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FRIDAY DRINKS: Glen James, Christmas & Crypto! · She's On The Money

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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
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Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
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Speaker 1: we get started on She's on the Money podcast, I
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Speaker 1: would like to acknowledge the traditional custodians of the land
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Speaker 1: of which this podcast is recorded on a wondery country,
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Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
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Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
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Speaker 1: the storytelling of you to make a difference for today
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Speaker 1: and lasting impact for tomorrow.
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Speaker 2: Let's get into it.
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Speaker 3: She's on the Money, She's on the Money.
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Speaker 2: Hello, and welcome to She's on the Money, the podcast
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Speaker 2: for millennials who want financial freedom. Today's Friday, which means
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Speaker 2: it is time to sit back with Jessica Ricci, Glenn
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Speaker 2: James and myself Victoria Devine with maybe a little bit
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Speaker 2: for Regina in hand, to unpack our favorite moments of
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Speaker 2: the week, and of course to celebrate you how She's
1:18
Speaker 2: on the Money community. This week, we are going to
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Speaker 2: be sharing our favorite money wins, or Glenn James is
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Speaker 2: going to be sharing his favorite money wins. We're going
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Speaker 2: to be discussing what's making news in the finance world.
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Speaker 2: We're talking about crypto, and we are going to be
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Speaker 2: helping to answer a juicy money question, which this week
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Speaker 2: is all about helping a partner around money. But first
1:36
Speaker 2: it is time to recap the week that was, So
1:39
Speaker 2: I am going to talk you guys through what happened
1:41
Speaker 2: on our Monday's money Diaries. This week's money diary I
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Speaker 2: was obsessed with. She was a very good egg. She
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Speaker 2: was a twenty seven year old veterinarian who had decided
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Speaker 2: she was definitely living beyond her means despite making six
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Speaker 2: figures in income. She works a really, really big job,
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Speaker 2: so she's doing at the moment about one hundred hours
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Speaker 2: a week, and the emotional toll from the job was
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Speaker 2: absolutely taking a hit, and she decided to treat herself
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Speaker 2: a little bit too much to make up for it.
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Speaker 2: My favorite thing about this, though, is she identified all
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Speaker 2: of that on her own and was like, you know what,
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Speaker 2: I need to make a good money change. I need
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Speaker 2: to be able to keep up with the lifestyle I have.
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Speaker 2: I need to be able to make some drastic changes
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Speaker 2: for my money habits. So not only has she done this,
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Speaker 2: but she's also had a big dramatic mental health overhaul
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Speaker 2: to make it all sustainable. And I just I think
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Speaker 2: it's so beautiful when people are so self reflective and
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Speaker 2: we get to hear their journey of how they came
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Speaker 2: to the conclusion that you know, it was time for change,
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Speaker 2: because a lot of us find ourselves in a circumstance
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Speaker 2: where we bury our heads in the sand, and this
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Speaker 2: is not what happened on this Money Diary. I just
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Speaker 2: feel like it was so inspirational. She was very talkative,
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Speaker 2: she was very fun, she's a twin. But also there
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Speaker 2: was an underlying theme with this Money Diarist that she
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Speaker 2: was behind, and I just found that so interesting from
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Speaker 2: someone who was clearly very well educated, earning six figures,
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Speaker 2: like she was a vet. So from the outside, Jess
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Speaker 2: and Glenn, I just feel like she was like a
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Speaker 2: pinnacle of like what a successful young twenty seven year
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Speaker 2: old is. Like, you're twenty seven, you're making six figures,
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Speaker 2: you're a vet, you're a mad dog, like you are
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Speaker 2: killing it. But in every other aspect of her life,
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Speaker 2: she was like, I feel so behind. I feel like
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Speaker 2: all of my friends are doing these things that I'm not,
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Speaker 2: and It's such a typical story where what is on
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Speaker 2: the outside is definitely not reflective of what's going on
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Speaker 2: the inside. And was a good connection between what is
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Speaker 2: going on mentally versus financially and how those things tie together.
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Speaker 2: So this was a money diary that I think everyone
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Speaker 2: should listen to because honestly, really relatable.
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Speaker 4: Oh my gosh, she sounds so special.
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Speaker 2: She was very special. But jess what happened on our
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Speaker 2: Wednesday episode? What did we deep dive into?
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Speaker 5: So this week we were speaking all about our top
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Speaker 5: ten hacks for Christmas. Glenn, I don't know if over
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Speaker 5: on mind lending your money, you guys are doing anything Christmas? Y?
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Speaker 6: Yeah, we did our Christmas episode I think at the
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Speaker 6: end of November. What but like before people purchase their presence, Like.
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Speaker 2: Yeah, I've got in early, but we got in early too.
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Speaker 2: Did you hear him say that just our Christmas episode?
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Speaker 2: What do you mean you don't have a Christmas series?
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Speaker 4: Yeah, that's actually what I mean.
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Speaker 2: What do you mean isn't every episode in December meant
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Speaker 2: to be Christmas?
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Speaker 6: Well, our listeners are, they're too focused on doing good
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Speaker 6: things with money, investing and being self aware, Like your
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Speaker 6: money direst.
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Speaker 4: Yeah, well, over here, we like to have our cake
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Speaker 4: and eat it too.
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Speaker 5: So our next Christmas episode was all about our top
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Speaker 5: ten Christmas hacks. We went through some of our some
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Speaker 5: of the communities as well, which I think was really fun.
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Speaker 2: Yeah, I basically stole all of my tips from the community.
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Speaker 2: It was good.
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Speaker 5: I feel like at this time of year, it's kind
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Speaker 5: of just nice to think outside the box a little
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Speaker 5: bit when it comes to your finances. There's a few
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Speaker 5: sneaky little tips and tricks that you can use. And
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Speaker 5: even if you know, obviously this is going up on
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Speaker 5: the twenty third, might be a little bit late for
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Speaker 5: Christmas shopping this year, but file them away for next
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Speaker 5: year because Christmas comes around every year.
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Speaker 2: Also, I think it's not even too late, because people
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Speaker 2: do that mad dash on Christmas Eve to buy presents
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Speaker 2: because they feel like they haven't done enough. Like you
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Speaker 2: absolutely have, one present is more than enough, even no
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Speaker 2: presence is more than enough. And I just feel like
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Speaker 2: I do the same thing, like you know when you're
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Speaker 2: finally wrapping all the presents that you've put in the
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Speaker 2: spare room because you're like, oh my gosh, I'll get
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Speaker 2: to that. We'll get to that, and then you're like,
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Speaker 2: it's Christmas Eve, like everyone's coming tomorrow. I need to
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Speaker 2: wrap them. And I look at it and I'm like,
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Speaker 2: oh my gosh, I've only got like one thing for
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Speaker 2: my sister, but I've got like three things from my mum.
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Speaker 2: Maybe I need to pop out and get another. And
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Speaker 2: it's silly. It's so silly because it's not reasonable, it's
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Speaker 2: not logical, like you didn't even need to do presents.
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Speaker 2: Christmas is not about that. But yeah, I feel it,
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Speaker 2: and I think that other people do too.
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Speaker 6: Do you know the biggest thing that I learned from
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Speaker 6: my people? And you've probably got the same comments And
5:40
Speaker 6: she's on the money.
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Speaker 2: Group, your people are my people, glad.
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Speaker 6: Yeah, Like there was these early childhood educators and school
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Speaker 6: teachers and they were like, hey, parents, just as a tip,
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Speaker 6: a beautiful card for us is better than buying us crap.
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Speaker 5: We literally spoke about this last week because my sister
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Speaker 5: and Laura's a teacher.
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Speaker 6: Oh my gosh, Yeah, how cool is that?
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Speaker 2: I don't really have so many world's best teacher mugs.
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Speaker 5: Yeah, it gets to a point where you're just like, please,
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Speaker 5: I love you, but no more.
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Speaker 4: Whereas cards You're right.
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Speaker 6: So next year, everyone for Christmas, just write some beautiful
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Speaker 6: words for.
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Speaker 2: Honestly, And it's all about love languages as well, Glenn.
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Speaker 2: I don't know how fluffy you are, but on this
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Speaker 2: pod we talk a lot about our love languages, and
6:21
Speaker 2: in our team we talk about it because I feel
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Speaker 2: like love languages also translate to what is the best
6:26
Speaker 2: way Jess is going to feel valued in this team?
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Speaker 2: How am I going to show her that? And words
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Speaker 2: of affirmation very high Onesic's list. Do you know what?
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Speaker 2: You're just getting a hand written?
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Speaker 6: Next Christmas, Jess, I receive words of affirmation and I
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Speaker 6: give gifts or access service.
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Speaker 2: That's what I do too. Yeah, Glenn and I cut
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Speaker 2: from the same cloth though, like mum and dad of finance.
6:47
Speaker 2: Well to say that now I'm married, I think, so
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Speaker 2: I'm gonna keep doing it.
6:50
Speaker 6: Yeah, I think.
6:51
Speaker 4: Sorry, Steve's not friend.
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Speaker 2: Yeah, he's a big man, he'll get it.
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Speaker 6: I just thought, like this year, particularly around Christmas, I
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Speaker 6: was talking with someone yesterday like most of us have,
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Speaker 6: and like plenty of your listeners like we don't need
7:05
Speaker 6: more stuff, And my whole thing was with gift buying.
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Speaker 6: Just be thoughtful, be intentional, be sustainable, like make something,
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Speaker 6: cook something, yeah, buy from small business. Like I just
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Speaker 6: think we're in such a consumerist type society and how
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Speaker 6: much crap gets.
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Speaker 2: Given, it's true, and how many things are you actually
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Speaker 2: using that you got last year for Christmas. So I
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Speaker 2: think that's actually a really good reflection point, is writing
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Speaker 2: down what you got for Christmas last year, because I
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Speaker 2: guarantee that you can't remember, Like I guarantee it, like
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Speaker 2: I know what my sister got me, but like there's
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Speaker 2: probably things that are absolutely falling through the cracks, and
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Speaker 2: if I can't articulate it, I promise your family can't
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Speaker 2: remember either. So I think it's really about being intentional.
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Speaker 2: And you know I've said before on the pod as well,
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Speaker 2: in our family or in Steve's side of the family,
7:55
Speaker 2: we do handmade, homemade or second hand. And that's a
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Speaker 2: rule for gift giving, Like all of the presents have
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Speaker 2: to fit into one of those categories. And one, it
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Speaker 2: makes it way more fun, but two, I think it
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Speaker 2: just takes the pressure off financially, Like I'm hunting on Facebook,
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Speaker 2: Marketplace and gum Tree for things for the kids that
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Speaker 2: you know are a little bit more intentional and because
8:16
Speaker 2: it's secondhand. Obviously, you're not going to buy them something
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Speaker 2: that you know was only lasting a year for another
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Speaker 2: child and broke, like you're buying bigger items for less money.
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Speaker 2: And you guys have all heard about the money when
8:27
Speaker 2: I got on gum Tree a couple of years of
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Speaker 2: the fifty dollar kitchen that you know, the kids still
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Speaker 2: love and news it's in their cubby house. They make
8:34
Speaker 2: me cuts of tea every time I go over. They're
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Speaker 2: full of dirt, but I love them.
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Speaker 6: Yeah, I would say anyone doing the Christmas dash tonight
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Speaker 6: or tomorrow morning or tomorrow on Christmas Eve, Like one year,
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Speaker 6: I bought all my aunts a really nice bunch of
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Speaker 6: flowers from like a local small business florist and can
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Speaker 6: you get creative a nice card, you know, some nice
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Speaker 6: flowers like just yeah, slow down, it's okay. But whatever
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Speaker 6: you do, try and keep away from consumer debt with
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Speaker 6: your purchases.
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Speaker 2: Yeah, one hundred percent. That is the biggest hot tip
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Speaker 2: that we have as well, is don't go into debt
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Speaker 2: for Christmas because it just puts you in the worst
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Speaker 2: position to start a new year, especially if you spent
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Speaker 2: this year trying to pay debt off and I.
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Speaker 6: Would say, don't underestimate the regifting strategy.
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Speaker 5: I'm a big fan of regifting. I'm a big fan
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Speaker 5: of it.
9:27
Speaker 6: Yeah.
9:27
Speaker 2: I got for Christmas from Jess Well I gave.
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Speaker 4: Her last year for Christmas. Yeah, it's like that thing.
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Speaker 5: I think it gets better off going to someone that's
9:35
Speaker 5: going to love and use it than sitting in your
9:37
Speaker 5: closet or going in your bin.
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Speaker 6: Right, someone sent me a gift to my quote unquote
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Speaker 6: registered office, which is not my house for like business purposes,
9:46
Speaker 6: and the office called me. It's my accounting firm. They
9:50
Speaker 6: called me said, oh, Glenn, there's a package here for you.
9:52
Speaker 6: It feels like a gift. And they're an hour away
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Speaker 6: from where I live.
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Speaker 2: Did you ask them to just open it?
9:58
Speaker 6: Yeah? And like, can you open it? Just tell me
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Speaker 6: what it is? It's a nice so and so I
10:01
Speaker 6: won't say what it.
10:02
Speaker 2: Was, yeah, because then someone's going to listen to this
10:04
Speaker 2: and be.
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Speaker 6: Like I was like, well, I'm not driving an hour
10:08
Speaker 6: to pick that up. Merry Christmas. So my accountant's got
10:13
Speaker 6: a Christmas present from me gift.
10:14
Speaker 2: It's so nice of you, Glenn. You should have just
10:17
Speaker 2: like said, oh sorry, it's got my name on it
10:19
Speaker 2: it meant to have yours. I must have sent it
10:21
Speaker 2: to myself. Sorry, sorry, well.
10:23
Speaker 6: Yeah, but they sent me a nice photo on a
10:25
Speaker 6: nice photo of.
10:25
Speaker 2: The cards, so oh, good work. And I think the
10:28
Speaker 2: card was the thing that you probably appreciated the most.
10:30
Speaker 2: Let's be honest.
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Speaker 6: There's nothing better than a templated message that goes out
10:34
Speaker 6: in bulk, is there?
10:35
Speaker 1: Oh?
10:36
Speaker 2: Yeah, absolutely, I love it, especially when it doesn't have
10:38
Speaker 2: your name, it just has a pre printed message.
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Speaker 6: Yeah. My favorite is the dear valued customer, And it's like, well,
10:44
Speaker 6: if I was that valued, you'd know.
10:45
Speaker 2: My name's twenty two. No, no, there are software systems
10:50
Speaker 2: for making that way more personal.
10:52
Speaker 6: I was that valued, you'd know who I am.
10:55
Speaker 2: Oh my gosh. All right, well let's seguey off that,
10:57
Speaker 2: because I feel like we're going down a rabbit hole
11:00
Speaker 2: and into our budget direct Money Wins and Confessions of
11:03
Speaker 2: the Week. This week we are throwing to Glenn. Glenn
11:05
Speaker 2: has gone through our Facebook group. I want to know
11:07
Speaker 2: what are your favorites from this week?
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Speaker 6: Okay, my first one, Hailey. She saved ten percent on
11:13
Speaker 6: the diploma that she'd been looking at completing. She saved
11:17
Speaker 6: dollars by paying up front. Once completed, it will open
11:21
Speaker 6: up heaps more career options.
11:22
Speaker 2: That's an investment.
11:23
Speaker 6: Yeah. The reason I chose I'm going to give you
11:26
Speaker 6: a little one lineer of why I chose these care
11:29
Speaker 6: is we can always learn by reading between the lines.
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Speaker 6: Number one, the more ahead you get with your personal finances,
11:36
Speaker 6: it's kind of that money makes money type thing, and
11:39
Speaker 6: buying in bulk, having the money to buy in bulk,
11:41
Speaker 6: having money to prepay, having money to pay your insurance annually,
11:46
Speaker 6: it will actually save you money. But some of us
11:48
Speaker 6: we do need to get to the point like I
11:50
Speaker 6: used to pay all my insurances monthly till I could
11:52
Speaker 6: afford to pay them yearly and get the discounts. So
11:55
Speaker 6: on you.
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Speaker 2: Hailey, Yeah, she must be setting herself up well to
11:58
Speaker 2: be able to do that.
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Speaker 6: Get it, Get it. And the thing is like the
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Speaker 6: best investment that you have in your life. Going to
12:07
Speaker 6: your own suite, going to your bathroom, look in the mirror.
12:11
Speaker 6: That is the best financial investment that you have.
12:14
Speaker 2: Oh do you really think the botox is worth it?
12:17
Speaker 6: Absolutely?
12:18
Speaker 2: Thank you, thank you. It was a bit more expensive
12:20
Speaker 2: than I expected it to be, but I'm glad it's
12:22
Speaker 2: paying off.
12:22
Speaker 6: Absolutely, it will so that botox is strapped on to
12:26
Speaker 6: a money making annuity. Yeah, Melissa, she redid her budget
12:32
Speaker 6: so that she could allocate twelve hundred dollars a fortnight
12:37
Speaker 6: to savings.
12:39
Speaker 2: What a fortnight. That's six hundred bucks a week.
12:41
Speaker 6: Six hundred dollars a week. This is so wild And
12:44
Speaker 6: I would say good on you, Alyssa for like being intentional.
12:48
Speaker 6: And it just goes back to that thing. How many
12:50
Speaker 6: times have we heard when people pay attention to stuff,
12:54
Speaker 6: they get results. So a lot of the time you
12:58
Speaker 6: can find money in your budget just by having some
13:02
Speaker 6: type of system or plan.
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Speaker 2: Right, that's crazy. Six hundred bucks a week is massive.
13:08
Speaker 2: And to contextualize that here in Australia, minimum wage is
13:11
Speaker 2: eight hundred and fifteen dollars a week. Wow, Like she's
13:14
Speaker 2: almost saving an entire wage every single week. That is
13:18
Speaker 2: queen behavior.
13:19
Speaker 6: Yeah, love that cat. Money win. I got offered a
13:22
Speaker 6: job that's thirty four thousand dollars more than what she's
13:26
Speaker 6: on and it's an added bonus. It's at a non
13:29
Speaker 6: for profit, so I can take advantage of salary packaging.
13:33
Speaker 2: Oh, money win.
13:35
Speaker 6: That is an awesome money win.
13:37
Speaker 2: How good is that?
13:38
Speaker 6: Yeah? Now this one is dear to my heart. This
13:41
Speaker 6: next one, Oh.
13:42
Speaker 2: What did they buy the Glenn James cash flow course?
13:45
Speaker 6: They basically purchased the Glenn James spending plan. Sammy, this
13:50
Speaker 6: is amazing. I finally paid off and closed my credit
13:54
Speaker 6: card that has controlled my life for the past ten years.
13:58
Speaker 4: Jenny, I'm Sammy now.
14:01
Speaker 6: How amazing is that? Sammy?
14:03
Speaker 2: We are so proud. That is epic.
14:05
Speaker 6: Can I reply to the message in the group and say, hey,
14:10
Speaker 6: we read your thing out because I've got copies of
14:12
Speaker 6: your book here, Victoria that I always post out to people.
14:15
Speaker 2: Oh, you're going to give my book out for free?
14:17
Speaker 2: I love give a copy in my book as well,
14:18
Speaker 2: but oh, unders just got to make sure that there's
14:21
Speaker 2: some self promotion in that.
14:22
Speaker 7: Absolutely, but with permission, I will absolutely you Kat, you're
14:27
Speaker 7: going to say unrealistic expectations for us always replying and
14:31
Speaker 7: giving books away, like we can't keep up with this, Glenn.
14:34
Speaker 2: God's like, oh, I'm on your pod more often.
14:36
Speaker 6: Yeah, So that was awesome. And my last one. You
14:39
Speaker 6: know how you check emails like late at night or
14:41
Speaker 6: early in the morning, and you kind of it goes
14:43
Speaker 6: into like red and you forget about it.
14:46
Speaker 2: You got to flag it if you do that.
14:48
Speaker 6: Yeah, well I'm guilty of that. This one reminded me
14:50
Speaker 6: of what happened to me. Olivia said, money win. I
14:54
Speaker 6: got an email from Booper that they're giving me thirty
14:57
Speaker 6: five dollars back from their COVID saving Oh, and I'm like, oh,
15:02
Speaker 6: that's familiar, and I looked at my email. There it is.
15:05
Speaker 6: I also got an email from Booper to say, hey,
15:07
Speaker 6: we didn't spend as much money during COVID. We're giving
15:10
Speaker 6: our members some cash back.
15:12
Speaker 2: Oh my gosh. Jess and I were having this conversation
15:15
Speaker 2: literally this morning because you got a similar email, didn't you?
15:19
Speaker 5: My health insurer. I'm with Defense Health. They said less
15:22
Speaker 5: people claimed during COVID, and we're not for profits sweeping back.
15:26
Speaker 5: I got three hundred bucks back from my health insurance
15:28
Speaker 5: last year.
15:29
Speaker 6: Yeah, I think I got one hundred and thirty five
15:31
Speaker 6: or something. But like, I just how good is it that?
15:35
Speaker 6: A big company and you know everyone hates paying for
15:38
Speaker 6: health insurance, but like, yeah, they finally just like, you
15:42
Speaker 6: know what, we save some money, have some money back.
15:45
Speaker 5: That's exactly what I said. I was like, that is
15:47
Speaker 5: also from like a marketing perspective. The best marketing that
15:51
Speaker 5: they'll ever do, like totally because I saw so many
15:54
Speaker 5: peop right posting about it. I'm telling everyone I can
15:57
Speaker 5: think of about it, like I'm really happy. It's just
16:00
Speaker 5: like a super nice thing. And the timing as well,
16:03
Speaker 5: Like I got the email like four days before we
16:06
Speaker 5: recorded this episode, and I was like, oh, thank God,
16:08
Speaker 5: like Christmas, I've just had to pay my redshirt for
16:11
Speaker 5: tim that money is going to go so far to
16:13
Speaker 5: help me. And I'm sure that there are a lot
16:15
Speaker 5: of people who felt exactly the same.
16:17
Speaker 6: So I just want to like my whole thing with
16:19
Speaker 6: these money wins. It's not the amounts, because on one
16:23
Speaker 6: end of the spectrum, thirty five dollars is a money win, absolutely,
16:26
Speaker 6: the other end, six hundred a week is a money win.
16:29
Speaker 6: So whatever is relevant to you is just awesome hundred percent.
16:35
Speaker 6: I'm the kind of guy like if I found two
16:37
Speaker 6: dollars on the side of.
16:38
Speaker 2: The road, I'd be stoked.
16:40
Speaker 6: I'm just like, oh my gosh, I feel so blessed today.
16:43
Speaker 2: Yeah. See, this is a question because I saw five
16:46
Speaker 2: dollars on the road the other day and you.
16:48
Speaker 6: Kept driving and you're like, oh, that's cool.
16:50
Speaker 2: No, No, I was walking Lucy and we were out
16:54
Speaker 2: for coffee and it was just like in the gutter,
16:57
Speaker 2: and I was like, do you know what, I'm not
16:58
Speaker 2: going to pick that up. Not I can't afford it,
17:01
Speaker 2: that's not it at all. But I was like, that
17:03
Speaker 2: would absolutely make someone's day to find it, and like
17:06
Speaker 2: I would. I don't know. I just if you saw
17:08
Speaker 2: five bucks in the gutter, Glenn, you'd picked up or
17:10
Speaker 2: would you leave it?
17:12
Speaker 6: I'd pick it up.
17:14
Speaker 2: No, of course you would, just just you'd.
17:16
Speaker 4: I would definitely.
17:17
Speaker 2: I just do you know what? Maybe it was the
17:20
Speaker 2: mood I was in. Yeah, maybe it was the mood
17:22
Speaker 2: I was in. I just wanted somebody else to have
17:24
Speaker 2: a money win.
17:24
Speaker 6: I saw last week there was a Daily Mail article
17:27
Speaker 6: Victoria Devine wouldn't even stop to pick up money in
17:29
Speaker 6: the streets.
17:30
Speaker 7: Oh No, that's absolutely not it.
17:33
Speaker 2: It was more like were standing there, I was waiting
17:35
Speaker 2: for like cars to go past because we're crossing the
17:37
Speaker 2: road with the dog, and I was like, Oh, someone
17:39
Speaker 2: else is going to stop here and have a money win.
17:41
Speaker 2: And I just thought that was really wholesome, and like
17:43
Speaker 2: I'd already paid for my coffee that day, and to
17:45
Speaker 2: be honest, the day before, I'd found one of those
17:47
Speaker 2: free coffee vouchers in my car, you know when you're
17:49
Speaker 2: like stamp eight and then the ninth is free. I
17:52
Speaker 2: got one of those and I was like, no, I
17:53
Speaker 2: don't need this today. I'm going to leave it for
17:55
Speaker 2: someone else. And I kind of hoped that the week
17:57
Speaker 2: after I would see in our Facebook there's someone in
18:01
Speaker 2: Glen Iris. I've got a five dollar money in but
18:04
Speaker 2: I haven't seen that yet.
18:05
Speaker 6: What's the most money you've ever found? Oh?
18:07
Speaker 2: I found fifty bucks one time. It was at the
18:09
Speaker 2: my music bulb. It was ten out of ten. Someone
18:12
Speaker 2: clearly sat down to watch the concert and left fifty bucks,
18:14
Speaker 2: and but I took that. Yeah, I couldn't say no
18:17
Speaker 2: to fifty Yeah.
18:17
Speaker 6: I found fifty dollars in a lounge at a cafe
18:21
Speaker 6: and I was just like, I'm just going to sit here.
18:24
Speaker 6: If someone comes back, they can have it. But if
18:27
Speaker 6: they don't come back looking in the next ten minutes,
18:29
Speaker 6: she's good to go.
18:31
Speaker 5: I don't know what rich places you out of hanging out,
18:33
Speaker 5: but I've never seen anything that's not like the only
18:36
Speaker 5: time I've seen something it's not a queen is when
18:38
Speaker 5: there's been money that's been left at an ATM or
18:41
Speaker 5: change left at coals or places like that. And then
18:43
Speaker 5: I will always just give it to like the service
18:45
Speaker 5: desk and be like, oh, someone's going to cut back.
18:47
Speaker 5: If I took a hundred bucks out and I left
18:48
Speaker 5: fifty in the thing, like I would panic and go
18:50
Speaker 5: back for it. But I've never been lucky enough to
18:52
Speaker 5: find fifty dollars floating around on the street.
18:54
Speaker 4: I only had one.
18:56
Speaker 2: It was like finding the bag of money, like on
18:58
Speaker 2: the ground. What would you do?
19:00
Speaker 4: You give us the police?
19:01
Speaker 6: Surely? Yeah, my aunt found it a bag that had
19:04
Speaker 6: five thousand dollars in it. What yeah, Actually, so she
19:07
Speaker 6: gave it to the police. It was only like a
19:09
Speaker 6: couple of years ago. And then if no one claims
19:12
Speaker 6: it within I think three months or whatever, you get
19:15
Speaker 6: to keep it. And she needs to keep it. They
19:17
Speaker 6: called her and they said, yeah, no one's come forward,
19:19
Speaker 6: Come get your own, come get you.
19:21
Speaker 2: Five break Oh my gosh. And then legally she didn't
19:23
Speaker 2: like steal it or anything. Here's me going, I wouldn't
19:25
Speaker 2: kive it in our dad keep that. That's like what
19:28
Speaker 2: my guilt would get me. And then I'd talk about
19:30
Speaker 2: it on the podcast and then someone would called me
19:31
Speaker 2: and be like that was my money and I needed
19:33
Speaker 2: it for surgery or something, and I'd feel guilty.
19:35
Speaker 4: Oh my gosh.
19:36
Speaker 6: Yeah.
19:36
Speaker 2: No, anyway, all right, Glenn James, it has been fabulous
19:39
Speaker 2: celebrating some of your budget Direct money wins this week
19:42
Speaker 2: a budget Direct winner of Kanstares Insurer of the Year
19:44
Speaker 2: Award twenty twenty two. Budget Direct Insurance Solved. Let's go
19:48
Speaker 2: to a really quick break and after the break we're
19:50
Speaker 2: going to be talking about the crypto Exchange and how
19:53
Speaker 2: to help your partner with money. Don't go anywhere, all right,
20:00
Speaker 2: we are back. Glennie James is here to help us
20:03
Speaker 2: have a conversation all about FTX. Glenn, it has been
20:08
Speaker 2: an absolute roller coaster in the world of crypto. We
20:12
Speaker 2: see article after article of things falling and crashing, and
20:17
Speaker 2: everyone who were saying it was the best investment ever
20:19
Speaker 2: is really starting to eat their words. You're far better
20:23
Speaker 2: versed at this than I am. When it comes to
20:25
Speaker 2: talking about crypto, I often shy away from it because
20:28
Speaker 2: I just don't like it, and this is just validating
20:31
Speaker 2: for me. Jess Aha, there was a good reason behind that,
20:34
Speaker 2: But can you give us the TLDR of what's been
20:37
Speaker 2: going on in that space.
20:38
Speaker 6: Yeah. So over the last few months, you may have
20:40
Speaker 6: seen online and in the news that a big cryptocurrency
20:44
Speaker 6: exchange basically went bankrupt, and that exchange was called FTX.
20:49
Speaker 6: Now the TLDR was this exchange was run by Doe
20:54
Speaker 6: called Sam Bankman freed. So yeah, that's how you pronounce it.
20:58
Speaker 6: That'll do. That'll do.
20:59
Speaker 2: Imagine having a name called Bankman and then going bankman free.
21:02
Speaker 6: Oh no, you could not write this stuff anyway. Get
21:06
Speaker 6: this this company, well this crypto newsletter thing. They got
21:11
Speaker 6: a leaked spreadsheet and it was called coin desk, this
21:15
Speaker 6: crypto news website that the FDx exchange had one billion
21:20
Speaker 6: dollars in assets but nine billion dollars in liabilities.
21:26
Speaker 2: Nine billion is insane.
21:28
Speaker 6: Yes, So what happened was that got out and it
21:32
Speaker 6: would be like Jess, if you had a bank account
21:35
Speaker 6: with a big bank and you had ten thousand dollars
21:37
Speaker 6: in it.
21:37
Speaker 2: Oh, she definitely does.
21:38
Speaker 6: Yeah, yeah, and you heard that that bank may not
21:42
Speaker 6: have that ten thousand dollars to pay you if you
21:44
Speaker 6: went to the branch of the at.
21:46
Speaker 2: Jess is gone. Do try and take that ten ground
21:48
Speaker 2: out the session. She hears like a mass exodus, exodus.
21:52
Speaker 6: And then everyone does that and they call that a
21:54
Speaker 6: run on a bank. So what happened There was a
21:56
Speaker 6: run on this exchange and basically people logged into their
22:00
Speaker 6: account and I've had zero dollars, like zero coins, zero bitcoin,
22:05
Speaker 6: zero this, so all their money had gone. But what
22:08
Speaker 6: actually happened was the founder, Sam Bankman Freud well Fried,
22:13
Speaker 6: I don't even know how pronounced it. Freed, Sorry, it's Freed,
22:16
Speaker 6: He's Fried. Get this. He took around eight billion dollars
22:21
Speaker 6: of people's money or crypto coins, basically took it to
22:26
Speaker 6: another entity that he had called Alneda Research, which was
22:30
Speaker 6: a hedge fund and was doing stuff with other people's money,
22:34
Speaker 6: and then it got found out there was a run
22:36
Speaker 6: on it and went bankrupt.
22:39
Speaker 4: Oh my god.
22:40
Speaker 6: So this dude, he lives in the Bahamas.
22:44
Speaker 2: That's exactly where I would leave if I was spending
22:47
Speaker 2: other people's money.
22:48
Speaker 6: And then the administrators went in right and they're like,
22:51
Speaker 6: this is the worst thing we've ever seen. There is
22:56
Speaker 6: no risk management, there is no compliance operations. It's basically
23:01
Speaker 6: a big old sham. Hardly any records, no budget. If
23:05
Speaker 6: someone wanted to spend money in the company on sponsorship
23:08
Speaker 6: deals or whatever, like FDx sponsored. I think the Mercedes
23:13
Speaker 6: f one team. They were literally just approving any money
23:17
Speaker 6: to be spent. So this has all come crashing down.
23:21
Speaker 6: He was silent for a while, but in recent weeks
23:24
Speaker 6: Sam bankmin Freud Freed, I think it's crazy. Yeah, he's
23:30
Speaker 6: He's come out and basically said, yeah, I stuffed up, guys,
23:34
Speaker 6: blah blah blah.
23:35
Speaker 2: You didn't just stuff up.
23:36
Speaker 6: So at the end of the day, that's cold comfort
23:40
Speaker 6: for someone who has lost all their money.
23:42
Speaker 2: I stuffed up this morning. I ordered jess an oat
23:46
Speaker 2: hot chocolate instead of a soy hot chocolate.
23:48
Speaker 6: And that was an eight billion dollar mistake.
23:50
Speaker 2: Yeah, I didn't play with someone's eight billion dollars. They
23:55
Speaker 2: just said she liked the oat milk much better than
23:56
Speaker 2: the so was really a mistake, we don't know, but
24:00
Speaker 2: but eight billion dollars. Oh sorry, guys. To start, I'd
24:03
Speaker 2: like to apologize, but he's going to be testifying before
24:07
Speaker 2: Congress on the FTX collapse, obviously, and that's all happening.
24:11
Speaker 2: And I just think this is really playing into people's
24:13
Speaker 2: fears around crypto already because Crypto was already a much
24:17
Speaker 2: riskier asset than investing in the share market. Lots of
24:20
Speaker 2: people saw lots of opportunity. We talk about bitcoin and
24:23
Speaker 2: stuff like that quite often, but it's impacted the industry
24:27
Speaker 2: as a whole because I think that there's a lot
24:30
Speaker 2: less trust than there was before this collapse obviously happened.
24:34
Speaker 2: And then here in Australia in the AFR a couple
24:37
Speaker 2: of weeks ago, Glenn there was an article about how
24:40
Speaker 2: a Brisbane crypto exchanged so swift x, which I think
24:43
Speaker 2: we've all seen floating around because they had some pretty
24:46
Speaker 2: targeted millennial marketing in the last twelve months. They recently
24:50
Speaker 2: fired ninety staff in the wake of the FTX collapse,
24:54
Speaker 2: and I just think it's so interesting how everything is
24:57
Speaker 2: relatively interconnected in spaces like this, So what happens on
25:01
Speaker 2: the share market is very similar. When one company starts
25:04
Speaker 2: to do not so well, people get scared. It's the
25:08
Speaker 2: psychology of investing, it's the psychology behind it. And goes
25:12
Speaker 2: back to that example you gave of you know, just
25:14
Speaker 2: having ten thousand dollars. Of course she's going to want
25:16
Speaker 2: to pull it out, even if it wasn't in that
25:18
Speaker 2: particular company. You might go, oh, this might be riskier
25:21
Speaker 2: than I thought it was. Maybe I'm Audi and lots
25:24
Speaker 2: of people do that, And I think that we need
25:25
Speaker 2: to really assess our risk profiles even better than we
25:29
Speaker 2: have before, to make sure that we're making decisions that
25:32
Speaker 2: are actually in line with our values but also in
25:35
Speaker 2: line with what we want to create as a life
25:37
Speaker 2: in the future.
25:38
Speaker 5: Can I ask a lay person question a lay person question? Yeah,
25:41
Speaker 5: normal person with not as much finance. It's like, are
25:44
Speaker 5: you two talking as the two people I'm sitting in
25:46
Speaker 5: here chatting with? So going back to that example of
25:48
Speaker 5: I've got my money in the bank, bank growth, bust,
25:51
Speaker 5: I pull my money out? Is that something that could
25:54
Speaker 5: actually happen? Or is this because crypto is obviously a
25:58
Speaker 5: really new and life largely unregulated space, is that where
26:02
Speaker 5: the problem was?
26:04
Speaker 6: Yeah, So a lot of your listeners were probably still
26:07
Speaker 6: at school during the GFC in two thousand and eight.
26:11
Speaker 2: So two thousand and eight, two thousand and nine.
26:13
Speaker 6: So what actually happened? Are you familiar with Like in Australia,
26:17
Speaker 6: if you've got a bank account or you're a customer
26:20
Speaker 6: of a bank, the government will protect up to two
26:23
Speaker 6: hundred and fifty thousand as a bank guarantee, right, Because
26:27
Speaker 6: what happened was during the GFC, and I heard a
26:31
Speaker 6: rumor in the years after that there was one major
26:34
Speaker 6: bank and I'll just say a top six bank that
26:38
Speaker 6: were four days away from becoming basically bankrupt out of money.
26:43
Speaker 2: There's a heap of information on that online if you
26:45
Speaker 2: guys want to look it up. And I don't think
26:47
Speaker 2: we need to spread it around here, but.
26:49
Speaker 6: Yeah, but what happened the rud government they knew that
26:53
Speaker 6: it was four days away from having a run on
26:55
Speaker 6: this bank. The government said, everyone's stopped withdrawing your money,
26:59
Speaker 6: will guarantee the government will guarantee two hundred and fifty
27:02
Speaker 6: thousand dollars of money if the bank does go under.
27:06
Speaker 6: So it can happen in real life. It happened all
27:08
Speaker 6: through Europe and particularly in Greece. But the thing that
27:12
Speaker 6: happened here, I will say, like what happened with FDx.
27:15
Speaker 6: I'll use the analogy like if there was a scientist
27:18
Speaker 6: who was fraudulent with his or her science. It doesn't
27:22
Speaker 6: make the science bad. It just means, you know, this
27:25
Speaker 6: isn't a comment on you know, crypto doesn't work and
27:27
Speaker 6: all that it's just the comment of no regulation, lack
27:31
Speaker 6: of integrity, maybe some fraud. And the thing is, I
27:36
Speaker 6: think it's you know, it's not hilarious to those who
27:39
Speaker 6: may have lost money, but I think it's funny on
27:41
Speaker 6: one side of the coin. Don't excuse the pun that
27:46
Speaker 6: this whole thing was supposed to stop bankscrewing people in
27:51
Speaker 6: the real world, like crypto was supposed to be there
27:54
Speaker 6: such antidote to like unplugging from getting screwed by the
27:58
Speaker 6: man and all that stuff. I'm so hypocritical now, yeah,
28:02
Speaker 6: so look, it's the contagion has spread. And the reason
28:06
Speaker 6: why these big like Swift dex laying off, you know,
28:09
Speaker 6: thirty five percent of their staff is because exchanges make
28:13
Speaker 6: money basically on the spread, so that means they'll sell
28:17
Speaker 6: you a token for more than what they've paid for it.
28:20
Speaker 6: So when there is fear and uncertaining in the markets,
28:23
Speaker 6: less people are buying and transacting, so that means there's
28:27
Speaker 6: less volume, which means there's less profit for these companies.
28:30
Speaker 6: Now Coinbase are the probably the third biggest, I think
28:34
Speaker 6: the biggest in the world. They've come out and said, look,
28:37
Speaker 6: we can prove that we've got the reserves. There's no
28:39
Speaker 6: issues here, And a lot of the Australian exchanges have
28:42
Speaker 6: also said that we've got the reserves, aka, we are
28:45
Speaker 6: not spending people's money on our pet projects over here.
28:49
Speaker 6: But I will just say, like in finishing the whole
28:52
Speaker 6: exchange thing. So the AX is an exchange for securities, right,
28:58
Speaker 6: and cryptos are an extra change. The difference is your
29:01
Speaker 6: money with like if you have money on swift x,
29:05
Speaker 6: on coinspot they're Australian as well, or coinbase or even
29:09
Speaker 6: FDx before they went under. That money with FDx wasn't
29:14
Speaker 6: in custody. It was actually sitting in the exchange. Yeah,
29:17
Speaker 6: and it's with the AX Australian Securities Exchange. When you
29:22
Speaker 6: pay for shares and you buy shares, the money isn't
29:26
Speaker 6: sitting at the AX, it's in custody or it's registered
29:30
Speaker 6: against your name. Does that make sense.
29:32
Speaker 2: Yeah, you get issued a certificate to say no you
29:35
Speaker 2: own this directly, Jess. Yeah, which you got when you
29:38
Speaker 2: started investing on chares and you were like what is
29:40
Speaker 2: this and I was like you are owner?
29:42
Speaker 4: Wow, very nice, very shiny.
29:45
Speaker 6: Yeah, that's right. So like the board at the ASX,
29:47
Speaker 6: for example, can't just go in and go, oh, we're
29:49
Speaker 6: going to sell two hundred million dollars worth of just
29:53
Speaker 6: Rich's CBA shares.
29:55
Speaker 2: No, they're like the coals and moollies.
29:56
Speaker 4: Gee, my portfolio is looking good. Two hundred mil.
29:59
Speaker 2: Yeah, not that right, right?
30:00
Speaker 6: So that vilegely, Yeah, we know where all the she's
30:04
Speaker 6: on the money money is going suggest So look, it's
30:08
Speaker 6: just it's more of a cautionary tale. I've said for many,
30:12
Speaker 6: many years, even before this crypto stuff. Any speculative investments
30:18
Speaker 6: or assets you really want to keep it maybe two
30:22
Speaker 6: to five percent of your net worth, yeah, or some
30:26
Speaker 6: type of guide. If you had a share portfolio of
30:29
Speaker 6: twenty thousand dollars, maybe you might go, well, I'm not
30:32
Speaker 6: going to put more than ten percent into a speculative
30:35
Speaker 6: investment because if it gets flushed, you'll get flushed. But
30:40
Speaker 6: if you've only got a small allocation, it's not going
30:43
Speaker 6: to wipe you out.
30:44
Speaker 8: Yeah.
30:44
Speaker 2: And I think it's just so important to talk about
30:46
Speaker 2: these things. You guys know, I am quite conservative when
30:50
Speaker 2: it comes to investing, and that leans a lot into privilege.
30:53
Speaker 2: And when I say privilege, it means that I have
30:56
Speaker 2: learned to invest when I was young, and I still
30:58
Speaker 2: have thirty forty years before I'm rich hiring, and I
31:00
Speaker 2: just I can't justify to myself putting money in an
31:04
Speaker 2: asset class that is going to be too risky for
31:07
Speaker 2: my risk profile. I am your bread and butter kind
31:11
Speaker 2: of investor, Like I just want my ETFs, I want
31:14
Speaker 2: my you know, managed funds. I want to know that
31:16
Speaker 2: I am safe and secure and I am working towards
31:18
Speaker 2: a stable financial future. And that just gives me too
31:21
Speaker 2: much anxiety. And I know other people are better at
31:23
Speaker 2: taking risk, and that's okay, We're all different, and it's
31:26
Speaker 2: exactly what you're saying, Glenn, like, just make sure you're
31:28
Speaker 2: not biting off more than you can chew because they've
31:30
Speaker 2: sold you the dream, and like everyone wants to sell
31:33
Speaker 2: you the dream. But I just think it's It also
31:35
Speaker 2: plays into this conversation about how banks make money, because
31:39
Speaker 2: I think that a lot of people don't actually understand
31:42
Speaker 2: that when you put your money into a bank, like
31:44
Speaker 2: they're actually using that money. Yes, you can retrieve that
31:48
Speaker 2: whenever you want, but if absolutely everybody did it, it
31:50
Speaker 2: would be a bank run and it would put us
31:53
Speaker 2: in a compromising position, which is why the government's underlyingly
31:56
Speaker 2: guaranteeing everything. And I just think it's a top of
32:00
Speaker 2: conversation I want to bring up in the new year.
32:02
Speaker 2: And es, I've actually just written it down episode idea,
32:04
Speaker 2: let's talk about how banks actually make money for themselves,
32:08
Speaker 2: because it's not just on the interest rate people pay
32:10
Speaker 2: on their mortgage.
32:11
Speaker 9: Yeah.
32:12
Speaker 6: Yeah, And I'm all like, for even when we read
32:14
Speaker 6: the money stories, like, let's look at the underlying thing
32:17
Speaker 6: and the unlying lesson a lot of like this whole
32:19
Speaker 6: crypto thing, what happens with greed stupidity follows very closely.
32:27
Speaker 6: And you just need to make sure with your money
32:29
Speaker 6: that you're not investing for the greed to get rich
32:32
Speaker 6: quick and all that stuff, because at some point something
32:36
Speaker 6: will fail and someone is left holding the bag. There
32:39
Speaker 6: was an article I saw a couple of weeks ago.
32:41
Speaker 6: There's a heap of luxury watches on sale now that's
32:44
Speaker 6: flooded the market. Rope. Yeah, that's right. I wish where
32:48
Speaker 6: people are They got all this cash from their crypto
32:52
Speaker 6: sold it. Oh, I'm rich, I'm rich. I'm rich. Bought
32:54
Speaker 6: all the Rolllexes and the Amigas and all that, the
32:57
Speaker 6: tags and the brightlings. I can't even pronounce these expensive
33:00
Speaker 6: brands and now they're selling them to cash.
33:05
Speaker 5: That's another Swatches, That's what I was laughing at. I
33:08
Speaker 5: don't think the Swatch is quite making the cut in
33:10
Speaker 5: the luxury Well what if it's a collectible?
33:12
Speaker 6: So they did.
33:13
Speaker 2: They did a collab with Amiga, didn't they, Glenn, exactly yes.
33:16
Speaker 6: And I tried to get one. I couldn't get one.
33:18
Speaker 2: I remember I had to get one for you when
33:21
Speaker 2: we were in Monaco. Remember I actually, do you know what,
33:24
Speaker 2: I'm such a good friend. I dragged literally my best
33:27
Speaker 2: friends into an Amiga store and I was like, do
33:29
Speaker 2: you have this Swatch thing? They're like, no, it's actually
33:31
Speaker 2: not for sale in the Amiga stores. It's only in
33:33
Speaker 2: the Swatch stores. There's one around the corner, but they're
33:36
Speaker 2: definitely going to be sold out. And I was like,
33:37
Speaker 2: this is a joke.
33:39
Speaker 6: I love that, Like how many of us get to
33:42
Speaker 6: casually drop the line. And when we were in Mona,
33:47
Speaker 6: it's the bougiest thing I have.
33:49
Speaker 2: I was trying so hard to impress you, Glenn. I
33:51
Speaker 2: just wanted to be a good friend.
33:53
Speaker 6: I'm more like when I was in like Geelong, Newcastle,
33:59
Speaker 6: I live in Newcastle. When I was in Newcastle, like
34:02
Speaker 6: we went to like this second hand store and I
34:04
Speaker 6: found a swatch and I found a swatch, So yeah,
34:07
Speaker 6: just be careful, be careful with your money, peeps.
34:10
Speaker 2: Yeah, unless you're in Monoco and you're trying to watch.
34:14
Speaker 6: You're going to be dabbling in stuff because we all know,
34:17
Speaker 6: like there's this whole debate with crypto and the actual
34:20
Speaker 6: intrinsic value and like intrinsic value that's like, okay, well,
34:25
Speaker 6: if I pay five hundred dollars for a luxury pair
34:28
Speaker 6: of sunglasses, not worth five hundred dollars, but we know
34:31
Speaker 6: there's at least probably one hundred dollars worth of stuff,
34:33
Speaker 6: So the intrinsic value of the stuff is the materials, right,
34:37
Speaker 6: and they reckon Like with gold, for example, people were
34:41
Speaker 6: comparing gold to bitcoin. It's like bitcoins now the digital gold. Well,
34:46
Speaker 6: we still need gold to make microchips and watches and
34:50
Speaker 6: tooth implants.
34:51
Speaker 2: Like I like how he went from tooth implants, but
34:54
Speaker 2: also watches. They're really important to plan.
34:57
Speaker 6: Well, the only reason I've still got a baby tooth
34:59
Speaker 6: And after this recording, I'm going to get the filling
35:01
Speaker 6: repaired because they're like it's almost at the end of
35:04
Speaker 6: its life and I'm thinking they get a gold one.
35:06
Speaker 6: I need an implant. I'm going to get a gold
35:08
Speaker 6: implant from No.
35:09
Speaker 2: Absolutely, you are going to be canceled. We are moving
35:11
Speaker 2: on through this conversation. We actually have a money dilemma
35:14
Speaker 2: that we need your help. We've been Let's listen to it.
35:18
Speaker 6: Hi.
35:19
Speaker 2: There, have you got a money dilemma you just can't solve?
35:22
Speaker 2: The Sheese on the Money team is here to help.
35:24
Speaker 2: Every week, we tackle your dilemmas, both big and small,
35:27
Speaker 2: to answer your most burning money, career and life questions.
35:31
Speaker 2: To get involved, simply head to our website and leave
35:33
Speaker 2: us a short voice recording and you might just find
35:35
Speaker 2: yourself on the show. Now, let's take a listen to
35:38
Speaker 2: this week's money dilemma.
35:41
Speaker 9: Hi, guys, love the pod. I just wanted to ask
35:44
Speaker 9: about joint finances. I am twenty one and I have
35:48
Speaker 9: fifty thousand dollars safe, so I think I'm doing pretty well.
35:52
Speaker 9: My partner and I have been together for two years
35:55
Speaker 9: now and we've decided to join our bank accounts.
35:59
Speaker 8: But he has a personal debt of about ten thousand
36:02
Speaker 8: dollars for his car. I'm wondering how to I guess
36:06
Speaker 8: help him pay yourself a little faster. Obviously I'm in
36:09
Speaker 8: the position where I can just pay it off, but
36:11
Speaker 8: I don't want to do that for him. But I
36:14
Speaker 8: also want to help him with creating good money habits.
36:17
Speaker 8: He's struggling to listen to the podcast and read books,
36:21
Speaker 8: so I'm just wanting some help.
36:22
Speaker 4: Thank you, Glenn Jameson.
36:25
Speaker 2: I'm going to throw this over to you because I
36:26
Speaker 2: have some thoughts, but I want yours first.
36:28
Speaker 6: Well, I'm just going to say, twenty one years old,
36:31
Speaker 6: fifty K savings, big dog energy. I think you're doing
36:34
Speaker 6: better than pretty well. Yeah, absolutely slaughtering it. Look, I'm
36:40
Speaker 6: probably not in a rush to go and give my
36:43
Speaker 6: money to my partner's loan. You know, I'm probably not
36:46
Speaker 6: even in a rush to have that money in a
36:49
Speaker 6: joint bank ground, like that's your savings that needs to
36:52
Speaker 6: be kepting your name. I think there's an argument here.
36:57
Speaker 6: You know, you are joining your money. You need to
36:59
Speaker 6: just have some type of money system that works for
37:01
Speaker 6: the household, like either a rand account or whatnot.
37:04
Speaker 2: I think you can have a joint account, but I
37:06
Speaker 2: would really shy away from joining your money together. Like, yeah,
37:10
Speaker 2: I'm just you're giving me anxiety. You're such a different
37:14
Speaker 2: person at twenty one than you are at twenty nine
37:16
Speaker 2: or thirty.
37:17
Speaker 6: That's what I was thinking. Like, I'm looking back at
37:19
Speaker 6: twenty one, and even when I was twenty six, I
37:21
Speaker 6: was like a different person, And like even now I'm
37:25
Speaker 6: over thirty five and I'm a different.
37:27
Speaker 2: Person forty than you are twenty one.
37:29
Speaker 6: Yeah, well I'm in my mid to late thirties. But look,
37:33
Speaker 6: I just think the more on the partner's willingness to
37:38
Speaker 6: do better with money.
37:39
Speaker 4: That's what struck me as well.
37:41
Speaker 6: This is the age old thing. You cannot take a
37:45
Speaker 6: horse to water and throw water at it, water, whatever
37:50
Speaker 6: it is.
37:51
Speaker 2: That's why we've got you here to let us know
37:54
Speaker 2: what we actually meant.
37:56
Speaker 6: And you can't push a rope either, So what's that mean?
38:00
Speaker 6: Cot push a rope? You pull a rope?
38:02
Speaker 2: Oh okay, all right, sorry.
38:04
Speaker 6: So what I'm probably saying is, you know, if you
38:07
Speaker 6: guys want to do the whole together for everything, it
38:10
Speaker 6: probably needs to come down to get some bedrock on
38:13
Speaker 6: money values. And I don't think it's being on the
38:16
Speaker 6: same page quote unquote, but knowing what page each other
38:20
Speaker 6: is on and once we know the pages that each
38:23
Speaker 6: other is on, how are we going to deal with it?
38:25
Speaker 6: And I'm the last person on the planet to give
38:28
Speaker 6: any type of relationship advice, but I would just say
38:31
Speaker 6: clarity is kind, communication is key, and it's your money.
38:35
Speaker 6: Make sure you look after yourself always.
38:38
Speaker 2: I couldn't agree more. And you know, I don't want
38:41
Speaker 2: to use the term red flags because I'm sure your
38:44
Speaker 2: relationship is absolutely beautiful. They're not relationship red flags. But
38:47
Speaker 2: I'd say their finance red flags about whether or not
38:50
Speaker 2: you should combine your money, because if you're saying your
38:53
Speaker 2: partner is still in debt, that's not a bad place
38:55
Speaker 2: to be. There are a lot of people in our
38:57
Speaker 2: community in debt that if they came to us like, oh, Glenn, Victoria, Jess,
39:02
Speaker 2: should we be putting our money together? It's actually really
39:04
Speaker 2: about mindset. What you're telling me is his head is
39:07
Speaker 2: still in the sand about creating a financially secure future,
39:12
Speaker 2: you know. I mean, he doesn't have to listen to
39:14
Speaker 2: our podcast. But the lack of interest in a financial
39:17
Speaker 2: education to me is a bit like, oh, well, why
39:19
Speaker 2: are we putting our money together if we're not on
39:20
Speaker 2: the same page And talking about these things. And to
39:23
Speaker 2: be honest, I think you learn a lot. As somebody
39:25
Speaker 2: who was in more than forty thousand dollars of personal
39:28
Speaker 2: consumer debt by the age of twenty three, you learn
39:31
Speaker 2: a lot having to pay that off, and I think
39:33
Speaker 2: it ingrains in you some really solid money values. And
39:37
Speaker 2: if your partner's in a position and this is clearly
39:40
Speaker 2: completely unsolicited advice, but if your partner's in a position
39:43
Speaker 2: where they're burying their head in the sand and have debt,
39:46
Speaker 2: to have someone swoop in and pay that off for
39:48
Speaker 2: them might lead to getting back into debt and set
39:52
Speaker 2: you up for a not as clear a financial future together.
39:55
Speaker 2: So I would Yeah, I'm a bit red flaggy about that.
39:58
Speaker 2: I'm sure they are a beautiful human nothing.
40:00
Speaker 8: To do with that.
40:01
Speaker 6: Yeah, I'm probably coming at this with a little bit
40:03
Speaker 6: of grace that, you know, if the partner is also
40:07
Speaker 6: early twenties, like they may have just joined the normal
40:11
Speaker 6: Australian conveyor belt, their parents are like, yeah, get alone
40:13
Speaker 6: for this, get alone for that. I remember people saying
40:16
Speaker 6: you got to pay something off. Money's got to go somewhere.
40:18
Speaker 6: Most will be paying something off, like, no, this is
40:21
Speaker 6: just the culture that they may have grown up in.
40:23
Speaker 6: So I'm going there with some grace and just more
40:26
Speaker 6: observing the willingness to be open to managing money better
40:30
Speaker 6: and looking for signs of life.
40:32
Speaker 2: Yeah. Absolutely, but also kudos to being twenty one and
40:35
Speaker 2: having fifty grand saved you baller.
40:38
Speaker 6: I'm obsessed, I'm jealous.
40:40
Speaker 2: I'm do you know what, Let's not be jealous. We
40:42
Speaker 2: are I'm proud, We're proud, we are proud parents. But
40:47
Speaker 2: in saying that, we're proud to have to go because
40:49
Speaker 2: that was a long episode. Thank you for sticking with us,
40:52
Speaker 2: Glenn James, thank you for joining us.
40:54
Speaker 9: You can come.
40:55
Speaker 2: Having you whenever you want makes our job much easier.
40:58
Speaker 6: I love the Friday Drinks because it's like, every time
41:01
Speaker 6: I meet people and they listen to She's on the Money,
41:03
Speaker 6: they're like, I just love the Friday drinks.
41:06
Speaker 2: They really are.
41:07
Speaker 4: She's loose.
41:08
Speaker 2: She's loose, she's opinionated. We have fun guests on. Sometimes
41:12
Speaker 2: we're all picky though, aren't we just Yeah.
41:14
Speaker 5: Speaking of which, if you want to find Glenn, we'll
41:16
Speaker 5: obviously link to all of his stuff in the show
41:19
Speaker 5: notes My millennial money and the entire empire that is
41:22
Speaker 5: my millennial and other. There's mamonial career, there's my millennial health.
41:27
Speaker 5: There's like a million differents.
41:29
Speaker 2: My millennial doctor, there's my millennial everything. Like, honestly, Glenn,
41:33
Speaker 2: you're impressive and we love you, but now we have
41:36
Speaker 2: to leave you, so come back on the show soon.
41:39
Speaker 2: Have a good weekend, my last West friends.
41:41
Speaker 6: Merry Christmas, all.
41:43
Speaker 2: Merry Christmas.
41:44
Speaker 9: We love you.
41:45
Speaker 4: Bye.
41:51
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41:54
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41:58
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42:01
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42:05
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42:07
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42:11
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