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FRIDAY DRINKS: BNPL being introduced to credit reports · She's On The Money

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  Speaker 1: She's on the Money. She's on the Money.
• 0:23
  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 is Friday, which
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  Speaker 2: means it is time to sit back with the girls
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  Speaker 2: with a bev in hand, to unpack our favorite moments
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  Speaker 2: of the week, and of course, to celebrate you the
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  Speaker 2: incredible She's on the Money community. As always, we'll be
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  Speaker 2: sharing our favorite money wins. We're going to discuss what's
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  Speaker 2: making news in the finance world, and we're going to
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  Speaker 2: be helping to answer a juicy money question, which this
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  Speaker 2: week is all about debt prioritization. But first, it's time
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  Speaker 2: to recap the But first it is time to recap
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  Speaker 2: the week that was Jessica She Talks Jessic go to
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  Speaker 2: She talked to us about Monday's Money Diary episode.
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  Speaker 3: So this week's episode was a little bit of a toughye.
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  Speaker 3: We spoke to a lovely girl who has been living
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  Speaker 3: kind of remotely with her partner after having some really
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  Speaker 3: tough struggles with her family. She experienced a level of
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  Speaker 3: emotional abuse, which obviously is a huge challenge that she
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  Speaker 3: had to overcome and kind of I guess re centering
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  Speaker 3: herself at ground zero and building her savings back up
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  Speaker 3: as she became a bit more independent and being remote
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  Speaker 3: obviously that's a huge challenge. She's also going back to
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  Speaker 3: study as well in the financial services industry, which we
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  Speaker 3: love to see. It very exciting, but all of those
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  Speaker 3: things it's a lot to take on it once. So
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  Speaker 3: it was really great to hear how she kind of
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  Speaker 3: worked to overcome it, and she was so positive as
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  Speaker 3: well about her future despite having dealt with so many
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  Speaker 3: setbacks over the past couple of years.
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  Speaker 2: I think this episode was a really important one, Jess,
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  Speaker 2: because when we were talking to our diarist, I think
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  Speaker 2: so often we just jumped to the conclusion that if
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  Speaker 2: you say, oh, you experienced emotional and financial abuse, you
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  Speaker 2: automatically assume it was a partner. But in this situation,
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  Speaker 2: it was actually her mum, and it was, you know,
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  Speaker 2: quite a deep running issue that it existed for a
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  Speaker 2: really long period of time, and as she said, it
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  Speaker 2: was something that she just thought was really normal and
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  Speaker 2: she hadn't really had any experience outside of that, because like,
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  Speaker 2: if you've grown up in one house, why would you
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  Speaker 2: know what's going on in another house? And now it's
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  Speaker 2: all kind of coming down on her, I would say,
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  Speaker 2: like a ton of bricks, the realization of what's going on.
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  Speaker 2: And she had to burn through her emergency account to
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  Speaker 2: get out of that situation and now she's building back up.
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  Speaker 2: But the thing that you and I loved the most, yes,
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  Speaker 2: and we said this to her, so you guys, if
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  Speaker 2: you've listened, you would know this. She just seemed so
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  Speaker 2: grateful for everything. Like she seemed so grateful and so
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  Speaker 2: happy about the entire world and just that you know,
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  Speaker 2: it was on the way up. And like her tenacity
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  Speaker 2: was so impressive. Yeah, for someone to have gone through
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  Speaker 2: that situation and always had a parent that just doesn't
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  Speaker 2: believe in you, or someone that's so close that doesn't
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  Speaker 2: believe in you and your ability to you know, take
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  Speaker 2: on further study or go to university or start a business.
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  Speaker 2: And she clearly wasn't supported in any of those things.
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  Speaker 2: But just she did start a business. She ran it
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  Speaker 2: herself until she couldn't anymore, and then she's going back
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  Speaker 2: to UNI. Like, I'm just so impressed that she believed
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  Speaker 2: in herself enough to know that that was possible, because
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  Speaker 2: I think it's so easy to just be like, all right,
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  Speaker 2: well they might be right, especially if you're so subjected
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  Speaker 2: to it so often. Like it just I was really
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  Speaker 2: impressed with her. I found her really inspiring and I'm
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  Speaker 2: so glad that she got to share her story with
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  Speaker 2: our community.
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  Speaker 3: Yeah, the optimism, I think was something that I was
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  Speaker 3: so impressed by. And we spoke to her about this
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  Speaker 3: and she, you know, has made a few choices. I
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  Speaker 3: won't spoil the episode, but she had done something.
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  Speaker 2: I don't tell them everything.
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  Speaker 3: She said that, you know, she wanted to be able
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  Speaker 3: to use that thing that she'd done to help her friends,
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  Speaker 3: which it just was really kind and genuine I think.
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  Speaker 3: And you know, people, as you said, can get really
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  Speaker 3: down on themselves in a touch situation, which is understandable absolutely,
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  Speaker 3: but she's clearly been very resilient, and I think that's
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  Speaker 3: super special.
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  Speaker 2: All right, speaking of people who have a lot of tenacity, Jesse,
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  Speaker 2: it's now time to throw to George Georgia King. What
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  Speaker 2: happened on Wednesday?
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  Speaker 4: Hello girlies.
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  Speaker 5: On Wednesday, we spoke about pet insurance, which I feel
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  Speaker 5: like is a topic that has been on the list
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  Speaker 5: for a long time. The people have been asking for it,
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  Speaker 5: They've wanted your opinions VICKID, which.
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  Speaker 4: You did provide. We basically spoke about.
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  Speaker 5: Whether or not it's worth it, what we need to
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  Speaker 5: be mindful of, because there are certain exclusions that people
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  Speaker 5: aren't necessarily aware of, so we flagged all of those.
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  Speaker 5: We also discussed some strategies for people who don't want
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  Speaker 5: pet insurance or maybe can't afford it, so that was
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  Speaker 5: really helpful as well. And I also picture brains about
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  Speaker 5: budgeting for pets fee and you've got about one thousand
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  Speaker 5: there at your little house.
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  Speaker 2: I had one thousand the last I only have three,
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  Speaker 2: but I'm working on it. So we're rallying for Steve
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  Speaker 2: to let me have another dog. But I really think
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  Speaker 2: that's far off, so we'll see. Time will tell needs
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  Speaker 2: some more pet insurance.
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  Speaker 4: Exactly right, all.
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  Speaker 2: Right, So that is the week that was. But George,
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  Speaker 2: that isn't the only thing that happened this week. As always,
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  Speaker 2: we have asked the community what their money wins of
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  Speaker 2: the week were, and you have picked a few to
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  Speaker 2: showcase on the show. George, what are you bringing to
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  Speaker 2: the table this week?
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  Speaker 5: There are some absolutely inspiring wins this week as always, girls.
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  Speaker 5: So our first one comes from Victoria great name.
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  Speaker 2: She what a legend. Is that her win?
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  Speaker 4: Yeah, that's it.
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  Speaker 2: Pay mind a s D.
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  Speaker 5: So she wrote money win. My sister bought a new
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  Speaker 5: laptop over the weekend and used my shot back. Apple
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  Speaker 5: has a five point five percent back at the moment.
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  Speaker 5: So I made one hundred and twenty three dollars doing
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  Speaker 5: absolutely nothing.
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  Speaker 2: Oh my gosh, wait, I don't understand why your sister
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  Speaker 2: didn't just sign up for their own shop back account,
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  Speaker 2: Like that makes her no sense. You would have got
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  Speaker 2: ten bucks from she's on the money, you would have
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  Speaker 2: got one hundred and twenty bucks back from Apple. Like
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  Speaker 2: that is questionable. But at the same time, maybe Victoria
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  Speaker 2: is a sneaky, sneaky money winner. She's like, just order
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  Speaker 2: it on my laptop and the Chrome extension was already
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  Speaker 2: on order.
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  Speaker 5: Genius genius. Our next win is from Vanessa Lee. So
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  Speaker 5: she had a quarantine clean out and made two hundred
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  Speaker 5: dollars on Facebook Marketplace. She also cashed in forty five
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  Speaker 5: dollars from shop back, and then she split the money
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  Speaker 5: with her partner and they invested in shares while the
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  Speaker 5: market's down.
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  Speaker 4: Triple win.
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  Speaker 2: What a savvy, savvy person. I love that.
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  Speaker 5: It's like the track factor exactly right. Cherie has a
• 6:36
  Speaker 5: money win gals. She was going to get a ceiling
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  Speaker 5: flower piece for her wedding and it came to a
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  Speaker 5: cost of over eight hundred dollars.
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  Speaker 2: Oh my gosh, wa for flowers on the roof.
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  Speaker 5: Yeah, I don't really know what that means, but I
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  Speaker 5: guess I'm planning my wedding.
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  Speaker 2: I know what that means. That's spino.
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  Speaker 4: It is spinning.
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  Speaker 2: Actually, it is eight hundred dollars for flowers at a wedding. Spino.
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  Speaker 2: I mean for one thing of flowers that feels spino.
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  Speaker 5: Yeah, that's not even the flowers on the table in
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  Speaker 5: the hands of the ladies, not across it, but seems expensive.
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  Speaker 2: Flowers in the hands of the ladies. They're adding us
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  Speaker 2: at that moment.
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  Speaker 5: Yes, So instead of paying this eight hundred dollars, she
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  Speaker 5: bought some hanging tea candles and flower garlands and it
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  Speaker 5: has cost them one hundred and twenty dollars and they've
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  Speaker 5: made it themselves and it looks just as impressive. So
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  Speaker 5: that's a little diy hack for all the brides out there.
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  Speaker 2: I love that. Steve said I couldn't go and steal
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  Speaker 2: bushes from along the train tracks for our wedding. He
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  Speaker 2: said we had to have actual flowers, which I was
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  Speaker 2: really disappointed about because I was like, this would be
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  Speaker 2: the money win of the year. Imagine me getting to post,
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  Speaker 2: hey guys, look at my flower arrangement. Stole them from
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  Speaker 2: the train tracks like that would have worked really well
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  Speaker 2: for me. That turns out Steve wants actual flowers at
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  Speaker 2: his wedding. Rude. The next win is from Zoe. So
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  Speaker 2: money win. She's been offered two full time jobs this week,
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  Speaker 2: if you don't mind, ah, if you don't mind, Yeah, exactly,
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  Speaker 2: So she gets her peak yep, yep, very good.
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  Speaker 5: But the money love is that her husband got a
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  Speaker 5: driving ticket. But that's like not her money loss.
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  Speaker 4: What do you guys do know?
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  Speaker 2: What was going to be a good money win week,
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  Speaker 2: and then he went and did that.
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  Speaker 5: What do you guys do when you get not when
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  Speaker 5: you get a fine, When your partner gets a fine,
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  Speaker 5: do you split it with them or do they cop
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  Speaker 5: that fee?
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  Speaker 4: It's absolutely not. I'm not going to be fair, no, not.
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  Speaker 3: If you got the fine and did the wrong thing
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  Speaker 3: to be fair, of the two of us, I'm definitely
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  Speaker 3: more likely to get the fine, but I would James
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  Speaker 3: would mind just coughing up a little bit of cash
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  Speaker 3: to put towards this. I have my bad habit. Have
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  Speaker 3: you got a little bit of a lead foot, Jessica RICI?
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  Speaker 3: I do not, Like I'm not hooning up and down
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  Speaker 3: the streets or anything like that. But I drive a
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  Speaker 3: lot more than James does, so I think, like, statistically, I'm.
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  Speaker 4: Just like.
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  Speaker 2: Not driving style. Well, Steve and I actually share finances,
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  Speaker 2: so I'm always a bit miffed when it happens because
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  Speaker 2: it comes out of our joint account. I have pitched
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  Speaker 2: the idea that it comes out of his spending account
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  Speaker 2: because I actually do live by the cash flow plan
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  Speaker 2: that I have in my book. That's literally what Steve
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  Speaker 2: and I do. So I pitched the idea that it
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  Speaker 2: comes out of his food, fuel, and fun account. He's like, no,
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  Speaker 2: that's none of those things. I'm like, it is, like,
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  Speaker 2: that's an unexpected cost that I shouldn't have to wear.
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  Speaker 2: Kind of rude, but at the same time, like it
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  Speaker 2: is what it is, I guess. But the thing that
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  Speaker 2: I get really miffed at is the last time Steve
• 9:24
  Speaker 2: got a feeding fine was actually in my car, which
• 9:27
  Speaker 2: means it came to me, and then I had to
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  Speaker 2: go and ask Steve to do all the paperwork to
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  Speaker 2: get it transferred into his name, and he was being
• 9:35
  Speaker 2: a bit lazy with the paperwork and it was taking
• 9:37
  Speaker 2: too long, and I was just getting really antsy because
• 9:39
  Speaker 2: I'm like, I'm not copying this. I'm not taking your
• 9:41
  Speaker 2: demerit point, absolutely not. I have a perfect driving history.
• 9:45
  Speaker 2: I'm not making it look like I don't. He's like, oh,
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  Speaker 2: just take it. It's one. No, that's illegal, it's not happening. No, no, no,
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  Speaker 2: move on, George. What else?
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  Speaker 4: Okay?
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  Speaker 5: The next week is from Angelique, So she switched to
• 9:58
  Speaker 5: NAB to avoid comm makes four dollars monthly transaction fee.
• 10:02
  Speaker 2: Why do they still have that? It's twenty twenty two.
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  Speaker 4: Right, that's also quite steep. Four dollars a.
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  Speaker 2: Lot of money. Are you trying to stop off a coffee?
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  Speaker 5: Here's what it equates to. So it saves her forty
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  Speaker 5: eight dollars a year. By the time she's sixty five,
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  Speaker 5: she will have avoided paying one seven hundred and twenty
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  Speaker 5: eight dollars to the bank. She's done the maths.
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  Speaker 2: She did the maths.
• 10:25
  Speaker 4: What if she's on the money in legend exactly right.
• 10:28
  Speaker 5: The next wing Girls is from Teagin, So she deleted Menulog,
• 10:31
  Speaker 5: door Dash and Deliver. Her bank account now actually has
• 10:35
  Speaker 5: money in it.
• 10:36
  Speaker 2: Long she wrote, I love that for you.
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  Speaker 4: It's good.
• 10:41
  Speaker 2: I hope you're still eating babeah exactly.
• 10:44
  Speaker 5: Our final win, guys, is from Gemma. It's a bit
• 10:46
  Speaker 5: of an inspirational one. You may have seen it in
• 10:49
  Speaker 5: the group. It was an independent post and it did
• 10:51
  Speaker 5: garner a lot of traction.
• 10:53
  Speaker 4: It must be good.
• 10:54
  Speaker 2: They don't often get approved. Often we provide the feedback
• 10:57
  Speaker 2: that you need to post your wins in the thread.
• 10:59
  Speaker 2: SOO let that one.
• 11:00
  Speaker 4: Parad slipped through. It's worth it, I promise Cracks so she.
• 11:04
  Speaker 5: Wrote, One thing I have learned from this group and
• 11:07
  Speaker 5: the podcasts is knowing your worth and not settling for
• 11:10
  Speaker 5: something just because it's better than nothing. I recently landed
• 11:14
  Speaker 5: a new job, but once I received the contract, it
• 11:16
  Speaker 5: was thirty eight thousand dollars less than what it was
• 11:19
  Speaker 5: advertised as.
• 11:20
  Speaker 4: What yep, soly that's.
• 11:22
  Speaker 5: Illegal, I would have thought so Anyway, she continues, I
• 11:26
  Speaker 5: contemplated taking it based on the other perks, but I
• 11:29
  Speaker 5: knew I was worth the advertised salary.
• 11:31
  Speaker 4: Package I put you.
• 11:33
  Speaker 5: I have learned from the podcasts and other members to
• 11:35
  Speaker 5: negotiate the salary with them, and it worked.
• 11:38
  Speaker 4: They matched it.
• 11:39
  Speaker 5: She got the full salary, and then she finished off
• 11:42
  Speaker 5: by saying, I never would have done this without the
• 11:44
  Speaker 5: group or the podcasts. I always felt that what they
• 11:47
  Speaker 5: offered is what I deserved. So chase those goals and
• 11:50
  Speaker 5: never doubt yourself. Ladies, How beautiful is that?
• 11:53
  Speaker 6: What a queen?
• 11:54
  Speaker 2: What an absolute queen. I love that. I think that's
• 11:57
  Speaker 2: so important. And I can see why that got not
• 12:00
  Speaker 2: let through the cracks like that would have been like
• 12:02
  Speaker 2: rearing through the front gates. I would have like I
• 12:04
  Speaker 2: would have proved that. But I think jes did so
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  Speaker 2: good one, Jess, good one. All right, gee, I feel
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  Speaker 2: like those have been some epic wins. But we have
• 12:12
  Speaker 2: a very good listener question if you hold on just
• 12:15
  Speaker 2: a minute.
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  Speaker 5: All right, straight back into it.
• 12:17
  Speaker 4: Guys.
• 12:17
  Speaker 5: It's Friday, and that means it is time to answer
• 12:20
  Speaker 5: your most burning finance, career and life questions. If you
• 12:24
  Speaker 5: need help untangling a naughty dilemma, no matter how big
• 12:27
  Speaker 5: or small, send us through a voice note to podcast.
• 12:30
  Speaker 5: It's She's on the Money dot com. Do you and
• 12:32
  Speaker 5: will help you find the answer you've been searching for. Now,
• 12:35
  Speaker 5: let's take a listen to today's money question.
• 12:37
  Speaker 7: Hi guys, So my question is about paying off debt
• 12:40
  Speaker 7: while you have expenses for children. The context is that
• 12:44
  Speaker 7: my partner and I we unfortunately had to take on
• 12:46
  Speaker 7: some debt during COVID. We are working to pay off
• 12:49
  Speaker 7: and we are on track to pay it off by
• 12:51
  Speaker 7: the end of this year. My daughter attends a Catholic
• 12:53
  Speaker 7: primary school and we have the option to pay her
• 12:55
  Speaker 7: fees annually in February, the amount being twenty eight hundred dollars,
• 12:59
  Speaker 7: or we pay monthly. We did yeah last year. It's
• 13:01
  Speaker 7: just under three hundred dollars per month. So my question
• 13:04
  Speaker 7: is are we better off saving and paying her school
• 13:06
  Speaker 7: fees annually and then snowballing what we would have paid
• 13:08
  Speaker 7: monthly onto debt or do we just continue to pay
• 13:11
  Speaker 7: monthly and say what we can to smash up the
• 13:13
  Speaker 7: debt quickly?
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  Speaker 4: Thanks? What do we think? Ladies? VDA? I'm going to
• 13:17
  Speaker 4: throw straight to you because I.
• 13:19
  Speaker 5: Have no idea what she should do in this situation.
• 13:21
  Speaker 4: Help.
• 13:21
  Speaker 2: Look, I have a lot of questions and I feel
• 13:23
  Speaker 2: like I don't have enough information on her personal situation
• 13:27
  Speaker 2: to make a call in this particular circumstance. So we
• 13:30
  Speaker 2: can draw a number of conclusions. Right, So, if you've
• 13:32
  Speaker 2: got personal debt and you've taken on maybe like a
• 13:34
  Speaker 2: personal loan during COVID, which is fine. Lots of people
• 13:37
  Speaker 2: had to. At the end of the day, we're doing
• 13:39
  Speaker 2: the best we can. And I don't think it is
• 13:41
  Speaker 2: a bad thing that you put your family first and
• 13:43
  Speaker 2: you were like, Okay, I need to get a personal
• 13:45
  Speaker 2: loan to get through this period. Like that is a
• 13:48
  Speaker 2: very common thing that happened during that period of time.
• 13:51
  Speaker 2: But personal loans will run anywhere between ten and maybe
• 13:55
  Speaker 2: seventeen percent in interest, depending on where you've got them,
• 13:58
  Speaker 2: and maybe whether it's six it or not. Again, I
• 14:01
  Speaker 2: have no idea what your personal circumstance was. But when
• 14:05
  Speaker 2: it came to the school fees, let's pretend it's not
• 14:07
  Speaker 2: school fees. Let's just pretend it's a debt. Right, So
• 14:10
  Speaker 2: you X amount for this education. You can either pay
• 14:14
  Speaker 2: it upfront or you can pay the three hundred dollars
• 14:16
  Speaker 2: a month. Is there any interest on that at all?
• 14:19
  Speaker 2: Because if there isn't, I'd probably be not prioritizing paying
• 14:23
  Speaker 2: that off in a lump sum and actually taking that
• 14:26
  Speaker 2: lump sum paying it off your debts, so you're paying
• 14:29
  Speaker 2: less interest over the long term, and then paying the
• 14:31
  Speaker 2: three hundred dollars each and every single month, so that
• 14:33
  Speaker 2: you're in a situation where you're carrying less debt and
• 14:36
  Speaker 2: therefore incurring less interest. I don't know if that's applicable
• 14:40
  Speaker 2: for your situation, but that's what I would be looking
• 14:42
  Speaker 2: at if it was my own personal situation and I
• 14:44
  Speaker 2: had a debt that I needed to pay off or
• 14:46
  Speaker 2: a payment plan that I needed to pay off, as
• 14:48
  Speaker 2: well as carrying some debt. So I think it's always
• 14:51
  Speaker 2: about looking at, well, what is the interest going to
• 14:54
  Speaker 2: be incurred. I think it's really important to look at
• 14:56
  Speaker 2: what the interest being incurred is because on that two
• 15:00
  Speaker 2: or three thousand dollars for school fees, that on a debt,
• 15:04
  Speaker 2: if it's at seventeen or even ten percent, is going
• 15:07
  Speaker 2: to be pretty significant. So we actually want to get
• 15:10
  Speaker 2: ourselves out of that, and paying off debt is an
• 15:12
  Speaker 2: investment in itself, So I think from my perspective that
• 15:15
  Speaker 2: would be my question. But yes, I believe we have
• 15:18
  Speaker 2: an episode on debt prioritization when was that.
• 15:21
  Speaker 3: It was a little while ago now, but it's a
• 15:22
  Speaker 3: really good one. We cover a number of different debt
• 15:26
  Speaker 3: repayment methods. I know that she mentioned snowballing. There's a
• 15:29
  Speaker 3: few different other options people can look into, as you
• 15:32
  Speaker 3: were saying, with the interest and comparing. If people find
• 15:34
  Speaker 3: that concept a little bit confusing because we're just kind
• 15:37
  Speaker 3: of surface level touching on it right now, there's a
• 15:39
  Speaker 3: full length episode that covers all of that, so go
• 15:42
  Speaker 3: back and have a listen.
• 15:43
  Speaker 2: We knew this question was coming, so we prepared that
• 15:46
  Speaker 2: far in advance. Genius if you ask me, But yes,
• 15:50
  Speaker 2: I think it's really important to always look at your debts,
• 15:52
  Speaker 2: putting them in a list and working out what types
• 15:55
  Speaker 2: of interest you're going to incur on any of them.
• 15:58
  Speaker 2: And that's why often in the She's the Money community,
• 16:01
  Speaker 2: people don't really prioritize paying off hexsticks, so it doesn't
• 16:04
  Speaker 2: really incur any type of interest, So it's here or
• 16:07
  Speaker 2: there whether you pay it off now. But a personal
• 16:10
  Speaker 2: loan can and has been known to put you further
• 16:13
  Speaker 2: into debt if you're not prioritizing it. So that will
• 16:16
  Speaker 2: be where my priorities were at. Do you reckon that
• 16:18
  Speaker 2: covers it. George, what would you be prioritizing?
• 16:20
  Speaker 5: I think you've nailed it. I don't really have anything
• 16:23
  Speaker 5: to add to this, you know me, I have no
• 16:25
  Speaker 5: experience with debt. But I guess the only thing I
• 16:28
  Speaker 5: would add on to that was I felt like there
• 16:31
  Speaker 5: was a little bit of shame in her voice when
• 16:33
  Speaker 5: she said, like, we had to go into debt when
• 16:35
  Speaker 5: like during the pandemic. But that's certainly nothing to be
• 16:38
  Speaker 5: ashamed of because the last two years have been a
• 16:41
  Speaker 5: shit show, And yeah, you'll find your way out of it,
• 16:45
  Speaker 5: and you're in the right place, so you'll be absolutely fine.
• 16:48
  Speaker 2: That was a really good pick up, George. I definitely
• 16:50
  Speaker 2: picked up on that, and I do think that that
• 16:53
  Speaker 2: was worth bringing up as well, because I think so
• 16:55
  Speaker 2: many of us carry a lot of guilt over things
• 16:57
  Speaker 2: that are arguably beyond our control. Like, there is no
• 17:01
  Speaker 2: point feeling guilty about stuff like that, especially when you're
• 17:04
  Speaker 2: on the path to getting out of it. You're asking
• 17:06
  Speaker 2: questions like this, Clearly you're on top of it. You're fine.
• 17:09
  Speaker 2: It will work out, I.
• 17:10
  Speaker 4: Promise, well said.
• 17:12
  Speaker 3: So this week we're going to chat about a little
• 17:15
  Speaker 3: spicy topic that we all love to get on this one,
• 17:18
  Speaker 3: the old buy now, pay later.
• 17:21
  Speaker 2: We know how much I love that.
• 17:23
  Speaker 3: We're probably not very popular in the offices of a
• 17:26
  Speaker 3: few well known businesses. But I thought it was really
• 17:29
  Speaker 3: interesting because I read an article this week that said
• 17:31
  Speaker 3: buy now, pay later products are now actually being considered
• 17:35
  Speaker 3: by Equifax when they generate your credit score. This article
• 17:40
  Speaker 3: was referring specifically to the US. I believe it comes
• 17:42
  Speaker 3: in as of February. But it's a big thing because
• 17:45
  Speaker 3: here we've said in the past when we've touched on
• 17:48
  Speaker 3: after pay, and it's a big point of I suppose
• 17:50
  Speaker 3: almost contention sometimes when it's debated back and forth, is
• 17:53
  Speaker 3: that the debts aren't generally in Australia are credited towards
• 17:58
  Speaker 3: your credit score, so you can have mass amounts of
• 18:00
  Speaker 3: buying our pay later debt and it may not show
• 18:03
  Speaker 3: up on your credit score. And that's a big selling
• 18:05
  Speaker 3: point for some of these companies where they say, oh,
• 18:07
  Speaker 3: like it's fine, Like if you want to take out
• 18:09
  Speaker 3: a loan, you want to take another one, another, one another,
• 18:12
  Speaker 3: one another one, no problems, it's not going to impact
• 18:14
  Speaker 3: your credit score. You're all good, girlfriend, despite the fact
• 18:17
  Speaker 3: that you're digging yourself into this whole of debt, whereas
• 18:20
  Speaker 3: now Equifax is leading the charge, it seems like and saying, actually,
• 18:24
  Speaker 3: that's a line of credit that you owe, and we're
• 18:27
  Speaker 3: going to consider that when we generate your credit score,
• 18:29
  Speaker 3: because it does impact your ability to pay back a
• 18:32
  Speaker 3: mortgage or a personal loan or a car loan. And
• 18:36
  Speaker 3: I do remember we had a comment once on a
• 18:38
  Speaker 3: content piece that we put up where someone said, bind
• 18:41
  Speaker 3: our pay later isn't debt, and I just wanted to
• 18:45
  Speaker 3: highlight get in front of the bus and say, I
• 18:49
  Speaker 3: know that it's not you know, a loan that you've
• 18:51
  Speaker 3: taken out from the bank, but it is alone. Yeah,
• 18:54
  Speaker 3: when you utilize a buying our pay later platform, you
• 18:56
  Speaker 3: are accessing money that is not yours and you then
• 18:59
  Speaker 3: owe that money. You have to pay it back that
• 19:02
  Speaker 3: is by it's a lot of debt. Yeah, exactly, lot exactly.
• 19:06
  Speaker 2: But it doesn't feel like that, right, And that's half
• 19:09
  Speaker 2: the point. They're like, oh, we'll pay for it upfront
• 19:11
  Speaker 2: and you just pay me back in forth. Like if
• 19:13
  Speaker 2: a friend did that, Jesse, if I was like I'll
• 19:15
  Speaker 2: take you out to lunch, you got to pay me
• 19:16
  Speaker 2: back in for it was twenty bucks five dollars a
• 19:18
  Speaker 2: week for the next one. Can you imagine that happening.
• 19:23
  Speaker 2: That would be very funny.
• 19:24
  Speaker 4: But two, that.
• 19:26
  Speaker 2: Means that you owe me money and there's a line
• 19:28
  Speaker 2: of credit owing to me from Jess. That's what a
• 19:32
  Speaker 2: line of credit is. It's a line of payments that
• 19:35
  Speaker 2: you need to make to fulfill a bigger number. And
• 19:38
  Speaker 2: I just think that so many people forget that fact
• 19:41
  Speaker 2: when they're like, no, I didn't get a personal loan.
• 19:43
  Speaker 2: I'm like, oh, but like, you've got after pay and
• 19:45
  Speaker 2: you still owe the money, so you personally loaned money
• 19:49
  Speaker 2: from somebody else.
• 19:50
  Speaker 3: I think that's part of what I personally find really
• 19:53
  Speaker 3: frustrating is a lot of the companies and I'm not
• 19:55
  Speaker 3: going to say all, because there's always exceptions, but a
• 19:58
  Speaker 3: lot of the marketing that we see from the these
• 20:00
  Speaker 3: businesses really taps into that instant gratification desire. And the
• 20:05
  Speaker 3: platforms now that are specifically aimed at allowing you to
• 20:09
  Speaker 3: break down your payments for dinner at a restaurant, or
• 20:12
  Speaker 3: they encourage you to shop when you go out with
• 20:15
  Speaker 3: your girlfriends, and the marketing I think really plays into it.
• 20:19
  Speaker 3: And again we've spoken about this before. We've done a
• 20:21
  Speaker 3: whole episodes. If you want to go back and listen,
• 20:22
  Speaker 3: feel free. But I personally think it's a really great
• 20:25
  Speaker 3: move that they're adding it on, and I know that
• 20:27
  Speaker 3: that might be a bit unpopular with people who are
• 20:30
  Speaker 3: frequent users of the product, who say, oh, no, it's
• 20:33
  Speaker 3: not going to impact my ability. I can still pay
• 20:35
  Speaker 3: back my mortgage, I can still do this, I can
• 20:37
  Speaker 3: still do that. But the should we look at this
• 20:40
  Speaker 3: as a step in the right direction in terms of
• 20:42
  Speaker 3: potentially tightening up some regulation around these services.
• 20:47
  Speaker 2: We know how much I love regulation. I am the
• 20:50
  Speaker 2: most black and white person you will ever meet. There
• 20:52
  Speaker 2: is right and there is wrong, and I really struggle
• 20:54
  Speaker 2: with the gray area in between, which is maybe why
• 20:58
  Speaker 2: the game of financial advisor, because I'm like, no, you
• 21:00
  Speaker 2: can't do that. I was a kid in primary school
• 21:02
  Speaker 2: dabbing people in for not wearing their hats. Honestly, I'm
• 21:05
  Speaker 2: fun at parties. But I think it is absolutely a
• 21:08
  Speaker 2: step in the right direction and protecting the consumer. So
• 21:11
  Speaker 2: it's not me going, oh, I just want everybody to
• 21:13
  Speaker 2: be regulated. I actually just want you to be in
• 21:16
  Speaker 2: the best possible position. And let's use you, George as
• 21:19
  Speaker 2: an example. If you go, you know what, I really
• 21:22
  Speaker 2: want an after pay account, and you go to their
• 21:24
  Speaker 2: website and you sign up, and then potentially they run
• 21:27
  Speaker 2: a credit check on you. That credit check is going
• 21:30
  Speaker 2: to determine whether you're somebody that they want to work
• 21:33
  Speaker 2: with or not, whether you're a responsible person at paying
• 21:37
  Speaker 2: back loans. They go and they would do their credit
• 21:40
  Speaker 2: check and go, Okay, Georgia doesn't have any other debt,
• 21:42
  Speaker 2: We'll give her an account. Like that just seems quite
• 21:45
  Speaker 2: straightforward to me that then you can start using that,
• 21:48
  Speaker 2: And as we know, there are a lot of people
• 21:50
  Speaker 2: in our community who are really good at using after
• 21:52
  Speaker 2: pay another by now pay later companies. Like we're not
• 21:55
  Speaker 2: saying that that's the worst thing in the world, but
• 21:58
  Speaker 2: what we're saying is it is so easy to go
• 22:00
  Speaker 2: down a slippery slope with so many people not seeing
• 22:03
  Speaker 2: it as debt or maybe seeing it is the easy way,
• 22:06
  Speaker 2: and you know, really playing on your ability to moderate
• 22:09
  Speaker 2: your impulses. Like for me, it would be a bad
• 22:13
  Speaker 2: thing because I can be quite impulsive. But the idea
• 22:17
  Speaker 2: that they don't credit check now just doesn't feel like
• 22:20
  Speaker 2: they're putting you in the best possible position as a consumer.
• 22:23
  Speaker 2: And if I look at the after pay website today,
• 22:25
  Speaker 2: it literally says, quote at after pay, we never do
• 22:29
  Speaker 2: credit checks or report late payments. They don't believe in it.
• 22:33
  Speaker 2: And that's fine, that's their choice. But what about just
• 22:37
  Speaker 2: that example you just gave of somebody who was already
• 22:40
  Speaker 2: in mountains of personal debt and then they want an
• 22:42
  Speaker 2: after pay account because like their credit card keeps declining. Like,
• 22:45
  Speaker 2: is that putting that person in the best possible position?
• 22:49
  Speaker 2: I just I just don't think so. So for me,
• 22:52
  Speaker 2: that's why I want credit checks. So it puts you
• 22:54
  Speaker 2: in the best possible position.
• 22:56
  Speaker 8: It's not so that your debt can be managed or
• 22:58
  Speaker 8: you know, followed up on. It, just literally so that
• 23:01
  Speaker 8: you don't get any more debts than you need to
• 23:03
  Speaker 8: get into, because it is a really sickly lope. And
• 23:07
  Speaker 8: when you are in a lot of personal debts do
• 23:09
  Speaker 8: you become quite and you will sign.
• 23:12
  Speaker 2: Up for other platforms, and you will sign up for
• 23:14
  Speaker 2: other entities that can lend you money because you end
• 23:17
  Speaker 2: up growing from pete to pay Paul.
• 23:20
  Speaker 3: Yeah, And so obviously this current change that we're talking
• 23:23
  Speaker 3: about it won't impact that. So it's not going to
• 23:25
  Speaker 3: require buying now pay later people to credit check you.
• 23:28
  Speaker 3: But do you think that as a buy product of
• 23:31
  Speaker 3: the fact that, you know, having multiple buying our pay
• 23:34
  Speaker 3: laters or a significant buying our pay later debt will
• 23:37
  Speaker 3: impact your ability to get what I'm going to call
• 23:40
  Speaker 3: a more substantial loan. So the fact that you might
• 23:43
  Speaker 3: use after pay to take get a one hundred dollar
• 23:45
  Speaker 3: dress every now and again is now going to have
• 23:47
  Speaker 3: bearing on whether you can get a home loan or
• 23:50
  Speaker 3: a business loan or a car loan. Do you think
• 23:52
  Speaker 3: that that will work to discourage people or do you
• 23:56
  Speaker 3: think we're going to have a number of people that
• 23:58
  Speaker 3: are going to be taken surprise when they go to
• 24:01
  Speaker 3: get a loan and the bank says, hey, really sorry,
• 24:04
  Speaker 3: you use after pay or use it pay, We're actually
• 24:07
  Speaker 3: not going to give that money to you.
• 24:08
  Speaker 2: I can go two ways on this, so I've got
• 24:12
  Speaker 2: quite I guess diverse you would say, opinions on this.
• 24:16
  Speaker 2: So the first opinion is that it's legitimizing the debt,
• 24:20
  Speaker 2: so you're going to see it in line with personal
• 24:22
  Speaker 2: debts and credit cards and stuff like that if you
• 24:25
  Speaker 2: weren't seeing it that way previously. So I'm hoping that
• 24:28
  Speaker 2: would mean that people take these debts more seriously and
• 24:32
  Speaker 2: maybe are a little bit less likely to use them.
• 24:35
  Speaker 2: On the flip side, I think putting it beside a
• 24:37
  Speaker 2: credit card and a personal loan for banks means that
• 24:41
  Speaker 2: there's not a one or the other. It's not oh,
• 24:43
  Speaker 2: does just use after pay, It's more okay, well just
• 24:46
  Speaker 2: uses after pay and she's really responsible with it. It's
• 24:49
  Speaker 2: not a hidden thing that they're looking for in addition
• 24:52
  Speaker 2: to your credit report. Whereas right now, Jess, you can
• 24:55
  Speaker 2: probably speak to this pretty well because you've just gone
• 24:58
  Speaker 2: through a pre approval process. But when you go to
• 25:01
  Speaker 2: be pre approved for a mortgage or a larger debt,
• 25:04
  Speaker 2: they're going to want your credit report, which is fine,
• 25:07
  Speaker 2: but they will also ask for three months worth of
• 25:09
  Speaker 2: bank statements. And that is currently how banks are working out.
• 25:13
  Speaker 2: If you're using any type of buy now, pay later companies,
• 25:16
  Speaker 2: they're not not knowing about it, but they are finding
• 25:19
  Speaker 2: it in your bank accounts, and then that's being taken
• 25:22
  Speaker 2: into consideration with your budget and your cash flow and
• 25:24
  Speaker 2: working all of that out. So I don't think it's
• 25:26
  Speaker 2: going to change whether or not you can get a
• 25:28
  Speaker 2: mortgage just because it's added to an additional report. But
• 25:32
  Speaker 2: I do think it makes it a more legitimate debt
• 25:34
  Speaker 2: that you might, you know, think twice about in the future,
• 25:38
  Speaker 2: because before I was like, oh, that doesn't even come
• 25:40
  Speaker 2: up on your credit report, like it's fine, So how
• 25:43
  Speaker 2: soon is this going to? Oh will it even happen
• 25:46
  Speaker 2: in Australia? Vase is coming our direction? Look, e quefax
• 25:49
  Speaker 2: exists in Australia, so I wouldn't be surprised if they
• 25:52
  Speaker 2: roll that out globally. But they're obviously trying it out
• 25:56
  Speaker 2: in the US and they'll work out what that looks
• 25:58
  Speaker 2: like and how that works. And I'm assume they're probably
• 26:00
  Speaker 2: doing that so they get through all their teething issues
• 26:03
  Speaker 2: just in one country before taking it global, which would
• 26:06
  Speaker 2: make sense. But I absolutely think it's coming. There are
• 26:09
  Speaker 2: a lot of people in Australia asking for it, and
• 26:11
  Speaker 2: in the name of being transparent when it comes to debt,
• 26:14
  Speaker 2: it just makes sense.
• 26:15
  Speaker 3: Going back to that thing about credit checking, by buying
• 26:19
  Speaker 3: our pay later companies, I know you said after pay
• 26:21
  Speaker 3: don't do it out of curiosity? How common is it?
• 26:24
  Speaker 3: So buying our pay later businesses to just give you
• 26:27
  Speaker 3: the money without running any kind of.
• 26:28
  Speaker 2: Check pretty common. So I've done a bit of research
• 26:31
  Speaker 2: and from my research, there are obviously a number of
• 26:35
  Speaker 2: different companies. We've got zip Pay. They say they might
• 26:38
  Speaker 2: perform a credit check when you apply for an account,
• 26:41
  Speaker 2: and they have also said that if you fail to
• 26:43
  Speaker 2: meet your payments or have a serious credit infringement, they
• 26:46
  Speaker 2: might disclose it to a credit reporting body, which in
• 26:49
  Speaker 2: comparison when we said after pay, they're not doing that
• 26:52
  Speaker 2: currently there's hum and they say they might check your
• 26:55
  Speaker 2: credit score, but they don't, and they also say that
• 26:58
  Speaker 2: when they do check your credit score, it quote won't
• 27:01
  Speaker 2: affect your credit score or leave a record on your file,
• 27:04
  Speaker 2: which means that they're doing a soft check, if any
• 27:06
  Speaker 2: kind of check. Klana, which we know has I guess
• 27:10
  Speaker 2: had a bit of a surge in the last twelve
• 27:12
  Speaker 2: to eighteen months, I recond this one wasn't around. That's
• 27:16
  Speaker 2: the pink branded one. They say they do perform a
• 27:18
  Speaker 2: credit check when you apply, which I think is relatively
• 27:22
  Speaker 2: responsible from them, and they also say that you know,
• 27:25
  Speaker 2: if you don't make repayments or there's a serious credit infringement,
• 27:28
  Speaker 2: they will pass that information onto a credit reporting body.
• 27:31
  Speaker 2: So they're operating in exactly the same way as a
• 27:33
  Speaker 2: personal loan, which you know, I don't think that there's
• 27:36
  Speaker 2: a right or wrong. But when it comes to buy now,
• 27:38
  Speaker 2: Pay later, as you know, I don't love love any
• 27:41
  Speaker 2: of them, but I think that's a relatively responsible thing
• 27:44
  Speaker 2: for a credit reporting body to do. But when it
• 27:47
  Speaker 2: comes to like open pay and pay Right and all
• 27:49
  Speaker 2: of the other ones that you can find, I couldn't
• 27:52
  Speaker 2: find any other buy now, pay later company that says
• 27:55
  Speaker 2: openly yes, we will check your credit, like in all
• 27:58
  Speaker 2: of their terms and conditions and product disclosure statements or
• 28:01
  Speaker 2: PDSs as we've been calling them. I think during this
• 28:04
  Speaker 2: episode they say they reserve the right to but don't,
• 28:08
  Speaker 2: whereas Klana says no, if you sign up, we will
• 28:11
  Speaker 2: run a credit check, which I just think is a
• 28:13
  Speaker 2: responsible thing to do.
• 28:14
  Speaker 5: It is a responsible thing to do from Klana V.
• 28:16
  Speaker 5: But don't you think that is just such a red
• 28:18
  Speaker 5: flag for all of the other companies They don't care
• 28:21
  Speaker 5: about you, They want your late fees. Like It's just
• 28:25
  Speaker 5: exactly how I feel about it. I was trying to
• 28:28
  Speaker 5: be maybe not as colorful with it, but I just.
• 28:30
  Speaker 2: Straight to the point. Ye. Look, I feel like I
• 28:33
  Speaker 2: try so hard to be diplomatic about this topic because
• 28:37
  Speaker 2: at the end of the day, like, if you look
• 28:39
  Speaker 2: from my perspective as somebody who invests, you look after pay,
• 28:43
  Speaker 2: what a killer business. After Pay recently sold actually to
• 28:47
  Speaker 2: you know, the company that does Square, like those Square
• 28:49
  Speaker 2: reader pay terminals. Yeah, Square bought after pay for thirty
• 28:53
  Speaker 2: nine billion dollars.
• 28:55
  Speaker 4: Wow, that's so much millions. That is so much money.
• 29:00
  Speaker 2: You look at it in the terms of an investor
• 29:01
  Speaker 2: and you go, what an epic company. You would love
• 29:03
  Speaker 2: to see what they're doing next. And they're obviously, you know,
• 29:06
  Speaker 2: quite technologically savvy, and they're on top of it when
• 29:09
  Speaker 2: it comes to developing apps, and you know, rolling this
• 29:11
  Speaker 2: out internationally, Like it's genuinely impressive. But when it comes
• 29:16
  Speaker 2: to my shees on the money community, I kind of
• 29:18
  Speaker 2: get like angry mother hen about it because it's not
• 29:21
  Speaker 2: putting you, guys in the best possible position as consumers.
• 29:24
  Speaker 2: It is not educating you. It is not teaching you
• 29:27
  Speaker 2: what is good debt or bad debt or okay debt,
• 29:29
  Speaker 2: is not teaching you how to manage your own impulses.
• 29:32
  Speaker 2: It's not teaching you a good, solid budget and cash
• 29:34
  Speaker 2: flow system. In actual fact, it's probably teaching you the
• 29:37
  Speaker 2: other it's like, can't afford it, after pay it, Like
• 29:40
  Speaker 2: you're not teaching me the foundational skills that everybody deserves
• 29:44
  Speaker 2: to have. And if we have these products, they're just
• 29:48
  Speaker 2: from my perspective in a way. You know, praying is
• 29:50
  Speaker 2: probably very dramatic, but like they're kind of praying on
• 29:53
  Speaker 2: your naivety. They're like, Okay, well, if you don't understand,
• 29:56
  Speaker 2: you're going to think that this is a good thing,
• 29:57
  Speaker 2: and you know, we'll brand it really nicely and give
• 29:59
  Speaker 2: you ant so you can keep track of it. And
• 30:01
  Speaker 2: that's something that you know over the weekend, guys, you
• 30:04
  Speaker 2: might have seen this last weekend me going on an
• 30:06
  Speaker 2: epic rant about after pays new company after Pay Money,
• 30:11
  Speaker 2: because it's saying that it's a budgeting and financial literacy
• 30:14
  Speaker 2: tool when it's not. It's another debt tool, and it's
• 30:17
  Speaker 2: implementing this brand new product that is supported by Westpac,
• 30:20
  Speaker 2: which again I feel like is a very strange step
• 30:24
  Speaker 2: because as much as Westpac as a bank is managed,
• 30:27
  Speaker 2: you're still not having to go through the credit check process,
• 30:29
  Speaker 2: whereas if you went and got a personal loan from Westpac,
• 30:31
  Speaker 2: you absolutely would. Why would that be different if Westpac
• 30:34
  Speaker 2: is lending its entire license to after pay anyway, different story,
• 30:39
  Speaker 2: but they've implemented a new product called retro so Jess.
• 30:43
  Speaker 2: You could download the app and have after pay money,
• 30:46
  Speaker 2: and that's actually enabling you to put historical purchases on
• 30:51
  Speaker 2: after pay, so you could go out for dinner and go,
• 30:54
  Speaker 2: all right, well, the you and I spent one hundred
• 30:56
  Speaker 2: and fifty dollars on dinner. Actually I want one hundred
• 30:58
  Speaker 2: and fifty dollars back. I want to after pay that.
• 31:00
  Speaker 2: So now you can access after pay for things that
• 31:04
  Speaker 2: even on after pay you just get to pick things
• 31:06
  Speaker 2: from your banking You just get to pick things from
• 31:08
  Speaker 2: your bank statement, and then after pay it and then
• 31:11
  Speaker 2: you've got a line of credit there and there's no
• 31:14
  Speaker 2: credit checking process. So for me, that seems like a
• 31:17
  Speaker 2: really big red flag as well, because it's not just
• 31:20
  Speaker 2: companies that have after pay. You can now after pay
• 31:22
  Speaker 2: anything like that. Just it's scary guys.
• 31:25
  Speaker 3: I think for me, new products and new innovations like this,
• 31:30
  Speaker 3: I understand from a business prospective why they're doing it.
• 31:33
  Speaker 3: Of course, someone who historically has had pretty significant credit
• 31:38
  Speaker 3: card debt, and again acknowledging that not everyone is going
• 31:42
  Speaker 3: to be like me or fall down that hole. I
• 31:45
  Speaker 3: think the thing that sometimes we forget is that these
• 31:48
  Speaker 3: businesses that offer lines of credit or loans, even when
• 31:52
  Speaker 3: it comes to a mortgage, their priority is keeping you
• 31:57
  Speaker 3: using their product. And so that's why credit card offer
• 32:00
  Speaker 3: incentives or points. That's why after pay is offering discounts
• 32:05
  Speaker 3: when you shop at stores and now you can retro purchases,
• 32:09
  Speaker 3: because they want to keep you using their app and
• 32:11
  Speaker 3: as much as you can use that product responsibly. When
• 32:15
  Speaker 3: you sit back for a second, ago, why are they
• 32:17
  Speaker 3: working so hard to keep me as a consumer, to
• 32:20
  Speaker 3: keep me using their product, It's because you're generating them income.
• 32:24
  Speaker 3: Like even if you're not paying your late fee, they're
• 32:27
  Speaker 3: making money off of you. We know that they take
• 32:29
  Speaker 3: a high percentage from businesses when you use after pay
• 32:32
  Speaker 3: to purchase a.
• 32:32
  Speaker 2: Product, and it's a lot for a small business. It's
• 32:35
  Speaker 2: for a small business, and it's seven percent.
• 32:37
  Speaker 4: And a lot of.
• 32:38
  Speaker 3: Small businesses have come out and said that they actually
• 32:40
  Speaker 3: can't offer buy now, pay later as an option because
• 32:43
  Speaker 3: it costs them so much and eats so significantly into
• 32:46
  Speaker 3: their profit margin.
• 32:47
  Speaker 4: And I think just it's good to think a.
• 32:49
  Speaker 3: Little bit critically about are you after paying something because
• 32:53
  Speaker 3: you genuinely need it to break up your cash flow?
• 32:57
  Speaker 3: Or are you doing it because it's convenient? And I
• 33:00
  Speaker 3: think if it's the latter, can you restructure to work
• 33:04
  Speaker 3: without it? And it's applicable to all buy now pay
• 33:06
  Speaker 3: leaders because you're becoming a product of a service that
• 33:11
  Speaker 3: is profiting off of people's inability to manage their finances.
• 33:15
  Speaker 3: It might not be you specifically, but that is where
• 33:18
  Speaker 3: the large majority of their profits do come from. And
• 33:21
  Speaker 3: they're using new products and new services and some very
• 33:25
  Speaker 3: questionable marketing at times to get you to stay and
• 33:28
  Speaker 3: to get you to use their platforms. And I don't
• 33:30
  Speaker 3: mean to sound like we're witch hunting them, because we're
• 33:33
  Speaker 3: absolutely not, But I just I personally know how easy
• 33:38
  Speaker 3: it is to fall down that debt hole, and I
• 33:40
  Speaker 3: would hate to think that someone would fall prey to
• 33:43
  Speaker 3: the same thing. Because they've got a big marketing budget
• 33:46
  Speaker 3: and I know that because we've been approached by them before.
• 33:49
  Speaker 2: You're like, because they wanted to give us some of
• 33:51
  Speaker 2: that marketing budget. But it's true, right, And Jess, that
• 33:54
  Speaker 2: was so one point, like you don't even need me anymore.
• 33:57
  Speaker 2: You can run cheese on the money. But that's right, Like,
• 34:01
  Speaker 2: it really worries me that they are building this trust
• 34:04
  Speaker 2: by using language that you're really comfortable with. And you
• 34:07
  Speaker 2: see after Pays starting to use topics like money stories
• 34:10
  Speaker 2: and your values and your goals and setting those goals
• 34:13
  Speaker 2: and achieving them. And you know they've got goal achieving
• 34:15
  Speaker 2: trackers in their apps now. But you're right, like everybody
• 34:19
  Speaker 2: wants something, why would I keep the app? I think
• 34:23
  Speaker 2: something else that is really actually quite smart is something
• 34:26
  Speaker 2: that one of our She's on the Money community members
• 34:28
  Speaker 2: has done and I don't know if I'm allowed to
• 34:29
  Speaker 2: share their name, because they actually sent me a DM
• 34:31
  Speaker 2: and said I had a massive after pay problem but
• 34:35
  Speaker 2: wanted to still have that type of service. So they
• 34:38
  Speaker 2: actually saved up an amount, made a separate bank account
• 34:41
  Speaker 2: called after pay, and they've been dipping into that and
• 34:43
  Speaker 2: then making repayments back to it. So it's not another company,
• 34:47
  Speaker 2: it's their own savings. If they miss a repayment, it's
• 34:50
  Speaker 2: not the end of the world because it's their own
• 34:52
  Speaker 2: mini fund. It's not their emergency fund. It's sitting separate
• 34:55
  Speaker 2: to that. But like, is that something you guys could do?
• 34:57
  Speaker 2: I mean, it's a very privileged position to be in
• 34:59
  Speaker 2: to be able to save that up and put it
• 35:01
  Speaker 2: to the side. But if after pay is something that
• 35:03
  Speaker 2: you just like the convenience of, or you just like
• 35:06
  Speaker 2: the ability to pay it off in a few payments,
• 35:09
  Speaker 2: is that a thing that could work for you. I
• 35:11
  Speaker 2: just feel like so many of us have after pay
• 35:14
  Speaker 2: and use it, And I guess we're using after pay
• 35:17
  Speaker 2: a lot because they are the biggest, Like when we're
• 35:19
  Speaker 2: having this conversation all by now pay laters, but I
• 35:23
  Speaker 2: guess when we have this conversation, a lot of people
• 35:26
  Speaker 2: are just using it out of convenience. It just doesn't
• 35:28
  Speaker 2: hurt as much like it doesn't hurt to choose after
• 35:32
  Speaker 2: pay instead of seeing two hundred dollars go out of
• 35:34
  Speaker 2: your account for a new dress for next weekend. But
• 35:37
  Speaker 2: I guarantee you, if you didn't have access to that,
• 35:39
  Speaker 2: you know, line of credit, you'd think twice about the purchase.
• 35:42
  Speaker 2: You'd be like, oh, do I really want to see
• 35:44
  Speaker 2: that two hundred dollars gone? And you might go, ah,
• 35:46
  Speaker 2: if I still want it tomorrow, go get it, and
• 35:48
  Speaker 2: then maybe you don't want it tomorrow. So I think
• 35:50
  Speaker 2: that impulse control in this is really important as well,
• 35:53
  Speaker 2: and just that's another thing we've done an entire podcast
• 35:56
  Speaker 2: on and talked about, you know, controlling your impulses and
• 35:59
  Speaker 2: putting twenty four hours between you and you're spending and
• 36:02
  Speaker 2: good savings hacks, tips and tricks like this isn't something
• 36:05
  Speaker 2: that is new to us, but I do think it's
• 36:07
  Speaker 2: a conversation that needs to go on. Like we can't
• 36:10
  Speaker 2: just stop having this conversation because we've spoken about by
• 36:12
  Speaker 2: now pay later before.
• 36:14
  Speaker 5: I think we can probably wrap it there. I feel
• 36:16
  Speaker 5: like the moral of the story is after pays the devil.
• 36:18
  Speaker 4: I'm kidding.
• 36:19
  Speaker 7: I just.
• 36:22
  Speaker 6: Cory, Georgia, You're gonna get us in even more trouble
• 36:26
  Speaker 6: with them that I arguably am already, Like as just
• 36:29
  Speaker 6: said before, like I'm probably not their favorite person.
• 36:33
  Speaker 5: That's all right, though I wouldn't want to be a
• 36:35
  Speaker 5: favorite person. Let's move on to the end of the show.
• 36:39
  Speaker 2: To the end of the show, we go, George, because
• 36:41
  Speaker 2: that actually is all we have time for today. So
• 36:43
  Speaker 2: just before we head off, we'd like to acknowledge and
• 36:46
  Speaker 2: pay respect to Australia's Aboriginal and torrist Rate Islander people's
• 36:50
  Speaker 2: they're the traditional custodians of the lands, the waterways and
• 36:53
  Speaker 2: the skies all across Australia. We thank you for sharing
• 36:56
  Speaker 2: and the caring for the land on which we are
• 36:58
  Speaker 2: able to learn, have respect to elders past and present,
• 37:02
  Speaker 2: and we share our friendship and our kindness.
• 37:04
  Speaker 4: Seeing it's a guys,