Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
Speaker 1: the storytelling of you to make a difference for today
Speaker 1: and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money. She's on the Money.
Speaker 4: Hello and welcome to She's on the the podcast for
Speaker 4: millennials who want financial freedom. Today, guys, it is Friday,
Speaker 4: which means it is time to sit back with the
Speaker 4: girls with a bevy in hand, to unpack our favorite
Speaker 4: moments of the week and of course to celebrate you
Speaker 4: ow incredible. She's on the Money community. As always, we're
Speaker 4: going to be sharing our favorite money wins. We're going
Speaker 4: to be discussing what's making news in the finance world,
Speaker 4: and this week we are going to be helping to
Speaker 4: answer a juicy money question, which is actually about property.
Speaker 2: But before we.
Speaker 4: Get there, as always, it is time to recap the
Speaker 4: week that was, Miss Jess Grici. What happened on Monday.
Speaker 5: This week's diarist was honestly so incredible, one of my
Speaker 5: favorite ones. I mean, they're all big favorites of mine,
Speaker 5: but our diarist was really candid with us. She's a
Speaker 5: first gen immigrant from Sri Lanka and her life has
Speaker 5: always revolved really heavily around finance, like a lot of
Speaker 5: immigrant or first gen kids experience, because she's carrying a
Speaker 5: lot of weight and a lot of responsibility for her family.
Speaker 5: The majority of her family are still back in Sri Lanka.
Speaker 5: She here with her sister and her mum, and she
Speaker 5: spoke to us about firstly, what that burden. I don't
Speaker 5: know if burden's the right word, because it's a you know,
Speaker 5: a privilege, and she absolutely said that to be in
Speaker 5: a position to look after her family, but there's a
Speaker 5: lot of responsibility I think on her shoulders knowing that
Speaker 5: they want to be helping out. And then lay it
Speaker 5: over the top of all that, there's obviously a lot
Speaker 5: of unrest over Intr Lanka right now that is really
Speaker 5: complicating the matters for her family in terms of, you know,
Speaker 5: access to resources and personal safety and all of these
Speaker 5: absolutely tragic, awful things. And it was just so incredible
Speaker 5: to hear how she reconciled all of that, because that
Speaker 5: is a lot to be on the shoulders of a
Speaker 5: twenty two year old and it really just made me go, wow, like,
Speaker 5: you're incredible, and that story is actually probably not super unique.
Speaker 5: There's a lot of people that are in the same position,
Speaker 5: and so I was so grateful that she was really
Speaker 5: open with us about her journey and her mental health
Speaker 5: and that of her family as well as well. We
Speaker 5: did also make sure that we put some really good
Speaker 5: place so that you could donate money if you do
Speaker 5: want to help out with the economic crisis in Sri Lanka.
Speaker 2: In the show notes of that episode two.
Speaker 4: And right over to you, Miss Georgia King, what happened
Speaker 4: on Wednesday.
Speaker 6: On Wednesday, it was a super interesting episode that the
Speaker 6: two of you did together, and it was all about
Speaker 6: recognizing financial red flags in relationships, so it's super important topic.
Speaker 6: We spoke about the red flags for someone who just
Speaker 6: isn't right for you, and then we contrasted that with
Speaker 6: someone who might be showing signs of financial abuse.
Speaker 4: Which is a really really delineation. Yep, exactly.
Speaker 6: You guys also went through the list of things that
Speaker 6: we should be mindful of that count as red flags,
Speaker 6: with things like not letting usevend your own money, borrowing
Speaker 6: copious amounts from you, and not really telling you what
Speaker 6: it's for, secret debt, credit card issues, all of that
Speaker 6: kind of stuff. So if you are maybe worried that
Speaker 6: your partner might have issues, or even that you might,
Speaker 6: then I think this episode is a really good place
Speaker 6: to start.
Speaker 4: Yeah, and I think it was a good place to
Speaker 4: start as well when it's like, here are the red flags.
Speaker 4: But also everyone has a different money story, so we
Speaker 4: need to be able to decipher what's a red flag
Speaker 4: and maybe what's just an indication that they have some
Speaker 4: money trauma. And that's a really hard thing to do
Speaker 4: sometimes because you know, you might go, oh my gosh,
Speaker 4: they're really hesitant around money. That means that they're hiding
Speaker 4: something and it might actually just be their underlying anxiety.
Speaker 4: So it's really important to see I guess things from
Speaker 4: both sides of the coin while also having a really
Speaker 4: good level of empathy. Was a good episode. I mean
Speaker 4: Jess and I did it together because you were in BALI.
Speaker 4: I was kind of rude, but all right, getting my
Speaker 4: ten or do you have a fun time. We'll talk
Speaker 4: about it later. Yeah, we'll talk about it later. I
Speaker 4: like it. I like it all right, Georgia King. It's
Speaker 4: time for our budget direct money wins and Confessions of
Speaker 4: the week. What have you got for us?
Speaker 6: So mccrack is this week as always my girls. So
Speaker 6: the first one comes from Hailey money Win. I attended
Speaker 6: my first market since starting my small business last month
Speaker 6: and I sold over three hundred dollars worth of earrings.
Speaker 6: Yeah yeah, it was cut very cute. It was only
Speaker 6: a small market that went into lunchtime, but I was
Speaker 6: so happy with how it went. I'm nearly breaking even
Speaker 6: and we'll start making a profit soon. Just a little
Speaker 6: shout out to Hailey. Her business is called Handmade by Hailey,
Speaker 6: so search it up and support our girl. Well done
Speaker 6: to you, Hailey. The next win of the week comes
Speaker 6: from Steph. I filled out a survey for my super
Speaker 6: company and I got sent a twenty five dollar visa boutcher.
Speaker 4: As a thank you.
Speaker 6: Money win, I was able to get a couple of
Speaker 6: staple pieces on clearance from Kmart for building my capsule wardrobe.
Speaker 2: Well done to you, Steph.
Speaker 4: I love that.
Speaker 6: Oh I planned this poorly. The next win comes from
Speaker 6: Steph as well.
Speaker 4: Are they felt the same? No, there you go. Yeah, well,
Speaker 4: I mean if this was an actual visual podcast, we
Speaker 4: know that matters.
Speaker 6: It's not true, So it comes from Stephanie. Money win.
Speaker 6: I baked my partner a birthday cake instead of paying
Speaker 6: over sixty dollars on chocolate cake.
Speaker 4: Cake is insaints why I didn't have one of my
Speaker 4: wedding boycott the cake.
Speaker 6: Bye, you're a big fan of a Cole's cake, can't
Speaker 6: you bet on top?
Speaker 7: Yeah?
Speaker 4: Yeah, yeah, go get your chocolate mud cake. Decorate that
Speaker 4: up low Keyn't tell my best friend that's what I
Speaker 4: made her engagement Cake's got three Coals Mud cakes, some
Speaker 4: Betty Crocker icing, put them all together, put some fresh
Speaker 4: flowers on the top. Hey pressed O looks chack. One
Speaker 4: hundred dollar cake cost me less than twenty at.
Speaker 5: Coalst YouTube video though, because anyone who follows me on
Speaker 5: Instagram might remember Kate Gate from earlier this year working
Speaker 5: on some.
Speaker 2: She's on the money content.
Speaker 4: Yeah, even the Coal's mud cake cannot be successful for
Speaker 4: some people.
Speaker 2: Yeah, just watch your YouTube videos all way. Say.
Speaker 6: The next week, it comes from Caitlyn money Win. I
Speaker 6: scored five polarates classes for fifty dollars.
Speaker 2: That's good for value. Is that pretty good?
Speaker 4: That's good values class?
Speaker 2: Like thirty dollars.
Speaker 4: I started doing a lot of polarates at home using
Speaker 4: my kick app, not sponsored, justecue because my local polity
Speaker 4: studio gone up dollars a class, George King, Yeah, no
Speaker 4: for me, so I'm just do it in my laundry.
Speaker 6: Five to fifty is a good deal, Well done, Caitlin.
Speaker 6: The next wee, it comes from Ammalina money Win. I
Speaker 6: finally got my permanent resident visa after being in Australia
Speaker 6: for fourteen years.
Speaker 2: Congratulcome to family.
Speaker 6: This means my finances will need an overhaul since I
Speaker 6: can get Medicare cheaper, private health insurance at home line
Speaker 6: and all.
Speaker 2: Of that good stuff.
Speaker 6: Fourteen years that's a long time.
Speaker 4: Well just so welcome to the family. But she's been
Speaker 4: here the whole time.
Speaker 6: She's been here the whole time.
Speaker 4: So that cousin that you're waiting to get married, like
Speaker 4: they've got that really nice girlfriend that's come to Christmas
Speaker 4: every time, and you locked us waiting for the ring.
Speaker 4: You just know, yeah, we locked you down. We locked
Speaker 4: it down. Finally.
Speaker 6: The final win of today comes from Lauren money Win.
Speaker 6: I attended a wedding and my friend organized a shuttle
Speaker 6: to take us to the venue and take us back
Speaker 6: to our airbnb. The airbnb host offered to drop us
Speaker 6: off at the venue in the afternoons. It was just
Speaker 6: down the road, and then when the shuttle bus didn't
Speaker 6: pick us up at eleven thirty pm, the wedding coordinator
Speaker 6: offered to drop us back at the airbnb on the
Speaker 6: way home. I never heard from the shuttle and it
Speaker 6: was a good thing that we have paid. Yet, what wholesome,
Speaker 6: lovely people there are out there's very nice.
Speaker 4: Yeah, that is a sweet way to end, all right, Gee,
Speaker 4: As always, it has been fantastic celebrating some of your
Speaker 4: budget Direct money wins. Budget Direct winner of Cancer's Insurer
Speaker 4: of the Year Award twenty twenty two. Budget Direct Insurance Solved.
Speaker 4: Good one, Georgia King.
Speaker 7: Thanks.
Speaker 4: Well, let's go to a really quick break and when
Speaker 4: we get back, we're going to talk about property and
Speaker 4: we're going to talk about the TikTok influence. So who
Speaker 4: is making one million dollars each post they make? Don't
Speaker 4: go anywhere, alright, gals, A quick.
Speaker 5: One, but just a kind of fun interesting little article
Speaker 5: that I saw TikToker carby Lame or La may not
Speaker 5: sure which it is. There was an article about him
Speaker 5: recently because he makes as much as a million dollars
Speaker 5: per TikTok post, which is wild to me because I've
Speaker 5: never heard of him, and maybe that just means that
Speaker 5: I'm living under a rock.
Speaker 4: I've totally seen him. You know, that dude that like
Speaker 4: jumps in and like not man's plains but basically explains
Speaker 4: things rate after like another person's video, you know, like
Speaker 4: Kendall was cutting the cucumber like backwards and it just
Speaker 4: looked really complicated. He like drops in and he like
Speaker 4: shakes his little fingers like no, no, no, and then
Speaker 4: shows you how to do it really simply.
Speaker 5: Ah okay, yeah, so funny you mentioned Kendall actually because
Speaker 5: you think of I've seen similar articles about Kylie Jenner
Speaker 5: making similarly crazy amounts of money per post, and it
Speaker 5: was just really interesting to me because I mean, he
Speaker 5: has a lot of followers. He has one hundred and
Speaker 5: forty nine point five million followers at the time the
Speaker 5: article was written, which is so many people.
Speaker 4: That's insane amount of people, but.
Speaker 5: Also it's a mind boggling amount of money as well.
Speaker 5: It just kind of blew my tiny mind.
Speaker 4: It blows my mind as well. So in a profile
Speaker 4: that I found with Fortune, it was revealed that he
Speaker 4: earns up to one point one two million dollars per
Speaker 4: clip that he makes on TikTok, and he is reported
Speaker 4: to also make about five hundred and ninety seven thousand
Speaker 4: dollars per brand collaborations, and that doesn't mention anything about
Speaker 4: his in real life brand partnerships. Like what, that's so
Speaker 4: much money, So.
Speaker 6: Where's the one million coming from? Is that from TikTok?
Speaker 6: Because he's generating a lot of eyeballs, people are coming
Speaker 6: to the app.
Speaker 4: That's what people are paying him to make content for them.
Speaker 4: So the brands that he's working with are paying up
Speaker 4: to that. And recently I've got some actual name deals.
Speaker 4: He recently owned six hundred and seventy two thousand dollars
Speaker 4: American for a partnership with Hugo Boss, who he walked
Speaker 4: the run way for at the Milan Fashion Week show.
Speaker 4: And he recently shared that he signed a deal for
Speaker 4: over a million dollars for a single clip in collaboration
Speaker 4: with a major Hollywood studio. Like what that is? So
Speaker 4: much money? He's become the number one TikTok user.
Speaker 6: Wow, hate to be an asshole, ha, but Carbi Lame
Speaker 6: a little bit lame, not that funny.
Speaker 4: From you don't like his content.
Speaker 6: I'm not on TikTok. I don't get it. But I
Speaker 6: just watched a few VIDs to be like, who is this?
Speaker 6: Who's this guy? What's he up to?
Speaker 4: But I would.
Speaker 6: Say Froomes is content. For examples, Froomes.
Speaker 4: Once gave me an award like where we won the
Speaker 4: if you're listening but she's not listening.
Speaker 6: He must have just really found his niche and.
Speaker 2: It is it's working for you.
Speaker 5: I think it's a it's a good design if you've
Speaker 5: ever been nervous. We hear a lot in the Business
Speaker 5: Bible community from small business people who were anxious about
Speaker 5: showing up on social media. It can be very profitable.
Speaker 5: And while we're all not going to be Carbi Lame's
Speaker 5: or Lamar's, I'm really sorry, don't have to pronounce your name.
Speaker 5: There is profit to be had, and businesses more than
Speaker 5: ever are putting money and advertising spend behind these everyday
Speaker 5: normal people, where once upon a time.
Speaker 2: It would have just been for celebrities.
Speaker 6: So on that, guys, you are both influencers to a point.
Speaker 4: Can you not.
Speaker 2: More than me?
Speaker 5: For sure?
Speaker 6: When you guys started, what was it like doing your
Speaker 6: very first video or your very first Instagram story or
Speaker 6: whenever quest and being vulnerable in front of the camera,
Speaker 6: knowing that people are going to be like, oh god,
Speaker 6: Jess is trying to be an influencer. What's Victoria trying
Speaker 6: to do? Like, how do you block that out? For
Speaker 6: people that are starting small businesses and they want to
Speaker 6: put themselves out there, how do you push away that
Speaker 6: kind of self doubt?
Speaker 4: That's really hard because I had so much self doubt
Speaker 4: at the start of my journey. In fact, the whole
Speaker 4: reason I started a podcast was because they didn't want
Speaker 4: to be in front of the camera and it was
Speaker 4: just all too overwhelming to create YouTube videos like Jess, Like,
Speaker 4: for those of you who don't know, she has more
Speaker 4: than fifty thousand bloody subscribers on YouTube, Like she's a
Speaker 4: big dog in the YouTube world, but it's one of
Speaker 4: those things that I was really overwhelmed. But then I
Speaker 4: guess the more you do it, the more comfortable you
Speaker 4: get with it. And I think that I at the
Speaker 4: very start maybe assumed that people wanted something that wasn't
Speaker 4: me and you'd have to like curate this. People just
Speaker 4: want to see what you're up to, and like, I
Speaker 4: just think that if you're following me, you probably have
Speaker 4: something in common with me. We're probably the type of
Speaker 4: people that are going to be friends. I would hope
Speaker 4: you're not just following to laugh at me. But the
Speaker 4: people that follow you genuinely want to see your content
Speaker 4: and want to see what you're enjoying and want to
Speaker 4: see what you're sharing, and so that to me makes
Speaker 4: it a little bit easier. I always find it a
Speaker 4: lot more overwhelming when I'm creating content that I know
Speaker 4: the brand is going to use, whereas if it's my audience,
Speaker 4: I'm always like, oh, this is just for my friends,
Speaker 4: And that's the way I approach it, because I'm like, well,
Speaker 4: if I'd be embarrassed that my friends saw it, then
Speaker 4: I'm not going to post it. So I think it's
Speaker 4: just more dial it back a little bit. Jess, how
Speaker 4: do you approach that you're just so much better at
Speaker 4: it just always.
Speaker 2: Tells me what to do at all.
Speaker 5: It's a really interesting dichotomy because on one hand, people
Speaker 5: follow and I'm not putting myself in this category, but
Speaker 5: I'm a very very micro influencer on the platforms that
Speaker 5: I'm on.
Speaker 4: But she's an influencer.
Speaker 2: But I don't like the word.
Speaker 5: I think that it's really interesting because on one hand,
Speaker 5: people always want more content. They want more videos, more photos,
Speaker 5: more whatever from you, And even if she's on the money,
Speaker 5: we see this as well. But people really hate sponsored content.
Speaker 5: And I understand on some level that people don't want
Speaker 5: things push down their throats. But it's something that I
Speaker 5: really struggle with because I mean for myself personally, for
Speaker 5: she's all the money for Victoria is well, we're so
Speaker 5: incredibly selective with what we do take on. We only
Speaker 5: take on things that resonate or products that we use,
Speaker 5: or products that we genuinely like. And it's hard because
Speaker 5: in order to give people what they want, if people
Speaker 5: want more content, you require more time. You need to
Speaker 5: pay for that. Somehow she's on the money employees, how
Speaker 5: many full time staff we need to pay those bills, like,
Speaker 5: unfortunately my salary doesn't just appear out of scene.
Speaker 4: Now I have toesn't it?
Speaker 6: We got it?
Speaker 5: You know how we do that with ads? And so
Speaker 5: I find it really interesting because people I think, who
Speaker 5: aren't familiar with the advertising space, and more often than not,
Speaker 5: the ones that have their back up a little bit
Speaker 5: about it. And I struggle because I go, like, I
Speaker 5: get that you don't want to be over sold to,
Speaker 5: Like I get that you don't want me to be
Speaker 5: like here's this bitcoin thing, because that doesn't a lot
Speaker 5: like that would be gross coming from me because it.
Speaker 4: Could become infomercials, you know, the ones to see like
Speaker 4: after eleven pm on TV.
Speaker 5: Yeah, like if something doesn't seem genuine, I get why
Speaker 5: you wouldn't.
Speaker 2: Want to see that.
Speaker 5: But influencers like have to put food on the table
Speaker 5: like it is a job this day and age, and
Speaker 5: you know, for us, it's something that's kind of an
Speaker 5: aside to she's on the money, which I guess is
Speaker 5: kind of an influencing thing in and of itself sometimes,
Speaker 5: but you know, for people, I don't understand why people's
Speaker 5: reaction isn't to support it, because whenever I see people
Speaker 5: put stuff out that I like, I'm like, save it,
Speaker 5: like it, comment on it, send it to a friend,
Speaker 5: like doing everything I can to get that engagement up
Speaker 5: because I'm like, yes, Queen, get that bag.
Speaker 2: You worked hard.
Speaker 5: I know that you love that brand, and I'm so
Speaker 5: proud of you forgetting this job because it's a job
Speaker 5: and I don't think people.
Speaker 2: View it that way.
Speaker 5: And we've copped it on shees on the money, we've
Speaker 5: both copped it personally where people don't like it. Sponsor
Speaker 5: posts tank and then you get self conscious because you're like, oh, like,
Speaker 5: I was very proud of this, Like I worked really
Speaker 5: hard on it, and I was really excited for someone
Speaker 5: like me who is just a little tiny fish. I'm like,
Speaker 5: I'm so proud that I've done it.
Speaker 4: Comment not, sister.
Speaker 5: But it's really interesting that people have the opposite reaction,
Speaker 5: and I think it is just.
Speaker 4: A mind frame thing because they don't get it. Bay
Speaker 4: It's because they literally don't understand the time, energy and
Speaker 4: effort it goes into it. I think that, you know,
Speaker 4: influencing seems really glamorous because that's what influencers are best at,
Speaker 4: making their lives look super glamorous, because that's why they exist, right,
Speaker 4: But I think that the important thing to remember is
Speaker 4: it's time, it's energy, it's effort, like the amount of
Speaker 4: back and forth with the brand and understanding their brief
Speaker 4: and then going how do you want this filmed? Like,
Speaker 4: because there's so many semantics that come into it, Like
Speaker 4: if you think you're just watching an organic skin care
Speaker 4: video and that brand hasn't said use this one, then
Speaker 4: this one, and then use this one and say this
Speaker 4: about the like that happens all the time. And I mean,
Speaker 4: I've never taken instruction from a brand like that because
Speaker 4: it goes against everything in my body, Like, I just
Speaker 4: can't do it. I have tried to work with brands
Speaker 4: and I'm like, oh, give your product a crack. If
Speaker 4: it's not something that I genuinely would use, I have
Speaker 4: to say no pure because I'm just too transparent. I
Speaker 4: can't get up there and be like, oh, Jess, I
Speaker 4: love this, you should buy it too. It makes me ick.
Speaker 4: But I think that people don't understand the work that
Speaker 4: goes into it and the amount of time, energy, effort
Speaker 4: that went into all of those posts to get to
Speaker 4: the first paid post, Like it's genuinely a lot of work.
Speaker 4: But I do see the dynamic around influences and people's
Speaker 4: and the community's expectation of them changing completely. Before it
Speaker 4: was like the rise of the influencer, and influencers could
Speaker 4: talk about anything, and then they became full time influencers,
Speaker 4: and and now I think that full time influencers have
Speaker 4: existed for a while that people are bored with them.
Speaker 4: They're like, no, no, no, You're not relatable anymore. You're
Speaker 4: just like this full time influencer. I want to go
Speaker 4: follow Georgia King, who's a journalist and also does some posts.
Speaker 4: Or I want to follow Jess, who we know works
Speaker 4: full time for she's on the money and as a
Speaker 4: hustler in her own right, but also runs this like
Speaker 4: little side thing of doing her own influencer work. And
Speaker 4: I think that that is the type of influence or
Speaker 4: influencers that people want to follow now because they have
Speaker 4: I don't want to say more substance, but they kind
Speaker 4: of have more interest in the backstory of their lives,
Speaker 4: and you know, they're the types of influencers I want
Speaker 4: to follow, Like I want to follow business owners. I
Speaker 4: want to follow people who have full time careers and
Speaker 4: share that journey and also do sponsored content on the side,
Speaker 4: I don't want to just follow someone who's hot, like
Speaker 4: I'm not a dude on TikTok or Instagram, Like I
Speaker 4: don't need to see bikini picks. I really don't mind.
Speaker 4: So I think that this dynamic is changing, but I
Speaker 4: think people get so hyped about it. And this is
Speaker 4: why it's been sent to me so many times in
Speaker 4: the last couple of weeks, is because a million dollars
Speaker 4: one post seems astronomical.
Speaker 2: Yeah, weekly, we're not even scratching the surface of everyone.
Speaker 4: We have to do like fifty million posts just to
Speaker 4: like pay one of Jess's salaries. But I think it's
Speaker 4: interesting because when it gets to that point, you're like,
Speaker 4: that is stupid money. The reason people are willing to
Speaker 4: pay it is two things, right, conversion and exposure. So
Speaker 4: conversion would be the amount of clients that they might
Speaker 4: get for that or sales they might get for that post.
Speaker 4: But then two, you look at this guy and he
Speaker 4: has what more than one hundred and fifty million TikTok followers.
Speaker 4: He is the biggest platform on TikTok. You are basically
Speaker 4: guaranteed exposure to your product by working with this person.
Speaker 4: There's not a lot of places left, like TV, radio,
Speaker 4: advertising billboards that I could guarantee that type of exposure.
Speaker 4: Like you go and buy a billboard, you can't get
Speaker 4: one hundred and fifty million eyes on that. Like And
Speaker 4: as much as not every single one of his audience
Speaker 4: would see it, really nice chunk of them will. And
Speaker 4: when it comes to advertising, it's usually measured by how
Speaker 4: many people will see it, hear it, or digest it
Speaker 4: as to how they cost for it. So as much
Speaker 4: as that might seem astronomical, it's just how the metrics
Speaker 4: might have come out.
Speaker 6: As someone who works in traditional media, I think it's
Speaker 6: really interesting to see how all of this money is
Speaker 6: being reallocated to social media because it is more effective,
Speaker 6: it is more trackable, you can see the results that
Speaker 6: you're having as a brand. So yeah, it's just fascinating.
Speaker 6: And you know, credit to Carb Lame doing great work.
Speaker 5: Great bed.
Speaker 4: Yeah exactly. All right, let's do a listener question. What
Speaker 4: have we got this week?
Speaker 6: Hi? There, have you got a money dilemma you just
Speaker 6: can't solve? The shees on the Money team is here
Speaker 6: to help. Every week we tackle your dilemmas Broth big
Speaker 6: and small to answer your most burning money, career and
Speaker 6: life questions. To get involved, simply head to our website
Speaker 6: and leave us a quick voice recording and you may
Speaker 6: just find yourself on the show. Now, let's take a
Speaker 6: listen to today's money dilemma.
Speaker 7: His she is on the money. I have a question
Speaker 7: about property. With the increasing cost of houses, I want
Speaker 7: to put us in the best position to purchase a
Speaker 7: house in a few years time. We purchased my first property,
Speaker 7: which was my partner's second property in twenty twenty. But
Speaker 7: my question is would it be best to keep paying
Speaker 7: down the current mortgages or with the equity and our
Speaker 7: current property that's gone up about one hundred and thirty
Speaker 7: thousand in two years, do we look to buy an
Speaker 7: investment property now and have three assets gaining value? My
Speaker 7: concern is the amount of debt would be taken on,
Speaker 7: but two of these properties would be investments and one
Speaker 7: we currently reside in. Thanks.
Speaker 4: When it comes to advice, obviously, I can answer this directly,
Speaker 4: being really brutally honest like that is far too specific.
Speaker 4: I don't know the semantics of your financial situation, or
Speaker 4: your goals, or your values, or literally anything for me
Speaker 4: to do that I need to do an entire statement
Speaker 4: of advice, which would involve an entire fact find we
Speaker 4: need to do a risk profile, we need to a
Speaker 4: goal setting session, like there would be so much to it, right,
Speaker 4: So unfortunately I can't do that. But I think that
Speaker 4: this is actually one of those circumstances where the value
Speaker 4: of financial advice really shines through. Like you clearly are
Speaker 4: in a good financial circumstance, Like financial advice can be
Speaker 4: a little bit inaccessible due to the cost. Right like
Speaker 4: for a financial plan, you're paying anywhere between three and
Speaker 4: probably seven thousand dollars depending on what financial advisor you
Speaker 4: go and see. But in saying that this community member
Speaker 4: has just told us that she's made one hundred and
Speaker 4: thirty thousand dollars in two years on her property, I
Speaker 4: would see it as a very good investment for them
Speaker 4: to go and get some genuine, personalized financial advice, because
Speaker 4: not only is it going to, you know, answer the
Speaker 4: question you're looking for, and I'm sorry it's going to
Speaker 4: cost you money, but you're in a circumstance you've just
Speaker 4: explained it where a financial advisor is going to be
Speaker 4: able to turbo charge your wealth like they are going
Speaker 4: to be able to sit down and be like, all right,
Speaker 4: sit down, how are we going to do this? Be
Speaker 4: what does this look like? How are we going to
Speaker 4: work this out? What are your goals? What are your value?
Speaker 4: They're going to create a financial plan that only means
Speaker 4: that for the next few years you are you know,
Speaker 4: making bank on your investments, but you make the right
Speaker 4: decisions along the way. It's very impressive that you've gotten
Speaker 4: this far without advice, But I would really push towards
Speaker 4: getting advice now because it's quite a cushy and great
Speaker 4: position to be and where you're like, I don't know
Speaker 4: if I should pay off my mortgage or do this,
Speaker 4: and like, I mean, if you don't want to go
Speaker 4: and get advice, I would sit down and do your
Speaker 4: own budget and your own cash flow and have a
Speaker 4: look at what your mortgage rate is versus what the
Speaker 4: rate of the share market is, versus what the rate
Speaker 4: of other investments you're planning to make is, and make
Speaker 4: a decision that is in line with that. But genuinely,
Speaker 4: I think this is the perfect example of somebody who
Speaker 4: should go and talk to a financial advisor. Obviously, I
Speaker 4: am the biggest advocate for the financial advice industry, Like
Speaker 4: I used to be a financial advisor and I adored
Speaker 4: my job, and I'm still a little bit begrudging that
Speaker 4: I'm not doing that. But it just makes sense to
Speaker 4: focus on She's on the Money. But there are people that,
Speaker 4: to be honest, I don't believe benefit as much as
Speaker 4: they could from financial advice because they're just not in
Speaker 4: the financial circumstances to afford it. But then also have
Speaker 4: the most power. But this is one of those circumstances
Speaker 4: where you go, gin, know what, if you're making that
Speaker 4: much money on a property, you have that much equity,
Speaker 4: you've got good cash flow, you've got good savings, and
Speaker 4: you don't have enough direction. Honestly, this is when I
Speaker 4: am quite point blank, go see a financial advisor. If
Speaker 4: you don't have one, head to my website She's on
Speaker 4: the Money dot com, dot au, and I will match
Speaker 4: you with one of our preferred partners. And those are
Speaker 4: people that I work with directly each and every single
Speaker 4: week to put the Shees on the Money community in
Speaker 4: the best possible position. Like it's why we do what
Speaker 4: we do.
Speaker 5: Yeah, I think as someone who kind of was advisor
Speaker 5: adjacent for a very long time, fly on the wall
Speaker 5: of there's a lot of value to be had by
Speaker 5: seeing someone if you are in the right position to
Speaker 5: do so, and if you have something that's super basic
Speaker 5: that you can figure out yourself. As you said, maybe
Speaker 5: it's not worth it, but for someone like our listener,
Speaker 5: where they've got all of these assets and all of
Speaker 5: this money at play, I can see how that would be.
Speaker 2: Super valuable for them hundred percent.
Speaker 4: And it's not just the wealthy people who need financial advice.
Speaker 4: I mean, we have insurance only advisors and people who
Speaker 4: will just talk to you about investment in shares, and
Speaker 4: people who could help you with your superannuation. Like there
Speaker 4: are advisors for all stages, but in this particular case,
Speaker 4: I'd really be steering you further towards a holistic financial
Speaker 4: advisor that can look at absolutely everything. And that is
Speaker 4: on the I guess, pricier side of the financial advice realm.
Speaker 4: But from my perspective, that's an investment in itself. Like
Speaker 4: the one thing that I think that financial advisors are
Speaker 4: really bad at is selling themselves and saying, hey, gee,
Speaker 4: if you get financial advice, this is the position you'll be,
Speaker 4: and they want to do it. But if you spend
Speaker 4: five grand, You're going to get that back in dividends
Speaker 4: over the rest of your financial life. And just think
Speaker 4: that financial advisors need to be better at that, because
Speaker 4: that's exactly what they do.
Speaker 6: Take the plunge, be all.
Speaker 4: Right before we go to the boring but important stuff.
Speaker 4: Georgia King, Hello, is this your second last episode of
Speaker 4: Friday Drinks?
Speaker 2: I think it is going to cry.
Speaker 6: Let's now not bring out the waterworks again.
Speaker 4: No, but it's been a pleasure. Last week's your last.
Speaker 4: We'll have to have party, alright, you do something for.
Speaker 6: Bringing cupcakes or something bringing.
Speaker 4: A cold mud cake. Allright, alright, alright, see you next week, guys.
Speaker 4: The advice shared on She's on the Money is generally
Speaker 4: nature and does not consider your individual circumstances. She's on
Speaker 4: the Money exists purely for educational purposes and should not
Speaker 4: be relied upon to make an investment or financial decision.
Speaker 4: If you do choose to buy a financial product, read
Speaker 4: the PDS TMD and obtain appropriate financial advice tailored towards
Speaker 4: your needs. Victoria Divine and She's on the Money are
Speaker 4: authorized representatives of Money sherper P T Y L T
Speaker 4: D A B N three two one six four nine
Speaker 4: two seven seven zero eight A F s L four
Speaker 4: five one two eight nine