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FRIDAY DRINKS: RBA Rates & A Wild Goose Chase! · She's On The Money

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Speaker 1: Just before we get started, we'd like to acknowledge and
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Speaker 1: pay respect to Australia's Aboriginal and torrest Rate islander people's.
0:07
Speaker 1: They're the traditional custodians of the lands, the waterways and
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Speaker 1: the skies all across Australia. We thank you for sharing
0:13
Speaker 1: and for caring for the land on which we are
0:16
Speaker 1: able to learn. We pay respects to elders past and present,
0:19
Speaker 1: and we share our friendship and our kindness.
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Speaker 2: She's on the Money, She's on the Money.
0:45
Speaker 1: Hello, and welcome to She's on the Money, the podcast
0:48
Speaker 1: Millennials who Want Financial Freedom. Today's Friday, which means it
0:52
Speaker 1: is time to sit back with the girls with a
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Speaker 1: bevy in hand, to unpack our favorite moments of the week,
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Speaker 1: and of course to celebrate you fool She's on the
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Speaker 1: Money community. As always, we're going to be discussing our
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Speaker 1: favorite money wins, We're going to discuss what's making news
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Speaker 1: in the finance world, and we'll be hoping to answer
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Speaker 1: a do you see money question, which this week is
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Speaker 1: all about having awkward conversations about setting boundaries in the workplace.
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Speaker 1: But before we get there, miss Jesse Gourichi, could you
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Speaker 1: let us know for those of us who missed out
1:21
Speaker 1: what happened on our Money Diaries episode this week.
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Speaker 3: This week's episode got so much spectacular feedback because this
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Speaker 3: particular woman had left a relationship and a little content
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Speaker 3: wanting here talking about abuse. So if that's rough you,
1:34
Speaker 3: perhaps not the episode and just skip a head like
1:37
Speaker 3: thirty seconds right now. But she left an emotionally, physically
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Speaker 3: financially abusive relationship. It sounded so hectic, and she ended
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Speaker 3: up with a mountain of debt in her name that.
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Speaker 1: She had not accrued. It's so unfair. I still think
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Speaker 1: about this every day since we have spoken to her,
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Speaker 1: and it just it frustrates me that you can be
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Speaker 1: lumped with somebody else's debt and it's legal.
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Speaker 3: Yeah, over one hundred grand in debt she was left with,
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Speaker 3: and she paid off every cent plus interest. She did
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Speaker 3: it all by herself. She's debt free and now she's.
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Speaker 1: Truly she's just thriving.
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Speaker 3: She has her driving, she has a new partner. She
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Speaker 3: just genuinely radiated so much warmth and happiness. And to
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Speaker 3: look at her and be like, you have bloody been
2:21
Speaker 3: through it and you have come out the other side.
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Speaker 3: This beautiful, amazing person was so so inspirational.
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Speaker 1: It was epic. I loved her. Georgia King, Hello chusy
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Speaker 1: week being my love, A good week, good weak, good week,
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Speaker 1: not bad.
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Speaker 4: Yes, yes, that's always good week. I'm like from the
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Speaker 4: wardrobe of last time.
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Speaker 1: It's good to be back with the girlies. You're welcome,
2:42
Speaker 1: Welcome back to the Welcome back to the studio. What
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Speaker 1: happened on our deep dive this week? Gking on tour
2:47
Speaker 1: so we discussed.
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Speaker 4: How to have difficult conversations with your boss spicy, So
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Speaker 4: we covered things like salary, your workload, workplace culture and
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Speaker 4: so on.
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Speaker 1: Culture culture.
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Speaker 4: The main thing I feel like that came out of
3:02
Speaker 4: the chat was how to be assertive in the workplace,
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Speaker 4: which is something you're really good at. I'm looking at
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Speaker 4: Victoria for people that can't.
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Speaker 1: See it's actually yes, Jess is really asserted. Don't try
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Speaker 1: crossing her boundaries.
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Speaker 4: Is that you've learned since being it? She's on the
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Speaker 4: money jest? Or has it always come naturally?
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Speaker 1: Largely it came from working in a male dominator. I
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Speaker 1: don't think I started that. Yeah, it definitely would have different.
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Speaker 3: I've got a better You have taught me a lot,
3:26
Speaker 3: but yeah, I think working in a male dominated industry,
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Speaker 3: Like I kind of learned.
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Speaker 1: You just got her. Sometimes ye do it getting down
3:34
Speaker 1: they do right.
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Speaker 4: And a big part of that conversation was talking about
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Speaker 4: email etiquette, which we maybe so.
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Speaker 1: Passionate.
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Speaker 4: It was so interesting. We were saying you should always
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Speaker 4: take the word just out of your emails.
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Speaker 3: I remember that's a conversation we had in like my
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Speaker 3: first two or three weeks of employment. I got you
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Speaker 3: to read over something because I was new, and I
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Speaker 3: was a bit like, please help me, and you like
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Speaker 3: read over something that I'd sent, and you're like, delete, delete, delete, delete,
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Speaker 3: And I was like, and you're like, I just don't
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Speaker 3: think just.
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Speaker 1: The word absolutely not what I said.
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Speaker 3: And you said, I don't think that you should be
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Speaker 3: justifying your language. Just say what you mean. And I
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Speaker 3: was like, oh okay.
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Speaker 1: And now you feel so much more empowered.
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Speaker 3: I'm the queen of the one line email, Like, you
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Speaker 3: know what, don't waste anybody's time, I think is respectful.
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Speaker 4: Yeah, I'm still stuck in a land of smiley faces
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Speaker 4: and every center.
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Speaker 1: So nice to see you. Just wondering if I could
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Speaker 1: report explanation Mark, but like that's just it, right, and
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Speaker 1: who are we actually appeasing? There is that you thinking
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Speaker 1: you're going to be uncomfortable, and then if you contrast
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Speaker 1: it to AES email, which you know, they're not rude,
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Speaker 1: Like by any stretch of the imagination, you are always
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Speaker 1: kind to you always like, hey, Victoria, hope you've been well,
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Speaker 1: here's the thing I need from you. Let me know
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Speaker 1: when I can have it. And I just feel like
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Speaker 1: that's so direct, so clear. And we obviously deal with
4:54
Speaker 1: a lot of different stakeholders in the work that we do,
4:56
Speaker 1: whether it is clients or you know, talking to our
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Speaker 1: radio station or talking to book publishers or any other
5:02
Speaker 1: people that we're working with. Sometimes you just don't need
5:05
Speaker 1: the back and forth. You just need to be like, yep,
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Speaker 1: no problem, here's the time, here's the date, here's what's
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Speaker 1: going to happen, or vice versa. You're a bit confused
5:12
Speaker 1: about a lack of clarity because maybe you weren't so
5:14
Speaker 1: clear like, oh yeah, what about like three pm? No, no, no,
5:18
Speaker 1: like it's three pm. Like we are very clear about
5:21
Speaker 1: setting expectations so that we always have clarity, and I
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Speaker 1: think that the way you write emails just really helps that.
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Speaker 1: And it's you know, it's empowering to just be like, no,
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Speaker 1: I just say what I meant.
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Speaker 3: You shouldn't feel bad, Like, don't feel bad about saying
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Speaker 3: or asking for what you want or need or mean
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Speaker 3: like it is such a female thing. I think to
5:36
Speaker 3: really put it back on you to handle somebody else's
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Speaker 3: emotions and it's not your job.
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Speaker 1: Yeah, stretching that out though, we're obviously going to remove
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Speaker 1: this week from our emails as a community, the word just.
5:47
Speaker 1: We're going to delete the word that because that is
5:50
Speaker 1: a word that literally doesn't need to be there. Yeah,
5:54
Speaker 1: because it's a filler. No sentence needs the word that,
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Speaker 1: So remove that and also exclamation marks from the end
6:02
Speaker 1: of your sentences. No one needs to have a really
6:04
Speaker 1: good day like they just don't.
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Speaker 3: No, you know what, I'm very blunt, but you can
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Speaker 3: pry my exclamation marks from my cold dead fingers.
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Speaker 1: Okay, sorry, sorry, let's move on, George. Before we move
6:15
Speaker 1: on to money wins, this week, Jess has had a
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Speaker 1: bit of a money speaking about being asserted, being direct.
6:21
Speaker 1: How about you ask Jess how her weekend was and
6:25
Speaker 1: maybe what she got up to on Sunday this weekend,
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Speaker 1: j Rick talked to me.
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Speaker 3: We went to a wedding my partner and I and
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Speaker 3: we caught an uber. There was a bit of a
6:34
Speaker 3: gap between the ceremony and the reception, so caught an
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Speaker 3: uber home, got upstairs to the hotel. Probably two minutes
6:41
Speaker 3: between leaving the uber getting upstairs, my partner goes, forgot
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Speaker 3: my phone, left it in the backseat. Oh my gosh.
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Speaker 1: No.
6:48
Speaker 3: Call the uber man, say hi, I'm so sorry my
6:50
Speaker 3: partner's phones in the back of your car. He goes, yep,
6:52
Speaker 3: I've got it, but I've got a passenger. I'm like,
6:54
Speaker 3: you left me two minutes ago. How And he's like,
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Speaker 3: I'm really sorry. I'm on the way to the airport.
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Speaker 3: And I was like, no problems, totally get that. Okay,
7:02
Speaker 3: you're going somewhere. That's so fine. Can you come back
7:04
Speaker 3: to drop it off later? Obviously, like there's this thing
7:07
Speaker 3: through Uber you reimburse them for their trips, so it's
7:09
Speaker 3: not like he's out money, Like I will pay you
7:11
Speaker 3: to bring it back. It's my fault, my boyfriend's fault.
7:14
Speaker 3: Here's yep, no problems. Is this the best number? I'm like, yep, great,
7:17
Speaker 3: call you later. Wonderful. Everything's dreamy phone coming back. No, no, no, no,
7:23
Speaker 3: So it's seven o'clock. We head to the reception. It's
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Speaker 3: been four hours at this point, haven't heard from him.
7:28
Speaker 3: Starting to stress. Send him a text and say, Hey,
7:31
Speaker 3: just letting you know. We're heading back out. We're going
7:33
Speaker 3: to be at a different location. Just give me a
7:35
Speaker 3: buzz before you come down. I'll let you know where
7:37
Speaker 3: we are. Silence. We're at the reception. Reception goes late.
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Speaker 3: Of course, it's a party, we're celebrating. My phone dies
7:43
Speaker 3: and I start stressing. I'm convinced he's going to call
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Speaker 3: me and I'm going to miss it and I'm never
7:48
Speaker 3: going to see this phone again. So we leave, go home,
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Speaker 3: charge it. Crickets still, it's like midnight at this point.
7:55
Speaker 3: At this point, I realize that I have my boyfriend
7:57
Speaker 3: and fine my friends for like safety and you know,
8:00
Speaker 3: occasionally stalking purposes.
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Speaker 1: Sure, and so I look up his phone. Great, the phone, George. Yeah,
8:07
Speaker 1: you know, it's actually detrimental because I'm the type of
8:10
Speaker 1: person that, yeah, Jess just left. She calls me. She's
8:13
Speaker 1: like not absolutely, like storry, sorry.
8:17
Speaker 3: So I can see the phone. I'm like, okay, great,
8:19
Speaker 3: Well at least I know where he is, and I
8:21
Speaker 3: kind of monitor it for a few hours, he stays
8:23
Speaker 3: in the same spot. I go, okay, I'm going to
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Speaker 3: assume that's his house. Just kind of tuck that information
8:28
Speaker 3: away for later.
8:29
Speaker 1: What are you going to do with some dude's home addressed?
8:31
Speaker 1: She's on the money wreck anyway.
8:36
Speaker 3: So next day, still haven't heard anything. Call him again.
8:39
Speaker 3: He's ignoring my calls. Call James's phone, ignore you too.
8:42
Speaker 3: I called my partner's phone like sixteen times, like I thigive,
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Speaker 3: you know, if maybe he's driving in his car and
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Speaker 3: he hadn't seen it.
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Speaker 1: I'm so obsessed with me.
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Speaker 3: He must think I was a psycho. Well he by
8:54
Speaker 3: the end of the story, he definitely did, because you
8:57
Speaker 3: definitely are. The whole rest of the day goes on.
8:59
Speaker 3: I get in touch with Uber, I say, hey, I
9:01
Speaker 3: spoke to my driver. He confirmed he had it. Haven't
9:03
Speaker 3: gotten in touch with him since. They tried to get
9:05
Speaker 3: in touch with him, and emailed me back and said,
9:07
Speaker 3: we're really sorry. We couldn't get a hold of him either.
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Speaker 1: Weird. I was like, Okay, no problems, but he definitely
9:11
Speaker 1: has it because he told me he has it. Correct.
9:13
Speaker 3: Also, I've been stalking him. He definitely has it, Yeah,
9:16
Speaker 3: kind of freaking out at this point. So it gets
9:18
Speaker 3: to three o'clock the next day. He's had the phone
9:20
Speaker 3: for over twenty four hours. He's not picking up any
9:22
Speaker 3: of my ten million phone calls that I have left him,
9:25
Speaker 3: and we're kind of at a point where we're like,
9:27
Speaker 3: what do we do?
9:28
Speaker 1: What would Victoria do? Go to police? Victoria would go
9:31
Speaker 1: to the police and submit a police report. What did
9:34
Speaker 1: just do? Though? Is the real question here.
9:36
Speaker 3: We decided to jump in the car and drive it
9:38
Speaker 3: with the house. So we get on the freeway all active.
9:43
Speaker 1: I love it. I was so dangerous. We are not
9:45
Speaker 1: endorsing this story by any stretch of the imagination. You
9:49
Speaker 1: can't just turn up to a random man's house.
9:51
Speaker 3: I felt really bad about it, like a little bit invasive,
9:54
Speaker 3: and I didn't want to be a good person, but
9:56
Speaker 3: I had tried every other avenue. Anyway, We're driving to
9:58
Speaker 3: his house and then it moved, and I'm like, oh, no,
10:01
Speaker 3: is this about to be like the amazing Race two
10:03
Speaker 3: point zero where we're just chasing this man all over Melbourne?
10:05
Speaker 3: Spoiler it was, so we see him stop at a
10:09
Speaker 3: subway on the top of had I mean, I see
10:12
Speaker 3: him stop on find my friends, and it's not fine
10:17
Speaker 3: my friends anymore.
10:18
Speaker 1: It's fine my old uber driver.
10:19
Speaker 3: So I say to my boyfriend do we just give
10:21
Speaker 3: it a crack? And he's like, well, we didn't come
10:24
Speaker 3: this far and not try. So we drive to this subway.
10:28
Speaker 3: The subway is on the corner. We're at an intersection
10:31
Speaker 3: and my partner goes, I'm pretty sure I see the
10:33
Speaker 3: car and I'm blind, I'm not wearing the boss. I'm like, well,
10:37
Speaker 3: that sounds great, and he's like, I'm pretty sure someone
10:40
Speaker 3: just got into me.
10:41
Speaker 1: I would have been screeching too, I know you. It wasn't.
10:43
Speaker 3: Oh well, that's just great. It was like. So we
10:48
Speaker 3: scoot into the parking lot. The guy is getting ready
10:51
Speaker 3: to like leave, and I say to my partner, park
10:54
Speaker 3: behind and block him in.
10:55
Speaker 1: Oh my god, So what does she do? Parks behind himself.
11:01
Speaker 3: I eat out the car door, run around, and I
11:04
Speaker 3: get his window and he's looking at me like what
11:06
Speaker 3: is going on? And I didn't want to tap on
11:08
Speaker 3: the window because that just felt like too much.
11:11
Speaker 1: Because driving across the city to go to a random
11:15
Speaker 1: man's location is not too much, Oh my gosh, too much.
11:18
Speaker 1: Don't tap on his window. I would roll the line line.
11:23
Speaker 3: He rolls down the window. I go, Hi, excuse me,
11:25
Speaker 3: I'm so sorry, you have my phone? And he's like, what, Like, no,
11:28
Speaker 3: I don't. He looked so confused.
11:31
Speaker 1: He knew so sorry. I was in your yesterday. You called.
11:34
Speaker 3: You told me you have my phone, and he's like, ah, Jessica.
11:37
Speaker 3: I'm like yes, and he gave me this look like
11:40
Speaker 3: he just didn't know what to say, and so I
11:43
Speaker 3: just kind of preemptively cut the conversation. I was like,
11:45
Speaker 3: I am tracking this phone. I know that that's how
11:48
Speaker 3: we found you. Can I have it please? And he
11:51
Speaker 3: just kind of gives me this kind of sheepish look
11:53
Speaker 3: and pulls it out of his glove box and hands
11:56
Speaker 3: it and I go, thank.
11:57
Speaker 1: You so much.
11:57
Speaker 2: Run.
11:58
Speaker 3: I'm like, babe, dry screech out of there.
12:04
Speaker 1: Story I've ever heard anybody would like a lesson in audacity,
12:09
Speaker 1: just call Jessica.
12:12
Speaker 3: I regret nothing, but I absolutely wouldn't endorse.
12:16
Speaker 1: It in the future. I can recommend the police. They
12:19
Speaker 1: are they a great job, they do a great job
12:21
Speaker 1: at great community service, and they actually have this thing
12:24
Speaker 1: called a police report that you could smit, so you
12:27
Speaker 1: don't need to track someone to their house. In saying that, George,
12:30
Speaker 1: the thing I was surprised about was if you pick
12:33
Speaker 1: up an iPhone in twenty twenty two, that is going
12:36
Speaker 1: to be tracked absolutely, do you know what I mean? Like,
12:39
Speaker 1: how did you think you were going to get away?
12:41
Speaker 1: If that was his intention? Maybe he made me he busy,
12:44
Speaker 1: who knows, But if his intention was to keep the phone,
12:47
Speaker 1: why isn't it Dolph? Yeah, I don't know.
12:48
Speaker 3: The whole situation was really weird, and I feel like
12:51
Speaker 3: I should add an important detail here, which is my partner,
12:54
Speaker 3: who I think I've said before, is at UNI. His
12:55
Speaker 3: on placement. He moved that day, like because his placement
12:59
Speaker 3: was two hours away from where we lives. He literally
13:01
Speaker 3: was moving house that night. It was kind of like,
13:03
Speaker 3: I now will never situation to get this phone back.
13:05
Speaker 3: Otherwise he was like, I'm gonna have to go buy
13:07
Speaker 3: a new phone, and that's like a grandness so much
13:10
Speaker 3: so it was like an added level of pressure.
13:12
Speaker 1: Yeah. I was just like, I don't want you to
13:14
Speaker 1: have to buy a new phone, and I also don't
13:16
Speaker 1: want to not be in contact with my partner when
13:18
Speaker 1: he's moving away for placements.
13:19
Speaker 3: Like okay, right, yeah, so yeah, I got real hectic
13:22
Speaker 3: and just went fully rogue. Please don't do that, be safe.
13:24
Speaker 1: But all got a money win, money win. I did
13:26
Speaker 1: have to buy any h stove away from your creepy
13:30
Speaker 1: crazy story, Georgia King, what are the money wins from
13:33
Speaker 1: the shees on the money community? This way we got
13:35
Speaker 1: a couple.
13:36
Speaker 4: Jess is obviously my favorite for the wee, but I'll
13:39
Speaker 4: kick us off with Amelia, So money win. Last night,
13:42
Speaker 4: I was doing some online browsing as I've wanted to
13:45
Speaker 4: treat myself to a few new pieces of clothing, something
13:47
Speaker 4: that I rarely do. Just before I checked out my carts,
13:51
Speaker 4: I decided to follow the rule of putting twenty four
13:53
Speaker 4: hours between myself and my purchases. And boy did it
13:57
Speaker 4: pay off.
13:57
Speaker 1: Yes, Clack.
13:58
Speaker 4: This morning, I woke up having won a two hundred
14:01
Speaker 4: and fifty dollars voucher to Universal Store.
14:04
Speaker 1: Okay, that's not normal. You don't usually wake up your
14:06
Speaker 1: two hundred and fifty dollars in your account, guys, she said.
14:09
Speaker 4: Turns out all those little competitions you enter actually payoff.
14:13
Speaker 4: Sometimes in combination with a Uni Days discount code, I
14:16
Speaker 4: got two hundred and seventy five dollars worth of new
14:19
Speaker 4: clothing for free in money were not bad.
14:22
Speaker 1: I've got a cousin that is an absolute super slow
14:24
Speaker 1: thirt a competition like she is absolutely everything. She's won TVs.
14:28
Speaker 1: She just won trips to Hawaii, She's won multiple different
14:31
Speaker 1: flights like it's crazy. She's so good at it. See,
14:34
Speaker 1: I would just never do it. You've got to be
14:35
Speaker 1: in it as a mystic. Well, that's not in it,
14:37
Speaker 1: and that is the attitude.
14:38
Speaker 4: Well done, Amelia. The next week comes from Steph. After
14:41
Speaker 4: getting a personal loan at seventeen, I can finally say
14:45
Speaker 4: at thirty two that I have paid it.
14:47
Speaker 1: Oh, oh my gosh, I get it. I love that.
14:50
Speaker 4: The next one comes from Ellira. For the first time
14:53
Speaker 4: in my twenty nine years, I've saved five hundred dollars
14:56
Speaker 4: in a month with three kids, overwhelming living expenses and
14:59
Speaker 4: the ex e thensive petrol guzzling trips to UNI for
15:02
Speaker 4: a degree that is a sixty three kilometer drive from
15:04
Speaker 4: home and then sing me three cakes back as well
15:07
Speaker 4: a lot of kilometers twice a week, alongside full time.
15:10
Speaker 1: Work and three bambinis. Exactly. Oh my god, how did
15:13
Speaker 1: you even do that? I know? She said, She's pretty
15:16
Speaker 1: proud of herself.
15:17
Speaker 4: Her goal is to get to a five hundred dollars
15:19
Speaker 4: a month minimum to go on their first holiday at
15:21
Speaker 4: Christmas time. Oh my, well done, Eleira. The next wing
15:25
Speaker 4: comes from Emily. It's my birthday tomorrow.
15:27
Speaker 1: Happy Birthday, Emily.
15:29
Speaker 4: And today I got an email from boost Juice saying
15:32
Speaker 4: that I get a free smoothie.
15:33
Speaker 1: Oh my god, I sign up to that day three
15:35
Speaker 1: D the birthday freebies. There was a TikToker that went
15:38
Speaker 1: around the city. I followed her. She went around the
15:40
Speaker 1: Melbourne CBD just having a day of free stuff, Like
15:44
Speaker 1: she got free Goozminey Gomez, she got free boost Juice,
15:47
Speaker 1: like I think there was like a cupcake shop that
15:49
Speaker 1: gave her a free cupcakes. She's like free food day
15:51
Speaker 1: and I'm like, Hi, incredible here for this, what a
15:54
Speaker 1: point we love.
15:55
Speaker 4: The next won comes from Jemimah. I just bought my
15:57
Speaker 4: wedding dress off marketplace. It's in gore just condition and
16:00
Speaker 4: it's already been altered to be exactly my side. When
16:04
Speaker 4: the dress looks brand new, and I've saved myself thousands.
16:07
Speaker 1: Literally, and alterations are so expensive. Coming from a current bride,
16:10
Speaker 1: that's really, Oh my lord, they wedding dresses. Yeah, yeah, okay,
16:14
Speaker 1: of course insanely expensive. Like I nearly spat my tea
16:19
Speaker 1: out when I read the quote. Yeah, well, well done
16:21
Speaker 1: to you, Jemima. The next win comes from Hannah. I
16:24
Speaker 1: was in Coal's shopping today and I found some Veggie
16:27
Speaker 1: Geoza family packs. Normally they retail at eighteen dollars fifty each.
16:31
Speaker 1: They were on.
16:31
Speaker 4: Clearance for two dollars thirty months.
16:34
Speaker 1: I took all three were left. No shame.
16:36
Speaker 4: Now I have meals to last meet more than a
16:38
Speaker 4: week if it just under seven dollars.
16:41
Speaker 1: Yes, giosa are so unnecessarily expensive at the supermarket, Like
16:45
Speaker 1: I know exactly the one she's talking about, because the
16:48
Speaker 1: big white packet veggie Guosa eighteen dollars. I know it.
16:51
Speaker 1: I know it well.
16:52
Speaker 4: Sometimes thirty one there.
16:53
Speaker 1: That's a money win of a lifetime. Sometimes they have
16:56
Speaker 1: fifty percent off. They'll buy me two packets of Giyosa
17:00
Speaker 1: for the press of one baby. That takes me to
17:02
Speaker 1: our last money slush life win of the day. Imagen
17:06
Speaker 1: bought her first shares money loss. They immediately tanked, she said,
17:12
Speaker 1: luckily for the long term. Well, no one followed a
17:16
Speaker 1: man in an uber home. So I mean they're great money,
17:19
Speaker 1: exactly us. So good. All right, let's go to a
17:22
Speaker 1: quick break and when we get back, we are going
17:24
Speaker 1: to be talking about setting expectations with your workplace. And
17:28
Speaker 1: just wants to talk about the interest rates?
17:34
Speaker 3: Alrighty, I want to talk interest rates because we pre
17:36
Speaker 3: recorded a little early last week because of scheduling, which
17:40
Speaker 3: not great for us because then the RBA rates got announced.
17:43
Speaker 3: We han't chatted about.
17:43
Speaker 1: It that we are pre recorded our episode last week.
17:48
Speaker 1: Spoiler alert, you'll don't record it at five am on
17:50
Speaker 1: a Friday morning. What do you mean? I know? Crazy?
17:53
Speaker 1: Can you tell me we've got.
17:57
Speaker 4: You?
17:58
Speaker 1: Think? They just snorted?
18:01
Speaker 3: So for those who don't know, I'm pretty sure you
18:03
Speaker 3: would have seen at this point, but the RBA or
18:05
Speaker 3: the Reserve Bank for Australia increased the official cash rate
18:08
Speaker 3: from zero point one to zero point three five percent,
18:10
Speaker 3: which was the first increase since twenty ten, which had
18:15
Speaker 3: a lot of people in a bit of a tailspin.
18:17
Speaker 3: People going, oh my god, this is crazy, this is ridiculous.
18:20
Speaker 3: How is this going to impact me? The ultimate idea
18:23
Speaker 3: of it and correct me if I'm wrong. V it's
18:25
Speaker 3: aimed at reducing inflation, right, yes, sir. And essentially that
18:29
Speaker 3: is because commercial banks will be paying this higher rate
18:32
Speaker 3: of interest on the money that they borrow on their
18:34
Speaker 3: short term loans, and then they then pass that increase
18:37
Speaker 3: expense onto us, the consumers. So that will mean that
18:40
Speaker 3: if you have a loan with a bank, or if
18:42
Speaker 3: you have a credit card or any line of credit,
18:45
Speaker 3: more likely than not you're going to be paying more.
18:47
Speaker 3: And so if you're paying more, there people are more
18:49
Speaker 3: likely to be saving in their savings accounts, which hopefully
18:53
Speaker 3: we'll see a little bit of an increase as well.
18:55
Speaker 3: Not required, but we can hope, we lay in hope
18:59
Speaker 3: we do for people in this office, and that reduces spending,
19:02
Speaker 3: which reduces demand, which consequently reduces inflation. It's a whole big, long,
19:05
Speaker 3: slow on effect. My economics teacher in your ten would
19:08
Speaker 3: be very proud of me right now. But v we
19:10
Speaker 3: put up a post on Instagram summarizing this. If you're
19:12
Speaker 3: a visual learner, I would highly recommend going and having
19:15
Speaker 3: a look at that. And we got some really good bias.
19:17
Speaker 3: You did make that, indeed I did. I would really
19:19
Speaker 3: appreciate any and all compliments and feedback, but please tell
19:23
Speaker 3: me that was a pretty post. We got some really
19:25
Speaker 3: good questions, so I thought we could just chat about it,
19:27
Speaker 3: talk about the outcome. I know as well, you personally,
19:30
Speaker 3: V have a perspective on this that is a little
19:32
Speaker 3: bit different from what we've been seeing pumped down in
19:34
Speaker 3: the media.
19:35
Speaker 1: So I aways feel like I'm just going rogue. I'm like,
19:38
Speaker 1: I don't care, and everyone's like, you have to care,
19:40
Speaker 1: and I'm like, it's not as important as you seem
19:42
Speaker 1: to think it is. And it is totally important. I
19:45
Speaker 1: get it, but I feel like the media jumps up
19:48
Speaker 1: and down and makes things sound terrifying when in reality
19:50
Speaker 1: they're not. And we'll get to that, But why don't
19:52
Speaker 1: we ask some questions so that I don't go on
19:54
Speaker 1: and Victoria Devine rant, My favorite part about this ge
19:57
Speaker 1: is she hasn't prepped me on these questions, so these rogans,
20:00
Speaker 1: it's really nice from Jess this week. Thank you for
20:02
Speaker 1: the preparation. I'm so welcome.
20:04
Speaker 3: So a lot of people are saying that they just
20:06
Speaker 3: don't understand how making loans and other things more expensive
20:10
Speaker 3: is going to reduce inflation. They say it seems a
20:13
Speaker 3: little bit counterintuitive to be like, hey, everything costs more,
20:16
Speaker 3: let's add on the cost of your loans to that
20:18
Speaker 3: as well.
20:19
Speaker 1: Yep, So the economic consequences of that, Like that's purposeful. Essentially,
20:24
Speaker 1: what they want to do is increase interest rates, because
20:27
Speaker 1: increased interest rates lead to a downturn in economic activity.
20:32
Speaker 1: So you're going to borrow less money, you're going to
20:34
Speaker 1: be transacting a little bit less, you're probably going to
20:37
Speaker 1: save a bit more, create a bit more economic stability.
20:40
Speaker 1: And that's the point. That's why they're increasing the rates.
20:43
Speaker 1: That's the point. Right, The higher the interest rate, the
20:46
Speaker 1: less likely you are to go and get a mortgage, right, Jess,
20:49
Speaker 1: this is helping with inflation because the costs of goods
20:53
Speaker 1: and services won't increase when the interest rate is so high.
20:58
Speaker 1: So I've done this on purpose, But the whipside of
21:00
Speaker 1: that is it could actually end up impacting unemployment and
21:04
Speaker 1: wage growth as well. So it's kind of a like
21:06
Speaker 1: two sided coin where you're like, Yep, this is good.
21:09
Speaker 1: We need to slow down inflation because up until March
21:12
Speaker 1: this year, for the last quarter, we've actually had the
21:14
Speaker 1: biggest increase in inflation. And I think they're freaking out
21:17
Speaker 1: a bit and just going far out. We can't keep
21:19
Speaker 1: that up. It's actually in our best interest to increase
21:22
Speaker 1: the interest rate because it means that bread and milk
21:26
Speaker 1: and all of these consumables are not going to increase
21:29
Speaker 1: as dramatically and as rapidly as it could if we
21:33
Speaker 1: didn't have some kind of cap to put on it.
21:35
Speaker 1: So they're kind of trying to put on a lid
21:36
Speaker 1: on it in a way.
21:37
Speaker 4: So does that mean be that the price of groceries
21:40
Speaker 4: and petrol and stuff? Will that actually decrease?
21:41
Speaker 1: My friend keep dreaming. That is absolutely not how it works. No,
21:45
Speaker 1: it doesn't make it go backwards. I'm really sorry. But
21:48
Speaker 1: what it will mean is that it all stays stagnant,
21:51
Speaker 1: and we want stagnant when it comes to inflation. We
21:53
Speaker 1: just want things to sit pretty and not increase. I've
21:56
Speaker 1: seen a lot across Instagram about what inflation means for hospitality,
22:00
Speaker 1: and at the moment it just feels a little bit
22:02
Speaker 1: scary because it's small things that really add up. Like
22:05
Speaker 1: they're saying a five dollar latte in the Melbourne CBD
22:08
Speaker 1: is going to end up being five dollars fifty and
22:10
Speaker 1: I know for a lot of people, you're going to
22:11
Speaker 1: go Victoria. Five dollars for a latte is already ridiculous,
22:14
Speaker 1: but it's that fifty cent growth that's happened over three
22:18
Speaker 1: months that you go, well, if that happened over a year,
22:21
Speaker 1: that's actually two dollars, and that's actually a lot of money.
22:24
Speaker 1: Imagine if this time next year, if we didn't cap inflation,
22:28
Speaker 1: we'd actually be paying seven dollars for a latte. So, like,
22:30
Speaker 1: I think we need to see what we're trying to
22:32
Speaker 1: stop and not go, oh, my gosh, they're trying to
22:34
Speaker 1: increase interest rates in the property market's already so hard
22:38
Speaker 1: to get into it. It's like, no, we're actually trying
22:40
Speaker 1: to make it so that you can afford your life
22:42
Speaker 1: still and you can still afford to put food on
22:43
Speaker 1: the table. Yes, the property market will be impacted, but
22:47
Speaker 1: not as significantly as you seem to think it is,
22:49
Speaker 1: or as the media seems to think it's going to
22:52
Speaker 1: be impacted.
22:53
Speaker 3: On that note, the other thing that I'm seeing a
22:54
Speaker 3: lot of people talking about is their mortgages and people
22:57
Speaker 3: being really concerned about the impact of this increase and
23:00
Speaker 3: the rates is going to have on their repayments. What's
23:02
Speaker 3: that going to look like?
23:03
Speaker 1: It's not as bad as you think it is. It's
23:05
Speaker 1: still obviously something that we need to budget for. So
23:08
Speaker 1: on a five hundred thousand dollars loan each and every
23:11
Speaker 1: single month, you're looking at a difference of about sixty
23:14
Speaker 1: five dollars, So it's a lot. But at the same time,
23:17
Speaker 1: it's not like your mortgage repayments have tripled. So a
23:19
Speaker 1: current mortgage repayment on half a million dollars is going
23:22
Speaker 1: to look like nineteen hundred and sixty seven dollars, and
23:26
Speaker 1: the new mortgage repayment will look like two thousand and
23:29
Speaker 1: forty one dollars, which is not massive. But when you
23:33
Speaker 1: start to look at what mortgages around Melbourne actually look like,
23:36
Speaker 1: the average property price in Melbourne and in Sydney is
23:39
Speaker 1: more than a million dollars, right, terrifying? Terrifying. Can you
23:42
Speaker 1: imagine telling your parents that twenty years ago, like when
23:45
Speaker 1: your kids want to buy property, it's going to be
23:47
Speaker 1: more than a million dollars. They wouldn't have believed you, No,
23:50
Speaker 1: I don't think they would. They would have all started
23:51
Speaker 1: investing more in property. Yeah, but a million dollar mortgage
23:55
Speaker 1: is looking at about an increase of one hundred and
23:57
Speaker 1: thirty one dollars monthly, so as much is that sounds
24:01
Speaker 1: really scary? And yes, that's absolutely going to be in
24:04
Speaker 1: some way, shape or form passed along to us. I
24:07
Speaker 1: think the important thing here is not jumping up and
24:09
Speaker 1: down about your mortgage rate increasing. It's actually about going,
24:12
Speaker 1: gin know what am I putting myself in the best
24:15
Speaker 1: possible position right now? Have I spoken to a mortgage
24:18
Speaker 1: broker recently and actually said is this the best rate
24:21
Speaker 1: and structure for me? Because so many people that have
24:24
Speaker 1: DMed me over the last week to talk about interest rates,
24:27
Speaker 1: have you know, asked about their mortgage and they've been like,
24:29
Speaker 1: they are my interest rates going to increase? This is ridiculous,
24:33
Speaker 1: they can't afford that. And I just go okay, like
24:35
Speaker 1: I totally get that quick, perfect question. What are you
24:37
Speaker 1: paying right now? And they're like, oh, my mortgage is
24:39
Speaker 1: at like three and a half percent. I'm like, nosis, like,
24:41
Speaker 1: when was the last time you revisited that? And they're like, oh,
24:44
Speaker 1: like four or five years ago. And I'll be like,
24:46
Speaker 1: at the moment interest rates are sitting at about two
24:49
Speaker 1: and a half, reasonably, go and get that refinanced, and
24:52
Speaker 1: you're actually going to be even better off. So I
24:55
Speaker 1: think this, from my perspective, is a bit of a
24:57
Speaker 1: kick in the bottom to make sure that one you're
24:59
Speaker 1: not over subscribe to, you know, streaming services and having
25:03
Speaker 1: a look at your budget and seeing what you can
25:04
Speaker 1: cut out of there, and having a look at refinancing
25:07
Speaker 1: your mortgage if it's time to do that. I think
25:10
Speaker 1: that we can be far more proactive than we are.
25:12
Speaker 1: Please don't get me wrong. It is a lot to ask,
25:15
Speaker 1: you know, if you had half a million dollars left, Hey, Jess,
25:17
Speaker 1: can you find another sixty five bucks a month? Like
25:20
Speaker 1: that is hard, But I think that there's a lot
25:22
Speaker 1: of things that we can do ourselves to put ourselves
25:25
Speaker 1: in the best possible financial position.
25:28
Speaker 3: And those numbers we're sharing are based on an initial
25:31
Speaker 3: rate of two point five and an updated brave two
25:32
Speaker 3: point seventy five. Obviously it's going to very depending on
25:34
Speaker 3: where you start where you finish. We do have a
25:36
Speaker 3: handy dandy again, a great little piece of content on
25:39
Speaker 3: the Instagram, that little cheeky picture some clever gal that
25:42
Speaker 3: that gives you a really good overview if you're a
25:44
Speaker 3: visually it myself.
25:46
Speaker 4: Yeah, So on the flip side of this fee, I
25:49
Speaker 4: think I've heard that maybe this could be good for
25:52
Speaker 4: potential first home buyers because maybe people that can't afford
25:56
Speaker 4: their mortgages will fold and then there's an opportunity for
26:00
Speaker 4: first time buyers to enter the market.
26:02
Speaker 1: Is that true or is that that's absolutely true? It
26:05
Speaker 1: could happen. Like, if you think about it, there are
26:07
Speaker 1: a lot of people around Australia who are struggling to
26:10
Speaker 1: pay their mortgages and this is going to add a
26:11
Speaker 1: really unnecessary level of pressure that they have to deal with.
26:15
Speaker 1: So it might mean that people do choose to sell
26:17
Speaker 1: their properties because they're like, do you know what? Unaffordable?
26:20
Speaker 1: Can't do it anymore? And there are going to be
26:21
Speaker 1: people in that position. Does that mean that there's going
26:24
Speaker 1: to be an influx of properties that are suitable for
26:27
Speaker 1: first home buyers. Maybe? And the reason I say maybe
26:30
Speaker 1: is because more often than not, more expensive your property,
26:34
Speaker 1: the less likely you are to struggle financially to pay
26:36
Speaker 1: that mortgage. If you've got a two and a half
26:38
Speaker 1: million dollar property, g very likely you've got the cash
26:41
Speaker 1: flow to support that and like you know, one hundred
26:44
Speaker 1: and thirty one or two hundred and sixty two dollars
26:46
Speaker 1: a month or your two million dollar mortgage, it's probably
26:48
Speaker 1: not that much of a stretch. But when you have
26:51
Speaker 1: a three hundred thousand dollar mortgage and you know you're
26:54
Speaker 1: up to your eyeballs in personal debt and you've been
26:56
Speaker 1: trying to pay all of that off, it is a
26:58
Speaker 1: massive stretch. So yes, it could free up some property.
27:02
Speaker 1: But does that mean the property prices are going to decrease? Maybe?
27:06
Speaker 1: Maybe not, because property prices are driven by demand, so
27:11
Speaker 1: there are already so many first home buyers. We're sitting
27:13
Speaker 1: at a table with one, Miss Jessic Gricci is desperately
27:16
Speaker 1: trying to find a property. Do those first home buyers
27:20
Speaker 1: demands go away? Absolutely not. So I don't know if
27:23
Speaker 1: it will mean that there is going to be a
27:25
Speaker 1: reduction in price on the properties, but rather an increased
27:28
Speaker 1: in saturation and an increase in being able to access them.
27:32
Speaker 1: But I don't know how much that will impact how
27:35
Speaker 1: much you end up paying for that property.
27:37
Speaker 4: Does that make sense, Yeah, it'd be interesting to see
27:39
Speaker 4: what happens.
27:39
Speaker 3: There's been talk that this increase is the first of
27:43
Speaker 3: more to come. Do you think it's likely that we're
27:45
Speaker 3: going to see more over the next year, and if so,
27:48
Speaker 3: is there anything we need to be doing to prepare.
27:50
Speaker 1: Look, I think always having a tight budget and cash
27:53
Speaker 1: flow and being really aware of what's coming into your
27:55
Speaker 1: bank account, what's going out if your bank account is
27:57
Speaker 1: always going to be the basis of what I practice
27:59
Speaker 1: and what I preach and what I jump up and
28:01
Speaker 1: down about. Yes, it is very very likely that our
28:05
Speaker 1: rates are going to increase again. Is it fair? Yes?
28:08
Speaker 1: Is it going to increase soon potentially? Do we have
28:11
Speaker 1: any idea of what that looks like. No. The RBA
28:14
Speaker 1: are going to be meeting again on the seventh of June,
28:16
Speaker 1: which means that's when we'll get a little bit more
28:19
Speaker 1: clarity on what that looks like. But the thing I
28:21
Speaker 1: want to share here is actually what inflation looks like
28:24
Speaker 1: around the world because Australia at the moment we kind
28:26
Speaker 1: of live in a little bubble right Like, our media
28:29
Speaker 1: isn't as broad as it is internationally. We always see
28:33
Speaker 1: Australian media outlets they're obviously going to get a b
28:36
Speaker 1: in their bonnet about what it means to increase inflation,
28:39
Speaker 1: and we're like, this is horrendous. It's the worst in
28:42
Speaker 1: the last three months that it's been in the last
28:44
Speaker 1: twenty years and you just go, great, what does that
28:46
Speaker 1: actually mean? So let's contextualize this a little bit. In Iran,
28:50
Speaker 1: their inflation rate is sitting at twenty nine point nine percent,
28:53
Speaker 1: a lot, Turkey sixteen point three percent, Nigeria twelve point one.
29:00
Speaker 1: Then we go down and down and down, and Australia
29:03
Speaker 1: doesn't even make the top five. So I think to
29:06
Speaker 1: contextualize this a little bit. Yeah, it does suck. Yes
29:09
Speaker 1: it is going to impact us, but we've been living
29:12
Speaker 1: in a world where our government during COVID has really
29:15
Speaker 1: tried to cushion our fall from this to make sure
29:18
Speaker 1: that we're not feeling inflation as much because we obviously
29:21
Speaker 1: have a bit tighter purse strings during COVID and everyone's
29:23
Speaker 1: financially impacted. And now they actually need to start letting
29:27
Speaker 1: out that inflation so that we can go back to
29:30
Speaker 1: what is going to be COVID normal. Right, So they
29:33
Speaker 1: do need to increase it slightly, But I think the
29:35
Speaker 1: important thing here is context and it's going Look it
29:39
Speaker 1: is increasing. Does it suck, absolutely, but look at Iran,
29:43
Speaker 1: like look at what's going on around the world. Inflation
29:46
Speaker 1: is very normal. It does not mean that our government
29:48
Speaker 1: is doing the wrong thing. It's actually an outcome of
29:51
Speaker 1: a healthy economy and this is a good thing. So
29:54
Speaker 1: during the midst of you know, we have had announced
29:56
Speaker 1: this week earlier on Monday, I got an email I
29:59
Speaker 1: don't know if you guys got it that said the
30:01
Speaker 1: early voting's open. And obviously right now our media is
30:04
Speaker 1: completely saturated with political paraphernalia. Let's call it that. It's
30:09
Speaker 1: not propaganda, but like they do sledge each other a
30:12
Speaker 1: fair bit. Jess, you and I we were having a
30:13
Speaker 1: conversation earlier. It's insane to me that they can just
30:17
Speaker 1: be so mean. It's to be childish, isn't it. Yeah, Jess,
30:20
Speaker 1: you were talking about the YouTube ad.
30:22
Speaker 3: Yeah, there's a YouTube George, I don't know if you're
30:23
Speaker 3: saying there's a YouTube ad that's running at the moment.
30:25
Speaker 3: And I am not going to name names because I
30:28
Speaker 3: just don't want people to think we're fulling one side
30:30
Speaker 3: or the other.
30:30
Speaker 1: No, we have no opinion here. We have a platform.
30:32
Speaker 1: It is not our place to tell you what decision
30:34
Speaker 1: to make.
30:34
Speaker 3: Correct, but it was obviously an ad put out by
30:37
Speaker 3: one of the major political parties, and it was do
30:39
Speaker 3: you ever watch the TV show at Angela Anaconda where
30:42
Speaker 3: it was like that weird black and white paper I
30:45
Speaker 3: don't know what type of media you would call up.
30:47
Speaker 3: It was done in the same style and it had
30:49
Speaker 3: the premiere of a state and one of the political
30:53
Speaker 3: campaigners depicted as a Marionette doll, and it was just
30:59
Speaker 3: so DYSTOPI And I was like, why are we having
31:02
Speaker 3: these people build their platforms sledging other people than just
31:07
Speaker 3: sharing what they stand for? Deperate because somebody would have
31:10
Speaker 3: spent so much money to produce and run that ad,
31:14
Speaker 3: and I go.
31:14
Speaker 1: I know you, just like you paid for this.
31:16
Speaker 3: I found it a little bit gross. And I feel like,
31:19
Speaker 3: you know, a lot of people are focusing on the
31:21
Speaker 3: wrong things instead say what they do stand for. They're
31:23
Speaker 3: just trying to make other people look bad and it
31:26
Speaker 3: just goes.
31:27
Speaker 1: For them and they are naughty, naughty, naughty, Like I
31:29
Speaker 1: feel like that is so true. But I'm bringing that
31:31
Speaker 1: up because I want to just preface that this is
31:34
Speaker 1: going on alongside an election, which means that people are
31:38
Speaker 1: automatically going to one make a bigger deal out of it,
31:40
Speaker 1: but two make it look like the other party's fault. Yeah,
31:44
Speaker 1: but at the end of the day, this is just economics,
31:46
Speaker 1: and this is how it works. And yes, they are
31:48
Speaker 1: going to try and drag it in and talk about
31:50
Speaker 1: it and make it look like they're going to do
31:52
Speaker 1: so many things and stop this and stop that, and
31:54
Speaker 1: they're going to put you, Georgia King in a much
31:56
Speaker 1: better position when in reality, like they don't have a
31:59
Speaker 1: lot of control over that. So I think being really
32:01
Speaker 1: cautious of what people saying at the moment is really important.
32:04
Speaker 1: And a few people have slid into my DMS being like, Vie,
32:07
Speaker 1: who are you voting for? Like I think that you'll
32:09
Speaker 1: know who to vote for, and I'm like, nope, I'm
32:11
Speaker 1: not sharing that. That is not my place. I actually
32:13
Speaker 1: promote you guys living by your own values. And there
32:15
Speaker 1: is a website it is vote Compass dot ABC, dot
32:18
Speaker 1: net dot au, which is a fantastic website that you
32:22
Speaker 1: can go to and you can find out how your
32:25
Speaker 1: personal views compared to Australian political parties so that you
32:28
Speaker 1: can make the right decision for you. And I would
32:30
Speaker 1: absolutely recommend going to that. That's obviously not sponsored, not indoors,
32:34
Speaker 1: they haven't asked us to do that. I just really
32:37
Speaker 1: want you guys to be voting with your genuine values,
32:41
Speaker 1: not what you're seeing on social media or not what
32:43
Speaker 1: you're seeing, you know, a YouTube commercial slander someone with
32:47
Speaker 1: So I think it's really important to know our own
32:49
Speaker 1: values and that vote Compass website is actually really good
32:52
Speaker 1: for that. But let's move on friends.
32:54
Speaker 4: Alrighty guys, I think it's time for money question of
32:57
Speaker 4: money dilemma?
32:58
Speaker 1: Who's with me? Lie song? You know, like Drake, I
33:02
Speaker 1: want that hot Lablie.
33:03
Speaker 4: We'll go on the street as it's brewing in the background.
33:05
Speaker 4: I've heard that worked on I'm.
33:07
Speaker 1: Pretty sure you're on your streets. So we won't have that.
33:11
Speaker 1: We will have the poor royalty free version. Hi.
33:16
Speaker 4: There have you got up money dilemma you just can't solve?
33:19
Speaker 4: The Sheese on the Money team is here to help.
33:21
Speaker 4: Every week, we tackle your dilemmas, both big and small,
33:24
Speaker 4: to answer your most burning money, career and life questions.
33:28
Speaker 4: To get involved, simply head to our website and leave
33:30
Speaker 4: us a quick voice recording and you may just find
33:32
Speaker 4: yourself on the show. Now, let's take a listen to
33:35
Speaker 4: today's money dilemma.
33:37
Speaker 5: Hey, chicks, I'm just wondering, what is your advice or
33:40
Speaker 5: commentary on workplaces that normalize things like not taking your
33:44
Speaker 5: full lunch break or not taking one at all, or
33:47
Speaker 5: places that expect you to stay back late, way beyond
33:50
Speaker 5: your contract hours regularly, or even expect you to do
33:53
Speaker 5: overtime for free. I find myself in these places far
33:57
Speaker 5: too often and never want to get the boss off side,
34:01
Speaker 5: but also these things are unreasonable and want to advocate
34:05
Speaker 5: for myself.
34:06
Speaker 1: This one's spicy. You guys are employed, I feel like
34:09
Speaker 1: I have a lot of audacity and I would say
34:11
Speaker 1: a lot of colorful things to an employer who expected
34:13
Speaker 1: that of me. But before we get there, I don't
34:16
Speaker 1: know our money diarrest from a bar of soaps. She's
34:19
Speaker 1: obviously a fabulous member of the she's on the money community. However,
34:22
Speaker 1: I do think before we start this conversation, we need
34:25
Speaker 1: to outline the fact that if we're going to talk
34:27
Speaker 1: about this, we are talking about unreasonable. I don't know.
34:30
Speaker 1: I feel like if you're in a nine to five
34:31
Speaker 1: Monday and a Friday job, like there is a thing
34:33
Speaker 1: called reasonable overtime, where you know, if you've just got
34:36
Speaker 1: a really busy workplate, you do have to do a
34:39
Speaker 1: few extra hours of work one week, and you're not
34:41
Speaker 1: going to find yourself in a position where you're getting
34:43
Speaker 1: paid over time. I feel like there's this ebb and
34:45
Speaker 1: flow nowadays where gen z or what are they called
34:49
Speaker 1: the TikTok community. I feel like a boomer right now,
34:54
Speaker 1: but you know, like the younger the young ins these
34:57
Speaker 1: days seem to think that any time of overtime is ridiculous,
35:01
Speaker 1: and any minute of my lunch break that has been
35:04
Speaker 1: you know, eaten into is absolutely ridiculous. And I totally
35:07
Speaker 1: agree that boundaries need to be set in a workplace.
35:09
Speaker 1: But I think we're talking this is beyond reasonable overtime,
35:13
Speaker 1: and it's beyond you know, maybe one time missing your
35:16
Speaker 1: lunch break. We're talking about consistency here and boundaries being
35:19
Speaker 1: overstepped and maybe you're feeling really uncomfortable about it. Is
35:23
Speaker 1: that a fair thing to disclaim it with? Yeah?
35:25
Speaker 3: I mean that's an inclusion in a lot of contracts nowadays,
35:28
Speaker 3: is that you work your your hours up to and
35:31
Speaker 3: including what they deem reasonable. And I think the point
35:34
Speaker 3: here is that some workplaces, more so than others, take
35:37
Speaker 3: the piece a little bit.
35:37
Speaker 1: And I definitely do. That's why I needed to disclaim
35:40
Speaker 1: it so you guys can't pipe up and be like,
35:42
Speaker 1: what do you mean, what's a lunch break happen on
35:45
Speaker 1: my own show?
35:46
Speaker 3: Yeah? So I think like, yeah, there's a big difference
35:48
Speaker 3: between oh my gosh, today there's this one big project,
35:51
Speaker 3: and if I leave at five o'clock on time like
35:53
Speaker 3: I'm supposed to, someone else is going to have to
35:55
Speaker 3: stay back by themselves to finish it. YEA, rather than
35:58
Speaker 3: a systemic where three lunch breaks, stay back late every
36:01
Speaker 3: day because if you don't, you're not seen to be
36:04
Speaker 3: working as other people.
36:05
Speaker 1: It's that culture and I used to work in that
36:08
Speaker 1: culture and it's disgusting and I feel like it's really
36:10
Speaker 1: bad if your mental health. It's arguably very bad for
36:12
Speaker 1: your physical health. But I want to hear before I,
36:16
Speaker 1: you know, put these people in blust. What would you
36:18
Speaker 1: guys do, Jess, I know you've worked incredibly corporately before.
36:21
Speaker 1: Have you run into this before? Yeah? I have.
36:24
Speaker 3: And it's interesting. I think like how I would handle
36:26
Speaker 3: it now and how I would have handled it when
36:28
Speaker 3: I was younger, you know, older, more confident, more assertive.
36:31
Speaker 3: As we discussed earlier, I think when I was younger,
36:34
Speaker 3: a lot of the time I just kind of copted
36:36
Speaker 3: it on the chin and then complained about it's my
36:38
Speaker 3: friends kind of like, well, I'm going to do it
36:41
Speaker 3: because I don't want to kiss anybody off.
36:42
Speaker 1: Yeah, well I'm going to do it, but I'm going
36:44
Speaker 1: to silk about it, okay, correct?
36:46
Speaker 3: Whereas now I think it's about having a conversation because
36:49
Speaker 3: I mean, maybe your employer or your manager or your
36:53
Speaker 3: team aren't realizing the amount of time that you're putting in.
36:56
Speaker 3: Should they be paying attention to anything that? Yes, but
36:59
Speaker 3: let's not make it asumptions. Maybe it is just as
37:01
Speaker 3: simple as raising it and saying, hey, can I get
37:04
Speaker 3: some time in loop for all of the time that
37:06
Speaker 3: I'm staying back or is there something that we can absolutely?
37:09
Speaker 3: But the flip side of that is and I feel
37:12
Speaker 3: like we really have to say it because I don't
37:13
Speaker 3: want to be like, yeah, girl boss, tell them and
37:17
Speaker 3: then have someone experienced negative repercussions.
37:19
Speaker 4: Yeah.
37:20
Speaker 1: Absolutely, It's there's a tough conversation to have, right And
37:22
Speaker 1: there is the chance that if you do start raising
37:24
Speaker 1: these issues, if the workplace you're in has a poor
37:28
Speaker 1: culture and they are actually toxic, there is a chance
37:31
Speaker 1: that there will be negative ramifications for you, and it
37:34
Speaker 1: might be that you are put on some kind of notice.
37:36
Speaker 1: It might be that you're told that culturally you're not
37:39
Speaker 1: the best fit for them because you're not meeting their
37:41
Speaker 1: expectations of what they deem is reasonable.
37:44
Speaker 3: Is that shit? One thousand percent? And I would say
37:47
Speaker 3: if that is the case, probably not a workplace you
37:50
Speaker 3: want to be in long term.
37:51
Speaker 1: Absolutely agree, But you don't want to shoot yourself in
37:53
Speaker 1: the foot when you really need to have your job.
37:55
Speaker 3: Well, And that's it. That's why I think it's important
37:57
Speaker 3: to just say, hey, should you stand up for yourself?
38:00
Speaker 3: One thousand percent? But also I don't want to be
38:02
Speaker 3: the reason that somebody says something and then goes, oh
38:04
Speaker 3: my god, I lost my job.
38:05
Speaker 5: Yeah.
38:05
Speaker 1: Absolutely.
38:06
Speaker 4: From an employee rights perspective, though, can you lose your
38:09
Speaker 4: job for asking if.
38:10
Speaker 1: You should have theoretically lunch break you're entitoretically absolutely not Georgia.
38:14
Speaker 1: That would blacklist you a little bit. Oh George, you're
38:17
Speaker 1: just not a good cultural fear. Yeah, it's like you're
38:20
Speaker 1: not going to say it was your lunch break. No,
38:22
Speaker 1: Like you're culturally not the best fear. If you're on
38:24
Speaker 1: probation as well, it's a really easy thing for employers
38:28
Speaker 1: to kind of you know, be like, oh, you know what,
38:30
Speaker 1: it just didn't work out, see you later, or like
38:32
Speaker 1: performance management. There are all of these tools that, yes,
38:35
Speaker 1: there are, You're right, like, they couldn't just turn around
38:37
Speaker 1: be like Georgia and you're taking a lunch break every
38:39
Speaker 1: day you're fired. But with that being said, especially having
38:42
Speaker 1: worked in a couple of somewhat toxic workplace cultures previously,
38:46
Speaker 1: she's on the money.
38:47
Speaker 3: No, there are definitely things that an employer can do
38:51
Speaker 3: if they want to, if they are dissatisfied like that,
38:53
Speaker 3: and if you are experiencing anything like that, a thousand percent,
38:56
Speaker 3: hit up your union, hit up Fair Work Australia. They
38:59
Speaker 3: are a friends, fantastic, fantastic resource because nobody should be
39:03
Speaker 3: experiencing that. But it's one of those things where it's
39:06
Speaker 3: really hard, I think, to police to the fullest extent,
39:09
Speaker 3: because you can have one opinion and you can say, oh,
39:12
Speaker 3: my god, I know that the reason this is happening
39:14
Speaker 3: is because I stood up for myself because I didn't
39:16
Speaker 3: want to do that over time. But then your employer
39:18
Speaker 3: could turn around and say, oh, actually they weren't getting
39:21
Speaker 3: along with other people, or they didn't culturally quite fit
39:24
Speaker 3: in or the positions become redundant, or any other number
39:27
Speaker 3: of things that you go And we don't mean to
39:29
Speaker 3: scare you, but I think it's a really important preface
39:32
Speaker 3: to make because I would hate for someone to walk
39:34
Speaker 3: away from this.
39:36
Speaker 1: That's a lot of tickets on ourselves. Imagine just assuming
39:38
Speaker 1: that people are going to walk away from listening to
39:40
Speaker 1: our contents super empowered, like, oh my god, I listened
39:43
Speaker 1: to another Shit's on the Money episode and now I'm
39:45
Speaker 1: going to take over the world and tell my boss
39:47
Speaker 1: to jump Like that's a few tickets. But let's assume
39:50
Speaker 1: that that's the case. But I think it's also about
39:52
Speaker 1: setting really healthy boundaries and starting to, you know, not
39:55
Speaker 1: necessarily be super confrontational. But if your boss gives you
39:59
Speaker 1: a t at four point thirty in the afternoon and
40:02
Speaker 1: you know that that's going to take you past your
40:05
Speaker 1: five pm finish, and you know you might have something book,
40:08
Speaker 1: do a drink with a friend, or you might just
40:09
Speaker 1: want to go home to sit on the couch with
40:11
Speaker 1: your cat. I think setting really healthy boundaries and just going, hey, Jess,
40:15
Speaker 1: thanks so much. Is it a right if I get
40:17
Speaker 1: to that in the morning, And they might go why
40:18
Speaker 1: and you'll be like, oh, well, I just don't have
40:20
Speaker 1: enough time today to do it, Like I've got to
40:22
Speaker 1: leave at five, and unfortunately this looks like a two
40:25
Speaker 1: hour task. And I think it's about starting to set
40:28
Speaker 1: really healthy boundaries where they know that you're just not
40:31
Speaker 1: willing to take that on. I think that there's a
40:34
Speaker 1: very big difference between Hey, you're willing to take on
40:36
Speaker 1: the work and like, oh yeah, she just leaves at
40:39
Speaker 1: five pm on the dot Like that, from my perspective,
40:41
Speaker 1: is potentially not what we're trying to look like. But
40:44
Speaker 1: we're trying to set healthy boundaries. So instead of you know,
40:47
Speaker 1: leaving at five like you mentioned, you're leaving at seven.
40:49
Speaker 1: Like that's really unhealthy. So I think being a bit
40:52
Speaker 1: people please or esque can be to our detriment as well.
40:56
Speaker 1: So I think setting healthy boundaries starts with setting healthy expectations,
41:00
Speaker 1: so going hey, did you need anything else this morning?
41:03
Speaker 1: I'm actually gonna pop out for lunch at twelve, and
41:05
Speaker 1: starting to set boundaries where maybe you're not necessarily saying
41:08
Speaker 1: to your boss, hey, so I don't get lunch at all,
41:11
Speaker 1: and I think that's ridiculous, Like you could potentially get
41:14
Speaker 1: them offside with that, can we find a softer way
41:17
Speaker 1: to start introducing these boundaries into your daily conversation where
41:21
Speaker 1: instead of going, I think it's ridiculous, you just going
41:23
Speaker 1: do you know what I deserve my lunch break? I'm
41:25
Speaker 1: gonna go at one. Hey, I'm actually leaving it one
41:28
Speaker 1: to go for lunch. Was there anything you wanted me
41:30
Speaker 1: to pick up on the way back to just set
41:33
Speaker 1: that boundary? And I think that that is a much
41:35
Speaker 1: healthier way of starting to see how they respond to it,
41:38
Speaker 1: because confrontation is not always the answer in these circumstances,
41:42
Speaker 1: Like sometimes it's absolutely necessary though, And in that case,
41:46
Speaker 1: I would be looking at making a list and just
41:48
Speaker 1: keeping track of things and taking the emotion out of
41:51
Speaker 1: the conversation that you need to have. We're not talking
41:53
Speaker 1: about like I just feel like I'm not respected. I
41:56
Speaker 1: am not respected. We don't feel things. They are things.
42:00
Speaker 1: When you're at work, it needs to be pragmatic because
42:03
Speaker 1: I promise, and this is going to sound really harsh
42:05
Speaker 1: and terrible, and I promise, guys, this isn't how I
42:07
Speaker 1: feel about you, but I promise your boss just doesn't
42:10
Speaker 1: care about the emotional side of it. Your boss just
42:12
Speaker 1: cares about getting the job done and you being a
42:14
Speaker 1: good employee, and I really just I don't care how
42:17
Speaker 1: you feel about it, like I care pragmatically what that means.
42:21
Speaker 1: And you know, as somebody who is an employer, i'd
42:24
Speaker 1: be heartbroken if my team thought that I was, you know,
42:27
Speaker 1: crossing their boundaries or not respecting them, and I would,
42:30
Speaker 1: you know, it's twenty twenty two. I would hope other
42:32
Speaker 1: bosses feel the same way too. So I think it's
42:35
Speaker 1: also really healthy to be like, hey, I don't know
42:36
Speaker 1: if you know about like I literally don't have time
42:39
Speaker 1: for lunch. I'd be horrified, Jess, if you turned around
42:42
Speaker 1: and said I just don't have time for myself, I'd
42:44
Speaker 1: be like, what, Like, I'm so sorry.
42:46
Speaker 3: And I think when you're having those conversations as well,
42:48
Speaker 3: there's probably a little bit of power. And I have
42:50
Speaker 3: done this in the past where you just kind of no,
42:53
Speaker 3: no in a past job, I'm gonna say it, and
42:55
Speaker 3: you're gonna be like, oh, no, that hasn't This is
42:57
Speaker 3: about me, about me, It's all about me, but just
43:00
Speaker 3: keeping track of those things. So rather than just saying
43:02
Speaker 3: I feel like I never get time for lunch, saying hey,
43:05
Speaker 3: in the last three weeks, I've only been able to
43:07
Speaker 3: take my full lunch break twice, or in the last month,
43:11
Speaker 3: I've worked eighteen hours of overtime. And having something I
43:15
Speaker 3: think a little bit more solid to put in front
43:17
Speaker 3: of somebody shows one that you personally are really feeling
43:20
Speaker 3: it and taking it seriously and wanting to present them
43:23
Speaker 3: with information that they can digest.
43:25
Speaker 1: But on their end, if you go, oh my god,
43:27
Speaker 1: like that's a.
43:28
Speaker 3: Whole three or four extra days of work that you've done,
43:32
Speaker 3: that's mind bowing. I think that that also can have
43:34
Speaker 3: a little bit of an impact, and a lot of
43:37
Speaker 3: times if it's a bigger business sometimes things have to
43:39
Speaker 3: be run up through different managers or if you're in
43:42
Speaker 3: a bigger business. Obviously, as a small team, for us,
43:44
Speaker 3: it's really easy if I have a problem to be like, hey, Vy,
43:46
Speaker 3: this kind of cooked, and you're like, no problems, let's
43:48
Speaker 3: fix it. But in big business it can be a
43:51
Speaker 3: little bit more challenging, and so recognizing that you might
43:54
Speaker 3: need to have something that your boss can take to
43:56
Speaker 3: their boss or their boss can take to their boss
43:58
Speaker 3: so that they can reallocate re sources to ease your load. Yeah,
44:02
Speaker 3: because that process isn't always as direct as simple as
44:05
Speaker 3: it really should be.
44:06
Speaker 4: So on Wednesday's episode ES, we spoke about the importance
44:09
Speaker 4: of keeping a paper trail. So if you're up for
44:11
Speaker 4: a promotion or something like that, just having that evidence
44:14
Speaker 4: on hand so you can present it to your boss
44:16
Speaker 4: is very helpful because otherwise I can just dismiss you
44:19
Speaker 4: and you.
44:19
Speaker 1: Know, pretend it hadn't happen. And it's so hard to
44:21
Speaker 1: advocate for yourself when you haven't really done it before.
44:24
Speaker 1: And I promise evidence is that thing that's going to
44:27
Speaker 1: feel like that crutch when you walk into that meeting.
44:29
Speaker 1: You're like, no, I have my stuff sorted out. I
44:32
Speaker 1: know I deserve this. I know I can advocate for
44:34
Speaker 1: myself in this conversation, not just oh yes, I feel
44:37
Speaker 1: like I deserve a raise, like that's just it's not
44:40
Speaker 1: the way things should go. The other flip side, I
44:43
Speaker 1: guess from the employer's perspective, and you know, as I said,
44:47
Speaker 1: I'm a bit I don't want to say good boss.
44:49
Speaker 3: I think I'm.
44:49
Speaker 1: Bloody b but like I just I get really anxious
44:53
Speaker 1: that I would take advantage of people and I would
44:55
Speaker 1: never ever want that. So I think from my perspective,
44:58
Speaker 1: it goes one of two ways. If you're working over
45:01
Speaker 1: time with me, there's two things that could go wrong.
45:05
Speaker 1: I've either that allocated you too much work for the
45:07
Speaker 1: amount of hours that I have you each and every
45:09
Speaker 1: single week, in which case that's a me problem and
45:11
Speaker 1: I really need to reallocate that or think about a
45:14
Speaker 1: way to lift that workload. Again, it's not on my employees.
45:18
Speaker 1: It's on me as an employer to make sure that
45:21
Speaker 1: your allocated tasks that are in line with your job
45:23
Speaker 1: description and your capabilities, and if not, cool, we need
45:27
Speaker 1: to reallocate. Sometimes your boss might not be privy to
45:30
Speaker 1: the fact that you know, hey, g can you just
45:32
Speaker 1: organize this spreadsheet in the head It might be a
45:34
Speaker 1: timided job. In reality, it might be a three hour job,
45:37
Speaker 1: and you just need to sit down with your boss
45:39
Speaker 1: and be like, do you realize that, like these things
45:41
Speaker 1: that you're allocating me are taking so much longer than
45:44
Speaker 1: you think they are, In which case, is there a
45:46
Speaker 1: way we can automate it? Or can we just reset
45:48
Speaker 1: realistic expectations of what this work looks like? Or on
45:52
Speaker 1: the flip side, i'm allocating you work, you're staying back
45:56
Speaker 1: to get it done because you don't actually have the
45:58
Speaker 1: technical skills to do that work I have allocated you,
46:01
Speaker 1: in which case I need to have a look at
46:03
Speaker 1: it and go, Okay, cool, is there any training I
46:05
Speaker 1: can give you jest? Or we need to do some
46:07
Speaker 1: stuff that could help you, or is that the right
46:10
Speaker 1: role for you, in which case you need to have
46:12
Speaker 1: a think about it and go, am I really struggling
46:15
Speaker 1: here and I just don't understand the role, or am
46:17
Speaker 1: I not passionate about it? So I'm putting it off
46:19
Speaker 1: all throughout the day to work on it at night
46:22
Speaker 1: to get it done. And I'm staying back not because
46:24
Speaker 1: I'm not good at this, because I just really don't
46:26
Speaker 1: like my job and I'm just not doing it when
46:27
Speaker 1: I should be doing it. So I think that from
46:29
Speaker 1: my perspective, those are the two ends of the spectrum
46:32
Speaker 1: where I go. It's either absolutely me or it's my
46:35
Speaker 1: team member that I need to be supporting more. Both
46:38
Speaker 1: outcomes are it's my responsibility to manage that as your manager.
46:42
Speaker 1: So I think it's important to look at that as
46:44
Speaker 1: well and potentially give your manager or your employer the
46:48
Speaker 1: tools to understand that. Like, I think it's about having
46:51
Speaker 1: those open, honest conversations and just feeling out what that means,
46:54
Speaker 1: because like confrontation, if you're making a TikTok like sounds
46:58
Speaker 1: really good, like I'm got to put up with anything,
47:01
Speaker 1: in reality, it's a bit of a different circumstance.
47:04
Speaker 3: So definitely go back and listen to Wednesday's episode about
47:06
Speaker 3: how to have those hard conversations, and yeah, really recognize
47:10
Speaker 3: that it's a case by case basis. We don't want
47:11
Speaker 3: anyone making any rash choices and finding themselves in a
47:14
Speaker 3: sticky situation. But also, if you're being asked to do
47:17
Speaker 3: something that's unreasonable, that's not cool, and that is something
47:19
Speaker 3: that your employer should be fixing. And if they're not,
47:22
Speaker 3: maybe it's time to all.
47:23
Speaker 1: Of your other options whom you need to say sorry
47:25
Speaker 1: for your loss, and they'll say what loss, and you'll
47:27
Speaker 1: be like me, tutlu. All right, that is all we
47:30
Speaker 1: have time for today. Georgia King, can you wrap the
47:33
Speaker 1: boring but important stuff?
47:34
Speaker 2: Let's do it?
47:35
Speaker 1: Okay.
47:36
Speaker 4: The advice yet on She's on the Money is general
47:38
Speaker 4: in nature and just not consider your individual circumstances. She's
47:42
Speaker 4: on the Money exists purely for educational purposes and should
47:45
Speaker 4: not be relied upon to make an investment or a
47:47
Speaker 4: financial decision. And we promise Victoria to Buyne and she's
47:51
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Speaker 4: Australia Proprietary Limited ABN four seven zero nine seven seven
47:58
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48:02
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48:02
Speaker 1: See you next week, guys, Guys mhm