Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud or
Speaker 1: the Order Kerni Whaltbury 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
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impactful tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money. She's on the Money.
Speaker 4: Hello, and welcome to She's on the Money, the podcast
Speaker 4: that makes personal finance fun, especially on Fridays. It's our
Speaker 4: favorite day of the week because we get our team
Speaker 4: together and we get to celebrate you the incredible She's
Speaker 4: on the Money community. Ms Jess Grichi's here and she's
Speaker 4: going to be sharing our favorite money wins from the community.
Speaker 4: Miss becksay Ed is here as always, and she's got
Speaker 4: a number of really good broke tips for us, and
Speaker 4: we're going to be helping to answer a money dilemma
Speaker 4: this week. It's all about how to get a better
Speaker 4: rate on your mortgage. And something that you slid into
Speaker 4: our DMS about is whether you should start a side
Speaker 4: hustle with your friend. Woh, I feel like that's going
Speaker 4: to be a good one. There are friends that I have, Yeah,
Speaker 4: definitely I would, And then there are friends that I'm
Speaker 4: like absolutely not, like that would ruin our friendship. But
Speaker 4: before we dive into all of that, which I cannot
Speaker 4: wait for, how were your weeks?
Speaker 2: Yes, you go first?
Speaker 5: My week was good, you know, nothing crazy, nothing exciting,
Speaker 5: just you know, an average week for me. Nothing true, poor, yeah, gorgeous.
Speaker 5: Sometimes it's nice.
Speaker 2: No news is good news, very true.
Speaker 5: How about you?
Speaker 2: Really really good week? I have, you know, started another
Speaker 2: one of my I feel like you'd get this, you
Speaker 2: know when you're just like you always have a different
Speaker 2: hobby and you just like focus. So obviously it was
Speaker 2: like crocheting, and then and then pottery. I dabbled in
Speaker 2: a few other things, like I was like, maybe I'll
Speaker 2: be into gardening. I just I can't personally do it.
Speaker 2: But I've gone back to pottery. So I feel like
Speaker 2: I'm cheating by hyperfixating on something I've already been doing.
Speaker 2: And also you you're not gonna like this very much.
Speaker 4: But I am not gonna like this as though I've
Speaker 4: ever judged you on anything you've ever done.
Speaker 2: That's true.
Speaker 4: When have I ever been like Beck.
Speaker 2: I don't like this.
Speaker 5: Are you getting this your mind?
Speaker 3: Or like this?
Speaker 2: I joined another gym and.
Speaker 4: Hold on, hold on, hold on, hold on. You're right,
Speaker 4: you're right. No, Beck did not lie. I don't like
Speaker 4: this because share with the community, because this hasn't been
Speaker 4: on the podcast. True, it's so spactrack Miss Bech say
Speaker 4: ed you like coming to the gym?
Speaker 2: I do.
Speaker 4: Yeah, And you've been trying to find the right gym,
Speaker 4: find the right gym, and I I get it. That's
Speaker 4: a journey. It can be hard. But how many gym
Speaker 4: memberships do you now have?
Speaker 2: Okay, so this would be way fifth, but I am
Speaker 2: actively canceling three.
Speaker 4: But have you canceled them already or is it like
Speaker 4: a pipe dream at this point?
Speaker 2: One of them? I'm canceling, but I have to, like
Speaker 2: I have to repay, like not repay, but I have
Speaker 2: to pay like the outstanding of americ.
Speaker 4: Okay, okay, but tell me how many? How many are
Speaker 4: you paying for right now? The way you're answering these questions,
Speaker 4: it's giving Bill Gibson, okay, right now paying for three? Okay,
Speaker 4: so you've got three gym memberships? And is this your
Speaker 4: fourth gym membership?
Speaker 2: This is my third?
Speaker 4: This is your third. So you have three active gym membership.
Speaker 2: The active two just recently canceled. Okay, cool money. You
Speaker 2: did have five? I did have five?
Speaker 4: Okay, so you had five gym memberships, you now have three.
Speaker 4: Talk to me about why we've got three active gym
Speaker 4: memberships because I don't even go to the gym once
Speaker 4: a week. Honestly, I just like, well, okay, so I
Speaker 4: hate these like fluorescent lights, Like I just want a
Speaker 4: gym that's like dark and it's got the neon lights. Anyway,
Speaker 4: finally to try and see if they've got that right,
Speaker 4: are you like checking first?
Speaker 2: Unfortunately I did join without checking first.
Speaker 5: But it is it's perfect right in my house.
Speaker 2: It's it's brand new as well, so it's like a
Speaker 2: fund a foundational memberships. It's like really cheap.
Speaker 4: Oh that's a good deal.
Speaker 2: Yeah, it's called base attack just in case it needs
Speaker 2: to best sort of. And also I can bring a
Speaker 2: friend for free for thirty days.
Speaker 4: I love that.
Speaker 2: If you guys want to come with me.
Speaker 4: Be in it to win it. But what are we
Speaker 4: doing with the other two that aren't as good because
Speaker 4: you've obviously joined a new one.
Speaker 2: Well, immediately after this recording, I'm going to cancel them,
Speaker 2: Okay if I remember.
Speaker 4: Well last my next thank you. It's a good week round, honestly,
Speaker 4: how good and like that's a good brug tip canceling
Speaker 4: subscriptions you don't.
Speaker 2: Need exactly exactly.
Speaker 4: I love this. Yeah, we can reframe this into a
Speaker 4: money win. Yes, thank you, Yeah, it's possibly. I have
Speaker 4: had a very productive week. For those of you who
Speaker 4: don't know, I don't work on Mondays anymore because I
Speaker 4: it's like my stay at home day with heart. And
Speaker 4: on Monday, Harvey and I picked up a cozy coop
Speaker 4: from Facebook Marketplace.
Speaker 2: That's sounds so cute.
Speaker 4: Yeah, do you know what a cozy coop is? You
Speaker 4: were the like little red and yellow car that little
Speaker 4: toddlers go in and they push it with their legs,
Speaker 4: like the plastic like little tykes brand one. Yes, yeah,
Speaker 4: So we picked up one of those and it cost
Speaker 4: me like twenty bucks on Facebook Marketplace, which is a
Speaker 4: money win. There's so many of them on there, and
Speaker 4: I'm currently converting it into a golf cart. I have
Speaker 4: painted the whole of the outside. I went to Kmart
Speaker 4: and I got these. They were like seven dollars for
Speaker 4: like little kid's golf set. And yeah, I like organized
Speaker 4: his first birthday, which is going to come as no
Speaker 4: surprise as golf theme. That's very cute because his dad
Speaker 4: is obsessed with golf, like ever since Harvey was born.
Speaker 4: So he's like, when do you reckon? He'll have an interesting.
Speaker 2: Golf like not for least.
Speaker 4: Not for a while, but that's okay. He can't wait
Speaker 4: to buy Harvey his first clubs, and like, I'm all
Speaker 4: about a kid's birthday party, like that's just fun, but
Speaker 4: when they turn one, he doesn't really have any interests yet.
Speaker 4: So like, I feel like this is the only year
Speaker 4: that Steve and I are allowed to pick the theme. Yeah,
Speaker 4: because like next year he's going to be two and
Speaker 4: probably like blueye or something, you know, Yeah, and that's
Speaker 4: going to navigate or tell us what theme should occur.
Speaker 4: I don't even know if he's going to get annual
Speaker 4: birthday parties, but who knows. Yeah, but this year we
Speaker 4: picked golf as the theme, and his theme is whole
Speaker 4: in one. I think that's that's cute.
Speaker 2: You gotta take advantage of these formative years.
Speaker 4: I think it's going to be really good. Like this
Speaker 4: sounds like it's a really big party, it's not. We're
Speaker 4: actually just going basically for a barbecue in the park.
Speaker 4: But he's going to have a golf cart that I've
Speaker 4: made out of a cozy coop.
Speaker 2: You're going to make a book marketplace Women's Weekly Golf course.
Speaker 4: No, but we have the Woman's Weekly Cookbook and Steve
Speaker 4: and I were literally talking about it yesterday, like what
Speaker 4: one we should make, and Steve's committed. He's like, I
Speaker 4: really want to make the train. I always wanted the
Speaker 4: train as a kid, like and my husband's a train kid.
Speaker 4: So yes, we'll see.
Speaker 2: He's cute.
Speaker 4: But the cake at a golf pub, That's what I'm
Speaker 4: thinking exactly. That's the current dilemma, which is honestly the
Speaker 4: biggest thing stressing our relationship at this point.
Speaker 2: I'm stress.
Speaker 4: But let's get further into the show, less about me,
Speaker 4: less about my cozy coop journey. I am sharing it
Speaker 4: all on Instagram for those of you who are interested.
Speaker 4: In Victoria's rogue DIY side note, I did get in
Speaker 4: trouble from my husband.
Speaker 5: Spray paint.
Speaker 4: Yeah.
Speaker 5: I looked at that and I was like, good lord.
Speaker 4: So I took it out into the garden and I
Speaker 4: spray painted it.
Speaker 2: Yeah, but on the grass, that's fine, like hair just
Speaker 2: grows out.
Speaker 4: Well, I told Steve, I can fix it, babe, don't worry.
Speaker 4: I'll just spray paint the green, because we've hit green
Speaker 4: as the golf cut color. I'll just spray paint over
Speaker 4: all the black green.
Speaker 2: Yeah, that's great. I said that.
Speaker 4: That's not going to fix it.
Speaker 2: No, that's a great idea.
Speaker 4: I thought it was good too. It happened, It didn't matter.
Speaker 4: It's just grass. Like you'll mow the grass and chop
Speaker 4: off all the paint bits.
Speaker 2: Yeah, or what does it like kill it or something?
Speaker 4: Look, I actually didn't think about it too deeply, but man.
Speaker 5: Bugs in the grass.
Speaker 4: Oh I didn't.
Speaker 2: Give it a little bug?
Speaker 4: Maybe did I until now? But the amount of people
Speaker 4: that are angry at me in my DMS as well,
Speaker 4: Oh lordie, you should have got newspaper. You should have
Speaker 4: done this on cardboard. What are you doing, Victoria? That's
Speaker 4: so bad? For the environment. I'm thinking I have ADHD.
Speaker 4: Like I decided last minute to go get this Facebook
Speaker 4: marketplace thing and go to the shops and get spray paint.
Speaker 4: I did it so quickly that I had to make
Speaker 4: three Bunnings trips on Monday because I literally didn't have
Speaker 4: any of the stuff I needed. And it turns out
Speaker 4: you need more than one spray can of paint.
Speaker 2: Is the end of it. You're like, I may as
Speaker 2: well have just bought a golf cart.
Speaker 4: Well, yeah, like the paint is definitely going to cost
Speaker 4: me more than the actual golf cart. And the fact
Speaker 4: that I then got on the internet and was like, oh,
Speaker 4: you know, like the stick on silver molding for cars,
Speaker 4: I bought some of that.
Speaker 2: Yeah you got to Yep, you can do that.
Speaker 4: You can get custom number plates.
Speaker 2: Oh you gotta get cut So I got a little it.
Speaker 4: Was ten dollars, but like custom number plate for the back.
Speaker 4: And then I'm like, do you know what would be
Speaker 4: cooler if I google golf brands and then message old
Speaker 4: mat Jesse Richie. He's obsessed with her cricket, which is
Speaker 4: a laser cutter. Is it a laser cutter? Kind of
Speaker 4: like a like a fine point cutter. It's got a
Speaker 4: fine point cutter for vinyl.
Speaker 2: That's cool.
Speaker 4: Asked her to cut out a golf sticker so we
Speaker 4: can put it on the side of the cozy coop.
Speaker 5: Yeah, right now, that's a.
Speaker 4: Very funn What else do you get a one year old?
Speaker 2: Yeah, exactly nothing.
Speaker 4: It's fun, it's dy, it's made with love. It looks
Speaker 4: like it's made with love. So I just will be
Speaker 4: taking photos of it from far away. Would you guys
Speaker 4: like to hear a five star review that we received
Speaker 4: this week? Yes, surely. We also received a one star
Speaker 4: review this week. It said that I had a receding hairline.
Speaker 4: So I'm just not going to read that one out,
Speaker 4: but I will read you the five star one yet
Speaker 4: perfect is so me. I was like, oh, did you notice.
Speaker 2: I give it a one star because sorry, I don't
Speaker 2: like your hairline?
Speaker 6: Yeah?
Speaker 4: How cute?
Speaker 6: Right?
Speaker 4: Anyway, So this is the five star review got cord hairlines.
Speaker 4: This is from thanks, I agree with myself and using
Speaker 4: it myself too. This is from Tash, and Tash says
Speaker 4: scene and support it. Thanks so much to all the
Speaker 4: wonderful humans, and she's on the money for making me
Speaker 4: feel seen and supported with this podcast, I've been able
Speaker 4: to develop some financial literacy and reframe my mindset towards money.
Speaker 4: Although this is a long work in progress, it's happening.
Speaker 4: Last year I was in my final year of UNI
Speaker 4: and for my honors project, I actually used the She's
Speaker 4: on the Money podcast as a treatment group for my
Speaker 4: experimental study. My project was on studying cockertoo dance behavior.
Speaker 4: You TVD Beck and Jess for your explanations, insights, vulnerability,
Speaker 4: and kind words. Thank you for changing the trajectory of
Speaker 4: my money journey. Finally, thank you for being part of
Speaker 4: my UNI journey. My project is in the progress of
Speaker 4: being reviewed to be published.
Speaker 2: That is so cool.
Speaker 5: Although I am just picturing cockatoos with like little like headphones,
Speaker 5: like yeah, yes, that's not I think it's roughly Yeah.
Speaker 4: I was involved like She's on the Money podcast as
Speaker 4: a treatment group for my experimental study. Like are you
Speaker 4: saying that I got to talk to cockatoos? That's really
Speaker 4: that's so cool.
Speaker 2: A whole thing is really nice and really sweet and
Speaker 2: thank you so so that must be some actually good
Speaker 2: research as well, because as someone who also did her
Speaker 2: honor year and that was stressful, it's like next level
Speaker 2: to finish your like your piece of worse work or
Speaker 2: your thesis, then you have.
Speaker 4: To like apply and have viewed to be published. Like
Speaker 4: that's a completely different ball game and so stressful. So
Speaker 4: congrats because that's actually such a huge feat. That's huge,
Speaker 4: like my receiving hairline. Yes, exactly, thank you, thank you.
Speaker 4: All right, let's move on because I'm excited, Jess. You
Speaker 4: said earlier that you have some pretty good community money
Speaker 4: wins to share. Let's kick it off.
Speaker 5: I'm going to start off with one that I'm quite
Speaker 5: jealous of from Nat, who's.
Speaker 4: Oh, that's what it is, money win.
Speaker 5: I've just found out I've been picked to work in Antarctica. Whoa,
Speaker 5: she has to pass all sorts of tests and it
Speaker 5: will be very cold, but the money will be super
Speaker 5: worth it, as well as the experience.
Speaker 4: Excuse me, sorry, Like, how cool is our community?
Speaker 2: I know that's so cool.
Speaker 4: I always wanted. We've got people doing cockatoo research projects.
Speaker 4: We've got somebody going to Antarctica. Like, yes, you guys
Speaker 4: are so.
Speaker 5: Cool, fairy tail, I know, I'm very very gelalous. Have
Speaker 5: a great time, Nat. Next, I've got a money win
Speaker 5: from Sophie who said she entered a competition on Instagram
Speaker 5: where you gets a number between one and a hundred.
Speaker 5: She guessed it correctly and she won a free nights
Speaker 5: stay case.
Speaker 4: My partner and I try.
Speaker 5: To do a date night once a fortnight, so we
Speaker 5: saved ourselves quite a bit of money by doing that.
Speaker 4: That's actually so cool.
Speaker 5: Yeah, And I feel like people sometimes say to people,
Speaker 5: ever win Instagram competitions, and as a company that runs them,
Speaker 5: sometimes people do in them, and.
Speaker 4: It's so fun to tell me that they want them,
Speaker 4: so nice win right, Yeah, so you can't join no beck,
Speaker 4: Sorry you work here. Sorry rules sadly.
Speaker 5: Next, I've got a money in from Amber, who said
Speaker 5: she booked a media holiday by converting flybas points to
Speaker 5: Velocity points, and she had flights and five nights accommodation
Speaker 5: are fully covered. They just had to pay for the
Speaker 5: additional three nights and a little of spending money for
Speaker 5: their trip.
Speaker 4: Oh. I love that. I have been points hacking to
Speaker 4: hilt recently and just like doing all the maths for
Speaker 4: the behind the scenes of like what my points are
Speaker 4: worth if I like changed them to Velocity, or if
Speaker 4: I bought gift cards, or like what that looks like
Speaker 4: I've just been trying to make the most of it
Speaker 4: because yeah, I feel like my points hacking era yeah yeah, yeah,
Speaker 4: and I just want to be able to points hack,
Speaker 4: not just on a credit card. Yeah, and there's lots
Speaker 4: of free points. I also side notes, sorry, did you
Speaker 4: know that you can add your fly buys to your
Speaker 4: Apple wallet? Yeah? Oh, look at this, Look at this.
Speaker 4: My flybys is just on my Apple wallet every single time.
Speaker 4: I'm going to see myself out.
Speaker 5: Next, I've got a money in from Sheridan who said
Speaker 5: money win. I found chocolate bars and chocolate blocks in
Speaker 5: the clearance section of my local BW, so I've stashed
Speaker 5: them away for Easter. We've got four kids and chocolate
Speaker 5: is halla expensive this year. Side note, has anybody's seen
Speaker 5: the price of Eastern chocolate yet?
Speaker 6: Shooked?
Speaker 2: She is discussed and even like a block of chocolate
Speaker 2: seven dollars.
Speaker 5: Sorry, a big block of Capri dairy milk is now
Speaker 5: eight dollars and big or like a family block, okay,
Speaker 5: eight dollars like maybe a year ago it was five
Speaker 5: dollars a block.
Speaker 4: Yes, I feel like five dollars in my head is
Speaker 4: what a block of chocolate costs. Yeah, big like, that's
Speaker 4: to me a sweet tree.
Speaker 2: It's like it's a huge yes, But those like those
Speaker 2: regular blocks of chocolates seven dollars.
Speaker 4: I'm really sorry that should be illegal. I know Easter
Speaker 4: chocolate should not be subject to inflation. I'm sorry. We're
Speaker 4: in the cost of living crisis and we all know
Speaker 4: that kids benefit from Easter chocolate as well as Jessica Ricci.
Speaker 4: It should not cost more each year. It's crazy.
Speaker 5: I saw someone post about it online. So you know
Speaker 5: the linked bunny rabbit, Yeah, little little small gold ones
Speaker 5: and yes, lint is normally like a little bit.
Speaker 4: Link bunnies are the bee one correct.
Speaker 5: On special at Coal's they were two for twenty five.
Speaker 4: Special. That's not on, that's not on.
Speaker 5: I couldn't believe it, like the you know how you
Speaker 5: get that that's what my mum gave me a like
Speaker 5: twenty dollars.
Speaker 4: Absolutely not.
Speaker 5: I was what's a humpty dumpty cost one moment?
Speaker 2: Yeah, really, I really need to know what a humpty
Speaker 2: dumpty cost?
Speaker 4: A humpty dumpty iconic?
Speaker 2: What about these little egg boxes?
Speaker 4: And also, while we're on the chocolate train, one of
Speaker 4: my favorite things, and I know one of jess Goci's
Speaker 4: favorite things at Easter time is the Malteser Bunny multi
Speaker 4: bunny checkout, Malteser Baby to check out. It's a dollar.
Speaker 4: It's a dollar. You get your little Malteser Bunny. Jessica,
Speaker 4: it's kick cat. Oh they've changed it. It's not a
Speaker 4: Malteser bunny anymore. It is a cat bunny. And that
Speaker 4: should have been illegal because I picked one up. I
Speaker 4: wasn't looking. I was at checkout. I'm an impulse purchaser,
Speaker 4: so I was like, yeah, I want a Malteser Bunny.
Speaker 4: I deserve this sweet treat. On my drive home, pick
Speaker 4: it up, don't even think about it check out. I'm
Speaker 4: like eating it, thinking this doesn't have the same crunch
Speaker 4: Like there's not the crispy bits you know in the
Speaker 4: malt Teser one, if you know, you know, like the
Speaker 4: little crunchy boy, like the bull bits. That's my favorite.
Speaker 4: I don't even care that it gets stuck in my teeth.
Speaker 4: It's my favorite.
Speaker 2: It's it's great when you get stuck, you teeth get
Speaker 2: a little bits a flavor throughout that.
Speaker 4: This has gotten stingy. This has gotten bad to the
Speaker 4: point where I checked the wrapper and it said kickat
Speaker 4: and I was like, hold up, I just got I
Speaker 4: just got duped.
Speaker 5: You nine dollars fifty this year. I know what it
Speaker 5: was previously. Oh that feels like two grand.
Speaker 4: That's that's little. And look at that. That's not even No,
Speaker 4: that's the little one.
Speaker 2: I'm sure it was five dollars at some point in
Speaker 2: my lifetime.
Speaker 4: Yeah, I feel like or Easter chocolate should be.
Speaker 5: I'm just really surprised by the prices this year. So
Speaker 5: extra good win there from Sheridan to pick up something
Speaker 5: and stashed away for later.
Speaker 2: H my god, sorry Sheridan, I forgot where we started.
Speaker 4: My goodness. Also di I wise like Easter di wise
Speaker 4: this year, I think are in Yeah, like finding little
Speaker 4: baskets and stuff on Facebook and the little chicks, Yes,
Speaker 4: the chips from the reject shop.
Speaker 5: Yeah, what else you got, Chess, I've got money in
Speaker 5: from Mikayla, who said she challenged a parking ticket and
Speaker 5: she won.
Speaker 4: She said, got the law and a.
Speaker 5: No ninety dollars sign for her. She's say, well, I'm Kayla,
Speaker 5: stick to the man.
Speaker 4: Oh my gosh, I actually am going to do that
Speaker 4: this week too. The other day, Jess and I went
Speaker 4: to Plarties together and I ended up with a parking ticket.
Speaker 4: I was off it and I just realized that it
Speaker 4: happened one minute like on their thing, it happened one
Speaker 4: minute after the allocated time.
Speaker 2: Oh you can just say that you're after I mean,
Speaker 2: I was fined. No, but you could be like I
Speaker 2: was getting a new ticket orderer.
Speaker 4: Yeah, Like I just I give it a crack. I'm
Speaker 4: going to give it a crack because I was so
Speaker 4: salty on it because at the time, I was like,
Speaker 4: I really don't think I'd overstated it. I didn't think
Speaker 4: it was that like that close. I was like Plati's
Speaker 4: class was like an hour. The parking spot was like
Speaker 4: an hour, so yes, but I did run in late, remember,
Speaker 4: like we ran down the street. So anyway, that's me.
Speaker 4: I just don't want to pay it, Mum, I know
Speaker 4: I don't like I could find that.
Speaker 5: And last night It's a month of Money one from Gabrielle,
Speaker 5: who said money Win Disney's price jump of three dollars
Speaker 5: per month was just too much for us, So we're
Speaker 5: canceling our eighteen dollars per month subscription, which will save
Speaker 5: us two hundred and fifteen dollars.
Speaker 4: A Yeah, that's actually really good. Yeah, exactly little essentially,
Speaker 4: so good money win tip for people with kids. Obviously
Speaker 4: you can't share Netflix anymore, but you can still share
Speaker 4: Disney and you can do that with all of the
Speaker 4: other mums in mum good scroup. Not that I would
Speaker 4: do that, definitely, I wouldn't do that.
Speaker 2: Also, I do want to say Netflix with ads is
Speaker 2: what I'm paying. It's like eight dollars a month, which
Speaker 2: is still like that was the original price, and that's fine,
Speaker 2: but it's there's honestly not that many ads. And also
Speaker 2: I kind of like it a it's a little like intermission.
Speaker 4: We and our team definitely would not share our logins
Speaker 4: to different platforms. We would we would never never save money, never, no, no,
Speaker 4: except for Netflix, which we tried and it still doesn't work.
Speaker 2: Can you just be traveling?
Speaker 4: Yeah, I'm always traveling, But then it sends you like
Speaker 4: a code to your emails. It's a whole thing like
Speaker 4: not that we would have tried. We definitely we've never
Speaker 4: tried praying for all of our own subscriptions.
Speaker 2: Absolutely.
Speaker 4: All right, let's move on, Miss becksa ed. I think
Speaker 4: that was a good break tip from me, but what.
Speaker 2: To the table snatched one right out of my hands.
Speaker 2: So I've got, as always, two from the community, one
Speaker 2: for myself. This first one comes from Hannah, who sent
Speaker 2: me a reel of It's very funny. It's very on
Speaker 2: my alley. This brand called nineteen twenty. They sell what
Speaker 2: looks to be like a bag that also turns into
Speaker 2: a raincoat. And this bag you can, like if you're traveling.
Speaker 2: This is more so if you're traveling. I suppose like
Speaker 2: you just chuck all your things in the bag and
Speaker 2: then when you put the raincoat on to get onto
Speaker 2: the plane or whatever, so you don't have any checking baggage.
Speaker 2: The pockets are so deep, but the whole thing's puffy,
Speaker 2: so you wouldn't even notice if you had a whole
Speaker 2: last laptop in one of your pockets. Like it just
Speaker 2: like kind of all blends in. Yeah, I can send
Speaker 2: this like and you can, you know, put it where
Speaker 2: you like, But just that people have an idea of
Speaker 2: what I'm talking about. It's a big, puffy long I
Speaker 2: would say, yeah, like a Poppa jacket, because.
Speaker 5: I was gonna say, what do you do with the
Speaker 5: stuff that was in the bag? When yes, from bag.
Speaker 2: Too, and exactly, well, that is all for your gigantic pockets.
Speaker 2: So you can either put all your clothes on or
Speaker 2: literally stuff them in the pockets and you're good to go.
Speaker 2: You'll probably be taking up a lot of real estate,
Speaker 2: but it doesn't look weird.
Speaker 5: Yeah, and then when you're on the plane, you can
Speaker 5: put it back in the bag, so you don't have
Speaker 5: to wear exactly.
Speaker 2: You just fold that back up into a bag.
Speaker 5: That is genius. It's so funny though, I was like,
Speaker 5: why would you be putting a ring? It doesn't rain
Speaker 5: on the plane.
Speaker 2: It doesn't. You're scared and you're crying. So this next
Speaker 2: one comes from Emma who says that her and her
Speaker 2: partner do this thing called Invisible Guest kind of like it's.
Speaker 4: Like it's yeah, it's kind of like mystery shopping.
Speaker 2: Yes, exactly exactly. So you sign up, you do have
Speaker 2: to be like relatively good at writing because they do
Speaker 2: kind of like check to make sure that you're You
Speaker 2: basically go in and you have to review everything. But
Speaker 2: when I say review, I mean like not even just
Speaker 2: the food, like the entry and it's like, is there
Speaker 2: like clear signs to the toilets like everything?
Speaker 4: Yeah?
Speaker 2: Cool? So you be on, but you can also just
Speaker 2: like wear a GoPro and secretly film everyone.
Speaker 4: Like you nodded it out, producer, because we all know that,
Speaker 4: like our producer actually does that, and like that's like
Speaker 4: from her. She's like very she's on the money. Coded
Speaker 4: oh yeah, oh we read this.
Speaker 2: And the benefit is that you get invited all these
Speaker 2: different restaurants and you get like a certain amount to spend.
Speaker 2: It's not like thirty bucks. It's probably like you know,
Speaker 2: in a couple of one hundred. Yeah, yeah, it's wild.
Speaker 2: It is wild.
Speaker 4: So I would definitely review my dinner for a free dinner. Absolutely,
Speaker 4: I would review invisible guest. Invisible Guests, you sign up.
Speaker 2: I believe there's like a bit of a wait list,
Speaker 2: but you just sign up anyway, sign up right.
Speaker 4: Now, sign up, and then if you get on, you
Speaker 4: get on, and then yeah, your partner can have free
Speaker 4: date night exactly.
Speaker 2: It's kind of cute because I loved reminisce and debrief
Speaker 2: after a date and so even if it's just literally.
Speaker 4: Literally just like reminiscing and you're like actually sharing that, well,
Speaker 4: I'm technically being paid for this exactly.
Speaker 2: And then we kissed under the Moodlight.
Speaker 4: Reviews would be so detailed. They'd be like, this actually
Speaker 4: has nothing. Why was she sharing what she was thinking about?
Speaker 4: The ice cubes in my bitters were perfectly shaped.
Speaker 2: Her eyes were listening, and I would just be talking
Speaker 2: about my visceral reaction to everything. Anyway. Yeah, but yes,
Speaker 2: so I think it's really really great. And then the
Speaker 2: next one is because you know, it's kind of like
Speaker 2: I'm clean onto valopan and stand but you guys, But
Speaker 2: I always want to preface this by saying, like I
Speaker 2: never mentioned these things like give myself like a paddleback
Speaker 2: or a round of a pause. I literally just.
Speaker 4: I literally don't think that you do.
Speaker 2: Okay, I literally want to tell people.
Speaker 4: I want I want to know what you did on
Speaker 4: your Valentine's Day and how it worked and your tips
Speaker 4: and tricks. Because I booked a beautiful dinner for my
Speaker 4: husband and I and then I had gastro so that
Speaker 4: was my Yes, well you know, so tell me what
Speaker 4: did you do?
Speaker 2: So I'll just give you one because I don't want
Speaker 2: to bore the people. So I we decided to reboard.
Speaker 2: We're like, what next, you guys, So we decided not
Speaker 2: to buy anything we're just going to make stuff, and
Speaker 2: so I got literally I'm not joking. Also, if anyone
Speaker 2: doesn't know this, you can get free cardboard boxes from Bunnings,
Speaker 2: like moving boxes. So I went and got cardboard boxes
Speaker 2: from Bunnings. I got some fabric glue, some fabric from Spotlight.
Speaker 2: Buy the fabric from Spotlight. She's circumventing the rules here.
Speaker 4: I think.
Speaker 2: I know that's true. But it wasn't that much money.
Speaker 2: You can tell adjusts, It's okay exactly. So you just
Speaker 2: get some cheap fabric, whatever color you like. And what
Speaker 2: I did was I like built this, like not built.
Speaker 2: I'm saying, like, oh my god, I'm so anyway, I
Speaker 2: made this old school chocolate box. You know, there's like,
Speaker 2: you know, heart shaped chocolate boxes, literally just cardboard and paper,
Speaker 2: duct tape and.
Speaker 4: Fabric covered it in fabric. And then if you.
Speaker 2: Are ever at a point where you can afford a
Speaker 2: Ferrero a share, then maybe you can.
Speaker 4: Chuck those or a share boogie. That's actually Jess's favorite chocolate.
Speaker 2: Yes, but if only never buy them for yourself, which
Speaker 2: I respect. But I think you're allowed to.
Speaker 4: I think you're allowed to. But I just don't think
Speaker 4: that they would taste as good.
Speaker 2: No, they wouldn't taste as good. That's so true.
Speaker 4: I just I feel like the flavor would be off, but.
Speaker 2: The taste as good if you're buying for someone else
Speaker 2: and you're eating them.
Speaker 4: Yeah, absolutely. I also feel like I'm convinced if you
Speaker 4: purchased them for yourself and took them home, you'd open
Speaker 4: the Ferrero Ro share and I can almost guarantee it
Speaker 4: would be one of those ones with the little white
Speaker 4: spots on them.
Speaker 2: Yeah, that's true.
Speaker 4: Get got, you'd get got? Would that would be calmer?
Speaker 5: Yeah?
Speaker 4: For buying your own.
Speaker 2: Exactly, not allowed. But yeah, and then you can fill
Speaker 2: that with whatever the hell you want. You can do
Speaker 2: little notes, you can make little chocolates at home, do
Speaker 2: it cheap. Get some Aldi chocolate, anti chocolates. Good chocolate
Speaker 2: is elite. Yes, But yeah, so that's that's that's my
Speaker 2: gift broke tip is make make Make.
Speaker 4: I love that and also free cardboard boxes at Bunnings
Speaker 4: for your craft. It's true.
Speaker 2: Mainly, that's a good one.
Speaker 4: That's a good one. All right, guys, let's go to
Speaker 4: a really quick break because I am chomping at the
Speaker 4: bit to get into what we're talking about this week
Speaker 4: a money dilemma all about how to get a better
Speaker 4: rate on your mortgage, which you guys know I'm wildly
Speaker 4: passionate about. But on the flip side, then we get
Speaker 4: to have a chat about something that's leading to our
Speaker 4: dms out and we're chatting whether you should start a
Speaker 4: side hustle with a friend. Don't go anywhere.
Speaker 5: Welcome back, everybody. Let's take a listen to this week's
Speaker 5: money dilemma.
Speaker 2: Hi.
Speaker 4: There, have you got a money dilemma you just can't solve?
Speaker 4: The Sheese on the Money team is here to help.
Speaker 7: Every week, we tackle your dilemmas, both big and small,
Speaker 7: to answer your most burning money, career and life questions.
Speaker 7: To get involved, simply head to our website and leave
Speaker 7: us a short voice recording and you might just find
Speaker 7: yourself on the show. Now, let's take a listen to
Speaker 7: this week's money dilemma.
Speaker 6: Hi, girls, I'm just looking to decarrise my interest rate
Speaker 6: with my banks. I'm not wanting to do a full refinance,
Speaker 6: as that's a lot right now, I don't have the
Speaker 6: energy that I was just wondering how do I go
Speaker 6: about calling up my own bank and just seeing if
Speaker 6: I can get a lower interest rate currently on about
Speaker 6: six point one four and I've seen online that they've
Speaker 6: got ones available for you know, five point nine or
Speaker 6: something like that, and I know it's not a huge difference,
Speaker 6: but I still would like to take advantage of that.
Speaker 6: Is there a certain amount of times that you can
Speaker 6: do this? Is there a limit? I've just got heaps
Speaker 6: of questions about it, and I really just need like.
Speaker 4: A full overview of that. Thanks. This is a really
Speaker 4: good question. First off, you said, oh, I don't want
Speaker 4: to refinance at the moment, like that's too hard. If
Speaker 4: you go and see a good mortgage broker, they do
Speaker 4: all the work, like you don't have to do anything,
Speaker 4: and you could get an even better rate. But you've asked, basically,
Speaker 4: how do I get a better rate with my current bank?
Speaker 4: You negotiate jess On our website, we have a free
Speaker 4: template of how to negotiate a better deal, and you
Speaker 4: can use it for like your car insurance. You could
Speaker 4: use it for your gas and electricity. You could use
Speaker 4: it to call your bank and say I want a
Speaker 4: better rate. But what I would do is just pick
Speaker 4: up the phone and have a chat to them and
Speaker 4: say hey, Like, I just want to talk to the
Speaker 4: right people about getting a better rate on my home
Speaker 4: loan and not just taking the first no as a no,
Speaker 4: because they're going to go, oh no, sorry, that's for
Speaker 4: new customers only, or that's for you know, a limited
Speaker 4: period of time or whatnot. But there is not an
Speaker 4: issue with you saying oh no, Like if you can't
Speaker 4: help me, can I please speak to someone who can.
Speaker 4: It's like, whenever we are trying to negotiate something, the
Speaker 4: most important thing to do is always maintain your call
Speaker 4: like we aren't angry, we are super kind. I promise
Speaker 4: you lose your temper, lose your opportunity, like you are
Speaker 4: not going to be getting a single thing from anyone,
Speaker 4: whether that is you know, a girl that you're asking
Speaker 4: about a refund policy in a retail store or the
Speaker 4: person that you're calling on the phone when talking to
Speaker 4: the bank. I promise you. In the background, they're in
Speaker 4: the lunch room being like this woman was so rude
Speaker 4: to me, I was absolutely not going to help her,
Speaker 4: Like I can't be bothered with that energy, not today, satan.
Speaker 2: So you could ruin someone's day, which is also just
Speaker 2: not nice one.
Speaker 4: Hundred percent, like just not worth it. Be kind, but
Speaker 4: then we are asking for a better rate and articulating
Speaker 4: what you've seen online. So sometimes banks actually have policies
Speaker 4: to say no, sorry, like I don't actually have a
Speaker 4: better rate available for you, but if you mention the
Speaker 4: rate that is advertised, they actually have to do something
Speaker 4: about it. The same is actually true for your phone plan.
Speaker 4: So if you called up your phone provider, a lot
Speaker 4: of them are like, hey, cool, no, sorry, we can't help.
Speaker 4: We can't help. But if you mentioned a competitors pricing
Speaker 4: and said, oh, well, this other network is actually thirty
Speaker 4: nine dollars a month, they go, oh okay, let me
Speaker 4: put you through to our return team because you've like
Speaker 4: triggered something in their process. So what I would do
Speaker 4: is I'd be really clear and have some research in
Speaker 4: front of you so you can without doubts say well, actually,
Speaker 4: on your website it is advertised at four point eight four,
Speaker 4: So I'm just wondering if I could get that. If
Speaker 4: the person on the phone says no, again, we're being
Speaker 4: super kind and saying thanks so much, I can see
Speaker 4: that you can't help me. Is there someone that this
Speaker 4: could be escalated to that I could discuss this with
Speaker 4: and they might say oh no, sorry, like the buck
Speaker 4: stops with me, and which point you can say you've tried.
Speaker 4: But if it gets escalated, you can have that conversation
Speaker 4: again and be like, hey, cool, the person before you
Speaker 4: couldn't help, and I'm just wondering if this could be escalated.
Speaker 4: I'd really like to be able to get a better
Speaker 4: rate on my mortgage XYZ for whatever reason. You don't
Speaker 4: even have to justify it. You can just ask for
Speaker 4: a better rate, and if that doesn't work. Something that
Speaker 4: can often be quite helpful is saying, Okay, no worries,
Speaker 4: I have been thinking of leaving if I didn't get
Speaker 4: a better rate. Yes, you don't have to leave. They're
Speaker 4: not going to cancel your mortgage if you say that,
Speaker 4: and banks are going to hate me for saying this.
Speaker 4: But if you say that you are partently going to leave,
Speaker 4: you are very likely going to be put through to
Speaker 4: what they call their retention team, which want to give
Speaker 4: people better deals so they don't leave. So calling them
Speaker 4: up and saying like, hey, cool, well actually I don't know,
Speaker 4: maybe i'll leave. Can you send me the release forms?
Speaker 4: Because them just sending some forms doesn't mean you're signing
Speaker 4: them and sending them back, but it does tell them no,
Speaker 4: like seriously, I would consider other options and you will
Speaker 4: lose my mortgage very likely to be put through to
Speaker 4: the retention team.
Speaker 2: Yes, I was going to say, like, is that a
Speaker 2: thing if you call up and say, hey, you guys,
Speaker 2: I am thinking refinancing. But I just wanted to see
Speaker 2: if that.
Speaker 4: Yeah, absolutely, you can say it however you would like,
Speaker 4: there's six million different ways you could do it. But
Speaker 4: like you could say, hey, I've been looking at refinancing,
Speaker 4: but I wanted to give you guys the opportunity first
Speaker 4: to give me a better rate, Like that might be
Speaker 4: a really good way to go about it. You could
Speaker 4: blame me and be like, oh, I've been listening to
Speaker 4: this podcast and the woman on it keep saying that
Speaker 4: we need to refinance. Excitingly, we had the first cash
Speaker 4: rate drop, So the RBA announced this week first cash
Speaker 4: rate drop since twenty twenty, which is so exciting, and
Speaker 4: that means that the cash rate has now dropped to
Speaker 4: four point one zero and that is going to bring
Speaker 4: up a lot of questions for other people who are
Speaker 4: thinking about refinancing. So side quest conversation, if you have
Speaker 4: been thinking about refinancing, yes, now is the time to
Speaker 4: think about it. In saying that right now the RBA
Speaker 4: has said the cash rate has dropped, that doesn't mean
Speaker 4: that the rate discounts have been passed on by your
Speaker 4: bank yet either. So actually have some dates. So for
Speaker 4: nab Anz, CBA and Bank West, all of those are
Speaker 4: going to be articulating their rate discounts on the twenty
Speaker 4: eighth of February. On the twenty seventh of February, U
Speaker 4: Bank is going to be articulating THEIRS and then the
Speaker 4: Bank of Melbourne wbcing those three banks are going to
Speaker 4: be announcing it on the fourth of March. So if
Speaker 4: you've been thinking about refinancing, the best thing to do
Speaker 4: is actually have a chat with a broker now, but
Speaker 4: not looking for a better rate until after the fourth
Speaker 4: of March, when basically all the banks have put on
Speaker 4: the table what their discount is going to be, so
Speaker 4: that you're broker is able to get the best possible rate.
Speaker 4: It's like in my business at the moment, we're actually
Speaker 4: you know where possible, pushing clients off a little bit
Speaker 4: and saying, hey, beck I know that we want to
Speaker 4: like get you pre approval right now, Can you wait
Speaker 4: till the fourth of March so we can get the
Speaker 4: best possible deal, because if it's issued today, you'll get
Speaker 4: a good deal, but it won't be including the new
Speaker 4: RBA rate discount. Does that make sense? So, like, if
Speaker 4: you're thinking about refining, now is actually a really good time.
Speaker 4: In fact, because the RBA has dropped the cash rate,
Speaker 4: that is going to mentally trigger a lot of people
Speaker 4: to go and go, oh, I can rEFInd now the
Speaker 4: cash rates dropped like that hasn't happened since twenty twenty,
Speaker 4: So brokers are going to be busy. We are really busy,
Speaker 4: but like we are so excited to refire so many
Speaker 4: people's loans and get them better deals because I've been
Speaker 4: chomping at the bit because it's just been going up
Speaker 4: and up, like it's felt like we've got no And
Speaker 4: this community member who's sent us a really sweet voicemail,
Speaker 4: she said, oh, it's not much. Actually it is, like
Speaker 4: that amount, even though it's like less than a percent
Speaker 4: different is actually going to mean tens of thousands of
Speaker 4: dollars of savings in the long term for you. So
Speaker 4: even though you might go, oh, like it doesn't actually matter.
Speaker 4: The difference between a six point eight to four interest
Speaker 4: rate and a six point two to four interest rate
Speaker 4: is actually significant. You might not go, oh, well, it
Speaker 4: starts with six, so they're both the same. Like I
Speaker 4: get it, and like in the bigger picture for you,
Speaker 4: maybe like things are fluctuating, but like, I'm just so
Speaker 4: keen to save so many clients. Heaps the cash and
Speaker 4: it's going to be We're keeping a tracker in the office.
Speaker 4: I'm just so excited about it. Yeah, how many we
Speaker 4: save clients this week?
Speaker 2: I mean, mortgages will go down.
Speaker 4: Mortgages are going to go down. Rent not rent. It
Speaker 4: does mean actually a cash rate drop. Side note, cash
Speaker 4: rate drop actually means that your savings account is going
Speaker 4: to see a decrease in any interest rate that's applied.
Speaker 4: So when a cash rate drop happens, it's actually saying
Speaker 4: that our economy is stabilizing. It's a really good thing.
Speaker 4: But that means that property prices are probably going to increase,
Speaker 4: which is not that sexy. But it does mean you'll
Speaker 4: increase your serviceability, so you'll be able to borrow more
Speaker 4: money because when cash is cheap, you're able to borrow more.
Speaker 4: And it does mean that your savings account is going
Speaker 4: to start decreasing. So I feel like over the last
Speaker 4: four or five years, we've had really good savings rates,
Speaker 4: so we've been able to Sorry, this is like a
Speaker 4: complete finance side note, but I'm hoping it's semi interesting.
Speaker 4: We have had really great interest rates on our savings
Speaker 4: accounts because our economy has been a little bit tumultuous, right,
Speaker 4: and like during times of economic stress, which you know
Speaker 4: we've been talking, you've probably heard it around the traps.
Speaker 4: People are saying like, oh, we had it for a
Speaker 4: recession and all of that stuff thankfully didn't happen in Australia.
Speaker 4: But people stop investing as harshly, people stop purchasing as
Speaker 4: many houses, people stop transacting as much, and they want
Speaker 4: to keep all their money in a savings account because
Speaker 4: the interest rate is a little bit higher and it
Speaker 4: feels really cozy. But now is the time that you
Speaker 4: actually need to start considering what your investment plan is right,
Speaker 4: because if the interest rates are coming down and the
Speaker 4: cash rate is coming down, your savings aren't going to
Speaker 4: be getting as many interest rates and the economy is
Speaker 4: going to start coming back up. So now's the time
Speaker 4: if you haven't been investing, or you have been thinking
Speaker 4: about investing and you're just not sure, Like I would say,
Speaker 4: can you just get in now. I'm not saying that
Speaker 4: there's ever a good time or a bad time to invest,
Speaker 4: because from my perspective, the best time to invest is
Speaker 4: when you are personally ready. I don't care because we're
Speaker 4: dollar cost averaging, but just come on, come.
Speaker 5: On, do it.
Speaker 4: Just consider what your own investment plans are, have a
Speaker 4: look at your super make sure it's invested. Anyway, I've
Speaker 4: just got lots to say about investing. I'm probably excited
Speaker 4: because I was talking to the girls in the team
Speaker 4: that she's on the Money Team yesterday because we're re
Speaker 4: releasing our Investing masterclass, and like we're talking about what
Speaker 4: bonus content can we do, how do we redo this,
Speaker 4: how do we make it even better? And I'm really
Speaker 4: excited about that. Sorry, Sorry, Let's move on to the
Speaker 4: DM we got this week, because I'm pretty sure you're
Speaker 4: sick of my cash rate chat never, Jess, It's like never,
Speaker 4: I've been hearing it for the last week. Sit down. Also,
Speaker 4: by the way, how she's on the Money Content team
Speaker 4: predicted the actual cash rate at four point one, and
Speaker 4: they were so confident that it was going to be
Speaker 4: four point one after all of their research. They made
Speaker 4: the Instagram post and then live streamed the RBA meeting
Speaker 4: because like, we're that cool. And then when the cash
Speaker 4: rate was announced at four point one, they literally hit
Speaker 4: posts so that we got to be the first people
Speaker 4: to renounce it.
Speaker 6: Good.
Speaker 4: Not that anybody else noticed that, but we were cutting
Speaker 4: a really big party.
Speaker 2: I did say yesterday, Wow, they're on the pulse.
Speaker 4: We are we are right, We're on the money, absolutely
Speaker 4: all right. So our DM this week, hier, I need
Speaker 4: some advice. So I spent somemerhole alldays with a good
Speaker 4: friend and we came up with this great business idea.
Speaker 4: She's still so keen and ready to go, but now
Speaker 4: it's time to actually put money in, and I am
Speaker 4: freaking out. We said we'd both put in five K,
Speaker 4: but now I'm just staring at my bank account, like
Speaker 4: do I really want to risk this? What if it flops?
Speaker 4: She keeps saying it's just money and we need to
Speaker 4: take risks to make money. But it's not just money
Speaker 4: to me. It's my emergency fund and my safety net.
Speaker 4: I can already tell she's getting a bit over it,
Speaker 4: like I'm holding us back and I hate feeling like
Speaker 4: the bad guy. I also don't want to let her down.
Speaker 4: But also what if this ruins our friendship? Am I
Speaker 4: actually being smart? Or am I just totally overthinking this?
Speaker 4: Please help?
Speaker 2: I guess it's like, I mean, I know, I've probably
Speaker 2: already know what the right thing to do would be,
Speaker 2: and that is like, don't be spending your emergency find
Speaker 2: on something that's not an emergency and something that's so risky,
Speaker 2: so such high risk. Isn't it like you could like
Speaker 2: this could flop or it could go really well. It's
Speaker 2: possible to say. I would say they're disposable. If you
Speaker 2: have any savings that are like, oh, I'm saving for
Speaker 2: a holiday or I'm saving for a I don't know,
Speaker 2: fancy night out or something like that kind of money,
Speaker 2: sure check it in there. That could be wrong, but
Speaker 2: I wouldn't be touching the emergency fund is anyway, Maybe
Speaker 2: you could like put in less and your friend can
Speaker 2: put in more. At the end of the day, though,
Speaker 2: if your friend is like, hey, give me all your money,
Speaker 2: every single thing you've ever worked for, or I'll not
Speaker 2: be your friend anymore, then that's probably not a good friend.
Speaker 2: If not, if they're not worried about you and your
Speaker 2: literal life, Like if something actually does happen touch Wood
Speaker 2: and you're not you're like, oh wait a second, all
Speaker 2: my money is tied up in this business or this
Speaker 2: this little side hustle or whatever it is, then yeah,
Speaker 2: you'll be kind of screwed. So I would say, see
Speaker 2: if you can put in a tiny bit less or
Speaker 2: just like maybe a little bit to start with, or
Speaker 2: or at least just maybe push this back and start
Speaker 2: saving for that and have like that intention in mind,
Speaker 2: like I'm saving for this amount for this side hustle
Speaker 2: and we'll do it by this date, so you kind
Speaker 2: of have the motivation and you can save, and then
Speaker 2: when you get to it, it doesn't feel like so
Speaker 2: like oh my god, I'm giving away so much money.
Speaker 2: You'll feel like, oh, yeah, I saved this money for
Speaker 2: this and here here you go. So if you can
Speaker 2: do that, but yeah, if your friend is not happy
Speaker 2: with you giving away your life savings, then that's probably
Speaker 2: not a very nice friend.
Speaker 4: So also, we're not needed here anymore, Jess.
Speaker 2: You're all true, and see you guys on Monday.
Speaker 4: Just what are your thoughts on this. Yeah, I agree.
Speaker 5: I think there's like several components within this message. I
Speaker 5: think you're fully right back, like, you shouldn't be putting
Speaker 5: your emergency fund into anything that is not an emergency
Speaker 5: in my opinion, if it can be avoided.
Speaker 4: Yeah, that's not spending money. That money shouldn't have even been.
Speaker 5: Like, it's not an option on the table. So I
Speaker 5: think that that in itself, for me, it's a pretty
Speaker 5: clear I know you shouldn't be putting that money into it.
Speaker 5: When it comes to the risk of a business, I
Speaker 5: think you have to look at it as an investment,
Speaker 5: and like any investment, there are risks. Have you really
Speaker 5: done your research for the business? And if you're not
Speaker 5: sure what to look at, We've done some really great
Speaker 5: business Bible episodes, I'd go back and look at have
Speaker 5: you done your customer avatar? Have you checked competitors? Are
Speaker 5: you filling a gap in the market?
Speaker 4: Like is it just a good idea? Have you actually
Speaker 4: done your research?
Speaker 5: Yeah?
Speaker 4: Also, have you done a budget?
Speaker 5: Yeah?
Speaker 4: Like, where's this five grand coming from? Why do you
Speaker 4: need ten thousand dollars to start this business? I don't
Speaker 4: have enough insight because it might be like, oh, well,
Speaker 4: actually we've done a budget and we need to register
Speaker 4: our business and that costs this, and then the equipment
Speaker 4: we're buying is eight and a half thousand dollars perfect,
Speaker 4: otherwise we can't start. Yeah, like, oh okay, then that
Speaker 4: makes sense. But where's this coming from? Yeah?
Speaker 5: Totally. So I think, like, have you like set yourself up.
Speaker 5: Theoretically when you're going into business, you should have a
Speaker 5: relatively good idea of like who you're selling to what
Speaker 5: you're selling, Like you should have done all that background work.
Speaker 5: Like I think we've all kind of sat around the
Speaker 5: table with and gone, oh my god, imagine if we
Speaker 5: started this cool thing. But to get from A to
Speaker 5: B successfully, you really need to have set yourself up
Speaker 5: with a plan, and that includes, as VD said, a
Speaker 5: budget and cash flow, like a strategy, like you've done
Speaker 5: all of your research. If you've done all those things,
Speaker 5: I think you probably would be feeling a little bit
Speaker 5: more confident in what you're doing, and also hopefully you
Speaker 5: and your partner or your business partner would be a
Speaker 5: little bit more on the same page about things, because
Speaker 5: if you're seeing cracks now, I would say that that's
Speaker 5: a very big red flag to me, because right now
Speaker 5: you're in the easy part of business, like you're.
Speaker 4: Not in the trenchship easy.
Speaker 5: Yeah, it gets a lot harder and a lot more
Speaker 5: challenging the longer you're in it. And so if you're
Speaker 5: already not quite on the same page, I can only
Speaker 5: imagine that that would employ get worse.
Speaker 4: I did, like, yeah, it's a slippery slope.
Speaker 5: Yeah, And I think a poor business partnership because you
Speaker 5: can be a really great friend with somebody but not
Speaker 5: be made to work well together or not be right
Speaker 5: to be business partners together.
Speaker 4: I never preaching to the converted, no matter how my
Speaker 4: accountant has bound me from other business partners.
Speaker 5: Yes, yes, I'm fully on board of that. Like, no
Speaker 5: matter how much you love them, Maria, how much get along,
Speaker 5: if you're not going to be good business partners, it's
Speaker 5: not going to be a good experience for either of you.
Speaker 5: So I would the whole thing. I would say, proceed
Speaker 5: with caution y yeah.
Speaker 4: Yeah. And then on the flip side, I'm like, okay, cool,
Speaker 4: I totally get that. But also, if you're entrepreneurial, you're like, well,
Speaker 4: I am willing to risk my emergency fund. I am
Speaker 4: willing to put every single dollar into it. Like I
Speaker 4: look back on my business journey. I didn't have an
Speaker 4: emergency fund when I was starting my business. Terrible idea,
Speaker 4: like absolutely terrible. Like I would never tell people to
Speaker 4: do things in the same way that I did. I
Speaker 4: didn't pay my super for years. I didn't do all
Speaker 4: of these things that you know. I have a business
Speaker 4: podcast and I do now have two multimillion dollar businesses.
Speaker 4: So like I'm walking the walk, but I can't sit
Speaker 4: here and say that I was a gold star business
Speaker 4: journey to look at. I know how you should do
Speaker 4: it now, and I can help you along that journey,
Speaker 4: but I cannot say that I did it. So like,
Speaker 4: at the same time as you, like I'm listening to
Speaker 4: you guys say yeah, this is this is right, and
Speaker 4: that's the advice I have as well. But on the
Speaker 4: flip side, like I get it if you've got a
Speaker 4: good idea and you're wildly passionate about it and you're
Speaker 4: like I'm so ready for this, like I would put
Speaker 4: all my dollars into this, Like girl, I get it.
Speaker 4: But on the flip side, you've said that you're freaking out,
Speaker 4: So I want you to like sit down and maybe
Speaker 4: write a letter to yourself about why you're freaking out.
Speaker 4: Is it because you're taking risk? Is it because you're
Speaker 4: not sure if it's a good idea? Is it an
Speaker 4: oversaturated market? Like where's this freaking out coming from? Because
Speaker 4: I'm not saying spend your emergency fund, but I am
Speaker 4: saying do a little bit more research and also write
Speaker 4: up a budget, like what research have you done? And
Speaker 4: I preach this on the Business Bible all the time.
Speaker 4: You can do an entire budget and plan the entire
Speaker 4: business without spending as cent. You can look up how
Speaker 4: much it's going to cost to register. You can look
Speaker 4: up all of the like things that might you know
Speaker 4: if there's any compliance. You can you know, if let's
Speaker 4: say you're selling candles online. You can look up suppliers
Speaker 4: for your candle jars online. You can send inquiries. You
Speaker 4: can understand how much that's going to cost, what shipping's
Speaker 4: going to cost, what shipping insurance is going to cost.
Speaker 4: You can look at you know what your products are
Speaker 4: going to look like, where you're going to source them, labels,
Speaker 4: all of that, and you can create a comprehensive budget.
Speaker 4: You can work out what your sale price per unit
Speaker 4: would be I'm telling you right now, all of that
Speaker 4: will go out the window because things change and develop,
Speaker 4: and you might get your sample jars and be like,
Speaker 4: oh my god, that supplier is terrible. But like, you've
Speaker 4: got a really comprehensive idea of what this is going
Speaker 4: to cost you, and I can almost guarantee if you
Speaker 4: have that, you're going to be very confident in spending
Speaker 4: the money. So what I'm hearing is that you're freaking
Speaker 4: out a little bit, and often that's happening because of
Speaker 4: a lack of planning and a lack of clarity. So
Speaker 4: that's where I'm at. And i'd also be honest with
Speaker 4: your friend, like pick up the phone and say, Hey,
Speaker 4: I know that we're at this point. Why am I
Speaker 4: freaking out? Like, oh, I feel so nervous? I go,
Speaker 4: oh my god. I know. Maybe they don't know what's
Speaker 4: your last five grand and they've got like thirty in
Speaker 4: the bank and they're just taking five of that, do
Speaker 4: you know what I mean? Yeah, maybe they're in a
Speaker 4: different situation. Surprisingly communication is the key, Jessica, I would
Speaker 4: have not did everybody else say so? We asked the community,
Speaker 4: what would you do if you were in this situation?
Speaker 4: Twenty six percent of you said I'd just trust that
Speaker 4: it would be successful, thirty five percent of you said
Speaker 4: try to put in less money, and thirty nine percent
Speaker 4: of you said I'd back out before I was involved
Speaker 4: in see. Next question we asked was would you ever
Speaker 4: start a business with a friend. Three percent said yep,
Speaker 4: we're friends for a reason. Sixty six percent of you
Speaker 4: said depends on the friend, yes, yes, and thirty one
Speaker 4: percent of you said no way. Business and friends don't mix.
Speaker 5: Fair.
Speaker 4: I'm in that boat. I had to learn the way,
Speaker 4: the really hard way. And then we obviously said, guys,
Speaker 4: what is your two cents? Someone said in very big
Speaker 4: capital is scary and there's a hashtag and an at
Speaker 4: sign in the word that starts with F and nz
Speaker 4: in K. Yeah, so it says don't f with your
Speaker 4: emergency fund.
Speaker 2: Amen. Yeah, yeah, yeah, that's nice, loud and clear, we
Speaker 2: hear you.
Speaker 4: Someone else said, I think you have to be one
Speaker 4: hundred and ten percent committed to the cause in order
Speaker 4: to have a successful business. Amen. Someone else said if
Speaker 4: it's not a heck, yes it is a heck. No,
Speaker 4: trust your gut true. Another person said, accountant here, they
Speaker 4: need to get on the same page first in relation
Speaker 4: to their intentions, risk profile plans. Yes, but I also
Speaker 4: do want to acknowledge that, like lots of businesses, we
Speaker 4: just go roke. I'm not saying it's the right thing
Speaker 4: to do, but like sometimes it's three am, you have
Speaker 4: a great name and then whoops, you've accidentally registered a
Speaker 4: business name.
Speaker 5: Yeah, there's lots of things happening without investing too, Like
Speaker 5: they can build the social media, yes, oh you can
Speaker 5: register me all of those things that don't necessarily require
Speaker 5: an upfront ten thousand dollars investment that you can still
Speaker 5: use to test the waters and stuff getting things going true?
Speaker 4: And what does that actually look like? So like, if
Speaker 4: you're both putting five thousand dollars each in, I'm assuming
Speaker 4: that you're operating this business equally, so you get fifty percent,
Speaker 4: I get fifty percent. But then who's working in the business?
Speaker 4: Like are we relying more on one person's skill set
Speaker 4: over another? Like is one person going to work every
Speaker 4: single day in this business and you've got a full
Speaker 4: time job, it can only help on the weekends. Like
Speaker 4: what type of labor is going to be? I've just
Speaker 4: got lots of questions. Yeah, I love I love small business.
Speaker 4: Another person said, a man wouldn't bat an eyelid back yourself.
Speaker 2: You've got this, yeah, fair point.
Speaker 4: Yeah, but I also think that, like there's a reason
Speaker 4: women are better investors, you know.
Speaker 5: Yeah, is that as a reason men die earlier than women?
Speaker 4: So positive, I love us. Another person said, are there
Speaker 4: other ways you can get involved in the business that
Speaker 4: aren't financial? Said, do you really believe in this business idea?
Speaker 4: If you don't, don't do it. If yes, then do
Speaker 4: a lot more research. Someone else said, if you can't
Speaker 4: communicate openly right now with each other, this is probably
Speaker 4: a really good reason to not be in a partnership.
Speaker 2: That's a great point.
Speaker 5: Yeah.
Speaker 4: And then the last person said, maybe you could negotiate
Speaker 4: who does more of the business I'm me in or
Speaker 4: financial organization? Yes, last one, I'll share, and then I'll
Speaker 4: give you a tip from my dad. So last one
Speaker 4: is the best business partner is yourself. And my dad
Speaker 4: told me a long time ago, and I didn't listen
Speaker 4: until recently, that the best number of business partner is
Speaker 4: an odd number of less than three a riddle. Yeah,
Speaker 4: thanks dad.
Speaker 5: If you are a small business owner, though, and you've
Speaker 5: got questions, Vet You've got a little webinar coming up
Speaker 5: soon that people might want to do. It might be handy.
Speaker 4: This is a really good plug. This is not a
Speaker 4: paid for plug. I'm just sharing it on the pod
Speaker 4: because I feel like if you listen to all that
Speaker 4: business chat and you're like, yeah, I want to learn more.
Speaker 4: I'm running a free webinar with my friends from Constant
Speaker 4: Contact online. It's actually quite soon, so you'll have to RSVP.
Speaker 4: But it's on Thursday. What is it? Just Thursday, the
Speaker 4: twenty seventh of February, and then it's at eleven am.
Speaker 4: And the coolest thing, or I think the coolest thing
Speaker 4: is Constant Contact are so excited about this. They said
Speaker 4: that anyone who attends and then signs up to Constant Contact,
Speaker 4: which is like an email marketing platform, that is honestly
Speaker 4: really cool. They're actually going to send you a copy
Speaker 4: of my book, The Business Bible for free, Like you
Speaker 4: don't have to spend a dollar. All you have to
Speaker 4: do is come to my webinar. But obviously t's and
Speaker 4: c's apply whatever. I'm just going to disclaim with that.
Speaker 4: But Jess, we can put all of the information in
Speaker 4: the show notes. But I think that that will be
Speaker 4: really cool because it's like a marketers meet up and
Speaker 4: we're going to just talk about like marketing and branding
Speaker 4: and like, you know, how to take your business to
Speaker 4: the next level and like really own it yourself as
Speaker 4: opposed to just being on socials.
Speaker 1: Yeah.
Speaker 4: So I just think I'm wildly passionate about this, and
Speaker 4: if you are a business person as well, maybe that's
Speaker 4: of interest. Also Free book money Wait, we love it.
Speaker 4: That's so cool.
Speaker 5: You can't make it live. I believe there will be
Speaker 5: a replace, so still in so we have your email
Speaker 5: because we'll send it out to anyone who attended.
Speaker 4: One hundred percent. I love this. I also feel like
Speaker 4: maybe they've bitten off more than they can chewne. They
Speaker 4: don't realize the power of the She's on the Money community. So,
Speaker 4: like you said, free book, we love the money in.
Speaker 4: We sure do like this could work out well for them.
Speaker 4: This could also be an ad mid nightmare because they're
Speaker 4: going to have to fulfill these books, individuals.
Speaker 5: Pour team posting out the books. I can only imagine
Speaker 5: we might have to.
Speaker 4: Give them a hand. But anyway, I think that is
Speaker 4: all we've got time for today. Guys, have a beautiful
Speaker 4: weekend and we will see you bright and early on
Speaker 4: Monday for a money diary.
Speaker 2: Bye guys.
Speaker 6: Hi.
Speaker 4: They ad buy shared on She's on the Money is
Speaker 4: general in nature and does not consider your individual circumstances.
Speaker 4: She's on the Money exists purely for educational purposes and
Speaker 4: should not be relied upon to make an investment all
Speaker 4: financial decision. If you do choose to buy a financial.
Speaker 7: Product, read the PDS TMD and obtain appropriate financial.
Speaker 4: Advice tailored towards your needs.
Speaker 7: Victoria Divine and She's on the Money are authorized representatives
Speaker 7: of Money sherper P t y lt D A b
Speaker 7: N three two one six four nine two seven seven
Speaker 7: zero eight AFS L four five one two eight nine