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FRIDAY DRINKS: Playing god with the stock market · She's On The Money

0:00
Speaker 1: Just before we get started, we'd like to acknowledge and
0:03
Speaker 1: pay respect to Australia's Aboriginal and torrest Rate islander people's
0:07
Speaker 1: they're the traditional custodians of the lands, the waterways and
0:10
Speaker 1: the skies all across Australia. We thank you for sharing
0:13
Speaker 1: and for caring for the land on which we are
0:16
Speaker 1: able to learn. We pay respects to elders past and present,
0:19
Speaker 1: and we share our friendship and our kindness.
0:22
Speaker 2: She's on the Money, She's on the Money.
0:45
Speaker 1: Hello, and welcome to She's on the Money, the podcast
0:48
Speaker 1: for millennials who want a financial freedom. This is our
0:52
Speaker 1: Friday Drinks episode where we celebrate the money wins from
0:55
Speaker 1: our She's on the Money community. There are always, always, always,
0:58
Speaker 1: so many great money and commersions that are shared every
1:01
Speaker 1: single week in our Facebook group because Jess asks for
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Speaker 1: them in a post that is posted every Monday saying
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Speaker 1: what's your biggest money We no confession, which I guess
1:10
Speaker 1: it makes sense do you keep sharing it because Jess
1:11
Speaker 1: keeps asking? But we then spend a very big part
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Speaker 1: of our week pouring over that thread, celebrating you, talking
1:18
Speaker 1: about your wings, talking about your confessions, and usually they're
1:21
Speaker 1: super relatable things. But this week, once again, we are
1:24
Speaker 1: celebrating you and we have Jess and George here on
1:27
Speaker 1: the decks joining us. Other people could have seen that.
1:36
Speaker 1: Are the cameras on the studio please? I wish they
1:40
Speaker 1: were if they're you know what, Americans lost it, j
1:48
Speaker 1: Rick and BD.
1:50
Speaker 3: The negative reviews is going to come.
1:52
Speaker 1: DJ tager El, move over, Dara, we are coming for
1:55
Speaker 1: your job. But let's move forward. Today is Friday and
1:59
Speaker 1: we are celebrated our community as always, and we want
2:02
Speaker 1: to have more positive and constructive conversations around money. So
2:05
Speaker 1: let's kick off the show with a quick recup of
2:08
Speaker 1: the week that was Miss Jessica Ricci or j Rick
2:12
Speaker 1: in the house? What happened on this week's Money Diaries?
2:16
Speaker 1: So our money diarist took a leave of absence. She
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Speaker 1: had what was on paper, I guess, a dream role.
2:22
Speaker 1: She was earning great money doing something she loved in
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Speaker 1: the field that she studied for, and she ultimately realized
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Speaker 1: that she needed to reevaluate. She took a leave of
2:30
Speaker 1: absence that resulted in her stepping away from that job
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Speaker 1: and taking up something new. And it was really interesting
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Speaker 1: because we see these conversations a lot where people say,
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Speaker 1: I know that I'm earning good money, but I'm not fulfilled.
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Speaker 1: The work life balance is poor, or the environment is toxic,
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Speaker 1: and it can be really hard to assess. I guess
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Speaker 1: those typically positive things or those milestones that you've worked
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Speaker 1: so hard to achieve against things that are less tangible,
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Speaker 1: like mental health or satisfaction.
3:00
Speaker 4: And it was really interesting to hear from her how
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Speaker 4: she kind of evaluated what she was feeling, and she
3:05
Speaker 4: gave like a really clear step by step of the
3:08
Speaker 4: analysis that she took, which I found super helpful.
3:11
Speaker 1: It was so interesting.
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Speaker 4: Yeah, and she worked in organizational psychology, so she had
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Speaker 4: a really good insight I guess into that space, and
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Speaker 4: if anyone is in the same boat, I would really
3:21
Speaker 4: recommend listening it because the steps and questions that she
3:23
Speaker 4: had asked herself are ones that you could do the
3:26
Speaker 4: same for you if you're in a similar boat. Yeah.
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Speaker 1: I loved it. I felt like it was a really
3:30
Speaker 1: constructive episode. I loved that she now basically has her
3:33
Speaker 1: dream job and everything worked out for her, and the
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Speaker 1: fact that she was in a position where she could
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Speaker 1: do that. So many of us aren't in that position
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Speaker 1: and can't just go oh, I'm going to take a
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Speaker 1: leave of absence because at the end of the day,
3:44
Speaker 1: as much as I'm so proud of her, that's a
3:46
Speaker 1: very privileged thing to be able to do. But I
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Speaker 1: think those steps could be done for anybody, regardless of
3:51
Speaker 1: whether you can step away from your job or not,
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Speaker 1: just to reevaluate where you're at in life and what
3:55
Speaker 1: you want from life. And I think that that's I
3:57
Speaker 1: guess the big takeaway from me for that episode really inspiring.
4:02
Speaker 1: Moving over to DJJ King, what is it? Dj J King?
4:06
Speaker 1: It's not Djking geeking chiking, jiking, cheeking ontour.
4:10
Speaker 4: How are we, ladies? It's good to be here.
4:13
Speaker 3: On Wednesday, we spoke about guilt and spending, which is
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Speaker 3: something that I've struggled with over the journey, and I
4:19
Speaker 3: think we have seen it bubble up in the community
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Speaker 3: as people's relationship with finance improves. They're like, God, I'm
4:25
Speaker 3: amazing it's saving, but now I feel really guilty when
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Speaker 3: I spend. So we kind of dove deep into that.
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Speaker 3: I have some quick starts I want to share with
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Speaker 3: you guys.
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Speaker 1: To the Friday during set, so.
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Speaker 3: We learned that seventy two percent of Australians had felt
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Speaker 3: guilty at some point when spending, and that females were
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Speaker 3: three times as likely as males to feel guilty about
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Speaker 3: their spending habits.
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Speaker 1: What is with us always being on the back foot?
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Speaker 4: I don't say anyone surprised.
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Speaker 3: Absolutely, yeah, exactly so rude honestly, but if that is
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Speaker 3: something you guys struggle with, then yeah, definitely give that episode.
5:00
Speaker 3: Oh listen.
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Speaker 1: I felt like it was a really good episode because
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Speaker 1: I think we all struggle with it, Especially when you're
5:05
Speaker 1: trying to, you know, tighten the reins and become a
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Speaker 1: budget and cash flow queen. You just end up feeling
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Speaker 1: guilty anytime money leaves your account for something that wasn't
5:13
Speaker 1: scheduled or something that wasn't in budget, and you just
5:16
Speaker 1: kind of freak out and go, oh my gosh, is
5:17
Speaker 1: this to my demise? And that's not the case at all.
5:20
Speaker 1: But we need to be a little bit kinder to ourselves,
5:22
Speaker 1: which is something we definitely learned from that episode.
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Speaker 4: That guilt is equally unhealthy, like just in the sense
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Speaker 4: that like go and make it rain, buy everything you
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Speaker 4: want is super unhealthy. Restricting yourself overly tightly can also
5:34
Speaker 4: definitely be unhealthy one hundred percent.
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Speaker 1: It's kind of like, and I don't want to akin
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Speaker 1: it to eating disorders, but it's kind of like that
5:39
Speaker 1: restrictive mentality where sometimes you just go too far and
5:43
Speaker 1: there's like both ends of the spectrum, and you need
5:46
Speaker 1: to have a healthy, balanced diet. Sometimes we do eat
5:48
Speaker 1: things that are a little bit cheeky, but it's okay
5:50
Speaker 1: because we'll get back on track tomorrow. And I think
5:53
Speaker 1: that that is the same mentality we should carry through
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Speaker 1: for our money and for making sure that sometimes you
5:58
Speaker 1: can treat yourself, but we need to also have a
6:01
Speaker 1: look at the bigger picture and make sure that in
6:02
Speaker 1: the grand scheme of things, everything's adding up and being okay.
6:05
Speaker 3: Totally everything in moderation.
6:07
Speaker 1: I like it. I need more chocolate done. That's all
6:09
Speaker 1: I got out of that series, all right. Moving on
6:13
Speaker 1: Jeeking on Tour Wiki Wiki, I'm going to give up
6:18
Speaker 1: the DJ vibes. I just can't cut it. We should
6:20
Speaker 1: get Dara, who is DJ Tiger Le back on the
6:23
Speaker 1: show because I feel like I really liked that episode
6:25
Speaker 1: and she just has much more of a vibe than
6:27
Speaker 1: we do.
6:27
Speaker 3: She can give us some DJing lessons.
6:29
Speaker 1: But in the interim, how about you tell us what
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Speaker 1: happened in the Facebook group this week? Favor money wins
6:35
Speaker 1: and confessions.
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Speaker 3: So before I dive into it, I just wanted to
6:37
Speaker 3: say that some of them are money wins as per
6:40
Speaker 3: but also there are a few money losses slash confessions
6:43
Speaker 3: in the right that double as a life win. So
6:46
Speaker 3: the first win of the week comes from Diana. My
6:49
Speaker 3: husband and I have been having a break from alcohol,
6:51
Speaker 3: so over the past week we've saved at least one
6:54
Speaker 3: hundred dollars.
6:55
Speaker 1: Oh my gosh, how good is that?
6:57
Speaker 3: I need to stay and I probably need to do that, Yeah,
7:00
Speaker 3: gard or thank you to The next win of the week, Ladies,
7:03
Speaker 3: comes from Brittany. I've hated my job for a while
7:05
Speaker 3: now and started looking for something new. Last week. I
7:07
Speaker 3: was offered a job today. That's really quick week anyway,
7:11
Speaker 3: continue and was very nervous when I gave my salary expectations.
7:16
Speaker 3: I knew it was a little bit higher than they
7:18
Speaker 3: told the recruiter, but I made it really clear the
7:20
Speaker 3: values that I would bring to the small company, and
7:22
Speaker 3: they agreed to the salary I asked for. I was
7:25
Speaker 3: so scared backing myself, but now I'll be out of
7:28
Speaker 3: a horrible job soon and getting paid seven grand more
7:30
Speaker 3: in this new.
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Speaker 1: Job Bush money Win also is a week that long.
7:34
Speaker 1: I know some recruitment things can take a really long time,
7:38
Speaker 1: but some are just like snap decisions.
7:40
Speaker 3: That's quick.
7:41
Speaker 1: You've heard me on the phone just before this episode.
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Speaker 1: I met someone on Instagram last Friday. I messaged them
7:48
Speaker 1: and said, I really want to have a chat with you.
7:50
Speaker 1: I think you create awesome content and would be a
7:52
Speaker 1: great mortgage broker on my team. And they were like, ah,
7:56
Speaker 1: wasn't looking for a new job. Let's grab a quick
7:59
Speaker 1: zoom coffee because they to state. So we did that yesterday.
8:01
Speaker 1: This morning, she's like, I'd love the job and I
8:03
Speaker 1: was like, great, no problem. So I'll get you a
8:05
Speaker 1: contract by the end of day. That's a two day turnaround.
8:08
Speaker 3: Shee's Louise headhunted.
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Speaker 1: Yeah, I did. I was like, I'm sorry, I have
8:12
Speaker 1: looked at every single post on your Instagram and I
8:14
Speaker 1: also stalked you on LinkedIn and also I've looked you
8:16
Speaker 1: up and I think you're really good. And she was like, wow, okay,
8:19
Speaker 1: and I think you're crazy. Let's move on. What else
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Speaker 1: have you got?
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Speaker 3: GQ The next one is a money loss slash laugh win.
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Speaker 3: It comes from Danny. I went to the Australian Grand
8:29
Speaker 3: Prix this weekend along with the rest of the state
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Speaker 3: and spent ridiculous amounts on food and merchandise.
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Speaker 1: Don't everybody going there? That's the point is that money
8:38
Speaker 1: making those She.
8:39
Speaker 3: Simply But the happy part is he had the best
8:42
Speaker 3: time and was so glad to be back because it's
8:44
Speaker 3: been a long time GP was on.
8:46
Speaker 1: That's actually a really good point. That's one of the
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Speaker 1: biggest events that kind of fell to the wayside during COVID,
8:53
Speaker 1: So if you're in that sphere, it would have been
8:55
Speaker 1: one of the biggest events to come back and have
8:57
Speaker 1: been able to dress up and go out for. Oh
8:59
Speaker 1: my god, I love that. I hadn't thought about that, you,
9:02
Speaker 1: I just actively avoided it.
9:04
Speaker 4: I had one of the best turnouts I've ever had apparently.
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Speaker 1: Oh I loved.
9:09
Speaker 4: That.
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Speaker 3: Yeah, insane, insane anyway, zumzum. The next win. Oh no,
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Speaker 3: it's a loss. It comes from Lily. Money loss, but
9:19
Speaker 3: a huge mental health win. Yes, Queen, I made the
9:22
Speaker 3: decision to work part time instead of full time as
9:25
Speaker 3: I realized I've been on a path to burn out
9:27
Speaker 3: for several years. I have psychologists appointments, fitness coaching, and
9:30
Speaker 3: other health appointments booked in and I'm looking forward to
9:33
Speaker 3: giving myself the time and the space to be calm.
9:35
Speaker 3: So that kind of ties into what you were jay Rick. Okay,
9:39
Speaker 3: I liked this one. This one's from Joe. This week,
9:41
Speaker 3: We've got a pretty cool housemate who eats out, showers
9:45
Speaker 3: at work, and sleeps during the day because they work nights.
9:49
Speaker 3: Plus they go home A.
9:50
Speaker 1: Very real killer, very serial killer. Absolutely that doesn't exist.
9:54
Speaker 3: It's not a serial killer. That's the dream housemates.
9:58
Speaker 1: They don't exist.
9:59
Speaker 3: Something is so they're contributing to the rent, slush the mortgage.
10:02
Speaker 3: I'm not sure what the situation is here, but they
10:04
Speaker 3: don't even have to worry about this person.
10:06
Speaker 4: They're making that up.
10:07
Speaker 1: They're just making that up to make other people go, Oh,
10:10
Speaker 1: that doesn't exist.
10:11
Speaker 4: Housemates are a hard line. It's hard to find good housemates.
10:14
Speaker 1: I've had a couple of good housemate experiences. I lived
10:16
Speaker 1: with my best friend. We did have our trying times,
10:19
Speaker 1: but the housemate too before that was a crazy vegan. Hah.
10:23
Speaker 1: How the tables have turned. But one weekend I came
10:26
Speaker 1: back from my parents' house and she had thrown I
10:29
Speaker 1: used to go to Costco by the way, because I
10:31
Speaker 1: was trying to be a budget queen because like UNI
10:33
Speaker 1: life didn't have that much money. She'd thrown every piece
10:36
Speaker 1: of meat that was frozen in the freezer out because
10:38
Speaker 1: apparently she woke up at three am and was like, no,
10:41
Speaker 1: there's dead animals in my house and threw out all
10:43
Speaker 1: of the meat. It was hundreds of dollars worth of
10:45
Speaker 1: meat and as a poor UNI student to hit the wall.
10:48
Speaker 3: That's heavy.
10:49
Speaker 1: She also used to borrow undies, but let's move on.
10:51
Speaker 3: Okay. The next is a money win and it comes
10:55
Speaker 3: from Rachel money win. I found a one thousand dollar
10:58
Speaker 3: camera Tripod on sale for twenty dollars at finiss. No,
11:07
Speaker 3: it was so overprised to begin with, but that's still
11:09
Speaker 3: a bargain.
11:10
Speaker 4: Yeah, incredible.
11:11
Speaker 1: Oh people are buying not kmart ones.
11:13
Speaker 3: Weird. The final one, guys, I'm ending on a money loss,
11:16
Speaker 3: but it made me laugh. It's from Candace. My partner
11:19
Speaker 3: broke the washing machine by doing something I told him
11:22
Speaker 3: not to do. But it's not really my loss because
11:25
Speaker 3: we keep our finances separate, so it's his loss. Three
11:28
Speaker 3: hundred dollars he wanted to be contributing.
11:29
Speaker 4: To that one.
11:30
Speaker 3: I love maybe your license. Yes, that's all for the week, ladies.
11:35
Speaker 1: Let's talk about some spicy Elon Musk content right after
11:38
Speaker 1: this break. All right, Jess, we are back in this week.
11:42
Speaker 1: For some unknown reason, you want to talk about Elon Musk.
11:45
Speaker 1: It's not your crush on him. It's actually his acquisition
11:48
Speaker 1: of Twitter, isn't it. Yeah, Well, ironically Twitter is all
11:50
Speaker 1: a flutter because Elon Musk, if you haven't seen thinking
11:54
Speaker 1: about that, really quite proud of.
11:58
Speaker 4: If you haven't seen it. Elon Musk purchased a majority
12:01
Speaker 4: share in Twitter, and it was very widely spoken about
12:05
Speaker 4: because when he did so, his nine percent stake pushed
12:08
Speaker 4: the shares up twenty seven percent. Unbelievable. That's so much money.
12:13
Speaker 4: Would have been a great day to be a Twitter shaped.
12:15
Speaker 1: It would have been a great day to be a
12:16
Speaker 1: Twitter shareholder if you had sold your stock on that day. Well, so,
12:20
Speaker 1: remember they didn't make money that day. They only had
12:23
Speaker 1: an asset that was valued at more that day. But
12:26
Speaker 1: I find it's so interesting how the market reacts to things.
12:30
Speaker 1: Because was Twitter genuinely more valuable because a shareholder who
12:35
Speaker 1: technically shouldn't have that much of a say over the
12:38
Speaker 1: business operations joined the team.
12:40
Speaker 4: Yeah, it's worth a staggering two point eight nine billion dollars,
12:45
Speaker 4: So I don't know. Maybe they're more confident that someone
12:48
Speaker 4: with that much money thinks it's valuable. But el Musk
12:50
Speaker 4: has done that before when he's tweeted about certain shares
12:53
Speaker 4: and the values gone up, and I think we have
12:55
Speaker 4: actually spared.
12:56
Speaker 1: We've spoken about that. And remember when Trump was presidenth loll,
13:00
Speaker 1: what a joke. But he used to tweet about things
13:03
Speaker 1: and the market would go crazy as well. And it's
13:06
Speaker 1: crazy to think that there are these men out there
13:08
Speaker 1: with such power or just people in general, it's not
13:11
Speaker 1: about their gender, that have so much power that they
13:14
Speaker 1: have basically the ability to play god with the stock market. Yeah,
13:19
Speaker 1: that's cool, but crazy.
13:21
Speaker 4: There's been a lot of memes coming out of there
13:22
Speaker 4: because now that he has that nine percent steak, he
13:25
Speaker 4: is the majority shareholder, which means that he could take
13:27
Speaker 4: a seat on a board. He said he was going to.
13:29
Speaker 4: Then it was like, loll, joke, don't want it anymore.
13:31
Speaker 4: So he's going back and forth, and then he just
13:33
Speaker 4: went fully rogue and started basically going what can I
13:37
Speaker 4: do to this app? He's like, you want an edit button,
13:39
Speaker 4: I'll give you an edu button. You want this, I'll
13:41
Speaker 4: give you that. Like it's like he's sitting there with
13:43
Speaker 4: his hands about the big red button, just like, what
13:46
Speaker 4: can I do now?
13:47
Speaker 1: Yeah?
13:48
Speaker 3: Yeah, but I should nah, but I shouldn't.
13:50
Speaker 4: It's really funny to see all of the discourse on
13:52
Speaker 4: Twitter and all of the conversations and how that's having
13:55
Speaker 4: like the bigger flow on effect, and I guess that
13:57
Speaker 4: that leans into the conversation. We had a couple of
13:59
Speaker 4: weeks ago about Warren Buffett's house.
14:02
Speaker 1: No I was coming. I thought we were talking about
14:04
Speaker 1: tech because another update in the tech space is four
14:08
Speaker 1: days ago. Based on our recording date, that was last
14:11
Speaker 1: week lust Thursday or Friday. Warren Buffett actually continued buying
14:16
Speaker 1: more HP shares, and so he now owns about five
14:20
Speaker 1: billion dollars worth of HP, which is interestingly, the first
14:24
Speaker 1: tech company he's ever bought. He's always been really conservative
14:28
Speaker 1: and bought really I guess, blue chip stocks and watched
14:31
Speaker 1: them grow. But this is his first tech acquisition. And
14:34
Speaker 1: I find that really interesting because the same thing happened
14:36
Speaker 1: when he bought that HP shares flew up, and it's
14:39
Speaker 1: just like, there are these powerful people that we clearly
14:42
Speaker 1: respect their investing decisions so much. I find it really
14:46
Speaker 1: interesting that these people are literally making share prices more
14:50
Speaker 1: expensive because they own them. Like Key is now more expensive,
14:53
Speaker 1: j Rick has one will masters way more expensive because
14:57
Speaker 1: the gking on tour drives one.
14:59
Speaker 4: Can you imagine great? Like that is crazy to think
15:02
Speaker 4: about one person having that kind of power.
15:05
Speaker 1: Like you own something, so it's more expensive because you
15:07
Speaker 1: own it.
15:07
Speaker 4: Yeah, I mean, I guess that's influence of culture, really,
15:09
Speaker 4: isn't it though? Like someone you know, Sofa Dofa wears
15:12
Speaker 4: the blue courser and all of a sudden, every blody
15:13
Speaker 4: glasson is in the country sells.
15:14
Speaker 1: Out blue corset. Wasn't even that cute. I didn't get it.
15:17
Speaker 4: Yeah, And it's like you see someone with something and
15:20
Speaker 4: you go, oh, well, it must be good, and then
15:22
Speaker 4: it almost takes on a life of its own and
15:24
Speaker 4: it becomes this frenzy where you want it because other
15:26
Speaker 4: people have it.
15:27
Speaker 1: Yeah, it's like fomo. But I'm already old on TikTok
15:30
Speaker 1: and when that was going crazy, I was like, oh, literally,
15:32
Speaker 1: don't get it. And my sister was like, that's because
15:35
Speaker 1: you're old. Say okay, noted understood. But it's kind of
15:39
Speaker 1: like we're talking about it was that last week we're
15:41
Speaker 1: talking about influences. But it's kind of like that, right,
15:44
Speaker 1: Like we respect people in the social media sphere, and
15:47
Speaker 1: I guess Worn and Elon they're not really in the
15:50
Speaker 1: social media sphere, but they are definitely influencers in their
15:53
Speaker 1: own rash. I wouldn't say their social media influences by
15:56
Speaker 1: any stretch of the imagination, but they influence you're purchasing,
15:59
Speaker 1: They influence your just decision making and what is going on,
16:02
Speaker 1: and it goes back to you know, this week I
16:04
Speaker 1: spoke live on National TV, which was terrifying because I
16:06
Speaker 1: wasn't wearing any makeup because it turns out being late
16:08
Speaker 1: it means you don't get to go into makeup. Who
16:10
Speaker 1: would have thought, But I spoke on influences and how
16:14
Speaker 1: important I think it is for them to be regulated
16:18
Speaker 1: at the same time as thinking they're incredibly important to
16:20
Speaker 1: have in our sphere because they increase financial literacy. And
16:24
Speaker 1: it's like, well, how do you find the balance, how
16:26
Speaker 1: do we draw the line of going all right, Well,
16:30
Speaker 1: Elon bought Twitter. Should I buy Twitter? Probably not, because
16:34
Speaker 1: if Elon just brought Twitter the share price increased significantly
16:38
Speaker 1: because of his acquisition, Does that mean that the business
16:41
Speaker 1: changed functionally in any way? Like, is that now a
16:43
Speaker 1: good purchase because it's now overvalued? Probably not, because that
16:47
Speaker 1: might might dwindle back down to where it was before,
16:51
Speaker 1: Because that's just investor confidence going, oh my god, well,
16:54
Speaker 1: if he haw's it, it must be good. I'll buy more
16:56
Speaker 1: stocks or it's valued it more. And the same thing
16:59
Speaker 1: happens in the social media space with a blue corset
17:02
Speaker 1: or a frank green drink bottle or literally anything. If
17:05
Speaker 1: you see it enough times and you feel it and
17:07
Speaker 1: you get a connection with it, you're far more likely
17:10
Speaker 1: to buy into it. And I find that to be
17:11
Speaker 1: quite dangerous because how do you know that the person
17:14
Speaker 1: selling it to you as a frank Green rep. How
17:17
Speaker 1: do you know?
17:18
Speaker 4: Well, someone dmd us this week and said, hey, with
17:19
Speaker 4: the shares on the Money team, ever do an episode
17:22
Speaker 4: talking us through what shares each of you specifically own,
17:25
Speaker 4: because you're well, yeah, that was the that was the short.
17:29
Speaker 1: Sorry, Sorry, you were going to get.
17:30
Speaker 4: There, yeah, And I well, essentially I just said, hey,
17:32
Speaker 4: we actually can't because it would be I mean, one,
17:35
Speaker 4: it would definitely go against acid regulations, but two it
17:39
Speaker 4: would be I guess a way of encouraging people. They
17:41
Speaker 4: would particularly look at UV, maybe not so much Me
17:43
Speaker 4: and Georgie and be like, you know what you're talking about,
17:45
Speaker 4: Like I'll just replicate what you're doing, and that that
17:47
Speaker 4: sounds like a good strategy.
17:49
Speaker 1: I'd love to tell you. And I've sat down and
17:50
Speaker 1: I've taken you through it, Jess, because I know that
17:52
Speaker 1: you know what that means. You literally work in a
17:54
Speaker 1: finance business now, and you've worked out what's good for
17:57
Speaker 1: you and what's not. I've done your literal financial advice.
18:00
Speaker 1: You're welcome for all that insurance. But anyone listening, who's going, Oh,
18:03
Speaker 1: I've been meaning to get into stocks, but I'm overwhelmed
18:06
Speaker 1: by picking and I just don't know where to go
18:09
Speaker 1: or what it looks like. I just feel like it
18:12
Speaker 1: would be really irresponsible of me going all right, well,
18:14
Speaker 1: you know, six or seven years ago when I started
18:16
Speaker 1: my investment portfolio, this is what I put in it. Like,
18:18
Speaker 1: if you go and buy that today, that doesn't necessarily
18:21
Speaker 1: mean it's the best decision for you, because those shares
18:24
Speaker 1: have performed for me really well and done the things
18:26
Speaker 1: that they were meant to do. But that doesn't mean
18:29
Speaker 1: that today if I was putting a brand new portfolio together,
18:31
Speaker 1: I'd put the same things in it. And I actually
18:34
Speaker 1: think that regardless of whether I would pick that or
18:37
Speaker 1: not pick that, me sharing my direct assets with you
18:41
Speaker 1: puts you in a position where you're going to be
18:43
Speaker 1: influenced too. You know, this is me having a few
18:45
Speaker 1: tickets on myself, but you're going to be influenced to
18:48
Speaker 1: think that those are maybe safer or better because you know,
18:52
Speaker 1: there's a financial advisor she has been investing. I know
18:55
Speaker 1: she's done well in the share market over the last
18:57
Speaker 1: ten years. I know that she is, you know, relatively conservative.
19:01
Speaker 1: That seems like a good idea. I'm not going to
19:03
Speaker 1: put you in that position ever. If we ever talk
19:05
Speaker 1: about anything on this podcast, it's really oh, here's some
19:08
Speaker 1: top performing shares. This is why this is how. It's
19:11
Speaker 1: based on past performance, not current performance. It's just an informational,
19:16
Speaker 1: educational episode. Whereas I think that that's a line that
19:20
Speaker 1: I don't want to cross with cheese on the money,
19:23
Speaker 1: not because I'm embarrassed or don't want to share it.
19:25
Speaker 1: I think it's you know, it's real pervy. That's why
19:27
Speaker 1: we have money diaries. But that's the reason I don't
19:30
Speaker 1: think I could ever do a money diary is because
19:32
Speaker 1: I would be terrified that people would make financial decisions
19:35
Speaker 1: based on having seen my financial life.
19:37
Speaker 3: Well, people really want a cheat code, don't they? Like
19:40
Speaker 3: that would be the benefit of knowing exactly what you
19:42
Speaker 3: have in your.
19:43
Speaker 1: Share Rosebud, you're typing like control of debate on the
19:47
Speaker 1: SIMS typing rosebud. Yeah, you get money.
19:51
Speaker 3: Yeah, yeah, imagine if that was if that was the
19:53
Speaker 3: in real life, wouldn't it because doing it.
19:56
Speaker 4: Well, it's like that thing you can't print more money
19:58
Speaker 4: because then the money's not worth anything.
20:00
Speaker 1: I've seen a couple of tiktoks, you know that one
20:01
Speaker 1: that was trending a little while ago, of the like
20:04
Speaker 1: space and it would but in the sky and it
20:07
Speaker 1: would like the space would float behind you, and people
20:09
Speaker 1: are like me, not comprehending why they just can't print
20:12
Speaker 1: more money. And I'm like, oh, this is a whole episode.
20:15
Speaker 1: Maybe we should do an entire episode on why you
20:18
Speaker 1: can't print more money.
20:19
Speaker 3: But one if my friends asked me that once, like George,
20:22
Speaker 3: why can't they just print more and then all the
20:24
Speaker 3: world's issues would be sold. I'm like, Sis, that's not
20:26
Speaker 3: how that's not how it worked. But to be fair,
20:29
Speaker 3: I couldn't really answer her why not?
20:30
Speaker 1: But I just knew it wasn't what. Oh, I get
20:34
Speaker 1: myself in some hot water here with Victoria.
20:36
Speaker 4: Well, have you ever seen the social experiments they did
20:39
Speaker 4: with creating like a free economy essentially where all of
20:42
Speaker 4: your basic needs were met. Yeah, like were met, they're
20:45
Speaker 4: at no cost to you. They did a social experiment
20:48
Speaker 4: a few years ago and it basically just fell apart.
20:51
Speaker 4: Don't even know why.
20:51
Speaker 1: Yeah, there's this concept of a universal base income as well,
20:56
Speaker 1: which has been floated, and it's relatively radical. I spoke
20:59
Speaker 1: about it with Glens a couple of weeks ago when
21:01
Speaker 1: he interviewed me for his podcast, which I think is
21:03
Speaker 1: coming out in a couple of weeks. Still we'll boast
21:05
Speaker 1: about it on our stories. But someone had written in
21:09
Speaker 1: and we answered the question of like, what would you
21:11
Speaker 1: do if you're a prime minister? And I asked Glenn, like,
21:13
Speaker 1: would you do a universal base income? And both of
21:15
Speaker 1: us basically said no, because it does put you in
21:18
Speaker 1: that position where everything just falls to the wayside, like yeah.
21:21
Speaker 4: And everything just inflates to cover the like you go, oh, great,
21:23
Speaker 4: everyone now has what fifty thousand dollars a year? Just
21:26
Speaker 4: kidding to live is gonna cost you?
21:28
Speaker 1: Yeah, exactly, And I totally agree. You know, universal base
21:32
Speaker 1: income I think plays into a lot of talking about
21:36
Speaker 1: welfare and things like that. I think we should be
21:38
Speaker 1: doubling welfare at the end of the day. But that
21:40
Speaker 1: is another spicy conversation for another spicy time. But universal
21:43
Speaker 1: bas income is very interesting because not many people have
21:47
Speaker 1: heard of it, but the people who have heard of
21:48
Speaker 1: it are either like fully for it or fully against it.
21:52
Speaker 1: There's not that many people that just sit on the
21:54
Speaker 1: fence and go I don't know, like I'm just it's
21:57
Speaker 1: a no for me.
21:57
Speaker 3: Sis interesting that conversation went so many different places.
22:02
Speaker 4: I really love that.
22:03
Speaker 1: But I do think it's really interesting when we talk
22:05
Speaker 1: about would you share your assets? Because obviously, people like
22:08
Speaker 1: Warren and Elon there's a public knowledge so you can
22:11
Speaker 1: find them. But then there's me going, oh, I wouldn't
22:13
Speaker 1: share it. I think I have does that me just
22:15
Speaker 1: having too many tickets on myself?
22:17
Speaker 4: I've they also live in another countries they live by
22:19
Speaker 4: a different set of rules. Like you literally couldn't do it.
22:21
Speaker 1: It's legal, yeah, quite literally, and I'm not going to
22:24
Speaker 1: do it. That's not me questioning whether I should or not,
22:26
Speaker 1: because it's I don't know if you know this, but
22:30
Speaker 1: if I did the wrong thing on the She's on
22:32
Speaker 1: the Morning podcast, which is why we have such great
22:34
Speaker 1: producer and compliance and all of these things, and you
22:37
Speaker 1: get to listen to Jessica always read out that very
22:40
Speaker 1: exciting disclaim it. But like I could go to jail,
22:42
Speaker 1: like not just like oh V you got a little
22:45
Speaker 1: little fine. I could go to jail, and I could
22:47
Speaker 1: also be fined a million dollars. I've quite literally never
22:50
Speaker 1: seen a million dollars in my account, so I don't
22:52
Speaker 1: know where that's coming from.
22:54
Speaker 4: It's interesting because quite a few of the news articles
22:56
Speaker 4: and like the tweets just from you know, everyday, people
22:58
Speaker 4: were saying, is Elon even does he really want this?
23:01
Speaker 4: Is he just trolling because he's known for being a
23:03
Speaker 4: bit of a troll. And the crazy thing is is
23:05
Speaker 4: An has so much money that he actually could just
23:08
Speaker 4: afford to buy something for a couple of billion dollars
23:11
Speaker 4: just for shits and gigs.
23:12
Speaker 1: Which I can't even buy something for a couple of
23:15
Speaker 1: one hundred dollars for shits and gears.
23:17
Speaker 4: No, exactly right. So it's really interesting because they would
23:20
Speaker 4: you would assume that these multi billionaires are acutely aware
23:23
Speaker 4: of the fact that there are people who just track
23:26
Speaker 4: what they do. There are people who are tracking their
23:28
Speaker 4: investments and the you know, they're big expenditures, like the
23:32
Speaker 4: finance world keeps an eye on these things. And I
23:35
Speaker 4: wonder how many of their decisions are influenced by that,
23:38
Speaker 4: because they would be making their choices knowing that everyone
23:40
Speaker 4: was watching, right, and.
23:41
Speaker 1: They know they're kind of like so powerful, and that
23:44
Speaker 1: might play into the ego of who they are. That's
23:47
Speaker 1: such an interesting question because I also look at it
23:49
Speaker 1: and go ooh, like it makes me uncomfortable that they
23:53
Speaker 1: are public about that, because there are so many wealthy
23:56
Speaker 1: people that want to keep their images private, and you know, historically,
24:01
Speaker 1: I've been incredibly lucky to work in that philanthropy space
24:04
Speaker 1: and be involved in people who do have a lot
24:06
Speaker 1: of money, and the ones that I know that I
24:08
Speaker 1: really rate and also really respect are usually incredibly private
24:12
Speaker 1: about their money and don't like showing things and maybe
24:15
Speaker 1: don't want a profile and don't want their name on things,
24:17
Speaker 1: And you kind of go, where's the balance, Like, why
24:20
Speaker 1: are you guys being so I don't know up and
24:23
Speaker 1: about about it? Because Elin doesn't need to make more money,
24:26
Speaker 1: he doesn't need to invest more so that he can grow.
24:29
Speaker 1: And imagine if instead of investing in Twitter, he had
24:32
Speaker 1: invested in helping to solve world hunger or climate change.
24:36
Speaker 4: Like, it's interesting the lives of the very rich and famous,
24:39
Speaker 4: isn't that.
24:40
Speaker 1: We need to do real perview money diares. Do you
24:42
Speaker 1: reckon we should do money dies? No where we yeah,
24:46
Speaker 1: all right, you reach out to his people and have
24:49
Speaker 1: his people to my people. But maybe we do money dories,
24:53
Speaker 1: but we don't get them on the pop. We just
24:54
Speaker 1: research them and present it to the community and be like,
24:57
Speaker 1: all right, sit down, we're going to pretend to be ille.
25:00
Speaker 3: Could you g I would honestly love that. I put
25:02
Speaker 3: my hand up for the roll.
25:03
Speaker 4: You'd be good at it too.
25:04
Speaker 1: We'll interview later in the week. But I reckon we
25:07
Speaker 1: do some money diries where we don't have a diarist.
25:10
Speaker 1: We just do a deep dive on someone really rich
25:13
Speaker 1: and tell you how they got rich, what they own,
25:15
Speaker 1: what they owe, what they spend. I reckon we could
25:18
Speaker 1: find that. I'm willing to do the dirt goal. Come on, stats, girl,
25:24
Speaker 1: pick up your game. I think that's enough smack talk?
25:27
Speaker 1: Is that what we call it?
25:28
Speaker 3: Smack talk? Spash talk talk?
25:30
Speaker 1: Okay, So I don't know if you know this yet.
25:33
Speaker 1: I wasn't the cool sibling growing up if it wasn't
25:36
Speaker 1: obvious enough already. But before we head off, we actually
25:40
Speaker 1: have a listener question that I would love to answer
25:42
Speaker 1: on the show. So let's have a listen.
25:45
Speaker 5: Hey, she's on the money. I've got a question about
25:47
Speaker 5: creating legacy funds. I don't plan on having children, but
25:51
Speaker 5: I would love to create something to put away now
25:54
Speaker 5: for my nieces and nephews so when they turn twenty
25:56
Speaker 5: twenty five. What's the best way about creating a legacy
25:59
Speaker 5: fund for children that are not your own?
26:02
Speaker 1: Oh my god, what a question.
26:04
Speaker 4: I'm generous.
26:04
Speaker 3: Yeah, I don't think we've spoken about this on the.
26:06
Speaker 1: Pod before me. I feel like I might have mentioned
26:08
Speaker 1: in passing that leaving a legacy is something that I
26:11
Speaker 1: believe is really important. Clearly, it's not that important to
26:14
Speaker 1: Elon because he's just buying Twitter instead of setting up
26:17
Speaker 1: trust funds for his family. But it really depends on
26:21
Speaker 1: what you're planning on leaving behind and how you want
26:23
Speaker 1: it structured, but also what legacy means to you, Like,
26:26
Speaker 1: are you just leaving them some funds behind because you
26:29
Speaker 1: want some good wills and estate planning and you want
26:32
Speaker 1: them to buy a house or a car with it,
26:34
Speaker 1: or are you leaving it behind to create a future impact,
26:37
Speaker 1: and if so, what does that impact mean to you?
26:40
Speaker 1: And why are we supporting this cause and how does
26:42
Speaker 1: that work? So it's really hard to answer that without
26:45
Speaker 1: getting too specific. But let's just assume she has a
26:48
Speaker 1: really swanky income and she just wants to leave aside
26:52
Speaker 1: some money for nieces and nephews. There's a few ways
26:55
Speaker 1: to go about this. You can allocate it in your
26:57
Speaker 1: will and make sure that you've got a good estate
26:59
Speaker 1: planning law. If you don't have one, please find one.
27:02
Speaker 1: It is one of the most important things you would
27:04
Speaker 1: do for your family. But setting it up that way
27:07
Speaker 1: so it gets divided between them. The thing I find
27:11
Speaker 1: really cool about estate planning and wills is actually your
27:14
Speaker 1: incomplete control of these. We did our episode a little
27:17
Speaker 1: while ago about Will's in estate Planning, which is obviously
27:20
Speaker 1: incredibly enthralling content. So the thing I find really cool
27:23
Speaker 1: about Will's in estate planning is that you are in
27:26
Speaker 1: control of all of it. So I could leave all
27:27
Speaker 1: my money to Jess, but every year she has to
27:30
Speaker 1: donate a certain amount of it to Lost Dogs Home.
27:33
Speaker 1: Or I could leave it directly to the Lost Dogs Home.
27:35
Speaker 1: Or I could leave it in the investment and have
27:38
Speaker 1: my investment income be donated on an annual basis. And
27:41
Speaker 1: that's actually a really cool way of establishing legacy, is
27:46
Speaker 1: by instead of giving people a lump some it's about going,
27:49
Speaker 1: all right, well, I'm going to create this investment portfolio,
27:52
Speaker 1: and upon my death, I would like the proceeds of that.
27:56
Speaker 1: You know, I never want it sold down, but I
27:57
Speaker 1: want whatever income that portfolio so creates to go to Jess,
28:02
Speaker 1: and I want her to have an income stream for life.
28:05
Speaker 1: You can also structure it that you go, you know what,
28:08
Speaker 1: I've had these kids, because I don't have kids now,
28:10
Speaker 1: it's very good to make fun of them, but I
28:12
Speaker 1: have kids, and if I pass away, I want my
28:15
Speaker 1: income stream to go to them. But if they have
28:17
Speaker 1: any addiction issues, they don't get anything who owns that portfolio,
28:21
Speaker 1: And so the state would own that portfolio, but it
28:25
Speaker 1: would be technically owned by them, but it would have
28:27
Speaker 1: a number of rules and regulations around it on getting
28:30
Speaker 1: that money back, and you would have somebody like a
28:32
Speaker 1: solicitor who would manage that for you, so you can
28:35
Speaker 1: have the power of attorney, be a financial advisor or
28:39
Speaker 1: a lawyer or somebody that can manage that to make
28:42
Speaker 1: sure that my future child would only get it if
28:45
Speaker 1: they meet certain criteria. I've also, if we're going to
28:47
Speaker 1: get a little bit pervy, worked in the private family
28:50
Speaker 1: wealth space before, and this is where we're talking about
28:52
Speaker 1: families who are worth billions or if not more than
28:55
Speaker 1: billions of dollars, and they would have what's called a
28:58
Speaker 1: family constitution. They literally have basically, let's call it an
29:03
Speaker 1: employment contract of things that you need to meet to
29:06
Speaker 1: get your trust fund or get your income from your
29:08
Speaker 1: trust fund on a yearly basis. And I remember sitting
29:11
Speaker 1: down and doing one of them with a family, and
29:13
Speaker 1: you know, I was just a consultant. I was definitely
29:15
Speaker 1: not running the show at this point. And one of
29:18
Speaker 1: the criteria was that they had to come to Christmas
29:21
Speaker 1: every twenty four months, like they could not skip two
29:24
Speaker 1: Christmas Is in a row, and if you did, you
29:26
Speaker 1: wouldn't get that year's income.
29:28
Speaker 4: I was gonna say, like lunch Grammar every Sunday.
29:31
Speaker 1: Christmas was like this big thing, and I remember being like,
29:34
Speaker 1: I'm so excited about Christmas because I want to see
29:36
Speaker 1: my family and I cannot wait for my mum to
29:39
Speaker 1: cook and like do all of that stuff. Like Christmas
29:41
Speaker 1: to me means so much. But imagine approaching Christmas like,
29:44
Speaker 1: oh God, damn, Steve, We've got to go to Christmas
29:46
Speaker 1: otherwise we won't have money next year. Like what does
29:49
Speaker 1: it change? It feels like money changes the dynamic of
29:52
Speaker 1: a family so significantly.
29:53
Speaker 4: I was just gonna say that. I feel like if
29:56
Speaker 4: you have found yourself in a place where that's a
29:58
Speaker 4: rule that your implomed, there is a whole backstory there,
30:03
Speaker 4: and then I feel like that would build up like
30:05
Speaker 4: almost resent, right, Like if you're not wanting.
30:07
Speaker 1: That's quite knowing that you don't want to go, but
30:09
Speaker 1: you're there for this reason. It's kind of like we're
30:11
Speaker 1: watching Succession on Binge at the moment. Oh my God,
30:17
Speaker 1: telling me for pages that I would love it and
30:19
Speaker 1: I am obsessed and more than obsessed with Steve, Like
30:22
Speaker 1: he's always like trying to watch Succession. I'm like, I'm
30:24
Speaker 1: not finished cocking it yet. Don't put it on because
30:27
Speaker 1: I won't be able to hear it. But I love
30:29
Speaker 1: Succession if you haven't watched it, really good. But it's
30:32
Speaker 1: all about, like I guess the dynamics that money or
30:34
Speaker 1: a lot of money brings into a family. And I
30:36
Speaker 1: guess this wasn't the question, but it is very interesting
30:38
Speaker 1: to talk about because it does change the dynamics. And
30:42
Speaker 1: that's what you've got to think about when it comes
30:43
Speaker 1: to legacy, like what type of legacy are you leaving
30:46
Speaker 1: and what kind of responsibility are you putting on the
30:49
Speaker 1: person receiving it? And you know, coming to Christmas, I
30:52
Speaker 1: don't think that's that bad. These guys were getting given
30:54
Speaker 1: a pretty hefty income each and every single year, so
30:57
Speaker 1: like I would go to Christmas, I'd be like, I'll
30:59
Speaker 1: be there, Yeah, bells on, no problems. But what type
31:02
Speaker 1: of responsibilities are you putting on these people? And ultimately,
31:06
Speaker 1: let's stop thinking about your nieces and nephews in the
31:09
Speaker 1: immediate sense and go what type of legacy are you
31:12
Speaker 1: personally leaving behind What does it mean to you? Why
31:15
Speaker 1: do you want to do this? Not necessarily just I've
31:18
Speaker 1: got a niece and a nephew and I want to
31:19
Speaker 1: leave it to them. I get that that swills an
31:22
Speaker 1: estate planning, but if we're talking about legacy, to me,
31:24
Speaker 1: that is another layer above and beyond that, where it's
31:28
Speaker 1: about ultimate impact and what does that mean to you
31:30
Speaker 1: and making the world a better place? And I want
31:33
Speaker 1: to have more of those conversations. But it is very
31:35
Speaker 1: different to oh, Jess can have my stuff if I pass.
31:39
Speaker 4: Away, all right, well, Vida, let's shut after the show,
31:41
Speaker 4: because I could definitely do with a little planning set,
31:45
Speaker 4: like plashing my debt. If someone wakes up in Victoria
31:47
Speaker 4: mysteriously died from poisoned coffee, that's very dramatic.
31:54
Speaker 1: Have you already planned this? I feel like you've already
31:56
Speaker 1: planned this.
31:57
Speaker 4: You're creep.
31:57
Speaker 1: I'm not giving you.
31:58
Speaker 4: A hand out of the whill, George, you're one hundred percent.
32:03
Speaker 1: We are done this week, George, wrap it before Jess
32:06
Speaker 1: gets thrown further under of us.
32:08
Speaker 3: Right here we go. This is nice lamination.
32:11
Speaker 1: I know we've laminated our disclaimer.
32:14
Speaker 3: Guys, brilliant okay. The advice shared on She's on the
32:17
Speaker 3: Money is general in nature and does not consider your
32:20
Speaker 3: individual circumstances. Wow, She's on the Money exists purely for
32:24
Speaker 3: educational purposes and should not be relied upon to make
32:27
Speaker 3: an investment or financial decision. And we promise Victoria Divine
32:31
Speaker 3: is an authorized representative of Infocused Securities Australia Propriety Limited
32:36
Speaker 3: ABN four seven zero nine seven seven nine seven zero
32:39
Speaker 3: four nine AFSL two three six five two three. We
32:43
Speaker 3: will see you on Monday.
32:47
Speaker 4: That was so nice, George.
32:49
Speaker 1: Have a good weekend guys. Bye,