australian citizen, you can get
7:01
Speaker 3: ten subsidized mental health sessions with a psychologist, which is
7:06
Speaker 3: just so helpful, I guess.
7:08
Speaker 2: Especially now literally and right now, you can get up
7:11
Speaker 2: to twenty subsidized sessions with a mental health care professional
7:15
Speaker 2: each and every single calendar year. And guys, if you
7:17
Speaker 2: didn't know, it's a new calendar year, so if you've
7:19
Speaker 2: been thinking about it, maybe naw's the time to get
7:23
Speaker 2: it all lined up. But also the other thing, Jess,
7:25
Speaker 2: if you are seeing a mental health professional, go you
7:29
Speaker 2: like that is such a good step. And I just
7:31
Speaker 2: feel like more people need to start talking to psychologists
7:35
Speaker 2: and counselors and therapists, like therapy for me has been
7:39
Speaker 2: the best thing that I have ever done. Like I
7:42
Speaker 2: might go through ebbs and flows, like I might be like,
7:45
Speaker 2: I need to see my psychologist every two weeks and
7:47
Speaker 2: that's fine. I might go, you know what, I don't
7:49
Speaker 2: really need to see you this week, but I'll go anyway.
7:52
Speaker 2: And then I also go through periods where I'm like, so,
7:55
Speaker 2: could we just book every single week for now? I
7:58
Speaker 2: just feel like this is a really stressful period. But
8:00
Speaker 2: I think it's really important to talk about these things
8:02
Speaker 2: because just seeing a psychologist or seeing a counselor doesn't
8:07
Speaker 2: mean you have to be diagnosed with something specific, Like
8:10
Speaker 2: you could just be going through something. You could just
8:12
Speaker 2: be really angsty at the moment or just feel like
8:15
Speaker 2: you need to talk to someone. You don't have to
8:17
Speaker 2: have a mental health disorder to see someone. And I'm
8:20
Speaker 2: not saying that as a well you should know. I'm
8:23
Speaker 2: saying that as I've been in my DMS over the
8:25
Speaker 2: last couple of weeks, and someone actually said to me like, oh,
8:29
Speaker 2: I don't think I have clinical depressions, so I probably
8:31
Speaker 2: can't see a psychologist. I'm like, ah, you can, low
8:34
Speaker 2: my friend, please do, please, please please do. Anyway, jess,
8:38
Speaker 2: what is the next money win? Next up, we had Georgina,
8:42
Speaker 2: who said money win. My sister, who's nineteen, started her
8:45
Speaker 2: first job, so I post useful information on her mirror
8:49
Speaker 2: and provide money tips. I advise her to put money
8:53
Speaker 2: away for her contacts as it's a priority purchase. She
8:56
Speaker 2: now does that every pace so she doesn't have to
8:58
Speaker 2: borrow from anyone. Sometimes I feel.
9:00
Speaker 3: Like I'm overdoing it, but I noticed she has been
9:02
Speaker 3: taking it all in and she put up a little
9:04
Speaker 3: photo of the most wholesome little it's like a note
9:07
Speaker 3: card that you would use to study with, and it's
9:09
Speaker 3: all about superannuation. And I just thought, how precious that
9:13
Speaker 3: she is not only sharing that information with her sister
9:16
Speaker 3: and helping to educate her sister on something that at
9:19
Speaker 3: nineteen I personally was not educated about. But the love
9:23
Speaker 3: that it's done with. She's written a little note. It's
9:25
Speaker 3: in different colors. It just pulled at my heartstrings actulutely.
9:30
Speaker 3: Oh please, Georgina.
9:31
Speaker 2: Yeaes like that would also be a really cool thing
9:34
Speaker 2: for She's on the money to do one day, Jess, like,
9:36
Speaker 2: do little mirror affirmations.
9:39
Speaker 3: So cute so you can see every day.
9:41
Speaker 2: Yeah, or like a flipbook or something that has a
9:44
Speaker 2: different like finance fact or positive affirmation or something. I
9:47
Speaker 2: don't know. I feel like we're onto something.
9:49
Speaker 3: Oh my gosh, twenty twenty three daily calendar. We'll work
9:52
Speaker 3: on that, pushing that off.
9:54
Speaker 2: I always say things and you're like, maybe not this year.
9:57
Speaker 3: Then well, I mean we are four days into twenty
9:59
Speaker 3: twenty two, so I'm ready.
10:00
Speaker 2: I'm excited. I'm motivated. I had a good break, Jess.
10:04
Speaker 3: We'll chat about it off air. Next we have ANGELI.
10:06
Speaker 3: I hope I'm pronouncing your name correctly. She said, it's
10:09
Speaker 3: a pretty munny Win. It's really pretty. I was gonna
10:12
Speaker 3: buy the shoes on the money book, but it got
10:13
Speaker 3: gifted to me for my Secret Santa.
10:15
Speaker 2: Oh my gosh, do you know what was the most
10:19
Speaker 2: wholesome thing over Christmas? Dress? It blew my mind And
10:22
Speaker 2: it shouldn't have because, like, I know, I wrote a
10:24
Speaker 2: book and I know that you can buy it. Like,
10:26
Speaker 2: it shouldn't have blown my mind. But seeing people on
10:29
Speaker 2: Christmas Day tag me in their gifts, whether they gave
10:33
Speaker 2: the book or got the book, or were just excited
10:36
Speaker 2: about it, and then people over that Christmas period being like, Oh,
10:39
Speaker 2: I'm at the beach, I'm reading the book I got
10:41
Speaker 2: for Christmas. I can't tell you how many times I cried,
10:44
Speaker 2: like it was literally the most wholesome thing in the
10:48
Speaker 2: entire world. I was like, wait, it's not just like
10:50
Speaker 2: you guys in the community supporting you know us, which
10:54
Speaker 2: is beautiful, but it's you are gifting it to people
10:58
Speaker 2: outside the community, and it's having this packed and people
11:00
Speaker 2: are really excited about. I can't tell you how special
11:03
Speaker 2: that was. So to all of you who posted or
11:06
Speaker 2: messaged me or told me that you had the book,
11:08
Speaker 2: thank you. You literally made my Christmas magic.
11:11
Speaker 3: And whoever gave that Secret Santa, we endorse that gift
11:15
Speaker 3: file that one away for next year, folks.
11:16
Speaker 2: Also your genius. Next, we had JP who said I
11:21
Speaker 2: went to Nando's with my boyfriend and I offered to
11:23
Speaker 2: pay we stand, she said, for some reason, the tool
11:26
Speaker 2: wasn't working, so the guy gave it to us for free.
11:28
Speaker 2: Thanks Mando and date night on the till guy.
11:31
Speaker 3: I feel like as well, it would have been a
11:33
Speaker 3: really good moment for her to be like, oh no, babe,
11:35
Speaker 3: like I'll get all this and then next minute she
11:38
Speaker 3: doesn't have to pay. We love to say it.
11:40
Speaker 2: To pay next time or does she have to pick
11:42
Speaker 2: it up next time?
11:43
Speaker 3: No, she offered her meal that she was going to
11:46
Speaker 3: pay for was paid for. The next one's on him.
11:49
Speaker 2: Yeah, all right, that seems reasonable.
11:51
Speaker 3: And lastly, I have a post from Brie who has
11:54
Speaker 3: a whole bunch of things that she's checked off for
11:56
Speaker 3: her new year. She said, check did my twenty twenty
11:59
Speaker 3: two budget, Victoria's planner. Check I downgraded my phone plan
12:03
Speaker 3: and realized I'd been paying late fees for ages, so
12:05
Speaker 3: we'll now be saving sixty five dollars a month. And
12:08
Speaker 3: check I canceled my Kindle unlimited subscription I forgot about
12:11
Speaker 3: and got a refund for twelve month's worth, which was
12:14
Speaker 3: one hundred and seventy dollars, and then she's hashtagged eightyhd tacks, who.
12:19
Speaker 2: I really wanted to do truly a thing, but do
12:22
Speaker 2: you know, sixty five bucks a month is like what
12:25
Speaker 2: nearly eight hundred bucks in a year.
12:27
Speaker 3: So much funny. I would really love to do an
12:31
Speaker 3: episode and let us know if this is something we'd
12:33
Speaker 3: be interesting. People would be interested because we've chatted about
12:35
Speaker 3: this in the office, but I would love to talk
12:38
Speaker 3: about ADHD tacks, which, if you don't know, it's essentially
12:42
Speaker 3: the concept that our neurodiverse friends have to learn to
12:45
Speaker 3: manage their money in different ways because your brain just
12:48
Speaker 3: thinks about things differently, and there are all these different
12:51
Speaker 3: tips and tricks. And I would love to chat to
12:53
Speaker 3: some people in our community potentially who have figured out
12:56
Speaker 3: a way to manage these things themselves. But maybe that's
12:59
Speaker 3: an episod that we can cover off on at some
13:01
Speaker 3: point this year because it's super interesting and pree good
13:05
Speaker 3: on you for getting on top of it, girl, we're
13:06
Speaker 3: so pro I love.
13:07
Speaker 2: That and it's probably worth mentioning here. Obviously, I have
13:10
Speaker 2: background in psychology, so to talk about things when it
13:13
Speaker 2: comes to ADHD. Obviously we are relatively well placed. But
13:17
Speaker 2: for those of you playing along, and this isn't something
13:19
Speaker 2: I'm gonna post on Instagram, but you're listening to a
13:21
Speaker 2: Friday Drinks episode and if you're this far in, well
13:24
Speaker 2: like at least fifteen ish minutes in. Like, I'm assuming
13:27
Speaker 2: we're friends, but I was diagnosed with ADHD when I
13:31
Speaker 2: was seventeen and have been on that journey. I'm now thirty,
13:35
Speaker 2: so I feel like, maybe, Jess, I probably have some
13:37
Speaker 2: tips and tricks of my own, because a lot of people,
13:40
Speaker 2: if they have ADHD, they've messaged me and they're like,
13:44
Speaker 2: be spill the beans. Like the way you talk, the
13:47
Speaker 2: way you interact, the way you talk online, the way
13:49
Speaker 2: that you say that you forget things, and the way
13:51
Speaker 2: that you actually interact in everyday life. You sure you
13:54
Speaker 2: don't have ADHD. I'm like, busted, Yeah, I do. So
13:58
Speaker 2: I think it would be a really good episod so
14:00
Speaker 2: to do. But at the same time, I think it's
14:03
Speaker 2: really important to I guess share that because we're all
14:05
Speaker 2: friends here, and no, I haven't ever said that publicly before,
14:08
Speaker 2: but I do think it is not something that I
14:10
Speaker 2: should be worried about sharing because it makes me who
14:13
Speaker 2: I am, and knowing how that works has meant that
14:16
Speaker 2: I am wildly more successful. It has meant that I
14:20
Speaker 2: am wildly more productive, whereas I can fall off the
14:23
Speaker 2: absolute bandwagon if I'm not managing myself properly. So just
14:27
Speaker 2: a great episode.
14:28
Speaker 3: Amazing, I'm excited. So we're going to take a quick break.
14:31
Speaker 3: When we come back, we're going to be talking all
14:33
Speaker 3: things fraud and investing as well. Don't go anywhere already,
14:37
Speaker 3: v I saw an article this week that it made
14:40
Speaker 3: me a little bit sad, if I'm going to be honest.
14:43
Speaker 3: There was an article that came out about Elizabeth Holmes,
14:46
Speaker 3: who essentially was a business boss. She raised nine hundred
14:51
Speaker 3: and forty five million in investments for her business.
14:54
Speaker 2: Can you imagine that's so much true?
14:57
Speaker 3: You think that's so much money. At its peak, her business,
15:00
Speaker 3: Fhanos was valued at nine billillion billion with a B,
15:05
Speaker 3: which is wild. But what is even more wild than
15:08
Speaker 3: that is the fact that this week she was actually
15:11
Speaker 3: found guilty on multiple charges of criminal fraud.
15:15
Speaker 2: Oh my gosh, Oh it makes me so sick, But
15:19
Speaker 2: this is such a good one to talk about. So
15:21
Speaker 2: for those of you who might be hearing Elizabeth's name
15:24
Speaker 2: for the first time, I understand she is kind of
15:27
Speaker 2: one of those people that in America. I think this
15:30
Speaker 2: is probably a little bit bigger. But she's one of
15:33
Speaker 2: those boss ladies that I'd always looked up to, Like
15:36
Speaker 2: she was on the cover of Forbes, Like she's like
15:39
Speaker 2: cool cool, or was cool cool? Now I would say
15:42
Speaker 2: the exact opposite, But she's now a convicted fraud star.
15:46
Speaker 2: She was, as you said, the founder and CEO of Theranos,
15:50
Speaker 2: which is a now completely defunct health technology company that
15:54
Speaker 2: sawed invaluation. As you said before, it was worth billions,
15:58
Speaker 2: like nine billion dollars because they claimed to have revolutionized
16:02
Speaker 2: blood testing by developing testing methods that could surprisingly use
16:07
Speaker 2: very small volumes of blood like a finger prick, which,
16:10
Speaker 2: if you think about it, like we all go to
16:13
Speaker 2: the pathologist at some point get blood drawn, they have
16:15
Speaker 2: to take all these vials, and she's now saying that
16:17
Speaker 2: they can do complete blood tests with a finger prick
16:20
Speaker 2: like that is obviously going to revolutionize the medical space
16:23
Speaker 2: for a multitude of reasons. But turns out she wasn't
16:27
Speaker 2: telling the truth, so jes. This week, the jury found
16:33
Speaker 2: former there in our CEO. Elizabeth Holmes guilty of four
16:36
Speaker 2: of the eleven criminal counts she faced. She was not
16:40
Speaker 2: found guilty of four other counts, but the jury deadlocked
16:43
Speaker 2: on three other charges. So she is literally now going
16:47
Speaker 2: down for fraud and conspiracy because it turns out a
16:51
Speaker 2: lot of the stuff that she had organized and raised
16:54
Speaker 2: money for was fake.
16:56
Speaker 3: That's so scary to think about. I mean, we talk
16:59
Speaker 3: about investing all the time, and obviously this was a
17:00
Speaker 3: little bit different because US based its private sector. It's
17:03
Speaker 3: not like jumping on your raise. But big picture, yeah,
17:06
Speaker 3: we talk about investing, and we talk about researching, and
17:09
Speaker 3: we talk about making sure that things are safe and
17:11
Speaker 3: that you're making good decisions. It's crazy to think that
17:14
Speaker 3: she had so much funding and so much investment from
17:19
Speaker 3: businesses that believed in her and believed in her technology
17:22
Speaker 3: and it could be found to be not legit.
17:24
Speaker 2: It's actually really upsetting. At the end of the day,
17:27
Speaker 2: she claimed to have revolutionized blood testing, wasn't going to happen,
17:32
Speaker 2: didn't happen, made it up, essentially defrauded people of their
17:35
Speaker 2: money when she went to them and said, Hey, Jess,
17:38
Speaker 2: would you like to invest in my company for millions
17:40
Speaker 2: of dollars and you go, this is revolutionary, like even
17:44
Speaker 2: I'm looking at it right, And my mum's a phlebotomists,
17:46
Speaker 2: So nowadays she takes people's blood. So I do know
17:49
Speaker 2: how arduous it is, and I do know how hard
17:52
Speaker 2: it is to take it from people who are already
17:54
Speaker 2: ill or you know, don't have good veins. Like in
17:56
Speaker 2: my head, I'm like, that's genius. If you could just
17:58
Speaker 2: deal with a pin prick, how great. So I'm assuming
18:01
Speaker 2: every investor would have done exactly the same thing and
18:04
Speaker 2: been like, oh, this is great, I'd love to invest
18:06
Speaker 2: but it wasn't true. And so she's been done for
18:10
Speaker 2: fraud over that. But then also she's now been charged
18:14
Speaker 2: with wire fraud over the allegations that she clearly intentionally
18:17
Speaker 2: lied to investors but also doctors and patients about her
18:20
Speaker 2: company's blood testing capabilities to take their money and prop
18:24
Speaker 2: up her company. Like that that makes me sick because
18:27
Speaker 2: it's not just like in ron, we're you talking about embezzlement,
18:29
Speaker 2: and there's lots of money involved, Like you're promising people
18:32
Speaker 2: that you could detect things like diabetes and cancer with
18:36
Speaker 2: blood from a pin prick, which would change the world.
18:39
Speaker 3: Like, yeah, it's misslaying people and it's really disappointing. And
18:42
Speaker 3: then I guess an extra layer on top of that,
18:44
Speaker 3: not to make it all maror women, but the finance space,
18:49
Speaker 3: the big business space, we know that it's male dominated,
18:52
Speaker 3: and all we want is for females to succeed. And
18:55
Speaker 3: I feel like, more often than not, we're already a
18:58
Speaker 3: little bit on the back foot because of prejudice and
19:00
Speaker 3: culture and things like that. And then to have someone
19:03
Speaker 3: at the forefront, to have someone succeeding, to have all
19:06
Speaker 3: of us cheering her on, to then kind of turn
19:09
Speaker 3: around and turn out to be something that's gone completely
19:12
Speaker 3: the opposite direction, it's just really disappointed.
19:14
Speaker 2: Truly terrifying. So it wasn't even like one or two years, Jess.
19:18
Speaker 2: She was trading for more than ten years, Jess, before
19:21
Speaker 2: Therenos began publicly talking about its abilities to test conditions
19:25
Speaker 2: like cancer and diabetes with a few drops of blood
19:28
Speaker 2: taken by a fingerprick, and they announced a massive retail
19:32
Speaker 2: partnership with Walgreens. Like in America, Walgreens is massive, and
19:36
Speaker 2: if you look at the list of investors, like she
19:39
Speaker 2: wasn't just you know, raising money from people we've never
19:42
Speaker 2: heard of. She got money from Rupert Murdoch. We all
19:45
Speaker 2: know who that is, absolute media mogul Oracle founder Larry Ellison.
19:50
Speaker 2: She got money from the Walton family who actually owned Walmart,
19:53
Speaker 2: and the billionaire family of the former Secretary of Education
19:57
Speaker 2: Betsy DeVos. And to me, that just is crazy because
20:01
Speaker 2: she's defrauding these people that obviously have more than enough
20:05
Speaker 2: money to sue her butt if she gets in any
20:08
Speaker 2: type of trouble or did the wrong thing. It's not like, oh, hey, Jess,
20:11
Speaker 2: join my MLM. Yeah, come do this, and then you
20:15
Speaker 2: don't really have the means to be able to go Okay,
20:17
Speaker 2: Well I lost all my money and it was an
20:20
Speaker 2: absolute scam. I'm just going to walk away like these
20:23
Speaker 2: people don't walk away. What did she expect, Jess.
20:26
Speaker 3: I don't know. It's really frustrating to see. And this
20:29
Speaker 3: story is really new as we're discussing it. I'm sure
20:32
Speaker 3: that more and more details will come out. There will
20:34
Speaker 3: most likely be an investigation off the back of this, and.
20:36
Speaker 2: I'm going to talk about this on my Instagram all week,
20:38
Speaker 2: I promise you, like it is going to be wild.
20:41
Speaker 2: But I think that this has been a good conversation, Jess.
20:44
Speaker 2: Maybe we should stay more on top of black finance
20:47
Speaker 2: crimes because I am totally into stuff like this, like
20:50
Speaker 2: how did they do it? How did she declare that
20:52
Speaker 2: to investors? Like what did she show investors? How did
20:55
Speaker 2: that work?
20:56
Speaker 3: Like?
20:56
Speaker 2: Tell me all the nitty gritty details, because it's one
20:59
Speaker 2: of those things where she was heralded as like a
21:02
Speaker 2: Forbes front cover cover girl, like she was the be
21:06
Speaker 2: all end all, kind of like boss lady, and we
21:09
Speaker 2: all looked up to her as like this woman that
21:11
Speaker 2: ran this massive business and like, you know, she's just
21:14
Speaker 2: had a baby, like do it all kind of vibes.
21:16
Speaker 1: Um.
21:18
Speaker 2: Turns out she was lying the entire time. How does
21:21
Speaker 2: that happen? How are people like this?
21:23
Speaker 3: I honestly I have no idea, But we'll chat about
21:26
Speaker 3: it again in the coming weeks.
21:27
Speaker 2: That's actually disgusting and gross, and I can't wait to
21:30
Speaker 2: talk more about it, Jess. But you told me before
21:33
Speaker 2: this episode started that we have a question about investing
21:37
Speaker 2: as an expat. Can we listen to that question and
21:40
Speaker 2: start having a chat about it?
21:41
Speaker 3: Absolutely, here we go.
21:43
Speaker 4: Hi, guys, I have a question about investing. I'm twenty
21:47
Speaker 4: seven and I'm an expert. I moved over from the
21:49
Speaker 4: UK about three years ago and now I live in Sydney.
21:53
Speaker 4: I'm actually looking at moving over to America next year,
21:56
Speaker 4: so that complicates matters a little further. I really want
21:59
Speaker 4: to long term investing, but I just don't know how
22:02
Speaker 4: and whether it matters where which country I put my
22:06
Speaker 4: money in. Does it even work like that? I don't know.
22:11
Speaker 4: I don't know where I'm going to retire, so I'm
22:14
Speaker 4: not sure where to put my investments. I want to
22:18
Speaker 4: start long term investing. I want to put some money
22:20
Speaker 4: away each month to start building that portfolio, but I
22:24
Speaker 4: just don't know which platform how to invest in. Is
22:29
Speaker 4: that in Australia or the UK or America? Just fitting
22:34
Speaker 4: a little bit lost. Same goes with I'd like to,
22:37
Speaker 4: you know, talk to financial advisor about this, but I
22:40
Speaker 4: don't know whether they specialize in expat kind of investing.
22:47
Speaker 4: Any help would be awesome, Thanks guys.
22:50
Speaker 2: Ah, Yes, this one is a really hard one to
22:53
Speaker 2: answer for a couple of reasons. Obviously, I am an
22:55
Speaker 2: Australian based financial advisor, so I can't advise on international
22:59
Speaker 2: share or stocks or portfolios that are held in different currencies.
23:03
Speaker 2: But the thing that's a little bit fickle for me
23:06
Speaker 2: is actually that she said she doesn't know where she
23:09
Speaker 2: wants to land. So she said, I don't really know,
23:12
Speaker 2: you know, where I want to retire, which is completely normal.
23:15
Speaker 2: But the advice when you're talking to someone who is
23:18
Speaker 2: an expat about where to invest is usually invest in
23:21
Speaker 2: the country's currency that you actually want to land in.
23:24
Speaker 2: So say you're from the UK and you're living in
23:26
Speaker 2: Australia and you're planning on returning to the UK one
23:30
Speaker 2: day to set up life, or maybe have kids, or
23:33
Speaker 2: even further down the track to retire, I would be
23:36
Speaker 2: saying you probably want to invest in the UK because
23:39
Speaker 2: when we're planning to invest over the long term, we'll
23:42
Speaker 2: have what's called capital gains, which is where our portfolio
23:45
Speaker 2: increases in value, and we all want that to happen, right,
23:48
Speaker 2: But the problem with that is then if we sell,
23:52
Speaker 2: we more likely than not have to pay some pretty
23:55
Speaker 2: steep capital gains tax, and obviously we want to avoid
23:59
Speaker 2: that as much as possible and put you in the
24:01
Speaker 2: best possible position so you never have to get rid
24:04
Speaker 2: of an asset because you don't live in the right country.
24:07
Speaker 2: In saying that, you would never have to do that.
24:09
Speaker 2: So example, if you moved back to the UK but
24:11
Speaker 2: had a significant amount of shares or holdings in Australia,
24:15
Speaker 2: you definitely could still have that. You would just have
24:18
Speaker 2: to declare them each and every single year and do
24:20
Speaker 2: a tax return here in Australia because you're generating Australian
24:24
Speaker 2: dollars and therefore have Australian income which needs to be declared.
24:27
Speaker 2: So I mean to rock in a hard place. I
24:30
Speaker 2: would definitely recommend going and having a chat with an
24:33
Speaker 2: accountant or working out what your ultimate plans are. But
24:36
Speaker 2: I don't think it's like the b or lend All
24:38
Speaker 2: because Jesse, at the end of the day, if you said, look, VI,
24:40
Speaker 2: I'm going to move to the UK, I don't think
24:42
Speaker 2: I'm ever going to come home. I'm going to invest
24:44
Speaker 2: over there, and I go, great idea, Jess, sounds fun,
24:48
Speaker 2: enjoy And then twenty years later you move back to Australia.
24:52
Speaker 2: You know, plans change, life changes, and you're like, oh,
24:56
Speaker 2: I don't want to have to sell my portfolio because
24:57
Speaker 2: of the capital gains taxes. Like okay, well just pay
25:01
Speaker 2: an accountant to do my tax over there each year
25:04
Speaker 2: and that's a very small price to pay in comparison
25:07
Speaker 2: to selling down your entire portfolio and you know, being
25:10
Speaker 2: lumped with those capital gains taxes.
25:12
Speaker 3: Right, Yeah, for sure? What about when she said, you know,
25:15
Speaker 3: she was thinking about potentially talking to advisor. She understood
25:18
Speaker 3: that when things are this complicated, that's generally when you'd
25:21
Speaker 3: go to a professional, But she wasn't sure what to
25:23
Speaker 3: do in regards to does she find one here? Does
25:26
Speaker 3: she find one overseas?
25:28
Speaker 2: See? That's where I am absolutely useless to you. And
25:32
Speaker 2: the reason for that is because I'm only Australian. I
25:36
Speaker 2: cannot recommend that you invest in another currency because I
25:39
Speaker 2: don't know enough about that currency. Like my job is
25:43
Speaker 2: the ins and outs of what is available and accessible
25:45
Speaker 2: to Australians and our Australian tax system and how that
25:49
Speaker 2: works for us. If you then say, hey, V should
25:53
Speaker 2: I be for my personal situation investing in the UK
25:56
Speaker 2: or in Australia or in the US or maybe Dubai,
25:59
Speaker 2: Like I don't know you're based or what your plan is,
26:02
Speaker 2: I can't actually do that. But you absolutely could engage
26:06
Speaker 2: an Australian advisor wants you'd worked that out, and if
26:08
Speaker 2: you come to me and say, hey, you Turia, I'm
26:10
Speaker 2: an expat. I would love to invest with you here
26:12
Speaker 2: in Australia. I can work with you, it's absolutely fine.
26:15
Speaker 2: But if you ask me to manage a portfolio internationally,
26:18
Speaker 2: I cannot do that, nor would I feel comfortable to
26:21
Speaker 2: do so. So the best thing is to find an
26:23
Speaker 2: advisor in the country that you want to be investing in,
26:27
Speaker 2: because advisors can't work internationally unfortunately, and whoever tells you
26:31
Speaker 2: that they can, they can't.
26:33
Speaker 3: When you say that, does that mean that there's does
26:36
Speaker 3: anybody work internationally as an advisor or is that just
26:39
Speaker 3: not a thing?
26:40
Speaker 4: Oh?
26:41
Speaker 2: So, it's not really a thing unless you're incredibly wealthy,
26:45
Speaker 2: and we're talking about millions and millions and millions of
26:48
Speaker 2: dollars here. So example, as you guys know, I used
26:51
Speaker 2: to work in the ultra high net wealth space and
26:53
Speaker 2: deal with billion dollar families and so they had what's
26:57
Speaker 2: called a family finance manager, was somebody that the family
27:01
Speaker 2: had hired individually. Their entire full time job was managing
27:05
Speaker 2: that family's portfolio because they had a family office and
27:08
Speaker 2: they would have assets from around the world. And that
27:11
Speaker 2: is absolutely fine. I'm not saying that as an Australian
27:14
Speaker 2: you can't invest internationally, so like, I have clients who
27:18
Speaker 2: own stocks all over the world, but it's more about
27:21
Speaker 2: the tax system, so that family's advisor would actually do
27:25
Speaker 2: that job for them. So yes, you could say that
27:27
Speaker 2: there is somebody who does that, but it is absolutely
27:30
Speaker 2: a very very very wealthy thing to have and not
27:33
Speaker 2: really accessible to many people. Like it wouldn't be something
27:36
Speaker 2: I could ever engage in because I don't have what
27:38
Speaker 2: quarter of a million dollars to by a finance manager
27:40
Speaker 2: each and every single year to manage my family's wealth.
27:43
Speaker 3: Must be nice, Yeah, it must be nice.
27:45
Speaker 2: For some, but it's not a thing. In saying that,
27:49
Speaker 2: I do have a couple of clients who are expats
27:52
Speaker 2: and they have portfolios here in Australia, and they have
27:54
Speaker 2: some portfolios in the UK. And I have a client
27:57
Speaker 2: who has a whole heap of holdings in the US,
28:00
Speaker 2: and I've had meetings with their financial advisors, like sometimes
28:03
Speaker 2: at very strange hours in the morning or in the
28:06
Speaker 2: late afternoon, but I like to understand what they're doing
28:09
Speaker 2: and what goals my client has that maybe they've articulated
28:11
Speaker 2: to one advisor, but maybe not to me just so
28:14
Speaker 2: I haven't missed anything and we can always be on
28:16
Speaker 2: the same page. So if you want to work with
28:19
Speaker 2: somebody and you want to hold different portfolios, you absolutely can.
28:22
Speaker 2: But I think the most important thing there is just
28:24
Speaker 2: working out, like what is the long term game plan,
28:27
Speaker 2: because that will give you the answer.
28:28
Speaker 3: Yeah, and it sounds like remembering that you know, if
28:31
Speaker 3: you do decide to invest in one place and then
28:33
Speaker 3: ten years down the track you decide that that's not
28:35
Speaker 3: actually where you want to be, knowing that you can
28:38
Speaker 3: work around that. It's not the end of the world.
28:41
Speaker 2: It's not the end of the world. And it's like
28:43
Speaker 2: people in the UK might come and live in Australia
28:45
Speaker 2: but still have access to their pensions. It's a bit
28:48
Speaker 2: of a mess around because it's different currencies. But guys,
28:51
Speaker 2: it is twenty twenty two and we now live in
28:53
Speaker 2: a world where I can just jump on a website,
28:55
Speaker 2: log into my banking app and transfer it through by
28:58
Speaker 2: transfer wise, Like it is so easy to exist in
29:01
Speaker 2: a world where we have unlimited access to stuff. So
29:05
Speaker 2: would I think it's a massive problem. No, But it
29:08
Speaker 2: is really really important to consider, like, well, what does
29:10
Speaker 2: the future look like? Should I actually be investing in
29:13
Speaker 2: the UK if I'm only living there for two years
29:16
Speaker 2: while I'm overseas. Probably not, because you're going to come
29:19
Speaker 2: home and we don't want to have to sell a portfolio,
29:22
Speaker 2: and we don't want to have to manage tax in
29:24
Speaker 2: another country because you spent two years abroad and bought
29:26
Speaker 2: some stocks and now you're forever committed to talking about
29:30
Speaker 2: tax and stuff in another country. So I think it's
29:32
Speaker 2: really important to just work out what your long term
29:35
Speaker 2: game is, and if you don't know, just pick what
29:38
Speaker 2: you think is going to work best for you and
29:40
Speaker 2: your situation now, because everything's able to be changed.
29:43
Speaker 3: And just off the back of that last thing you
29:46
Speaker 3: said there, this might be a silly.
29:48
Speaker 2: Question, but so weak thing, you should know that it's
29:53
Speaker 2: probably worth pointing out that you can still hold overseas
29:57
Speaker 2: stocks from another country. We can purchase US or UK stocks,
30:04
Speaker 2: just because it is a little bit convoluted. I guess
30:06
Speaker 2: when we're talking about that expat situation, I guess our
30:11
Speaker 2: question was coming from someone wanting to know where does
30:14
Speaker 2: she set up that home base to make those investments.
30:18
Speaker 2: But you can still hold those international investments from another country,
30:22
Speaker 2: and it's actually all about the currency you're purchasing it in,
30:25
Speaker 2: not the company you're buying. So like, for example, I
30:29
Speaker 2: own US stocks, I own UK stocks, I dabble in
30:32
Speaker 2: a lot of things, but I'm buying them all in
30:34
Speaker 2: Australian dollars because it's an Australian based portfolio. Jess, I
30:39
Speaker 2: think that was actually a really smart question because a
30:41
Speaker 2: lot of people will be like, hold up, am I
30:43
Speaker 2: not meant to invest internationally? I thought we were meant
30:45
Speaker 2: to diversify. You absolutely are, But what we're doing is
30:49
Speaker 2: diversifying by buying international stocks with our currency of the
30:54
Speaker 2: country we live in. Does that make sense?
30:56
Speaker 3: Oh my gosh, yes that does.
30:57
Speaker 1: Thank you.
30:58
Speaker 3: Sah. It's a little bit complicated, but we got there.
31:01
Speaker 2: It's complicated that, I promise you it is not that complicated.
31:04
Speaker 2: I hope that has answered her question. But that was
31:06
Speaker 2: a really good question in saying that if you guys
31:09
Speaker 2: would like to send a voice memo through to podcast
31:11
Speaker 2: at She's on the Money dot com dot au, you
31:14
Speaker 2: might end up hearing your voice memo question on the show.
31:17
Speaker 2: So definitely flick those through. But jessic Ricci, we have
31:21
Speaker 2: nearly been talking for like half an hour and it's
31:23
Speaker 2: meant to be a short shop, fun to the point
31:25
Speaker 2: Friday drinks. So I do believe that is all we
31:29
Speaker 2: have time for today. But as always, just before we
31:32
Speaker 2: head off, we'd like to acknowledge and pay respect to
31:34
Speaker 2: Australia's Aboriginal and tourist right islander people's. They're the traditional
31:39
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31:42
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31:45
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31:48
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31:51
Speaker 2: share our friendship and our kindness.
31:53
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31:56
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32:00
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32:02
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32:05
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32:08
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Speaker 3: three four one three two four six three two five
32:15
Speaker 3: seven AFL three three nine one five one.
32:18
Speaker 2: See you next week, guys.
32:20
Speaker 3: Bye,