Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order KERNI Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
Speaker 1: the storytelling of you to make a difference for today
Speaker 1: and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 4: Hello, and welcome to She's on the Money, the podcast
Speaker 4: the Millennials who want financial Freedom. Welcome back to another
Speaker 4: episode that is actually a little bit rogue. Today, Miss
Speaker 4: Jessicarci and I are sitting here with Vince Scully and
Speaker 4: Queenie from invest With Queenie.
Speaker 5: Hi, guys, Hello, Hello, thank you so much for having
Speaker 5: me on the pod.
Speaker 6: Thank you, It's great to be here.
Speaker 4: Jess and I are so excited to have this chat
Speaker 4: because after the influencer blow up last year, there is
Speaker 4: just a lot to decipher, but before we get there, Jess,
Speaker 4: you said before guys, I have a really important question
Speaker 4: that I want to get you at the start of
Speaker 4: the episode.
Speaker 7: What was it For those of us who are not
Speaker 7: so much in the financial space, Can someone please explain
Speaker 7: to me what a licensee Eve it is.
Speaker 6: Everybody who provides financial services needs to have a license
Speaker 6: which is issued by the Australian Securities and Investment Commission
Speaker 6: ASSE which fourthoughwise known as ESSEN not the shoe, not
Speaker 6: to be confused with the shoes. And there are two
Speaker 6: types of license. There's an Australian Financial Services license, which deals
Speaker 6: with all the traditional financial products like super bank deposits, investments, insurance.
Speaker 6: And there's a thing called an Australian Credit license, which
Speaker 6: deals with credit cards, home loans, personal loans.
Speaker 2: I've got both, and.
Speaker 6: Most people who operate industry work under somebody else's license,
Speaker 6: So you didn't have a license yourself, or you can
Speaker 6: work as a representative of someone who does have a license.
Speaker 8: And it's a really nice segue to the fact that
Speaker 8: what do you do.
Speaker 6: I run a business called Life Shopper, which is a
Speaker 6: online financial advice service focused on the needs of younger Australians.
Speaker 6: And we have a financial services license and a credit license,
Speaker 6: both held by a sister company called money Shepper, And
Speaker 6: we operate our advice business under the Life Shopper brand,
Speaker 6: which is a representative of money Shepper.
Speaker 8: And do you license anyone interesting faci?
Speaker 6: We do?
Speaker 8: We did you ask Jessica?
Speaker 6: That was a good segue? I could ride that segue
Speaker 6: all the way to the restaurant, and yes, so we
Speaker 6: as well as licensing our own business, we license a
Speaker 6: number of influences, including Victoria Devine and she's on the
Speaker 6: money and.
Speaker 8: So exciting.
Speaker 2: Queenie, you're new around here, I am.
Speaker 5: I am really happy to be here. It took a
Speaker 5: while to get it all down, pat, but we're here
Speaker 5: now and I'm just so happy because, honestly, Vince, Victoria,
Speaker 5: it's just so nice to have this community and we
Speaker 5: all do different things, but I think we all have
Speaker 5: the same mission, which is so lovely.
Speaker 4: The thing I want to talk about with you guys
Speaker 4: today is really about.
Speaker 2: Who do we trust in this industry, Who do we
Speaker 2: talk to?
Speaker 4: Who do we look at when we want to talk
Speaker 4: about financial literacy and creating wealth and what investing is
Speaker 4: and how that works. Because there's so many different conflicting
Speaker 4: opinions that fly around. I mean, the media has made
Speaker 4: it out to be the scariest thing in the end
Speaker 4: higher world, but I feel like it's not scary. We
Speaker 4: just need clarity, and what provides clarity is often licensing.
Speaker 4: I feel like the media really catastrophizes this and it's
Speaker 4: like the rise of the influencer and then it's the
Speaker 4: fall of the influencer, when in reality, I genuinely believe
Speaker 4: that everyone in this space should be and usually is
Speaker 4: here because they just want people to be financially literate, right,
Speaker 4: And so I guess that's why we should start the
Speaker 4: conversation not around who usually trust, but like why are
Speaker 4: we here?
Speaker 2: What are we passionate about? Queenie, how did you get
Speaker 2: into this finance space?
Speaker 5: Ohly said, it's so well.
Speaker 8: I love it.
Speaker 2: I love that.
Speaker 5: Thank you so much for having me. How did I
Speaker 5: get involved? So it was locked out? And I think
Speaker 5: we can all remember those times I was working from home.
Speaker 5: I was working for a fintech startup. Decided this new
Speaker 5: job and we started working from home, and I was
Speaker 5: really really scared because I felt in the company it's
Speaker 5: a startup, we were spending more money than we were
Speaker 5: making us startups do, and we kind of knew there
Speaker 5: could be some layoffs and I just thought, oh my gosh, it's.
Speaker 8: Going to be me.
Speaker 2: Yeah exactly.
Speaker 4: I was like, Oh God, that's what they say, right,
Speaker 4: so that makes you really scared.
Speaker 2: I was so scared.
Speaker 5: And then we did this meeting, and in the meeting
Speaker 5: we found out that yeah, twenty percent of our company
Speaker 5: got let go, but I wasn't one of them. Oh
Speaker 5: I kind of wish I was, because it was awful.
Speaker 2: I would have kept you to so good.
Speaker 5: But I felt awful, you know, like just that feeling
Speaker 5: like pretty much everyone that I met on that day
Speaker 5: that I was working with a job, yeah, we're not there.
Speaker 5: And I was like wow, And I felt really lucky
Speaker 5: because I even though I was able to keep my
Speaker 5: job during that period, I knew that even if I
Speaker 5: did get let go, like, I wouldn't have needed that
Speaker 5: job because I had emergency savings and queens.
Speaker 2: Maybe that's why I call you queeny things.
Speaker 5: And I also had, you know, just purchase the apartment
Speaker 5: that I was living in. And I was like, Wow,
Speaker 5: how lucky am I to have this financial stability when
Speaker 5: just a couple of years ago, I had nothing, and
Speaker 5: that little Queenie back then would have been feeling so
Speaker 5: bad about herself, you know, if this happened and if
Speaker 5: she lost her job. So I just wanted to create
Speaker 5: videos to little Queenie back then or anyone that's going
Speaker 5: through a rough time, just to give people hope and say,
Speaker 5: even if you're in a bad situation, now, it's not
Speaker 5: forever and you can get through it.
Speaker 4: Yeah, oh my gosh, that is literally so wholesome. But
Speaker 4: what was your pivot point into you know, you said
Speaker 4: you bought your first apartment. You said that, you know,
Speaker 4: you were financially secure. Most of my community would be
Speaker 4: listening to this going what do you mean, how did
Speaker 4: you get into that? What was that change for you
Speaker 4: from you know, not having what you said, not having anything,
Speaker 4: to you know, having an apartment, having emergency savings, being
Speaker 4: in a financially secure position.
Speaker 5: I think the tipping point was reading The Barefoot Investor,
Speaker 5: And I think.
Speaker 2: A lot of people such a good stuff for such.
Speaker 5: A good starting point, and it kind of it opened
Speaker 5: my eyes to the possibility of having stability and not
Speaker 5: being at a job and real thinking that you need
Speaker 5: that job and you know, just kind of like living
Speaker 5: to survive, you could actually live and thrive with money,
Speaker 5: and that was a good mindset. Then I started on
Speaker 5: my snowball of personal finance.
Speaker 2: FeAs there's literally snowballs right.
Speaker 5: Exactly, there are so many, and I was just consuming
Speaker 5: all the content and little by little the savings started
Speaker 5: to grow, you know, festivals five dollars and then eventually
Speaker 5: one thousand dollars, five thousand dollars started investing and I
Speaker 5: was like, oh my gosh, I've never had this much
Speaker 5: money in my life, Like it's amazing, And yeah, I
Speaker 5: really think that it starts small, but it can it
Speaker 5: can build up.
Speaker 4: You guys are so transparent on your platform, so you
Speaker 4: and your fiance create a lot of content together, and
Speaker 4: I've seen a lot of your videos where you're like,
Speaker 4: this is how much we earn, this is how we
Speaker 4: spend it, this is where we generate our revenue. How
Speaker 4: did you become comfortable to share such intimate information.
Speaker 5: Well, it's a bit awkward at the beginning because I'm
Speaker 5: scared people will judge, and you know, people don't really
Speaker 5: like talking about money. But I think slowly I have
Speaker 5: started to I want to talk about it more because
Speaker 5: I think that genuinely pay transparency talking about how much
Speaker 5: people get paid. That's how it's just going to be
Speaker 5: more fair for everyone. And I'm prepared to be that person.
Speaker 2: To maybe, you know, take one for the team.
Speaker 5: Yeah, because if you're not talking about your pay, or
Speaker 5: if people don't know how much anyone's getting paid, I
Speaker 5: think it's way more likely that some people can be
Speaker 5: underpaid for what they're doing. So I think it's important
Speaker 5: those hide exactly exactly.
Speaker 2: It is very instick, is that what you're up to?
Speaker 2: Vince over there in the blue.
Speaker 6: Chair, in the blue chair, the sheppert Teel chair.
Speaker 2: The sherpet Teal chair.
Speaker 4: Sorry, sorry, I think it's interesting because obviously we've got
Speaker 4: content creators on this side of the table, and then
Speaker 4: we've got Vince, who big dog.
Speaker 2: Vince is our license we do.
Speaker 6: We do content too.
Speaker 2: You do content too, but you're like the big dog license.
Speaker 6: See.
Speaker 4: I was about to say, what's your experience in content creation?
Speaker 2: Because you're the legit one in the room at the moment.
Speaker 6: I mean just because I've got the certificate.
Speaker 2: Yeah, yeah, you're you're currently really legit legit.
Speaker 6: I mean that's really interesting. I mean we have a
Speaker 6: as a country the benefit of having some laws that
Speaker 6: protect people from rogue.
Speaker 2: Content, which is amazing.
Speaker 6: I mean, you and I have been to conference in
Speaker 6: the US, which is a bit of a wild West
Speaker 6: when it comes to content. Anyone who says I paid
Speaker 6: off fifty thousand dollars in consuming it, therefore I'm a
Speaker 6: financial expert.
Speaker 4: Actually that was wild We can talk about that in
Speaker 4: a hot second.
Speaker 6: We can lots of hot seconds here, and so we
Speaker 6: have regulations that seek to protects as consumers from rogue content.
Speaker 6: And just today there was an influence or finl and
Speaker 6: soon or content creator whatever you want to call him,
Speaker 6: got sent to.
Speaker 2: Jail for first one in Australia.
Speaker 6: Yeah, so that's all good, and it should help people
Speaker 6: make an assessment of the quality of the content that
Speaker 6: they're seeing and whether they should pay attention to it.
Speaker 6: But of course, you know, I think we can difference
Speaker 6: it between entertainment, which should be fun, and content that
Speaker 6: we're going to treat as advice. I mean, you know
Speaker 6: Dave Ramsey, I could listen to him all day as entertainment,
Speaker 6: but I'd never take financial advice from him. Yeah, and
Speaker 6: he's the US's was highly paid radio personality. So it's
Speaker 6: really about how do we know what content is good
Speaker 6: and what's entertainment and we should be able to differentiate
Speaker 6: between the two.
Speaker 4: Yeah, and I think everyone's heart is in the right place, right,
Speaker 4: Like if you pay off fifty thousand dollars worth of
Speaker 4: personal to your example, and then you want to empower
Speaker 4: other people to do it, like, that's beautiful, that's so nice.
Speaker 4: I want you to do that. But just because as
Speaker 4: certain circumstance worked for you doesn't mean it's going to
Speaker 4: work for someone else. And that's where I think we
Speaker 4: end up running into trouble. Jess, you're hanging out here. Hello,
Speaker 4: You're not a finance content creator, but you happen to
Speaker 4: work for a finance podcast, and you're also a content
Speaker 4: creator in your own right. You have your own platform,
Speaker 4: you're on Instagram, you're a YouTube channel where you talk
Speaker 4: about like fashion and beauty, and you've like dabbled in savings.
Speaker 4: But it's not really I would say the pillar of
Speaker 4: the content that you create. How do you feel when
Speaker 4: it comes to money versus content creation? And where that
Speaker 4: line exists for someone who's maybe not in the same
Speaker 4: sphere as the other three of us.
Speaker 7: I think that for me, as someone who before I
Speaker 7: worked for Shes and the Money, I was consuming money content.
Speaker 7: That's how I was listening to Shees on the Money.
Speaker 7: That's how I got out of debt. So I was
Speaker 7: consuming a lot of content from a lot of people
Speaker 7: at the time. I think the line for me is
Speaker 7: that there's a big deal friends between saying to someone,
Speaker 7: here's some tips on how you can be better with
Speaker 7: your money. Here taken save money at the grocery store.
Speaker 7: Here's how I find the best deals online, versus when
Speaker 7: we're talking about investing, when we're talking about insurances, when
Speaker 7: we're talking about superannuation, those things.
Speaker 8: If you consume the wrong.
Speaker 7: Advice and you take it to heart and you implicate,
Speaker 7: it has the potential to derail your financial future if
Speaker 7: you take advice that is really poor or even just
Speaker 7: partially poor, or if you don't understand what you're doing,
Speaker 7: you know, I think I saw a lot of people
Speaker 7: at one point talking about self managed super funds and
Speaker 7: how you know.
Speaker 2: At one point I just love self managed super funds.
Speaker 6: So I used to make a very good living.
Speaker 7: A don't have to shut mine dow for people talking
Speaker 7: about how oh I have you know ermes bags in
Speaker 7: my self managed super fund, or you know, I put
Speaker 7: my house in my and it sounds great and dear,
Speaker 7: I love and that I could pay for like fantastic. However,
Speaker 7: if you're making those two and an uneducated person is
Speaker 7: making those choices and they do it incorrectly, you could
Speaker 7: end up in a position where you have no money
Speaker 7: to retire on. And that is a huge difference between
Speaker 7: point A and point B, which I think really separates
Speaker 7: that kind of quote unquote advice from you know, the
Speaker 7: things that once in a while myself or other people
Speaker 7: have dabbled in being like, oh he's had to get
Speaker 7: a good bargain and a sale. I think that's the
Speaker 7: real line in the sand for me. And last year
Speaker 7: we saw a lot of uproar, and the three of
Speaker 7: us included, and I think maybe Queenie, this was the
Speaker 7: push for you when ASIK, which is this as Securities
Speaker 7: and Investments Commission, that's the one thank you.
Speaker 6: Not to be confused with the shoes of the same note.
Speaker 7: I don't want our own a pair of assets and
Speaker 7: I love them. But they came out with some clarifications
Speaker 7: around existing laws and the reason there was so much
Speaker 7: uproar in the industry was because those laws existed before
Speaker 7: social media existed in the way that it does and
Speaker 7: before people were making a living off social and so
Speaker 7: it really again kind of highlighted that line in the
Speaker 7: sand between people who were licensed and were qualified, so
Speaker 7: to speak, to talk about those kinds of products and
Speaker 7: people who have baby taught themselves or figured it out
Speaker 7: on their own, which is fantastic, but they're not necessarily educated.
Speaker 7: More broadly, and potentially we're putting people in a harmful position.
Speaker 4: I feel like with the rise of social media, like
Speaker 4: if we go back twenty years, getting information and getting
Speaker 4: advice from people who were not educated in the space.
Speaker 2: Wasn't easy to do.
Speaker 4: Like finding people on social media obviously becomes this transactional
Speaker 4: And I would argue pseudo relationship where I feel like
Speaker 4: I know Queenie, like we've met before in person a
Speaker 4: number of times, but I feel like I deeply know
Speaker 4: Queenie because I absorb all of her content. I think
Speaker 4: I know her, but that's only the content that she
Speaker 4: puts online, So I don't actually have a clue what
Speaker 4: queene is like behind the scenes, right, And I think
Speaker 4: that that's where we're running into try trouble because Queen
Speaker 4: is so nice, she's the best person. Have you seen
Speaker 4: her tips? Oh my gosh, I keep up with all
Speaker 4: of them. So all of a sudden, I feel like
Speaker 4: I'm falling down a rabbit hole where I've trusted everything
Speaker 4: you've ever said to me. So if you came to
Speaker 4: me with a cryptocurrency investment scheme, I'd be like, well,
Speaker 4: Queen's doing it, and.
Speaker 8: Queen's really would.
Speaker 4: You would never, But like, that's the power that people
Speaker 4: in these positions hold, and as we've seen abuse.
Speaker 6: And that's the difference between pre social media when you
Speaker 6: saw you read Porklithrow or Peter Thornhill in the paper,
Speaker 6: in the Sunday Paper, and you didn't have that apparent
Speaker 6: insight into who they are, whereas if you see someone
Speaker 6: on TikTok or Instagram or YouTube, it feels much more intimate.
Speaker 6: So it's so much easier to build this sense of
Speaker 6: trust which can get abused. And we've seen that in
Speaker 6: the US with all those crypto things. You know, when
Speaker 6: FTX fell over, all the big names were implemented from
Speaker 6: Graham stepping down.
Speaker 2: Not Taylor Swift. Yeah, the queen was smart, Yeah, she was, and.
Speaker 6: So that how do you make sure that that trust
Speaker 6: doesn't get abu used and broken?
Speaker 7: And that's what those regulations were trying to manage, and
Speaker 7: arguably they did it very poorly because they were written
Speaker 7: by people who simply don't really understand how the space works.
Speaker 7: But it potentially is leading to more regulation, which is
Speaker 7: a positive thing if it doesn't lock people out. It's
Speaker 7: such a hard line, isn't it.
Speaker 4: It's a hard line to I guess toe because as
Speaker 4: somebody who at the time that that uproar was happening,
Speaker 4: I was a licensed personal financial advisor, and I looked
Speaker 4: at it and said, great, all these influences that I
Speaker 4: have been looking at for so long and now going
Speaker 4: to be held to exactly the same standards that I'm
Speaker 4: being held to when it comes to content creation. And
Speaker 4: from my perspective, I was like, that makes sense, because
Speaker 4: that's putting our community.
Speaker 2: In the best possible position to not be abused.
Speaker 4: But I think it was the first time influencers or
Speaker 4: people who create finance content had really considered the impact
Speaker 4: of what they were doing, because the impacts of you know,
Speaker 4: giving bad financial advice, and you know, as someone who
Speaker 4: was licensed if I breached my license, it's five years
Speaker 4: in jail and a million dollar fine.
Speaker 2: It's not little.
Speaker 4: It's a very, very big thing that if you're a
Speaker 4: financial advisor you take really seriously. You don't study for
Speaker 4: as long as you study and go through all of
Speaker 4: the exams and go through all the headaches so that
Speaker 4: you can write sooas because you love them. You do
Speaker 4: it because you want people to be in the best
Speaker 4: possible position. So you do want to uphold the ethics
Speaker 4: of that education platform, right, But I don't think that
Speaker 4: going back to that person you made an example of before,
Speaker 4: who said I got out of fifty thousand dollars worth
Speaker 4: of debt, you can too, they haven't thought about those
Speaker 4: implications that are a part of, you know, the code
Speaker 4: of ethics as a financial advisor, because why would you
Speaker 4: have thought of that. Who's put the code of ethics
Speaker 4: in front of you, Who's taught you about all the
Speaker 4: different strategies that could exist to get out of that
Speaker 4: fifty thousand dollars worth of debt?
Speaker 2: Have they looked at the bigger picture?
Speaker 4: Have they taken into consideration all the other options that
Speaker 4: that person has on the table. So I think it's
Speaker 4: one of those things where it was such an uproar
Speaker 4: because people didn't actually realize how significant the ramifications were
Speaker 4: if you were in breach of a license, because.
Speaker 2: They weren't new rules.
Speaker 4: There were the rules that I'd been held to for
Speaker 4: my entire career twenty two years.
Speaker 2: Exactly.
Speaker 4: How did you feel the into someone who licenses other
Speaker 4: people but also carries a license creates content yourself.
Speaker 2: How did you feel when that was interesting?
Speaker 6: Yes, I'm sure I'd been with mentioned other podcast. You
Speaker 6: can mention other podcast, the My Millennial Money.
Speaker 2: Oh, we talk about them all the times we had.
Speaker 6: I've been working with Glenn for a couple of years,
Speaker 6: so he's been a representative of lature for a couple
Speaker 6: of years now.
Speaker 2: Now it's us clean and.
Speaker 5: You've glowed up, glowed up.
Speaker 6: That was partly the result of an Eseic inquiry of it.
Speaker 2: I think I can say that, Oh, he's talked about that.
Speaker 6: We work together to work out, well, how do we
Speaker 6: actually make this work in a social context because traditional
Speaker 6: license holders just don't necessarily understand the differences between the
Speaker 6: traditional sitting one on one in a room or at best,
Speaker 6: sitting in a seminar room.
Speaker 2: With three D four new platform.
Speaker 6: This is all new and it's much more dynamics. So
Speaker 6: you can't run a post by a committee over two weeks.
Speaker 6: I mean not only doesn't lose its time in this,
Speaker 6: but it also loses its spark of originality. So if
Speaker 6: you start designing posts by committee, you're going to lose
Speaker 6: the essence of what makes they cut it back, what
Speaker 6: makes v DVD or what makes Queenie Queenie. And so
Speaker 6: that was an experience that we hold that over those
Speaker 6: two years. So we've been doing that before the whole
Speaker 6: ACIC thing blew up, and that was where people stopped
Speaker 6: going yeah, sure, lying sure things, Yes I know I
Speaker 6: need a license, sure short short and now acid went well,
Speaker 6: now everyone believed, well, actually you do, and so some
Speaker 6: people pulled out completely coming. There's a few very high
Speaker 6: profile anonymous bloggers who stopped blogging shut down their Facebook
Speaker 6: groups when this all blew up rather than embrace the
Speaker 6: discipline of licensing, and others have embraced it. So it's
Speaker 6: only a growing cohort. We a Life Shop are very
Speaker 6: keen on growing that because we see it as an
Speaker 6: opportunity to deliver money, skills, education to more people in
Speaker 6: a much more enjoyable, friendly, relatable way then the traditional
Speaker 6: you must do this. You must not drink your last
Speaker 6: ache if you down, you must stop eating spash taper character.
Speaker 4: Well, you could afford a house if you stopped doing
Speaker 4: those things, so maybe you should you could.
Speaker 2: Yeah, well that's where we're falling short.
Speaker 4: Honestly, Queenie, I guess that pivots the conversation back to you,
Speaker 4: because when all of this happened, I guess I was
Speaker 4: really excited about it because I was a licensed financial
Speaker 4: advisor and I felt like these changes were the best
Speaker 4: thing for the community to put them in the best
Speaker 4: possible position, and now everyone's going to be held to
Speaker 4: the same standards I was.
Speaker 2: So I was very excited.
Speaker 4: But you were in the position where you had to
Speaker 4: consider getting a license, and there were a lot of
Speaker 4: influencers who, as Vince said, left the market. There were
Speaker 4: a lot of people who I know are still kind
Speaker 4: of in that limbo stage where they're like, I will,
Speaker 4: but I won't. What prompted you to get a license?
Speaker 4: And furthermore, why was it with Vince.
Speaker 6: Of all the people.
Speaker 4: I say about my own licensee who I know and love, Yeah.
Speaker 8: Oh I love it, and great question.
Speaker 5: I think that Well, for one, I am super passionate
Speaker 5: about it, and I think it was the first thing
Speaker 5: that I've actually done in my life where I just
Speaker 5: felt like it was the right thing, Because when I
Speaker 5: started creating content on social media, it wasn't to make
Speaker 5: a huge amount.
Speaker 8: Of money, although in the back of my mind I
Speaker 8: thought that would.
Speaker 5: Be pretty cool if I did, But it was really
Speaker 5: just because I wanted to help people and help people
Speaker 5: be more hopeful about their finances. So yeah, I just
Speaker 5: felt like I was actually doing it for the right reason,
Speaker 5: So that's why I wanted to continue. Obviously, it was
Speaker 5: a really scary time and I was like, oh my gosh, like,
Speaker 5: what's going to happen. I don't know what's happening?
Speaker 4: Terrifying, Right, Were you involved in that webinar that Asi Karan?
Speaker 2: That was one of the scariest times.
Speaker 4: I mean, I thought they were going to come for
Speaker 4: me after that because I was relatively vocal. Were But
Speaker 4: it was interesting, But I think that put the fear
Speaker 4: of God into everybody, which.
Speaker 8: Seems like their intention really didn't that.
Speaker 6: But unless you didn't turn up to it with a
Speaker 6: picture Warren Buffett.
Speaker 4: Or did did you see the recording. Somebody who was
Speaker 4: told not to record.
Speaker 6: I was there, but somebody she would remain nameless, turned
Speaker 6: up with a picture Warren Buffett on their wall behind
Speaker 6: their camera. I'm not an influencer.
Speaker 4: I die.
Speaker 2: I know exactly who we're talking about, Vince.
Speaker 4: You license people like Queenie and myself, and obviously we
Speaker 4: are very different in the types of content that we create.
Speaker 4: I mean, we exist in the same sphere. I think
Speaker 4: we connect really really well. However, it's a risk for
Speaker 4: somebody like you to go, do you know what, I'm
Speaker 4: gonna put myself out there as a licensee because it
Speaker 4: is a risk because essentially, when you enable somebody else
Speaker 4: to operate under your license, you're responsible us.
Speaker 6: I'm responsible for every word that you say exactly. That
Speaker 6: does make very nomicus.
Speaker 2: Yeah, I would be some of it exactly.
Speaker 4: But what does your I guess, thought process look like
Speaker 4: when it comes to licensing people like Queenie and I
Speaker 4: And what about the people that I know have potentially
Speaker 4: approached you and you've been like, look, this is the
Speaker 4: type of content I support, and this is the type
Speaker 4: of content that maybe isn't the right fit for my brand.
Speaker 6: Yes, So there's I mean, if you look at the
Speaker 6: group so far, obviously got Queenie, she's on the money
Speaker 6: Manel and your Money and film Muscatella and shares for beginners.
Speaker 6: Very different. I mean she feels got very much a
Speaker 6: holder audience. Yeah, absolutely, a probably a wealthier audience. So
Speaker 6: wide variety of content and audience, and that's really a
Speaker 6: bad saying. Can we identify a group of people who
Speaker 6: are anxious of their obligations, are aware of who their
Speaker 6: audience is and how can they can be best looked
Speaker 6: out to, and are broadly aligned in messaging, So we
Speaker 6: wouldn't license someone a cryptospooker for example, of course, and
Speaker 6: of course there are some limits on our license, so
Speaker 6: we don't have a license for derivatives. So if you're
Speaker 6: spooking running an options trading podcast, we can't do that.
Speaker 2: Cancel it.
Speaker 6: But it's really about having a network of creators who
Speaker 6: together make up more than we do individually. And so
Speaker 6: it's a combination of content collaboration and aligned message and
Speaker 6: a sense that the creator has a sense of their obligations.
Speaker 6: So we don't really want to be in the business
Speaker 6: of reviewing every post goes out because that doesn't work
Speaker 6: for anybody. No, we need confidence that that person doing
Speaker 6: it is aware of what they need to do, which
Speaker 6: we can obviously help with and doing some post facto review.
Speaker 6: But by bringing the onboarding properly and knowing who the
Speaker 6: right people are, we can manage that risk. But it's
Speaker 6: not for everybody, and we do get approached well maybe
Speaker 6: not every week, but certainly more than once a month.
Speaker 6: But we really want to try and build up a
Speaker 6: small network like minded, not necessarily precisely alike. Glenn and
Speaker 6: I argue about carlines all the time, but that we
Speaker 6: have the same sense of realism and values aligned.
Speaker 8: Because that's a.
Speaker 7: Really interesting thing. Is someone who's observing external to all
Speaker 7: of you guys, you know, not qualified in the way
Speaker 7: that you are, not interested in being qualified in the
Speaker 7: way you are. When those acic things came in, you
Speaker 7: know the people who went, okay, well.
Speaker 8: If the only way that I can keep doing these
Speaker 8: is if I get a license.
Speaker 7: I wonder what that experience was like for them finding
Speaker 7: someone to license them, Because, as you've said, you're taking on.
Speaker 8: All this responsibility.
Speaker 7: If Victory does something wrong, you are culpable on some
Speaker 7: level for that, and that is a lot to take
Speaker 7: on with the extremely large finds and the jail and
Speaker 7: all of the other scary things.
Speaker 2: Vince will go to jail now, not be oh yeah.
Speaker 8: Sucks for you, Vince, but you know we'll go together.
Speaker 7: But all of these people who maybe were creating finance
Speaker 7: content and they're like, Okay, well, if the only way
Speaker 7: for me to keep going is get license like what
Speaker 7: Queen's done.
Speaker 8: I wonder how.
Speaker 7: Many people did approach licensees and how hard was that
Speaker 7: process for you, Queen? And I guess on your own
Speaker 7: vents being the person who's giving a yes or no no?
Speaker 8: What was that like?
Speaker 6: I mean from an industry perspective, I don't think many
Speaker 6: people understand social also, And so if you're sitting around
Speaker 6: the compliance committee at AMP or the Commandal bank, this
Speaker 6: is just not something you want to go anywhere near
Speaker 6: because it's relatively small compared to the overall business. So
Speaker 6: why am I going to bet my business on something
Speaker 6: which isn't going to change my revenue if I'm a
Speaker 6: big player And they just don't understand it and don't
Speaker 6: really have that time or inclination to get into it.
Speaker 6: And I've sort of lived and breathe this stuff for
Speaker 6: eight years at Loveshop, and so you get a feel
Speaker 6: for why people do what they do and where the
Speaker 6: boundaries need to lie. And so we just felt that
Speaker 6: it was an important part of our role at Liveshop
Speaker 6: about bringing financial advice to everyone. That one other ways
Speaker 6: of doing that was through a process of education through entertainment.
Speaker 6: Not everyone's going to read at X book and it's
Speaker 6: probably not very helpfully there because most of finance is
Speaker 6: actually about trade offs and understanding yourself is far more
Speaker 6: important than understanding the market. But that did bring me.
Speaker 6: We did have to build in how do we go
Speaker 6: from taking a former financial advice and managing that process,
Speaker 6: how do we broaden that into dealing with people who
Speaker 6: haven't had a decade in that environment. And that was
Speaker 6: the big challenge and so Queeney was our guinea pig
Speaker 6: in that space for his non ex advisor and it
Speaker 6: was quite a lengthy process to go from erecting nothing
Speaker 6: to get there. And we get people hating on the
Speaker 6: we get comments on the website of a band. You know,
Speaker 6: how can you possibly Yeah, we have in fact, we
Speaker 6: have a complaint right now.
Speaker 2: It's about.
Speaker 6: It's about as somebody who's not Victoria Devinell. How would
Speaker 6: they call to do this? I go on.
Speaker 7: That makes me really angry, because do you know who
Speaker 7: hard it is to give a license?
Speaker 2: If she's got one, I promise there's reason, and.
Speaker 7: You're one of the few people who has committed to
Speaker 7: that process, which from what I understand, is quite lengthy,
Speaker 7: and I want to hear more about what that was like.
Speaker 6: So I do some courses with no training.
Speaker 5: Yeah, I had to do some courses I've done too
Speaker 5: so far, so general advice and general knowledge that was
Speaker 5: one of them, like generic knowledge, and then the other
Speaker 5: one was about securities and managed investments.
Speaker 2: So yeah, it does.
Speaker 5: Take time to do this, and I'm looking to get
Speaker 5: licensed in the other areas too and knock off those
Speaker 5: other courses like insurance and super because it is so
Speaker 5: interesting and I really do love it.
Speaker 8: But it was challenging at.
Speaker 5: The beginning because I don't come from this industry and
Speaker 5: I didn't know the steps involved to get a license.
Speaker 5: But thankfully met Vince, and it's so good because I
Speaker 5: feel like our visions are aligned, and even though we
Speaker 5: do different things, I feel like our mission and our
Speaker 5: values are the same, and we do want to help
Speaker 5: people and I think that, you know, with the way
Speaker 5: that I create content, which is just to educate people
Speaker 5: and just give, like, you know, daily tips about little
Speaker 5: things that they can do to make their life a
Speaker 5: little bit easier.
Speaker 6: Or you know, if you're still not going to get
Speaker 6: me to.
Speaker 4: Give it a go and that coat is lit, we're going, yeah,
Speaker 4: so much.
Speaker 7: But I haven't quite got to cost.
Speaker 2: From this platform. We adore Aldi El Toro.
Speaker 6: Have you tried their wines? Yeah?
Speaker 2: Absolutely.
Speaker 4: Le Mule Rose is the best rose I've had in
Speaker 4: my life.
Speaker 2: Quote me on it. That's a good deal.
Speaker 6: I'm the one, the one of the awartch because it's
Speaker 6: a ninety plus point winner and it's four ninety nine
Speaker 6: a bottle.
Speaker 2: That's a money win.
Speaker 6: This is a weeknight drinking.
Speaker 4: Read a weeknight drinking red, just for those of us
Speaker 4: who consistently drink red on a weeknight like me.
Speaker 2: I will be checking that out.
Speaker 6: But it's a long way to Costco from here.
Speaker 5: Yeah it is. It's not like an everyday trip. It's
Speaker 5: like a once you run out of toilet paper trip.
Speaker 2: Okay, okay, let's pivot back to the conversation.
Speaker 4: I guess about finance. Look I do, but I got
Speaker 4: over it during COVID.
Speaker 6: Yeah.
Speaker 2: Yeah, like it's no longer a good investment because there's
Speaker 2: heaps of it now. But pivoting back to the.
Speaker 4: Conversation I guess about finance content creation, and I guess
Speaker 4: the people listening to our podcast are probably like, Oh,
Speaker 4: this is getting deep, this is getting hard, And we're
Speaker 4: not usually a fireside chat kind of podcast like Glens,
Speaker 4: But I think it's so interesting to kind of like
Speaker 4: look under the hood and have these conversations about, well,
Speaker 4: what do people who create finance content actually have to
Speaker 4: go through to create that content make sure that the
Speaker 4: community is always in the best possible position.
Speaker 2: And I think that's.
Speaker 4: Really pervy, Like I would be really interested in this
Speaker 4: type of chat about any other industry. But additionally, there's
Speaker 4: this layer of like, obviously, you've had to work your
Speaker 4: butt off to do what you're doing today and you've
Speaker 4: really committed to it, which is really commendable. But there's
Speaker 4: this juxtaposition of if you get licensed, it's really expensive.
Speaker 4: So it's a cost that that creator has to wear
Speaker 4: and has to commit to, and obviously that cost it
Speaker 4: could range from anywhere what like ten thousand dollars up to.
Speaker 2: One hundred thousand dollars plus.
Speaker 4: When I was a fully licensed personal financial advisor, I
Speaker 4: was paying more than one hundred thousand dollars a year
Speaker 4: for my license, and then when I had people working for.
Speaker 2: Me, it was plus plus plus. It depended on your revenue.
Speaker 4: At one point in my career, I was paying that
Speaker 4: feet plus five percent of my business revenue. It it
Speaker 4: got ludicrous, and I don't think people understand how much
Speaker 4: that process costs for smaller finance content creators though, that
Speaker 4: that's obscene. Like if you are a small time finance
Speaker 4: content creator and you're just doing it for the passion,
Speaker 4: it's not comprehensible that you would go and pay for
Speaker 4: a license. And a lot of them have either as
Speaker 4: you said, Vince left and decided to pack up shop
Speaker 4: and not do what they're doing anymore, or they're just like,
Speaker 4: you know what, I'm just going to keep doing it.
Speaker 4: It's not that bad. It's not this, it's not that.
Speaker 4: How do we know who to trust and who not
Speaker 4: to trust? And I guess where is the line of
Speaker 4: content creation? Because I follow a lot of people in
Speaker 4: the finance industry who are and aren't licensed, and I
Speaker 4: love watching them all but how do I know. I
Speaker 4: guess as a general consumer where the line is. And
Speaker 4: maybe if Vince is talking about this, I can trust
Speaker 4: him on all of these things. But if you cross
Speaker 4: this line, I probably should be a bit wary it.
Speaker 6: Don't take beauty tips from me.
Speaker 2: Okay, all right, I was about to ask, but we'll
Speaker 2: just stick to finance.
Speaker 6: And I think that's you've got to start with. Is
Speaker 6: this entertainment or am I actually trying to learn something here?
Speaker 6: And if you treated as pure entertainment and you're not
Speaker 6: going to rely on financial but go anywhere you want,
Speaker 6: go for the fun. One of my favorite podcasts American podcasts,
Speaker 6: you know, Joe Salcy High from Stacking Benjamins.
Speaker 2: He met him at FINCLN.
Speaker 6: I'm going to be at a conference with him in
Speaker 6: Balley in September.
Speaker 4: Fancy excuse me. I have not been invited to that one.
Speaker 2: Weird. We'll talk about this after.
Speaker 6: And so his motto is, you're not going to learn anything.
Speaker 6: If you learn something on my podcast, you west your time.
Speaker 6: It's a bit of a joke. A bit of a joke,
Speaker 6: takee but and he is actually an ex financializer.
Speaker 2: He knows what he's talking and he does know what he's.
Speaker 6: Talking about, but it's such fun. Dave Ramsey. As I
Speaker 6: said before, he just sounds great. I could just listen
Speaker 6: to that voice all, would you.
Speaker 2: It's like nails.
Speaker 4: I've currently got days jumping down my throat because they
Speaker 4: commented on one of his TikTok videos and I shouldn't
Speaker 4: have done that.
Speaker 2: I should not have done that because they're now coming
Speaker 2: for me.
Speaker 6: But if you want, if you're actually looking for advice
Speaker 6: that you want to apply this to your your life,
Speaker 6: how do I know that this person is a qualified
Speaker 6: and b doesn't have an ulterior motive? So looking how
Speaker 6: they make money is a really good start. So if
Speaker 6: you're creators making their money by links to buy what
Speaker 6: they're wearing, that's pretty cool. But if they're making money
Speaker 6: by putting you into some crypto scheme, which we saw
Speaker 6: fall apart in the US recently, that's a reflex. So
Speaker 6: looking at what their model is. You know, if it's
Speaker 6: just a platform to host ads, sense ads or YouTube ads,
Speaker 6: that's probably pretty harmless and all their interest really then
Speaker 6: is eyeballs. But if they're taking money from investment and
Speaker 6: other products based on how much of it you buy,
Speaker 6: that should be not necessarily a dead stop, but it
Speaker 6: should raise questions in your mind and go, well, what
Speaker 6: I'm hearing genuinely in my interests and does it actually
Speaker 6: apply to me? And the challenge with financial content is
Speaker 6: how do I make it short, snappy, click worthy, and
Speaker 6: yet get across the nuance in that the right answer
Speaker 6: for you is not the right answer for you, even
Speaker 6: though mathematically that statement could be true. Everyone agrees that
Speaker 6: you've got to save some of your lifetime income to
Speaker 6: pay for retirement. How much, Well, many commentators will go
Speaker 6: fifteen percent is the answer, But is that the right
Speaker 6: answer for you? Do you want to live better in
Speaker 6: retirement than you want to live during your life. That's
Speaker 6: a personal trade off, and I don't think anyone can
Speaker 6: say for everyone the answer is fifteen percent. But how
Speaker 6: do I get that nuance even to thirty seconds? Really hard?
Speaker 6: So that's I think the challenge we all face is
Speaker 6: content cre is making it simple, memorable, actionable, insightful and
Speaker 6: also nuanced. If the person doesn't have the skills to
Speaker 6: understand those nuances, it's really hard to deliver all of that.
Speaker 4: I agree, and I find it I guess looping back
Speaker 4: to the conversation we're having. At the start, we mentioned
Speaker 4: that last year we went to FINCN, which is, I guess,
Speaker 4: the world's biggest finance Content Creators and mediaet where.
Speaker 2: Money and media meta.
Speaker 8: That is correct.
Speaker 4: But we went to this conference last year. It was
Speaker 4: my first year, it was not your first radio and
Speaker 4: my mind was blown.
Speaker 2: I already knew that there were very.
Speaker 4: Large differences between the way we could create content in
Speaker 4: Australia versus the way that we could create content in America, right,
Speaker 4: and in America, the responsibility of finding the right advice
Speaker 4: is actually on the consumer, whereas in Australia the responsibility
Speaker 4: is on person creating that content to look after their
Speaker 4: community and look after their consumer. And I found it
Speaker 4: so interesting just the way that played out because I've
Speaker 4: known that, I've known that my entire career, but seeing
Speaker 4: that play out on stage, seeing that play out when
Speaker 4: people are having conversations about the podcast content they write,
Speaker 4: talking to them about you know, how they make revenue,
Speaker 4: it was mind blowing. But how do we know that
Speaker 4: content creators have the consumer in mind when we are,
Speaker 4: you know, consuming their content because you don't know what
Speaker 4: you don't know, Like we talk to that she's on
Speaker 4: the money community all the time, like you come to
Speaker 4: me because I know what I'm talking about. Like when
Speaker 4: it comes to finance, I'm wildly passionate about it, but
Speaker 4: I'm also legitimate in the space, like I've worked in
Speaker 4: it for years, Like I owned my own practice, I
Speaker 4: had financial advice clients. So I'm not fluffing around when
Speaker 4: I'm saying, oh, this is how you budget. I've budgeted
Speaker 4: for hundreds of people. So I think it's how do
Speaker 4: we know that the consumer is being taken into consideration
Speaker 4: license or not, or maybe if it's a bit more
Speaker 4: driven by the bottom line.
Speaker 6: Yeah, that's a real challenge, and I think we see
Speaker 6: this a lot in the what I call hustle porn,
Speaker 6: where a lot of hustle culture. Hustle culture that you know,
Speaker 6: so much of finance content is all about.
Speaker 2: Waking up for five am and having your bullet.
Speaker 6: Coffee and getting having your side.
Speaker 2: Hustle just does it all the time, much of.
Speaker 6: Which is really driven by well, if I can make
Speaker 6: an affiliate link for getting you to sign up for Uber,
Speaker 6: of course I'm going to suggests that you should do it.
Speaker 6: So following the money is really important because everyone's got
Speaker 6: to make a living, and so transparency is important. I
Speaker 6: don't think anyone expects that the content is entirely free.
Speaker 4: You're paying with something like you're paying with something, whether
Speaker 4: you're handing over money, or you're handing over your view,
Speaker 4: or you're handing over your email address. There's usually some
Speaker 4: type of value exchange for content creators because, honestly, to
Speaker 4: create Sheese on the money adored it was a passion
Speaker 4: project didn't exist so that I could create income. But
Speaker 4: to make it sustainable, I had to find a way
Speaker 4: to create income because just doesn't work for free.
Speaker 6: And it's exped you do not.
Speaker 2: She knows her worth.
Speaker 6: By the time you buy equipment, you pay for it
Speaker 6: an editor. There's a whole bunch of costs involved in producers.
Speaker 6: So no they expects it to be free. But a
Speaker 6: question is identifying what the payment you're making. Is Is
Speaker 6: it your view so that there's ads roll before it
Speaker 6: or during it? Is it because when you click on
Speaker 6: this link, they get a share of it. Your beauty
Speaker 6: products in particular and fashion are really good for that
Speaker 6: because of really healthy affiliate margins in lots of videos
Speaker 6: where you go click on this link to buy what
Speaker 6: I'm wearing in this video really profitable. You can't quite
Speaker 6: do that in finance.
Speaker 4: And it's not as transparent in finance right. And this
Speaker 4: is something that has really, I guess grinded my gears
Speaker 4: historically because we do in the Shees on the Money community.
Speaker 4: You guys know that there are always discount codes or
Speaker 4: sign up codes, but in our community, those sign up
Speaker 4: codes aren't linked to us making a pay per click
Speaker 4: like those sign up codes. Let's use our Chaz's code
Speaker 4: for example, or the upcode that I think still exists
Speaker 4: just so, both of those.
Speaker 2: Are very popular in our community.
Speaker 4: Both of those give the consumer a nominal money amount
Speaker 4: that you know, for chais's if you use the code SotM,
Speaker 4: you get ten bucks in your account. We'll sign up
Speaker 4: for a lot of finance content creators historically, because you know,
Speaker 4: when there was the influencer uproar, I feel like that
Speaker 4: came to a grinding holt because it wasn't transparent for
Speaker 4: a lot of finance content creators. That link actually pays
Speaker 4: them as well. It has never paid She's on the money,
Speaker 4: and it will never pay She's on the money. All
Speaker 4: we do is except straight advertising revenue, like if you
Speaker 4: would like to sponsor our podcast, it's X amount, full stop.
Speaker 2: End of story. If you make a million dollars from clicks.
Speaker 4: Which imagine if my clients were making a million dollars
Speaker 4: from clicks, I'd be charging a whole lot more, I promise,
Speaker 4: but they could make a million dollar or they could
Speaker 4: make four dollars, but I'm not promising conversion, whereas if
Speaker 4: I am motivated by the fact that I'll learn an
Speaker 4: additional five dollars for every single click that happens. That's
Speaker 4: where from my perspective, especially around financial services products, things
Speaker 4: get murky. Things become maybe a little bit more promoted
Speaker 4: than they should be and not well balanced in conversations
Speaker 4: because there's that motivator to go. One of these products
Speaker 4: is paying me consistently, one is not. They might be
Speaker 4: absolutely equal, but I'm going to make it look like
Speaker 4: ones better than the other, so you always go with
Speaker 4: the one that pays me. And that's where my gears
Speaker 4: get a little bit grindy, because I just don't think
Speaker 4: that's putting your consumer in the best possible position.
Speaker 6: And that's another advantage of dealing with someone who is licensed.
Speaker 6: Because the law allowed to do this is taking what's
Speaker 6: called conflicted remuneration. So if we're getting money that would
Speaker 6: influence the content, then that's prohibited, Whereas if you're not life,
Speaker 6: you can take as much money as you want for
Speaker 6: providing a slanted view.
Speaker 8: Un licensed or not.
Speaker 7: You should be able to ask any in my opinion,
Speaker 7: any creator who's promoting pretty much anything, and say how
Speaker 7: are you making your money?
Speaker 8: Yeah, transparently it.
Speaker 7: Is, because I mean theoretically it should be disclosed in
Speaker 7: line with the law. However, it is again a new
Speaker 7: media and it is a little bit of gray, and
Speaker 7: you know, some things are enforced and some things are not.
Speaker 7: But I think if you're ever unsure about how someone
Speaker 7: is making money, you should be able to ask them
Speaker 7: and they, if they respect you and respect a community
Speaker 7: to respect their career in that space, they should tell
Speaker 7: you very.
Speaker 4: Clearly exactly and if their license, like Queenie or I,
Speaker 4: you can head to our websites and have a look
Speaker 4: at our financial services guide. It will tell you how
Speaker 4: we get paid and often what we get paid. So
Speaker 4: I find it really transparent. I really like that because
Speaker 4: I think that you guys then know that I'm putting
Speaker 4: you in the best possible position where if I'm talking
Speaker 4: about a product, it doesn't mean I'm not going to
Speaker 4: talk about another, but I can feel like the conversation
Speaker 4: is a little bit more balanced.
Speaker 6: Now.
Speaker 4: I'm really aware that we've been going on and on,
Speaker 4: and I have been loving this conversation, but I feel
Speaker 4: like we should wrap it up relatively soon. So I
Speaker 4: think to wrap it up really nicely, how about we
Speaker 4: give our listeners a few tips and tricks of things
Speaker 4: that we could look out for that might be red
Speaker 4: flags in the industry, or might be things that you go, oh,
Speaker 4: maybe maybe don't do that. Because recently, Just and I
Speaker 4: have been dealing with an influx of people asking questions
Speaker 4: about Oh my gosh. One of them recently was I
Speaker 4: got called by a financial services company and they said
Speaker 4: they can fix my super. They're going to just charge
Speaker 4: it out of Super. No FSG was sent, no advisor
Speaker 4: profile was sent, no product disclosure statement was sent. But
Speaker 4: it'll just cost you four thousand dollars out.
Speaker 6: Of your superinnuation. Lots of red flags, lots of red
Speaker 6: flags there.
Speaker 4: I can show you after exactly what it is, because
Speaker 4: you best believe I had them email it to me,
Speaker 4: so I could do a little cheeky deep dive.
Speaker 6: Are ways that can be structured legally, but it's certainly
Speaker 6: not in anyone's interest. So yeah, that's a big red flag.
Speaker 6: A suggest that one solution is the answer for everybody
Speaker 6: is another big red flag is the best. And I
Speaker 6: mean some of those things you know, which which share
Speaker 6: broker are use. It's sort of a decision at the margins.
Speaker 6: The bigger difference is how much do you save? So
Speaker 6: rather than trying to save a dollar on your brokerage,
Speaker 6: if you maybe save ten dollars more every week, you'll
Speaker 6: be way better off. So being able to understand what
Speaker 6: the decisions that matter are and where you really should
Speaker 6: be taking professional advice and if someone is good, more
Speaker 6: isn't always better.
Speaker 2: That is true.
Speaker 4: That is true, Quinny, what would you say is a
Speaker 4: red flag to look out for when it comes to
Speaker 4: absorbing finance content.
Speaker 5: I think that when you're absorbing any kind of content,
Speaker 5: especially finance content, you kind of do need to take
Speaker 5: it with a grain of salt because just because one
Speaker 5: person has taken this part of a man and it's
Speaker 5: right for you, like Vince has said, and yeah, I
Speaker 5: just think it's really important to just try and look
Speaker 5: at what's right for your personal situation and if you
Speaker 5: need help with that always you know their financial advisors
Speaker 5: Lovely Vince has a great business and it's also very
Speaker 5: affordable if you are looking for that kind of advice.
Speaker 5: So that's a good place that you can, you know,
Speaker 5: have a look at lots of resources.
Speaker 4: It's not I was about to like the next question
Speaker 4: will be like we've dropped it a few times. What
Speaker 4: the heck is money, Sirpard, But I'm not asking you
Speaker 4: that yet because I want to know.
Speaker 2: What Jess is. Red flag is Jess.
Speaker 4: I feel like you see a lot of red flags
Speaker 4: because you manage my inbox just.
Speaker 8: To see you in there.
Speaker 7: I feel like anything that is promising you the world,
Speaker 7: like the saying if it seems too good to be true,
Speaker 7: it probably is. Like I know that we've all grown
Speaker 7: up with our parents saying that to us, but I
Speaker 7: feel like, particularly in the.
Speaker 8: Finance space, it really rings true. Like if someone is saying.
Speaker 7: To you, I can fix your super and make you
Speaker 7: a millionaire and all it's going to cost you is
Speaker 7: four thousand dollar. But I'm not going to send you
Speaker 7: a document like red flag.
Speaker 2: Red Flag, Red Flag, crazy is multiple.
Speaker 7: If someone on Twitter is saying, oh my god, everybody this,
Speaker 7: you want to get on this stock It's incredible, this
Speaker 7: with the moon. Yeah to the like, get on it.
Speaker 7: It's going to go quick like you got to get
Speaker 7: in now, like la la. And I think that's probably
Speaker 7: my other. So I'm gonna share two red flag.
Speaker 2: I was going to do that to.
Speaker 7: Anyone who puts a pressure or a sense of urgency.
Speaker 2: Okay, that was my second red flag, but.
Speaker 8: That's fine, I can share it.
Speaker 7: I think you know, anyone who's trying to get you
Speaker 7: to make a quick choice, I would be questioning that
Speaker 7: because anything, particularly finance, should be a considered choice from
Speaker 7: you as a consumer. I think it has power to
Speaker 7: make such a big impact on your life that you
Speaker 7: should be weighing your pros and your cons You should
Speaker 7: be doing your own research. Even anything that we talk about,
Speaker 7: we always say, make sure it's the right fit for you.
Speaker 7: Like in my opinion, all Wei or Queenie or Vince
Speaker 7: or any other creator can do is showcase something to
Speaker 7: you and say here the pros, here are the colons,
Speaker 7: or here are the things that you might want to consider,
Speaker 7: and then you, as an individual, should be going away
Speaker 7: and then going do these pros and cons and things
Speaker 7: that I'm considering suit my specific needs because there are
Speaker 7: billions of people on this planet and we all have
Speaker 7: different needs and we all have different things, and a
Speaker 7: platform that's perfect for me might suck for VD because
Speaker 7: she's way more advanced than me.
Speaker 8: But it might be true, you know, but there are
Speaker 8: all these.
Speaker 7: Different things to consider. There's never going to be one thing,
Speaker 7: and we would never say that there's one thing that's
Speaker 7: perfect for everybody. And I think if someone's trying to
Speaker 7: convince you that that's the case, or if they're trying
Speaker 7: to get you to make a decision really quickly because
Speaker 7: the opportunity is just going to be gone, that is
Speaker 7: a red fla and one that I would be going,
Speaker 7: I just need a minute, because they're trying to psych
Speaker 7: you out and put pressure on you so that you
Speaker 7: sign up or commit to something that you then can't
Speaker 7: take back.
Speaker 4: Yeah, it's scary, it's scary, but it's also just it's
Speaker 4: not true. So I guess that's what I used to
Speaker 4: say to clients, like, there's abs lutely no pressure here.
Speaker 4: Any good financial services person would never want you to
Speaker 4: feel pressured. They actually want you to feel completely educated
Speaker 4: and one hundred percent on board with the plan before
Speaker 4: you sign on the dotted line. And if you are
Speaker 4: not committed to it, well we need to have a
Speaker 4: conversation about why and when and where and Vince, why
Speaker 4: aren't you feeling competent?
Speaker 2: Like what haven't I taught you yet?
Speaker 4: Because ultimately, a good financial services professional is putting you
Speaker 4: in a better position, and they don't mind if it's
Speaker 4: now or next week, and it's you know, I've spoken
Speaker 4: about inheritance on the podcast, and my number one tip
Speaker 4: for you know, coming into a really large sum of
Speaker 4: money is don't do anything, because every single person when
Speaker 4: you come into a large sum of money, has an opinion.
Speaker 4: And your uncle Greg might have worked in car dealerships
Speaker 4: for his entire life, but that doesn't mean he knows
Speaker 4: what you should be doing with the.
Speaker 2: Money you got from your grandma.
Speaker 4: So I think it's really important to one look for
Speaker 4: professional advice, but two, you're right, Jess, no sense of urgency,
Speaker 4: but there's always going to be another opportunity, and if
Speaker 4: there's not, that was not the opportunity for you. I
Speaker 4: genuinely believe that what is meant for you is never
Speaker 4: going to miss you, and what misses you was never
Speaker 4: meant for you. But then on the other side of that,
Speaker 4: I guess my other red flag is really who is
Speaker 4: creating the content. Doesn't mean it's a red flag, it's
Speaker 4: just something to take into consideration. Let's use Queenie for example.
Speaker 4: She's relatively independent. I don't know how that works when
Speaker 4: I talk about independent license, but we're not using the
Speaker 4: independent word. But Queen's not owned by a product. Queenee
Speaker 4: doesn't work for a bank, Queenee doesn't work for an
Speaker 4: investing platform. She's just an individual who generates her revenue
Speaker 4: from working with a variety of different brands and different
Speaker 4: sponsorship deals on different platforms. And that to me goes
Speaker 4: all right, Well, she's got lots of balance there. Whereas
Speaker 4: if that information is coming from one direction, like Queene
Speaker 4: had partnered for an entire product on an entire platform,
Speaker 4: like her whole YouTube, for example, was partnered with XYZ Bank,
Speaker 4: That's where I'd go, Oh, like, that information might be
Speaker 4: really only coming from one direction or that one bank.
Speaker 4: Because Queen's entire platform is owned by that bank or
Speaker 4: that YouTube. It doesn't mean that they don't stand alone
Speaker 4: in their other circumstances. But that YouTube channel that is
Speaker 4: completely sponsored, which is not. It's just an example that
Speaker 4: to me would be a bit of a red flag
Speaker 4: to make sure that you're wary of balance when it
Speaker 4: comes to those conversations, because you could be doing a
Speaker 4: whole series, Queeny, like ten whole videos and you go, wow,
Speaker 4: ten videos, But if all ten videos are sponsored by
Speaker 4: exactly the same bank, that's where you've kind of got
Speaker 4: to go, Oh, is that like, is it well rounded
Speaker 4: information or is it product pushing because some you know,
Speaker 4: let's say some banks might do a really good educational
Speaker 4: series and they just want to put some money behind
Speaker 4: Queen need to get it done?
Speaker 2: Fantastic.
Speaker 6: Didn't you get your Dolomites moneyboxes? Yeah?
Speaker 4: But do you know Dolomites had absolutely no impact on
Speaker 4: the financial literacies of Australian children.
Speaker 2: Wild We're not surprised though.
Speaker 4: So I think it's it's interesting to look at the
Speaker 4: way content is created because it could then be underlying
Speaker 4: sponsorship to get more sign ups, right, So I think
Speaker 4: it's just about understanding where it's coming from and what's
Speaker 4: going on. And I guess that's why she's on the money,
Speaker 4: will never have a one She's on the money sponsor.
Speaker 4: It's not that she's on the money partner. We might
Speaker 4: have a partner for an event, or we might have
Speaker 4: a partner for a podcast, or a partner for this,
Speaker 4: but we'd never take on someone who goes, you know what,
Speaker 4: we want to buy out everything on She's on the money,
Speaker 4: because I just don't think that's in the best interest
Speaker 4: of our community. No matter how much money was behind.
Speaker 6: It, you're not going to have the crypto season.
Speaker 4: I don't want to end up in jail because I
Speaker 4: can't wear my shoes there.
Speaker 7: Before we head off, shall we give Vince little minute
Speaker 7: because obviously you're licensing these two fabulous people.
Speaker 8: Can you tell people a little bit about.
Speaker 2: Money to share a few times? Why should we trust
Speaker 2: Vin Scully and money Shurpa?
Speaker 6: Do you see my hair?
Speaker 8: Here's fabulous hair.
Speaker 6: That's say, great hair.
Speaker 2: Yeah, but it's a very full head of hair.
Speaker 8: And you have the little quiff going. I love it.
Speaker 2: Fancy boy hair.
Speaker 6: All natural, no product, no color. The answer you question
Speaker 6: is our own Love Shopper, which is Australia's most affordable
Speaker 6: financial advice service. I had been in financial services for
Speaker 6: thirty five years.
Speaker 2: And what was that?
Speaker 4: Are we taking advice right now on the She's on
Speaker 4: the Money podcast from a medio commutle Age white Man?
Speaker 2: Is that what we're doing.
Speaker 8: No, we're taking advice from a fantastic milion.
Speaker 6: I'm not sure sixty qualifies as middle aged anymore? Does
Speaker 6: it middle aged to take year old run with their
Speaker 6: And having done that, I'd spend a lot of time
Speaker 6: helping a lot of very wealthy people manage their money
Speaker 6: and thought, you know, there's got to be a way
Speaker 6: we can make this available to everybody, and so we
Speaker 6: created business to deliver advice for five hundred and forty
Speaker 6: seven dollars a year.
Speaker 8: That's a money win.
Speaker 2: That's the money we use the.
Speaker 6: Money win, and we do it all online. We use
Speaker 6: technology to keep the costs down, and we focus on
Speaker 6: the needs of younger people, which generally means people who
Speaker 6: are in the workforce. They're going through life's three big changes,
Speaker 6: which I call coupling, nesting, and parenting, so they're getting
Speaker 6: used to dealing with money is a couple. They're dealing
Speaker 6: with all the costs and budget pressures of buying a
Speaker 6: home and raising kids. And we're here to help. I
Speaker 6: like that birdlike, yeah, well you're about to nest.
Speaker 8: Hopefully listen to the property Playbook to hear how that
Speaker 8: goes some plug.
Speaker 4: For me, just as like I'm on that one more
Speaker 4: so go over to that one so you.
Speaker 6: Can find us a life sure of it dot com
Speaker 6: that are you.
Speaker 4: Well, we'll obviously put all of your information in the
Speaker 4: show notes because I think it's it's a really good platform,
Speaker 4: and that honestly was not a very good sale of it,
Speaker 4: because I just feel like it does exactly what it
Speaker 4: says on the box, right, and that that's what a
Speaker 4: community like She's on the money and a community like
Speaker 4: yours Queenie is looking for. We want financial advice, but
Speaker 4: we also want it to be affordable. And it goes
Speaker 4: back to that, you know conversation we were having with one
Speaker 4: of our members earlier today literally about.
Speaker 2: How somebody called her on the phone and said.
Speaker 4: Hey, we're going to sort out your super and she's like,
Speaker 4: oh my gosh, I've been meaning to do that.
Speaker 2: I've been putting it off.
Speaker 4: That's so wild, and they were like, don't worry, like
Speaker 4: we've got it. You know, how much do you have
Speaker 4: in super? What's you remember now, but they just ask
Speaker 4: these questions that She was so excited to have this
Speaker 4: conversation because it was something she'd been putting off. And
Speaker 4: then they said, look, we can do it through your
Speaker 4: super don't worry. It doesn't have to come out of
Speaker 4: your back pocket now. And she said, oh, that's brilliant,
Speaker 4: that's so great. And they messaged us before they signed
Speaker 4: and said, hey, you just like something's off about this,
Speaker 4: like they seem legit. I looked them up. They do
Speaker 4: have a license. But the pressure got to her. She said, look,
Speaker 4: they just really pressuring me to get back this signed
Speaker 4: document and I just you said that I should be
Speaker 4: worried about that, and I said, yeah, you absolutely should be,
Speaker 4: and I have a look at it. Four thousand dollars
Speaker 4: will be taken out of her superranuation to set it up,
Speaker 4: and it's only super advice. It's not holistic advice. It
Speaker 4: doesn't take into account any of her other circumstances. It
Speaker 4: was purely superranuation. When I could go to a platform
Speaker 4: like life Shurpa, pay a very nominal fee for basically
Speaker 4: full service financial advice that is going to put me
Speaker 4: in the best possible position, and it's not going to
Speaker 4: put me out. It's actually going to put me ahead.
Speaker 4: And I think that it's one of those things that
Speaker 4: having worked in the industry and knowing what good advice
Speaker 4: looks like and what not so good advice looks like,
Speaker 4: you just.
Speaker 2: Go, how did you do it? Vince?
Speaker 4: Like, that's wild to think that I could go get
Speaker 4: my super organized, you know, maybe get my insurances done
Speaker 4: at the same time, maybe organize my investing plan and
Speaker 4: have it worked exactly. It's a full service offering that
Speaker 4: you know, some people don't want a full service offering,
Speaker 4: and that's cool. You can work out what you need.
Speaker 4: And it's not saying that this is the absolute product.
Speaker 4: You need to talk to Vince or you're going to die.
Speaker 4: But it's more well, if that works for you, then
Speaker 4: that makes sense, and it's coming from a place that
Speaker 4: we trust. But it's also coming from a place where
Speaker 4: you're like, look, I've made a lot of rich people richer.
Speaker 4: I know how to do that. I've done this for
Speaker 4: years thirty five to remind you. But it's one of
Speaker 4: those things that I think a lot of people are
Speaker 4: just looking for. I guess that answer, how do I
Speaker 4: get that advice? How do I get connected and what
Speaker 4: do I do? So we'll put all your information in
Speaker 4: the show notes and make sure that you know if
Speaker 4: you're interested in.
Speaker 2: Hanging out with Vince a bit more on the internet,
Speaker 2: you can.
Speaker 7: We've all given ourselves a not so subtle plug that
Speaker 7: someone's sitting here very humbly that hasn't taken that chance yet. Queen,
Speaker 7: where can people find you if they want to keep
Speaker 7: up with your stuff as well?
Speaker 5: I post content on TikTok, Instagram, YouTube, You can find
Speaker 5: me in all the platforms, and yeah, invest with Queen.
Speaker 4: In obviously put your information in the show notes as well.
Speaker 4: But Queene's content is so fun, like I don't know
Speaker 4: how you do it, and pump out so much that
Speaker 4: is every day, every single day, Like we cannot keep
Speaker 4: up with even posting one Instagram story a day, let
Speaker 4: alone how much content you create.
Speaker 2: So I am very impressed.
Speaker 5: Oh, thank you appreciate it.
Speaker 9: The advice shared on She's on the Money is general
Speaker 9: in nature and does not consider your individual circumstances. She's
Speaker 9: on the Money exists purely for educational purposes and should
Speaker 9: not be relied upon to make an investment or financial decision.
Speaker 9: If you do choose to buy a financial product, read
Speaker 9: the PDS, TMD and obtain appropriate financial advice tailored towards
Speaker 9: your needs. Victoria Divine and She's on the Money are
Speaker 9: authorized representatives of money. Sirper Pty Ltd ABN three two
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Speaker 6: The Way I Want