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Speaker 1: She's on the Money.

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Speaker 2: She's on the Money. Hello, and welcome to She's on

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Speaker 2: the Money, the podcast for millennials who want financial freedom.

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Speaker 3: I'm Tony Lodge.

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Speaker 2: You are I know, I'm new this hellos time new friend,

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Speaker 2: and today we have a very special bonus episode. I'm

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Speaker 2: sure that you saw your phone light up and it

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Speaker 2: was a Saturday morning and you thought, I've got to

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Speaker 2: go and do the shopping. And then you went, oh,

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Speaker 2: there's a news She's on the Money episode in.

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Speaker 3: My Torria and Tony can join me.

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Speaker 1: We go.

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Speaker 2: So whatever you're doing, your run, your walk, whatever, we're

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Speaker 2: here with you and v tell us about the exciting

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Speaker 2: chat that you had over the weekend.

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Speaker 4: So over the weekend, I had a really good chat

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Speaker 4: with my friend Glenn James, who is from my Millennial Money,

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Speaker 4: about a number of different topics that we're really passionate about.

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Speaker 4: We thought we'd wrap it all up into a special

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Speaker 4: edition podcast for you because it didn't really fit into

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Speaker 4: the mold of any of our traditional episodes. But I

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Speaker 4: did genuinely think it was a really important conversation to

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Speaker 4: have and to share with you guys, because it is about,

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Speaker 4: you know, misleading marketing and debt and credit products, and

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Speaker 4: just this conversation needs to happen more often and regularly,

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Speaker 4: and I didn't want to have to have it in

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Speaker 4: a structured way. So Glenn and I we jumped on zoom.

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Speaker 4: He's over in New Zealand at the moment, living his

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Speaker 4: best life.

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Speaker 3: How good's that?

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Speaker 4: Tony Ima just been like, I'm gonna jet set off

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Speaker 4: to Queenstown and spend two weeks working from there and just.

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Speaker 2: Be like, oh yeah, I'll just jump on the phone

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Speaker 2: with my best mate Victoria Divine. We'll chat about some

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Speaker 2: good stuff and then I'll go and eat all the

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Speaker 2: delicious food in you see, oh too? Did?

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Speaker 4: That is exactly what he did. He's like, Oh, I'm

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Speaker 4: just off to arrow Town, which is a beautiful place

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Speaker 4: just outside of Queenstown that has one of the best cafes.

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Speaker 4: It's called the chop Shop. I don't know if anyone's

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Speaker 4: been or loves it, but I adore it and they

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Speaker 4: have one of the best Nazi gorgs I've had in

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Speaker 4: my life. Anyway, he rubbed that in and was like,

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Speaker 4: very relatable. It's not relatable, but it is really beautiful.

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Speaker 4: S If you're ever going to go to Queenstown. I

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Speaker 4: definitely would recommend that. But enough about Nazi goring and

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Speaker 4: how good Rice is. Let's jump into the chat I

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Speaker 4: had with Glenn James.

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Speaker 1: Hey everyone, Glenn James here, I host my mil anial Money,

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Speaker 1: otherwise known as the Father of Money in Australia.

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Speaker 3: Wow, that's audacious.

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Speaker 1: And I'm joined by the Mother of Money in Australia,

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Speaker 1: Victoria Devine from She's on the Money. Victoria.

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Speaker 3: Hello, Hello, Glenn, how are you?

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Speaker 1: I'm good now. We're doing this random, weird public service announcement.

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Speaker 4: Today because we're quite frustrated and we've been having a

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Speaker 4: bit of a rant over the last few weeks. Ya

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Speaker 4: our DMS and text messages and phone calls, and you're

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Speaker 4: in Queenstown right now having a beautiful time, and I'm

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Speaker 4: very envious. And I'm sitting in my home office here

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Speaker 4: in Melbourne, and we just decided enough is enough. Let's

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Speaker 4: have a conversation. Glenn, why are we so frustrated?

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Speaker 1: We're so frustrated, And I think as I look out

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Speaker 1: over the remarkables in Queenstown.

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Speaker 3: It's nice for some just ravity.

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Speaker 1: I know my privilege is showing, but I think you

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Speaker 1: know it's not just us. You've had people in She's

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Speaker 1: on the Money Facebook group. I've had people in mar

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Speaker 1: Milinial Money Facebook group genuinely ask questions about one of

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Speaker 1: the things we're going to talk about, and that's going

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Speaker 1: to be these quote unquote new savings accounts and savings

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Speaker 1: apps as I use inverted commas. But we are personally

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Speaker 1: frustrated about the almost ridiculous, sly weird, false, strange, misleading, misleading, Absolutely, misleading.

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Speaker 3: Is the word I would use.

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Speaker 1: Misleading advertising for some of the buy now, pay later products.

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Speaker 4: It's not just buy now, pay later, though it's by

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Speaker 4: now pay later, it's credit funds.

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Speaker 3: It is everyone, seemingly at the moment totally.

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Speaker 1: And we both had a pitch from a media company

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Speaker 1: and they pitched both of us.

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Speaker 3: And that's separately, not at the same time.

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Speaker 1: Yeah, that's fine, and you know, we welcome pitchers to

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Speaker 1: advertise on the show, but this was a pitch for

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Speaker 1: a buy our pay later platform. And what's stuck out

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Speaker 1: to me is they said this campaign is all about

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Speaker 1: how X, and I'm not going to give the brand

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Speaker 1: the light of day because I don't respect the brand

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Speaker 1: can help you manage your money and spending in a

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Speaker 1: responsible way, moving away from some of the perceptions that

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Speaker 1: the brand can be known for now if you've got

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Speaker 1: to buy now, pay later brand, that is, whether it's

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Speaker 1: regulated or not a credit brand because you are receiving

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Speaker 1: items that you haven't paid for and you owe somebody money.

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Speaker 1: What's on the box isn't necessarily what's in the box.

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Speaker 1: Would you agree with Victoria?

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Speaker 3: Absolutely?

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Speaker 4: And I think I'm just incredibly frustrated because we are

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Speaker 4: intelligent people, as in not you and I, Glenn, that's

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Speaker 4: overly ambitious, but our community or intelligent people. But when

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Speaker 4: they read the advertising that comes through their Facebook platforms

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Speaker 4: or their instagrams, and they say this product doesn't impact

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Speaker 4: your credit score or this product helps your savings, you

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Speaker 4: just go hold up, it does neither of those things,

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Speaker 4: because one, it's not truly savings when I'm referring to

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Speaker 4: this other credit product. And two, if we're going to

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Speaker 4: talk about this by now, pay later program that's saying

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Speaker 4: it doesn't impact your credit score, look, they're not wrong.

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Speaker 4: It doesn't impact your credit score until you make a misstep.

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Speaker 4: And I think that that's where we really need to

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Speaker 4: be talking because it absolutely does have an impact on

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Speaker 4: your credit score, your ability to get a mortgage, to

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Speaker 4: service a mortgage, to do all of those things. And

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Speaker 4: it just feels so hypocritical of us to be talking

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Speaker 4: about these products in a good way, which makes me

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Speaker 4: wonder why these media companies even contact us to talk

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Speaker 4: about them in the first place, given you and I,

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Speaker 4: Glenn are so vocal about not liking them.

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Speaker 1: Yeah, totally. And once I actually stepped off the plane

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Speaker 1: at Queenstown Airport on the baggage carousel, there was an

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Speaker 1: advertisement and you actually sent me the same one and

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Speaker 1: a lot of you may have seen it, and it

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Speaker 1: said stop paying money to use money.

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Speaker 4: What That's exactly what I'm doing by using your product,

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Speaker 4: your potatoes, And.

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Speaker 1: To me, it sounds cute and it looks amazing. It's like,

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Speaker 1: you don't get a pass on maths. One plus one

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Speaker 1: always equals to you don't get a pass on gravity.

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Speaker 1: You know, there are basic laws that you don't get

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Speaker 1: a pass on. And no matter how amazing the marketing is,

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Speaker 1: at the end of the day, you are borrowing money

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Speaker 1: from an entity and you are receiving consumables and you

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Speaker 1: have to pay money back. So that, my friends, is

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Speaker 1: consumer debt. Whatever way you cut it, and I just

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Speaker 1: want to be clear for my audience, and I know

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Speaker 1: this is going on both podcasts that I'm really strict

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Speaker 1: about what stuff that I put in front of you.

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Speaker 1: And if, for example, you can use these products quote

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Speaker 1: unquote responsibly and all that stuff, that's fine, But I

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Speaker 1: think it would be irresponsible for me to advertise these

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Speaker 1: because there could be a percentage of people who misuse

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Speaker 1: it and get caught out.

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Speaker 4: And I'm just absolutely absolutely, and that's a blanket rule

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Speaker 4: on our podcast as well, to not promote any level

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Speaker 4: of credit product. No buy now, pay later, nothing that

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Speaker 4: puts my community in a worse off position than they

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Speaker 4: started in. So the sponsors and the people that we

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Speaker 4: work with are always people that I genuinely think, wow,

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Speaker 4: like they've got a cool product. It might not be

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Speaker 4: for absolutely everybody in my community, and that's okay. No

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Speaker 4: one can ever be everything to everybody, but I know

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Speaker 4: if my community engages with them, they will never be

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Speaker 4: in a worse off position. Because I can cannot imagine

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Speaker 4: putting something in front of you that would make a

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Speaker 4: detrimental impact to your financial future. Because I'm working so

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Speaker 4: hard to put you in a good financial position.

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Speaker 3: Why would I stunt that? Why would I stunt that?

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Speaker 4: But also why would I risk my reputation of doing

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Speaker 4: the best by you by working with these businesses?

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Speaker 1: Yeah, And I just want to quickly talk about the

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Speaker 1: risks that I see with the buy now, pay later,

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Speaker 1: and also the risks of these new tech stuff that's

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Speaker 1: coming out there where they will prepay your salary daily.

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Speaker 3: Oh, it makes me sick.

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Speaker 1: I knows and what it is. It's the payday lender

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Speaker 1: of this generation. And it's not teaching you how to

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Speaker 1: manage your own money. I've crepped on for a long

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Speaker 1: time Victoria. For me. It's been hard to outsource my

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Speaker 1: diet and weight loss to a diet shake. You know,

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Speaker 1: I'm better off to learn how to eat good. I'm

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Speaker 1: better off to learn how to get into routine. And

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Speaker 1: it's the same way that we can't outsource our money

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Speaker 1: management to a product that's designed to potentially make money

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Speaker 1: off us. Now, the way I see it is sure

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Speaker 1: you might get something and pay it off in four

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Speaker 1: easy installments. And because at the time of recording right now,

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Speaker 1: it's unregulated, so we're going to start to see eight

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Speaker 1: easy installments. We're going to start to see fifty two

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Speaker 1: easy installments. The problem is victoria. You know, you buy

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Speaker 1: that nice lounge on later pay or whatever they're you know,

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Speaker 1: calling themselves in it. I don't know. Two weeks time,

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Speaker 1: if your situation changes and you can't afford the rest

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Speaker 1: of the payments, you've now got a product that's probably

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Speaker 1: not worth what you paid for it. So you're in

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Speaker 1: a pickle. So I think it's about learning how to

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Speaker 1: control your money yourself and keeping your life as simple

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Speaker 1: as possible. But that's not cool. That doesn't have an app,

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Speaker 1: that doesn't it doesn't feel fun and sophisticated and all

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Speaker 1: that stuff.

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Speaker 4: It's like when you start talking about investments, and the

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Speaker 4: best types of investments are boring. The best type of

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Speaker 4: money management is bland, And I'm really sorry. It's not

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Speaker 4: going to come with a shiny app. It's not going

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Speaker 4: to come with another business's commitment to give you access

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Speaker 4: to your wage in real time. Like, I'm so done

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Speaker 4: with it. If it's boring, you're probably doing the right thing.

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Speaker 1: Totally and just on these unregulated buy now, pay later products.

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Speaker 1: Banks know what debt is, right, So if you're applying

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Speaker 1: for a mortgage, while it could be completely off your

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Speaker 1: credit profile. The banks will look at your bank statements,

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Speaker 1: and if they see all these different company names, they

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Speaker 1: know that you are using debt in your day to

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Speaker 1: day life and it can have an impact on your

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Speaker 1: borrowing capacity for a mortgage. So it's that old saying.

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Speaker 1: If it looks like a duck, if it quacks like

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Speaker 1: a duck, if it walks like a duck, if it

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Speaker 1: SIPs lipped an iced tea like a duck, and it's

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Speaker 1: none of your business that meme.

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Speaker 3: Guess what, Victoria, it's probably Glen in a duck suit.

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Speaker 1: It's probably mean a duck suit. So I just want everyone,

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Speaker 1: particularly in the my millennial money world, to know that

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Speaker 1: I'm calling things how they are. It's not a cute app.

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Speaker 1: It's not sophisticated. It's a debt that you are using

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Speaker 1: to buy consumables that are reducing in value. It's easy

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Speaker 1: to learn how to control your money yourself by being

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Speaker 1: engaged in out respective Facebook groups.

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Speaker 3: One hundred percent.

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Speaker 4: And I think that what you were saying before we

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Speaker 4: started recording this is actually really important here as well.

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Speaker 4: And that's you know you might be using after pay

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Speaker 4: in saying, look, I'm really responsible with it.

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Speaker 3: And use it really well.

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Speaker 4: But it's like, okay, but if you've had a really

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Speaker 4: good cash flow and budget system, and there are many

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Speaker 4: out there, like you've got one, Glen, I've got one,

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Speaker 4: Like there are other ones you could google and find,

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Speaker 4: But if you've got a good one and you're using

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Speaker 4: it properly, you don't actually need a tool like cough

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Speaker 4: by now pay later schemes. I keep going to say

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Speaker 4: the brand names, but I know that we really shouldn't

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Speaker 4: play slander games.

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Speaker 1: And all this is allegedly to their lawyers listening.

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Speaker 4: Yeah, if anyone's listening, this is allegedly, But at the

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Speaker 4: same time, it's not allegedly, Like I'm on one of

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Speaker 4: these pay it forward websites.

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Speaker 3: What do you call it?

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Speaker 4: Like, it's like a it's a payday loan, Like essentially

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Speaker 4: it's a payday loan. And I've done an entire podcast

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Speaker 4: episode on payday loans, And to be honest, I find

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Speaker 4: them disgusting. They really pray on the vulnerable people that

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Speaker 4: need more money right now and have ridoculous amounts of

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Speaker 4: interest payable if you don't meet a payment or you

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Speaker 4: you know, slip up in any way. But they have

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Speaker 4: beautiful branding and they say, look, this company gives you

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Speaker 4: access to your wage in real time, like you know

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Speaker 4: you earn money, get your hands on it today. And

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Speaker 4: it's just it breaks my heart because I know that

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Speaker 4: their branding is working on people because they have the

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Speaker 4: money to put it there, Like I don't care if

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Speaker 4: you're the quote new way to get your pay today,

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Speaker 4: Like if you need a pay advance and you are

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Speaker 4: so far up, let's call it the proverbial creek without

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Speaker 4: a paddle, like you actually need to go and talk

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Speaker 4: to your employer, Like most employers are going to be

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Speaker 4: somewhat flexible on a salary if you're a full time employee,

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Speaker 4: and like I'm an employer and Glenn, I'm sure you

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Speaker 4: would be in exactly the same position. If one of

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Speaker 4: my team came to me and said, hey, they I'm

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Speaker 4: really struggling with money. Is there anything you can do

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Speaker 4: to help, and they just needed an advance on their salary,

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Speaker 4: I'd absolutely talk to them about making that happen so

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Speaker 4: that my team didn't end up in debt. And I'm

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Speaker 4: sure most places are like that, and if they can't,

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Speaker 4: there's a lot of places out there, like the debt helpline, like,

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Speaker 4: oh my gosh, they do an incredible job if you

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Speaker 4: need to talk to financial counselors. But these companies are

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Speaker 4: paying an absolute premium to come up at the top

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Speaker 4: of your Google search. If you're struggling with anything and

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Speaker 4: you're googling how to get pay advance or how to

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Speaker 4: get money today, they're going to come up.

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Speaker 3: And they're going to essentially pray.

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Speaker 4: On you and put you in a worse off long

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Speaker 4: term financial position. And it just frustrates me beyond belief.

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Speaker 1: Yeah. And I think I've copped criticism for making these

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Speaker 1: type of comments before, but I will say it again now.

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Speaker 4: If you got criticism here, shower it on me again.

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Speaker 1: Yeah. Basically, if you're in a position and you happen

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Speaker 1: to be a low income earner, or you're on a

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Speaker 1: disability pension, or you know you've hit hard times, when

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Speaker 1: we go back to the laws of gravity, like there's

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Speaker 1: actually no there's no way around these laws. And the

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Speaker 1: same with money. There's no way around money laws. Now

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Speaker 1: if you aren't doing it great at the moment. The

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Speaker 1: worst time to go into any type of debt is

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Speaker 1: when you're not doing it great, because what can happen

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Speaker 1: is you are already struggling, you go into debt, and

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Speaker 1: then you then basically get behind again, and then if

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Speaker 1: your situation gets worse, you've doubled down the negative money

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Speaker 1: vibe in your life. So, while I don't have all

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Speaker 1: the answers, I would encourage anyone that's doing it tough.

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Speaker 1: I'd encourage anyone who's on a low income. You particularly

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Speaker 1: need to stay away from consumer debt.

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Speaker 3: One hundred. I couldn't agree more.

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Speaker 4: And I get a lot of criticism about this as well,

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Speaker 4: because I get people sliding into my DMS on She's

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Speaker 4: on the money saying, but you know, I've been using

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Speaker 4: this and it's a really helpful tool, and look, I

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Speaker 4: get it. And if you're listening to this and you go, hey, cool,

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Speaker 4: I'm financially free and I use this tool and it's

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Speaker 4: not impacted me in the slightest, Okay, well, maybe this

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Speaker 4: isn't a podcast aimed at you. Maybe have a think

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Speaker 4: about the people that aren't using it responsibly and stop

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Speaker 4: taking it so personally when I say, hey, this is

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Speaker 4: so negative, I'm so grateful that you're having a positive

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Speaker 4: experience with this tool and this product, and that is

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Speaker 4: so great. At the end of the day, I think, Glenn,

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Speaker 4: you and I can agree to genius business model like

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Speaker 4: it's a fantastic company, like it's so good, but for

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Speaker 4: the consumers that aren't as educated, for the consumers that

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Speaker 4: are more vulnerable, for the consumers that do lean towards

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Speaker 4: FOMO and getting into personal debt like this is not

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Speaker 4: something I want you to.

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Speaker 3: Get involved with.

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Speaker 4: And I think, you know, Glenn and I have been

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Speaker 4: talking recently about how do we have this conversation and

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Speaker 4: how do we open this up without coming across as

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Speaker 4: condescending and titled people who are like, just don't do it,

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Speaker 4: Like I get it. But I think that's why we've

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Speaker 4: decided to go about it in this way, Glenn, and

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Speaker 4: just have an open, honest conversation about how bad.

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Speaker 1: It is totally. And you know, again, I'm I'm talking

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Speaker 1: about consumer debt. We're talking about people who might be

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Speaker 1: struggling out there, you know, we are talking about you know,

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Speaker 1: one of these providers say their average transaction is one

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Speaker 1: hundred and fifty dollars. Now, I would suggest if you

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Speaker 1: need one hundred and fifty dollars split up for an

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Speaker 1: item of luxury, you might have a bigger problem in

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Speaker 1: your life now. I totally know that I'm sitting in Queenstown.

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Speaker 1: I'm privileged, I'm overlooking the most beautiful vista. But I

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Speaker 1: do know I have been up at night with anxiety.

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Speaker 1: I have been up at night with literally fifteen hundred

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Speaker 1: dollars to my name, like I have been there. So

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Speaker 1: I am acutely aware of what it's like to go

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Speaker 1: through a hard patch. I'm acutely aware of what it's

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Speaker 1: like to have no money. But I just want to

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Speaker 1: encourage you listening. It's not forever, it's just for now,

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Speaker 1: and tomorrow is a better day. But we need to

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Speaker 1: make sure we keep away from any type of consumer debt.

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Speaker 1: And everything I've said, i've said with love and please

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Speaker 1: if you are struggling, reach out, as you said, Victoria, the.

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Speaker 4: Debt the National Debt Helpline is so fantastic. They have

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Speaker 4: free counseling. They have free financial counselors who provide information

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Speaker 4: and advice and they will point you in the right direction.

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Speaker 4: They might even help you get a NILS loan, which

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Speaker 4: is a loan that doesn't have any any interest on

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Speaker 4: it at all, because it's existing purely to help you

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Speaker 4: if you are allowing home earner, Like there are options

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Speaker 4: out there, you just need to connect with the right

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Speaker 4: people who can help you on that journey, as opposed

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Speaker 4: to just wondering whether these solutions are there and you're

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Speaker 4: just like, yeah, but I'll just go do this and

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Speaker 4: I'll work it all out later. Like it's such a

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Speaker 4: bad mindset to be in, Like, don't ever be too

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Speaker 4: proud to just put your head up be like, hey,

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Speaker 4: I'd love to talk to a financial counselor, Like, I'm

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Speaker 4: sure you guys are lovely people as well, Like your

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Speaker 4: financial situation does not define who you are as a person.

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Speaker 3: And I think that's really important to point out as well.

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Speaker 1: And while we're talking about maybe people struggling and that

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Speaker 1: is one hundred percent legit and real in our community.

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Speaker 1: But I want to flick over to the other side

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Speaker 1: of the coin, victoria. If you're in a relationship and

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Speaker 1: maybe or you're single, and maybe you've got some really

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Speaker 1: cracking money coming the door, and you've got debt everywhere

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Speaker 1: because you're being sloppy, I think it's just you need

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Speaker 1: to take ownership of that debt that you've got. You

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Speaker 1: need to first decide to have no debt anymore, so

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Speaker 1: no new debt, and then you've just got to work

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Speaker 1: out it. You've got to hustle, you've got to grind

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Speaker 1: and usually I don't know about you, Victoria, but when

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Speaker 1: working with clients, I found that, you know, we haven't

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Speaker 1: come into ten thousand dollars worth of credit card or

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Speaker 1: personal oone debt from one transaction. It's been death by

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Speaker 1: a thousand cuts.

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Speaker 4: Yeah, at the end of the day, debt is just

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Speaker 4: an outcome of you spending more than your earning and

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Speaker 4: just not keeping track of your budget and cash flow.

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Speaker 4: Like it's not something that people get into on purpose.

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Speaker 4: It is always an accident. Like no one goes in

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Speaker 4: gets a personal oane. They're like, I cannot wait to

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Speaker 4: be to in the hole. It's always about just not

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Speaker 4: managing your cash flow efficiently. And I think that that's

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Speaker 4: where every good money habit begins.

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Speaker 1: And I guess the bookend this debt conversation. There's no

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Speaker 1: magical way out of debt. You know, you've got to

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Speaker 1: put the hardyards in. Don't worry about going to those

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Speaker 1: companies that charge you to manage the debt for you,

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Speaker 1: because they're just going to consolidate the debt, put it

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Speaker 1: into one easy payment, and it's just not really doing

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Speaker 1: anything except from moving the debt.

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Speaker 3: And it's also not teaching you anything.

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Speaker 4: It's taking it away from you, as if a parent

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Speaker 4: would take, you know, something off a child they can't

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Speaker 4: do yet. It's not teaching you any good money habits.

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Speaker 4: It's not teaching you anything that you can do constructively.

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Speaker 4: It's actually putting you in a worse off position because

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Speaker 4: it creates the feeling of safety so that you feel

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Speaker 4: as though you're in control when in reality you're not.

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Speaker 4: And once you're out of debt and you no longer

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Speaker 4: need them, you end up in the same place again.

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Speaker 4: You end up going backwards, which is really frustrating and

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Speaker 4: not what you would have ever intended.

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Speaker 1: Totally. Now to bookend the piece about buying our pay

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Speaker 1: later before pay all that crap that's out there, jump in.

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Speaker 1: Use Victoria's spending plan, use my spending plan, use a

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Speaker 1: spending plan. Do not outsource your budget management to an app.

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Speaker 1: And I'll just finish by saying, Victoria, if you love

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Speaker 1: small business, do not use buying our pay later with

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Speaker 1: small businesses because they make seventy five percent of their

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Speaker 1: money from the retailer, and if you love small business, you're.

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Speaker 4: Just not helping them totally, so not helping them, and

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Speaker 4: I think that that's what's really upsetting as well, because

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Speaker 4: it's like a rock and a hard place, right, So

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Speaker 4: small businesses want to have after pay because they know

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Speaker 4: that when offering a consumer after pay them more likely

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Speaker 4: to purchase because of our bad spending mentality. But at

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Speaker 4: the same time, as a consumer, we have so much

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Speaker 4: more power and we are able to put that power

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Speaker 4: in the hands of small businesses when we buy direct.

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Speaker 4: So I think that if you really want something and

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Speaker 4: you are going to spend the money anyway, definitely just

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Speaker 4: kind of bite the bullet.

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Speaker 3: Don't use something like and after paying app.

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Speaker 4: You know, it's very hard for the small business, but

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Speaker 4: at the same time, like they're so reliant on it,

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Speaker 4: which is so frustrating. And the reason they're reliant on

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Speaker 4: it is because, you know, we have the ability to

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Speaker 4: make snap decisions and after pays one of those.

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Speaker 1: Absolutely. So as much as I love money like the

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Speaker 1: next person, unfortunately.

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Speaker 3: I think you love it more.

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Speaker 1: No, No, I like it just as much as the

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Speaker 1: next person. But oh really, don't reach out to me, Well,

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Speaker 1: you can reach out to me, but I'll be polite

434
00:22:39,440 --> 00:22:43,200
Speaker 1: with declining your offer to sponsor my millennial money if

435
00:22:43,200 --> 00:22:47,879
Speaker 1: you're a consumer debt product. Right. Finally, for those who

436
00:22:48,160 --> 00:22:50,800
Speaker 1: might be out of debt and for those who are

437
00:22:50,840 --> 00:22:55,440
Speaker 1: saving Victoria, interest rates are really crap at the moment.

438
00:22:55,280 --> 00:22:58,320
Speaker 4: They're so terrible. But quickly touch on Glenn. Why are

439
00:22:58,359 --> 00:23:00,639
Speaker 4: they terrible? It's not because bang So trying to do

440
00:23:00,640 --> 00:23:01,920
Speaker 4: the wrong thing by us.

441
00:23:01,840 --> 00:23:05,560
Speaker 1: Is it. No? So essentially it all goes back to

442
00:23:06,040 --> 00:23:10,080
Speaker 1: central banks and governments wanting to stimulate the economy and

443
00:23:10,119 --> 00:23:13,919
Speaker 1: get money moving, and they effectively make money cheap, so

444
00:23:13,960 --> 00:23:17,520
Speaker 1: money flows more. If you think of a race car

445
00:23:17,600 --> 00:23:19,679
Speaker 1: that's going really fast, you've got to put the brakes

446
00:23:19,680 --> 00:23:22,600
Speaker 1: on it before a big crash on the corner. As

447
00:23:22,680 --> 00:23:26,760
Speaker 1: interest rates rise, it's like putting the brakes on that

448
00:23:27,200 --> 00:23:30,119
Speaker 1: racing car to try and slow it down. So the

449
00:23:30,200 --> 00:23:33,880
Speaker 1: lower the interest rates are is sometimes a sign of

450
00:23:33,920 --> 00:23:38,560
Speaker 1: the economy needs some stimuli, if you will. And at

451
00:23:38,560 --> 00:23:42,040
Speaker 1: the moment the economy seems like it needs some stimuli,

452
00:23:42,600 --> 00:23:46,080
Speaker 1: and we're at the point where interest rates that the

453
00:23:46,160 --> 00:23:49,840
Speaker 1: Reserve Bank in Australia set are at historical lows, which

454
00:23:49,880 --> 00:23:53,200
Speaker 1: means the banks are borrowing that money at a low

455
00:23:53,280 --> 00:23:57,760
Speaker 1: rate and are also paying interest at a low rate

456
00:23:57,800 --> 00:24:00,000
Speaker 1: as well. Is that what you wanted me to say, Victim?

457
00:24:00,960 --> 00:24:03,120
Speaker 3: That was pretty good? That is pretty good.

458
00:24:03,160 --> 00:24:04,920
Speaker 4: I mean, at the end of the day, it might

459
00:24:05,000 --> 00:24:08,280
Speaker 4: not be beneficial for your savings account, but it absolutely is

460
00:24:08,320 --> 00:24:10,760
Speaker 4: if you're in any kind of debt, like a mortgage,

461
00:24:10,760 --> 00:24:13,240
Speaker 4: it means you've got lower interest rates. And there's lots

462
00:24:13,280 --> 00:24:15,359
Speaker 4: of people going around at the moment saying things like

463
00:24:15,359 --> 00:24:17,879
Speaker 4: money's never been so cheap, like if you're going to buy, like,

464
00:24:18,200 --> 00:24:20,320
Speaker 4: that's a really great time to take out a mortgage.

465
00:24:20,320 --> 00:24:22,880
Speaker 4: It's also a really great time to refinance your mortgage

466
00:24:22,880 --> 00:24:24,760
Speaker 4: so that you can save some money on the interest

467
00:24:24,800 --> 00:24:27,199
Speaker 4: that would be payable on your mortgage. Also, just to

468
00:24:27,320 --> 00:24:30,880
Speaker 4: caveat that, do not drop your interest rate and then

469
00:24:30,920 --> 00:24:33,800
Speaker 4: start paying the lower amount per month, continue paying the

470
00:24:33,840 --> 00:24:35,679
Speaker 4: same amount, so we're out of debt quicker.

471
00:24:36,240 --> 00:24:37,280
Speaker 3: But I think that.

472
00:24:37,440 --> 00:24:39,919
Speaker 4: Something that is frustrating, and I know that you're leading

473
00:24:39,960 --> 00:24:43,800
Speaker 4: down the garden path to Glenn. Are these new savings

474
00:24:43,920 --> 00:24:47,000
Speaker 4: apps that are not really savings apps?

475
00:24:47,240 --> 00:24:48,600
Speaker 3: Is that where we're going, Glenn?

476
00:24:48,800 --> 00:24:52,520
Speaker 1: We are there, Victoria we have arrived. And you know,

477
00:24:52,560 --> 00:24:55,560
Speaker 1: if it's advertised that you know you can get three

478
00:24:55,600 --> 00:24:59,840
Speaker 1: percents on your savings asterisks. We know three percent is

479
00:25:00,040 --> 00:25:01,040
Speaker 1: more than one percent.

480
00:25:01,400 --> 00:25:03,560
Speaker 3: That's pretty sexy, Glenn, I like it.

481
00:25:03,480 --> 00:25:06,480
Speaker 4: It is for a savings account in twenty twenty one,

482
00:25:06,680 --> 00:25:07,320
Speaker 4: three percent.

483
00:25:07,400 --> 00:25:09,119
Speaker 3: That is wild. How do they do it?

484
00:25:09,560 --> 00:25:13,959
Speaker 1: Well? The thing is, when we look at investment returns,

485
00:25:14,440 --> 00:25:18,800
Speaker 1: generally speaking, the higher the return, the higher the risk.

486
00:25:19,280 --> 00:25:22,560
Speaker 1: So anything above the cash rate of let's just call

487
00:25:22,640 --> 00:25:26,720
Speaker 1: it one percent in your normal online savings account, hm,

488
00:25:27,400 --> 00:25:31,760
Speaker 1: it may imply two things. One the bank is wanting

489
00:25:31,840 --> 00:25:35,160
Speaker 1: to pay more interest for new customers to get more

490
00:25:35,200 --> 00:25:38,800
Speaker 1: money in the door as a promotion. Or two that

491
00:25:39,040 --> 00:25:42,800
Speaker 1: interest rate is not an interest rate linked to straight

492
00:25:42,880 --> 00:25:43,840
Speaker 1: up cash.

493
00:25:44,520 --> 00:25:48,400
Speaker 3: M hmmm. So what does that mean, father of finance?

494
00:25:49,040 --> 00:25:53,200
Speaker 1: So it means you are not investing your savings into

495
00:25:53,240 --> 00:25:54,720
Speaker 1: a bank account within an app.

496
00:25:55,000 --> 00:25:57,679
Speaker 4: So you just said investing, which is not what I

497
00:25:57,720 --> 00:26:00,000
Speaker 4: said I wanted to do with my savings.

498
00:26:00,119 --> 00:26:02,640
Speaker 1: That's right, sweet one, that's right. Can I be more

499
00:26:02,680 --> 00:26:04,560
Speaker 1: comfort Can I be more condescending?

500
00:26:05,240 --> 00:26:08,440
Speaker 4: I don't know, but that's what's frustrating, right, Like these

501
00:26:08,520 --> 00:26:12,199
Speaker 4: apps are saying this is where your savings go to grow,

502
00:26:12,600 --> 00:26:15,840
Speaker 4: and they're using terms like savings and you know, put

503
00:26:15,880 --> 00:26:18,399
Speaker 4: your savings here so you can reach your goals faster.

504
00:26:19,119 --> 00:26:22,080
Speaker 4: If that's not misleading, I don't know what is. Because

505
00:26:22,200 --> 00:26:25,960
Speaker 4: you're actually an investment product. You are a credit fund.

506
00:26:26,320 --> 00:26:30,200
Speaker 4: You are targeting three percent return. You are not guaranteeing

507
00:26:30,240 --> 00:26:32,040
Speaker 4: that in the way that a bank would. And whilst

508
00:26:32,119 --> 00:26:34,680
Speaker 4: we know that a bank can't guarantee it, and they

509
00:26:34,680 --> 00:26:37,679
Speaker 4: turn around one day and say, hey, there, you know,

510
00:26:37,760 --> 00:26:40,760
Speaker 4: we're dropping from you know, two point five percent interest

511
00:26:40,840 --> 00:26:42,800
Speaker 4: down to one and you go, okay, well that kind

512
00:26:42,800 --> 00:26:45,440
Speaker 4: of sucks, but you know, I know my money's safe.

513
00:26:45,760 --> 00:26:49,280
Speaker 4: You're actually investing in these funds and there's risk that

514
00:26:49,320 --> 00:26:51,680
Speaker 4: you might not think you're taking in them, and that's

515
00:26:52,080 --> 00:26:53,359
Speaker 4: incredibly concerning.

516
00:26:53,960 --> 00:26:56,640
Speaker 1: And I will say as well, while you said that

517
00:26:56,720 --> 00:27:00,840
Speaker 1: the banks won't guarantee a percentage trade, the government will

518
00:27:00,840 --> 00:27:03,080
Speaker 1: guarantee up to two hundred and fifty thousand dollars.

519
00:27:03,720 --> 00:27:06,440
Speaker 4: Yeah, but that's different than an interest rate, So that's

520
00:27:06,440 --> 00:27:08,760
Speaker 4: different in a return. It just means that if your

521
00:27:08,800 --> 00:27:12,760
Speaker 4: money is sitting in a bank account, a registered ADI what.

522
00:27:12,720 --> 00:27:15,679
Speaker 1: Is that, right, an authorized deposit institution.

523
00:27:16,280 --> 00:27:18,360
Speaker 4: Yeah, but if they are a bank and they are

524
00:27:18,400 --> 00:27:21,159
Speaker 4: an ADI, and I think that it's important to stipulate

525
00:27:21,200 --> 00:27:23,840
Speaker 4: that because recently there's been a lot of apps coming

526
00:27:23,840 --> 00:27:25,680
Speaker 4: out where you think that they might be a bank

527
00:27:25,720 --> 00:27:27,800
Speaker 4: and they're not. If they don't have an ADI, they

528
00:27:27,840 --> 00:27:31,040
Speaker 4: don't have this government guarantee, which I think is incredibly

529
00:27:31,040 --> 00:27:33,640
Speaker 4: important to have because it means that if the bank

530
00:27:33,680 --> 00:27:37,440
Speaker 4: went completely flop, your money is safe still the government

531
00:27:37,480 --> 00:27:40,119
Speaker 4: will make sure it comes back to you, whereas in

532
00:27:40,160 --> 00:27:42,480
Speaker 4: these savings apps that is not true.

533
00:27:43,320 --> 00:27:47,280
Speaker 1: Now another risk with these funds, and we will explain

534
00:27:47,320 --> 00:27:51,240
Speaker 1: how they work. If you invest your money quote unquote

535
00:27:51,880 --> 00:27:54,960
Speaker 1: as they would like to say, move your savings to

536
00:27:55,080 --> 00:27:58,719
Speaker 1: this app, there's a liquidity risk as well. So you

537
00:27:58,760 --> 00:28:00,639
Speaker 1: could say I want to take more mony honey out.

538
00:28:00,920 --> 00:28:03,840
Speaker 1: They could actually say, no, we can't get that to you.

539
00:28:04,240 --> 00:28:08,080
Speaker 1: So basically, what you've done is to get that higher

540
00:28:08,160 --> 00:28:10,879
Speaker 1: return of even three percent, so two percent higher than

541
00:28:10,920 --> 00:28:13,199
Speaker 1: your normal bank account, you've had to take on some

542
00:28:13,280 --> 00:28:16,640
Speaker 1: inherent risk. And some of that inherent risk is your

543
00:28:16,640 --> 00:28:19,760
Speaker 1: capital is not secure. And some of that inherent risk

544
00:28:20,160 --> 00:28:22,159
Speaker 1: is when you want to call on your money, it

545
00:28:22,280 --> 00:28:26,040
Speaker 1: might not be available. Now, these credit funds. Victoria could

546
00:28:26,080 --> 00:28:28,600
Speaker 1: be made up of a couple of things. Number one,

547
00:28:28,640 --> 00:28:32,360
Speaker 1: it could be made up of government bonds. Now, government

548
00:28:32,440 --> 00:28:37,119
Speaker 1: bonds is where you might give some money to the

549
00:28:37,160 --> 00:28:40,280
Speaker 1: government and they will guarantee a return each year for

550
00:28:40,320 --> 00:28:42,960
Speaker 1: the length of the bond. They could be corporate bonds,

551
00:28:43,040 --> 00:28:46,800
Speaker 1: so CBA might want to do a capital raise and

552
00:28:46,840 --> 00:28:49,120
Speaker 1: they say, hey, give us some money. We'll give you

553
00:28:49,280 --> 00:28:52,240
Speaker 1: x amount over this amount of time for this long

554
00:28:52,440 --> 00:28:56,000
Speaker 1: Usually it's higher than the cash rate to attract that money. Thirdly,

555
00:28:56,080 --> 00:28:59,200
Speaker 1: it could be some private mortgages, so some rich people

556
00:28:59,280 --> 00:29:04,360
Speaker 1: might get to get and fund mortgages for people who

557
00:29:04,480 --> 00:29:07,200
Speaker 1: might not qualify for a loan with a traditional lender.

558
00:29:07,600 --> 00:29:11,040
Speaker 1: And Fourthly, it could be a Peter peer lending scenario

559
00:29:11,360 --> 00:29:15,200
Speaker 1: where Glenn James says, here's one thousand dollars, I will

560
00:29:15,600 --> 00:29:20,040
Speaker 1: invest that. That company will loan that out to somebody

561
00:29:20,080 --> 00:29:23,120
Speaker 1: who needs one thousand dollars, charge them six percent, and

562
00:29:23,160 --> 00:29:27,680
Speaker 1: then give me three percent, and then also keep three

563
00:29:27,720 --> 00:29:31,960
Speaker 1: percent for their own profits. So victoria. A credit fund

564
00:29:32,160 --> 00:29:38,120
Speaker 1: is basically a fund where private money is pulled together

565
00:29:38,640 --> 00:29:44,680
Speaker 1: and then is providing credit to different I guess facilities

566
00:29:44,720 --> 00:29:46,880
Speaker 1: or end users or endpoints exactly.

567
00:29:46,920 --> 00:29:49,520
Speaker 4: And I think that a really important thing to point

568
00:29:49,520 --> 00:29:52,160
Speaker 4: out here is that these aren't bad things. You know,

569
00:29:52,280 --> 00:29:54,760
Speaker 4: I've got a bond as a part of my portfolio,

570
00:29:54,840 --> 00:29:57,400
Speaker 4: and I feel like it's really important to stipulate that

571
00:29:57,480 --> 00:30:00,120
Speaker 4: we don't not like these things. What we don't like

572
00:30:00,240 --> 00:30:02,840
Speaker 4: is the lack of transparency around these things and you

573
00:30:03,040 --> 00:30:06,080
Speaker 4: being able to make an educated decision on these things.

574
00:30:06,400 --> 00:30:09,360
Speaker 4: And that's really hard when you're not a financial advisor,

575
00:30:09,480 --> 00:30:13,120
Speaker 4: because these websites and these PDSs are beautiful and it's

576
00:30:13,200 --> 00:30:16,479
Speaker 4: not about what is included. Because the amount of ticks

577
00:30:16,480 --> 00:30:18,360
Speaker 4: on the website that's in front of me right now,

578
00:30:18,360 --> 00:30:21,040
Speaker 4: they're like, oh my gosh, this bond portfolio is held

579
00:30:21,080 --> 00:30:24,480
Speaker 4: by this security, and you know, our underlying investments are

580
00:30:24,480 --> 00:30:26,840
Speaker 4: for investment grade and they're a rating of A.

581
00:30:27,000 --> 00:30:28,440
Speaker 3: And you look at it and you go, wow, this

582
00:30:28,560 --> 00:30:29,920
Speaker 3: is pretty good. This is nice.

583
00:30:30,360 --> 00:30:33,160
Speaker 4: But to me, it's about what they don't say. It's

584
00:30:33,200 --> 00:30:37,080
Speaker 4: about what's not mentioned. And you, as a consumer who's

585
00:30:37,120 --> 00:30:40,240
Speaker 4: not a financial advisor, you don't know what you're looking

586
00:30:40,320 --> 00:30:43,200
Speaker 4: for and you don't know what it's missing. And I

587
00:30:43,240 --> 00:30:45,600
Speaker 4: think the most concerning thing about this is if I

588
00:30:45,640 --> 00:30:48,719
Speaker 4: scroll all the way down to the very very bottom

589
00:30:48,760 --> 00:30:53,040
Speaker 4: of this website. In the tiniest font Glenn, it says

590
00:30:53,400 --> 00:30:57,320
Speaker 4: withdrawal rights are subject to liquidity and maybe delayed or

591
00:30:57,360 --> 00:31:01,600
Speaker 4: even suspended. That means you might not get your money

592
00:31:01,640 --> 00:31:05,320
Speaker 4: back totally. And if they are suggesting you put your

593
00:31:05,440 --> 00:31:08,440
Speaker 4: savings there, like the amount of times I say, nah,

594
00:31:08,480 --> 00:31:11,240
Speaker 4: your savings and your savings, have your emergency fund, make

595
00:31:11,280 --> 00:31:14,160
Speaker 4: sure that you've always got access to quick cash. Investing

596
00:31:14,240 --> 00:31:18,280
Speaker 4: is a completely different thing. It feels so convoluted for

597
00:31:18,360 --> 00:31:21,080
Speaker 4: them to be saying, just add your savings and plant

598
00:31:21,080 --> 00:31:23,760
Speaker 4: the seeds so that you can watch your investment grow.

599
00:31:24,080 --> 00:31:27,880
Speaker 3: Like what, No, this is so misleading and it is

600
00:31:27,960 --> 00:31:29,640
Speaker 3: not the right thing to be doing.

601
00:31:30,040 --> 00:31:33,520
Speaker 1: Yeah, I guess what we're calling for is to write

602
00:31:33,560 --> 00:31:36,280
Speaker 1: what's inside the box on the front of the box

603
00:31:36,480 --> 00:31:37,080
Speaker 1: very clear.

604
00:31:37,560 --> 00:31:42,160
Speaker 3: And I'm not a deserved clarity. We deserve transparency.

605
00:31:42,280 --> 00:31:45,120
Speaker 4: We deserve to have people trying to put us in

606
00:31:45,160 --> 00:31:49,240
Speaker 4: the best possible position, not trick us with fancy marketing.

607
00:31:49,600 --> 00:31:51,960
Speaker 4: It's beautiful, Like, I bet they paid a lot of

608
00:31:52,000 --> 00:31:53,320
Speaker 4: money for this website.

609
00:31:52,960 --> 00:31:55,120
Speaker 1: Glenn, Like I actually like the website.

610
00:31:55,320 --> 00:31:59,360
Speaker 3: I love the website, And that's not the point that's right.

611
00:31:59,440 --> 00:32:03,240
Speaker 1: But also hear our hearts like, we've got nothing against

612
00:32:03,320 --> 00:32:05,640
Speaker 1: credit funds. We've got nothing against bond funds and all

613
00:32:05,680 --> 00:32:08,680
Speaker 1: that they can play a part in your overall portfolio.

614
00:32:09,080 --> 00:32:11,120
Speaker 1: If you call your super fund at the moment, you'll

615
00:32:11,120 --> 00:32:15,560
Speaker 1: probably have a ten to fifteen percent allocation to defensive assets,

616
00:32:15,840 --> 00:32:17,760
Speaker 1: and that will be made up of bonds and credit

617
00:32:17,760 --> 00:32:21,160
Speaker 1: funds and whatnot. But please don't say it's a freaking

618
00:32:21,600 --> 00:32:24,640
Speaker 1: account that looks like a savings account. Because a savings account,

619
00:32:25,240 --> 00:32:29,400
Speaker 1: I get access to my money at call. It's backed

620
00:32:29,400 --> 00:32:33,800
Speaker 1: by the government's guarantee, but it only is one percent interest.

621
00:32:34,160 --> 00:32:37,080
Speaker 1: These funds may be a three percent interest. But the

622
00:32:37,160 --> 00:32:41,280
Speaker 1: other inherent risks. So if in doubt, I think the

623
00:32:41,320 --> 00:32:44,080
Speaker 1: answer is no. It's a good metaphor for life, isn't

624
00:32:44,080 --> 00:32:44,600
Speaker 1: it Victoria.

625
00:32:44,720 --> 00:32:48,440
Speaker 3: If in doubt, no, If in doubt, run away or.

626
00:32:48,480 --> 00:32:50,880
Speaker 1: Just watch the movie yes man, and do everything.

627
00:32:50,920 --> 00:32:53,240
Speaker 4: Don't do that, do not do that, do not listen

628
00:32:53,280 --> 00:32:54,280
Speaker 4: to Glenn's advice.

629
00:32:54,640 --> 00:32:58,120
Speaker 1: Oh no, terrible, Okay, so no, no, yes, If in doubt, no,

630
00:32:58,240 --> 00:33:01,200
Speaker 1: when it comes to your money, stuff that life, watch yes, ma'am.

631
00:33:01,280 --> 00:33:02,760
Speaker 3: Yeah, okay, watch yes, ma'am.

632
00:33:02,760 --> 00:33:05,320
Speaker 4: But when it comes to investing, you know, and it

633
00:33:05,360 --> 00:33:08,560
Speaker 4: comes to your money. Please please please understand what you're

634
00:33:08,600 --> 00:33:12,360
Speaker 4: putting your money into. And I think I'm incredibly frustrated

635
00:33:12,400 --> 00:33:15,560
Speaker 4: by this because you know, this particular website that we're

636
00:33:15,600 --> 00:33:19,240
Speaker 4: talking about, Glenn One. Yeah, you're right, it's beautiful, but

637
00:33:19,360 --> 00:33:22,480
Speaker 4: it's very She's on the money. And I have had

638
00:33:22,840 --> 00:33:25,760
Speaker 4: so many people slide into my DMS be like, hey,

639
00:33:25,840 --> 00:33:28,800
Speaker 4: the I've seen this new thing. You're involved, right, No,

640
00:33:29,200 --> 00:33:33,000
Speaker 4: I have nothing to do with this company. No, like,

641
00:33:33,280 --> 00:33:36,480
Speaker 4: because obviously the target and marketing for these guys would

642
00:33:36,520 --> 00:33:39,920
Speaker 4: be very similar to our demographics of our community because

643
00:33:39,960 --> 00:33:43,200
Speaker 4: it's very feminine, right Like, it's not really a masculine

644
00:33:43,240 --> 00:33:47,560
Speaker 4: type of app. It's definitely very female focused, which is fine.

645
00:33:48,320 --> 00:33:50,560
Speaker 4: But because of that, I think there seems to be

646
00:33:50,600 --> 00:33:52,880
Speaker 4: this level of association and I just want to stamp

647
00:33:52,960 --> 00:33:54,959
Speaker 4: that out. I have nothing to do with these people,

648
00:33:55,240 --> 00:33:58,560
Speaker 4: and to be honest, I wouldn't even work with them,

649
00:33:58,640 --> 00:34:02,240
Speaker 4: not because they're bad people or they're delightful, but because

650
00:34:02,400 --> 00:34:04,600
Speaker 4: it is not putting you in the best possible position,

651
00:34:04,680 --> 00:34:07,240
Speaker 4: and because it is not transparent, it is not fair.

652
00:34:07,960 --> 00:34:11,759
Speaker 1: Well, there you have it. Good summary, Victoria, Now get

653
00:34:11,800 --> 00:34:16,840
Speaker 1: you some final thoughts do you want to I guess Oh, firstly,

654
00:34:17,719 --> 00:34:20,839
Speaker 1: tell graven't had you on mind learning your money? Tell

655
00:34:20,920 --> 00:34:21,920
Speaker 1: us about your book?

656
00:34:22,480 --> 00:34:25,120
Speaker 3: Oh my gosh, thank you. It comes out on the

657
00:34:25,200 --> 00:34:25,960
Speaker 3: sixteenth of.

658
00:34:26,000 --> 00:34:29,040
Speaker 4: June, Glen, which is very, very fun, and I've spent

659
00:34:29,160 --> 00:34:32,320
Speaker 4: the last week recording the audio book of it, which

660
00:34:32,640 --> 00:34:36,520
Speaker 4: if you're a podcaster you go into feeling really confident about.

661
00:34:37,040 --> 00:34:39,239
Speaker 4: It is not the same as recording a podcast. It

662
00:34:39,320 --> 00:34:43,280
Speaker 4: is so much different. And I have been absolutely zoonked

663
00:34:43,320 --> 00:34:46,560
Speaker 4: all week because it is exhausting, but it is so fun.

664
00:34:46,760 --> 00:34:50,240
Speaker 1: It's so fun. Who should buy your book? What's it about?

665
00:34:51,040 --> 00:34:53,000
Speaker 1: And will put a link in the show notes of

666
00:34:53,040 --> 00:34:54,759
Speaker 1: this episode if someone wants to buy it.

667
00:34:55,640 --> 00:34:58,279
Speaker 4: So the book is essentially a summary of She's on

668
00:34:58,280 --> 00:35:00,600
Speaker 4: the Money, right, like it is called She's on the Money,

669
00:35:01,000 --> 00:35:03,719
Speaker 4: and it is a book about taking charge of your

670
00:35:03,760 --> 00:35:07,440
Speaker 4: financial freedom and your financial life, and it is everything

671
00:35:07,440 --> 00:35:09,560
Speaker 4: from A to Z in exactly the same way that

672
00:35:09,640 --> 00:35:11,879
Speaker 4: I think you're writing a book, Glenn. They'll be best

673
00:35:11,880 --> 00:35:12,880
Speaker 4: friends on the shows.

674
00:35:12,920 --> 00:35:15,160
Speaker 1: I hope He's on the Money.

675
00:35:15,600 --> 00:35:16,960
Speaker 3: Oh good, Yeah.

676
00:35:16,719 --> 00:35:19,640
Speaker 4: That's absolutely not a conflict of my copyright.

677
00:35:19,800 --> 00:35:22,440
Speaker 3: That's so good for you. Yeah, that's fine.

678
00:35:22,600 --> 00:35:25,600
Speaker 4: I will take one hundred percent licensing fee, so I'm

679
00:35:25,640 --> 00:35:27,480
Speaker 4: more than happy for you to do that. I'll just

680
00:35:27,600 --> 00:35:29,360
Speaker 4: charge you one hundred percent of your profits.

681
00:35:29,400 --> 00:35:31,160
Speaker 1: Yea, Victoria take one hundred and ten.

682
00:35:31,680 --> 00:35:33,120
Speaker 3: Thank you so kind.

683
00:35:33,520 --> 00:35:35,360
Speaker 4: But essentially, I want to teach you how to be

684
00:35:35,440 --> 00:35:38,160
Speaker 4: more secure, more independent, and more informed with your money.

685
00:35:38,200 --> 00:35:39,759
Speaker 3: And this book does all of that.

686
00:35:39,960 --> 00:35:42,919
Speaker 4: So everything from a to Z, we go all through

687
00:35:42,960 --> 00:35:45,759
Speaker 4: saving investment, how to get out of debt, how much

688
00:35:45,760 --> 00:35:48,319
Speaker 4: a cost to have a baby, what that looks like.

689
00:35:48,440 --> 00:35:50,160
Speaker 4: We go through how much it costs to go to

690
00:35:50,160 --> 00:35:52,880
Speaker 4: preschool in primary school. We talk about a state planning.

691
00:35:53,160 --> 00:35:55,920
Speaker 4: So for me, it's a to Z, but it's not

692
00:35:56,120 --> 00:35:59,040
Speaker 4: going to be something that is condescending or rude. Like

693
00:35:59,239 --> 00:36:01,120
Speaker 4: I know you because I am you, and that's why

694
00:36:01,120 --> 00:36:03,360
Speaker 4: I've been so excited to create this book. And I

695
00:36:03,480 --> 00:36:05,880
Speaker 4: know that you're doing yours at the same time, Glenn,

696
00:36:05,960 --> 00:36:08,920
Speaker 4: So hopefully these two books can change a generation.

697
00:36:09,440 --> 00:36:11,239
Speaker 1: Well, we'll give it a shake, that's for sure.

698
00:36:11,760 --> 00:36:12,839
Speaker 3: I'm excited about it.

699
00:36:13,239 --> 00:36:15,800
Speaker 1: Yeah, I'm looking forward to getting my myths on a copy.

700
00:36:16,080 --> 00:36:17,640
Speaker 1: You'll have to send me a signed copy.

701
00:36:18,080 --> 00:36:18,759
Speaker 3: Oh, I don't know.

702
00:36:18,840 --> 00:36:21,719
Speaker 4: You didn't even send me any of your bloody money cards.

703
00:36:21,800 --> 00:36:24,360
Speaker 1: So no, no, no, no, they're serious.

704
00:36:24,520 --> 00:36:25,400
Speaker 3: They're in the mail.

705
00:36:26,200 --> 00:36:30,400
Speaker 1: They are no word of a lie. I told Jess

706
00:36:30,760 --> 00:36:33,880
Speaker 1: last week to post you down a handful.

707
00:36:34,480 --> 00:36:36,040
Speaker 3: But I love that. I'm going to give them to

708
00:36:36,080 --> 00:36:36,719
Speaker 3: my community.

709
00:36:37,120 --> 00:36:39,680
Speaker 1: Totally do it. I mean I had to order a

710
00:36:39,760 --> 00:36:40,480
Speaker 1: thousand of them.

711
00:36:41,640 --> 00:36:45,000
Speaker 3: That's right, was it? Because were you listening to my podcast?

712
00:36:45,960 --> 00:36:48,040
Speaker 4: You never listen to my podcast, which is fair because

713
00:36:48,040 --> 00:36:50,839
Speaker 4: you're not going to learn anything from it. But I

714
00:36:50,920 --> 00:36:53,360
Speaker 4: actually said on my podcast the other day, I was like, everybody,

715
00:36:53,360 --> 00:36:56,160
Speaker 4: slide into Glenn's DMS. Tell them to give me free stuff.

716
00:36:56,960 --> 00:36:59,879
Speaker 1: Yeah, slide in everyone. It's the wild West in there.

717
00:37:00,719 --> 00:37:03,879
Speaker 1: But there we have it. You can check out Victoria's book,

718
00:37:03,920 --> 00:37:05,560
Speaker 1: She's on the Money. We'll put a link in the show.

719
00:37:05,600 --> 00:37:07,080
Speaker 3: Note each kind.

720
00:37:07,480 --> 00:37:10,920
Speaker 1: I'm just keen to have a bit of a PSA

721
00:37:11,080 --> 00:37:13,920
Speaker 1: public service announcement. Just want to call out things for

722
00:37:14,000 --> 00:37:16,719
Speaker 1: what they are. And I'm sorry, I'm not looking at

723
00:37:16,760 --> 00:37:19,120
Speaker 1: the zoom screen, Victoria. I'm looking at the mountain range.

724
00:37:19,680 --> 00:37:23,359
Speaker 4: But that's my favorite mountain range. I'm so envious when

725
00:37:23,360 --> 00:37:25,279
Speaker 4: you're like, oh my gosh, I'm just staring at them.

726
00:37:25,360 --> 00:37:27,279
Speaker 3: Remarkable, So I'm like, cool.

727
00:37:27,200 --> 00:37:31,080
Speaker 1: That's nice, And I just think we need to call

728
00:37:31,160 --> 00:37:33,200
Speaker 1: things out for what they are at the risk of

729
00:37:33,640 --> 00:37:36,719
Speaker 1: I don't know, the cards falling where they may. I

730
00:37:36,840 --> 00:37:39,719
Speaker 1: certainly don't use any buy now, pay later stuff, No,

731
00:37:39,840 --> 00:37:43,880
Speaker 1: absolutely not. Any financially successful people that I know stick

732
00:37:43,920 --> 00:37:45,840
Speaker 1: away from it. They're not trying to get cute with

733
00:37:45,880 --> 00:37:48,600
Speaker 1: their money. They're not trying to outgame the system. And

734
00:37:48,840 --> 00:37:50,960
Speaker 1: if it walks like a duck and all that duck stuff,

735
00:37:51,239 --> 00:37:52,760
Speaker 1: it's a quackity quack quack.

736
00:37:53,200 --> 00:37:56,400
Speaker 4: Yeah, And I just think it's really important to remember that,

737
00:37:56,760 --> 00:37:59,200
Speaker 4: you know, we are people as well, and we are

738
00:37:59,239 --> 00:38:02,520
Speaker 4: small business and as much as Glenn and I obviously

739
00:38:02,719 --> 00:38:05,839
Speaker 4: have the privilege of getting on a podcast and saying hey,

740
00:38:06,000 --> 00:38:09,120
Speaker 4: like we want what's best for you, this is also

741
00:38:09,360 --> 00:38:11,120
Speaker 4: and I don't mean it in a bad way, because

742
00:38:11,160 --> 00:38:13,400
Speaker 4: to be honest, I'd never make any other decision, But

743
00:38:13,520 --> 00:38:17,319
Speaker 4: as small businesses like Glenn and mine, it's obviously financially

744
00:38:17,360 --> 00:38:20,839
Speaker 4: detrimental to say stuff like this publicly because we're not

745
00:38:20,880 --> 00:38:23,560
Speaker 4: going to get to work with companies, and other companies

746
00:38:23,640 --> 00:38:25,319
Speaker 4: might see this and go, oh my gosh, I can't

747
00:38:25,320 --> 00:38:28,120
Speaker 4: believe they had that opinion and our product isn't the same,

748
00:38:28,200 --> 00:38:30,040
Speaker 4: but we don't want to work with them because of

749
00:38:30,120 --> 00:38:32,880
Speaker 4: their opinions on this, And to be honest, I'm all

750
00:38:32,960 --> 00:38:35,719
Speaker 4: right with that because I just want what's best for you.

751
00:38:35,760 --> 00:38:38,040
Speaker 4: That's where she's on the money came from. It's where

752
00:38:38,040 --> 00:38:41,040
Speaker 4: my millennial money came from. Like, neither of these businesses

753
00:38:41,360 --> 00:38:43,680
Speaker 4: were started because we thought, hey, we can make money

754
00:38:43,719 --> 00:38:47,120
Speaker 4: from podcasting. It was started because we both genuinely loved

755
00:38:47,200 --> 00:38:50,879
Speaker 4: talking about money and genuinely want to connect with more

756
00:38:50,920 --> 00:38:53,920
Speaker 4: people about this topic that we are so passionate about

757
00:38:54,160 --> 00:38:57,360
Speaker 4: and we're just so lucky to have made it our careers.

758
00:38:57,760 --> 00:39:00,239
Speaker 4: So I think it's really important to remember that. You know,

759
00:39:00,320 --> 00:39:03,239
Speaker 4: we're trying to not be judgmental here. We're trying to

760
00:39:03,280 --> 00:39:06,879
Speaker 4: be really honest, reliable, and relatable for you. But this

761
00:39:06,960 --> 00:39:09,399
Speaker 4: does come at a level of cost to us, and

762
00:39:09,760 --> 00:39:12,080
Speaker 4: it's not a bad cost, to be honest, It's a

763
00:39:12,080 --> 00:39:14,839
Speaker 4: cost that I'm absolutely happy to pay. But I don't

764
00:39:14,840 --> 00:39:17,040
Speaker 4: want you to think that we're getting on here to

765
00:39:17,120 --> 00:39:20,080
Speaker 4: just blow our own horns. We're getting on here because

766
00:39:20,080 --> 00:39:22,520
Speaker 4: we genuinely think it's the best thing for you, and

767
00:39:22,600 --> 00:39:25,160
Speaker 4: it is really irresponsible of us to not speak up

768
00:39:25,200 --> 00:39:26,440
Speaker 4: in situations like this.

769
00:39:27,080 --> 00:39:30,239
Speaker 1: Totally could not have said it any better. Well, maybe

770
00:39:30,239 --> 00:39:30,680
Speaker 1: a little bit.

771
00:39:31,040 --> 00:39:34,880
Speaker 4: Oh okay, well you why don't you start your own podcast?

772
00:39:35,760 --> 00:39:38,439
Speaker 1: Hey? Everyone, Victoria and I are good friends and we

773
00:39:38,560 --> 00:39:40,640
Speaker 1: always have digs at each other, so it's all good.

774
00:39:40,760 --> 00:39:43,160
Speaker 4: Yeah, that's not legit. I actually got a message a

775
00:39:43,200 --> 00:39:45,279
Speaker 4: little while ago. They were like, oh, Glenn's been so

776
00:39:45,400 --> 00:39:47,239
Speaker 4: mean to you recently, and I was like, mate, you

777
00:39:47,239 --> 00:39:48,800
Speaker 4: should see what I send back.

778
00:39:49,120 --> 00:39:50,600
Speaker 3: I can't remember what you said. You were like, oh,

779
00:39:50,719 --> 00:39:51,799
Speaker 3: Victoria or something, and.

780
00:39:51,719 --> 00:39:54,600
Speaker 4: I was like, excuse me, Like he's saying that back,

781
00:39:54,680 --> 00:39:57,080
Speaker 4: Like do you realize we're friends in real life?

782
00:39:57,640 --> 00:40:00,399
Speaker 1: How funny? Got kid? Love it.

783
00:40:03,880 --> 00:40:04,239
Speaker 3: All right?

784
00:40:04,520 --> 00:40:07,520
Speaker 2: Such an amazing chat between you and Glen Vie, Like

785
00:40:07,800 --> 00:40:11,680
Speaker 2: all those things you just don't think about how the

786
00:40:11,960 --> 00:40:14,880
Speaker 2: apps that shall not be named are going to affect

787
00:40:14,880 --> 00:40:16,920
Speaker 2: your life. And I think it's really important that in

788
00:40:16,960 --> 00:40:18,680
Speaker 2: the future, in the next couple of weeks or so,

789
00:40:18,719 --> 00:40:20,960
Speaker 2: maybe we do a full episode of Full Deep Dive,

790
00:40:21,040 --> 00:40:23,359
Speaker 2: you and g can kind of chat about how those

791
00:40:23,480 --> 00:40:27,160
Speaker 2: things affect your future and the big impact they can

792
00:40:27,200 --> 00:40:30,200
Speaker 2: actually have on your finances and your whole life.

793
00:40:30,280 --> 00:40:30,960
Speaker 3: Absolutely.

794
00:40:31,040 --> 00:40:32,799
Speaker 4: And the one thing that I really want to leave

795
00:40:32,800 --> 00:40:35,280
Speaker 4: you guys with is that we're not saying these companies

796
00:40:35,320 --> 00:40:38,880
Speaker 4: are bad inherently. We're just saying that people that actually

797
00:40:39,040 --> 00:40:42,960
Speaker 4: use them are often not in the best possible financial position.

798
00:40:43,360 --> 00:40:45,839
Speaker 4: I'm not saying, oh my gosh, you're so vulnerable, but

799
00:40:45,920 --> 00:40:48,279
Speaker 4: that's what they're kind of relying on, especially with these

800
00:40:48,320 --> 00:40:51,480
Speaker 4: new marketing techniques and the things that their stuff into market.

801
00:40:51,680 --> 00:40:52,480
Speaker 3: It is savage.

802
00:40:52,520 --> 00:40:54,960
Speaker 4: And you know, Tony, you and I have had this conversation,

803
00:40:55,080 --> 00:40:57,640
Speaker 4: and our whole team has this conversation because we've got

804
00:40:57,680 --> 00:41:00,359
Speaker 4: this big group chat on all our computers and we

805
00:41:00,440 --> 00:41:03,719
Speaker 4: often send photos of marketing to each other and we're like,

806
00:41:03,760 --> 00:41:04,840
Speaker 4: how is this legal?

807
00:41:05,080 --> 00:41:08,160
Speaker 2: I mean, you and Glenn mentioned a few times during

808
00:41:08,200 --> 00:41:10,879
Speaker 2: that chat, like how beautiful the website is, like it's

809
00:41:10,920 --> 00:41:13,840
Speaker 2: that dopamine hit of Oh my god, what a beautiful website,

810
00:41:13,920 --> 00:41:16,120
Speaker 2: and it's like a good smelling stranger.

811
00:41:16,160 --> 00:41:18,200
Speaker 3: You're like, oh my gosh. Like that, I feel like

812
00:41:18,280 --> 00:41:20,640
Speaker 3: I can trust you because I like what I see.

813
00:41:21,040 --> 00:41:23,960
Speaker 2: And as always, if you've got any questions at all,

814
00:41:24,000 --> 00:41:27,000
Speaker 2: please pop them into the Facebook community search shees on

815
00:41:27,040 --> 00:41:29,719
Speaker 2: the money on Facebook, and we can have some really

816
00:41:29,760 --> 00:41:32,080
Speaker 2: great chats about it, but definitely we'll do an app

817
00:41:32,320 --> 00:41:35,520
Speaker 2: very soon about the potential outcomes from using these kinds

818
00:41:35,520 --> 00:41:36,080
Speaker 2: of services.

819
00:41:36,120 --> 00:41:37,040
Speaker 3: Absolutely, it's a chat.

820
00:41:37,080 --> 00:41:39,760
Speaker 4: I'm really glad that Glenn and I had recorded, because

821
00:41:39,800 --> 00:41:42,399
Speaker 4: more often than not, Glenn and I have these conversations

822
00:41:42,400 --> 00:41:45,880
Speaker 4: that we get a bit randy and they're not recorded conversations,

823
00:41:45,920 --> 00:41:47,560
Speaker 4: and I just feel like being a fly on the

824
00:41:47,560 --> 00:41:50,360
Speaker 4: wall in a conversation like that with myself who's a

825
00:41:50,360 --> 00:41:53,400
Speaker 4: financial advisor, and Glenn, who was a financial advisor for

826
00:41:53,440 --> 00:41:57,080
Speaker 4: more than ten years, who runs arguably one of Australia's

827
00:41:57,160 --> 00:42:01,320
Speaker 4: most successful money podcasts as well. It's just a powerful

828
00:42:01,400 --> 00:42:03,840
Speaker 4: chat that I hope starts to go further, Like I

829
00:42:03,880 --> 00:42:06,880
Speaker 4: want to see more regulation on these things and just

830
00:42:06,960 --> 00:42:10,680
Speaker 4: people taking more responsibility for the impact they're having, not

831
00:42:10,719 --> 00:42:12,960
Speaker 4: necessarily the bottom line of their businesses.

832
00:42:13,120 --> 00:42:15,799
Speaker 2: Yeah, I could not agree more. And you've spoke really,

833
00:42:15,800 --> 00:42:18,560
Speaker 2: really well, and it's just nice hearing two people like

834
00:42:18,600 --> 00:42:22,319
Speaker 2: you said that are extremely experienced in finance but chat

835
00:42:22,360 --> 00:42:24,399
Speaker 2: in a way that we can understand and we can

836
00:42:24,440 --> 00:42:26,400
Speaker 2: then go hang on, I do need to reassess the

837
00:42:26,400 --> 00:42:29,000
Speaker 2: way that I'm accessing these services and stuff, so I

838
00:42:29,000 --> 00:42:30,839
Speaker 2: think that lots of people will get something out of that.

839
00:42:30,880 --> 00:42:33,080
Speaker 2: But like I said, any questions at all please pop

840
00:42:33,120 --> 00:42:35,359
Speaker 2: them into our Facebook group. Search Facebook for.

841
00:42:35,440 --> 00:42:36,160
Speaker 3: She's on the Money.

842
00:42:36,640 --> 00:42:38,600
Speaker 2: Anything else you want to let people know on this Saturday.

843
00:42:38,800 --> 00:42:42,200
Speaker 4: No, absolutely not, But as always, just before we do

844
00:42:42,320 --> 00:42:44,800
Speaker 4: head off today, we'd like to acknowledge and pay respect

845
00:42:44,880 --> 00:42:48,160
Speaker 4: to Australia's Aboriginal and to our Astraight Islander people's. They're

846
00:42:48,200 --> 00:42:51,000
Speaker 4: the traditional custodians of the lands, the waterways and the

847
00:42:51,080 --> 00:42:54,120
Speaker 4: skies all across Australia. We thank you for sharing and

848
00:42:54,280 --> 00:42:56,399
Speaker 4: caring for the land on which we are able to learn.

849
00:42:56,719 --> 00:42:59,160
Speaker 4: We pay our respects to order's past and present, and

850
00:42:59,200 --> 00:43:01,080
Speaker 4: we share our friends and ou kindness.

851
00:43:01,520 --> 00:43:03,800
Speaker 2: The advice sheared on She's on the Money is general

852
00:43:03,840 --> 00:43:07,399
Speaker 2: in nature and does not consider your individual circumstances. She's

853
00:43:07,440 --> 00:43:10,719
Speaker 2: on the Money exists purely for educational purposes. We hope

854
00:43:10,719 --> 00:43:13,720
Speaker 2: you learn something we do, We really do and should

855
00:43:13,719 --> 00:43:16,600
Speaker 2: not be relied upon to make an investment or financial decision,

856
00:43:17,000 --> 00:43:20,880
Speaker 2: and we promise. Victoria Devine is an authorized representative of

857
00:43:20,920 --> 00:43:25,399
Speaker 2: Australia Pacific Funds Management Proprietary Limited ABN three four one

858
00:43:25,440 --> 00:43:28,920
Speaker 2: three two four six, three two five seven AFSL three three.

859
00:43:28,920 --> 00:43:31,480
Speaker 3: Nine one five one Oh, I can do Why am

860
00:43:31,480 --> 00:43:34,000
Speaker 3: I here? You can do this yourself? Thanks? Why did

861
00:43:34,040 --> 00:43:35,480
Speaker 3: I come in on a Saturday? If you know what

862
00:43:35,520 --> 00:43:37,680
Speaker 3: you're doing? I genuinely have no idea. Why are you here?

863
00:43:37,800 --> 00:43:39,759
Speaker 2: Okay, well you'll be cutting this. You're we're going to

864
00:43:39,800 --> 00:43:40,160
Speaker 2: thank you.

865
00:43:40,160 --> 00:43:42,680
Speaker 3: You cut the en. You're the audio wizard that we're

866
00:43:42,719 --> 00:43:44,880
Speaker 3: going to thank you because you can do. Go ahead

867
00:43:45,600 --> 00:43:46,520
Speaker 3: and thank you to our.

868
00:43:46,400 --> 00:43:49,080
Speaker 2: Team of Victoria the audio Wizard, who will be cutting

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00:43:49,080 --> 00:43:49,960
Speaker 2: to next podcast.

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00:43:50,000 --> 00:43:50,880
Speaker 3: Jokes on you guys.

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00:43:50,880 --> 00:43:52,719
Speaker 4: If if this was cut by me and it was

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00:43:52,760 --> 00:43:54,960
Speaker 4: in your ears, it wouldn't be in your ears, it

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00:43:55,000 --> 00:43:56,480
Speaker 4: would be on the cutting room floor.

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00:43:56,760 --> 00:43:57,240
Speaker 3: Anyway.

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00:43:57,400 --> 00:43:59,719
Speaker 4: We hope you have a brilliant weekend and we can't

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00:43:59,719 --> 00:44:01,840
Speaker 4: wait to see you bright and early on Monday morning.

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00:44:02,040 --> 00:44:03,000
Speaker 2: Love you bye,