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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr

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Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before

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Speaker 1: we get started on She's on the Money podcast, I

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Speaker 1: would like to acknowledge the traditional custodians of the land

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Speaker 1: of which this podcast is recorded on a wondery country,

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Speaker 1: acknowledging the elders, the ancestors and the next generation coming

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Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing

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Speaker 1: and the storytelling of you to make a difference for

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Speaker 1: today and lasting impact for tomorrow.

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Speaker 2: Let's get into it. She's on the Money.

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Speaker 3: She's on the Money.

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

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Speaker 2: for millennials who want financial freedom. Today, my friends, it

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Speaker 2: is Friday, which means it is time to get our

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Speaker 2: little team together and celebrate you our incredible She's on

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Speaker 2: the Money community. Today, Miss Jess Gorici is going to

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Speaker 2: be sharing our favorite money wins from the community. We're

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Speaker 2: going to be helping to answer a juicy money dilemma,

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Speaker 2: which this week is all about whether to take on

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Speaker 2: a shorter or a longer period repaying a home loan.

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Speaker 2: And we're going to unpack something that you slid into

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Speaker 2: our DMS about this week, which is all about running

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Speaker 2: aside hustle and friendship boundaries. Miss Jessic Ricci, how has

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Speaker 2: your week been? It's been good.

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Speaker 4: It's been low key, kind of chill, which is nice

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Speaker 4: after a couple of crazy, crazy weeks for us.

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Speaker 2: I love it. I feel like I'm still kind of

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Speaker 2: riding the high. Yeah, but at the same time, I'm

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Speaker 2: so scared that the high is about to drop and

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Speaker 2: I'm going to get really sick, you know, that anxiety

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Speaker 2: waiting for the bee to drips coming back. How has

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Speaker 2: your week been?

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Speaker 5: Really nice? Also low key? I believe what have I done?

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Speaker 2: The change of web?

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Speaker 5: I don't know.

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Speaker 2: How's in your job going?

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Speaker 5: Oh I'm really liking it? Oh God, yeah, I really

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Speaker 5: liking it. You know, in like little random it's information

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Speaker 5: finally start to form a picture in your mind. Yeah.

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Speaker 5: I think I'm getting to that point and I feel

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Speaker 5: really good and really comfortable.

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Speaker 2: It makes you so much more confident, right, yeah, love love,

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Speaker 2: love love. All right, let's jump straight into it, Miss

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Speaker 2: Jessica Ricci, you were raving about it earlier. What are

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Speaker 2: the community money wins that you're bringing to the table

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Speaker 2: today already.

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Speaker 4: My first money win comes from Nicole, who said, money

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Speaker 4: win this week. I've finally gotten to the point where

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Speaker 4: I was able to decrease the limit on my credit

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Speaker 4: card to five thousand dollars from ten thousand dollars after

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Speaker 4: paying down some of the debt on it. My next

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Speaker 4: target is to get it down to two thousand dollars. Queen,

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Speaker 4: little baby steps. Still having debt, is totally fine, working

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Speaker 4: on it.

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Speaker 2: Huge win.

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Speaker 5: I feel like so many times people are like, oh,

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Speaker 5: I feel really ashamedful because I'm still in debt.

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Speaker 2: No, Queen, I'm proud of the behaviors that you have

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Speaker 2: towards getting rid of that debt. Absolutely and also what

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Speaker 2: happens when you get out of debt, You've already got

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Speaker 2: those behaviors astablish.

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Speaker 4: That's truly say congratulations and a cole. My next money

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Speaker 4: when comes from Samantha, who said I didn't buy a

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Speaker 4: new dress for a wedding.

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Speaker 2: I always do.

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Speaker 4: I'm currently sixteen weeks pregnant, and I uncomfortably squeezed into

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Speaker 4: one that I already had so I could save myself

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Speaker 4: some money.

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Speaker 2: Oh that is smart. We were talking about it. Actually

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Speaker 2: I put it in last week's newsletter because a few

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Speaker 2: people DMed us about our outfits and Jesse you were like, hey,

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Speaker 2: ve can I do a post on She's on the

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Speaker 2: Money about the outfits we all wore to International Women's Day?

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Speaker 2: And I was like, yeah, of course they were really cute.

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Speaker 2: But something that She's on the Money team does, which

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Speaker 2: I think I don't know if it's important to point out,

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Speaker 2: but I think it's fun to point out because we're

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Speaker 2: always was like, oh my god, if you've got an

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Speaker 2: event or all dress from a friend, or hire it

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Speaker 2: or do whatever. We literally walk the walk like Jess.

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Speaker 2: We share wardrobes all the time, literally all the time,

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Speaker 2: Like if you see me in a dress, very high probability,

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Speaker 2: it's Jesses and vice versa. And even for International Women's Day,

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Speaker 2: it was funny because Gabby my EA was like, hey Vee,

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Speaker 2: I really like that dress. Can I wear it in

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Speaker 2: two weeks time when we do you know? Perse? And

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Speaker 2: I was like, of course you can. It's got pocket

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Speaker 2: like I didn't invest in address for it to get

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Speaker 2: out once. But anyway, great outcome.

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Speaker 4: Drest sharing and that's a little theme I'll touch on

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Speaker 4: that inners. Its actually my next money in It comes

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Speaker 4: from Kelly, who said, money whin. I was able to

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Speaker 4: Postpoe the kid's dentist appointment because there was one visiting

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Speaker 4: at their school the same week they would.

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Speaker 2: You was that, like, Harold, I think that's what I thought.

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Speaker 4: I was like, is that potentially the giraffe?

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Speaker 2: I don't know if he still existed? Does he still exists?

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Speaker 5: Showing it?

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Speaker 2: It's yeah, it's kind of weird now you think about it. Hey,

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Speaker 2: this giraffe and a caravan is going to come to

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Speaker 2: your school. Do you want to come in my creepy

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Speaker 2: little dark caravan? Watch movies? It was alwaso dark.

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Speaker 6: It was dark.

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Speaker 5: That's what I remember, Like, I cannot remember what I

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Speaker 5: learned in that caravan, nothing, but it was dark, the

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Speaker 5: very dark.

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Speaker 4: This next money win comes from Ashley, who said, my

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Speaker 4: friend went in a ticket lottery for Harry Potter and

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Speaker 4: The Curse Child play Melbourne tickets. We got last minute

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Speaker 4: tickets and we only paid forty dollars each for hours

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Speaker 4: normally one hundred and eighty f five dollars. Sometimes it

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Speaker 4: pays to be flexible. O my god, forty bucks for

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Speaker 4: a good night out? Yeah amazing, And that show is

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Speaker 4: so good, you're gonna love it. My final money when

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Speaker 4: this week comes from M who said I went to

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Speaker 4: a clothes swap at my friend's house the other week

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Speaker 4: and got two bags of new to me clothes for free,

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Speaker 4: as well as some books, clothes, and toys my son.

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Speaker 5: I love that.

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Speaker 2: That's so cool.

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Speaker 5: It does come into the wardrobe category. I feel like

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Speaker 5: we do that with each other's wardrobes.

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Speaker 4: I've definitely rifled through bags of your stuff and had

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Speaker 4: a great time doing it.

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Speaker 2: Soon she was just in my wardrobe. They were my

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Speaker 2: new bags of clothes. I wondered, No, it's I feel

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Speaker 2: like it's really fun as well, and like I get

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Speaker 2: a kick when I see you guys wearing something that

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Speaker 2: I might have given you, because I'm like, I never

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Speaker 2: wore that anymore. How good is it that it gets

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Speaker 2: a second lease a laugh?

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Speaker 4: Our first photo shoot that we did, the three of us,

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Speaker 4: Do you remember that dress that I wore? You were like,

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Speaker 4: cue dress, and I was like, thanks, it used to

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Speaker 4: be yours.

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Speaker 2: That's because I'm also like a gold fish and my really,

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Speaker 2: that's wild. Looks so good on you.

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Speaker 5: Maybe I'll borrow Yeah, did you kind of want to

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Speaker 5: back it up?

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Speaker 1: No, No.

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Speaker 2: I think Joe said that and I was like, absolutely not.

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Speaker 2: That is not how fift works. All right, let's go

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Speaker 2: to a really quick break because after the break, we're

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Speaker 2: addressing a money dilemma about whether or not to take

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Speaker 2: a shorter or a longer period to pay off your

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Speaker 2: home loan. And we have a cheeky little DM that

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Speaker 2: you guys wanted us to respond to about running aside

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Speaker 2: hustle and boundaries when it comes to friendship. Don't go anywhere.

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Speaker 4: All right, you know what time it is, guys, Let's

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Speaker 4: listen to this week's money dilemma.

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Speaker 7: Hi.

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Speaker 2: There, have you got a money dilemma you just can't solve?

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Speaker 2: The Sheese on the Money team is here to help.

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Speaker 5: Every week we tackle your dilemmas, both big and small,

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Speaker 5: to answer your most burning money, career and life questions.

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Speaker 5: To get involved, simply head to our website and leave

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Speaker 5: us a short voice recording and you might just find

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Speaker 5: yourself on the show.

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Speaker 2: Now, let's take a listen to this week's money dilemma.

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Speaker 6: Hi, I'm a huge fan and just got a quick question.

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Speaker 6: We have just seen a mortgage broker as our fixed

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Speaker 6: interest straight homelanners due to expiring me. We have already

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Speaker 6: had the mortgage for six years, and from listening to

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Speaker 6: your podcast, I requested the loan term be twenty four years.

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Speaker 6: The mortgage broker recommended that we still take the loan

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Speaker 6: term out as thirty years, however, making our loan repayments

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Speaker 6: as if it were the twenty four year loan term.

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Speaker 6: He said his reasoning was because if we are unable

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Speaker 6: to make the higher repayments, the low of repayments could

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Speaker 6: be our safety. Now, just want us to get your

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Speaker 6: thoughts on this. I wasn't sure if he was making

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Speaker 6: a genuine recommendation or if he was trying to ensure

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Speaker 6: we keep the loan for longer and keep him in

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Speaker 6: business for longer.

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Speaker 2: Thanks well, my friend. The first mistake you're making there

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Speaker 2: is not going to see the Zell Money team, because

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Speaker 2: the guarantee if you saw the Zella Money team, you

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Speaker 2: wouldn't need to ask us whether it is a good

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Speaker 2: idea or not, because you just know you'd have good education.

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Speaker 2: But that's me being a little bit biased and also

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Speaker 2: putting really unrealistic expectations of my team educating the client.

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Speaker 2: But I also think that that's not the worst idea

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Speaker 2: in the entire world. I can completely see where he's

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Speaker 2: coming from. But I also think it's kind of like,

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Speaker 2: all right, well, have you done the maths on what

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Speaker 2: the repayments on a twenty four year loan are versus

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Speaker 2: what the repayments on a thirty year loan are? And

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Speaker 2: at the end of the day, obviously, if you're in

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Speaker 2: the position to be able to pay off your mortgage

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Speaker 2: ahead of schedule, you're going to save money on the interest.

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Speaker 2: From my perspective, if you stretch out that loan to

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Speaker 2: be a thirty year mortgage, the interest is also stretched out,

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Speaker 2: So I don't particularly love that. I actually want it

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Speaker 2: to be really condensed. And the more condensed, the more

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Speaker 2: principle you're paying off your home loan. So that's a

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Speaker 2: better idea from my perspective. But I also think it's

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Speaker 2: really situational, and if your mortgage broker has suggested two

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Speaker 2: different scenarios, what they should have provided you with is

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Speaker 2: the breakdown of the total interest paid on both of

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Speaker 2: those circumstances, the total repayments that would need to be made,

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Speaker 2: and all of the other circumstances. But in saying that,

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Speaker 2: I think that in this current economy, is a little

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Speaker 2: bit different to the advice I might have given two

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Speaker 2: or three years ago, right, because obviously it's more than

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Speaker 2: double what it was historically, and that is painful for

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Speaker 2: me to say as somebody who has a mortgage and

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Speaker 2: is definitely feeling the brunt of it, which a lot

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Speaker 2: of our community are as well. However, I think that

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Speaker 2: if you're in a situation where you're like the flexibility

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Speaker 2: might be really good, even though long term the interest

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Speaker 2: may be a little higher. I don't think it's the

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Speaker 2: worst position to be in to afford yourself with a

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Speaker 2: bit more flexibility, especially because we don't know what interest

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Speaker 2: rates are going to be doing into the future.

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Speaker 4: Is it also possible that having a thirty year loan

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Speaker 4: may increase borrowing capacity because if they're looking at your

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Speaker 4: income versus your ability to repay that they might if

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Speaker 4: you have those additional ten years, the bank might consider

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Speaker 4: you're able to borrow more.

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Speaker 3: Yeah.

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Speaker 2: Absolutely in this circumstance. I don't know how applicable that

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Speaker 2: is though, because she said she's refinancing. So if you're

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Speaker 2: refinancing and she says I've asked for a twenty four

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Speaker 2: year term, that from you know, just making some really

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Speaker 2: basic assumptions based on the fact that most loans are

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Speaker 2: thirty years. She's six years into that term, so she's

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Speaker 2: probably spent six years paying that mortgage, and she's probably

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Speaker 2: just refinancing, maybe because her interest rate is unlocked and

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Speaker 2: it's gone up, and you know, you just need to

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Speaker 2: make sure you're always in the best possible position, or

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Speaker 2: because it just makes sense to see a broker at

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Speaker 2: that point. And I mean, right now is actually a

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Speaker 2: really good time to see a mortgage broker, because there's

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Speaker 2: actually like the banks want to keep your business, and

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Speaker 2: like we've been talking to a few clients recently where

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Speaker 2: it's like, hey, cool, we can actually change your mortgage

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Speaker 2: really minimally, like you're going to be in a better position.

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Speaker 2: It's not the sexiest change, like I'm not cutting it

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Speaker 2: in half or anything, but by changing your mortgage and

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Speaker 2: going to this other bank, you're going to have access

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Speaker 2: to an offset account and also they're going to give

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Speaker 2: you four thousand dollars cash back. Great, Like that's sexy. Yeah,

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Speaker 2: Like that's really nice. So I think talking to a

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Speaker 2: mortgage broker always, whether you think it's necessary or not,

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Speaker 2: is not a waste of time and talking to one

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Speaker 2: that's actually going to educate you about your experience, and

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Speaker 2: I don't mean to throw this dude under a bus.

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Speaker 2: So I think that as somebody who literally owns more

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Speaker 2: good broken company, I have really high expectations of brokers,

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Speaker 2: I think, coming from the financial advice industry and always

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Speaker 2: wanting to educate clients and put them in the best

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Speaker 2: possible position to create wealth. That's kind of been overlaid

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Speaker 2: over the you know, just get client alone vibe that

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Speaker 2: a lot of brokers have. And if you're asking me,

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Speaker 2: is this a good idea or not?

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Speaker 5: I don't.

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Speaker 2: It sounds really nasty, doesn't it.

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Speaker 5: But I just think that you're a broker has not

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Speaker 5: done enough to educate you because both scenarios should have

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Speaker 5: been mapped out in plain language for you to go, ah, yes,

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Speaker 5: Option A means I pay x interest and this many

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Speaker 5: repayments and.

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Speaker 2: Over the long term, I'm in this position. B means

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Speaker 2: ex payments this position over the long term, and then

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Speaker 2: you can just make the decision that makes the most

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Speaker 2: sense for you. Having a broker that just says, oh, yes,

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Speaker 2: I don't think that's a good idea. I think you

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Speaker 2: should just take the thirty year loan and you know,

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Speaker 2: deal with the repayments and then you've got more flexibility

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Speaker 2: what you meant and not along and be like yeah,

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Speaker 2: of course, sorry, yeah, sorry, so trying to be educated,

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Speaker 2: like he should have mapped that out so that you

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Speaker 2: felt like, oh, fire out. You're right, that is great

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Speaker 2: outcome because everybody's circumstances are going to be different. And

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Speaker 2: that's why you don't just log into an online portal

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Speaker 2: to get a loan. You actually have to see a

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Speaker 2: broker who takes your lifestyle and your budget and your

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Speaker 2: circumstances and your goals and what's going to happen in

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Speaker 2: your life into consideration to make sure you get the

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Speaker 2: right product. So, yeah, I'm a bit biased, but I

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Speaker 2: also think just education is key and we should if

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Speaker 2: you're getting paid to do a service, you should be

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Speaker 2: earning that. Yeah, from my perspective, that's fair. Sorry, I agree.

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Speaker 4: Now, last week we obviously answered a juicy DM about

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Speaker 4: side hustles and friends with small businesses, and I think

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Speaker 4: whoever dmeds this week was listening to that because they've

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Speaker 4: kind of flipped the topic on its head, haven't they.

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Speaker 2: They absolutely have. I laughed when this one came through

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Speaker 2: because I was like, this is very timely and you've

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Speaker 2: obviously been listening to the pod my friend, So we

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Speaker 2: picked it this week because it kind of like float

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Speaker 2: on really nicely and kind of came from another perspective.

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Speaker 2: So this week our community dilemma sounded like this, Hey, girls,

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Speaker 2: I just wanted to send through something based on your

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Speaker 2: convo last week, and that's why I came up with

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Speaker 2: this conclusion. I'm on the flip side and I'm actually

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Speaker 2: a side hustle owner, and I find navigating this with

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Speaker 2: my friends really hard. Sometimes I think my friends expect

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Speaker 2: a discount or items are free, and with the cost

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Speaker 2: of living, I really can't afford to do this right

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Speaker 2: now and I'm actually about to increase my prices. Keen

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Speaker 2: to hear the other side of this and how I.

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Speaker 5: Can approach this with my friends, that is a very

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Speaker 5: good question. I personally am a like a digital designer

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Speaker 5: outside of this, and I kind of make like little

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Speaker 5: I don't know, just like art print pieces.

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Speaker 2: That's why we got you to do all this shites

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Speaker 2: on the money branding for free, right, Yep, that's me.

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Speaker 5: But I kind of, yeah, I do find that some

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Speaker 5: people will really want to support me, so they'll be like, hey,

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Speaker 5: I love your work, I love your style. Can you

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Speaker 5: do this or this or this? And they're like, I

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Speaker 5: don't know how much I'm actually meant to be charging.

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Speaker 2: Yeah, because it's like challenging.

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Speaker 5: It's challenging when it's a print because I'm like, do

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Speaker 5: I put you know, charge you based on my hourly

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Speaker 5: rate or do I just charge you based on like,

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Speaker 5: because the printing is quite expensive. Can we had hundreds

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Speaker 5: of dollars to get it printed on like floating frame canvas,

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Speaker 5: nice light, oak, look wood? It can be very expensive,

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Speaker 5: and so do I charge more than that? That's excessive.

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Speaker 2: I feel as a kind of like an excessive beginner.

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Speaker 2: Get what you pay for.

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Speaker 5: Ye. It's always very like I never know what to do,

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Speaker 5: and so I find myself thinking, Okay, I'm very grateful

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Speaker 5: that you want to support me, but it takes hours,

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Speaker 5: if not days, if not weeks, and then I'm probably

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Speaker 5: going to get profit, maybe like twenty bucks. But that's

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Speaker 5: on me, absolutely not, absolutely not.

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Speaker 2: You and I have to have an offline conversation about again,

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Speaker 2: because your time is absolutely worth money, and I think

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Speaker 2: that your comment there's lots of layers there there. We're

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Speaker 2: going to have to break those down. But let's pretend

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Speaker 2: for a hot second that you did know what your

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Speaker 2: hourly rate was, or what like your artwork rate was.

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Speaker 2: And let's pretend for a minute that each piece of art,

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Speaker 2: and this might be grossly undervaluing you in that is

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Speaker 2: not what I'm meaning to do. It's just an example.

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Speaker 2: Each piece of artworks five hundred bucks. Right, do you

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Speaker 2: give your friend a discount just for being your friend?

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Speaker 5: That's a very tricky one. Oh, I'm obliged to no,

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Speaker 5: but you shouldn't.

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Speaker 2: No, absolutely not.

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Speaker 5: If I want your art in my home, I want

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Speaker 5: it hanging on my wall knowing that I did absolutely

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Speaker 5: everything to support a friend who has started a business

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Speaker 5: and produces art, Like I want to look at that

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Speaker 5: painting up on that wall or that piece of art

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Speaker 5: that you've created, and no, not only did you do

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Speaker 5: that for me, but I contributed to you running a

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Speaker 5: successful business. I don't want a piece of art on

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Speaker 5: my wall that I go, oh my god, Yeah I

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Speaker 5: got that piece of art. It's from my friend Beck

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Speaker 5: and I actually took the absolute mickey out of her.

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Speaker 2: I got the biggest discount, so she wasn't remunerated for

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Speaker 2: her time or the energy or the effort that she

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Speaker 2: put into that check it out look sick, right, Yeah,

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Speaker 2: that's hick. That's ick. Like, if you can't afford to

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Speaker 2: be buying art from your friend, you shouldn't be doing it.

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Speaker 2: And that goes for any service. Like I'm not going

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Speaker 2: to ask for a free haircut from my friend just

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Speaker 2: cush's a hairdresser when she works at one of the

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Speaker 2: best salons in Melbourne, Like, you know, if she offers

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Speaker 2: it and you're having a few drinks on a Friday night,

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Speaker 2: I think that's a very different situation, Yeah, than going, oh, well,

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Speaker 2: because you're a hairdresser, you probably should be cutting my

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Speaker 2: bangs for free. Like that's It's just not the case.

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Speaker 7: Yeah.

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Speaker 2: I just think that if you genuinely want to support

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Speaker 2: your friend in business, support them properly, back them and

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Speaker 2: actually back up their prices, because your friend is absolutely

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Speaker 2: worth what they are charging. Yeah, Jess, what are your

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Speaker 2: thoughts now? I agree?

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Speaker 4: I think that, as you said, it's like a different

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Speaker 4: circumstance and I feel like this is probably my experience

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Speaker 4: just because me and a few of my friends work

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Speaker 4: in more creative industries. But I think it's quite common

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Speaker 4: within our circle at least that it's kind of like

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Speaker 4: a tit for tat. So I shoot content outside of work,

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Speaker 4: and so sometimes my friends will be like, hey, like,

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Speaker 4: if I give you this, are you happy to send

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Speaker 4: me some picks I can use? And it's kind of

383
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Speaker 4: like a given receive, which I think is a bit

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Speaker 4: different to absolutely a friend going oh, I just expect

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Speaker 4: it for free, because, as you said, you're my friend.

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Speaker 4: Because ultimately, if that's what they're expecting, they're putting you

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Speaker 4: out because you've spent the money to get the materials,

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Speaker 4: or you've spent the you know, the hours to create

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Speaker 4: the drawing or the digital art or whatever it is.

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Speaker 4: So I think like there is definitely gray. They're like,

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Speaker 4: it's not black and white. Every friend must play a

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Speaker 4: full price all the time.

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Speaker 2: Oh absolutely. Do you know how many times I have

394
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Speaker 2: given my friends free advice or I have you know,

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Speaker 2: given them the budget and cash flow masterclass for free

396
00:17:27,359 --> 00:17:29,240
Speaker 2: or done things like I do it all the time.

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Speaker 2: I get it. Yeah, But I think it's the expectation

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Speaker 2: one hundred percent, Like if someone came to me and said, oh,

399
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Speaker 2: V like, I want one of your books? Can you

400
00:17:37,400 --> 00:17:38,920
Speaker 2: just send it to me? I'd be like, wait, what

401
00:17:39,240 --> 00:17:40,720
Speaker 2: do you know how many books I sent to my friends?

402
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Speaker 2: Like I'm so proud of that, Like I want every

403
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Speaker 2: single one of my friends to have that in their hands. Yeah,

404
00:17:44,960 --> 00:17:47,160
Speaker 2: Like that makes me proud. But I think if someone

405
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Speaker 2: approached me, which they haven't because I have nice friends,

406
00:17:49,760 --> 00:17:51,480
Speaker 2: and been like, oh, hey, do you have any free

407
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Speaker 2: books lying around your office? Can I have one?

408
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Speaker 5: Yeah?

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Speaker 2: Totally different, different, totally right, like, oh hey, can I

410
00:17:57,800 --> 00:18:00,800
Speaker 2: buy it a wholesale Like, ah, that just yours? Ick?

411
00:18:01,000 --> 00:18:03,720
Speaker 2: Like it just doesn't feel like you're supporting me or

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Speaker 2: my business. And I'm really lucky to be and I

413
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Speaker 2: guess that privileged position where all of my friends are

414
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Speaker 2: very similar to me and so they actually can afford that,

415
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Speaker 2: and they do and it's so nice. But we also

416
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Speaker 2: ask the community, right, And I think that that's my

417
00:18:16,880 --> 00:18:19,720
Speaker 2: favorite part of these dilemmas is it's not just our opinions,

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Speaker 2: because like, our opinions are ours, but the opinion of

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Speaker 2: the community really backs up my opinions. So I really

420
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Speaker 2: validated guys. So we said to our community, all right,

421
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Speaker 2: give us your two cents on this. What do you

422
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Speaker 2: guys think and our community said, any true friend wants

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Speaker 2: to support a friend with a business, end of story.

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Speaker 2: Someone else said, if you truly want to support friends

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Speaker 2: with a small business by purchasing, then pay full price.

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Speaker 2: Someone said, yeah, it can be hard. I run a

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Speaker 2: small business and when I do it, I don't take

428
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Speaker 2: my time into consideration. I feel like that makes sense.

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Speaker 2: Someone said people are constantly expecting discounts and don't realize

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Speaker 2: the time, effort and money you spend on getting there

431
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Speaker 2: and the actual cost of a discount. Which it's right,

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Speaker 2: Like if you're asking for a discount, where is that

433
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Speaker 2: coming from? Like your friends business is.

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Speaker 5: Like profit or their bottom line or are they just

435
00:19:09,160 --> 00:19:11,080
Speaker 5: working for hours for free when they could have been

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Speaker 5: working on another project that actually would have paid them.

437
00:19:13,920 --> 00:19:17,360
Speaker 2: Like I feel like everything is different. You're right, yes,

438
00:19:17,640 --> 00:19:20,000
Speaker 2: but it's also as a small business, I feel like

439
00:19:20,119 --> 00:19:22,440
Speaker 2: we need in this circumstance to actually just have really

440
00:19:22,480 --> 00:19:25,000
Speaker 2: strong boundaries and be able to say no, Like no

441
00:19:25,200 --> 00:19:27,600
Speaker 2: is a full sentence. Can you give me a discount? No,

442
00:19:27,920 --> 00:19:30,640
Speaker 2: you don't have to go. No, I'm so sorry either.

443
00:19:30,880 --> 00:19:33,359
Speaker 2: Here's my justificate. You don't owe anybody a justification.

444
00:19:33,880 --> 00:19:36,080
Speaker 4: I think in that circumstances to your friends are expecting

445
00:19:36,119 --> 00:19:39,520
Speaker 4: a discount. They care more about what you can do

446
00:19:39,680 --> 00:19:42,240
Speaker 4: for them rather than YEA, the friendship, like they're caring

447
00:19:42,280 --> 00:19:44,119
Speaker 4: about the product or the service. And so it's probably

448
00:19:44,160 --> 00:19:46,920
Speaker 4: not the kind of personality that you're going to want

449
00:19:46,960 --> 00:19:49,200
Speaker 4: to be supporting you and uplifting you on your journey,

450
00:19:49,200 --> 00:19:51,480
Speaker 4: because small business ownership is a journey and it is

451
00:19:51,600 --> 00:19:53,480
Speaker 4: really tough, and you want the right people around you

452
00:19:53,520 --> 00:19:55,440
Speaker 4: who want to buy your stuff, or if they can't

453
00:19:55,440 --> 00:19:57,360
Speaker 4: afford it, they want to promote it and share your

454
00:19:57,520 --> 00:20:00,399
Speaker 4: Instagram to their other friends or whatever it might be

455
00:20:00,480 --> 00:20:00,760
Speaker 4: as well.

456
00:20:00,800 --> 00:20:03,400
Speaker 2: If that's what they're expecting that they're just not nice.

457
00:20:03,440 --> 00:20:05,879
Speaker 2: It's not on your team. And like Jess, we ran

458
00:20:05,960 --> 00:20:08,479
Speaker 2: up against this because we recently had our International Women's

459
00:20:08,520 --> 00:20:11,080
Speaker 2: Day events, right, and both you and I were in

460
00:20:11,119 --> 00:20:13,480
Speaker 2: the circumstance where we turned to each other and we're like,

461
00:20:13,840 --> 00:20:16,240
Speaker 2: my best friend bought a ticket, yeah, v can you

462
00:20:16,359 --> 00:20:19,359
Speaker 2: refund her she shouldn't have been paying, Or like I

463
00:20:19,560 --> 00:20:22,520
Speaker 2: had girlfriends that paid for tickets that slipped through the

464
00:20:22,640 --> 00:20:24,000
Speaker 2: cracks and on the day I was like, what are

465
00:20:24,040 --> 00:20:24,520
Speaker 2: you doing here?

466
00:20:24,600 --> 00:20:26,080
Speaker 5: And they're like, oh my god, we bought tickets, and

467
00:20:26,240 --> 00:20:28,920
Speaker 5: I felt so bad because I was like, oh my god,

468
00:20:29,000 --> 00:20:31,000
Speaker 5: I didn't check the guest list because at each event

469
00:20:31,040 --> 00:20:32,800
Speaker 5: there was like five hundred people, so it is hard

470
00:20:32,840 --> 00:20:35,000
Speaker 5: to keep tracking like that and run the events right.

471
00:20:35,000 --> 00:20:36,520
Speaker 5: And I was like, oh my god, I feel so

472
00:20:36,720 --> 00:20:39,240
Speaker 5: guilty that you bought tickets. And they're like, ve, we'd

473
00:20:39,320 --> 00:20:40,119
Speaker 5: never ask, and.

474
00:20:40,160 --> 00:20:41,760
Speaker 2: I'm like, I know you wouldn't ask, but I should

475
00:20:41,800 --> 00:20:44,639
Speaker 2: have offered. And I feel like there's this nice amount

476
00:20:44,760 --> 00:20:47,440
Speaker 2: of privilege in our business where we can afford to

477
00:20:47,480 --> 00:20:50,560
Speaker 2: refund the ticket because, like you know, events for us

478
00:20:50,560 --> 00:20:52,360
Speaker 2: aren't about making money. We just want to make sure

479
00:20:52,400 --> 00:20:55,800
Speaker 2: that everyone has a really good time. But smaller businesses

480
00:20:56,040 --> 00:20:58,439
Speaker 2: who are still finding their feet, like I was at

481
00:20:58,480 --> 00:21:01,159
Speaker 2: the very beginning, I couldn't have to give away tickets

482
00:21:01,200 --> 00:21:03,720
Speaker 2: to my workshops when I first started. Yeah, like I

483
00:21:03,880 --> 00:21:06,440
Speaker 2: genuinely needed every seat in that workshop that I was

484
00:21:06,520 --> 00:21:08,679
Speaker 2: running to cover its cost because otherwise I was going

485
00:21:08,720 --> 00:21:10,040
Speaker 2: to be out and I was already a small business

486
00:21:10,080 --> 00:21:11,359
Speaker 2: and I didn't really know how I was going to

487
00:21:11,400 --> 00:21:14,080
Speaker 2: do payroll the next month, and it can be really stressful.

488
00:21:14,680 --> 00:21:16,880
Speaker 2: Now we're in that privileged position where were like, oh, yes,

489
00:21:17,080 --> 00:21:20,280
Speaker 2: your mate shouldn't be paying. But I feel like it's

490
00:21:20,280 --> 00:21:22,639
Speaker 2: a really interesting position where I think you, as a

491
00:21:22,680 --> 00:21:24,920
Speaker 2: small business owner, I need to surround yourself with the

492
00:21:25,040 --> 00:21:28,119
Speaker 2: right people, but also know your boundaries.

493
00:21:28,400 --> 00:21:28,800
Speaker 5: Totally.

494
00:21:29,000 --> 00:21:31,240
Speaker 2: A couple of people here, I thought this was really sweet.

495
00:21:31,280 --> 00:21:31,600
Speaker 2: She says.

496
00:21:31,640 --> 00:21:33,919
Speaker 5: My friend has a candle business, and once she had

497
00:21:33,960 --> 00:21:35,960
Speaker 5: a two for one sale, so I just went ahead

498
00:21:35,960 --> 00:21:37,679
Speaker 5: and I bought six and paid full price for all

499
00:21:37,760 --> 00:21:38,000
Speaker 5: of them.

500
00:21:38,600 --> 00:21:43,000
Speaker 2: I just feel like that's really wholesome. Someone else said,

501
00:21:43,000 --> 00:21:45,359
Speaker 2: I'm a personal trainer and I always let my friends

502
00:21:45,440 --> 00:21:47,560
Speaker 2: join in my group sessions for free if they ever

503
00:21:47,640 --> 00:21:50,000
Speaker 2: want to, but I can't afford to give them one

504
00:21:50,040 --> 00:21:52,760
Speaker 2: on one free personal training. Yes, that's a really nice

505
00:21:52,800 --> 00:21:55,040
Speaker 2: compromise exactly, just on that.

506
00:21:55,160 --> 00:21:59,240
Speaker 5: It is probably one of those things where in this situation,

507
00:21:59,600 --> 00:22:02,720
Speaker 5: somehow people actually do genuinely want to support and so

508
00:22:02,840 --> 00:22:05,160
Speaker 5: they think that they're helping out by doing these things

509
00:22:05,200 --> 00:22:07,679
Speaker 5: and reaching out and asking for something from your business

510
00:22:07,760 --> 00:22:10,560
Speaker 5: or from your time or whatever your energy, and not

511
00:22:10,760 --> 00:22:14,159
Speaker 5: realizing that it's costing you more than possibly it should,

512
00:22:14,320 --> 00:22:17,359
Speaker 5: or the perception of how much it costs isn't quite

513
00:22:17,440 --> 00:22:20,760
Speaker 5: lining up, and so it can simply just be a

514
00:22:20,800 --> 00:22:24,480
Speaker 5: conversation like that. Unfortunately that doesn't I can't afford to

515
00:22:24,560 --> 00:22:26,359
Speaker 5: do that in this situation where there's like, oh, you

516
00:22:26,400 --> 00:22:28,400
Speaker 5: can jump in on a group session, but I can't

517
00:22:28,560 --> 00:22:31,280
Speaker 5: afford to training one on one. Maybe her friends are

518
00:22:31,480 --> 00:22:34,040
Speaker 5: wanting to support her but don't realize how much it costs.

519
00:22:34,320 --> 00:22:35,280
Speaker 2: Yeah, one hundred percent.

520
00:22:35,440 --> 00:22:37,560
Speaker 5: So yeah, just sitting small boundaries and just being like, hey,

521
00:22:37,600 --> 00:22:38,920
Speaker 5: that will cost me a lot of money. I can't

522
00:22:38,960 --> 00:22:41,240
Speaker 5: do that, but here try this, you know exactly.

523
00:22:41,359 --> 00:22:43,360
Speaker 2: And I think when we say set boundaries, like boundaries

524
00:22:43,400 --> 00:22:45,480
Speaker 2: don't have to be aggressive, they can actually be really

525
00:22:45,560 --> 00:22:48,160
Speaker 2: soft and kind. And we've spoken about this before where

526
00:22:48,400 --> 00:22:51,359
Speaker 2: I'm a boundaries person, but I hate enforcing them because

527
00:22:51,359 --> 00:22:53,000
Speaker 2: I feel a little bit awkward, Like beck, if you

528
00:22:53,040 --> 00:22:55,200
Speaker 2: ask me for something, I hate saying no. It's just

529
00:22:55,280 --> 00:22:58,240
Speaker 2: my personality time. So it's all about finding a work

530
00:22:58,320 --> 00:23:01,399
Speaker 2: around and language that feels really comfortable for me. And

531
00:23:01,520 --> 00:23:03,679
Speaker 2: I know that a lot of small business owners are

532
00:23:03,720 --> 00:23:05,560
Speaker 2: in a similar situation where they're like, I should be

533
00:23:05,640 --> 00:23:07,840
Speaker 2: this strong, independent woman who can say no to everything,

534
00:23:07,880 --> 00:23:09,480
Speaker 2: and then your friend us for something You're like, yeah,

535
00:23:09,480 --> 00:23:12,399
Speaker 2: of colose. I I think it's just really normal there

536
00:23:12,440 --> 00:23:14,000
Speaker 2: are a couple more that I want to read out

537
00:23:14,040 --> 00:23:15,920
Speaker 2: just because I feel like they're really wholesome. And this

538
00:23:16,040 --> 00:23:18,680
Speaker 2: one backs up your opinion, Jess. She says, if you

539
00:23:18,800 --> 00:23:21,600
Speaker 2: do an exchange so both are business owners, then that's

540
00:23:21,640 --> 00:23:24,119
Speaker 2: okay to not pay because you're both getting something out

541
00:23:24,160 --> 00:23:27,040
Speaker 2: of the deal. Someone else said, my cousin's a really

542
00:23:27,040 --> 00:23:29,520
Speaker 2: good beauty therapist, and I always pay her full price.

543
00:23:29,960 --> 00:23:32,320
Speaker 2: Someone else, who I absolutely agree with this says, I'm

544
00:23:32,359 --> 00:23:35,600
Speaker 2: really itching to understand why others expect so much versus

545
00:23:35,720 --> 00:23:41,080
Speaker 2: being grateful. Yeah, okay, I totally get that. So I

546
00:23:41,119 --> 00:23:43,399
Speaker 2: think with that that's probably a really beautiful place to

547
00:23:43,480 --> 00:23:46,879
Speaker 2: leave it. Please, don't expect your friends to give you

548
00:23:47,000 --> 00:23:49,600
Speaker 2: stuff for free. If they have a small business, the time,

549
00:23:49,760 --> 00:23:52,800
Speaker 2: the energy, the effort they put into that. Not only that,

550
00:23:53,080 --> 00:23:55,399
Speaker 2: but the risk that they're taking to go out on

551
00:23:55,520 --> 00:23:58,280
Speaker 2: their own as a business owner is wild to go

552
00:23:58,400 --> 00:24:02,520
Speaker 2: away from having a paid job, Yess, in this economy,

553
00:24:02,760 --> 00:24:06,960
Speaker 2: in this economytul in this economy, like that's wild. We

554
00:24:07,080 --> 00:24:10,119
Speaker 2: absolutely should be backing our friends. But my loves, I

555
00:24:10,200 --> 00:24:12,000
Speaker 2: think that is all we have time for on this

556
00:24:12,280 --> 00:24:16,000
Speaker 2: very beautiful Friday. So guess what we'll see you next Monday.

557
00:24:16,080 --> 00:24:17,120
Speaker 2: Have the best weekend.

558
00:24:17,280 --> 00:24:17,760
Speaker 4: Bye guys.

559
00:24:17,880 --> 00:24:26,800
Speaker 2: By The advice shared on She's on the Money is

560
00:24:26,920 --> 00:24:30,440
Speaker 2: general in nature and does not consider your individual circumstances.

561
00:24:30,840 --> 00:24:34,240
Speaker 2: She's on the Money exists purely for educational purposes and

562
00:24:34,320 --> 00:24:36,720
Speaker 2: should not be relied upon to make an investment or

563
00:24:36,800 --> 00:24:40,359
Speaker 2: financial decision. If you do choose to buy a financial product,

564
00:24:40,480 --> 00:24:44,440
Speaker 2: read the PDS TMD and obtain appropriate financial advice tailored

565
00:24:44,480 --> 00:24:45,359
Speaker 2: towards your needs.

566
00:24:45,760 --> 00:24:49,639
Speaker 7: Victoria Divine and She's on the Money are authorized representatives

567
00:24:49,720 --> 00:24:53,520
Speaker 7: of money Shoper Pty Ltd ABN three two one is

568
00:24:53,640 --> 00:24:57,480
Speaker 7: six four nine two seven seven zero eight AFSL four

569
00:24:57,600 --> 00:24:59,040
Speaker 7: five one two eight nine

570
00:25:04,200 --> 00:25:06,600
Speaker 2: The work of Coday