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FRIDAY DRINKS: Financial break-ups · She's On The Money

0:00
Speaker 1: She's on the Money. She's on the Money.
0:24
Speaker 2: Hello, and welcome to She's on the Money, the podcast
0:27
Speaker 2: for millennials who want financial freedom. Welcome back to another
0:31
Speaker 2: one of our Friday Drinks episodes, where as always we
0:34
Speaker 2: celebrate the wins from our She's on the Money community.
0:37
Speaker 2: We all know there are so many great money wins
0:39
Speaker 2: and confessions that are shared in our group every single week,
0:42
Speaker 2: free of judgment, and the team and I this week
0:46
Speaker 2: the team includes Georgia spent a very big part of
0:49
Speaker 2: our days talking about these things in the office, so
0:52
Speaker 2: it makes sense to share that all with you. So
0:55
Speaker 2: moving on from that, let's recap quickly what happened during
0:59
Speaker 2: the week Tony. What happened on Our Money Diary Monday?
1:03
Speaker 3: Our money diarist talked about quite a colorful background she's
1:07
Speaker 3: had and growing up with money and then kind of
1:10
Speaker 3: losing it all, and talked about her very in depth
1:13
Speaker 3: baby budget that she's set up. So was she actually
1:16
Speaker 3: and announced her pregnancy on our podcast, which is very exciting.
1:20
Speaker 3: That's and going to be interesting, you know when her
1:24
Speaker 3: friends and family listen and go.
1:25
Speaker 4: Oh, I had no idea, but that's fine.
1:27
Speaker 2: That's for her figure out. That's nice. She made that
1:30
Speaker 2: decision exactly, but yeah, she.
1:33
Speaker 3: Talked about in depth baby budgeting, which was probably a
1:36
Speaker 3: really good listen for some of our community that might
1:38
Speaker 3: be expecting or trying to get pregnant at the moment.
1:41
Speaker 4: If that's something that relates to you, maybe give it
1:43
Speaker 4: a listen.
1:44
Speaker 2: I really was goodn't it. It was actually a heap
1:47
Speaker 2: of fun. She was really young and really switched on,
1:50
Speaker 2: and I just like hearing stories about people that I
1:53
Speaker 2: definitely never was at that age. Like, there's no way
1:56
Speaker 2: I was that put together when I was.
1:58
Speaker 4: Her age, So absolutely not me either.
2:00
Speaker 2: Inspirational, slightly regretful from me and over to you, Georgia,
2:06
Speaker 2: welcome back to Friday Drinks. It's been a friend. It
2:10
Speaker 2: has been a while. How are we all? So thanks
2:15
Speaker 2: for joining me. Guys.
2:16
Speaker 5: I just want to let you know that the people
2:18
Speaker 5: have been missing you. We've had some dms saying Georgia,
2:21
Speaker 5: what's going on? And I had to say, don't worry.
2:24
Speaker 5: We haven't fired her. She's just too busy for us exactly.
2:28
Speaker 6: So sorry to leave everyone hanging. No one cares, but
2:32
Speaker 6: here we are.
2:33
Speaker 2: We're back. Yeah, but I do care. Thank you so much.
2:36
Speaker 2: Georgia for gracing us with your presence.
2:38
Speaker 6: It is good to be here. But do we want
2:40
Speaker 6: to know what happened on Wednesday? Show?
2:42
Speaker 2: Is that? Can you tell us what happened on Wednesday?
2:45
Speaker 6: I certainly can. So it was our big Matt leave episode,
2:49
Speaker 6: which feeds in nicely with the Monday episode I feel
2:52
Speaker 6: with the baby budgeting. Yes, yeah, so we went real
2:55
Speaker 6: deep on all things Matt leave, which is actually called
2:58
Speaker 6: paternity leave, not maternity leave, fun fact, and I learned
3:03
Speaker 6: a lot from it, including that you are legally allowed
3:07
Speaker 6: two years of Marie Yeah.
3:10
Speaker 2: Up to twenty four months of time off without any pay.
3:15
Speaker 6: The other cool thing that happened on that episode was
3:17
Speaker 6: that we spoke about miscarriage leave.
3:21
Speaker 2: It was bereavement leave, so that you can take leave
3:24
Speaker 2: for up to two days for a miscarriage if you
3:27
Speaker 2: go through one. But gee, we're talking about it. I
3:30
Speaker 2: don't think that's enough time.
3:32
Speaker 6: No, definitely not, And we were saying it's like a
3:35
Speaker 6: step in the right direction, but two days certainly isn't
3:38
Speaker 6: enough time to move on from something like that.
3:41
Speaker 2: I think what I liked about it is that we're
3:42
Speaker 2: now recognizing that we do need leave for things like this,
3:46
Speaker 2: and it's a step in the right direction in that aspect,
3:49
Speaker 2: but I just feel really disappointed that it's only two
3:52
Speaker 2: days and they've put a limit on that, Whereas you know,
3:55
Speaker 2: if you had a cold, you could literally take the
3:57
Speaker 2: week off with a doctor's certificate. So I think for me,
4:00
Speaker 2: it's just not good enough. And if we're going to
4:02
Speaker 2: move towards having equality for women, like, there's just so
4:05
Speaker 2: much conversation to have around that situation, because if you
4:09
Speaker 2: think about it a little bit more deeply. I mentioned
4:12
Speaker 2: this on Wednesday as well. If you're going through a miscarriage,
4:15
Speaker 2: most miscarriages happen before twelve weeks, and society tells us
4:20
Speaker 2: you shouldn't tell anybody that you're pregnant before twelve weeks,
4:23
Speaker 2: which I don't agree with. So more often than not,
4:26
Speaker 2: we're going through these things in silence, and your workplace
4:28
Speaker 2: doesn't know. So you know, if one of you guys
4:30
Speaker 2: are pregnant, you might not want to bring it up
4:32
Speaker 2: with your work because you were like, they didn't even
4:35
Speaker 2: know I was pregnant. I don't really want to tell
4:36
Speaker 2: them that that was the case, because like, I'm not
4:39
Speaker 2: ready or I don't want that conversational. Maybe you just
4:42
Speaker 2: don't want to talk about it. So I think it's
4:44
Speaker 2: just more maybe we need more flexible time to have
4:48
Speaker 2: bereavement leave, but also sick leave, and do we build
4:51
Speaker 2: that together to mean that if you need to take
4:53
Speaker 2: time off, regardless of what that is, like, do you
4:56
Speaker 2: actually need to tell your employee about your personal life?
4:58
Speaker 2: I don't know. Yeah, it's really hard.
5:01
Speaker 5: One of my good friends has unfortunately gone through this
5:04
Speaker 5: very recently, and she is also studying at UNI, and
5:09
Speaker 5: she was stressing because she had this really big assignment
5:12
Speaker 5: you and she like mentioned she popped it in our
5:15
Speaker 5: group chat and one of the girls was like, just
5:17
Speaker 5: email them, like email them and let them know that
5:19
Speaker 5: it's extenuating circumstances. But even the pressure of that, especially
5:23
Speaker 5: with a UNI lecture where you like, it's not really
5:25
Speaker 5: someone that you know super intimately, especially in COVID when
5:28
Speaker 5: you're not going there, and it was just a really
5:31
Speaker 5: hard conversation to have. So it's really unfortunate that there
5:35
Speaker 5: isn't some process in place to kind of simplify that
5:37
Speaker 5: process for anybody who has lost a child, who is
5:42
Speaker 5: obviously dealing with their own internal emotions and feelings to
5:45
Speaker 5: then have to also explain it and justify it to people,
5:49
Speaker 5: I think is really hard.
5:50
Speaker 2: So I guess yeah, to wrap this little segment, guys,
5:52
Speaker 2: we need to be talking about it more often and
5:54
Speaker 2: normalizing these things that you know, they suck and it's
5:58
Speaker 2: the worst and there's nothing that I can do in
6:00
Speaker 2: this situation to help. But I think that if we
6:03
Speaker 2: can just talk about these things and normalize them and
6:05
Speaker 2: make you feel a little bit more comfortable, whether it's
6:08
Speaker 2: you going through it or a friend that's going through it,
6:10
Speaker 2: like you can be a little bit more supportive because
6:13
Speaker 2: I don't know, just understanding that process means that we
6:17
Speaker 2: can just genuinely be more supportive. Moving on from that, Tony,
6:23
Speaker 2: I believe you have a number of money wins from
6:26
Speaker 2: the community that you deem worthy enough for the podcast
6:30
Speaker 2: this week. Worthy enough. I mean, they're all very good.
6:33
Speaker 3: But here's a couple of my faves that I've found
6:36
Speaker 3: on Jess's post. So if you're not familiar, Jess will
6:39
Speaker 3: pop in a post every single week for you to
6:42
Speaker 3: put in the week's money wins or losses that you've experienced,
6:45
Speaker 3: and we love to read out a couple.
6:47
Speaker 4: So can I share my faves with you guys, now.
6:50
Speaker 2: Please, this is literally what I come for every single week.
6:54
Speaker 2: Sometimes I ruin this segment for myself by trolling through
6:58
Speaker 2: all of it. So when you start talking about it,
6:59
Speaker 2: I'm like, oh, yeah, I totally knew that. Like, yeah,
7:01
Speaker 2: I've heard that one. Don't tell me it was jess Is.
7:03
Speaker 2: I've heard that one. I've seen it, I've liked it.
7:06
Speaker 2: But like, what have you got, Tony, please surprise us?
7:09
Speaker 2: So Live, says money Win.
7:11
Speaker 3: I went to buy a hot water bottle not only
7:13
Speaker 3: for keeping herself warm but keeps the heating down, which
7:16
Speaker 3: is its own money win, I think, gys. But both
7:19
Speaker 3: the cover and the hot water bottles separately. Scanned it
7:22
Speaker 3: two dollars each and was advertised for twenty, so she
7:25
Speaker 3: brought another two. So she saved fifty four dollars. She's
7:29
Speaker 3: stocked up on hot water bottles. Bat likely we're coming
7:31
Speaker 3: into sumer Tiagan says, money Win changed my car insurance
7:36
Speaker 3: provider and saved three hundred dollars a year.
7:41
Speaker 2: I think that one's a really good one and a
7:43
Speaker 2: little bit of a kick up the bottom for anyone
7:45
Speaker 2: who hasn't reviewed that one recently, because it comes up quickly.
7:49
Speaker 3: But you've just got to make the call. Like we
7:51
Speaker 3: always say, you're not calling mister insurance man. You know,
7:54
Speaker 3: you're talking to real people who want to help you.
7:56
Speaker 3: So you might be able to call them and just go, hey,
7:58
Speaker 3: I've been with you guys for a couple of years.
8:00
Speaker 2: Could I get a cheeky discount? And they might do it.
8:02
Speaker 2: You never know. Yeah, I don't know why we don't
8:04
Speaker 2: ask for these things, because, to be honest, if you
8:07
Speaker 2: call up and you got this dapper attitude, you probably
8:09
Speaker 2: brighten their day as well. They'd be like, I'm going
8:11
Speaker 2: to give Georgia discount. She sounds like a stellar human.
8:14
Speaker 3: If I had something to sell and someone called me
8:16
Speaker 3: they were like, can I have a better price, I'd
8:18
Speaker 3: be like, yeah, I'll give it to you. But then
8:23
Speaker 3: if you were like rude to me, I.
8:25
Speaker 2: Wouldn't offer the discount. I'd be like and then later
8:27
Speaker 2: on group chat to my friends, so I'd be like,
8:29
Speaker 2: I had a great day. Someone was rude to me
8:30
Speaker 2: and I didn't give them the discount that they could
8:33
Speaker 2: have had. Grace says money Win.
8:36
Speaker 3: I volunteered to go with my dad on a four
8:38
Speaker 3: hour each way trip to move some furniture and help
8:40
Speaker 3: them move house. While I was there, found a whole
8:43
Speaker 3: bunch of beautiful trees and plants in.
8:45
Speaker 2: Their yard that they didn't care about.
8:47
Speaker 3: So I ended up with nine plants out of the
8:49
Speaker 3: garden and five potted plants sitting pretty in my house
8:51
Speaker 3: for free. And plants get expensive. Plants extend very good money.
8:57
Speaker 3: In Shalini says, I've been budge and tracking our finances.
9:01
Speaker 2: Like a bus like it was like a houlse.
9:05
Speaker 3: We actually have money in our every day account a
9:07
Speaker 3: week before payday, which had never happened before, and haven't
9:11
Speaker 3: dipped in trouse savings.
9:12
Speaker 2: So that's so cool. Good on your Shillini. I love that.
9:16
Speaker 2: It's the best feeling. It's the best feeling in Tony.
9:19
Speaker 2: You've been through this recently where you were like, oh
9:20
Speaker 2: my gosh, we've got our budget together and you've just
9:22
Speaker 2: you just feel excited about it and like knowing that
9:25
Speaker 2: that stress isn't there because you've just got it together.
9:28
Speaker 2: It feels very satisfying.
9:30
Speaker 3: It is very you feel like you're finally like your
9:33
Speaker 3: mum and dad if they asked you about your finances.
9:35
Speaker 4: You'd be like, yep, all sorted, like oh, yeah.
9:38
Speaker 2: Like, actually, I have insurance take that. Yeah, and I
9:41
Speaker 2: call them and got a discount.
9:44
Speaker 3: Karen says, paid off my car loan calculated more than
9:47
Speaker 3: I needed, so I was able to pay off the
9:49
Speaker 3: remaining amount and topped up my emergency fund and she
9:52
Speaker 3: officially has no more debt to her name.
9:54
Speaker 4: Oh my gosh.
9:55
Speaker 3: Yes, that is also the best feeling and very like last.
10:00
Speaker 4: Cody says that their husband purchased a pizza roven for.
10:03
Speaker 3: Four hundred dollars after a few too many beers. When
10:06
Speaker 3: it came the stone was cracked, and looked them up
10:09
Speaker 3: online and it was going to be thirty dollars to
10:11
Speaker 3: replace it. So she jumped on the phone, talked to
10:14
Speaker 3: the company and they said that they would replace the
10:16
Speaker 3: broken stone for free, but then they sent out a
10:19
Speaker 3: whole new pizza oven instead. Does that matter has two
10:24
Speaker 3: pizza She has two pizza ovens, but only one stone.
10:27
Speaker 5: I referred to her on the thing and said she
10:29
Speaker 5: should just replace it and then sell the other one,
10:32
Speaker 5: because and then that.
10:34
Speaker 2: Is what you would do, Jeff, or spend the thirty
10:38
Speaker 2: dollars now to replace it and sell a fully functional
10:42
Speaker 2: one that doesn't have a broken plate and you'll make money.
10:44
Speaker 2: Oh that's what I thought you meant, That's what I meant.
10:46
Speaker 1: Yeah, okay, welcome Victoria.
10:52
Speaker 2: Myself out a right, guys, I had true things that
11:01
Speaker 2: I want to discuss with you on this episode. Both
11:05
Speaker 2: are arguably as exciting as each other. The first is
11:08
Speaker 2: about Zuckerberg's net worth and how it dropped recently, which
11:11
Speaker 2: I mean, I get a sick level of satisfaction out of,
11:14
Speaker 2: but I'll get to that in a hot second. And
11:16
Speaker 2: then the second one is the one reason why one
11:20
Speaker 2: in eight people here in Australia have been dumped. So
11:25
Speaker 2: jumping right in earlier this week, I think we all
11:28
Speaker 2: felt it when we woke up on Tuesday morning and
11:30
Speaker 2: tried to scroll on Instagram and Facebook to realize it
11:34
Speaker 2: was down very stressful. Why.
11:37
Speaker 3: I messaged Jess straight away and was like, I can't
11:39
Speaker 3: get into the Facebook group.
11:40
Speaker 2: How am I going to do my job?
11:41
Speaker 3: She was like, take the day off.
11:47
Speaker 2: I think that was really reasonable of Jess to just
11:49
Speaker 2: automatically assume that that was what you guys were doing.
11:53
Speaker 5: It seemed like the reasonable solution.
11:55
Speaker 2: Really, yeah, I thought so. I thought that was really reasonable.
11:58
Speaker 2: But turns out at about two forty five am our time, Facebook, Instagram, WhatsApp,
12:05
Speaker 2: they were all just unable to open, like it completely
12:08
Speaker 2: went down, and oh my gosh, I know, I can't
12:11
Speaker 2: believe it. Like what if I woke up at three
12:13
Speaker 2: am and needed to mindlessly scroll Instagram to get back
12:16
Speaker 2: to sleep.
12:17
Speaker 5: That would be a global outage though, right, so, like
12:19
Speaker 5: three am our time is probably normal time somewhere else,
12:23
Speaker 5: somewhere else that has Facebook. I'm not good at well timed,
12:27
Speaker 5: but it feels like middle of the day for America.
12:29
Speaker 2: I'm sure that's the case, and I'm assuming I swear
12:32
Speaker 2: that went but I mean to make this financially related obviously,
12:36
Speaker 2: for it to be out Facebook makes a lot of money.
12:40
Speaker 2: We know. Facebook makes a lot of money, makes it
12:41
Speaker 2: off advertising and people paying to be on the platform
12:44
Speaker 2: to get different features, and that's why Zuckerberg is one
12:48
Speaker 2: of the richest people in the entire world, which is
12:50
Speaker 2: kind of cool to think about, because if I remember back,
12:53
Speaker 2: I literally remember people being like, are you on Facebook?
12:56
Speaker 2: And it'd be like, I'm not on Facebook. I don't
12:59
Speaker 2: need to be on Facebook. I've got MySpace, and now
13:02
Speaker 2: my entire business is on Facebook. In my own face anyway,
13:07
Speaker 2: burns out that during that period of time, the stock
13:11
Speaker 2: price of Facebook completely plummeted. It went down five percent,
13:17
Speaker 2: which you go, oh, it's only five percent, but that
13:20
Speaker 2: equates to a net loss of about nine point six
13:25
Speaker 2: billion dollars Australian Zuckerberg in his share prices, and like,
13:30
Speaker 2: that's what five percent? Guys, I wish that was five
13:33
Speaker 2: percent of my worth was? I know, I know, to
13:37
Speaker 2: make this a little bit more juicy, and obviously like
13:40
Speaker 2: Zuckerberg losing money juicy, but to make it more juicy
13:44
Speaker 2: in America overnight, like as in the night before it
13:48
Speaker 2: went down, CBS News, which is one of their platforms,
13:51
Speaker 2: lack our Channel seven or Channel nine or channel ten
13:54
Speaker 2: had sixty minutes, which we know very well they also
13:57
Speaker 2: have that in the US. They aired a segment in
14:00
Speaker 2: which Facebook whistleblower Francis Hougan alleged that the social media
14:05
Speaker 2: giant knew that its products were fueling hate and harming
14:08
Speaker 2: the mental health of children, but they were allowing it
14:11
Speaker 2: to go on. And she essentially said that Facebook would
14:14
Speaker 2: always prioritize revenue over mental health. So that I think
14:17
Speaker 2: I saw something about that.
14:19
Speaker 5: It came from Instagram, HQ or something, and it was
14:23
Speaker 5: like an internal comms like an email or something where
14:26
Speaker 5: they were discussing it, and I think, like, it's really
14:29
Speaker 5: like you understand that as a business, like you have
14:32
Speaker 5: to prioritize revenue, but it's really hard because those conversations
14:36
Speaker 5: around mental health and the impact that social media and
14:38
Speaker 5: filters and you know, the impact that it has on
14:41
Speaker 5: body dysmorphia and people's confidence levels and suicide rates and
14:45
Speaker 5: like all of those things which are literally detrimental to
14:49
Speaker 5: some people's lives. It's scary to think that, you know,
14:53
Speaker 5: in that situation, they're able to put revenue before you
14:57
Speaker 5: know the duty of care that they have to their users.
15:00
Speaker 2: Which seems insane. This isn't the first time this topic
15:03
Speaker 2: has come up for Facebook, and obviously, as she's on
15:06
Speaker 2: the money, we are massive advocates of positive mental health
15:08
Speaker 2: and only surrounding yourself with things that nurish you. And Georgia,
15:12
Speaker 2: you're not even on Instagram at the moment. You seldom
15:14
Speaker 2: ever jump on Facebook unless you're in our community. And
15:17
Speaker 2: it's one of those things where we know internally what
15:20
Speaker 2: the impacts of that are. And I think it's worthy
15:22
Speaker 2: of note that if you feel like you're absorbing too
15:24
Speaker 2: much negativity via social media that you actually just need
15:27
Speaker 2: to do a bit of a call or a reset
15:29
Speaker 2: or a detox from social media, which we are big
15:31
Speaker 2: fans of. But I guess when we go back to
15:34
Speaker 2: the financial side of things, this has been going on
15:37
Speaker 2: for a while. In fact, at the beginning of September,
15:41
Speaker 2: Zuckerberg's Facebook stock had already lost about fifteen percent of
15:46
Speaker 2: its value because of those whistleblowing claims, which I think
15:49
Speaker 2: is wild, which essentially means that Zuckerberg's chairs have gone
15:52
Speaker 2: down twenty percent in the last two weeks. Zuckerberg has
15:56
Speaker 2: now dropped below Bill Gates to number five on the.
15:58
Speaker 3: Rich List trips because that would have all kind of
16:01
Speaker 3: been off the back of that Netflix stock o that
16:04
Speaker 3: came out as well, wasn't it.
16:05
Speaker 2: That was like a year ago?
16:07
Speaker 3: Now, Yeah, it was so dilemma, Yeah, which like obviously
16:11
Speaker 3: kind of caused ripples through people. I mean, it changed
16:14
Speaker 3: for a week and then everyone goes back to normal,
16:16
Speaker 3: but you kind of change your habits to go, oh
16:18
Speaker 3: my god, I don't want to be so addicted to
16:19
Speaker 3: the phone. And I know that this isn't strictly finance related,
16:22
Speaker 3: but you don't really think about the impacts that that
16:25
Speaker 3: kind of thing has on, you know, stock prices and
16:28
Speaker 3: people's like networth, And I would have never even thought
16:31
Speaker 3: about how that would have affected revenue. You know, the
16:34
Speaker 3: blackout that we had on Tuesday, Yeah, affected the market.
16:37
Speaker 2: Yeah, And I think that that's why I wanted to
16:40
Speaker 2: bring it up, because it's like, I don't know, saying
16:42
Speaker 2: it's funny is funny? Talking about it is one thing
16:45
Speaker 2: to be like, oh my gosh, did you see that?
16:47
Speaker 2: It could be a little bit coincidental, because obviously CBS
16:50
Speaker 2: did that sixty minutes thing and then all of a
16:52
Speaker 2: sudden Facebook was down. But I really doubt that a
16:55
Speaker 2: company that makes hundreds of millions of dollars per hour
16:59
Speaker 2: is going to put them in a position where they're
17:01
Speaker 2: like sixty minutes cents the main things, We're going to
17:03
Speaker 2: have a blackout and stop revenue like that is not
17:06
Speaker 2: how that would have worked. And I did see lots
17:09
Speaker 2: of tiktoks floating around the internet this week about that conspiracy,
17:12
Speaker 2: and I just want a debunkhead. But I think it's
17:15
Speaker 2: more interesting when we start talking about what's happening in
17:18
Speaker 2: the media and happening in the world and then ultimately
17:21
Speaker 2: how that impacts the share market and what that means.
17:24
Speaker 2: And if you think that you are immune to that,
17:27
Speaker 2: and you're like, oh my gosh, no, I just use
17:29
Speaker 2: my crew investing platforms here in Australia like Raise and
17:32
Speaker 2: spaceship cool, your own Facebook, like that is part of
17:35
Speaker 2: your portfolio and that is what is driving your share returns.
17:39
Speaker 2: And that is what is driving your portfolio returns. And
17:42
Speaker 2: it's also why we diversify so much, because we don't
17:46
Speaker 2: want to put all our eggs in one basket. So
17:48
Speaker 2: for example, if you only owned stock in Facebook, your
17:52
Speaker 2: share price over the last month would have decreased by
17:55
Speaker 2: twenty percent. That is a really big fluctuation in price
17:59
Speaker 2: I wouldn't feel comfortable with. But in an ETF that
18:03
Speaker 2: holds it, that risk is kind of like diluted over
18:06
Speaker 2: all of them, so you never feel a twenty percent decrease. Anyway.
18:10
Speaker 2: I won't get too complex on that because I did
18:12
Speaker 2: promise to talk about how people are breaking up, but
18:16
Speaker 2: I just think it's really important to talk about these
18:18
Speaker 2: things in a little bit more of a finance context
18:21
Speaker 2: and be like, hey, cool, So yeah, it's funny to
18:23
Speaker 2: think that Zuckerberg lost some money. He's a billionaire. But also,
18:26
Speaker 2: how does this impact us with the.
18:29
Speaker 6: Rise of TikTok and other social media platforms. Will Facebook
18:33
Speaker 6: and Instagram lose value on the stock market? Is that
18:36
Speaker 6: like anticipated? Or are they still going to stay as
18:39
Speaker 6: strong as ever.
18:40
Speaker 2: I think that they've stayed pretty strong over the last
18:43
Speaker 2: while because they still hold such value with the communities
18:47
Speaker 2: that are already using them. But it's definitely worthy of consideration.
18:50
Speaker 2: I don't think that TikTok will replace these things because
18:53
Speaker 2: they are quite literally different product offerings. Like TikTok is
18:57
Speaker 2: very video based, which I think is pushed in stock
19:00
Speaker 2: into becoming a little bit more competitive with video. And
19:03
Speaker 2: it was only a month or two ago that Instagram
19:05
Speaker 2: came out and said we are now a video based
19:08
Speaker 2: priority platform, which means they've gone from being a photo
19:12
Speaker 2: sharing platform which they came out as, to now really
19:15
Speaker 2: driving video. So they are obviously trying to compete. But
19:19
Speaker 2: I think when you look at Facebook as a whole,
19:21
Speaker 2: Facebook actually owns Instagram, and it owns WhatsApp and a
19:24
Speaker 2: plethora of other companies, it's completely different. Yes, other competitors
19:29
Speaker 2: coming into the market is always going to impact share
19:32
Speaker 2: price and value of that company. I mean, look what
19:35
Speaker 2: happened to MySpace because they didn't stay afloat in the
19:38
Speaker 2: same way that Facebook did when it came to being competitive.
19:41
Speaker 2: So it's worth considering. But it doesn't mean the newest
19:45
Speaker 2: thing is always the best or it will replace it.
19:47
Speaker 2: It's just interesting to be educated and interesting to know
19:51
Speaker 2: what's going on. Moving on, though, turns out that one
19:55
Speaker 2: in eight Australians have been dumped due to having poor finances.
20:00
Speaker 3: Like is that that is a lot higher than I
20:03
Speaker 3: would have thought.
20:04
Speaker 2: I think, yeah, so find It did some research and
20:08
Speaker 2: it revealed that thirteen percent of Australians have been through
20:11
Speaker 2: a breakup due to their financial situation. So the survey
20:14
Speaker 2: outlined that it was essentially due to having no savings,
20:17
Speaker 2: unpaid debts, or the one that worried me the most,
20:20
Speaker 2: poor financial knowledge. They were being marked as main reasons
20:24
Speaker 2: for breakups. That is a lot of people I think
20:28
Speaker 2: to have been broken up with. And the fact that
20:30
Speaker 2: they literally said poor financial knowledge. It wasn't just debt,
20:34
Speaker 2: it wasn't just not have savings. It wasn't you know,
20:37
Speaker 2: gambling or anything like that. It was poor financial knowledge,
20:41
Speaker 2: Like who does that, Oh you don't listen to she's
20:43
Speaker 2: on the money, you're out. Is that what we're saying,
20:45
Speaker 2: that's what I do.
20:46
Speaker 6: That's like, that's pretty savage. If someone was like, gee,
20:50
Speaker 6: you're a lovely lady, but poor financial knowledge, it's undone.
20:54
Speaker 5: I feel like it's broader than that, though, because thinking
20:57
Speaker 5: about the posts that we sometimes see in the community.
21:00
Speaker 5: You can be like someone can be raised without, you know,
21:03
Speaker 5: a lot of financial literacy. There's a lot of things
21:06
Speaker 5: that factor into that. There's not necessarily a great standardized
21:09
Speaker 5: curriculum around finances in a lot of schools. If your family,
21:13
Speaker 5: you know, if it's not something I've spoken about in
21:15
Speaker 5: your family, Like, all of those things factor in. But
21:17
Speaker 5: I think like, and it's hard without like seeing the
21:19
Speaker 5: actual research. But for example, if you were dating someone
21:22
Speaker 5: and your financial goals didn't align, or if you had
21:27
Speaker 5: a shared financial goal and one of you was working
21:30
Speaker 5: towards it and one of you wasn't or didn't have
21:33
Speaker 5: that education and also weren't prepared to educate yourself, like,
21:38
Speaker 5: I would absolutely see that being a problem because if
21:41
Speaker 5: you're not on the same page and you're not able
21:43
Speaker 5: to work towards the same things like, how do you
21:45
Speaker 5: actually feel like it's an equal standing within that partnership.
21:50
Speaker 2: I found it really pervy, I guess because I'm obviously
21:53
Speaker 2: into finances and understanding them and how they make people tick.
21:57
Speaker 2: But they actually broke it down even further so before
22:00
Speaker 2: I said thirteen percent, So of that, six percent of
22:03
Speaker 2: people were dumped because they had a low income. Like
22:06
Speaker 2: what four percent of people said that their level of
22:12
Speaker 2: debt had become too big of an issue for their
22:14
Speaker 2: significant other, which I can completely see as something that
22:18
Speaker 2: is a big issue in relationships. We see it in
22:21
Speaker 2: the she's on the money community. I get it. But
22:24
Speaker 2: that means the remaining three percent, which guys quick maths
22:29
Speaker 2: because I'm really good at quick maths, equates to five
22:32
Speaker 2: hundred and eighty two thousand people nationally were dumped because
22:36
Speaker 2: they had poor understanding of personal finances. The debt one
22:40
Speaker 2: is a big one. I guess.
22:41
Speaker 3: If it's not shared debt, then you would be like,
22:43
Speaker 3: I actually can't take on the stress of your debt
22:46
Speaker 3: that you have accumulated.
22:48
Speaker 4: Without me, And it's yeah, you know, that's that is
22:51
Speaker 4: a lot to take on.
22:53
Speaker 5: I wonder if that last statistic around lack of financial literacy.
22:57
Speaker 5: To go back to that, I wonder if as well
23:00
Speaker 5: that has to do with like the mental load within
23:02
Speaker 5: a household. So if one person is more financially literate
23:05
Speaker 5: than the other and the responsibility of like managing those
23:09
Speaker 5: finances is just on one person, you know, that also
23:13
Speaker 5: would be a really stressful situation to find yourself in.
23:16
Speaker 5: And again, you know, when you're in a relationship, it's
23:19
Speaker 5: a partnership and you want to try and work together
23:21
Speaker 5: and help educate someone if you can. But if there
23:24
Speaker 5: is that you know, mindset of oh I don't understand it,
23:27
Speaker 5: that's a you problem. Again, I could kind of see
23:30
Speaker 5: where if that was me and my relationship, I actually
23:32
Speaker 5: wouldn't be super comfortable with that.
23:35
Speaker 2: Yeah. Yeah, and I can completely see how that works.
23:38
Speaker 2: I mean to sort of make life of this negative situation.
23:43
Speaker 2: Though I don't know if this is positive, but I
23:45
Speaker 2: think it'll get a laugh. The research also showed that
23:48
Speaker 2: men were four times more likely to be dumped because
23:51
Speaker 2: of their financial situation than women, So clearly it's women
23:54
Speaker 2: being like nah ah, honey, out, isn't that interesting that
23:59
Speaker 2: we will put with less?
24:01
Speaker 5: But also that like historically you would think, you know
24:05
Speaker 5: that men are more educated in the finance space, and like,
24:08
Speaker 5: that's part of why this podcast exists, is because you
24:11
Speaker 5: know that information wasn't necessarily as inherently available to females
24:15
Speaker 5: as it was to males, and so sure, I feel
24:18
Speaker 5: like that's a really nice sign of the times are changing,
24:20
Speaker 5: and maybe women are stepping up and going, hey, like
24:22
Speaker 5: I've educated myself and actually like, this is what I'm
24:25
Speaker 5: prepared to put up with in a relationship, and this
24:27
Speaker 5: is what I'm not.
24:28
Speaker 2: I hope that that is it. I really hope that
24:31
Speaker 2: as women, we are now saying nah, actually my standards
24:34
Speaker 2: are here, and I can put my foot down and
24:37
Speaker 2: have these expectations and we'll put up with less. That
24:40
Speaker 2: is Yeah, that is just so interesting.
24:42
Speaker 5: And I feel like I know that we love doing
24:44
Speaker 5: like a fun little Friday thread. Can I pop in
24:47
Speaker 5: the Facebook group today? What financial reason did you break
24:51
Speaker 5: up with your partner?
24:52
Speaker 2: You know?
24:53
Speaker 5: It is like, is this actually happening? Because I feel
24:56
Speaker 5: like there's one hundred and eighty thousand people in our community.
24:58
Speaker 5: Surely some of them fit in to that status.
25:01
Speaker 2: I absolutely would. I want to hear it. And sometimes
25:03
Speaker 2: people slip into our dms and have the juiciest of stories.
25:06
Speaker 2: So if you're willing go comment on Jess's post as
25:09
Speaker 2: to why you broke up with your partner if it's
25:11
Speaker 2: finance related, I don't I don't want to hear if
25:13
Speaker 2: they're just cheating like, that's not juicy enough.
25:17
Speaker 5: Guys.
25:18
Speaker 2: I think that that is all we have time for today.
25:21
Speaker 2: But as always, just before we head off, we'd like
25:23
Speaker 2: to acknowledge and pay respect to Australia's Aboriginal and torust
25:27
Speaker 2: Rate islander people's. They're the traditional custodians of the lands,
25:31
Speaker 2: the waterways and the skies all across Australia. We thank
25:35
Speaker 2: you for sharing and for caring for the land on
25:37
Speaker 2: which we are able to learn. We pay our respects
25:40
Speaker 2: to elders past and present, and we share our friendship
25:43
Speaker 2: and our kindness.
25:45
Speaker 6: The advice shared on She's on the Money is general
25:47
Speaker 6: in nature and does not consider out your individual circumstances.
25:51
Speaker 6: She's on the Money exists purely for educational purposes and
25:54
Speaker 6: should not be relied upon to make an investment or
25:56
Speaker 6: a financial decision, and we promise Victoria's Fine is an
26:00
Speaker 6: authorized representative of Australia Pacific Funds Management Proprietary Limited A
26:05
Speaker 6: B N three four one three two four six three
26:08
Speaker 6: two five seven AFS L three three nine one five one.
26:12
Speaker 2: See you next Friday.
26:13
Speaker 6: Hi, guys, hey,