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

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

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

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

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

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

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Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and

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

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Speaker 1: and lasting impact for tomorrow.

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Speaker 2: Let's get into it.

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Speaker 3: 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. Today's Friday, which means

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Speaker 2: it is time to sit back with Jessica Ricci, Glenn

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Speaker 2: James and myself Victoria Devine with maybe a little bit

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Speaker 2: for Regina in hand, to unpack our favorite moments of

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Speaker 2: the week, and of course to celebrate you how She's

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Speaker 2: on the Money community. This week, we are going to

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Speaker 2: be sharing our favorite money wins, or Glenn James is

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Speaker 2: going to be sharing his favorite money wins. We're going

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Speaker 2: to be discussing what's making news in the finance world.

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Speaker 2: We're talking about crypto, and we are going to be

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Speaker 2: helping to answer a juicy money question, which this week

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Speaker 2: is all about helping a partner around money. But first

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Speaker 2: it is time to recap the week that was, So

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Speaker 2: I am going to talk you guys through what happened

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Speaker 2: on our Monday's money Diaries. This week's money diary I

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Speaker 2: was obsessed with. She was a very good egg. She

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Speaker 2: was a twenty seven year old veterinarian who had decided

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Speaker 2: she was definitely living beyond her means despite making six

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Speaker 2: figures in income. She works a really, really big job,

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Speaker 2: so she's doing at the moment about one hundred hours

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Speaker 2: a week, and the emotional toll from the job was

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Speaker 2: absolutely taking a hit, and she decided to treat herself

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Speaker 2: a little bit too much to make up for it.

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Speaker 2: My favorite thing about this, though, is she identified all

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Speaker 2: of that on her own and was like, you know what,

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Speaker 2: I need to make a good money change. I need

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Speaker 2: to be able to keep up with the lifestyle I have.

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Speaker 2: I need to be able to make some drastic changes

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Speaker 2: for my money habits. So not only has she done this,

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Speaker 2: but she's also had a big dramatic mental health overhaul

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Speaker 2: to make it all sustainable. And I just I think

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Speaker 2: it's so beautiful when people are so self reflective and

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Speaker 2: we get to hear their journey of how they came

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Speaker 2: to the conclusion that you know, it was time for change,

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Speaker 2: because a lot of us find ourselves in a circumstance

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Speaker 2: where we bury our heads in the sand, and this

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Speaker 2: is not what happened on this Money Diary. I just

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Speaker 2: feel like it was so inspirational. She was very talkative,

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Speaker 2: she was very fun, she's a twin. But also there

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Speaker 2: was an underlying theme with this Money Diarist that she

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Speaker 2: was behind, and I just found that so interesting from

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Speaker 2: someone who was clearly very well educated, earning six figures,

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Speaker 2: like she was a vet. So from the outside, Jess

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Speaker 2: and Glenn, I just feel like she was like a

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Speaker 2: pinnacle of like what a successful young twenty seven year

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Speaker 2: old is. Like, you're twenty seven, you're making six figures,

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Speaker 2: you're a vet, you're a mad dog, like you are

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Speaker 2: killing it. But in every other aspect of her life,

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Speaker 2: she was like, I feel so behind. I feel like

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Speaker 2: all of my friends are doing these things that I'm not,

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Speaker 2: and It's such a typical story where what is on

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Speaker 2: the outside is definitely not reflective of what's going on

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Speaker 2: the inside. And was a good connection between what is

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Speaker 2: going on mentally versus financially and how those things tie together.

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Speaker 2: So this was a money diary that I think everyone

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Speaker 2: should listen to because honestly, really relatable.

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Speaker 4: Oh my gosh, she sounds so special.

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Speaker 2: She was very special. But jess what happened on our

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Speaker 2: Wednesday episode? What did we deep dive into?

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Speaker 5: So this week we were speaking all about our top

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Speaker 5: ten hacks for Christmas. Glenn, I don't know if over

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Speaker 5: on mind lending your money, you guys are doing anything Christmas? Y?

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Speaker 6: Yeah, we did our Christmas episode I think at the

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Speaker 6: end of November. What but like before people purchase their presence, Like.

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Speaker 2: Yeah, I've got in early, but we got in early too.

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Speaker 2: Did you hear him say that just our Christmas episode?

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Speaker 2: What do you mean you don't have a Christmas series?

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Speaker 4: Yeah, that's actually what I mean.

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Speaker 2: What do you mean isn't every episode in December meant

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Speaker 2: to be Christmas?

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Speaker 6: Well, our listeners are, they're too focused on doing good

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Speaker 6: things with money, investing and being self aware, Like your

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Speaker 6: money direst.

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Speaker 4: Yeah, well, over here, we like to have our cake

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Speaker 4: and eat it too.

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Speaker 5: So our next Christmas episode was all about our top

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Speaker 5: ten Christmas hacks. We went through some of our some

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Speaker 5: of the communities as well, which I think was really fun.

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Speaker 2: Yeah, I basically stole all of my tips from the community.

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Speaker 2: It was good.

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Speaker 5: I feel like at this time of year, it's kind

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Speaker 5: of just nice to think outside the box a little

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Speaker 5: bit when it comes to your finances. There's a few

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Speaker 5: sneaky little tips and tricks that you can use. And

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Speaker 5: even if you know, obviously this is going up on

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Speaker 5: the twenty third, might be a little bit late for

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Speaker 5: Christmas shopping this year, but file them away for next

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Speaker 5: year because Christmas comes around every year.

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Speaker 2: Also, I think it's not even too late, because people

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Speaker 2: do that mad dash on Christmas Eve to buy presents

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Speaker 2: because they feel like they haven't done enough. Like you

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Speaker 2: absolutely have, one present is more than enough, even no

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Speaker 2: presence is more than enough. And I just feel like

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Speaker 2: I do the same thing, like you know when you're

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Speaker 2: finally wrapping all the presents that you've put in the

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Speaker 2: spare room because you're like, oh my gosh, I'll get

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Speaker 2: to that. We'll get to that, and then you're like,

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Speaker 2: it's Christmas Eve, like everyone's coming tomorrow. I need to

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Speaker 2: wrap them. And I look at it and I'm like,

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Speaker 2: oh my gosh, I've only got like one thing for

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Speaker 2: my sister, but I've got like three things from my mum.

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Speaker 2: Maybe I need to pop out and get another. And

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Speaker 2: it's silly. It's so silly because it's not reasonable, it's

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Speaker 2: not logical, like you didn't even need to do presents.

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Speaker 2: Christmas is not about that. But yeah, I feel it,

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Speaker 2: and I think that other people do too.

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Speaker 6: Do you know the biggest thing that I learned from

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Speaker 6: my people? And you've probably got the same comments And

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Speaker 6: she's on the money.

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Speaker 2: Group, your people are my people, glad.

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Speaker 6: Yeah, Like there was these early childhood educators and school

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Speaker 6: teachers and they were like, hey, parents, just as a tip,

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Speaker 6: a beautiful card for us is better than buying us crap.

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Speaker 5: We literally spoke about this last week because my sister

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Speaker 5: and Laura's a teacher.

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Speaker 6: Oh my gosh, Yeah, how cool is that?

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Speaker 2: I don't really have so many world's best teacher mugs.

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Speaker 5: Yeah, it gets to a point where you're just like, please,

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Speaker 5: I love you, but no more.

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Speaker 4: Whereas cards You're right.

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Speaker 6: So next year, everyone for Christmas, just write some beautiful

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Speaker 6: words for.

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Speaker 2: Honestly, And it's all about love languages as well, Glenn.

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Speaker 2: I don't know how fluffy you are, but on this

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Speaker 2: pod we talk a lot about our love languages, and

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Speaker 2: in our team we talk about it because I feel

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Speaker 2: like love languages also translate to what is the best

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Speaker 2: way Jess is going to feel valued in this team?

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Speaker 2: How am I going to show her that? And words

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Speaker 2: of affirmation very high Onesic's list. Do you know what?

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Speaker 2: You're just getting a hand written?

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Speaker 6: Next Christmas, Jess, I receive words of affirmation and I

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Speaker 6: give gifts or access service.

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Speaker 2: That's what I do too. Yeah, Glenn and I cut

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Speaker 2: from the same cloth though, like mum and dad of finance.

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Speaker 2: Well to say that now I'm married, I think, so

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Speaker 2: I'm gonna keep doing it.

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Speaker 6: Yeah, I think.

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Speaker 4: Sorry, Steve's not friend.

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Speaker 2: Yeah, he's a big man, he'll get it.

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Speaker 6: I just thought, like this year, particularly around Christmas, I

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Speaker 6: was talking with someone yesterday like most of us have,

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Speaker 6: and like plenty of your listeners like we don't need

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Speaker 6: more stuff, And my whole thing was with gift buying.

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Speaker 6: Just be thoughtful, be intentional, be sustainable, like make something,

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Speaker 6: cook something, yeah, buy from small business. Like I just

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Speaker 6: think we're in such a consumerist type society and how

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Speaker 6: much crap gets.

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Speaker 2: Given, it's true, and how many things are you actually

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Speaker 2: using that you got last year for Christmas. So I

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Speaker 2: think that's actually a really good reflection point, is writing

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Speaker 2: down what you got for Christmas last year, because I

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Speaker 2: guarantee that you can't remember, Like I guarantee it, like

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Speaker 2: I know what my sister got me, but like there's

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Speaker 2: probably things that are absolutely falling through the cracks, and

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Speaker 2: if I can't articulate it, I promise your family can't

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Speaker 2: remember either. So I think it's really about being intentional.

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Speaker 2: And you know I've said before on the pod as well,

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Speaker 2: in our family or in Steve's side of the family,

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Speaker 2: we do handmade, homemade or second hand. And that's a

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Speaker 2: rule for gift giving, Like all of the presents have

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Speaker 2: to fit into one of those categories. And one, it

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Speaker 2: makes it way more fun, but two, I think it

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Speaker 2: just takes the pressure off financially, Like I'm hunting on Facebook,

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Speaker 2: Marketplace and gum Tree for things for the kids that

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Speaker 2: you know are a little bit more intentional and because

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Speaker 2: it's secondhand. Obviously, you're not going to buy them something

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Speaker 2: that you know was only lasting a year for another

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Speaker 2: child and broke, like you're buying bigger items for less money.

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Speaker 2: And you guys have all heard about the money when

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Speaker 2: I got on gum Tree a couple of years of

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Speaker 2: the fifty dollar kitchen that you know, the kids still

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Speaker 2: love and news it's in their cubby house. They make

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Speaker 2: me cuts of tea every time I go over. They're

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Speaker 2: full of dirt, but I love them.

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Speaker 6: Yeah, I would say anyone doing the Christmas dash tonight

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Speaker 6: or tomorrow morning or tomorrow on Christmas Eve, Like one year,

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Speaker 6: I bought all my aunts a really nice bunch of

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Speaker 6: flowers from like a local small business florist and can

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Speaker 6: you get creative a nice card, you know, some nice

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Speaker 6: flowers like just yeah, slow down, it's okay. But whatever

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Speaker 6: you do, try and keep away from consumer debt with

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Speaker 6: your purchases.

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Speaker 2: Yeah, one hundred percent. That is the biggest hot tip

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Speaker 2: that we have as well, is don't go into debt

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Speaker 2: for Christmas because it just puts you in the worst

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Speaker 2: position to start a new year, especially if you spent

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Speaker 2: this year trying to pay debt off and I.

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Speaker 6: Would say, don't underestimate the regifting strategy.

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Speaker 5: I'm a big fan of regifting. I'm a big fan

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Speaker 5: of it.

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Speaker 6: Yeah.

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Speaker 2: I got for Christmas from Jess Well I gave.

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Speaker 4: Her last year for Christmas. Yeah, it's like that thing.

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Speaker 5: I think it gets better off going to someone that's

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Speaker 5: going to love and use it than sitting in your

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Speaker 5: closet or going in your bin.

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Speaker 6: Right, someone sent me a gift to my quote unquote

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Speaker 6: registered office, which is not my house for like business purposes,

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Speaker 6: and the office called me. It's my accounting firm. They

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Speaker 6: called me said, oh, Glenn, there's a package here for you.

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Speaker 6: It feels like a gift. And they're an hour away

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Speaker 6: from where I live.

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Speaker 2: Did you ask them to just open it?

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Speaker 6: Yeah? And like, can you open it? Just tell me

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Speaker 6: what it is? It's a nice so and so I

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Speaker 6: won't say what it.

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Speaker 2: Was, yeah, because then someone's going to listen to this

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Speaker 2: and be.

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Speaker 6: Like I was like, well, I'm not driving an hour

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Speaker 6: to pick that up. Merry Christmas. So my accountant's got

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Speaker 6: a Christmas present from me gift.

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Speaker 2: It's so nice of you, Glenn. You should have just

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Speaker 2: like said, oh sorry, it's got my name on it

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Speaker 2: it meant to have yours. I must have sent it

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Speaker 2: to myself. Sorry, sorry, well.

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Speaker 6: Yeah, but they sent me a nice photo on a

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Speaker 6: nice photo of.

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Speaker 2: The cards, so oh, good work. And I think the

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Speaker 2: card was the thing that you probably appreciated the most.

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Speaker 2: Let's be honest.

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Speaker 6: There's nothing better than a templated message that goes out

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Speaker 6: in bulk, is there?

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Speaker 1: Oh?

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Speaker 2: Yeah, absolutely, I love it, especially when it doesn't have

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Speaker 2: your name, it just has a pre printed message.

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Speaker 6: Yeah. My favorite is the dear valued customer, And it's like, well,

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Speaker 6: if I was that valued, you'd know.

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Speaker 2: My name's twenty two. No, no, there are software systems

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Speaker 2: for making that way more personal.

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Speaker 6: I was that valued, you'd know who I am.

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Speaker 2: Oh my gosh. All right, well let's seguey off that,

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Speaker 2: because I feel like we're going down a rabbit hole

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Speaker 2: and into our budget direct Money Wins and Confessions of

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Speaker 2: the Week. This week we are throwing to Glenn. Glenn

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Speaker 2: has gone through our Facebook group. I want to know

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Speaker 2: what are your favorites from this week?

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Speaker 6: Okay, my first one, Hailey. She saved ten percent on

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Speaker 6: the diploma that she'd been looking at completing. She saved

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Speaker 6: dollars by paying up front. Once completed, it will open

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Speaker 6: up heaps more career options.

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Speaker 2: That's an investment.

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Speaker 6: Yeah. The reason I chose I'm going to give you

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Speaker 6: a little one lineer of why I chose these care

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Speaker 6: is we can always learn by reading between the lines.

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Speaker 6: Number one, the more ahead you get with your personal finances,

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Speaker 6: it's kind of that money makes money type thing, and

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Speaker 6: buying in bulk, having the money to buy in bulk,

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Speaker 6: having money to prepay, having money to pay your insurance annually,

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Speaker 6: it will actually save you money. But some of us

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Speaker 6: we do need to get to the point like I

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Speaker 6: used to pay all my insurances monthly till I could

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Speaker 6: afford to pay them yearly and get the discounts. So

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Speaker 6: on you.

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Speaker 2: Hailey, Yeah, she must be setting herself up well to

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Speaker 2: be able to do that.

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Speaker 6: Get it, Get it. And the thing is like the

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Speaker 6: best investment that you have in your life. Going to

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Speaker 6: your own suite, going to your bathroom, look in the mirror.

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Speaker 6: That is the best financial investment that you have.

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Speaker 2: Oh do you really think the botox is worth it?

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Speaker 6: Absolutely?

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Speaker 2: Thank you, thank you. It was a bit more expensive

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Speaker 2: than I expected it to be, but I'm glad it's

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Speaker 2: paying off.

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Speaker 6: Absolutely, it will so that botox is strapped on to

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Speaker 6: a money making annuity. Yeah, Melissa, she redid her budget

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Speaker 6: so that she could allocate twelve hundred dollars a fortnight

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Speaker 6: to savings.

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Speaker 2: What a fortnight. That's six hundred bucks a week.

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Speaker 6: Six hundred dollars a week. This is so wild And

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Speaker 6: I would say good on you, Alyssa for like being intentional.

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Speaker 6: And it just goes back to that thing. How many

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Speaker 6: times have we heard when people pay attention to stuff,

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Speaker 6: they get results. So a lot of the time you

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Speaker 6: can find money in your budget just by having some

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Speaker 6: type of system or plan.

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Speaker 2: Right, that's crazy. Six hundred bucks a week is massive.

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Speaker 2: And to contextualize that here in Australia, minimum wage is

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Speaker 2: eight hundred and fifteen dollars a week. Wow, Like she's

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Speaker 2: almost saving an entire wage every single week. That is

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Speaker 2: queen behavior.

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Speaker 6: Yeah, love that cat. Money win. I got offered a

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Speaker 6: job that's thirty four thousand dollars more than what she's

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Speaker 6: on and it's an added bonus. It's at a non

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Speaker 6: for profit, so I can take advantage of salary packaging.

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Speaker 2: Oh, money win.

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Speaker 6: That is an awesome money win.

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Speaker 2: How good is that?

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Speaker 6: Yeah? Now this one is dear to my heart. This

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Speaker 6: next one, Oh.

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Speaker 2: What did they buy the Glenn James cash flow course?

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Speaker 6: They basically purchased the Glenn James spending plan. Sammy, this

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Speaker 6: is amazing. I finally paid off and closed my credit

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Speaker 6: card that has controlled my life for the past ten years.

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Speaker 4: Jenny, I'm Sammy now.

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Speaker 6: How amazing is that? Sammy?

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Speaker 2: We are so proud. That is epic.

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Speaker 6: Can I reply to the message in the group and say, hey,

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Speaker 6: we read your thing out because I've got copies of

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Speaker 6: your book here, Victoria that I always post out to people.

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Speaker 2: Oh, you're going to give my book out for free?

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Speaker 2: I love give a copy in my book as well,

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Speaker 2: but oh, unders just got to make sure that there's

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Speaker 2: some self promotion in that.

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Speaker 7: Absolutely, but with permission, I will absolutely you Kat, you're

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Speaker 7: going to say unrealistic expectations for us always replying and

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Speaker 7: giving books away, like we can't keep up with this, Glenn.

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Speaker 2: God's like, oh, I'm on your pod more often.

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Speaker 6: Yeah, So that was awesome. And my last one. You

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Speaker 6: know how you check emails like late at night or

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Speaker 6: early in the morning, and you kind of it goes

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Speaker 6: into like red and you forget about it.

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Speaker 2: You got to flag it if you do that.

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Speaker 6: Yeah, well I'm guilty of that. This one reminded me

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Speaker 6: of what happened to me. Olivia said, money win. I

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Speaker 6: got an email from Booper that they're giving me thirty

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Speaker 6: five dollars back from their COVID saving Oh, and I'm like, oh,

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Speaker 6: that's familiar, and I looked at my email. There it is.

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Speaker 6: I also got an email from Booper to say, hey,

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Speaker 6: we didn't spend as much money during COVID. We're giving

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Speaker 6: our members some cash back.

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Speaker 2: Oh my gosh. Jess and I were having this conversation

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Speaker 2: literally this morning because you got a similar email, didn't you?

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Speaker 5: My health insurer. I'm with Defense Health. They said less

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Speaker 5: people claimed during COVID, and we're not for profits sweeping back.

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Speaker 5: I got three hundred bucks back from my health insurance

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Speaker 5: last year.

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Speaker 6: Yeah, I think I got one hundred and thirty five

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Speaker 6: or something. But like, I just how good is it that?

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Speaker 6: A big company and you know everyone hates paying for

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Speaker 6: health insurance, but like, yeah, they finally just like, you

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Speaker 6: know what, we save some money, have some money back.

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Speaker 5: That's exactly what I said. I was like, that is

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Speaker 5: also from like a marketing perspective. The best marketing that

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Speaker 5: they'll ever do, like totally because I saw so many

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Speaker 5: peop right posting about it. I'm telling everyone I can

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Speaker 5: think of about it, like I'm really happy. It's just

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Speaker 5: like a super nice thing. And the timing as well,

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Speaker 5: Like I got the email like four days before we

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Speaker 5: recorded this episode, and I was like, oh, thank God,

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Speaker 5: like Christmas, I've just had to pay my redshirt for

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Speaker 5: tim that money is going to go so far to

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Speaker 5: help me. And I'm sure that there are a lot

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Speaker 5: of people who felt exactly the same.

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Speaker 6: So I just want to like my whole thing with

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Speaker 6: these money wins. It's not the amounts, because on one

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Speaker 6: end of the spectrum, thirty five dollars is a money win, absolutely,

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Speaker 6: the other end, six hundred a week is a money win.

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Speaker 6: So whatever is relevant to you is just awesome hundred percent.

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Speaker 6: I'm the kind of guy like if I found two

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Speaker 6: dollars on the side of.

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Speaker 2: The road, I'd be stoked.

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Speaker 6: I'm just like, oh my gosh, I feel so blessed today.

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Speaker 2: Yeah. See, this is a question because I saw five

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Speaker 2: dollars on the road the other day and you.

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Speaker 6: Kept driving and you're like, oh, that's cool.

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Speaker 2: No, No, I was walking Lucy and we were out

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Speaker 2: for coffee and it was just like in the gutter,

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Speaker 2: and I was like, do you know what, I'm not

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Speaker 2: going to pick that up. Not I can't afford it,

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Speaker 2: that's not it at all. But I was like, that

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Speaker 2: would absolutely make someone's day to find it, and like

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Speaker 2: I would. I don't know. I just if you saw

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Speaker 2: five bucks in the gutter, Glenn, you'd picked up or

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Speaker 2: would you leave it?

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Speaker 6: I'd pick it up.

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Speaker 2: No, of course you would, just just you'd.

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Speaker 4: I would definitely.

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Speaker 2: I just do you know what? Maybe it was the

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Speaker 2: mood I was in. Yeah, maybe it was the mood

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Speaker 2: I was in. I just wanted somebody else to have

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Speaker 2: a money win.

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Speaker 6: I saw last week there was a Daily Mail article

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Speaker 6: Victoria Devine wouldn't even stop to pick up money in

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Speaker 6: the streets.

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Speaker 7: Oh No, that's absolutely not it.

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Speaker 2: It was more like were standing there, I was waiting

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Speaker 2: for like cars to go past because we're crossing the

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Speaker 2: road with the dog, and I was like, Oh, someone

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Speaker 2: else is going to stop here and have a money win.

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Speaker 2: And I just thought that was really wholesome, and like

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Speaker 2: I'd already paid for my coffee that day, and to

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Speaker 2: be honest, the day before, I'd found one of those

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Speaker 2: free coffee vouchers in my car, you know when you're

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Speaker 2: like stamp eight and then the ninth is free. I

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Speaker 2: got one of those and I was like, no, I

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Speaker 2: don't need this today. I'm going to leave it for

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Speaker 2: someone else. And I kind of hoped that the week

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Speaker 2: after I would see in our Facebook there's someone in

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Speaker 2: Glen Iris. I've got a five dollar money in but

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Speaker 2: I haven't seen that yet.

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Speaker 6: What's the most money you've ever found? Oh?

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Speaker 2: I found fifty bucks one time. It was at the

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Speaker 2: my music bulb. It was ten out of ten. Someone

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Speaker 2: clearly sat down to watch the concert and left fifty bucks,

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Speaker 2: and but I took that. Yeah, I couldn't say no

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Speaker 2: to fifty Yeah.

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Speaker 6: I found fifty dollars in a lounge at a cafe

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Speaker 6: and I was just like, I'm just going to sit here.

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Speaker 6: If someone comes back, they can have it. But if

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Speaker 6: they don't come back looking in the next ten minutes,

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Speaker 6: she's good to go.

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Speaker 5: I don't know what rich places you out of hanging out,

417
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Speaker 5: but I've never seen anything that's not like the only

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Speaker 5: time I've seen something it's not a queen is when

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Speaker 5: there's been money that's been left at an ATM or

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Speaker 5: change left at coals or places like that. And then

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Speaker 5: I will always just give it to like the service

422
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Speaker 5: desk and be like, oh, someone's going to cut back.

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Speaker 5: If I took a hundred bucks out and I left

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Speaker 5: fifty in the thing, like I would panic and go

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Speaker 5: back for it. But I've never been lucky enough to

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Speaker 5: find fifty dollars floating around on the street.

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Speaker 4: I only had one.

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Speaker 2: It was like finding the bag of money, like on

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Speaker 2: the ground. What would you do?

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Speaker 4: You give us the police?

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Speaker 6: Surely? Yeah, my aunt found it a bag that had

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Speaker 6: five thousand dollars in it. What yeah, Actually, so she

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Speaker 6: gave it to the police. It was only like a

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Speaker 6: couple of years ago. And then if no one claims

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00:19:12,680 --> 00:19:15,640
Speaker 6: it within I think three months or whatever, you get

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Speaker 6: to keep it. And she needs to keep it. They

437
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Speaker 6: called her and they said, yeah, no one's come forward,

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Speaker 6: Come get your own, come get you.

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Speaker 2: Five break Oh my gosh. And then legally she didn't

440
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Speaker 2: like steal it or anything. Here's me going, I wouldn't

441
00:19:25,720 --> 00:19:28,159
Speaker 2: kive it in our dad keep that. That's like what

442
00:19:28,280 --> 00:19:30,040
Speaker 2: my guilt would get me. And then I'd talk about

443
00:19:30,080 --> 00:19:31,600
Speaker 2: it on the podcast and then someone would called me

444
00:19:31,640 --> 00:19:33,359
Speaker 2: and be like that was my money and I needed

445
00:19:33,359 --> 00:19:35,600
Speaker 2: it for surgery or something, and I'd feel guilty.

446
00:19:35,720 --> 00:19:36,399
Speaker 4: Oh my gosh.

447
00:19:36,480 --> 00:19:36,680
Speaker 6: Yeah.

448
00:19:36,720 --> 00:19:39,520
Speaker 2: No, anyway, all right, Glenn James, it has been fabulous

449
00:19:39,520 --> 00:19:42,200
Speaker 2: celebrating some of your budget Direct money wins this week

450
00:19:42,240 --> 00:19:44,800
Speaker 2: a budget Direct winner of Kanstares Insurer of the Year

451
00:19:44,800 --> 00:19:48,800
Speaker 2: Award twenty twenty two. Budget Direct Insurance Solved. Let's go

452
00:19:48,840 --> 00:19:50,680
Speaker 2: to a really quick break and after the break we're

453
00:19:50,720 --> 00:19:53,320
Speaker 2: going to be talking about the crypto Exchange and how

454
00:19:53,320 --> 00:20:00,720
Speaker 2: to help your partner with money. Don't go anywhere, all right,

455
00:20:00,800 --> 00:20:03,800
Speaker 2: we are back. Glennie James is here to help us

456
00:20:03,840 --> 00:20:08,400
Speaker 2: have a conversation all about FTX. Glenn, it has been

457
00:20:08,560 --> 00:20:12,400
Speaker 2: an absolute roller coaster in the world of crypto. We

458
00:20:12,480 --> 00:20:16,960
Speaker 2: see article after article of things falling and crashing, and

459
00:20:17,000 --> 00:20:19,640
Speaker 2: everyone who were saying it was the best investment ever

460
00:20:19,840 --> 00:20:23,200
Speaker 2: is really starting to eat their words. You're far better

461
00:20:23,240 --> 00:20:25,359
Speaker 2: versed at this than I am. When it comes to

462
00:20:25,440 --> 00:20:28,359
Speaker 2: talking about crypto, I often shy away from it because

463
00:20:28,400 --> 00:20:31,159
Speaker 2: I just don't like it, and this is just validating

464
00:20:31,160 --> 00:20:34,320
Speaker 2: for me. Jess Aha, there was a good reason behind that,

465
00:20:34,480 --> 00:20:37,080
Speaker 2: But can you give us the TLDR of what's been

466
00:20:37,119 --> 00:20:38,199
Speaker 2: going on in that space.

467
00:20:38,480 --> 00:20:40,320
Speaker 6: Yeah. So over the last few months, you may have

468
00:20:40,480 --> 00:20:44,320
Speaker 6: seen online and in the news that a big cryptocurrency

469
00:20:44,359 --> 00:20:49,280
Speaker 6: exchange basically went bankrupt, and that exchange was called FTX.

470
00:20:49,760 --> 00:20:54,760
Speaker 6: Now the TLDR was this exchange was run by Doe

471
00:20:54,800 --> 00:20:58,199
Speaker 6: called Sam Bankman freed. So yeah, that's how you pronounce it.

472
00:20:58,240 --> 00:20:59,080
Speaker 6: That'll do. That'll do.

473
00:20:59,200 --> 00:21:02,600
Speaker 2: Imagine having a name called Bankman and then going bankman free.

474
00:21:02,200 --> 00:21:06,680
Speaker 6: Oh no, you could not write this stuff anyway. Get

475
00:21:06,720 --> 00:21:11,440
Speaker 6: this this company, well this crypto newsletter thing. They got

476
00:21:11,440 --> 00:21:14,840
Speaker 6: a leaked spreadsheet and it was called coin desk, this

477
00:21:15,119 --> 00:21:20,719
Speaker 6: crypto news website that the FDx exchange had one billion

478
00:21:20,760 --> 00:21:26,200
Speaker 6: dollars in assets but nine billion dollars in liabilities.

479
00:21:26,920 --> 00:21:28,440
Speaker 2: Nine billion is insane.

480
00:21:28,680 --> 00:21:32,159
Speaker 6: Yes, So what happened was that got out and it

481
00:21:32,160 --> 00:21:34,680
Speaker 6: would be like Jess, if you had a bank account

482
00:21:35,000 --> 00:21:37,040
Speaker 6: with a big bank and you had ten thousand dollars

483
00:21:37,040 --> 00:21:37,280
Speaker 6: in it.

484
00:21:37,359 --> 00:21:38,359
Speaker 2: Oh, she definitely does.

485
00:21:38,440 --> 00:21:42,280
Speaker 6: Yeah, yeah, and you heard that that bank may not

486
00:21:42,359 --> 00:21:44,679
Speaker 6: have that ten thousand dollars to pay you if you

487
00:21:44,760 --> 00:21:47,240
Speaker 6: went to the branch of the at.

488
00:21:46,680 --> 00:21:48,840
Speaker 2: Jess is gone. Do try and take that ten ground

489
00:21:48,840 --> 00:21:52,480
Speaker 2: out the session. She hears like a mass exodus, exodus.

490
00:21:52,000 --> 00:21:54,560
Speaker 6: And then everyone does that and they call that a

491
00:21:54,640 --> 00:21:56,480
Speaker 6: run on a bank. So what happened There was a

492
00:21:56,560 --> 00:22:00,000
Speaker 6: run on this exchange and basically people logged into their

493
00:22:00,080 --> 00:22:05,000
Speaker 6: account and I've had zero dollars, like zero coins, zero bitcoin,

494
00:22:05,119 --> 00:22:08,119
Speaker 6: zero this, so all their money had gone. But what

495
00:22:08,240 --> 00:22:13,159
Speaker 6: actually happened was the founder, Sam Bankman Freud well Fried,

496
00:22:13,240 --> 00:22:15,879
Speaker 6: I don't even know how pronounced it. Freed, Sorry, it's Freed,

497
00:22:16,080 --> 00:22:21,320
Speaker 6: He's Fried. Get this. He took around eight billion dollars

498
00:22:21,840 --> 00:22:26,720
Speaker 6: of people's money or crypto coins, basically took it to

499
00:22:26,760 --> 00:22:30,240
Speaker 6: another entity that he had called Alneda Research, which was

500
00:22:30,240 --> 00:22:34,240
Speaker 6: a hedge fund and was doing stuff with other people's money,

501
00:22:34,600 --> 00:22:36,680
Speaker 6: and then it got found out there was a run

502
00:22:36,720 --> 00:22:38,760
Speaker 6: on it and went bankrupt.

503
00:22:39,160 --> 00:22:40,240
Speaker 4: Oh my god.

504
00:22:40,400 --> 00:22:44,560
Speaker 6: So this dude, he lives in the Bahamas.

505
00:22:44,720 --> 00:22:47,119
Speaker 2: That's exactly where I would leave if I was spending

506
00:22:47,119 --> 00:22:48,040
Speaker 2: other people's money.

507
00:22:48,400 --> 00:22:51,640
Speaker 6: And then the administrators went in right and they're like,

508
00:22:51,880 --> 00:22:56,119
Speaker 6: this is the worst thing we've ever seen. There is

509
00:22:56,320 --> 00:23:01,199
Speaker 6: no risk management, there is no compliance operations. It's basically

510
00:23:01,359 --> 00:23:05,640
Speaker 6: a big old sham. Hardly any records, no budget. If

511
00:23:05,680 --> 00:23:08,800
Speaker 6: someone wanted to spend money in the company on sponsorship

512
00:23:08,840 --> 00:23:13,440
Speaker 6: deals or whatever, like FDx sponsored. I think the Mercedes

513
00:23:13,640 --> 00:23:17,960
Speaker 6: f one team. They were literally just approving any money

514
00:23:17,960 --> 00:23:21,000
Speaker 6: to be spent. So this has all come crashing down.

515
00:23:21,359 --> 00:23:24,000
Speaker 6: He was silent for a while, but in recent weeks

516
00:23:24,040 --> 00:23:29,520
Speaker 6: Sam bankmin Freud Freed, I think it's crazy. Yeah, he's

517
00:23:30,240 --> 00:23:34,560
Speaker 6: He's come out and basically said, yeah, I stuffed up, guys,

518
00:23:34,600 --> 00:23:35,520
Speaker 6: blah blah blah.

519
00:23:35,640 --> 00:23:36,920
Speaker 2: You didn't just stuff up.

520
00:23:36,960 --> 00:23:40,679
Speaker 6: So at the end of the day, that's cold comfort

521
00:23:40,680 --> 00:23:42,800
Speaker 6: for someone who has lost all their money.

522
00:23:42,880 --> 00:23:45,960
Speaker 2: I stuffed up this morning. I ordered jess an oat

523
00:23:46,000 --> 00:23:48,800
Speaker 2: hot chocolate instead of a soy hot chocolate.

524
00:23:48,400 --> 00:23:50,520
Speaker 6: And that was an eight billion dollar mistake.

525
00:23:50,920 --> 00:23:55,040
Speaker 2: Yeah, I didn't play with someone's eight billion dollars. They

526
00:23:55,200 --> 00:23:56,800
Speaker 2: just said she liked the oat milk much better than

527
00:23:56,840 --> 00:24:00,080
Speaker 2: the so was really a mistake, we don't know, but

528
00:24:00,000 --> 00:24:03,440
Speaker 2: but eight billion dollars. Oh sorry, guys. To start, I'd

529
00:24:03,520 --> 00:24:06,960
Speaker 2: like to apologize, but he's going to be testifying before

530
00:24:07,040 --> 00:24:11,280
Speaker 2: Congress on the FTX collapse, obviously, and that's all happening.

531
00:24:11,280 --> 00:24:13,560
Speaker 2: And I just think this is really playing into people's

532
00:24:13,640 --> 00:24:17,440
Speaker 2: fears around crypto already because Crypto was already a much

533
00:24:17,520 --> 00:24:20,320
Speaker 2: riskier asset than investing in the share market. Lots of

534
00:24:20,359 --> 00:24:23,840
Speaker 2: people saw lots of opportunity. We talk about bitcoin and

535
00:24:23,920 --> 00:24:27,600
Speaker 2: stuff like that quite often, but it's impacted the industry

536
00:24:27,680 --> 00:24:29,920
Speaker 2: as a whole because I think that there's a lot

537
00:24:30,000 --> 00:24:34,360
Speaker 2: less trust than there was before this collapse obviously happened.

538
00:24:34,400 --> 00:24:37,920
Speaker 2: And then here in Australia in the AFR a couple

539
00:24:37,960 --> 00:24:40,640
Speaker 2: of weeks ago, Glenn there was an article about how

540
00:24:40,640 --> 00:24:43,880
Speaker 2: a Brisbane crypto exchanged so swift x, which I think

541
00:24:43,880 --> 00:24:46,480
Speaker 2: we've all seen floating around because they had some pretty

542
00:24:46,560 --> 00:24:50,680
Speaker 2: targeted millennial marketing in the last twelve months. They recently

543
00:24:50,680 --> 00:24:54,520
Speaker 2: fired ninety staff in the wake of the FTX collapse,

544
00:24:54,600 --> 00:24:57,600
Speaker 2: and I just think it's so interesting how everything is

545
00:24:57,680 --> 00:25:01,800
Speaker 2: relatively interconnected in spaces like this, So what happens on

546
00:25:01,840 --> 00:25:04,840
Speaker 2: the share market is very similar. When one company starts

547
00:25:04,880 --> 00:25:08,199
Speaker 2: to do not so well, people get scared. It's the

548
00:25:08,240 --> 00:25:12,160
Speaker 2: psychology of investing, it's the psychology behind it. And goes

549
00:25:12,200 --> 00:25:14,359
Speaker 2: back to that example you gave of you know, just

550
00:25:14,440 --> 00:25:16,600
Speaker 2: having ten thousand dollars. Of course she's going to want

551
00:25:16,600 --> 00:25:18,359
Speaker 2: to pull it out, even if it wasn't in that

552
00:25:18,440 --> 00:25:21,359
Speaker 2: particular company. You might go, oh, this might be riskier

553
00:25:21,359 --> 00:25:24,119
Speaker 2: than I thought it was. Maybe I'm Audi and lots

554
00:25:24,160 --> 00:25:25,840
Speaker 2: of people do that, And I think that we need

555
00:25:25,880 --> 00:25:29,600
Speaker 2: to really assess our risk profiles even better than we

556
00:25:29,720 --> 00:25:31,960
Speaker 2: have before, to make sure that we're making decisions that

557
00:25:32,000 --> 00:25:35,080
Speaker 2: are actually in line with our values but also in

558
00:25:35,119 --> 00:25:37,359
Speaker 2: line with what we want to create as a life

559
00:25:37,359 --> 00:25:38,000
Speaker 2: in the future.

560
00:25:38,560 --> 00:25:41,600
Speaker 5: Can I ask a lay person question a lay person question? Yeah,

561
00:25:41,760 --> 00:25:44,600
Speaker 5: normal person with not as much finance. It's like, are

562
00:25:44,640 --> 00:25:46,720
Speaker 5: you two talking as the two people I'm sitting in

563
00:25:46,720 --> 00:25:48,840
Speaker 5: here chatting with? So going back to that example of

564
00:25:48,960 --> 00:25:51,080
Speaker 5: I've got my money in the bank, bank growth, bust,

565
00:25:51,480 --> 00:25:54,840
Speaker 5: I pull my money out? Is that something that could

566
00:25:54,960 --> 00:25:58,679
Speaker 5: actually happen? Or is this because crypto is obviously a

567
00:25:58,760 --> 00:26:02,560
Speaker 5: really new and life largely unregulated space, is that where

568
00:26:02,640 --> 00:26:03,439
Speaker 5: the problem was?

569
00:26:04,000 --> 00:26:07,160
Speaker 6: Yeah, So a lot of your listeners were probably still

570
00:26:07,160 --> 00:26:10,960
Speaker 6: at school during the GFC in two thousand and eight.

571
00:26:11,080 --> 00:26:13,520
Speaker 2: So two thousand and eight, two thousand and nine.

572
00:26:13,280 --> 00:26:16,719
Speaker 6: So what actually happened? Are you familiar with Like in Australia,

573
00:26:17,440 --> 00:26:20,360
Speaker 6: if you've got a bank account or you're a customer

574
00:26:20,400 --> 00:26:23,840
Speaker 6: of a bank, the government will protect up to two

575
00:26:23,960 --> 00:26:27,200
Speaker 6: hundred and fifty thousand as a bank guarantee, right, Because

576
00:26:27,520 --> 00:26:31,399
Speaker 6: what happened was during the GFC, and I heard a

577
00:26:31,520 --> 00:26:34,679
Speaker 6: rumor in the years after that there was one major

578
00:26:34,760 --> 00:26:37,880
Speaker 6: bank and I'll just say a top six bank that

579
00:26:38,280 --> 00:26:43,399
Speaker 6: were four days away from becoming basically bankrupt out of money.

580
00:26:43,560 --> 00:26:45,840
Speaker 2: There's a heap of information on that online if you

581
00:26:45,880 --> 00:26:47,240
Speaker 2: guys want to look it up. And I don't think

582
00:26:47,240 --> 00:26:49,240
Speaker 2: we need to spread it around here, but.

583
00:26:49,480 --> 00:26:53,560
Speaker 6: Yeah, but what happened the rud government they knew that

584
00:26:53,640 --> 00:26:55,959
Speaker 6: it was four days away from having a run on

585
00:26:55,960 --> 00:26:59,119
Speaker 6: this bank. The government said, everyone's stopped withdrawing your money,

586
00:26:59,119 --> 00:27:02,520
Speaker 6: will guarantee the government will guarantee two hundred and fifty

587
00:27:02,560 --> 00:27:06,080
Speaker 6: thousand dollars of money if the bank does go under.

588
00:27:06,119 --> 00:27:08,400
Speaker 6: So it can happen in real life. It happened all

589
00:27:08,400 --> 00:27:11,800
Speaker 6: through Europe and particularly in Greece. But the thing that

590
00:27:12,040 --> 00:27:15,399
Speaker 6: happened here, I will say, like what happened with FDx.

591
00:27:15,960 --> 00:27:18,560
Speaker 6: I'll use the analogy like if there was a scientist

592
00:27:18,640 --> 00:27:21,960
Speaker 6: who was fraudulent with his or her science. It doesn't

593
00:27:22,000 --> 00:27:24,960
Speaker 6: make the science bad. It just means, you know, this

594
00:27:25,000 --> 00:27:27,359
Speaker 6: isn't a comment on you know, crypto doesn't work and

595
00:27:27,400 --> 00:27:31,240
Speaker 6: all that it's just the comment of no regulation, lack

596
00:27:31,280 --> 00:27:36,800
Speaker 6: of integrity, maybe some fraud. And the thing is, I

597
00:27:36,840 --> 00:27:39,000
Speaker 6: think it's you know, it's not hilarious to those who

598
00:27:39,040 --> 00:27:41,760
Speaker 6: may have lost money, but I think it's funny on

599
00:27:41,760 --> 00:27:45,960
Speaker 6: one side of the coin. Don't excuse the pun that

600
00:27:46,280 --> 00:27:51,840
Speaker 6: this whole thing was supposed to stop bankscrewing people in

601
00:27:51,880 --> 00:27:54,280
Speaker 6: the real world, like crypto was supposed to be there

602
00:27:54,600 --> 00:27:58,639
Speaker 6: such antidote to like unplugging from getting screwed by the

603
00:27:58,680 --> 00:28:02,240
Speaker 6: man and all that stuff. I'm so hypocritical now, yeah,

604
00:28:02,359 --> 00:28:06,200
Speaker 6: so look, it's the contagion has spread. And the reason

605
00:28:06,240 --> 00:28:09,000
Speaker 6: why these big like Swift dex laying off, you know,

606
00:28:09,160 --> 00:28:13,640
Speaker 6: thirty five percent of their staff is because exchanges make

607
00:28:13,760 --> 00:28:17,800
Speaker 6: money basically on the spread, so that means they'll sell

608
00:28:17,840 --> 00:28:20,840
Speaker 6: you a token for more than what they've paid for it.

609
00:28:20,960 --> 00:28:23,600
Speaker 6: So when there is fear and uncertaining in the markets,

610
00:28:23,960 --> 00:28:27,200
Speaker 6: less people are buying and transacting, so that means there's

611
00:28:27,280 --> 00:28:30,119
Speaker 6: less volume, which means there's less profit for these companies.

612
00:28:30,480 --> 00:28:34,760
Speaker 6: Now Coinbase are the probably the third biggest, I think

613
00:28:34,920 --> 00:28:37,680
Speaker 6: the biggest in the world. They've come out and said, look,

614
00:28:37,680 --> 00:28:39,360
Speaker 6: we can prove that we've got the reserves. There's no

615
00:28:39,440 --> 00:28:41,880
Speaker 6: issues here, And a lot of the Australian exchanges have

616
00:28:42,160 --> 00:28:45,360
Speaker 6: also said that we've got the reserves, aka, we are

617
00:28:45,360 --> 00:28:49,200
Speaker 6: not spending people's money on our pet projects over here.

618
00:28:49,640 --> 00:28:52,920
Speaker 6: But I will just say, like in finishing the whole

619
00:28:52,920 --> 00:28:58,360
Speaker 6: exchange thing. So the AX is an exchange for securities, right,

620
00:28:58,840 --> 00:29:01,880
Speaker 6: and cryptos are an extra change. The difference is your

621
00:29:01,960 --> 00:29:04,920
Speaker 6: money with like if you have money on swift x,

622
00:29:05,040 --> 00:29:09,320
Speaker 6: on coinspot they're Australian as well, or coinbase or even

623
00:29:09,440 --> 00:29:14,440
Speaker 6: FDx before they went under. That money with FDx wasn't

624
00:29:14,480 --> 00:29:17,600
Speaker 6: in custody. It was actually sitting in the exchange. Yeah,

625
00:29:17,640 --> 00:29:22,040
Speaker 6: and it's with the AX Australian Securities Exchange. When you

626
00:29:22,240 --> 00:29:26,520
Speaker 6: pay for shares and you buy shares, the money isn't

627
00:29:26,560 --> 00:29:30,600
Speaker 6: sitting at the AX, it's in custody or it's registered

628
00:29:30,600 --> 00:29:32,200
Speaker 6: against your name. Does that make sense.

629
00:29:32,320 --> 00:29:35,160
Speaker 2: Yeah, you get issued a certificate to say no you

630
00:29:35,200 --> 00:29:38,000
Speaker 2: own this directly, Jess. Yeah, which you got when you

631
00:29:38,040 --> 00:29:40,640
Speaker 2: started investing on chares and you were like what is

632
00:29:40,720 --> 00:29:42,360
Speaker 2: this and I was like you are owner?

633
00:29:42,480 --> 00:29:44,440
Speaker 4: Wow, very nice, very shiny.

634
00:29:45,080 --> 00:29:47,640
Speaker 6: Yeah, that's right. So like the board at the ASX,

635
00:29:47,840 --> 00:29:49,880
Speaker 6: for example, can't just go in and go, oh, we're

636
00:29:49,920 --> 00:29:53,320
Speaker 6: going to sell two hundred million dollars worth of just

637
00:29:53,480 --> 00:29:55,040
Speaker 6: Rich's CBA shares.

638
00:29:55,200 --> 00:29:56,680
Speaker 2: No, they're like the coals and moollies.

639
00:29:56,800 --> 00:29:58,880
Speaker 4: Gee, my portfolio is looking good. Two hundred mil.

640
00:29:59,000 --> 00:30:00,280
Speaker 2: Yeah, not that right, right?

641
00:30:00,400 --> 00:30:04,680
Speaker 6: So that vilegely, Yeah, we know where all the she's

642
00:30:04,760 --> 00:30:08,760
Speaker 6: on the money money is going suggest So look, it's

643
00:30:08,840 --> 00:30:12,880
Speaker 6: just it's more of a cautionary tale. I've said for many,

644
00:30:12,920 --> 00:30:18,200
Speaker 6: many years, even before this crypto stuff. Any speculative investments

645
00:30:18,320 --> 00:30:22,200
Speaker 6: or assets you really want to keep it maybe two

646
00:30:22,240 --> 00:30:26,400
Speaker 6: to five percent of your net worth, yeah, or some

647
00:30:26,640 --> 00:30:29,320
Speaker 6: type of guide. If you had a share portfolio of

648
00:30:29,360 --> 00:30:32,400
Speaker 6: twenty thousand dollars, maybe you might go, well, I'm not

649
00:30:32,440 --> 00:30:35,840
Speaker 6: going to put more than ten percent into a speculative

650
00:30:35,880 --> 00:30:40,680
Speaker 6: investment because if it gets flushed, you'll get flushed. But

651
00:30:40,760 --> 00:30:43,280
Speaker 6: if you've only got a small allocation, it's not going

652
00:30:43,360 --> 00:30:44,120
Speaker 6: to wipe you out.

653
00:30:44,360 --> 00:30:44,560
Speaker 8: Yeah.

654
00:30:44,600 --> 00:30:46,880
Speaker 2: And I think it's just so important to talk about

655
00:30:46,920 --> 00:30:50,120
Speaker 2: these things. You guys know, I am quite conservative when

656
00:30:50,160 --> 00:30:53,360
Speaker 2: it comes to investing, and that leans a lot into privilege.

657
00:30:53,520 --> 00:30:55,840
Speaker 2: And when I say privilege, it means that I have

658
00:30:56,040 --> 00:30:58,240
Speaker 2: learned to invest when I was young, and I still

659
00:30:58,240 --> 00:31:00,720
Speaker 2: have thirty forty years before I'm rich hiring, and I

660
00:31:00,800 --> 00:31:04,160
Speaker 2: just I can't justify to myself putting money in an

661
00:31:04,240 --> 00:31:07,520
Speaker 2: asset class that is going to be too risky for

662
00:31:07,560 --> 00:31:11,040
Speaker 2: my risk profile. I am your bread and butter kind

663
00:31:11,040 --> 00:31:14,040
Speaker 2: of investor, Like I just want my ETFs, I want

664
00:31:14,080 --> 00:31:16,120
Speaker 2: my you know, managed funds. I want to know that

665
00:31:16,160 --> 00:31:18,320
Speaker 2: I am safe and secure and I am working towards

666
00:31:18,360 --> 00:31:21,000
Speaker 2: a stable financial future. And that just gives me too

667
00:31:21,080 --> 00:31:23,640
Speaker 2: much anxiety. And I know other people are better at

668
00:31:23,680 --> 00:31:26,240
Speaker 2: taking risk, and that's okay, We're all different, and it's

669
00:31:26,360 --> 00:31:28,640
Speaker 2: exactly what you're saying, Glenn, like, just make sure you're

670
00:31:28,640 --> 00:31:30,680
Speaker 2: not biting off more than you can chew because they've

671
00:31:30,680 --> 00:31:33,040
Speaker 2: sold you the dream, and like everyone wants to sell

672
00:31:33,040 --> 00:31:35,480
Speaker 2: you the dream. But I just think it's It also

673
00:31:35,520 --> 00:31:39,360
Speaker 2: plays into this conversation about how banks make money, because

674
00:31:39,400 --> 00:31:42,000
Speaker 2: I think that a lot of people don't actually understand

675
00:31:42,080 --> 00:31:44,680
Speaker 2: that when you put your money into a bank, like

676
00:31:44,880 --> 00:31:48,040
Speaker 2: they're actually using that money. Yes, you can retrieve that

677
00:31:48,160 --> 00:31:50,920
Speaker 2: whenever you want, but if absolutely everybody did it, it

678
00:31:50,960 --> 00:31:53,160
Speaker 2: would be a bank run and it would put us

679
00:31:53,200 --> 00:31:56,440
Speaker 2: in a compromising position, which is why the government's underlyingly

680
00:31:56,760 --> 00:32:00,320
Speaker 2: guaranteeing everything. And I just think it's a top of

681
00:32:00,320 --> 00:32:02,080
Speaker 2: conversation I want to bring up in the new year.

682
00:32:02,080 --> 00:32:04,280
Speaker 2: And es, I've actually just written it down episode idea,

683
00:32:04,360 --> 00:32:08,240
Speaker 2: let's talk about how banks actually make money for themselves,

684
00:32:08,320 --> 00:32:10,760
Speaker 2: because it's not just on the interest rate people pay

685
00:32:10,760 --> 00:32:11,520
Speaker 2: on their mortgage.

686
00:32:11,720 --> 00:32:12,000
Speaker 9: Yeah.

687
00:32:12,080 --> 00:32:14,760
Speaker 6: Yeah, And I'm all like, for even when we read

688
00:32:14,760 --> 00:32:17,000
Speaker 6: the money stories, like, let's look at the underlying thing

689
00:32:17,040 --> 00:32:19,640
Speaker 6: and the unlying lesson a lot of like this whole

690
00:32:19,680 --> 00:32:26,680
Speaker 6: crypto thing, what happens with greed stupidity follows very closely.

691
00:32:27,360 --> 00:32:29,400
Speaker 6: And you just need to make sure with your money

692
00:32:29,400 --> 00:32:32,840
Speaker 6: that you're not investing for the greed to get rich

693
00:32:32,920 --> 00:32:36,200
Speaker 6: quick and all that stuff, because at some point something

694
00:32:36,240 --> 00:32:39,440
Speaker 6: will fail and someone is left holding the bag. There

695
00:32:39,480 --> 00:32:41,040
Speaker 6: was an article I saw a couple of weeks ago.

696
00:32:41,200 --> 00:32:44,680
Speaker 6: There's a heap of luxury watches on sale now that's

697
00:32:44,720 --> 00:32:48,520
Speaker 6: flooded the market. Rope. Yeah, that's right. I wish where

698
00:32:48,560 --> 00:32:51,400
Speaker 6: people are They got all this cash from their crypto

699
00:32:52,120 --> 00:32:54,520
Speaker 6: sold it. Oh, I'm rich, I'm rich. I'm rich. Bought

700
00:32:54,520 --> 00:32:57,120
Speaker 6: all the Rolllexes and the Amigas and all that, the

701
00:32:57,160 --> 00:33:00,960
Speaker 6: tags and the brightlings. I can't even pronounce these expensive

702
00:33:00,960 --> 00:33:04,760
Speaker 6: brands and now they're selling them to cash.

703
00:33:05,840 --> 00:33:08,160
Speaker 5: That's another Swatches, That's what I was laughing at. I

704
00:33:08,200 --> 00:33:10,000
Speaker 5: don't think the Swatch is quite making the cut in

705
00:33:10,000 --> 00:33:12,160
Speaker 5: the luxury Well what if it's a collectible?

706
00:33:12,320 --> 00:33:13,280
Speaker 6: So they did.

707
00:33:13,440 --> 00:33:16,120
Speaker 2: They did a collab with Amiga, didn't they, Glenn, exactly yes.

708
00:33:16,240 --> 00:33:17,959
Speaker 6: And I tried to get one. I couldn't get one.

709
00:33:18,200 --> 00:33:20,920
Speaker 2: I remember I had to get one for you when

710
00:33:21,000 --> 00:33:24,040
Speaker 2: we were in Monaco. Remember I actually, do you know what,

711
00:33:24,440 --> 00:33:27,800
Speaker 2: I'm such a good friend. I dragged literally my best

712
00:33:27,880 --> 00:33:29,880
Speaker 2: friends into an Amiga store and I was like, do

713
00:33:29,920 --> 00:33:31,760
Speaker 2: you have this Swatch thing? They're like, no, it's actually

714
00:33:31,840 --> 00:33:33,600
Speaker 2: not for sale in the Amiga stores. It's only in

715
00:33:33,640 --> 00:33:36,080
Speaker 2: the Swatch stores. There's one around the corner, but they're

716
00:33:36,080 --> 00:33:37,480
Speaker 2: definitely going to be sold out. And I was like,

717
00:33:37,600 --> 00:33:38,800
Speaker 2: this is a joke.

718
00:33:39,440 --> 00:33:41,880
Speaker 6: I love that, Like how many of us get to

719
00:33:42,040 --> 00:33:44,920
Speaker 6: casually drop the line. And when we were in Mona,

720
00:33:47,320 --> 00:33:48,760
Speaker 6: it's the bougiest thing I have.

721
00:33:49,000 --> 00:33:51,560
Speaker 2: I was trying so hard to impress you, Glenn. I

722
00:33:51,760 --> 00:33:53,160
Speaker 2: just wanted to be a good friend.

723
00:33:53,480 --> 00:33:58,200
Speaker 6: I'm more like when I was in like Geelong, Newcastle,

724
00:33:59,040 --> 00:34:01,320
Speaker 6: I live in Newcastle. When I was in Newcastle, like

725
00:34:02,040 --> 00:34:04,440
Speaker 6: we went to like this second hand store and I

726
00:34:04,480 --> 00:34:07,320
Speaker 6: found a swatch and I found a swatch, So yeah,

727
00:34:07,480 --> 00:34:10,280
Speaker 6: just be careful, be careful with your money, peeps.

728
00:34:10,560 --> 00:34:14,160
Speaker 2: Yeah, unless you're in Monoco and you're trying to watch.

729
00:34:14,200 --> 00:34:16,960
Speaker 6: You're going to be dabbling in stuff because we all know,

730
00:34:17,080 --> 00:34:20,200
Speaker 6: like there's this whole debate with crypto and the actual

731
00:34:20,239 --> 00:34:25,399
Speaker 6: intrinsic value and like intrinsic value that's like, okay, well,

732
00:34:25,760 --> 00:34:28,040
Speaker 6: if I pay five hundred dollars for a luxury pair

733
00:34:28,080 --> 00:34:31,120
Speaker 6: of sunglasses, not worth five hundred dollars, but we know

734
00:34:31,200 --> 00:34:33,760
Speaker 6: there's at least probably one hundred dollars worth of stuff,

735
00:34:33,920 --> 00:34:37,480
Speaker 6: So the intrinsic value of the stuff is the materials, right,

736
00:34:37,960 --> 00:34:41,319
Speaker 6: and they reckon Like with gold, for example, people were

737
00:34:41,440 --> 00:34:46,000
Speaker 6: comparing gold to bitcoin. It's like bitcoins now the digital gold. Well,

738
00:34:46,080 --> 00:34:49,279
Speaker 6: we still need gold to make microchips and watches and

739
00:34:50,560 --> 00:34:52,120
Speaker 6: tooth implants.

740
00:34:51,800 --> 00:34:54,800
Speaker 2: Like I like how he went from tooth implants, but

741
00:34:54,920 --> 00:34:56,719
Speaker 2: also watches. They're really important to plan.

742
00:34:57,120 --> 00:34:59,200
Speaker 6: Well, the only reason I've still got a baby tooth

743
00:34:59,280 --> 00:35:01,640
Speaker 6: And after this recording, I'm going to get the filling

744
00:35:01,719 --> 00:35:04,000
Speaker 6: repaired because they're like it's almost at the end of

745
00:35:04,040 --> 00:35:06,080
Speaker 6: its life and I'm thinking they get a gold one.

746
00:35:06,120 --> 00:35:08,040
Speaker 6: I need an implant. I'm going to get a gold

747
00:35:08,160 --> 00:35:09,480
Speaker 6: implant from No.

748
00:35:09,760 --> 00:35:11,839
Speaker 2: Absolutely, you are going to be canceled. We are moving

749
00:35:11,880 --> 00:35:14,240
Speaker 2: on through this conversation. We actually have a money dilemma

750
00:35:14,320 --> 00:35:16,719
Speaker 2: that we need your help. We've been Let's listen to it.

751
00:35:18,920 --> 00:35:19,040
Speaker 6: Hi.

752
00:35:19,200 --> 00:35:21,879
Speaker 2: There, have you got a money dilemma you just can't solve?

753
00:35:22,120 --> 00:35:24,239
Speaker 2: The Sheese on the Money team is here to help.

754
00:35:24,640 --> 00:35:27,600
Speaker 2: Every week, we tackle your dilemmas, both big and small,

755
00:35:27,719 --> 00:35:30,719
Speaker 2: to answer your most burning money, career and life questions.

756
00:35:31,000 --> 00:35:33,480
Speaker 2: To get involved, simply head to our website and leave

757
00:35:33,560 --> 00:35:35,680
Speaker 2: us a short voice recording and you might just find

758
00:35:35,719 --> 00:35:38,279
Speaker 2: yourself on the show. Now, let's take a listen to

759
00:35:38,480 --> 00:35:39,640
Speaker 2: this week's money dilemma.

760
00:35:41,800 --> 00:35:44,439
Speaker 9: Hi, guys, love the pod. I just wanted to ask

761
00:35:44,520 --> 00:35:48,440
Speaker 9: about joint finances. I am twenty one and I have

762
00:35:48,719 --> 00:35:51,839
Speaker 9: fifty thousand dollars safe, so I think I'm doing pretty well.

763
00:35:52,719 --> 00:35:55,480
Speaker 9: My partner and I have been together for two years

764
00:35:55,680 --> 00:35:58,759
Speaker 9: now and we've decided to join our bank accounts.

765
00:35:59,200 --> 00:36:02,400
Speaker 8: But he has a personal debt of about ten thousand

766
00:36:02,400 --> 00:36:06,000
Speaker 8: dollars for his car. I'm wondering how to I guess

767
00:36:06,080 --> 00:36:09,360
Speaker 8: help him pay yourself a little faster. Obviously I'm in

768
00:36:09,400 --> 00:36:11,600
Speaker 8: the position where I can just pay it off, but

769
00:36:11,680 --> 00:36:14,800
Speaker 8: I don't want to do that for him. But I

770
00:36:14,960 --> 00:36:17,680
Speaker 8: also want to help him with creating good money habits.

771
00:36:17,719 --> 00:36:20,960
Speaker 8: He's struggling to listen to the podcast and read books,

772
00:36:21,040 --> 00:36:22,480
Speaker 8: so I'm just wanting some help.

773
00:36:22,680 --> 00:36:24,720
Speaker 4: Thank you, Glenn Jameson.

774
00:36:25,040 --> 00:36:26,520
Speaker 2: I'm going to throw this over to you because I

775
00:36:26,600 --> 00:36:28,479
Speaker 2: have some thoughts, but I want yours first.

776
00:36:28,719 --> 00:36:31,399
Speaker 6: Well, I'm just going to say, twenty one years old,

777
00:36:31,640 --> 00:36:34,719
Speaker 6: fifty K savings, big dog energy. I think you're doing

778
00:36:34,840 --> 00:36:40,040
Speaker 6: better than pretty well. Yeah, absolutely slaughtering it. Look, I'm

779
00:36:40,200 --> 00:36:43,120
Speaker 6: probably not in a rush to go and give my

780
00:36:43,320 --> 00:36:46,520
Speaker 6: money to my partner's loan. You know, I'm probably not

781
00:36:46,560 --> 00:36:49,600
Speaker 6: even in a rush to have that money in a

782
00:36:49,680 --> 00:36:52,440
Speaker 6: joint bank ground, like that's your savings that needs to

783
00:36:52,560 --> 00:36:56,560
Speaker 6: be kepting your name. I think there's an argument here.

784
00:36:57,400 --> 00:36:59,320
Speaker 6: You know, you are joining your money. You need to

785
00:36:59,480 --> 00:37:01,440
Speaker 6: just have some type of money system that works for

786
00:37:01,520 --> 00:37:04,400
Speaker 6: the household, like either a rand account or whatnot.

787
00:37:04,480 --> 00:37:06,320
Speaker 2: I think you can have a joint account, but I

788
00:37:06,640 --> 00:37:10,399
Speaker 2: would really shy away from joining your money together. Like, yeah,

789
00:37:10,920 --> 00:37:14,000
Speaker 2: I'm just you're giving me anxiety. You're such a different

790
00:37:14,120 --> 00:37:16,440
Speaker 2: person at twenty one than you are at twenty nine

791
00:37:16,560 --> 00:37:17,080
Speaker 2: or thirty.

792
00:37:17,360 --> 00:37:19,239
Speaker 6: That's what I was thinking. Like, I'm looking back at

793
00:37:19,280 --> 00:37:21,719
Speaker 6: twenty one, and even when I was twenty six, I

794
00:37:21,960 --> 00:37:25,120
Speaker 6: was like a different person, And like even now I'm

795
00:37:25,440 --> 00:37:27,759
Speaker 6: over thirty five and I'm a different.

796
00:37:27,480 --> 00:37:29,719
Speaker 2: Person forty than you are twenty one.

797
00:37:29,840 --> 00:37:33,160
Speaker 6: Yeah, well I'm in my mid to late thirties. But look,

798
00:37:33,320 --> 00:37:38,160
Speaker 6: I just think the more on the partner's willingness to

799
00:37:38,400 --> 00:37:39,399
Speaker 6: do better with money.

800
00:37:39,800 --> 00:37:41,080
Speaker 4: That's what struck me as well.

801
00:37:41,360 --> 00:37:45,040
Speaker 6: This is the age old thing. You cannot take a

802
00:37:45,719 --> 00:37:49,920
Speaker 6: horse to water and throw water at it, water, whatever

803
00:37:50,000 --> 00:37:50,239
Speaker 6: it is.

804
00:37:51,880 --> 00:37:54,400
Speaker 2: That's why we've got you here to let us know

805
00:37:54,520 --> 00:37:55,399
Speaker 2: what we actually meant.

806
00:37:56,120 --> 00:37:59,759
Speaker 6: And you can't push a rope either, So what's that mean?

807
00:38:00,600 --> 00:38:02,600
Speaker 6: Cot push a rope? You pull a rope?

808
00:38:02,840 --> 00:38:04,080
Speaker 2: Oh okay, all right, sorry.

809
00:38:04,360 --> 00:38:07,120
Speaker 6: So what I'm probably saying is, you know, if you

810
00:38:07,200 --> 00:38:10,680
Speaker 6: guys want to do the whole together for everything, it

811
00:38:10,760 --> 00:38:13,080
Speaker 6: probably needs to come down to get some bedrock on

812
00:38:13,239 --> 00:38:16,279
Speaker 6: money values. And I don't think it's being on the

813
00:38:16,360 --> 00:38:20,359
Speaker 6: same page quote unquote, but knowing what page each other

814
00:38:20,680 --> 00:38:23,600
Speaker 6: is on and once we know the pages that each

815
00:38:23,680 --> 00:38:25,880
Speaker 6: other is on, how are we going to deal with it?

816
00:38:25,960 --> 00:38:28,799
Speaker 6: And I'm the last person on the planet to give

817
00:38:28,880 --> 00:38:31,359
Speaker 6: any type of relationship advice, but I would just say

818
00:38:31,440 --> 00:38:35,480
Speaker 6: clarity is kind, communication is key, and it's your money.

819
00:38:35,920 --> 00:38:38,040
Speaker 6: Make sure you look after yourself always.

820
00:38:38,360 --> 00:38:41,200
Speaker 2: I couldn't agree more. And you know, I don't want

821
00:38:41,239 --> 00:38:44,160
Speaker 2: to use the term red flags because I'm sure your

822
00:38:44,239 --> 00:38:47,840
Speaker 2: relationship is absolutely beautiful. They're not relationship red flags. But

823
00:38:47,880 --> 00:38:50,239
Speaker 2: I'd say their finance red flags about whether or not

824
00:38:50,360 --> 00:38:53,239
Speaker 2: you should combine your money, because if you're saying your

825
00:38:53,280 --> 00:38:55,799
Speaker 2: partner is still in debt, that's not a bad place

826
00:38:55,880 --> 00:38:57,719
Speaker 2: to be. There are a lot of people in our

827
00:38:57,760 --> 00:39:01,759
Speaker 2: community in debt that if they came to us like, oh, Glenn, Victoria, Jess,

828
00:39:02,280 --> 00:39:04,399
Speaker 2: should we be putting our money together? It's actually really

829
00:39:04,400 --> 00:39:07,360
Speaker 2: about mindset. What you're telling me is his head is

830
00:39:07,480 --> 00:39:11,920
Speaker 2: still in the sand about creating a financially secure future,

831
00:39:12,239 --> 00:39:14,000
Speaker 2: you know. I mean, he doesn't have to listen to

832
00:39:14,080 --> 00:39:17,040
Speaker 2: our podcast. But the lack of interest in a financial

833
00:39:17,200 --> 00:39:19,040
Speaker 2: education to me is a bit like, oh, well, why

834
00:39:19,040 --> 00:39:20,840
Speaker 2: are we putting our money together if we're not on

835
00:39:20,920 --> 00:39:23,400
Speaker 2: the same page And talking about these things. And to

836
00:39:23,480 --> 00:39:25,560
Speaker 2: be honest, I think you learn a lot. As somebody

837
00:39:25,600 --> 00:39:28,200
Speaker 2: who was in more than forty thousand dollars of personal

838
00:39:28,280 --> 00:39:31,399
Speaker 2: consumer debt by the age of twenty three, you learn

839
00:39:31,480 --> 00:39:33,680
Speaker 2: a lot having to pay that off, and I think

840
00:39:33,719 --> 00:39:37,320
Speaker 2: it ingrains in you some really solid money values. And

841
00:39:37,920 --> 00:39:40,560
Speaker 2: if your partner's in a position and this is clearly

842
00:39:40,760 --> 00:39:43,560
Speaker 2: completely unsolicited advice, but if your partner's in a position

843
00:39:43,600 --> 00:39:46,279
Speaker 2: where they're burying their head in the sand and have debt,

844
00:39:46,560 --> 00:39:48,840
Speaker 2: to have someone swoop in and pay that off for

845
00:39:48,920 --> 00:39:52,279
Speaker 2: them might lead to getting back into debt and set

846
00:39:52,360 --> 00:39:55,320
Speaker 2: you up for a not as clear a financial future together.

847
00:39:55,480 --> 00:39:58,239
Speaker 2: So I would Yeah, I'm a bit red flaggy about that.

848
00:39:58,280 --> 00:40:00,640
Speaker 2: I'm sure they are a beautiful human nothing.

849
00:40:00,440 --> 00:40:00,960
Speaker 8: To do with that.

850
00:40:01,200 --> 00:40:03,719
Speaker 6: Yeah, I'm probably coming at this with a little bit

851
00:40:03,760 --> 00:40:07,600
Speaker 6: of grace that, you know, if the partner is also

852
00:40:07,880 --> 00:40:11,000
Speaker 6: early twenties, like they may have just joined the normal

853
00:40:11,040 --> 00:40:13,839
Speaker 6: Australian conveyor belt, their parents are like, yeah, get alone

854
00:40:13,880 --> 00:40:16,319
Speaker 6: for this, get alone for that. I remember people saying

855
00:40:16,400 --> 00:40:18,680
Speaker 6: you got to pay something off. Money's got to go somewhere.

856
00:40:18,760 --> 00:40:21,320
Speaker 6: Most will be paying something off, like, no, this is

857
00:40:21,440 --> 00:40:23,440
Speaker 6: just the culture that they may have grown up in.

858
00:40:23,880 --> 00:40:26,160
Speaker 6: So I'm going there with some grace and just more

859
00:40:26,280 --> 00:40:30,120
Speaker 6: observing the willingness to be open to managing money better

860
00:40:30,440 --> 00:40:31,920
Speaker 6: and looking for signs of life.

861
00:40:32,160 --> 00:40:35,400
Speaker 2: Yeah. Absolutely, but also kudos to being twenty one and

862
00:40:35,520 --> 00:40:37,680
Speaker 2: having fifty grand saved you baller.

863
00:40:38,160 --> 00:40:40,520
Speaker 6: I'm obsessed, I'm jealous.

864
00:40:40,360 --> 00:40:42,400
Speaker 2: I'm do you know what, Let's not be jealous. We

865
00:40:42,520 --> 00:40:46,600
Speaker 2: are I'm proud, We're proud, we are proud parents. But

866
00:40:47,080 --> 00:40:49,680
Speaker 2: in saying that, we're proud to have to go because

867
00:40:49,719 --> 00:40:52,319
Speaker 2: that was a long episode. Thank you for sticking with us,

868
00:40:52,440 --> 00:40:54,200
Speaker 2: Glenn James, thank you for joining us.

869
00:40:54,480 --> 00:40:54,920
Speaker 9: You can come.

870
00:40:55,000 --> 00:40:58,000
Speaker 2: Having you whenever you want makes our job much easier.

871
00:40:58,400 --> 00:41:01,160
Speaker 6: I love the Friday Drinks because it's like, every time

872
00:41:01,200 --> 00:41:03,439
Speaker 6: I meet people and they listen to She's on the Money,

873
00:41:03,600 --> 00:41:05,800
Speaker 6: they're like, I just love the Friday drinks.

874
00:41:06,239 --> 00:41:07,400
Speaker 2: They really are.

875
00:41:07,840 --> 00:41:08,440
Speaker 4: She's loose.

876
00:41:08,800 --> 00:41:12,640
Speaker 2: She's loose, she's opinionated. We have fun guests on. Sometimes

877
00:41:12,840 --> 00:41:14,520
Speaker 2: we're all picky though, aren't we just Yeah.

878
00:41:14,680 --> 00:41:16,520
Speaker 5: Speaking of which, if you want to find Glenn, we'll

879
00:41:16,560 --> 00:41:19,080
Speaker 5: obviously link to all of his stuff in the show

880
00:41:19,120 --> 00:41:22,480
Speaker 5: notes My millennial money and the entire empire that is

881
00:41:22,600 --> 00:41:27,920
Speaker 5: my millennial and other. There's mamonial career, there's my millennial health.

882
00:41:27,960 --> 00:41:29,320
Speaker 5: There's like a million differents.

883
00:41:29,360 --> 00:41:33,600
Speaker 2: My millennial doctor, there's my millennial everything. Like, honestly, Glenn,

884
00:41:33,680 --> 00:41:36,600
Speaker 2: you're impressive and we love you, but now we have

885
00:41:36,760 --> 00:41:38,879
Speaker 2: to leave you, so come back on the show soon.

886
00:41:39,120 --> 00:41:40,960
Speaker 2: Have a good weekend, my last West friends.

887
00:41:41,320 --> 00:41:42,279
Speaker 6: Merry Christmas, all.

888
00:41:43,040 --> 00:41:43,960
Speaker 2: Merry Christmas.

889
00:41:44,080 --> 00:41:44,600
Speaker 9: We love you.

890
00:41:45,080 --> 00:41:45,360
Speaker 4: Bye.

891
00:41:51,719 --> 00:41:54,240
Speaker 2: Did buy shared on? She's on the Money is general

892
00:41:54,320 --> 00:41:58,160
Speaker 2: in nature and does not consider your individual circumstances. She's

893
00:41:58,200 --> 00:42:01,600
Speaker 2: on the Money exists purely for educational purposes and should

894
00:42:01,680 --> 00:42:04,840
Speaker 2: not be relied upon to make an investment or financial decision.

895
00:42:05,239 --> 00:42:07,680
Speaker 2: If you do choose to buy a financial product, read

896
00:42:07,719 --> 00:42:11,840
Speaker 2: the PDS TMD and obtain appropriate financial advice tailored towards

897
00:42:11,880 --> 00:42:15,160
Speaker 2: your needs. Victoria Divine and She's on the Money are

898
00:42:15,239 --> 00:42:19,920
Speaker 2: authorized representatives of Money SHERPA Pty Ltd a BN three

899
00:42:20,000 --> 00:42:23,239
Speaker 2: two one six four nine two seven seven zero eight

900
00:42:23,560 --> 00:42:26,120
Speaker 2: AFSL four five one two eight nine