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Speaker 1: She's on the Money. 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. One in five Australians

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Speaker 2: are turning to the sharing economy to supplement their income.

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Speaker 2: But what exactly is the sharing economy? How is it

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Speaker 2: transforming the way we live? And importantly, how can it

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Speaker 2: make you money? My name is Georgia King, and joining

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Speaker 2: me as she does each and every Wednesday, is financial

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Speaker 2: advisor Victoria define V. What exactly is the sharing economy

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Speaker 2: and why should our listeners care?

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Speaker 3: Because we're doing a whole episode on at Georgia, So like,

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Speaker 3: obviously we think it's important, so you should too, because

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Speaker 3: that's what this podcast is for forcing our opinions on you. No,

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Speaker 3: that's absolutely not correct. This is all about education. There

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Speaker 3: is no such thing as the right or wrong when

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Speaker 3: it comes to stuff like this. So the sharing economy

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Speaker 3: g is essentially the system that we are all relatively

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Speaker 3: familiar with, but likely haven't given a whole heap of

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Speaker 3: thought too. So this is a system where individuals get

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Speaker 3: to share goods and services and it's facilitated by some

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Speaker 3: kind of platform or app. So a popular example of

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Speaker 3: this is Airbnb, where homeowners are able to use an

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Speaker 3: app to let their homes out to strangers, or even Uber,

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Speaker 3: where passengers are connected with drivers and vice versa. And

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Speaker 3: more recently, our Melbourne based listeners might have noticed the

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Speaker 3: electric scooters that have been popping up around the place.

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Speaker 3: I've seen so many Instagram stories of people writing them,

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Speaker 3: and I kind of like, I don't have a need

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Speaker 3: for that mode of transport at this point in time,

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Speaker 3: but I kind of have fomo, like, I'll go out

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Speaker 3: find a scooter and have a fun time. Don't want

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Speaker 3: to give to see you just like rocking the Gucci

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Speaker 3: on on a little scooter on your way to the office.

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Speaker 3: I don't want are you joking?

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Speaker 2: The start? Turn it down?

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Speaker 3: Neither go to spriends.

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Speaker 1: Wow.

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Speaker 3: But essentially, Gee, these are examples of products that are

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Speaker 3: part of the sharing economy, which is really cool.

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Speaker 2: So why should our listeners care? Because obviously you've said

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Speaker 2: we all know what it is, but I guess we've

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Speaker 2: never really thought long and hard. Why is this episode interesting?

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Speaker 3: Gee? Because we said it okay, but also because you

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Speaker 3: get to save money by utilizing the sharing economy. Plus

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Speaker 3: it's changing our spending behaviors. And is impacting the way

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Speaker 3: that we live our lives, which is what we're going

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Speaker 3: to be talking about all todayzing.

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Speaker 2: So how big is the sharing economy exactly be? And

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Speaker 2: is it going to continue to grow?

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Speaker 3: All right? So it's like really really really big. But

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Speaker 3: according to Forbes, this sharing economy is projected to grow

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Speaker 3: globally from fifteen billion dollars, which was valued out in

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Speaker 3: twenty fourteen, which is already pretty big, to three hundred

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Speaker 3: and thirty five billion dollars in twenty twenty five. Crazy massive,

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Speaker 3: those big numbers. We like that. I feel like this

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Speaker 3: industry or this area, I don't even know if you

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Speaker 3: can call it an industry because it's so diverse. I

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Speaker 3: think it's just going to become ingrained in what we

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Speaker 3: do because it's just so much more flexible and so

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Speaker 3: much more accessible for so many people. But of course,

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Speaker 3: sharing isn't new. It's existed for some time in various ways,

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Speaker 3: shapes or forms, and of course the advancement of technology

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Speaker 3: over time, especially over the last decade or so, has

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Speaker 3: really played into this, and the fact that a majority

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Speaker 3: of us now have computers quite literally in our hands

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Speaker 3: that connect us and allow us to access systems like

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Speaker 3: this is probably why the sharing economy is able to thrive.

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Speaker 3: Like how often do you pick up your phone and

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Speaker 3: you know that you've got the Airbnb app on there,

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Speaker 3: so you're like, oh, I wonder what it would be

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Speaker 3: you like to get an Airbnb in this location over

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Speaker 3: this period of time, Like you are instantaneously engaging in

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Speaker 3: a sharing economy and the amount of times that I

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Speaker 3: pick up my phone and we're not going to judge

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Speaker 3: me on this, but auto uber eats and have dinner

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Speaker 3: delivered to my door, Like, guys, I'm single handedly keeping

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Speaker 3: this sharing economy alive.

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Speaker 2: But it's weird, isn't, Like, because obviously delivery services existed

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Speaker 2: fifteen years ago, but Uber eats didn't. But it's now

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Speaker 2: so much more convenient. You don't have to talk to anyone.

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Speaker 2: You could just whip up your app. You can look

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Speaker 2: at all of the ranges of food that are delivering

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Speaker 2: near you, Like it is so convenient.

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Speaker 3: It's literally the accessibility of it right, So it's absolutely

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Speaker 3: as you were saying, it's not new, like you could

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Speaker 3: always have a pizza delivery or not always, But for

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Speaker 3: as long as I've been alive, I know that we

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Speaker 3: have had pizzas delivered, but like the Fish and Chip

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Speaker 3: shop didn't deliver, so it was always I guess niche

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Speaker 3: to a particular area. But now it's so accessible because

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Speaker 3: we've got other people doing it. It's not just calling

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Speaker 3: up a pizza shop seeing if they could deliver a pizza.

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Speaker 3: It's now an absolute plethora of different companies and different

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Speaker 3: things that you can have delivered. And gee, you know,

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Speaker 3: recently I had COVID, which was a wild time. But

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Speaker 3: ge you know, recently I had COVID and that meant

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Speaker 3: that I could not leave my house and I was

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Speaker 3: a bit worried about, you know, things that I needed

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Speaker 3: to do and get and organize. And I knew that

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Speaker 3: we had access to Uber Eats, but the amount of

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Speaker 3: things that I could actually access while I was at home.

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Speaker 3: Like I even ordered from Chemist Warehouse and it was

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Speaker 3: at my house in three Hoursly, what, Yeah, because no,

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Speaker 3: they've partnered with Daughter. You have to like order from

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Speaker 3: the Chemist Warehouse website, so it's there, but you pick

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Speaker 3: the instantaneous like delivery thingacha three hours. So I was

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Speaker 3: like great, because there are some products that you can't

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Speaker 3: get from the supermarket that I get from Chemist warehouse. Anyway,

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Speaker 3: long story short, sharing economy is great, and I am

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Speaker 3: genuinely surprised on a regular basis of how much more

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Speaker 3: convenient it gets. Like I thought it would stop at

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Speaker 3: pizza and pasta, and now you can have like rat delivered,

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Speaker 3: Like what is the world coming to?

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Speaker 2: I guess you touched on a major benefit to the

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Speaker 2: sharing economy there v in its convenience, But what are

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Speaker 2: the other major benefits?

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Speaker 3: So there are heaps, and obviously there is one that

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Speaker 3: I really like. It's obviously very good for our planet

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Speaker 3: because sharing services means that people are you know, we're

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Speaker 3: talking about uber eats and stuff, but people are genuinely

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Speaker 3: very less likely to buy new things. It's really helped,

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Speaker 3: I guess, reframe our relationship with or I think with consumption.

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Speaker 3: And it also means that the items that we might

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Speaker 3: have thrown away or maybe had sitting in the back

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Speaker 3: of our wardrobe for a really long period of time

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Speaker 3: or in a shed that we haven't been using, are

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Speaker 3: going to be able to get use out of it,

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Speaker 3: and I guess bring down that cost per wel cost

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Speaker 3: per use and potentially give it a second lease of life.

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Speaker 3: The other one, which I think is really good, especially

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Speaker 3: because we are she's on the money is we can

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Speaker 3: increase our income, like we historically haven't been able to

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Speaker 3: increase our income without negotiating another role with an employer

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Speaker 3: or going and starting our own businesses, which obviously includes

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Speaker 3: like massive startup costs and like going above and beyond

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Speaker 3: and having to be relatively creative in our thought patterns.

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Speaker 3: But now in twenty twenty two, people can make money

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Speaker 3: with relatively little effort, Like you don't have to be creative.

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Speaker 3: You just have to have the time and access to

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Speaker 3: a phone with an app, and you can start creating money,

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Speaker 3: be that renting out clothes by platforms like release it,

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Speaker 3: or by driving ubers at night.

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Speaker 2: It is a super great.

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Speaker 3: Option as a side hustle for people who don't have

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Speaker 3: a heap of time but also want the flexibility in

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Speaker 3: their lives to choose their own hours and you know,

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Speaker 3: choose how they actually manage that, because if you're picking

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Speaker 3: up an extra shift on like a Thursday and a

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Speaker 3: Friday working in hospitality or something like that, like that's

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Speaker 3: an ongoing commitment. Or if you're like, you know what,

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Speaker 3: on Thursday or Friday nights, I'm going to drive ubers.

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Speaker 3: I'm going to do Uber deliveries or I'm going to

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Speaker 3: go pick up people, Like, there's so much flexibility in

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Speaker 3: doing that. Something comes up, you don't have to do it.

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Speaker 3: Want to work late? Great, do that, don't want to

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Speaker 3: work late, don't do it? Like it's so flexible, And

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Speaker 3: I think in twenty twenty two that's become an expectation

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Speaker 3: of a role. But also we expect the flexibility in

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Speaker 3: our lives nowadays, especially after COVID, I feel the other

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Speaker 3: is increased to affordability. A good example of this is

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Speaker 3: things like Airbnb right where now it often is actually

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Speaker 3: cheaper to rent out someone's entire house than booking a

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Speaker 3: three by four meter hotel room and asking a friend

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Speaker 3: to sleep on the trundle. Across most of these platforms

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Speaker 3: is relatively low overheads, which means lower prices for consumers,

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Speaker 3: which gee, we love. We do the other thing which

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Speaker 3: shares on the money. We're a community. The sharing economy.

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Speaker 3: It promotes a heightened sense of community, which we adore.

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Speaker 3: And there's certainly more of a personal touch in the

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Speaker 3: shag economy, whether that is sitting in someone's car and

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Speaker 3: driving it, renting out their home, for the weekend, or

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Speaker 3: renting address that someone else has worn. There's just something

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Speaker 3: really nice about that, and I don't know, I really

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Speaker 3: like that. But I also know that some people are

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Speaker 3: going to be like, ben't want want to sit in

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Speaker 3: someone else's car. I also don't want to wear their dress,

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Speaker 3: And I'm like, oh, I really like.

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Speaker 2: That, So each to their own.

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Speaker 3: Absolutely. Another benefit is obviously g convenience. It's hard to

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Speaker 3: argue that delivery services and apps that are now transport

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Speaker 3: us from door to door and snacks from door to

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Speaker 3: door is much more seamless and a much more affordable

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Speaker 3: option than it used to be because previously we had

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Speaker 3: higher price points to have things delivered, Like there was

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Speaker 3: no way I could have had, you know, something couriered

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Speaker 3: across the city for the amount of money I can now,

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Speaker 3: Like nowadays, George, if I need to drop something off

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Speaker 3: at your place and I don't have time to drive

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Speaker 3: over there, I can book an uber. I can chuck

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Speaker 3: it in the uber and have them cory it over.

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Speaker 3: Like it is crazy the amount of convenience I get

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Speaker 3: as a business owner but also personally out of this,

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Speaker 3: And I guess that's a massive appeal for what the

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Speaker 3: sharing economy can actually offer us, right, And the last

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Speaker 3: one ge I've been trying to think of a whole

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Speaker 3: heap of these because I knew you'd ask me, like,

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Speaker 3: what are the benefits? How does this work? The last

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Speaker 3: one is efficiency, So I've written down efficiency because we

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Speaker 3: wouldn't be using apps like Uber or Airbnb or release

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Speaker 3: it if they weren't really seamless in the service that

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Speaker 3: they're providing and provide us a good customer experience. So

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Speaker 3: from my perspective, they do an amazing job of making

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Speaker 3: life easier for us, and I guess that's why we're

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Speaker 3: all so drawn to them, Like I am a creature

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Speaker 3: of efficiency and comfort and convenience, and as much as

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Speaker 3: that might not be what you're up to, for me,

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Speaker 3: this is perfect one hundred percent. And yeah, I don't

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Speaker 3: think we can underestimate how impressive. I mean, this episode

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Speaker 3: is not sponsored by Uber, but I feel like we've

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Speaker 3: all had canceled trips and you know, the driver hasn't

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Speaker 3: turned up or whatever. You pop through a complaint and

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Speaker 3: they always they generally offer you a credit. They're very good,

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Speaker 3: and I mean that's not their fault that the driver canceled,

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Speaker 3: Like I know that there's always going to be things

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Speaker 3: that could be ironed out, and it usually comes down to,

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Speaker 3: I guess, the user experience, so like it's usually with

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Speaker 3: the people involved, not with the platform. Like the platform

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Speaker 3: didn't make the driver cancel. The driver probably just didn't

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Speaker 3: know how to get to you. And like, I've had

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Speaker 3: a couple of times where you know, on Uber it's

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Speaker 3: the food has arrived and maybe something's missing or it

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Speaker 3: was stone cold or something like We've all been there,

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Speaker 3: but every time I've spoken to Uber, like it's been

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Speaker 3: refunded immediately or redelivered, and I'm always like, oh, that's

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Speaker 3: kind of efficient, Like I didn't expect that, like especially

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Speaker 3: so quickly.

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Speaker 2: One hundred percent Sophy back to kind of the idea

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Speaker 2: of the sharing economy in more of a rental space.

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Speaker 2: I guess, do you think our behavior is going to

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Speaker 2: change and the way we purchase products, because we're going

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Speaker 2: to be thinking of them as investments that could potentially

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Speaker 2: provide us with some income, some extra income. So for example,

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Speaker 2: I might strongly consider buying a one thousand dollar dress

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Speaker 2: that in the past I never would have considered because

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Speaker 2: now I can get a few weares out of that amazing,

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Speaker 2: and I can also potentially rent that out, so the

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Speaker 2: value is higher. Like, do you think our behaviors are

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Speaker 2: going to change and how we value things?

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Speaker 3: G Are you using that particular example because you were

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Speaker 3: privy to the conversation I was having with Jess earlier

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Speaker 3: this night, I feel like you were you were flying,

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Speaker 3: so talk to me all right, So, Jess, I don't

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Speaker 3: know if you want me to share this because, like

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Speaker 3: you know, we're talking about very expensive dresses, and like

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Speaker 3: when I say very expensive, I mean like a thousand

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Speaker 3: dollars for a dress. Anyway, Jess has found online the

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Speaker 3: stunning dress and we are both obsessed with it. Here

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Speaker 3: a Zimmerman girl, you would know. But Jess found this

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Speaker 3: dress that she adores and wants to wear to as

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Speaker 3: she's on the money event next month, so we're doing

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Speaker 3: the International Women's Day events, which we are super excited about.

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Speaker 3: But Jess is like, they I really want this, and

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Speaker 3: she's been doing some research and like came up with

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Speaker 3: some platforms like release it where she's like the if

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Speaker 3: I put it on there, like I could get cost

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Speaker 3: per wear down and I could you know, if I

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Speaker 3: rented out four times then actually covers the cost of

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Speaker 3: the dress, and then I get to wear it, and

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Speaker 3: then the dress is essentially free for me. And we

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Speaker 3: were like negotiating how she could essentially afford to buy

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Speaker 3: this dress. And yes, like literally yes to the question

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Speaker 3: that you're asking, because you just said, would it change

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Speaker 3: the way that we view things totally? There's no way

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Speaker 3: Jess would ever have said, you know what, a thousand

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Speaker 3: dollars on a dress? Easy or wear it, pop it

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Speaker 3: in my wardrobe. But now for her, if she does

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Speaker 3: the extra work, it becomes a really feasible option, Like

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Speaker 3: that's a popular dress. Yes it will rent out, like

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Speaker 3: I would rent it from her Closet's stunny, But it's

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Speaker 3: one of those things where you go, hey, you're right,

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Speaker 3: that could potentially, you know, one become a feasible way

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Speaker 3: of owning something that you couldn't have owned before, but

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Speaker 3: also a way to generate some income. Like I feel

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Speaker 3: like people are going to be altering the way that

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Speaker 3: they purchased because now they're considering the other uses their

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Speaker 3: purchase could potentially have. For example, if you're like, oh

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Speaker 3: my gosh, you know, Steve and I are doing DIY

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Speaker 3: around the house at the moment, we're about to do

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Speaker 3: a really big renovation. Like maybe when I pop down

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Speaker 3: to Bunnings to purchase a tool, I'm going to rethink

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Speaker 3: about the quality of it because I might want to

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Speaker 3: be able to lease it out or you know, put

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Speaker 3: it online for somebody else to use at some point,

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Speaker 3: as opposed to just like, oh, just get the cheap one.

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Speaker 3: We'll use it once like and pop it in the shed.

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Speaker 3: It's not going to be you know, of value to

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Speaker 3: us long term. It's not worth the extra investment, like

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Speaker 3: may we now we are going to consider it as

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Speaker 3: an actual investment and buy more quality items. I don't know,

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Speaker 3: how do you feel about that? Do you think that

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Speaker 3: that would change the way that you purchase?

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Speaker 2: Yeah? I think I do V, which is kind of

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Speaker 2: exciting because it means you can justify, as may well

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Speaker 2: do you can justify a more high quality, more expensive

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Speaker 2: product and kind of feel like you're taking one for

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Speaker 2: the planet because you will then rent it out. But

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Speaker 2: I guess off the back of that V could then

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Speaker 2: the businesses who create these products, would they then potentially

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Speaker 2: hike up the prices in anticipation that people may expect

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Speaker 2: them to be more expensive? Does that make sense?

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Speaker 3: I don't know. I hadn't really thought about that, but

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Speaker 3: it's a good point in saying that I feel like

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Speaker 3: everything's getting more expensive at the moment. Like I'm looking

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Speaker 3: at dresses and stuff for events, and I'm looking at

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Speaker 3: you know, buying different things, and I feel like everything

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Speaker 3: at the moment is just a bit more expensive than

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Speaker 3: what I had anticipated it to be. But maybe that's

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Speaker 3: just me because overall, I want to bargain. Like I'm

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Speaker 3: very likely to just buy dress that I can find

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Speaker 3: a dfol because I'm like, yes, money, like that fits,

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Speaker 3: it's on sale, it's very cute. But for me, yeah,

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Speaker 3: I don't know. G what do you reckon?

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Speaker 2: I mean, I think it'll be really interesting to see

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Speaker 2: what happens in the next ten twenty years and how

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Speaker 2: much the sharing economy really does infiltrate the every day

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Speaker 2: because it certainly already has to a degree. But yeah,

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Speaker 2: I'm just really fascinated as to where this is all

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Speaker 2: going to go and how our behaviors are just going

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Speaker 2: to continue to change. I don't know, I'm scared.

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Speaker 3: It's a lot, right because they feel like historically, obviously

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Speaker 3: you could hire things like tools, but do you remember

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Speaker 3: when like dress hire started to become a thing, and

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Speaker 3: it was incredibly novel, and there were companies like glam

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Speaker 3: Corner that popped up where you could hire a dress

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Speaker 3: instead of purchasing it, and that was kind of like,

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Speaker 3: I don't know, at the start, it was a bit strange.

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Speaker 3: Now it's just second nature. Like a lot of my

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Speaker 3: girlfriends will just hire address for an event instead of

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Speaker 3: paying full price because they're like, well, I would only

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Speaker 3: wear it to that wedding once, so why don't I

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Speaker 3: just hire it? And then that kind of extended into

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Speaker 3: these other websites and other ways of hiring where it's

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Speaker 3: not a company that you're hiring from, it's individuals. Like

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Speaker 3: you go on these websites and Georgia King has uploaded

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Speaker 3: a few dresses that she owns. You send an inquiry,

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Speaker 3: it goes straight to them they posted off to you,

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Speaker 3: and it's kind of like this platform and this hiring

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Speaker 3: culture has come completely evolved from your hiring from a

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Speaker 3: company to you're now hiring from individuals, and like, I

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Speaker 3: really like that because I know that they're making money.

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Speaker 3: I'd love to know the margins of these things, like

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Speaker 3: how much do you get if you rent out your dress? Like,

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Speaker 3: what's the profit margin of the platform that you're listing

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Speaker 3: it on. How does that actually work? But also I

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Speaker 3: feel like a company has the ability to take more

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Speaker 3: risk than an individual. Right, So if a company owns

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Speaker 3: a thousand dollars dress and they've like collected your credit

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Speaker 3: card details and know that if you ruin the dress

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Speaker 3: or don't return the dress, they can charge you xyz. Like,

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Speaker 3: I feel like there's maybe a little bit more scope

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Speaker 3: for people to be taken advantage of if they're kind

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Speaker 3: of like smaller fish sending out individual items and don't

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Speaker 3: know their rights and don't know how to protect themselves. Like,

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Speaker 3: I don't know. That just pops into my head because

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Speaker 3: I don't want people to be taken advantage of.

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Speaker 2: Definitely, definitely, And we will talk about that a little

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Speaker 2: bit later on in the show. The transport, hotel, and

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Speaker 2: even the fashion industries, as we kind of pointed to,

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Speaker 2: just have all been disrupted by the impact of the

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Speaker 2: rise of the sharing economy. Do you think other industries

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Speaker 2: could be impacted when tech advances further? Like healthcare springs

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Speaker 2: to mind. We were speaking before the show. I don't

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Speaker 2: really know how it would work.

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Speaker 3: How healthcare would were well, it was actually very funny,

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Speaker 3: and I like throwing people unto buses, and you said, oh,

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Speaker 3: if you could get like a platform and like doctors

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Speaker 3: could go on there, and I was like, like hot doc.

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Speaker 2: But I meant more like freelance doctors a bit us.

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Speaker 2: I don't know if that well, no, it would have

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Speaker 2: to be entirely regulated. Otherwise I could like pop on

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Speaker 2: a little lab coat, a little stethoscope around my neck

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Speaker 2: and that doctor Jordan kind.

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Speaker 3: Of service George up if we're going to play dress ups.

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Speaker 3: But I do think that other industries are definitely impacted

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Speaker 3: by this, right, So I was saying before to you

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Speaker 3: as well, like it's not just transport and hotel and

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Speaker 3: individual things like the She's on the Money office is

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Speaker 3: quite literally in a share office space, Like yes, we

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Speaker 3: have our own individual office suite area and so like

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Speaker 3: if you're watching it on social media, you'll be like,

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Speaker 3: that's their own space, and it absolutely is, but we're

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Speaker 3: inside a bigger office space. I suppose of literally hundreds

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Speaker 3: of different types of businesses that all want to somehow

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Speaker 3: collaborate and bring down the cost. Like it doesn't make

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Speaker 3: sense to me as a business owner anymore to go

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Speaker 3: do you know what, George, She's on the money is growing.

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Speaker 3: Let's go lease an entire office space and have to

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Speaker 3: pay individually for internet and for you know, services and

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Speaker 3: utilities and cleaning and all of the other things that

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Speaker 3: you would require for an office. And she's on the

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Speaker 3: money is in this share office space. So we've built

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Speaker 3: into the cost of rent, like our internet and all

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Speaker 3: of the services and like coffee that our team drinks like,

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Speaker 3: it's all shared, which ultimately brings down the cost. So

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Speaker 3: from my perspective, like, it works really well, and I

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Speaker 3: don't know why it wouldn't, you know, stretch across different

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Speaker 3: areas of the world, because I can definitely see in

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Speaker 3: the future even jobs being shared. We already know the

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Speaker 3: concept of job sharing exists, but I can see as

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Speaker 3: tech advances there being a more seamless way to job

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Speaker 3: share where potentially you might be a marketing professional but

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Speaker 3: you actually work across five different businesses one day a week. Like,

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Speaker 3: how cool would that be if that became the case?

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Speaker 3: So I do think that lots and lots of different

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Speaker 3: industries are changing. George. There's even like an uber nowadays

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Speaker 3: for private jets, like you can just go on your

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Speaker 3: phone and work out how to fly in a private jet, Like, like,

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Speaker 3: I just can't see any industry that couldn't adapt something similar.

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Speaker 2: Is that, Like is there any danger in that though?

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Speaker 2: Be not in private jets specifically. I know they are

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Speaker 2: hugely problematic.

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Speaker 3: But I've also had literally no experience with private jets,

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Speaker 3: Like that's a different salary bracket, Georgi.

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Speaker 2: King, But do you think, like I don't know, all

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Speaker 2: certain industries collapse or like, is anything bad going to

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Speaker 2: happen because of the sharing economy or is it all

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Speaker 2: looking pretty dandy.

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Speaker 3: I don't know. I feel like there's a lot of

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Speaker 3: scope for people or individuals to be taken advantage of. Though,

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Speaker 3: So as things grow, and you know, as businesses are

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Speaker 3: trying to be more I guess economical, and even I

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Speaker 3: am looking at it from this perspective as a business owner,

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Speaker 3: I go, well, how do we save on rench and

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Speaker 3: share space? No problem? But as that increases and as

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Speaker 3: people are trying to find cheaper solutions, we have to

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Speaker 3: remember that sometimes the people actually delivering that service aren't

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Speaker 3: being paid minimum wage. So I'm sure we'll get into

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Speaker 3: it at some point. But you look at how much

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Speaker 3: people might make for doing Uber deliveries and then we

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Speaker 3: might compare that to the minimum wage per hour in

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Speaker 3: Australia and it might not actually equate. And I think

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Speaker 3: that there's a fair bit of scope for people to

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Speaker 3: be taken advantage of who are trying to like side

434
00:22:09,960 --> 00:22:12,880
Speaker 3: hustle and do their own thing and like put their

435
00:22:12,920 --> 00:22:15,679
Speaker 3: all into it, but maybe not be remunerated in the

436
00:22:15,720 --> 00:22:19,800
Speaker 3: way that they should be because these companies don't have

437
00:22:19,880 --> 00:22:23,040
Speaker 3: them as employees, so they don't have minimum standards that

438
00:22:23,080 --> 00:22:26,359
Speaker 3: they need to adhere to. And yeah, I just I

439
00:22:26,359 --> 00:22:29,879
Speaker 3: feel like that is probably, from my perspective, the biggest risk.

440
00:22:30,320 --> 00:22:32,480
Speaker 3: But to be honest, I haven't put a lot of

441
00:22:32,520 --> 00:22:36,280
Speaker 3: thought into how it could be the downfall of other areas.

442
00:22:36,640 --> 00:22:39,240
Speaker 2: Okay, yeah, so more on an individual level, I guess

443
00:22:39,240 --> 00:22:41,520
Speaker 2: these people are probably not being paid super they'll have

444
00:22:41,560 --> 00:22:43,120
Speaker 2: to pay their own taxes, et cetera, et cetera.

445
00:22:43,240 --> 00:22:46,840
Speaker 3: So's there's a lot more responsibility on people. And then

446
00:22:46,880 --> 00:22:49,840
Speaker 3: you look at how much money you're paying for a delivery,

447
00:22:49,960 --> 00:22:52,840
Speaker 3: right George, So, like we ordered ty Fhood the other night,

448
00:22:52,880 --> 00:22:55,520
Speaker 3: and I think I ended up with free delivery because

449
00:22:55,560 --> 00:22:57,560
Speaker 3: like there was a promotion going on and you're like, well,

450
00:22:57,560 --> 00:23:01,280
Speaker 3: how much is the driver being paid? How does this work?

451
00:23:01,400 --> 00:23:04,399
Speaker 3: Like is it economical? Is it actually fair? Like I

452
00:23:04,600 --> 00:23:06,399
Speaker 3: just I worry about that.

453
00:23:06,520 --> 00:23:09,720
Speaker 2: But then even say the small business, the small tie

454
00:23:09,760 --> 00:23:13,160
Speaker 2: restaurant that you ordered that Uber eats from, are they

455
00:23:13,240 --> 00:23:16,040
Speaker 2: being penalized through using uber eats because if they're not

456
00:23:16,080 --> 00:23:18,200
Speaker 2: on Uber eats, then no one's going to order from

457
00:23:18,200 --> 00:23:20,359
Speaker 2: them because that's just the way things are now, and

458
00:23:20,640 --> 00:23:21,880
Speaker 2: like uberts is going to take a cut.

459
00:23:21,960 --> 00:23:24,919
Speaker 3: Yeah, for small business, that could be really disruptive because

460
00:23:25,040 --> 00:23:28,119
Speaker 3: also Uber EAT's obviously charge a fee, and that's a

461
00:23:28,119 --> 00:23:31,720
Speaker 3: percentage of the purchase price. And so I know that

462
00:23:31,880 --> 00:23:33,920
Speaker 3: if I went to pick up that tie just because

463
00:23:33,960 --> 00:23:36,679
Speaker 3: it's my local tie shop, I know it would be cheaper.

464
00:23:36,960 --> 00:23:40,080
Speaker 3: But I know that on Uber they are slightly more expensive.

465
00:23:40,119 --> 00:23:42,399
Speaker 3: And I'm making the grand assumption that's to make up

466
00:23:42,440 --> 00:23:44,960
Speaker 3: for the fact that uber take quite a large cut,

467
00:23:45,000 --> 00:23:48,160
Speaker 3: so they have to charge more, which I'm totally fine with.

468
00:23:48,440 --> 00:23:51,960
Speaker 3: But then does that put customers out? Like does that

469
00:23:52,040 --> 00:23:55,080
Speaker 3: then you know, turn away some customers who might be like, well,

470
00:23:55,160 --> 00:23:57,280
Speaker 3: I only wanted to pay twenty dollars an hour, it's

471
00:23:57,320 --> 00:24:01,320
Speaker 3: like close to thirty because of this service, it's now unobtainable,

472
00:24:01,400 --> 00:24:03,679
Speaker 3: Like I don't know, it just feels like a really

473
00:24:04,119 --> 00:24:08,080
Speaker 3: interesting space. And then obviously the rental space is being

474
00:24:08,160 --> 00:24:13,199
Speaker 3: impacted by Airbnb because nowadays it's obviously so easy to

475
00:24:13,240 --> 00:24:16,520
Speaker 3: put your apartment if you own one, on Airbnb, but

476
00:24:16,560 --> 00:24:19,400
Speaker 3: then it minimizes the amount of apartments that are available

477
00:24:19,440 --> 00:24:22,280
Speaker 3: for people to rent on an ongoing basis. And obviously,

478
00:24:22,320 --> 00:24:25,000
Speaker 3: if you're a landlord and you own a property, you're

479
00:24:25,040 --> 00:24:28,200
Speaker 3: trying to maximize how much it makes. So it's kind

480
00:24:28,200 --> 00:24:29,840
Speaker 3: of like a rock and a hard place because it

481
00:24:29,880 --> 00:24:32,560
Speaker 3: benefits one person, but disadvantage is another. But then you've

482
00:24:32,560 --> 00:24:35,240
Speaker 3: got to think about the responsibility you have to the economy,

483
00:24:35,280 --> 00:24:36,360
Speaker 3: like I don't know, I know.

484
00:24:36,320 --> 00:24:38,520
Speaker 2: A tough one. That is such a hard one, and

485
00:24:38,680 --> 00:24:41,040
Speaker 2: it is a point flagged a little further on in

486
00:24:41,119 --> 00:24:43,040
Speaker 2: the show. So we'll get to that when we do,

487
00:24:43,680 --> 00:24:45,639
Speaker 2: but let's take a little break here. But on the

488
00:24:45,680 --> 00:24:47,800
Speaker 2: other side, we will be chatting through how we can

489
00:24:47,840 --> 00:24:51,320
Speaker 2: both save and make money via the sharing economy, as

490
00:24:51,359 --> 00:24:54,120
Speaker 2: well as what those potential downfalls are. So please don't

491
00:24:54,119 --> 00:24:59,080
Speaker 2: go anywhere straight back into it, vd onto the exciting stuff.

492
00:24:59,440 --> 00:25:02,479
Speaker 2: How can and the sharing economy actually make us money.

493
00:25:02,800 --> 00:25:06,160
Speaker 3: Oh, these are the good questions. We can essentially now

494
00:25:06,359 --> 00:25:09,359
Speaker 3: make side hustles and up our income from things that

495
00:25:09,400 --> 00:25:11,200
Speaker 3: we have laying around our house or in our shared

496
00:25:11,280 --> 00:25:13,679
Speaker 3: or in our garage or sitting in the garden or

497
00:25:13,760 --> 00:25:17,080
Speaker 3: literally the actual house that we're sitting in. Unlike selling

498
00:25:17,200 --> 00:25:19,320
Speaker 3: unused items that we have around the house, which we

499
00:25:19,359 --> 00:25:22,399
Speaker 3: obviously promote you do to, we are now able to

500
00:25:22,440 --> 00:25:25,080
Speaker 3: make money from them, which not only pays off those items,

501
00:25:25,160 --> 00:25:28,320
Speaker 3: but also contributes to increasing your income on an ongoing basis,

502
00:25:28,359 --> 00:25:31,240
Speaker 3: which we love. And gee, you and I we speak

503
00:25:31,240 --> 00:25:34,240
Speaker 3: about side hustles all the time, and we often hear

504
00:25:34,280 --> 00:25:36,840
Speaker 3: the feedback like, oh, I don't have a skill set

505
00:25:36,840 --> 00:25:39,520
Speaker 3: that I mayble to monetize, or you know, I don't

506
00:25:39,560 --> 00:25:42,080
Speaker 3: think that I could do that. I just don't have

507
00:25:42,520 --> 00:25:46,119
Speaker 3: any creative ideas to start a business. But the beauty

508
00:25:46,160 --> 00:25:48,720
Speaker 3: of this model is that it allows making money to

509
00:25:48,760 --> 00:25:51,240
Speaker 3: become more accessible. Like, sure, you still need to have

510
00:25:51,359 --> 00:25:53,240
Speaker 3: the items, like you need to have the clothes that

511
00:25:53,280 --> 00:25:54,920
Speaker 3: you want to run out, or a car to put

512
00:25:54,960 --> 00:25:58,040
Speaker 3: online or a house to offer for airbnb, but you

513
00:25:58,119 --> 00:26:00,960
Speaker 3: don't actually necessarily need a ski. You just need the

514
00:26:01,000 --> 00:26:03,080
Speaker 3: time to set it up and organize it and get

515
00:26:03,080 --> 00:26:05,960
Speaker 3: it done. Do keep in mind, low G, this is

516
00:26:06,000 --> 00:26:09,400
Speaker 3: like financial advisor me kicking into gear. If you are

517
00:26:09,480 --> 00:26:12,040
Speaker 3: going to do that, you will need to pay tax

518
00:26:12,359 --> 00:26:14,959
Speaker 3: because there is a very big difference between making money

519
00:26:15,000 --> 00:26:17,879
Speaker 3: as a hobby and also trying to make a commercial

520
00:26:17,920 --> 00:26:21,240
Speaker 3: effort to actually increase your income, and those two things

521
00:26:21,280 --> 00:26:23,119
Speaker 3: are very different. But if you have any questions, you

522
00:26:23,200 --> 00:26:24,800
Speaker 3: absolutely should ask your accountant.

523
00:26:24,920 --> 00:26:28,359
Speaker 2: Yeah, brilliant. Just on the tax theme, be if we

524
00:26:28,440 --> 00:26:31,000
Speaker 2: do choose to use a service like release it and

525
00:26:31,040 --> 00:26:34,159
Speaker 2: rent out our goods, or maybe if we're using like

526
00:26:34,200 --> 00:26:37,520
Speaker 2: a skill based provider like air tasker, do you have

527
00:26:37,560 --> 00:26:39,439
Speaker 2: any tips for just how to stay on top of

528
00:26:39,480 --> 00:26:40,080
Speaker 2: that tax.

529
00:26:40,560 --> 00:26:43,560
Speaker 3: It can get away from you really really quickly because

530
00:26:43,640 --> 00:26:46,040
Speaker 3: it all adds up, and if you're using the same

531
00:26:46,080 --> 00:26:49,760
Speaker 3: bank account that you usually transacting, it can intertwine with

532
00:26:49,800 --> 00:26:51,640
Speaker 3: all your other expenses and you're like, well, I don't

533
00:26:51,640 --> 00:26:53,640
Speaker 3: know how much I made because my pay goes into

534
00:26:53,680 --> 00:26:55,800
Speaker 3: that as well, and I've also been spending money, so

535
00:26:55,840 --> 00:26:57,879
Speaker 3: it goes and it comes, and I have no idea.

536
00:26:58,320 --> 00:27:01,520
Speaker 3: I think from my perspective, I like clarity. So if

537
00:27:01,520 --> 00:27:03,439
Speaker 3: you are going to use a service like release It,

538
00:27:03,480 --> 00:27:06,240
Speaker 3: and you're going to start putting things online and making money.

539
00:27:06,480 --> 00:27:08,359
Speaker 3: To be honest, one of my top tips would be

540
00:27:08,359 --> 00:27:11,359
Speaker 3: getting a separate bank account and tracking all the money

541
00:27:11,400 --> 00:27:13,919
Speaker 3: through there, and any money that you need to spend

542
00:27:14,440 --> 00:27:17,960
Speaker 3: on that particular service comes from there, just so you've

543
00:27:17,960 --> 00:27:21,719
Speaker 3: got really clean records for tax and then understand what

544
00:27:21,800 --> 00:27:25,600
Speaker 3: the taxable income rates are. So I have another podcast,

545
00:27:26,160 --> 00:27:29,920
Speaker 3: Subtle Plug Georgia King the Business Bible, and we actually

546
00:27:30,000 --> 00:27:32,359
Speaker 3: take you through how much you need to hold for

547
00:27:32,440 --> 00:27:34,760
Speaker 3: tax if you're a small business, and these things would

548
00:27:34,760 --> 00:27:38,320
Speaker 3: apply to you because it's essentially like operating a small business,

549
00:27:38,680 --> 00:27:40,879
Speaker 3: but you will need to make sure that you hold

550
00:27:40,960 --> 00:27:43,359
Speaker 3: back some tax because you don't want to be stung

551
00:27:43,400 --> 00:27:45,480
Speaker 3: at tax time with a really hefty bill.

552
00:27:45,840 --> 00:27:49,159
Speaker 2: Gotcha, Okay, I guess yeah. It can be really complicated,

553
00:27:49,280 --> 00:27:51,520
Speaker 2: especially if you like are on air Tasker and you

554
00:27:51,560 --> 00:27:53,960
Speaker 2: are on release It and you are uber driving at

555
00:27:54,040 --> 00:27:55,720
Speaker 2: night and you're renting you on that on the weekend.

556
00:27:55,800 --> 00:27:57,840
Speaker 2: Like it is a lot to stay on top of,

557
00:27:58,240 --> 00:27:59,200
Speaker 2: so hot tips.

558
00:27:59,000 --> 00:28:01,760
Speaker 3: Set and keep track of and like that's a small

559
00:28:01,800 --> 00:28:04,320
Speaker 3: business tip in general is just don't use your personal

560
00:28:04,320 --> 00:28:07,520
Speaker 3: bank accounts like have a separate bank account. It doesn't

561
00:28:07,560 --> 00:28:09,440
Speaker 3: have to be with a different bank. You just set

562
00:28:09,480 --> 00:28:12,080
Speaker 3: it up so that that income is captured in a

563
00:28:12,119 --> 00:28:15,199
Speaker 3: separate location, so that you know what it looks like

564
00:28:15,280 --> 00:28:17,840
Speaker 3: and you can kind of go onto your online banking happen,

565
00:28:18,040 --> 00:28:20,520
Speaker 3: look at how much in total you've made over the year,

566
00:28:20,800 --> 00:28:22,960
Speaker 3: instead of having to print out all your bank statements

567
00:28:22,960 --> 00:28:25,439
Speaker 3: and work out what that actually looks like, because I

568
00:28:25,480 --> 00:28:27,880
Speaker 3: promise it can get away from you really quickly.

569
00:28:28,160 --> 00:28:32,879
Speaker 2: Brilliant. Okay, so we've chatted through the major benefits, of

570
00:28:32,920 --> 00:28:34,919
Speaker 2: which there seems to be plenty when it comes to

571
00:28:34,920 --> 00:28:37,919
Speaker 2: the sharing economy, we have pointed to a couple of downfalls,

572
00:28:37,920 --> 00:28:39,800
Speaker 2: but what other downfalls are there?

573
00:28:40,200 --> 00:28:42,960
Speaker 3: Look to me, the downfalls are more related to each

574
00:28:43,040 --> 00:28:46,120
Speaker 3: service rather than the model on a holistic level. Like

575
00:28:46,200 --> 00:28:49,040
Speaker 3: from a holistic level, I think that the sharing economy

576
00:28:49,240 --> 00:28:53,000
Speaker 3: is fantastic and it gives us so much opportunity, But

577
00:28:53,160 --> 00:28:55,240
Speaker 3: it goes back to what I was saying before about

578
00:28:55,280 --> 00:28:57,960
Speaker 3: like Airbnb and stuff, and it goes back to the

579
00:28:58,000 --> 00:29:01,640
Speaker 3: housing affordability crisis that we can't in. So, for example,

580
00:29:01,760 --> 00:29:04,000
Speaker 3: I'm going to use the Peninsula as an example because

581
00:29:04,040 --> 00:29:06,680
Speaker 3: George and I are from there. So many houses have

582
00:29:06,760 --> 00:29:09,520
Speaker 3: now turned into airbnbs because homeowners can make so much

583
00:29:09,600 --> 00:29:12,840
Speaker 3: more money from that asset by offering short term rentals

584
00:29:12,840 --> 00:29:15,360
Speaker 3: over the holidays compared to leasing their homes out the

585
00:29:15,360 --> 00:29:18,600
Speaker 3: old fashioned way. And this actually means that long term

586
00:29:18,640 --> 00:29:22,200
Speaker 3: rentals on the Mornington Peninsula are much harder to come by,

587
00:29:22,520 --> 00:29:26,000
Speaker 3: and the prices are arguably a lot more expensive, and

588
00:29:26,200 --> 00:29:30,280
Speaker 3: people who need homes can't necessarily access them as easily.

589
00:29:30,840 --> 00:29:34,080
Speaker 3: And you know, this crisis is everywhere. It is not

590
00:29:34,280 --> 00:29:36,920
Speaker 3: just the Mornington Peninsula. But that's an example that I

591
00:29:36,960 --> 00:29:40,440
Speaker 3: know quite well, and it's conversation I've had recently with

592
00:29:40,480 --> 00:29:42,520
Speaker 3: lots of friends who are looking for new houses to

593
00:29:42,560 --> 00:29:46,080
Speaker 3: move into and genuinely they're like, everything is an Airbnb

594
00:29:46,200 --> 00:29:49,000
Speaker 3: and it's really frustrating. And I mean, the nature of

595
00:29:49,040 --> 00:29:51,760
Speaker 3: capitalism means that people will be driven by whatever can

596
00:29:51,800 --> 00:29:54,560
Speaker 3: make them the most amount of money from something. So

597
00:29:54,880 --> 00:29:56,640
Speaker 3: if they can make more money by renting out their

598
00:29:56,640 --> 00:29:58,920
Speaker 3: home a few weeks a year on Airbnb and then

599
00:29:58,960 --> 00:30:01,840
Speaker 3: have access to it personally, rather than leasing it out

600
00:30:01,840 --> 00:30:04,680
Speaker 3: to people who need to live their long term and

601
00:30:04,680 --> 00:30:08,120
Speaker 3: they can't use their property or have that flexibility like,

602
00:30:08,400 --> 00:30:10,720
Speaker 3: most people are going to choose that option if it's

603
00:30:10,800 --> 00:30:13,760
Speaker 3: viable for them, which is really tough. But at the

604
00:30:13,840 --> 00:30:16,000
Speaker 3: end of the day, that's how people are wired. And

605
00:30:16,040 --> 00:30:20,040
Speaker 3: I'm not saying it is right. But on an individual level,

606
00:30:20,200 --> 00:30:23,360
Speaker 3: if someone is making an investment decision about a property,

607
00:30:23,600 --> 00:30:25,959
Speaker 3: because let's be honest, if you have a property that

608
00:30:26,040 --> 00:30:29,720
Speaker 3: you don't live in that isn't an investment property, you're

609
00:30:29,720 --> 00:30:32,400
Speaker 3: going to want to get the best return on your investment.

610
00:30:32,000 --> 00:30:34,240
Speaker 2: Right, totally, Like it just totally, it.

611
00:30:34,240 --> 00:30:37,200
Speaker 3: Just makes sense for you to want that, even though

612
00:30:37,560 --> 00:30:39,239
Speaker 3: you know, if you step back and look at it

613
00:30:39,280 --> 00:30:42,200
Speaker 3: from a macro level, it's a really big issue. But

614
00:30:42,480 --> 00:30:45,000
Speaker 3: on an individual issue, George, if you bought a property

615
00:30:45,000 --> 00:30:47,240
Speaker 3: on the peninsula and weren't living in it, like weighing

616
00:30:47,320 --> 00:30:50,040
Speaker 3: up the pros and cons of how you individually earn

617
00:30:50,080 --> 00:30:53,400
Speaker 3: an income from that property. Do you want to earn

618
00:30:53,840 --> 00:30:57,680
Speaker 3: minimum long term rental yield or you know, the penicial

619
00:30:57,800 --> 00:31:00,200
Speaker 3: goes wild at Christmas time? Do you want to earn

620
00:31:00,240 --> 00:31:02,480
Speaker 3: that amount of money over the Christmas New Year's Easter

621
00:31:02,600 --> 00:31:05,840
Speaker 3: break and then have access to your own holiday property

622
00:31:05,920 --> 00:31:09,680
Speaker 3: over the winter. Like, Yeah, I'm not saying that these

623
00:31:09,680 --> 00:31:13,080
Speaker 3: are the right decisions to be making. You can absolutely

624
00:31:13,120 --> 00:31:15,800
Speaker 3: see why people are making them if they're in that

625
00:31:15,840 --> 00:31:16,840
Speaker 3: privileged position.

626
00:31:17,000 --> 00:31:20,400
Speaker 2: It's such an ethical dilemmavie because I totally understand how,

627
00:31:20,400 --> 00:31:23,640
Speaker 2: on an individual level, you want to make as much

628
00:31:23,640 --> 00:31:26,520
Speaker 2: money as you can. You worked hard for that investment,

629
00:31:26,600 --> 00:31:29,520
Speaker 2: et cetera, et cetera. You deserve all the riches in

630
00:31:29,520 --> 00:31:33,320
Speaker 2: the world. But then if you look beyond yourself, you know,

631
00:31:33,640 --> 00:31:37,840
Speaker 2: there's a homelessness crisis. People can't access housing. But we're like, oh, well,

632
00:31:37,960 --> 00:31:39,760
Speaker 2: you know, I've got an investment property. I want to

633
00:31:39,760 --> 00:31:43,240
Speaker 2: make more money from that. And it's like, what's happened.

634
00:31:43,280 --> 00:31:46,720
Speaker 2: I sound like some kind of I don't know, preacher,

635
00:31:47,160 --> 00:31:49,560
Speaker 2: but it is. It kind of is a bit sad

636
00:31:49,680 --> 00:31:53,239
Speaker 2: that we're choosing money above humanity. But at the end

637
00:31:53,240 --> 00:31:55,280
Speaker 2: of the day, that's capitalism and here we are.

638
00:31:55,480 --> 00:31:58,280
Speaker 3: Yeah, and it's really hard because that means there's no

639
00:31:58,440 --> 00:32:02,160
Speaker 3: right or wrong, and lots of people I have colorful

640
00:32:02,160 --> 00:32:06,480
Speaker 3: opinions on people who own multiple houses, and from my perspective,

641
00:32:06,600 --> 00:32:09,560
Speaker 3: like if they've worked really hard and they've earned that themselves, Like,

642
00:32:09,920 --> 00:32:12,040
Speaker 3: we live in a really beautiful country where we can

643
00:32:12,080 --> 00:32:14,959
Speaker 3: do whatever we want. Essentially, and so like, I'm not

644
00:32:15,000 --> 00:32:17,880
Speaker 3: opposed to people being landlords, but we know that a

645
00:32:17,920 --> 00:32:21,200
Speaker 3: lot of people are, and that's like, that's okay, that's

646
00:32:21,280 --> 00:32:25,640
Speaker 3: personal opinion. But that's also why I think councils and

647
00:32:25,680 --> 00:32:29,160
Speaker 3: the government more broadly is starting to really work out

648
00:32:29,200 --> 00:32:33,239
Speaker 3: what is and isn't available for airbnb. Like they are

649
00:32:33,280 --> 00:32:36,640
Speaker 3: now zoning things to say no, these properties cannot be

650
00:32:36,760 --> 00:32:39,440
Speaker 3: leased out as airbnbs, and I think that they do

651
00:32:39,520 --> 00:32:41,280
Speaker 3: need to be a little bit more clear on that

652
00:32:41,320 --> 00:32:44,000
Speaker 3: because I think a lot of people are now purchasing

653
00:32:44,120 --> 00:32:46,840
Speaker 3: property with the intention of leasing it out and that

654
00:32:46,920 --> 00:32:50,680
Speaker 3: could obviously then impact property prices. So how do you

655
00:32:50,800 --> 00:32:53,640
Speaker 3: rezone an apartment? Like let's say we bought a house

656
00:32:53,680 --> 00:32:57,360
Speaker 3: on the peninsula together, George, and at the time that

657
00:32:57,400 --> 00:33:00,120
Speaker 3: we purchased it, we purchased it with the intention of

658
00:33:00,280 --> 00:33:04,280
Speaker 3: leasing it out as an Airbnb and making a certain profit.

659
00:33:04,400 --> 00:33:06,640
Speaker 3: So therefore that property is worth more to us and

660
00:33:06,680 --> 00:33:09,720
Speaker 3: it would have gone for more. But then if it's rezoned,

661
00:33:10,040 --> 00:33:13,160
Speaker 3: is that fair on that person who purchased that investment

662
00:33:13,440 --> 00:33:16,440
Speaker 3: that their investment's now worth much less because of a

663
00:33:16,480 --> 00:33:19,080
Speaker 3: decision that was made that you know at the time

664
00:33:19,440 --> 00:33:21,960
Speaker 3: was not something that they had signed up for. Like

665
00:33:22,400 --> 00:33:24,640
Speaker 3: I get it, and I don't get it, and I

666
00:33:24,680 --> 00:33:26,880
Speaker 3: think that it's a rock and a hard place where

667
00:33:27,080 --> 00:33:29,040
Speaker 3: we need to do the right thing at a more

668
00:33:29,160 --> 00:33:32,040
Speaker 3: macro level, like at a more holistic level, but we

669
00:33:32,160 --> 00:33:36,200
Speaker 3: also need to respect the fact that individuals should be

670
00:33:35,840 --> 00:33:38,760
Speaker 3: at a base level be able to operate however they

671
00:33:38,760 --> 00:33:39,800
Speaker 3: would like in a way.

672
00:33:40,080 --> 00:33:43,360
Speaker 2: Yeah, yeah, that's a tough one. Food for thought, goodhash.

673
00:33:43,960 --> 00:33:48,080
Speaker 3: Yeah, look that's Airbnb, Like that's the housing affordability crisis.

674
00:33:48,200 --> 00:33:51,320
Speaker 3: But then we also know that there's been past huge

675
00:33:51,480 --> 00:33:55,200
Speaker 3: issues with companies like Uber who haven't treated their driver

676
00:33:55,240 --> 00:33:57,840
Speaker 3: as well and haven't put them in the positions that

677
00:33:57,880 --> 00:34:00,360
Speaker 3: they should be in. And we're not just talking about pay,

678
00:34:00,360 --> 00:34:04,440
Speaker 3: we're also talking about safety here. They've both been big issues.

679
00:34:04,480 --> 00:34:07,280
Speaker 3: And then a lot of these platforms do take a

680
00:34:07,360 --> 00:34:10,120
Speaker 3: cut of your earnings, so that's the cost of using

681
00:34:10,200 --> 00:34:11,719
Speaker 3: the service. Like at the end of the day, I

682
00:34:11,719 --> 00:34:14,000
Speaker 3: think that they absolutely should, but we need to make

683
00:34:14,000 --> 00:34:17,879
Speaker 3: sure that these are fair and reasonable and that you're

684
00:34:17,880 --> 00:34:20,680
Speaker 3: familiar with them. And I know that a lot of

685
00:34:20,840 --> 00:34:24,919
Speaker 3: companies like air Tasker is another one, but they make

686
00:34:24,960 --> 00:34:27,360
Speaker 3: sure that you don't take the client off the app,

687
00:34:27,840 --> 00:34:30,880
Speaker 3: so you can't build a business and step away from that.

688
00:34:31,080 --> 00:34:33,720
Speaker 3: So they do have I guess catches in a way

689
00:34:34,040 --> 00:34:36,400
Speaker 3: to make sure that you do stay on those apps,

690
00:34:36,400 --> 00:34:39,360
Speaker 3: which I think is absolutely fair because that's their business model, right, Like,

691
00:34:39,400 --> 00:34:41,480
Speaker 3: they don't want you to use that platform, build your

692
00:34:41,520 --> 00:34:42,839
Speaker 3: own business and buger off.

693
00:34:43,040 --> 00:34:46,200
Speaker 2: Yeah, one hundred percent. This is kind of a little

694
00:34:46,200 --> 00:34:48,600
Speaker 2: bit of a side step, and maybe it's not necessarily

695
00:34:48,640 --> 00:34:51,839
Speaker 2: a downfall, but I'm curious to hear your opinion. So

696
00:34:52,160 --> 00:34:56,080
Speaker 2: the theme of gentrification is kind of interesting to me.

697
00:34:56,440 --> 00:34:59,560
Speaker 2: So again it comes back to Airbnb. But I remember

698
00:35:00,000 --> 00:35:02,160
Speaker 2: a couple of years ago, pre covid, I went to

699
00:35:02,480 --> 00:35:05,080
Speaker 2: Europe with a couple of girlfriends and we went to

700
00:35:05,120 --> 00:35:09,560
Speaker 2: a place called Benelaria and it was in the It

701
00:35:09,600 --> 00:35:12,319
Speaker 2: was in Spain, yes, in the hilltops. It was not

702
00:35:12,320 --> 00:35:15,799
Speaker 2: the hilltops in the mountains. It was amazing, but it

703
00:35:15,960 --> 00:35:19,640
Speaker 2: was so remote. It was not a tourist destination. No

704
00:35:19,719 --> 00:35:23,279
Speaker 2: one spoke English, which was fantastic, but it did kind

705
00:35:23,280 --> 00:35:27,200
Speaker 2: of feel like we were aliens and like we were

706
00:35:27,480 --> 00:35:30,840
Speaker 2: stepping into someone else's space that maybe we weren't that

707
00:35:31,000 --> 00:35:36,440
Speaker 2: welcomed there, because Yeah, and I wonder if Airbnb now

708
00:35:36,480 --> 00:35:41,200
Speaker 2: allowing us to stay in places where there aren't hotels,

709
00:35:41,239 --> 00:35:44,080
Speaker 2: that aren't tourist destinations, that are just these gorgeou little communities.

710
00:35:44,080 --> 00:35:46,680
Speaker 2: I wonder if that is a positive or a negative

711
00:35:46,719 --> 00:35:49,000
Speaker 2: thing for these communities.

712
00:35:49,200 --> 00:35:51,480
Speaker 3: And I think that that's where the community has to

713
00:35:51,520 --> 00:35:53,400
Speaker 3: have a say on that, right, yes, if they're not

714
00:35:53,560 --> 00:35:57,400
Speaker 3: comfortable with that happening, that's about local government getting involved

715
00:35:57,480 --> 00:36:01,279
Speaker 3: and you know, negotiating where the airbeam be and services

716
00:36:01,360 --> 00:36:04,280
Speaker 3: like this should be able to go to these locations.

717
00:36:04,360 --> 00:36:07,560
Speaker 3: And you know, I've been lucky enough and privileged enough

718
00:36:07,560 --> 00:36:10,560
Speaker 3: to travel before as well, and Airbnb has been a

719
00:36:10,560 --> 00:36:13,120
Speaker 3: really big part of that and arguably one of my

720
00:36:13,200 --> 00:36:16,120
Speaker 3: favorite parts of that. And you're probably the same. Where

721
00:36:16,440 --> 00:36:18,960
Speaker 3: I went to Paris with a couple of friends and

722
00:36:19,000 --> 00:36:22,560
Speaker 3: we got this gorgeous Airbnb together and it just felt

723
00:36:22,600 --> 00:36:25,600
Speaker 3: like we got to immerse ourselves in the culture in

724
00:36:25,640 --> 00:36:28,239
Speaker 3: a way that you couldn't immerse yourself in it if

725
00:36:28,280 --> 00:36:30,920
Speaker 3: we'd stayed in a hotel, like we just wouldn't have

726
00:36:31,000 --> 00:36:34,320
Speaker 3: been able to have that experience. So finding our feet

727
00:36:34,480 --> 00:36:37,480
Speaker 3: in a location where you know, we could go and

728
00:36:37,520 --> 00:36:39,640
Speaker 3: get our own breakfast in the morning and have a

729
00:36:39,680 --> 00:36:42,719
Speaker 3: little apartment with a little kitchen and kind of live

730
00:36:42,880 --> 00:36:45,480
Speaker 3: there for a little while, as opposed to a hotel

731
00:36:45,800 --> 00:36:48,040
Speaker 3: where it is a little bit more clinical and it

732
00:36:48,080 --> 00:36:50,880
Speaker 3: doesn't give you the I guess, ability to live in

733
00:36:50,920 --> 00:36:53,880
Speaker 3: a little apartment with a dingy old lift that was

734
00:36:54,040 --> 00:36:57,640
Speaker 3: terrifying and had those great doors, like it was just

735
00:36:57,680 --> 00:37:00,640
Speaker 3: an experience. But you're right, where's the line with that?

736
00:37:00,880 --> 00:37:03,879
Speaker 3: Like in the center of Paris, I feel like that's

737
00:37:03,920 --> 00:37:06,440
Speaker 3: really reasonable, Like I didn't feel out of place, but

738
00:37:06,520 --> 00:37:10,319
Speaker 3: I can absolutely see how in an incredible remote town

739
00:37:10,360 --> 00:37:12,919
Speaker 3: in Spain you did feel that way. And I would

740
00:37:13,000 --> 00:37:15,920
Speaker 3: love to see on the flip side, how other people

741
00:37:15,920 --> 00:37:19,240
Speaker 3: felt about that, Like did other travelers feel the same way?

742
00:37:19,600 --> 00:37:22,239
Speaker 3: What about the locals? Did they like that? Like, because

743
00:37:22,239 --> 00:37:24,000
Speaker 3: some locals might turn around and be like, yeah, like

744
00:37:24,040 --> 00:37:25,840
Speaker 3: we're not a tourist town, but it's so nice to

745
00:37:25,840 --> 00:37:28,880
Speaker 3: have different faces around and they came to our cafes

746
00:37:28,920 --> 00:37:31,480
Speaker 3: and they brought a little bit more business. But at

747
00:37:31,480 --> 00:37:33,919
Speaker 3: what point does that become too commercial? And I guess

748
00:37:34,000 --> 00:37:36,560
Speaker 3: this is a conversation that is really stretching into something

749
00:37:36,560 --> 00:37:39,680
Speaker 3: that it wasn't before. But if you had traveled to

750
00:37:39,760 --> 00:37:44,440
Speaker 3: Bali twenty years ago, it was this gorgeous, really I guess,

751
00:37:44,480 --> 00:37:48,960
Speaker 3: cultural experience where you got to experience their culture and

752
00:37:49,000 --> 00:37:51,320
Speaker 3: what they were doing. And now you go to Bali,

753
00:37:51,520 --> 00:37:54,120
Speaker 3: I don't know what it is like post COVID, so

754
00:37:54,200 --> 00:37:56,839
Speaker 3: I do think that maybe it has changed very significantly.

755
00:37:57,360 --> 00:37:59,640
Speaker 3: But you know, twenty nineteen, if you went to Bali,

756
00:38:00,320 --> 00:38:04,200
Speaker 3: it wasn't that cultural experience because it's now been saturated

757
00:38:04,239 --> 00:38:06,960
Speaker 3: with tourism. And that doesn't mean that it's a bad

758
00:38:07,080 --> 00:38:10,279
Speaker 3: place to go, but is that what the locals want?

759
00:38:10,520 --> 00:38:13,799
Speaker 3: Is that what they wanted for their communities, and you

760
00:38:13,840 --> 00:38:16,320
Speaker 3: know that would have started off in the same way

761
00:38:16,760 --> 00:38:19,359
Speaker 3: as you go into that remote town in Spain, But

762
00:38:19,400 --> 00:38:22,960
Speaker 3: at some point Bali wasn't a tourist location and then

763
00:38:23,000 --> 00:38:25,239
Speaker 3: it became one. So I think that there's a lot

764
00:38:25,280 --> 00:38:28,000
Speaker 3: of conversation to be having around that, and I do

765
00:38:28,080 --> 00:38:31,040
Speaker 3: wonder if it is a concern for more remote townships

766
00:38:31,040 --> 00:38:34,440
Speaker 3: and places that you know, maybe want that, but also

767
00:38:34,600 --> 00:38:37,759
Speaker 3: don't know what the implications of that are, right Like,

768
00:38:38,360 --> 00:38:41,000
Speaker 3: they might love the few little tourists that come through

769
00:38:41,040 --> 00:38:44,400
Speaker 3: and grab a coffee at their local cafes, but then

770
00:38:44,680 --> 00:38:46,840
Speaker 3: it gets out of hand and what does that look like,

771
00:38:46,920 --> 00:38:49,200
Speaker 3: and how do we manage that for them? Because I

772
00:38:49,280 --> 00:38:53,719
Speaker 3: do think that homes should be respected and that communities

773
00:38:53,760 --> 00:38:56,960
Speaker 3: should be respected. But yeah, I just don't know what

774
00:38:57,040 --> 00:38:59,880
Speaker 3: the rules are or what the ethical dilemma there is.

775
00:39:00,200 --> 00:39:02,839
Speaker 2: Yeah, it's going to be very interesting to see what

776
00:39:02,920 --> 00:39:06,399
Speaker 2: happens moving forward. V. I have loved this chat today,

777
00:39:06,440 --> 00:39:09,440
Speaker 2: my friend. I feel like it's been very ethical. We

778
00:39:09,480 --> 00:39:10,479
Speaker 2: have really changed its.

779
00:39:10,520 --> 00:39:13,400
Speaker 3: Very much around our own personal values, isn't it.

780
00:39:14,040 --> 00:39:15,840
Speaker 2: I'll be interested to hear what the feedback is on

781
00:39:15,880 --> 00:39:18,000
Speaker 2: this one, if you guys have got stuff out of it,

782
00:39:18,120 --> 00:39:19,879
Speaker 2: or if you just want us to shut up.

783
00:39:20,239 --> 00:39:21,280
Speaker 3: Probably both.

784
00:39:22,239 --> 00:39:26,000
Speaker 2: My final question for you today, V is I guess

785
00:39:26,000 --> 00:39:28,000
Speaker 2: for anyone who is sick of their nine to five.

786
00:39:28,080 --> 00:39:30,399
Speaker 2: We know the Great resignation has been a massive thing

787
00:39:30,440 --> 00:39:33,760
Speaker 2: over the last six months or so, would you say

788
00:39:33,800 --> 00:39:36,759
Speaker 2: that maybe working within the share economy could be a

789
00:39:36,880 --> 00:39:40,840
Speaker 2: viable option or would you say maybe it's just a

790
00:39:40,840 --> 00:39:42,320
Speaker 2: better thing to have on the side.

791
00:39:42,760 --> 00:39:45,200
Speaker 3: Look, I think it could be both. It depends on

792
00:39:45,280 --> 00:39:47,400
Speaker 3: the time and energy and effort that you're willing to

793
00:39:47,440 --> 00:39:50,319
Speaker 3: put into this, Like, there are people who do these

794
00:39:50,360 --> 00:39:54,719
Speaker 3: things absolutely full time. If you're considering it, I wouldn't

795
00:39:54,840 --> 00:39:57,399
Speaker 3: jump your nine to five job until you've worked out

796
00:39:57,480 --> 00:40:00,359
Speaker 3: what that could look like viably for you. I would

797
00:40:00,400 --> 00:40:03,359
Speaker 3: give it a few trial tests and see what's going on,

798
00:40:03,520 --> 00:40:06,359
Speaker 3: Like if you're planning on driving Uber like, go and

799
00:40:06,400 --> 00:40:08,839
Speaker 3: see how much you're actually able to make and at

800
00:40:08,880 --> 00:40:12,080
Speaker 3: what times you're able to make that money. Because if

801
00:40:12,120 --> 00:40:15,359
Speaker 3: you're planning on replacing your nine to five job, are

802
00:40:15,400 --> 00:40:18,200
Speaker 3: you going to get the amount of you know, Uber

803
00:40:18,280 --> 00:40:21,120
Speaker 3: drives that you want to get during the hours of

804
00:40:21,200 --> 00:40:24,040
Speaker 3: nine to five if that's what you're replacing, or are

805
00:40:24,040 --> 00:40:26,239
Speaker 3: most of them going to be nine pm to one

806
00:40:26,280 --> 00:40:29,879
Speaker 3: am because that's Friday and Saturday night for you. G Yeah,

807
00:40:30,120 --> 00:40:32,920
Speaker 3: what does that actually look like? How would that work

808
00:40:33,040 --> 00:40:36,160
Speaker 3: for you? What sharing economy are you going to be

809
00:40:36,239 --> 00:40:38,200
Speaker 3: engaging in? Like you're going to get a whole heap

810
00:40:38,239 --> 00:40:40,520
Speaker 3: of dresses and put them online. You're going to get

811
00:40:40,520 --> 00:40:42,440
Speaker 3: tools and pop them on release it? Are you going

812
00:40:42,480 --> 00:40:44,239
Speaker 3: to be just driving ubers? Are you going to do

813
00:40:44,320 --> 00:40:48,120
Speaker 3: Uber eats deliveries? Like? What does that look like? Absolutely?

814
00:40:48,200 --> 00:40:51,080
Speaker 3: People could make an entire career off this, And I've

815
00:40:51,080 --> 00:40:53,600
Speaker 3: seen people from our Shehes on the Money community actually

816
00:40:53,640 --> 00:40:56,680
Speaker 3: g make a lot of money on platforms like air

817
00:40:56,760 --> 00:40:59,839
Speaker 3: Tasker by putting up tasks that they're able to do,

818
00:41:00,040 --> 00:41:02,520
Speaker 3: and then they end up creating a full time income

819
00:41:02,600 --> 00:41:05,560
Speaker 3: for themselves and being able to charge more and you know,

820
00:41:05,880 --> 00:41:08,719
Speaker 3: actually have a bit more flexibility around it. But it's

821
00:41:08,760 --> 00:41:11,840
Speaker 3: an interesting question, and I love the fact that so

822
00:41:11,920 --> 00:41:14,239
Speaker 3: many of us now have so much more power in

823
00:41:14,280 --> 00:41:17,560
Speaker 3: our hands when historically that wouldn't have existed.

824
00:41:17,760 --> 00:41:20,200
Speaker 2: All right, well said that, V, thank you again for

825
00:41:20,239 --> 00:41:24,120
Speaker 2: this chat. I loved every second, but I do think

826
00:41:24,160 --> 00:41:25,719
Speaker 2: that is all we have time for.

827
00:41:26,160 --> 00:41:28,480
Speaker 3: As always, just before we head off, we'd like to

828
00:41:28,520 --> 00:41:32,040
Speaker 3: acknowledge and pay respect to Australia's Aboriginal and torrest Right

829
00:41:32,120 --> 00:41:35,240
Speaker 3: Islander people. So they're the traditional custodians of the lands,

830
00:41:35,280 --> 00:41:38,960
Speaker 3: the waterways and the skies all across Australia. We thank

831
00:41:39,000 --> 00:41:41,080
Speaker 3: you for sharing and for caring for the land on

832
00:41:41,120 --> 00:41:43,880
Speaker 3: which we are able to learn. We pay our respects

833
00:41:43,880 --> 00:41:46,560
Speaker 3: to elders past and present, and we share our friendship

834
00:41:46,640 --> 00:41:47,799
Speaker 3: and our kindness.

835
00:41:47,880 --> 00:41:50,440
Speaker 2: And remember, guys, that the advice shared on She's on

836
00:41:50,480 --> 00:41:53,400
Speaker 2: the Money is general in nature and does not consider

837
00:41:53,480 --> 00:41:57,360
Speaker 2: your individual circumstances. She's on the Money exists purely for

838
00:41:57,520 --> 00:42:00,480
Speaker 2: educational purposes and should not be relied on to make

839
00:42:00,520 --> 00:42:04,720
Speaker 2: an investment or a financial decision. And remember Victoria Divine

840
00:42:04,800 --> 00:42:09,400
Speaker 2: is an authorized representative of Infocused Securities Australia Proprietary Limited

841
00:42:09,440 --> 00:42:13,120
Speaker 2: ABN four seven zero nine seven seven nine seven zero

842
00:42:13,239 --> 00:42:16,360
Speaker 2: four nine AFSL two three six five two three. We

843
00:42:16,440 --> 00:42:29,520
Speaker 2: will see you next week guys. Bye bye