Speaker 1: She's on the Money. She's on the Money.
Speaker 2: Hello, and welcome to She's on the Money, the podcast
Speaker 2: for millennials who want financial freedom. Today, guys is Friday,
Speaker 2: which means it is time to sit back with the
Speaker 2: girls with a bev in hand, to unpack our favorite
Speaker 2: moments of the week and to of course celebrate you
Speaker 2: our incredible She's on the Money community. As always, we're
Speaker 2: going to be sharing our favorite money wins. We're going
Speaker 2: to discuss what's making news in the finance world. But
Speaker 2: first it is time, as always, to recap the week
Speaker 2: that was Miss Jessica DC. I called you Miss Jessica
Speaker 2: Ricky on Instagram the other day and I got rimmed,
Speaker 2: but they were like, what are you doing her? Jessica Ricky?
Speaker 3: Potato Potato the richie is just a little extra finesse.
Speaker 3: You know.
Speaker 2: She has a little bit of spice and I like
Speaker 2: to add it. But I was just calling it as
Speaker 2: it was on an Instagram story. I will never do
Speaker 2: that again, just so you know, Jessicatorychi, but without further ado,
Speaker 2: could you please tell us what happened on Monday's Money Diary.
Speaker 4: It was a goodie, it sure was.
Speaker 3: We spoke to gorgeous gal who is just killing the
Speaker 3: property game. I was very ex as someone who's just
Speaker 3: starting that process. She was younger than I am and
Speaker 3: absolutely killing it. She started her story off she went
Speaker 3: through a breakup and then got a house or by herself.
Speaker 3: We love to see it. She then went on to
Speaker 3: get a property with her partner, which they now own together.
Speaker 3: It's an investment and they're looking at buying another one
Speaker 3: at the end.
Speaker 2: Of the Surgeon twenty five and owning three properties, I
Speaker 2: mean owning three mortgages, so she doesn't own them outright,
Speaker 2: but this woman incredible it all.
Speaker 3: By herself, no parental help, know nothing, and it was
Speaker 3: just really really impressive to hear.
Speaker 2: And it was beyond inspiring to hear as well, because
Speaker 2: this is going to sound, you know, as stereotypical as
Speaker 2: it comes and like it's not in she's on the
Speaker 2: money form to say something like this, but it absolutely
Speaker 2: I think needs to be addressed. Like Jess, you will
Speaker 2: agree here, this girl got on zoom. She was stunning,
Speaker 2: like she was one of the most beautiful humans I
Speaker 2: have ever laid eyes on, like blue eyes, blonde hair,
Speaker 2: like stereotypically gorgeous, so much so that I would assume
Speaker 2: that in her industries it is very hard to be
Speaker 2: taken seriously because of how beautiful she is, and that's
Speaker 2: a very common thing in the corporate world. But when
Speaker 2: she was like, oh yeah, and I've just been promoted
Speaker 2: to lawyer, I was like, yes you boss, Like I
Speaker 2: was so proud of her because she was like, not
Speaker 2: only gorgeous, but clearly wildly intelligent. I was just like
Speaker 2: this woman. And then I was real perby and I
Speaker 2: was like, did you do it without a Garran talk?
Speaker 2: Because we all want to know She's like, yep, I
Speaker 2: say for my first home was a stepping stone. I did, Like, guys,
Speaker 2: if you haven't listened to this eisode, go and listen
Speaker 2: to it, because she is breaking down the myth that
Speaker 2: millennials aren't going to have properties because she's got three
Speaker 2: of her own already.
Speaker 5: Did she have lots of tips and tricks in there. Yeah,
Speaker 5: she had a few moose of us who aren't they yet?
Speaker 3: Yeah, she shared with us a lot of really good
Speaker 3: insight in her initial message. Trust she actually said and
Speaker 3: made sure to highlight that part of getting into her
Speaker 3: first home was taking advantage of all of the government
Speaker 3: schemes and stuff that are available first home buyers. And
Speaker 3: I did ask her a little bit about how she
Speaker 3: did that.
Speaker 4: Did sheoose broker?
Speaker 3: And she did it all by herself, So she gave
Speaker 3: her tips on where to look for that information, how
Speaker 3: to figure it out, which I think is going to
Speaker 3: be really helpful to anyone who's in the same position.
Speaker 2: It was really inspiring because she'd made the most of
Speaker 2: her situation and been like, all right, well, no one's
Speaker 2: going to give me a leg up. I'm going to
Speaker 2: find a way to give myself a leg up. And
Speaker 2: she actually, from what I understand, Jess really built out
Speaker 2: how she was going to buy a property with how
Speaker 2: many resources she could lean on. And I found that
Speaker 2: super impressive because Georgia she ended up purchasing in twenty
Speaker 2: twenty and got forty five thousand dollars ish in grants.
Speaker 4: Like what really?
Speaker 3: Yeah, so she like timed it with all of that stuff.
Speaker 3: Obviously she'd done some work on her own to save
Speaker 3: her deposit, but yeah, really smart to take advantage of
Speaker 3: those things. So definitely, well work the lesson if you
Speaker 3: are interesting property.
Speaker 2: And absolutely love Cooky, We'll get her on the property
Speaker 2: playbook when that fire's back up, because I reckon, she
Speaker 2: can teach us a lot. And George, she was a
Speaker 2: queen at op shopping as well, Like I reckon, you
Speaker 2: too would have gone along like a house on fire.
Speaker 5: All right, look forward to it.
Speaker 2: George moving away from property and what happened on money?
Speaker 2: Does talk us through what happened on our Wednesday deep
Speaker 2: Dive episode.
Speaker 5: I can certainly do that. So on Wednesday we discussed
Speaker 5: the ins and out of managing money in a blended family,
Speaker 5: so specifically we kind of honed in on how you
Speaker 5: would manage money if your partner has a child and
Speaker 5: you don't, or vice versa perhaps, which was really interesting
Speaker 5: because it's not something we've ever spoken about on the
Speaker 5: pod before. It's not something I've ever thought about because
Speaker 5: it doesn't apply to me personally, and I'm a selfish person.
Speaker 2: No you're not. You're just not dating someone with a child.
Speaker 5: Exactly, but so many of us are. But we all
Speaker 5: know people in these kinds of situations, and it is
Speaker 5: at a surface level it might not seem that complex,
Speaker 5: but when you kind of drill down into it, it
Speaker 5: really was interesting hearing how people do manage this and
Speaker 5: what the expectations are and how important having that open
Speaker 5: line of communication is between you and your partner ex'es
Speaker 5: are involved. Yeah, it was a really interesting chat, and
Speaker 5: you also discussed with us be how to actually have
Speaker 5: that conversation with your partner to set those boundaries and parameters.
Speaker 5: So yeah, it was really interesting, Chash. I enjoyed it.
Speaker 2: I mean, at the end of the day, I think
Speaker 2: the summary there whereas it's better to be honest and
Speaker 2: open and have the conversation. Yeah, there's no right or
Speaker 2: wrong way to have that conversation because everybody's relationship is
Speaker 2: so wildly different, But in twenty twenty two, it's a
Speaker 2: really big conversation to be having because I believe that
Speaker 2: there are a lot of people in our community that
Speaker 2: are single parents or at some point in the back
Speaker 2: of their mind they're like probably going to be a
Speaker 2: single parent.
Speaker 4: Like this isn't going the way I wanted.
Speaker 2: It to, And I just feel like the idea of
Speaker 2: getting into a relationship when you are a parent can
Speaker 2: be quite overwhelming. I'm not saying that from experience. I'm
Speaker 2: saying that having spoken to a lot of clients who
Speaker 2: are single parents who just go I don't even know
Speaker 2: how to approach that, like what do you do? How
Speaker 2: does it work? But open honest communication for the entirety
Speaker 2: of the relationship I think is the best policy.
Speaker 3: I also feel like it's a good conversation to have
Speaker 3: because the traditional quote unquote familial structure that existed, you know,
Speaker 3: a couple of decades go, actually isn't really the norm anymore.
Speaker 3: Like so many families approach things differently now that your
Speaker 3: stock standard mom and dad have you know, one income
Speaker 3: because dad goes to work and mom stays at home
Speaker 3: with the kids. Like it's actually just not a thing.
Speaker 3: We have all of these different shapes and forms of relationships,
Speaker 3: and that means that the way we have these conversations
Speaker 3: and the way that we manage our finances is going
Speaker 3: to look so different now nowadays.
Speaker 2: As well, George, Jess, I feel like the three of
Speaker 2: us are actually in a very similar position when it
Speaker 2: comes to families. And you might agree with me here,
Speaker 2: it's not, from my perspective, the norm. So Jess and George,
Speaker 2: I believe your parents are still together, and from my perspective,
Speaker 2: growing up, all my friends had divorced parents, like I
Speaker 2: think I had one other friend that's parents were still married,
Speaker 2: and to me, it was very normal to have friends
Speaker 2: with divorced parents and seeing their parents, you know, get
Speaker 2: new partners and go through all of that that Sometimes
Speaker 2: I was like, and I would never, you know, want
Speaker 2: that for my parents, but I was like, oh, it's
Speaker 2: not that normal to stay married. What like, Did you
Speaker 2: have similar experiences?
Speaker 3: I think I definitely had quite a few friends that
Speaker 3: went through this experience, you know, throughout the years. I
Speaker 3: don't know that I ever questioned my own, like I guess, situation,
Speaker 3: but I definitely think that it was really obvious to
Speaker 3: me from a really young age that there were all
Speaker 3: these different ways to do things. And I think, if anything,
Speaker 3: it really just made me aware that if something's not working,
Speaker 3: there's nothing wrong with changing that situation. You know, back
Speaker 3: in the day it was maybe not the best, you know,
Speaker 3: or there might have been shame or things like that
Speaker 3: tied to it, but I see, yeah, whereas now I
Speaker 3: kind of just go okay, great, like that relationship works
Speaker 3: purpose and that's fine and it was a great season
Speaker 3: of your life hopefully, but there's nothing wrong with going okay, like,
Speaker 3: actually that doesn't work, and if anything, it's better for
Speaker 3: everyone involved to go your separate ways, make sure it's amicable,
Speaker 3: and then open yourself up to new relationships, new financial conversations,
Speaker 3: just a whole new way of doing things.
Speaker 2: Totally, and I really like what you just said. There
Speaker 2: was a season of a relationship, and not all relationships
Speaker 2: are going to last. But it doesn't I guess downplay
Speaker 2: how impactsful they were like that relationship, you know, unless
Speaker 2: it was a terrible relationship, in which case I wish
Speaker 2: you were never in it, my friends, but sometimes relationships
Speaker 2: help us form who we are, and that might not
Speaker 2: be the same person that entered that relationship. And that's
Speaker 2: totally okay. But we are not a relation podcast. So
Speaker 2: let's talk more about money. Georgia King, let's loop back
Speaker 2: to you what if you got when it comes to
Speaker 2: money wins from the Shees on the Money community this.
Speaker 5: Week, let's loop back. I loved that from you. Some
Speaker 5: caucers as per ladies.
Speaker 2: Let's see what a surprise guys, The She's on the
Speaker 2: Money community does it again, they've delivered.
Speaker 4: The first win is from Victoria.
Speaker 2: Oh, I thought you said you weren't going to call
Speaker 2: me out like this again.
Speaker 5: I don't think you did. Post this one girl. No,
Speaker 5: I'm just really kids I'm not aware of. So Victoria
Speaker 5: was in desperate need of some new pants because after
Speaker 5: two kids in two years, her old ones just didn't
Speaker 5: fit the same. She then got four pairs of pants
Speaker 5: and a pair of sandals she's had her eye on
Speaker 5: for a while. And here comes the money win. I
Speaker 5: felt no guilt for having quay money, which hasn't happened
Speaker 5: in years. A little bit.
Speaker 2: That I want to know more about Victoria's mindset, Like
Speaker 2: how did you come into that mindset, because that's such
Speaker 2: a hard mindset to battle that you do deserve new clothes,
Speaker 2: especially after having two kids. You bat us like that
Speaker 2: is so cool to know that she's like not guilty
Speaker 2: about something that so many people are gonna still feel
Speaker 2: guilt about.
Speaker 4: Which they absolutely shouldn't. No, absolutely you shouldn't.
Speaker 5: Have We done a potty on spending and guilt yet,
Speaker 5: I don't know if we have.
Speaker 2: I believe we've covered the topic. We haven't done a
Speaker 2: full podcast on it, but geez, I think you're onto
Speaker 2: something that's.
Speaker 4: A good pod topic. Jess added to the least done.
Speaker 3: And done all right.
Speaker 5: The next one here is from Anna. She bought a
Speaker 5: laptop from work for thirty dollars or sold it for
Speaker 5: four hundred dollars.
Speaker 4: Now you buy a thirty dollars laptop. I don't know.
Speaker 2: There is so much missing context here, but let's not
Speaker 2: look into it.
Speaker 4: We're not. That's a very good money win.
Speaker 5: The next one is from merin money. When I picked
Speaker 5: up four pieces of canine furniture off the side of
Speaker 5: the road a year ago for free, and I sold
Speaker 5: it all this week for one hundred and sixty dollars.
Speaker 4: Yeah you did. That's so cool. Would My mom would
Speaker 4: have had a field day with that.
Speaker 2: She loves some caine lounge lates.
Speaker 5: I remember that. I thought of your mum as well.
Speaker 5: Did you actually used to have some canes?
Speaker 1: Yeah?
Speaker 5: She was like, mum sorted me out.
Speaker 2: Alex loves some caine in her bedroom and my mummy
Speaker 2: is I guess the queen of finding cain on the
Speaker 2: side of the road and re sprang it wyatt and
Speaker 2: using it like our house is basically Kane.
Speaker 5: Yes, stunning. I was always jealous of Devo's BedHead.
Speaker 2: Oh she did have you know? For those of you
Speaker 2: who know, it's the big peacock rattan bedheads gorge was
Speaker 2: very fancy, very she very jealous.
Speaker 5: The next win here is from Jess Gosh, the whole
Speaker 5: team's getting involved. My car service was quoted at fourteen
Speaker 5: hundred dollars but came in at seven hundred and eighty will.
Speaker 4: That's a win.
Speaker 5: It's a win. The next one is from Allen not
Speaker 5: a super relatable one, but I bought a house at
Speaker 5: the start of last year for four hundred and seventy
Speaker 5: five thousand dollars, and I spent thirty thousand dollars on Reno's.
Speaker 5: I've just had it revalued at six hundred and centy
Speaker 5: thousand dollars a year later, which makes me feel like
Speaker 5: all of that bargain hunting, hard work and long days
Speaker 5: were worth it.
Speaker 2: Oh my god, imagine that is such a big increase
Speaker 2: in price.
Speaker 4: How stoked would you be? Kah my god.
Speaker 2: Think out the equity they were having their property and
Speaker 2: their ability to leverage into another property if they're in
Speaker 2: that financial situation, like the financial freedom that affords.
Speaker 4: I love it.
Speaker 5: Bravo, Well done Alan. Our sixth and final win of
Speaker 5: the week. I actually chose this one for you, Victoria Define.
Speaker 5: It is from Vienna Money Win My Woolworths had the
Speaker 5: ten pack Cotties spark Boys Drinks some Special for eight
Speaker 5: dollars seventy five, down from thirteen seventy five Happy Dance.
Speaker 2: She wrote, look happy dance, but I got it for
Speaker 2: seven dollars a couple of weeks ago. So stuff that
Speaker 2: in your pipe and smoke it.
Speaker 5: I wonder if you influenced Vienna to purchase those feeds.
Speaker 5: You were a fan of those during your COVID days,
Speaker 5: Am I right?
Speaker 2: And it's not just COVID like I'm obsessed, like is
Speaker 2: full of the sparkling Cottis. I think the flavor is
Speaker 2: called Cooler, whatever the green one is.
Speaker 4: I'm obsessed.
Speaker 2: I have no regrets. I will die on that hill.
Speaker 2: It is the best drink that.
Speaker 4: Has ever existed.
Speaker 5: Heaven. Well, that is all I have for you at
Speaker 5: my girls.
Speaker 4: Let's go on a break.
Speaker 2: I'm going to grab a Cotty's cooler, not sponsored, just good,
Speaker 2: and we'll come back and talk about what's happening in
Speaker 2: the finance world.
Speaker 4: Stay right there.
Speaker 3: Already, anyone who listened to Friday Drinks last week would
Speaker 3: know that we pushed it out because there's something obviously
Speaker 3: pretty hectic going on in the world. Right now, and
Speaker 3: I think we do need to talk about it, especially
Speaker 3: because I've seen it impact and kind of overflow onto
Speaker 3: our platforms, which is why I want to bring it up. Obviously,
Speaker 3: last week Russia went to war with Ukraine, which I
Speaker 3: can't even believe I am saying those words. It is
Speaker 3: really really hard to wrap your head around the devastation
Speaker 3: that's going on, and so we chose on our platforms
Speaker 3: to pause everything for a couple of days to really
Speaker 3: allow the news to sync in for our team, because
Speaker 3: I'll be honest when I say I was definitely struggling
Speaker 3: with it a little bit, and I know that it's
Speaker 3: impacted the rest of us as well, but then also
Speaker 3: to just allow the more important voices to shine through
Speaker 3: the news coverage, the charity where all of those things,
Speaker 3: and if you are looking for ways you can support,
Speaker 3: we do have a link in our bio on our
Speaker 3: Instagram and we'll pop something in the show and it's
Speaker 3: as well with some resources and links where you can donate.
Speaker 3: But I guess the flow on effect of this news
Speaker 3: beyond mental health, beyond all of that, and before I
Speaker 3: jump into it, I'm going to acknowledge that this is
Speaker 3: coming from a place of privilege. You know, we're sitting
Speaker 3: at home in our safe country where right now, thankfully
Speaker 3: we're not feeling the impacts of this too directly outside
Speaker 3: of the mental stress and toll. But that being said,
Speaker 3: it's raising a lot of questions for people because global
Speaker 3: events like war impact the stock market, impact the property market,
Speaker 3: impact all of these things that a lot of us impact.
Speaker 2: Fuel prices, Well, it's going to impact everything, and.
Speaker 3: It impacts I guess this community is all about working
Speaker 3: towards financial freedom and thinking about our financial futures. And
Speaker 3: I've seen a few questions being placed into our groups
Speaker 3: around this, and there's been a lot of discourse in response.
Speaker 3: And that's why I wanted to open this conversation because
Speaker 3: I want to start by saying completely respectfully, what's going
Speaker 3: on overseas is absolutely imporrent, Like there is no question
Speaker 3: that if I could snap my fingers and stop it
Speaker 3: in a second, I would give anything to be able
Speaker 3: to do that. But with that being said, we need
Speaker 3: to remember that the people who are asking these questions,
Speaker 3: and the ones that I sawt were respectful. People are
Speaker 3: going to have questions because where I think we're all
Speaker 3: a little bit anxious. We're concerned about our future, We're
Speaker 3: concerned about our finances and the broader impacts that this
Speaker 3: might have on us. And while I completely can see
Speaker 3: the one side of it, people going this is really insensitive.
Speaker 3: People have it much worse than us. Completely understand that,
Speaker 3: but let's take a step back and not let our
Speaker 3: fear cause us to react with anger, because I think
Speaker 3: that's a little bit of what I was seeing was
Speaker 3: people being really stressed and being really anxious and saying,
Speaker 3: oh my god, how can you possibly think about that
Speaker 3: when people are dying, And again fully recognizing that we're
Speaker 3: living in a lot of privilege and I'm never being
Speaker 3: more grateful to be where I am. But I understand
Speaker 3: people's concern and I think that in uncertain times, people
Speaker 3: turn to community and turn to their safe space to
Speaker 3: try and find more information. And I really encourage people
Speaker 3: in our communities and outside of our communities to not
Speaker 3: react so quickly and out of anger. Let's try and
Speaker 3: understand where people are coming from, because these are important conversations.
Speaker 3: If you have an investing strategy in place, yeah, how
Speaker 3: is that impacted a one thousand percent? And you're right, Jess,
Speaker 3: like she's on the money from our perspective, should always
Speaker 3: be a safe place, and you should be safe and
Speaker 3: comfortable to ask those questions without people, I guess, jumping
Speaker 3: down your throat and saying they're disrespectful. Something that you
Speaker 3: and I had a conversation about last week, and I
Speaker 3: was incredibly frustrated with was how trivial it was being
Speaker 3: made out to be by a lot of other finance
Speaker 3: could you say, like podcasts and content creators and platforms,
Speaker 3: where they were you know, posting memes about, oh my gosh,
Speaker 3: the share markets crashing like I should buy some shares,
Speaker 3: or posting pictures of cats saying like, oh my gosh,
Speaker 3: like the share markets on sale. And I just think
Speaker 3: that there is space to have these conversations. There is
Speaker 3: absolutely not space in our community to to realize this
Speaker 3: or make it some kind of comedic piece of content,
Speaker 3: But we should be having a conversation about the impacts
Speaker 3: of this and what this means. I don't think it
Speaker 3: means that we're comparing what's going on over in Ukraine
Speaker 3: and Russia to what's going on here When we say, well,
Speaker 3: how does this impact my share portfolio? I do think
Speaker 3: it's a very valid question that we need to address.
Speaker 3: But you're right, Jess, we need to go all right,
Speaker 3: we can see what's going on, but we still do
Speaker 3: need to have these conversations because the more people that
Speaker 3: have financial security in our community and in the world
Speaker 3: in general, means there are more people to contribute to
Speaker 3: things like this when they do happen, so that we
Speaker 3: can financially support ourselves or our family members and you know,
Speaker 3: people around us.
Speaker 4: And I'm acutely.
Speaker 2: Aware that there is quite and I didn't realize this,
Speaker 2: and I'm very grateful, but I've had a lot of
Speaker 2: messages over the weekend from people, you know, saying thank you,
Speaker 2: which you shouldn't have to do. We just did the
Speaker 2: right thing, and we shouldn't be thanked for doing the
Speaker 2: right thing saying I'm from Ukraine or my family are
Speaker 2: Ukrainian or I'm Russian, and this is not who we are.
Speaker 2: And I just am so grateful that people like this
Speaker 2: are reaching out. But we don't want to downplay how
Speaker 2: horrendous this is by talking about what does it mean
Speaker 2: for share prices, or hey, Jess and George, let's talk
Speaker 2: about how this actually impacts fuel price, because it does,
Speaker 2: and I want you guys to be educated, and this
Speaker 2: is actually a piece of that education. I don't want
Speaker 2: to skimp out and not share that information for fear
Speaker 2: of being seen as insensitive. My job is to educate
Speaker 2: you and keep you across issues when it comes to
Speaker 2: financial literacy, and you know your financial wellness, and this
Speaker 2: is one of them. Whether you are impacted because you
Speaker 2: live in Ukraine or you are impacted because your share
Speaker 2: portfolio went through the floor, both of those are very valid,
Speaker 2: one obviously far more significant than the other. But that
Speaker 2: doesn't downplay the fact that some people in our community
Speaker 2: might be going, oh my god, that's all my life savings.
Speaker 2: I'm so stressed. You deserve an explanation. You deserve to
Speaker 2: have that explained to you properly.
Speaker 4: Really well said that by both of you.
Speaker 5: And there are also so many other amazing news podcasts
Speaker 5: where you can get all of this information about what's
Speaker 5: happening in Ukraine and Russia. So we're a finance podcast,
Speaker 5: and I think it is really important that we talk
Speaker 5: about how this is going to impact all of us,
Speaker 5: even though we are on the other side of the world.
Speaker 5: I feel like probably the easiest place to start is
Speaker 5: by chatting about fuel prices, because we've all probably noticed
Speaker 5: that that has.
Speaker 2: Not all of us have share portfolios, but most of
Speaker 2: us have to pay for fuel, and over the last
Speaker 2: few years it's gotten expensive. But a few of you
Speaker 2: might have noticed it has just tipped over the two
Speaker 2: dollar mark. Jess, you were having a soorco. I don't
Speaker 2: know if this is the right thing to say, but
Speaker 2: it absolutely was. Yeah, before we started recording, you were like,
Speaker 2: oh my god, fuel was a two dollars when I
Speaker 2: was driving home, and it is. It's crazy. But the
Speaker 2: thing that is really interesting about fuel prices is I
Speaker 2: think a lot of us are going, oh my gosh,
Speaker 2: it must be because of the Ukrainian and Russian war, right,
Speaker 2: like that must be it. But did you know that
Speaker 2: hardly any oil or fuel products that are purchased by
Speaker 2: Australia and imported to Australia are in fact imported from Russia.
Speaker 2: It's like less than zero point zero one percent of
Speaker 2: our imports are from Russia.
Speaker 3: Really, yeah, I know that one of them exports really
Speaker 3: heavily to Europe because I've seen that. There's been a
Speaker 3: lot of talk about, you know, one of the ways
Speaker 3: that countries are kind of putting their foot down without
Speaker 3: directly involving themselves is like kind of putting a freeze
Speaker 3: on trade and purchase of certain items. Is So, is
Speaker 3: it the flow on effect of just going, well, there's
Speaker 3: about to be scarcity in Europe, so pump up the
Speaker 3: prices or is it something different?
Speaker 2: Yeah, very similar to that. So when it comes to
Speaker 2: Australian imports, we obviously manufacture some of our own, but
Speaker 2: about two thirds of the oil that we have in
Speaker 2: Australia actually comes from overseas and we mainly get that
Speaker 2: from Singapore, Korea and Japan. However, Russia is actually the
Speaker 2: second biggest oil exporter in the world after the UAE,
Speaker 2: so after Saudia Arabia, and it sells a lot of
Speaker 2: it's oil to China and Europe. But the most interesting
Speaker 2: thing here is that international oil sales are usually conducted
Speaker 2: in US dollars, so it's not usually conducted in Australian dollars,
Speaker 2: and there's obviously a level of currency exchange there, and
Speaker 2: it doesn't matter who's involved, whether China is selling it
Speaker 2: to the UAE, it is still like that transaction is
Speaker 2: made in US dollars, which is kind of wild to
Speaker 2: think about. But that's just how the oil industry works.
Speaker 2: But because the USA has actually cut off two of
Speaker 2: Russia's largest banks as kind of like a would you say,
Speaker 2: like retaliation from Russia's actions against Ukraine, it's much harder
Speaker 2: for Russia to sell oil. So what's happening. Everybody is
Speaker 2: getting their oil from different locations and it's stopping massive
Speaker 2: global oil sellers from selling oil to Russia and vice versa.
Speaker 2: So they're churning to the suppliers that we have, but
Speaker 2: they have much less of a supply than the two
Speaker 2: biggest places, right, So that's why our prices are going
Speaker 2: up because of supply and demand. There's far more demand
Speaker 2: on our supply and because of that they can increase prices.
Speaker 2: But also there seems to be this like as it
Speaker 2: happened with toilet paper stockpiling, and people wanting to make
Speaker 2: sure that they have enough for their countries, which is
Speaker 2: totally fair, and like I would want to think that
Speaker 2: Australia is thinking about that too, Like if the world's
Speaker 2: going to war, which is that's what it looks like,
Speaker 2: I would want to make sure that they are thinking
Speaker 2: and our government is thinking about us and making sure
Speaker 2: that we are okay, And that's one way to make
Speaker 2: sure we are okay, because that's a massive commodity that
Speaker 2: helps provide for our country, like oil is the thing
Speaker 2: that transports our food around the country to make sure
Speaker 2: that we are still having our shelves in woolies and
Speaker 2: safeways stocked. Right, So I think that we go, oh well,
Speaker 2: driving cars isn't the worst in Australia. It's actually our
Speaker 2: main source of transportation for food and supplies.
Speaker 3: It also factors into electricity and stuff in some way
Speaker 3: as well, right, because I've been seeing a lot of reports.
Speaker 3: Obviously half of the world is currently in winter. We're
Speaker 3: in summer, but you know, there's a lot of concern
Speaker 3: around access to resources to power your houses and your heating,
Speaker 3: and obviously here where we are it's not as significant,
Speaker 3: but a lot of countries it's negative degrees celsius, literally freezing.
Speaker 3: So it also needs to be considered and allocated for
Speaker 3: that purposes. Wow.
Speaker 2: Absolutely absolutely, And it would be a bit amiss of
Speaker 2: me to not mention that fuel prices across the board
Speaker 2: over the last nearly three years terrifyingly have been impacted
Speaker 2: relatively significantly by COVID, so that's still at play, but
Speaker 2: I feel like recently COVID's kind of been canceled. I'm
Speaker 2: not saying it's not as big of an issue, but
Speaker 2: there are obviously far more pressing things than the virus
Speaker 2: because people are at war like that is definitely what
Speaker 2: is taking up a lot of the airspace when it
Speaker 2: comes to media now one hundred percent.
Speaker 3: And so I guess we're going to We said we're
Speaker 3: going to explore these topics. What does this potentially mean
Speaker 3: for the share market? And again, you know, it's not
Speaker 3: the be all and end or as you said, but
Speaker 3: there will be people who are close to perhaps retirement
Speaker 3: age or things of that nature, who are going to
Speaker 3: see their super and other investment portfolios that they were
Speaker 3: potentially relying on take a hit. You know, Can we
Speaker 3: expect to see the ramifications of this war applying to us,
Speaker 3: even though as of right now we're not necessarily directly involved.
Speaker 2: Look, yes and no, Like I think that a lot
Speaker 2: of people are terrified because the stock market has obviously
Speaker 2: been really shook by the war in Ukraine, But I
Speaker 2: don't believe that should change the way we are investing.
Speaker 2: It shouldn't change your investment strategy or why you're investing
Speaker 2: unless you are investing in Russian Russian shares and stocks,
Speaker 2: which most of us in Australia won't actually have a
Speaker 2: whole heap of exposure to. And if we do, it's
Speaker 2: very likely that we either have that inner managed fund
Speaker 2: or we have that in an ETF or an exchange
Speaker 2: traded fund, and it's a small component of I guess,
Speaker 2: the larger portfolio at play. And in that case it's
Speaker 2: actually not your decision. I mean, you can change your
Speaker 2: ETF if you would like, but your fund managers are
Speaker 2: probably looking at that and trying to make sure that
Speaker 2: they are mitigating risk and making decisions that are in
Speaker 2: line with the investment strategy that they have and what
Speaker 2: keeps their investors safe, because that's their job. But the
Speaker 2: share market is a very interesting place to be right now. Obviously,
Speaker 2: on the day that it was announced last week, Jess,
Speaker 2: we were in the office together, George went around for
Speaker 2: this and it got announced and I was on a
Speaker 2: video call with our investment team for my financial advice
Speaker 2: business at the time, and the entire call got completely
Speaker 2: railroaded with a bunch of financial advisors, compliance and investment
Speaker 2: specialists watching what was going on in the market, and
Speaker 2: by close of business that day, and Jess I think
Speaker 2: it was like after lunch, like we spent probably two
Speaker 2: and a half hours on that zoom it had dropped
Speaker 2: three percent, which is a massive drop for the share
Speaker 2: market across the board. So the S and P five hundred,
Speaker 2: which is like the top five hundred companies in the
Speaker 2: US on average, had dropped three percent, which when you
Speaker 2: kind of look at it and you go, we'll be
Speaker 2: three percents not that much for across the board. The
Speaker 2: average drop in a share market across five hundred different
Speaker 2: businesses to be three percent, that's massive. Like that change
Speaker 2: is very, very significant, and it makes sense as to
Speaker 2: why people are genuinely shook by this and really scared.
Speaker 2: But it's really important to remember why we are investing.
Speaker 2: I think a lot of people are probably questioning their
Speaker 2: portfolios and going, should I just take my money out?
Speaker 2: Like should I just like sell down? Because if I
Speaker 2: sell down, then I can't lose any more. And that's
Speaker 2: where I need to remind you that, yeah, your share
Speaker 2: portfolio might be valued at less, but it's only actually
Speaker 2: going to turn into that amount of money if you
Speaker 2: say I want to put my money out, and you
Speaker 2: crystallize that loss. As we've spoken about before, and from
Speaker 2: what I'm understanding, and I'm doing a lot more reading
Speaker 2: on the stock market over the last week, understandably is
Speaker 2: all of the experts I'm either listening to or reading about,
Speaker 2: or you know, having discussions with. There's been lots of
Speaker 2: I guess, roundtable discussions happening in the financial services industry recently.
Speaker 2: All of the advice, guys is, do not pull your
Speaker 2: money out, don't stop investing, and any reaction you have
Speaker 2: to the situation is much more likely to hurt you
Speaker 2: than help you. And that has come straight from Jeremy Snyder,
Speaker 2: who is a personal finance expert at the Personal Finance Club,
Speaker 2: which I think is important to recognize because he's a
Speaker 2: pretty big name in the US. But he's also doing
Speaker 2: a whole heap of research. And as you guys know,
Speaker 2: that's exactly what I would have said, Like I would
Speaker 2: not have said, oh, yes, sell your stocks, take a loss.
Speaker 2: Most of us are in a period of our lives
Speaker 2: where we're not necessarily needing to sell our stocks. It
Speaker 2: might be a little bit frustrating for you if you're
Speaker 2: in a situation where you're like, oh my god, Victoria,
Speaker 2: I've been saving and investing for the last eight years.
Speaker 2: I wanted to pull on my money out of stocks
Speaker 2: this year to buy my first home. It's probably going
Speaker 2: to railroad that decision. I am sorry. That is the case.
Speaker 2: That is the nature of the investing world. But the
Speaker 2: beauty of the investing world is you can wait a
Speaker 2: little bit longer until the sher market has been unced
Speaker 2: back a little bit to make that decision, and that
Speaker 2: would be a part of your investing strategy. So that's
Speaker 2: also why guys, I never want you to invest for
Speaker 2: a short period of time, because imagine, Jess, if I
Speaker 2: had been speaking to you and you've been saving for
Speaker 2: your first home for the last few years, and you
Speaker 2: and I have known each other for a while. Now,
Speaker 2: imagine if I'd sat you down and said, yeah, Jess, like,
Speaker 2: why don't you put all your money in the share
Speaker 2: market and let it grow and then when you want
Speaker 2: to purchase a home, I a right now, you can
Speaker 2: pull that money out and we'll use that money to
Speaker 2: buy Would that have been, in this situation a good idea?
Speaker 4: Yeah, obviously not.
Speaker 3: That would have been really detrimental.
Speaker 2: No, but lots of people are like, oh, but I'm
Speaker 2: missing out on the returns in the short term. It's like, no,
Speaker 2: you don't have the grace of writing it out. But Jess,
Speaker 2: if you'd said, yeah, well, if I buy now or
Speaker 2: if I buy in five years, I don't really mind,
Speaker 2: I would have been like, all right, well, investing might
Speaker 2: be an option for you because you don't seem so
Speaker 2: set on that timeframe and you're not too worried if
Speaker 2: I say, as an advisor, don't pull your money out,
Speaker 2: not worth it yet, and you are, yeah, right, I'll
Speaker 2: just wait another year. Oras you're not in that position.
Speaker 2: You don't want to wait another year. You want to
Speaker 2: buy now. Like there's a sense of urgency about that,
Speaker 2: and that's okay, and lots of people have that sense
Speaker 2: of urgency. But that's why we really need to you know,
Speaker 2: obviously invest in line with our values and our goals,
Speaker 2: but also respect that the stock market is a stock market,
Speaker 2: like we don't have that much control over it, or
Speaker 2: we have is historical data to go across and a
Speaker 2: risk and reward chart, and how we can actually invest
Speaker 2: in that is not necessarily personal preference. It's actually what
Speaker 2: is right to do.
Speaker 3: And I mean, no one could have made a prediction, right.
Speaker 3: I don't think anybody would have been sitting at home
Speaker 3: this time last year and gone, you know what I
Speaker 3: reckon is going to happen in twelve months. I think
Speaker 3: there's going to be another war. And I think that
Speaker 3: that sudden change, or that volatility is what's really scary
Speaker 3: for me personally. It's giving me and I mean for
Speaker 3: me personally, it's giving me a lot of anxiety around
Speaker 3: when I think back to wars, I think about to
Speaker 3: like World War One or World War two and the
Speaker 3: huge impact that that had. Obviously we're definitely not there
Speaker 3: right now, but there's a lot of talk about where
Speaker 3: this could potentially go, and obviously you would hope that
Speaker 3: that's absolutely not the case. But I think that's why
Speaker 3: people are having these questions and why it was important
Speaker 3: for us to have this conversation. And I just wanted
Speaker 3: to touch on as well the mental health aspect. And
Speaker 3: you know, we were having this conversation off air, the
Speaker 3: three of us, and you know, I was talking about
Speaker 3: how anxious I'm feeling about it and how people are
Speaker 3: reacting to these conversations that we've been seeing and I
Speaker 3: guess you said it's important to not downplay what I'm feeling,
Speaker 3: and you know, it's important for our community to not
Speaker 3: downplay what you're feeling, because I think what I said
Speaker 3: was I'm so afraid. I'm genuinely so scared for the
Speaker 3: people that are in Ukraine, the people that are in
Speaker 3: Russia that are having to be involved in something they
Speaker 3: don't want to be involved in, all of these people
Speaker 3: who are being swept up in this violence, this unnecessary violence,
Speaker 3: and that really truly shakes me to my core. But
Speaker 3: at the same time, I'm so lucky, Like I'm sitting
Speaker 3: at home in my house on the floor with my
Speaker 3: cats and my microphone and just living my best life.
Speaker 3: And it feels almost wrong to have these feelings and
Speaker 3: to feel this fear, and I feel guilty because I'm
Speaker 3: not doing enough, you know, like I've given money, but
Speaker 3: it's not enough, Like I'm not doing or being or
Speaker 3: seeing enough, and I don't know what to do. And
Speaker 3: it's so overwhelming, Like it's really really heavy, and I'm
Speaker 3: sure that I'm not the only person feeling that.
Speaker 2: You know, where a community, this is common, Jess, Yeah,
Speaker 2: like it is so common, But I feel like you particularly,
Speaker 2: and this probably happens to a lot of people in
Speaker 2: our community, really downplay your experiences because quote, somebody else
Speaker 2: has it worse. Please don't get me wrong, someone right
Speaker 2: now absolutely does. But that does not mean that you're
Speaker 2: not experiencing anxiety, doesn't mean that you're not experiencing depression
Speaker 2: or that feeling of being completely lost and helpless.
Speaker 4: That is very real.
Speaker 2: And do you know what that is a reflection of
Speaker 2: the empathy you have as human Like, how beautiful is
Speaker 2: it that you care so much about people you've never met?
Speaker 2: And I feel like the best thing we can do
Speaker 2: in this situation is acknowledged that because do you know what,
Speaker 2: if my country was going through that and I was
Speaker 2: in their shoes, I would be genuinely grateful that the
Speaker 2: people on the other side of the world were feeling
Speaker 2: anxious for me. Like the fact that you have other
Speaker 2: people who you've never met and you're in their thoughts,
Speaker 2: to me, that's a really beautiful reflection of the type
Speaker 2: of person you are. Jes right, And there's lots of
Speaker 2: people in our community that are exactly the same. But
Speaker 2: I think it's actually our job to keep our eyes
Speaker 2: and our ears open. It is our job to keep
Speaker 2: educated and understand what's going on and understand how this works,
Speaker 2: not go oh, it's all too hard. I think it's
Speaker 2: our job to make sure that we're looking looking after
Speaker 2: our own mental health. And when we're reading media and
Speaker 2: it's getting too much, I think being able to step
Speaker 2: back and say, do you know what I just I
Speaker 2: can't deal with this right now, and that's okay. But
Speaker 2: I think consistently it's our job as a community to
Speaker 2: stay educated on how we can have the best impact.
Speaker 2: And right now, because it is so new, we don't
Speaker 2: know what that is yet. But you best believe we
Speaker 2: will be sharing exactly how you can help and what
Speaker 2: can happen and how it's going to impact us as
Speaker 2: soon as we know. Because at the same time as us,
Speaker 2: you know, being on this podcast, sharing it with all
Speaker 2: the view this month, it is overwhelming at the same
Speaker 2: time because we don't know any more than you do,
Speaker 2: we are feeling the same way that you do. And
Speaker 2: that's okay, and we are all.
Speaker 4: In it together.
Speaker 2: But I don't want for one minute people to feel
Speaker 2: like their contributions aren't enough, because even if you can't
Speaker 2: afford to donate money or time.
Speaker 4: Or resources.
Speaker 2: The fact that everybody over there is in your thoughts
Speaker 2: is so overwhelmingly beautiful.
Speaker 5: I think one hundred percent. We can't underestimate the impact
Speaker 5: this is having on all of our mental health. Even
Speaker 5: though we're not over there, we're not finding in the
Speaker 5: war like you can't compare it to that. But you
Speaker 5: also can't diminish your own struggles, especially after we've just
Speaker 5: gone through the weirdest two years of all time, and
Speaker 5: that was hard enough, and now you know, the masks
Speaker 5: have gone on Friday. On Friday afternoon, a war was declared.
Speaker 5: So it's been a lot for us to take on
Speaker 5: just in terms of resources, both for our own mental
Speaker 5: health and to contribute and help out in any way
Speaker 5: we can to Ukraine.
Speaker 4: What's out there for.
Speaker 3: Us definitely, So we put a link in our Instagram
Speaker 3: bio and we can probably plug it into the show
Speaker 3: notes as well with a really great article that has
Speaker 3: some direct Ukrainian resources of all different kinds. There's you know,
Speaker 3: fund for healthcare, fund for I think housing, and a
Speaker 3: few different options or alternatively. UNISEF have actually just launched
Speaker 3: a funder as well. They're obviously a very legitimate, above
Speaker 3: board nonprofit and I think it's important. As horrible as
Speaker 3: this is to say, times like these really bring out
Speaker 3: of the woodwork. Unfortunately, some people who do want to
Speaker 3: take advantage of the situations. So anyone who is donating money,
Speaker 3: which is incredibly generous.
Speaker 2: Please make sure it's going to the right places. We
Speaker 2: saw this during COVID, people taking the absolute mickey by
Speaker 2: setting up fake gofund me pages and things that you know,
Speaker 2: weren't for the best, or potentially people thought they were
Speaker 2: for the best, but then they found out that they
Speaker 2: were donating to a group that actually, you know, didn't
Speaker 2: support gay rights or didn't support you know, parts of
Speaker 2: our community that are really important to us, because they
Speaker 2: were just too quick to donate because they were like,
Speaker 2: oh great, like this is how I can contribute, So
Speaker 2: please do your research or rely on the fact that
Speaker 2: we've done a little bit for you. Obviously, only donate
Speaker 2: if you are financially able to do so, but that
Speaker 2: is a really great way of supporting the people over
Speaker 2: there that you know, we can't do a lot for
Speaker 2: in this moment.
Speaker 3: And I think recognizing as well that every dollar in
Speaker 3: this kind of situation helps. If every person listening to
Speaker 3: this podcast chapter dollar in that is a lot of
Speaker 3: money that would be going their way.
Speaker 2: Imagine if all one point two million listeners had donated
Speaker 2: a dollar, that would be like more than a quarter
Speaker 2: of what Australia has sent over in age.
Speaker 3: Absolutely, so don't diminish your contributions. If you can't contribute,
Speaker 3: that is also very very okay. It's more just an
Speaker 3: option to put on the table that I wanted to say.
Speaker 3: It's there if you do feel like that's something that
Speaker 3: you really want to contribute to, but if you can't,
Speaker 3: that's fine. And then in terms of mental health resources,
Speaker 3: all of the usual we've got, you know, obviously the
Speaker 3: National Helpline, beyond Blue Black Dog, heaps of different online
Speaker 3: call centers that you can call and talk through your feelings.
Speaker 3: If you're having a hard time, please please reach out because,
Speaker 3: as you said, VI, we diminish what we're feeling and
Speaker 3: then we're no good to anybody because we're carrying a
Speaker 3: load by ourselves. It is just too much to hold.
Speaker 2: Like you can't pour from an empty cup. And at
Speaker 2: the end of the day, if the best thing for
Speaker 2: your mental health right now is turning off your social
Speaker 2: media and tuning out of any type of news. I
Speaker 2: think that's a really fair thing to do. I know
Speaker 2: that the world is heavy right now, but it isn't
Speaker 2: all your burden to carry, and I think a lot
Speaker 2: of us tend to take a lot of that weight
Speaker 2: onto our shoulders and carry that even though it's not
Speaker 2: our burden, if that makes sense. It's not on you solely,
Speaker 2: and it can be really hard. But as you're saying, Jess,
Speaker 2: you can't pull from an empty cup, so make sure
Speaker 2: your cup is full and then you can help.
Speaker 5: More So, basically in some guys, if you do need
Speaker 5: help or you want to support Ukraine, head to all
Speaker 5: of the links in our show notes. They'll all be
Speaker 5: there for you. But that is probably all we have
Speaker 5: time for today, ladies.
Speaker 2: It is, but before we go, please remember that She's
Speaker 2: on the Money is a safe space. If you have
Speaker 2: any questions, they will be met with love and support
Speaker 2: and education and we will always be trying to put
Speaker 2: you in the best possible position. And that doesn't just
Speaker 2: go for questions, it goes for responses too. So if
Speaker 2: you're seeing something in the Shees on the Money community
Speaker 2: that's potentially triggering you or you think is wildly inappropriate,
Speaker 2: please know that all of our posts are vetted before
Speaker 2: they actually get through to the group. So if you
Speaker 2: see something in our community that is up, please know
Speaker 2: that we have looked at it and thought that that
Speaker 2: was a provocative and good conversation for our community to
Speaker 2: be having at this point in time, and we believe
Speaker 2: that our community would meet that post with the respect
Speaker 2: that it deserves. We are not trying to trivialize this,
Speaker 2: but if you do see something in the community and
Speaker 2: you're like, why the hell are they talking about the
Speaker 2: stock market, guys, it's because it's so important to be
Speaker 2: financially literate, regardless of what is going on in the
Speaker 2: rest of the world. We are not diminishing the importance
Speaker 2: of that, but we need to have space to talk
Speaker 2: about these things so that we can pour from that
Speaker 2: full cup that Jess was talking about. But as George said,
Speaker 2: that is actually all we have time for today now.
Speaker 2: So just before we head off, we'd like to acknowledge
Speaker 2: and pay respect to Australia's Aboriginal and torrest Ray islander peoples.
Speaker 2: They're the traditional cust audience of the lands, the waterways
Speaker 2: and the skies all across Australia. We thank you for sharing,
Speaker 2: and they're caring for the land on which we are
Speaker 2: able to learn. We pay respects to elders past and present,
Speaker 2: and we share our friendship and our kindness.
Speaker 5: And remember, guys, that the advice shared on She's on
Speaker 5: the Money is general in nature and does not consider
Speaker 5: your individual circumstances. She's on the Money exists purely for
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Speaker 5: an investment or a financial decision. And we promise. Victoria
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Speaker 4: See you next week, guys. Bye bye, guys,