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The Side Hustle Buddy Boundary · She's On The Money

0:00
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
0:14
Speaker 1: of which this podcast is recorded on a wondery country,
0:18
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
0:22
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
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Speaker 1: and the storytelling of you to make a difference for
0:30
Speaker 1: today and lasting impact for tomorrow.
0:33
Speaker 2: Let's get into it. She's on the Money.
0:36
Speaker 3: She's on the Money.
0:57
Speaker 2: Hello, and welcome to She's on the Money, the podcast
1:00
Speaker 2: for millennials who want financial freedom. Today, my friends, it
1:04
Speaker 2: is Friday, which means it is time to get our
1:06
Speaker 2: little team together and celebrate you our incredible She's on
1:10
Speaker 2: the Money community. Today, Miss Jess Gorici is going to
1:13
Speaker 2: be sharing our favorite money wins from the community. We're
1:16
Speaker 2: going to be helping to answer a juicy money dilemma,
1:18
Speaker 2: which this week is all about whether to take on
1:21
Speaker 2: a shorter or a longer period repaying a home loan.
1:24
Speaker 2: And we're going to unpack something that you slid into
1:26
Speaker 2: our DMS about this week, which is all about running
1:28
Speaker 2: aside hustle and friendship boundaries. Miss Jessic Ricci, how has
1:33
Speaker 2: your week been? It's been good.
1:34
Speaker 4: It's been low key, kind of chill, which is nice
1:38
Speaker 4: after a couple of crazy, crazy weeks for us.
1:40
Speaker 2: I love it. I feel like I'm still kind of
1:43
Speaker 2: riding the high. Yeah, but at the same time, I'm
1:46
Speaker 2: so scared that the high is about to drop and
1:48
Speaker 2: I'm going to get really sick, you know, that anxiety
1:51
Speaker 2: waiting for the bee to drips coming back. How has
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Speaker 2: your week been?
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Speaker 5: Really nice? Also low key? I believe what have I done?
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Speaker 2: The change of web?
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Speaker 5: I don't know.
2:00
Speaker 2: How's in your job going?
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Speaker 5: Oh I'm really liking it? Oh God, yeah, I really
2:05
Speaker 5: liking it. You know, in like little random it's information
2:07
Speaker 5: finally start to form a picture in your mind. Yeah.
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Speaker 5: I think I'm getting to that point and I feel
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Speaker 5: really good and really comfortable.
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Speaker 2: It makes you so much more confident, right, yeah, love love,
2:17
Speaker 2: love love. All right, let's jump straight into it, Miss
2:19
Speaker 2: Jessica Ricci, you were raving about it earlier. What are
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Speaker 2: the community money wins that you're bringing to the table
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Speaker 2: today already.
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Speaker 4: My first money win comes from Nicole, who said, money
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Speaker 4: win this week. I've finally gotten to the point where
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Speaker 4: I was able to decrease the limit on my credit
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Speaker 4: card to five thousand dollars from ten thousand dollars after
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Speaker 4: paying down some of the debt on it. My next
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Speaker 4: target is to get it down to two thousand dollars. Queen,
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Speaker 4: little baby steps. Still having debt, is totally fine, working
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Speaker 4: on it.
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Speaker 2: Huge win.
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Speaker 5: I feel like so many times people are like, oh,
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Speaker 5: I feel really ashamedful because I'm still in debt.
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Speaker 2: No, Queen, I'm proud of the behaviors that you have
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Speaker 2: towards getting rid of that debt. Absolutely and also what
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Speaker 2: happens when you get out of debt, You've already got
2:58
Speaker 2: those behaviors astablish.
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Speaker 4: That's truly say congratulations and a cole. My next money
3:03
Speaker 4: when comes from Samantha, who said I didn't buy a
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Speaker 4: new dress for a wedding.
3:07
Speaker 2: I always do.
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Speaker 4: I'm currently sixteen weeks pregnant, and I uncomfortably squeezed into
3:11
Speaker 4: one that I already had so I could save myself
3:13
Speaker 4: some money.
3:14
Speaker 2: Oh that is smart. We were talking about it. Actually
3:17
Speaker 2: I put it in last week's newsletter because a few
3:19
Speaker 2: people DMed us about our outfits and Jesse you were like, hey,
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Speaker 2: ve can I do a post on She's on the
3:23
Speaker 2: Money about the outfits we all wore to International Women's Day?
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Speaker 2: And I was like, yeah, of course they were really cute.
3:29
Speaker 2: But something that She's on the Money team does, which
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Speaker 2: I think I don't know if it's important to point out,
3:34
Speaker 2: but I think it's fun to point out because we're
3:35
Speaker 2: always was like, oh my god, if you've got an
3:37
Speaker 2: event or all dress from a friend, or hire it
3:38
Speaker 2: or do whatever. We literally walk the walk like Jess.
3:42
Speaker 2: We share wardrobes all the time, literally all the time,
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Speaker 2: Like if you see me in a dress, very high probability,
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Speaker 2: it's Jesses and vice versa. And even for International Women's Day,
3:51
Speaker 2: it was funny because Gabby my EA was like, hey Vee,
3:54
Speaker 2: I really like that dress. Can I wear it in
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Speaker 2: two weeks time when we do you know? Perse? And
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Speaker 2: I was like, of course you can. It's got pocket
4:01
Speaker 2: like I didn't invest in address for it to get
4:03
Speaker 2: out once. But anyway, great outcome.
4:06
Speaker 4: Drest sharing and that's a little theme I'll touch on
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Speaker 4: that inners. Its actually my next money in It comes
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Speaker 4: from Kelly, who said, money whin. I was able to
4:14
Speaker 4: Postpoe the kid's dentist appointment because there was one visiting
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Speaker 4: at their school the same week they would.
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Speaker 2: You was that, like, Harold, I think that's what I thought.
4:21
Speaker 4: I was like, is that potentially the giraffe?
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Speaker 2: I don't know if he still existed? Does he still exists?
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Speaker 5: Showing it?
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Speaker 2: It's yeah, it's kind of weird now you think about it. Hey,
4:29
Speaker 2: this giraffe and a caravan is going to come to
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Speaker 2: your school. Do you want to come in my creepy
4:33
Speaker 2: little dark caravan? Watch movies? It was alwaso dark.
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Speaker 6: It was dark.
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Speaker 5: That's what I remember, Like, I cannot remember what I
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Speaker 5: learned in that caravan, nothing, but it was dark, the
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Speaker 5: very dark.
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Speaker 4: This next money win comes from Ashley, who said, my
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Speaker 4: friend went in a ticket lottery for Harry Potter and
4:50
Speaker 4: The Curse Child play Melbourne tickets. We got last minute
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Speaker 4: tickets and we only paid forty dollars each for hours
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Speaker 4: normally one hundred and eighty f five dollars. Sometimes it
5:01
Speaker 4: pays to be flexible. O my god, forty bucks for
5:03
Speaker 4: a good night out? Yeah amazing, And that show is
5:06
Speaker 4: so good, you're gonna love it. My final money when
5:08
Speaker 4: this week comes from M who said I went to
5:11
Speaker 4: a clothes swap at my friend's house the other week
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Speaker 4: and got two bags of new to me clothes for free,
5:16
Speaker 4: as well as some books, clothes, and toys my son.
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Speaker 5: I love that.
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Speaker 2: That's so cool.
5:21
Speaker 5: It does come into the wardrobe category. I feel like
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Speaker 5: we do that with each other's wardrobes.
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Speaker 4: I've definitely rifled through bags of your stuff and had
5:27
Speaker 4: a great time doing it.
5:30
Speaker 2: Soon she was just in my wardrobe. They were my
5:35
Speaker 2: new bags of clothes. I wondered, No, it's I feel
5:38
Speaker 2: like it's really fun as well, and like I get
5:41
Speaker 2: a kick when I see you guys wearing something that
5:44
Speaker 2: I might have given you, because I'm like, I never
5:46
Speaker 2: wore that anymore. How good is it that it gets
5:48
Speaker 2: a second lease a laugh?
5:49
Speaker 4: Our first photo shoot that we did, the three of us,
5:51
Speaker 4: Do you remember that dress that I wore? You were like,
5:53
Speaker 4: cue dress, and I was like, thanks, it used to
5:54
Speaker 4: be yours.
5:56
Speaker 2: That's because I'm also like a gold fish and my really,
5:59
Speaker 2: that's wild. Looks so good on you.
6:01
Speaker 5: Maybe I'll borrow Yeah, did you kind of want to
6:03
Speaker 5: back it up?
6:04
Speaker 1: No, No.
6:04
Speaker 2: I think Joe said that and I was like, absolutely not.
6:06
Speaker 2: That is not how fift works. All right, let's go
6:09
Speaker 2: to a really quick break because after the break, we're
6:11
Speaker 2: addressing a money dilemma about whether or not to take
6:14
Speaker 2: a shorter or a longer period to pay off your
6:16
Speaker 2: home loan. And we have a cheeky little DM that
6:18
Speaker 2: you guys wanted us to respond to about running aside
6:22
Speaker 2: hustle and boundaries when it comes to friendship. Don't go anywhere.
6:30
Speaker 4: All right, you know what time it is, guys, Let's
6:32
Speaker 4: listen to this week's money dilemma.
6:35
Speaker 7: Hi.
6:36
Speaker 2: There, have you got a money dilemma you just can't solve?
6:39
Speaker 2: The Sheese on the Money team is here to help.
6:41
Speaker 5: Every week we tackle your dilemmas, both big and small,
6:44
Speaker 5: to answer your most burning money, career and life questions.
6:47
Speaker 5: To get involved, simply head to our website and leave
6:50
Speaker 5: us a short voice recording and you might just find
6:52
Speaker 5: yourself on the show.
6:54
Speaker 2: Now, let's take a listen to this week's money dilemma.
6:59
Speaker 6: Hi, I'm a huge fan and just got a quick question.
7:01
Speaker 6: We have just seen a mortgage broker as our fixed
7:03
Speaker 6: interest straight homelanners due to expiring me. We have already
7:06
Speaker 6: had the mortgage for six years, and from listening to
7:09
Speaker 6: your podcast, I requested the loan term be twenty four years.
7:12
Speaker 6: The mortgage broker recommended that we still take the loan
7:15
Speaker 6: term out as thirty years, however, making our loan repayments
7:18
Speaker 6: as if it were the twenty four year loan term.
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Speaker 6: He said his reasoning was because if we are unable
7:24
Speaker 6: to make the higher repayments, the low of repayments could
7:27
Speaker 6: be our safety. Now, just want us to get your
7:29
Speaker 6: thoughts on this. I wasn't sure if he was making
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Speaker 6: a genuine recommendation or if he was trying to ensure
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Speaker 6: we keep the loan for longer and keep him in
7:37
Speaker 6: business for longer.
7:38
Speaker 2: Thanks well, my friend. The first mistake you're making there
7:41
Speaker 2: is not going to see the Zell Money team, because
7:43
Speaker 2: the guarantee if you saw the Zella Money team, you
7:45
Speaker 2: wouldn't need to ask us whether it is a good
7:47
Speaker 2: idea or not, because you just know you'd have good education.
7:51
Speaker 2: But that's me being a little bit biased and also
7:54
Speaker 2: putting really unrealistic expectations of my team educating the client.
7:59
Speaker 2: But I also think that that's not the worst idea
8:02
Speaker 2: in the entire world. I can completely see where he's
8:04
Speaker 2: coming from. But I also think it's kind of like,
8:07
Speaker 2: all right, well, have you done the maths on what
8:09
Speaker 2: the repayments on a twenty four year loan are versus
8:11
Speaker 2: what the repayments on a thirty year loan are? And
8:14
Speaker 2: at the end of the day, obviously, if you're in
8:16
Speaker 2: the position to be able to pay off your mortgage
8:19
Speaker 2: ahead of schedule, you're going to save money on the interest.
8:22
Speaker 2: From my perspective, if you stretch out that loan to
8:25
Speaker 2: be a thirty year mortgage, the interest is also stretched out,
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Speaker 2: So I don't particularly love that. I actually want it
8:31
Speaker 2: to be really condensed. And the more condensed, the more
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Speaker 2: principle you're paying off your home loan. So that's a
8:36
Speaker 2: better idea from my perspective. But I also think it's
8:40
Speaker 2: really situational, and if your mortgage broker has suggested two
8:44
Speaker 2: different scenarios, what they should have provided you with is
8:47
Speaker 2: the breakdown of the total interest paid on both of
8:50
Speaker 2: those circumstances, the total repayments that would need to be made,
8:53
Speaker 2: and all of the other circumstances. But in saying that,
8:57
Speaker 2: I think that in this current economy, is a little
9:00
Speaker 2: bit different to the advice I might have given two
9:02
Speaker 2: or three years ago, right, because obviously it's more than
9:05
Speaker 2: double what it was historically, and that is painful for
9:09
Speaker 2: me to say as somebody who has a mortgage and
9:10
Speaker 2: is definitely feeling the brunt of it, which a lot
9:13
Speaker 2: of our community are as well. However, I think that
9:16
Speaker 2: if you're in a situation where you're like the flexibility
9:18
Speaker 2: might be really good, even though long term the interest
9:21
Speaker 2: may be a little higher. I don't think it's the
9:23
Speaker 2: worst position to be in to afford yourself with a
9:26
Speaker 2: bit more flexibility, especially because we don't know what interest
9:29
Speaker 2: rates are going to be doing into the future.
9:31
Speaker 4: Is it also possible that having a thirty year loan
9:34
Speaker 4: may increase borrowing capacity because if they're looking at your
9:37
Speaker 4: income versus your ability to repay that they might if
9:39
Speaker 4: you have those additional ten years, the bank might consider
9:42
Speaker 4: you're able to borrow more.
9:44
Speaker 3: Yeah.
9:44
Speaker 2: Absolutely in this circumstance. I don't know how applicable that
9:48
Speaker 2: is though, because she said she's refinancing. So if you're
9:51
Speaker 2: refinancing and she says I've asked for a twenty four
9:54
Speaker 2: year term, that from you know, just making some really
9:57
Speaker 2: basic assumptions based on the fact that most loans are
10:00
Speaker 2: thirty years. She's six years into that term, so she's
10:03
Speaker 2: probably spent six years paying that mortgage, and she's probably
10:06
Speaker 2: just refinancing, maybe because her interest rate is unlocked and
10:09
Speaker 2: it's gone up, and you know, you just need to
10:11
Speaker 2: make sure you're always in the best possible position, or
10:13
Speaker 2: because it just makes sense to see a broker at
10:15
Speaker 2: that point. And I mean, right now is actually a
10:18
Speaker 2: really good time to see a mortgage broker, because there's
10:21
Speaker 2: actually like the banks want to keep your business, and
10:24
Speaker 2: like we've been talking to a few clients recently where
10:26
Speaker 2: it's like, hey, cool, we can actually change your mortgage
10:29
Speaker 2: really minimally, like you're going to be in a better position.
10:31
Speaker 2: It's not the sexiest change, like I'm not cutting it
10:33
Speaker 2: in half or anything, but by changing your mortgage and
10:37
Speaker 2: going to this other bank, you're going to have access
10:40
Speaker 2: to an offset account and also they're going to give
10:42
Speaker 2: you four thousand dollars cash back. Great, Like that's sexy. Yeah,
10:45
Speaker 2: Like that's really nice. So I think talking to a
10:47
Speaker 2: mortgage broker always, whether you think it's necessary or not,
10:50
Speaker 2: is not a waste of time and talking to one
10:53
Speaker 2: that's actually going to educate you about your experience, and
10:55
Speaker 2: I don't mean to throw this dude under a bus.
10:57
Speaker 2: So I think that as somebody who literally owns more
11:00
Speaker 2: good broken company, I have really high expectations of brokers,
11:03
Speaker 2: I think, coming from the financial advice industry and always
11:07
Speaker 2: wanting to educate clients and put them in the best
11:09
Speaker 2: possible position to create wealth. That's kind of been overlaid
11:12
Speaker 2: over the you know, just get client alone vibe that
11:15
Speaker 2: a lot of brokers have. And if you're asking me,
11:18
Speaker 2: is this a good idea or not?
11:20
Speaker 5: I don't.
11:21
Speaker 2: It sounds really nasty, doesn't it.
11:22
Speaker 5: But I just think that you're a broker has not
11:24
Speaker 5: done enough to educate you because both scenarios should have
11:27
Speaker 5: been mapped out in plain language for you to go, ah, yes,
11:30
Speaker 5: Option A means I pay x interest and this many
11:33
Speaker 5: repayments and.
11:34
Speaker 2: Over the long term, I'm in this position. B means
11:37
Speaker 2: ex payments this position over the long term, and then
11:39
Speaker 2: you can just make the decision that makes the most
11:41
Speaker 2: sense for you. Having a broker that just says, oh, yes,
11:44
Speaker 2: I don't think that's a good idea. I think you
11:45
Speaker 2: should just take the thirty year loan and you know,
11:48
Speaker 2: deal with the repayments and then you've got more flexibility
11:50
Speaker 2: what you meant and not along and be like yeah,
11:52
Speaker 2: of course, sorry, yeah, sorry, so trying to be educated,
11:55
Speaker 2: like he should have mapped that out so that you
11:57
Speaker 2: felt like, oh, fire out. You're right, that is great
12:00
Speaker 2: outcome because everybody's circumstances are going to be different. And
12:03
Speaker 2: that's why you don't just log into an online portal
12:06
Speaker 2: to get a loan. You actually have to see a
12:08
Speaker 2: broker who takes your lifestyle and your budget and your
12:11
Speaker 2: circumstances and your goals and what's going to happen in
12:13
Speaker 2: your life into consideration to make sure you get the
12:15
Speaker 2: right product. So, yeah, I'm a bit biased, but I
12:18
Speaker 2: also think just education is key and we should if
12:21
Speaker 2: you're getting paid to do a service, you should be
12:24
Speaker 2: earning that. Yeah, from my perspective, that's fair. Sorry, I agree.
12:29
Speaker 4: Now, last week we obviously answered a juicy DM about
12:32
Speaker 4: side hustles and friends with small businesses, and I think
12:35
Speaker 4: whoever dmeds this week was listening to that because they've
12:38
Speaker 4: kind of flipped the topic on its head, haven't they.
12:40
Speaker 2: They absolutely have. I laughed when this one came through
12:42
Speaker 2: because I was like, this is very timely and you've
12:44
Speaker 2: obviously been listening to the pod my friend, So we
12:47
Speaker 2: picked it this week because it kind of like float
12:48
Speaker 2: on really nicely and kind of came from another perspective.
12:51
Speaker 2: So this week our community dilemma sounded like this, Hey, girls,
12:54
Speaker 2: I just wanted to send through something based on your
12:56
Speaker 2: convo last week, and that's why I came up with
12:58
Speaker 2: this conclusion. I'm on the flip side and I'm actually
13:02
Speaker 2: a side hustle owner, and I find navigating this with
13:05
Speaker 2: my friends really hard. Sometimes I think my friends expect
13:08
Speaker 2: a discount or items are free, and with the cost
13:10
Speaker 2: of living, I really can't afford to do this right
13:12
Speaker 2: now and I'm actually about to increase my prices. Keen
13:16
Speaker 2: to hear the other side of this and how I.
13:18
Speaker 5: Can approach this with my friends, that is a very
13:22
Speaker 5: good question. I personally am a like a digital designer
13:26
Speaker 5: outside of this, and I kind of make like little
13:29
Speaker 5: I don't know, just like art print pieces.
13:32
Speaker 2: That's why we got you to do all this shites
13:33
Speaker 2: on the money branding for free, right, Yep, that's me.
13:38
Speaker 5: But I kind of, yeah, I do find that some
13:40
Speaker 5: people will really want to support me, so they'll be like, hey,
13:43
Speaker 5: I love your work, I love your style. Can you
13:46
Speaker 5: do this or this or this? And they're like, I
13:48
Speaker 5: don't know how much I'm actually meant to be charging.
13:51
Speaker 2: Yeah, because it's like challenging.
13:52
Speaker 5: It's challenging when it's a print because I'm like, do
13:55
Speaker 5: I put you know, charge you based on my hourly
13:58
Speaker 5: rate or do I just charge you based on like,
14:00
Speaker 5: because the printing is quite expensive. Can we had hundreds
14:03
Speaker 5: of dollars to get it printed on like floating frame canvas,
14:08
Speaker 5: nice light, oak, look wood? It can be very expensive,
14:11
Speaker 5: and so do I charge more than that? That's excessive.
14:15
Speaker 2: I feel as a kind of like an excessive beginner.
14:18
Speaker 2: Get what you pay for.
14:19
Speaker 5: Ye. It's always very like I never know what to do,
14:22
Speaker 5: and so I find myself thinking, Okay, I'm very grateful
14:24
Speaker 5: that you want to support me, but it takes hours,
14:27
Speaker 5: if not days, if not weeks, and then I'm probably
14:31
Speaker 5: going to get profit, maybe like twenty bucks. But that's
14:33
Speaker 5: on me, absolutely not, absolutely not.
14:35
Speaker 2: You and I have to have an offline conversation about again,
14:38
Speaker 2: because your time is absolutely worth money, and I think
14:41
Speaker 2: that your comment there's lots of layers there there. We're
14:44
Speaker 2: going to have to break those down. But let's pretend
14:46
Speaker 2: for a hot second that you did know what your
14:47
Speaker 2: hourly rate was, or what like your artwork rate was.
14:49
Speaker 2: And let's pretend for a minute that each piece of art,
14:53
Speaker 2: and this might be grossly undervaluing you in that is
14:55
Speaker 2: not what I'm meaning to do. It's just an example.
14:57
Speaker 2: Each piece of artworks five hundred bucks. Right, do you
15:00
Speaker 2: give your friend a discount just for being your friend?
15:04
Speaker 5: That's a very tricky one. Oh, I'm obliged to no,
15:08
Speaker 5: but you shouldn't.
15:09
Speaker 2: No, absolutely not.
15:10
Speaker 5: If I want your art in my home, I want
15:13
Speaker 5: it hanging on my wall knowing that I did absolutely
15:17
Speaker 5: everything to support a friend who has started a business
15:21
Speaker 5: and produces art, Like I want to look at that
15:23
Speaker 5: painting up on that wall or that piece of art
15:25
Speaker 5: that you've created, and no, not only did you do
15:28
Speaker 5: that for me, but I contributed to you running a
15:32
Speaker 5: successful business. I don't want a piece of art on
15:35
Speaker 5: my wall that I go, oh my god, Yeah I
15:36
Speaker 5: got that piece of art. It's from my friend Beck
15:38
Speaker 5: and I actually took the absolute mickey out of her.
15:41
Speaker 2: I got the biggest discount, so she wasn't remunerated for
15:44
Speaker 2: her time or the energy or the effort that she
15:46
Speaker 2: put into that check it out look sick, right, Yeah,
15:49
Speaker 2: that's hick. That's ick. Like, if you can't afford to
15:53
Speaker 2: be buying art from your friend, you shouldn't be doing it.
15:56
Speaker 2: And that goes for any service. Like I'm not going
15:58
Speaker 2: to ask for a free haircut from my friend just
16:00
Speaker 2: cush's a hairdresser when she works at one of the
16:03
Speaker 2: best salons in Melbourne, Like, you know, if she offers
16:06
Speaker 2: it and you're having a few drinks on a Friday night,
16:08
Speaker 2: I think that's a very different situation, Yeah, than going, oh, well,
16:11
Speaker 2: because you're a hairdresser, you probably should be cutting my
16:14
Speaker 2: bangs for free. Like that's It's just not the case.
16:18
Speaker 7: Yeah.
16:18
Speaker 2: I just think that if you genuinely want to support
16:20
Speaker 2: your friend in business, support them properly, back them and
16:23
Speaker 2: actually back up their prices, because your friend is absolutely
16:26
Speaker 2: worth what they are charging. Yeah, Jess, what are your
16:28
Speaker 2: thoughts now? I agree?
16:29
Speaker 4: I think that, as you said, it's like a different
16:31
Speaker 4: circumstance and I feel like this is probably my experience
16:35
Speaker 4: just because me and a few of my friends work
16:37
Speaker 4: in more creative industries. But I think it's quite common
16:40
Speaker 4: within our circle at least that it's kind of like
16:44
Speaker 4: a tit for tat. So I shoot content outside of work,
16:47
Speaker 4: and so sometimes my friends will be like, hey, like,
16:49
Speaker 4: if I give you this, are you happy to send
16:51
Speaker 4: me some picks I can use? And it's kind of
16:52
Speaker 4: like a given receive, which I think is a bit
16:54
Speaker 4: different to absolutely a friend going oh, I just expect
16:59
Speaker 4: it for free, because, as you said, you're my friend.
17:01
Speaker 4: Because ultimately, if that's what they're expecting, they're putting you
17:04
Speaker 4: out because you've spent the money to get the materials,
17:07
Speaker 4: or you've spent the you know, the hours to create
17:09
Speaker 4: the drawing or the digital art or whatever it is.
17:12
Speaker 4: So I think like there is definitely gray. They're like,
17:15
Speaker 4: it's not black and white. Every friend must play a
17:17
Speaker 4: full price all the time.
17:18
Speaker 2: Oh absolutely. Do you know how many times I have
17:21
Speaker 2: given my friends free advice or I have you know,
17:24
Speaker 2: given them the budget and cash flow masterclass for free
17:27
Speaker 2: or done things like I do it all the time.
17:29
Speaker 2: I get it. Yeah, But I think it's the expectation
17:33
Speaker 2: one hundred percent, Like if someone came to me and said, oh,
17:35
Speaker 2: V like, I want one of your books? Can you
17:37
Speaker 2: just send it to me? I'd be like, wait, what
17:39
Speaker 2: do you know how many books I sent to my friends?
17:40
Speaker 2: Like I'm so proud of that, Like I want every
17:42
Speaker 2: single one of my friends to have that in their hands. Yeah,
17:44
Speaker 2: Like that makes me proud. But I think if someone
17:47
Speaker 2: approached me, which they haven't because I have nice friends,
17:49
Speaker 2: and been like, oh, hey, do you have any free
17:51
Speaker 2: books lying around your office? Can I have one?
17:53
Speaker 5: Yeah?
17:54
Speaker 2: Totally different, different, totally right, like, oh hey, can I
17:57
Speaker 2: buy it a wholesale Like, ah, that just yours? Ick?
18:01
Speaker 2: Like it just doesn't feel like you're supporting me or
18:03
Speaker 2: my business. And I'm really lucky to be and I
18:05
Speaker 2: guess that privileged position where all of my friends are
18:08
Speaker 2: very similar to me and so they actually can afford that,
18:11
Speaker 2: and they do and it's so nice. But we also
18:14
Speaker 2: ask the community, right, And I think that that's my
18:16
Speaker 2: favorite part of these dilemmas is it's not just our opinions,
18:19
Speaker 2: because like, our opinions are ours, but the opinion of
18:23
Speaker 2: the community really backs up my opinions. So I really
18:25
Speaker 2: validated guys. So we said to our community, all right,
18:29
Speaker 2: give us your two cents on this. What do you
18:31
Speaker 2: guys think and our community said, any true friend wants
18:34
Speaker 2: to support a friend with a business, end of story.
18:37
Speaker 2: Someone else said, if you truly want to support friends
18:39
Speaker 2: with a small business by purchasing, then pay full price.
18:43
Speaker 2: Someone said, yeah, it can be hard. I run a
18:46
Speaker 2: small business and when I do it, I don't take
18:48
Speaker 2: my time into consideration. I feel like that makes sense.
18:52
Speaker 2: Someone said people are constantly expecting discounts and don't realize
18:56
Speaker 2: the time, effort and money you spend on getting there
18:58
Speaker 2: and the actual cost of a discount. Which it's right,
19:02
Speaker 2: Like if you're asking for a discount, where is that
19:04
Speaker 2: coming from? Like your friends business is.
19:06
Speaker 5: Like profit or their bottom line or are they just
19:09
Speaker 5: working for hours for free when they could have been
19:11
Speaker 5: working on another project that actually would have paid them.
19:13
Speaker 2: Like I feel like everything is different. You're right, yes,
19:17
Speaker 2: but it's also as a small business, I feel like
19:20
Speaker 2: we need in this circumstance to actually just have really
19:22
Speaker 2: strong boundaries and be able to say no, Like no
19:25
Speaker 2: is a full sentence. Can you give me a discount? No,
19:27
Speaker 2: you don't have to go. No, I'm so sorry either.
19:30
Speaker 2: Here's my justificate. You don't owe anybody a justification.
19:33
Speaker 4: I think in that circumstances to your friends are expecting
19:36
Speaker 4: a discount. They care more about what you can do
19:39
Speaker 4: for them rather than YEA, the friendship, like they're caring
19:42
Speaker 4: about the product or the service. And so it's probably
19:44
Speaker 4: not the kind of personality that you're going to want
19:46
Speaker 4: to be supporting you and uplifting you on your journey,
19:49
Speaker 4: because small business ownership is a journey and it is
19:51
Speaker 4: really tough, and you want the right people around you
19:53
Speaker 4: who want to buy your stuff, or if they can't
19:55
Speaker 4: afford it, they want to promote it and share your
19:57
Speaker 4: Instagram to their other friends or whatever it might be
20:00
Speaker 4: as well.
20:00
Speaker 2: If that's what they're expecting that they're just not nice.
20:03
Speaker 2: It's not on your team. And like Jess, we ran
20:05
Speaker 2: up against this because we recently had our International Women's
20:08
Speaker 2: Day events, right, and both you and I were in
20:11
Speaker 2: the circumstance where we turned to each other and we're like,
20:13
Speaker 2: my best friend bought a ticket, yeah, v can you
20:16
Speaker 2: refund her she shouldn't have been paying, Or like I
20:19
Speaker 2: had girlfriends that paid for tickets that slipped through the
20:22
Speaker 2: cracks and on the day I was like, what are
20:24
Speaker 2: you doing here?
20:24
Speaker 5: And they're like, oh my god, we bought tickets, and
20:26
Speaker 5: I felt so bad because I was like, oh my god,
20:29
Speaker 5: I didn't check the guest list because at each event
20:31
Speaker 5: there was like five hundred people, so it is hard
20:32
Speaker 5: to keep tracking like that and run the events right.
20:35
Speaker 5: And I was like, oh my god, I feel so
20:36
Speaker 5: guilty that you bought tickets. And they're like, ve, we'd
20:39
Speaker 5: never ask, and.
20:40
Speaker 2: I'm like, I know you wouldn't ask, but I should
20:41
Speaker 2: have offered. And I feel like there's this nice amount
20:44
Speaker 2: of privilege in our business where we can afford to
20:47
Speaker 2: refund the ticket because, like you know, events for us
20:50
Speaker 2: aren't about making money. We just want to make sure
20:52
Speaker 2: that everyone has a really good time. But smaller businesses
20:56
Speaker 2: who are still finding their feet, like I was at
20:58
Speaker 2: the very beginning, I couldn't have to give away tickets
21:01
Speaker 2: to my workshops when I first started. Yeah, like I
21:03
Speaker 2: genuinely needed every seat in that workshop that I was
21:06
Speaker 2: running to cover its cost because otherwise I was going
21:08
Speaker 2: to be out and I was already a small business
21:10
Speaker 2: and I didn't really know how I was going to
21:11
Speaker 2: do payroll the next month, and it can be really stressful.
21:14
Speaker 2: Now we're in that privileged position where were like, oh, yes,
21:17
Speaker 2: your mate shouldn't be paying. But I feel like it's
21:20
Speaker 2: a really interesting position where I think you, as a
21:22
Speaker 2: small business owner, I need to surround yourself with the
21:25
Speaker 2: right people, but also know your boundaries.
21:28
Speaker 5: Totally.
21:29
Speaker 2: A couple of people here, I thought this was really sweet.
21:31
Speaker 2: She says.
21:31
Speaker 5: My friend has a candle business, and once she had
21:33
Speaker 5: a two for one sale, so I just went ahead
21:35
Speaker 5: and I bought six and paid full price for all
21:37
Speaker 5: of them.
21:38
Speaker 2: I just feel like that's really wholesome. Someone else said,
21:43
Speaker 2: I'm a personal trainer and I always let my friends
21:45
Speaker 2: join in my group sessions for free if they ever
21:47
Speaker 2: want to, but I can't afford to give them one
21:50
Speaker 2: on one free personal training. Yes, that's a really nice
21:52
Speaker 2: compromise exactly, just on that.
21:55
Speaker 5: It is probably one of those things where in this situation,
21:59
Speaker 5: somehow people actually do genuinely want to support and so
22:02
Speaker 5: they think that they're helping out by doing these things
22:05
Speaker 5: and reaching out and asking for something from your business
22:07
Speaker 5: or from your time or whatever your energy, and not
22:10
Speaker 5: realizing that it's costing you more than possibly it should,
22:14
Speaker 5: or the perception of how much it costs isn't quite
22:17
Speaker 5: lining up, and so it can simply just be a
22:20
Speaker 5: conversation like that. Unfortunately that doesn't I can't afford to
22:24
Speaker 5: do that in this situation where there's like, oh, you
22:26
Speaker 5: can jump in on a group session, but I can't
22:28
Speaker 5: afford to training one on one. Maybe her friends are
22:31
Speaker 5: wanting to support her but don't realize how much it costs.
22:34
Speaker 2: Yeah, one hundred percent.
22:35
Speaker 5: So yeah, just sitting small boundaries and just being like, hey,
22:37
Speaker 5: that will cost me a lot of money. I can't
22:38
Speaker 5: do that, but here try this, you know exactly.
22:41
Speaker 2: And I think when we say set boundaries, like boundaries
22:43
Speaker 2: don't have to be aggressive, they can actually be really
22:45
Speaker 2: soft and kind. And we've spoken about this before where
22:48
Speaker 2: I'm a boundaries person, but I hate enforcing them because
22:51
Speaker 2: I feel a little bit awkward, Like beck, if you
22:53
Speaker 2: ask me for something, I hate saying no. It's just
22:55
Speaker 2: my personality time. So it's all about finding a work
22:58
Speaker 2: around and language that feels really comfortable for me. And
23:01
Speaker 2: I know that a lot of small business owners are
23:03
Speaker 2: in a similar situation where they're like, I should be
23:05
Speaker 2: this strong, independent woman who can say no to everything,
23:07
Speaker 2: and then your friend us for something You're like, yeah,
23:09
Speaker 2: of colose. I I think it's just really normal there
23:12
Speaker 2: are a couple more that I want to read out
23:14
Speaker 2: just because I feel like they're really wholesome. And this
23:16
Speaker 2: one backs up your opinion, Jess. She says, if you
23:18
Speaker 2: do an exchange so both are business owners, then that's
23:21
Speaker 2: okay to not pay because you're both getting something out
23:24
Speaker 2: of the deal. Someone else said, my cousin's a really
23:27
Speaker 2: good beauty therapist, and I always pay her full price.
23:29
Speaker 2: Someone else, who I absolutely agree with this says, I'm
23:32
Speaker 2: really itching to understand why others expect so much versus
23:35
Speaker 2: being grateful. Yeah, okay, I totally get that. So I
23:41
Speaker 2: think with that that's probably a really beautiful place to
23:43
Speaker 2: leave it. Please, don't expect your friends to give you
23:47
Speaker 2: stuff for free. If they have a small business, the time,
23:49
Speaker 2: the energy, the effort they put into that. Not only that,
23:53
Speaker 2: but the risk that they're taking to go out on
23:55
Speaker 2: their own as a business owner is wild to go
23:58
Speaker 2: away from having a paid job, Yess, in this economy,
24:02
Speaker 2: in this economytul in this economy, like that's wild. We
24:07
Speaker 2: absolutely should be backing our friends. But my loves, I
24:10
Speaker 2: think that is all we have time for on this
24:12
Speaker 2: very beautiful Friday. So guess what we'll see you next Monday.
24:16
Speaker 2: Have the best weekend.
24:17
Speaker 4: Bye guys.
24:17
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