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Speaker 1: Just before we get started, we'd like to acknowledge and

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Speaker 1: pay respect to Australia's Aboriginal and torrest Rate islander people's

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Speaker 1: they're the traditional custodians of the lands, the waterways and

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Speaker 1: the skies all across Australia. We thank you for sharing

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Speaker 1: and for caring for the land on which we are

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Speaker 1: able to learn. We pay respects to elders past and present,

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Speaker 1: and we share our friendship and our kindness.

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Speaker 2: She's on the Money, She's on the Money.

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Speaker 1: Hello, and welcome to She's on the Money, the podcast

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Speaker 1: for millennials who want a financial freedom. This is our

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Speaker 1: Friday Drinks episode where we celebrate the money wins from

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Speaker 1: our She's on the Money community. There are always, always, always,

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Speaker 1: so many great money and commersions that are shared every

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Speaker 1: single week in our Facebook group because Jess asks for

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Speaker 1: them in a post that is posted every Monday saying

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Speaker 1: what's your biggest money We no confession, which I guess

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Speaker 1: it makes sense do you keep sharing it because Jess

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Speaker 1: keeps asking? But we then spend a very big part

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Speaker 1: of our week pouring over that thread, celebrating you, talking

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Speaker 1: about your wings, talking about your confessions, and usually they're

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Speaker 1: super relatable things. But this week, once again, we are

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Speaker 1: celebrating you and we have Jess and George here on

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Speaker 1: the decks joining us. Other people could have seen that.

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Speaker 1: Are the cameras on the studio please? I wish they

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Speaker 1: were if they're you know what, Americans lost it, j

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Speaker 1: Rick and BD.

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Speaker 3: The negative reviews is going to come.

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Speaker 1: DJ tager El, move over, Dara, we are coming for

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Speaker 1: your job. But let's move forward. Today is Friday and

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Speaker 1: we are celebrated our community as always, and we want

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Speaker 1: to have more positive and constructive conversations around money. So

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Speaker 1: let's kick off the show with a quick recup of

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Speaker 1: the week that was Miss Jessica Ricci or j Rick

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Speaker 1: in the house? What happened on this week's Money Diaries?

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Speaker 1: So our money diarist took a leave of absence. She

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Speaker 1: had what was on paper, I guess, a dream role.

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Speaker 1: She was earning great money doing something she loved in

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Speaker 1: the field that she studied for, and she ultimately realized

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Speaker 1: that she needed to reevaluate. She took a leave of

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Speaker 1: absence that resulted in her stepping away from that job

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Speaker 1: and taking up something new. And it was really interesting

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Speaker 1: because we see these conversations a lot where people say,

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Speaker 1: I know that I'm earning good money, but I'm not fulfilled.

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Speaker 1: The work life balance is poor, or the environment is toxic,

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Speaker 1: and it can be really hard to assess. I guess

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Speaker 1: those typically positive things or those milestones that you've worked

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Speaker 1: so hard to achieve against things that are less tangible,

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Speaker 1: like mental health or satisfaction.

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Speaker 4: And it was really interesting to hear from her how

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Speaker 4: she kind of evaluated what she was feeling, and she

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Speaker 4: gave like a really clear step by step of the

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Speaker 4: analysis that she took, which I found super helpful.

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Speaker 1: It was so interesting.

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Speaker 4: Yeah, and she worked in organizational psychology, so she had

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Speaker 4: a really good insight I guess into that space, and

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Speaker 4: if anyone is in the same boat, I would really

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Speaker 4: recommend listening it because the steps and questions that she

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Speaker 4: had asked herself are ones that you could do the

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Speaker 4: same for you if you're in a similar boat. Yeah.

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Speaker 1: I loved it. I felt like it was a really

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Speaker 1: constructive episode. I loved that she now basically has her

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Speaker 1: dream job and everything worked out for her, and the

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Speaker 1: fact that she was in a position where she could

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Speaker 1: do that. So many of us aren't in that position

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Speaker 1: and can't just go oh, I'm going to take a

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Speaker 1: leave of absence because at the end of the day,

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Speaker 1: as much as I'm so proud of her, that's a

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Speaker 1: very privileged thing to be able to do. But I

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Speaker 1: think those steps could be done for anybody, regardless of

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Speaker 1: whether you can step away from your job or not,

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Speaker 1: just to reevaluate where you're at in life and what

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Speaker 1: you want from life. And I think that that's I

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Speaker 1: guess the big takeaway from me for that episode really inspiring.

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Speaker 1: Moving over to DJJ King, what is it? Dj J King?

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Speaker 1: It's not Djking geeking chiking, jiking, cheeking ontour.

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Speaker 4: How are we, ladies? It's good to be here.

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Speaker 3: On Wednesday, we spoke about guilt and spending, which is

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Speaker 3: something that I've struggled with over the journey, and I

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Speaker 3: think we have seen it bubble up in the community

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Speaker 3: as people's relationship with finance improves. They're like, God, I'm

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Speaker 3: amazing it's saving, but now I feel really guilty when

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Speaker 3: I spend. So we kind of dove deep into that.

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Speaker 3: I have some quick starts I want to share with

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Speaker 3: you guys.

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Speaker 1: To the Friday during set, so.

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Speaker 3: We learned that seventy two percent of Australians had felt

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Speaker 3: guilty at some point when spending, and that females were

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Speaker 3: three times as likely as males to feel guilty about

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Speaker 3: their spending habits.

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Speaker 1: What is with us always being on the back foot?

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Speaker 4: I don't say anyone surprised.

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Speaker 3: Absolutely, yeah, exactly so rude honestly, but if that is

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Speaker 3: something you guys struggle with, then yeah, definitely give that episode.

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Speaker 3: Oh listen.

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Speaker 1: I felt like it was a really good episode because

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Speaker 1: I think we all struggle with it, Especially when you're

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Speaker 1: trying to, you know, tighten the reins and become a

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Speaker 1: budget and cash flow queen. You just end up feeling

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Speaker 1: guilty anytime money leaves your account for something that wasn't

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Speaker 1: scheduled or something that wasn't in budget, and you just

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Speaker 1: kind of freak out and go, oh my gosh, is

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Speaker 1: this to my demise? And that's not the case at all.

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Speaker 1: But we need to be a little bit kinder to ourselves,

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Speaker 1: which is something we definitely learned from that episode.

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Speaker 4: That guilt is equally unhealthy, like just in the sense

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Speaker 4: that like go and make it rain, buy everything you

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Speaker 4: want is super unhealthy. Restricting yourself overly tightly can also

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Speaker 4: definitely be unhealthy one hundred percent.

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Speaker 1: It's kind of like, and I don't want to akin

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Speaker 1: it to eating disorders, but it's kind of like that

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Speaker 1: restrictive mentality where sometimes you just go too far and

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Speaker 1: there's like both ends of the spectrum, and you need

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Speaker 1: to have a healthy, balanced diet. Sometimes we do eat

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Speaker 1: things that are a little bit cheeky, but it's okay

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Speaker 1: because we'll get back on track tomorrow. And I think

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Speaker 1: that that is the same mentality we should carry through

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Speaker 1: for our money and for making sure that sometimes you

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Speaker 1: can treat yourself, but we need to also have a

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Speaker 1: look at the bigger picture and make sure that in

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Speaker 1: the grand scheme of things, everything's adding up and being okay.

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Speaker 3: Totally everything in moderation.

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Speaker 1: I like it. I need more chocolate done. That's all

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Speaker 1: I got out of that series, all right. Moving on

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Speaker 1: Jeeking on Tour Wiki Wiki, I'm going to give up

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Speaker 1: the DJ vibes. I just can't cut it. We should

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Speaker 1: get Dara, who is DJ Tiger Le back on the

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Speaker 1: show because I feel like I really liked that episode

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Speaker 1: and she just has much more of a vibe than

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Speaker 1: we do.

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Speaker 3: She can give us some DJing lessons.

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Speaker 1: But in the interim, how about you tell us what

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Speaker 1: happened in the Facebook group this week? Favor money wins

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Speaker 1: and confessions.

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Speaker 3: So before I dive into it, I just wanted to

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Speaker 3: say that some of them are money wins as per

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Speaker 3: but also there are a few money losses slash confessions

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Speaker 3: in the right that double as a life win. So

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Speaker 3: the first win of the week comes from Diana. My

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Speaker 3: husband and I have been having a break from alcohol,

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Speaker 3: so over the past week we've saved at least one

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Speaker 3: hundred dollars.

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Speaker 1: Oh my gosh, how good is that?

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Speaker 3: I need to stay and I probably need to do that, Yeah,

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Speaker 3: gard or thank you to The next win of the week, Ladies,

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Speaker 3: comes from Brittany. I've hated my job for a while

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Speaker 3: now and started looking for something new. Last week. I

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Speaker 3: was offered a job today. That's really quick week anyway,

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Speaker 3: continue and was very nervous when I gave my salary expectations.

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Speaker 3: I knew it was a little bit higher than they

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Speaker 3: told the recruiter, but I made it really clear the

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Speaker 3: values that I would bring to the small company, and

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Speaker 3: they agreed to the salary I asked for. I was

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Speaker 3: so scared backing myself, but now I'll be out of

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Speaker 3: a horrible job soon and getting paid seven grand more

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Speaker 3: in this new.

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Speaker 1: Job Bush money Win also is a week that long.

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Speaker 1: I know some recruitment things can take a really long time,

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Speaker 1: but some are just like snap decisions.

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Speaker 3: That's quick.

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Speaker 1: You've heard me on the phone just before this episode.

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Speaker 1: I met someone on Instagram last Friday. I messaged them

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Speaker 1: and said, I really want to have a chat with you.

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Speaker 1: I think you create awesome content and would be a

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Speaker 1: great mortgage broker on my team. And they were like, ah,

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Speaker 1: wasn't looking for a new job. Let's grab a quick

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Speaker 1: zoom coffee because they to state. So we did that yesterday.

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Speaker 1: This morning, she's like, I'd love the job and I

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Speaker 1: was like, great, no problem. So I'll get you a

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Speaker 1: contract by the end of day. That's a two day turnaround.

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Speaker 3: Shee's Louise headhunted.

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Speaker 1: Yeah, I did. I was like, I'm sorry, I have

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Speaker 1: looked at every single post on your Instagram and I

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Speaker 1: also stalked you on LinkedIn and also I've looked you

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Speaker 1: up and I think you're really good. And she was like, wow, okay,

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Speaker 1: and I think you're crazy. Let's move on. What else

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Speaker 1: have you got?

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Speaker 3: GQ The next one is a money loss slash laugh win.

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Speaker 3: It comes from Danny. I went to the Australian Grand

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Speaker 3: Prix this weekend along with the rest of the state

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Speaker 3: and spent ridiculous amounts on food and merchandise.

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Speaker 1: Don't everybody going there? That's the point is that money

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Speaker 1: making those She.

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Speaker 3: Simply But the happy part is he had the best

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Speaker 3: time and was so glad to be back because it's

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Speaker 3: been a long time GP was on.

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Speaker 1: That's actually a really good point. That's one of the

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Speaker 1: biggest events that kind of fell to the wayside during COVID,

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Speaker 1: So if you're in that sphere, it would have been

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Speaker 1: one of the biggest events to come back and have

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Speaker 1: been able to dress up and go out for. Oh

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Speaker 1: my god, I love that. I hadn't thought about that, you,

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Speaker 1: I just actively avoided it.

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Speaker 4: I had one of the best turnouts I've ever had apparently.

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Speaker 1: Oh I loved.

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Speaker 4: That.

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Speaker 3: Yeah, insane, insane anyway, zumzum. The next win. Oh no,

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Speaker 3: it's a loss. It comes from Lily. Money loss, but

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Speaker 3: a huge mental health win. Yes, Queen, I made the

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Speaker 3: decision to work part time instead of full time as

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Speaker 3: I realized I've been on a path to burn out

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Speaker 3: for several years. I have psychologists appointments, fitness coaching, and

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Speaker 3: other health appointments booked in and I'm looking forward to

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Speaker 3: giving myself the time and the space to be calm.

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Speaker 3: So that kind of ties into what you were jay Rick. Okay,

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Speaker 3: I liked this one. This one's from Joe. This week,

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Speaker 3: We've got a pretty cool housemate who eats out, showers

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Speaker 3: at work, and sleeps during the day because they work nights.

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Speaker 3: Plus they go home A.

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Speaker 1: Very real killer, very serial killer. Absolutely that doesn't exist.

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Speaker 3: It's not a serial killer. That's the dream housemates.

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Speaker 1: They don't exist.

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Speaker 3: Something is so they're contributing to the rent, slush the mortgage.

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Speaker 3: I'm not sure what the situation is here, but they

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Speaker 3: don't even have to worry about this person.

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Speaker 4: They're making that up.

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Speaker 1: They're just making that up to make other people go, Oh,

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Speaker 1: that doesn't exist.

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Speaker 4: Housemates are a hard line. It's hard to find good housemates.

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Speaker 1: I've had a couple of good housemate experiences. I lived

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Speaker 1: with my best friend. We did have our trying times,

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Speaker 1: but the housemate too before that was a crazy vegan. Hah.

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Speaker 1: How the tables have turned. But one weekend I came

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Speaker 1: back from my parents' house and she had thrown I

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Speaker 1: used to go to Costco by the way, because I

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Speaker 1: was trying to be a budget queen because like UNI

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Speaker 1: life didn't have that much money. She'd thrown every piece

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Speaker 1: of meat that was frozen in the freezer out because

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Speaker 1: apparently she woke up at three am and was like, no,

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Speaker 1: there's dead animals in my house and threw out all

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Speaker 1: of the meat. It was hundreds of dollars worth of

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Speaker 1: meat and as a poor UNI student to hit the wall.

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Speaker 3: That's heavy.

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Speaker 1: She also used to borrow undies, but let's move on.

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Speaker 3: Okay. The next is a money win and it comes

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Speaker 3: from Rachel money win. I found a one thousand dollar

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Speaker 3: camera Tripod on sale for twenty dollars at finiss. No,

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Speaker 3: it was so overprised to begin with, but that's still

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Speaker 3: a bargain.

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Speaker 4: Yeah, incredible.

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Speaker 1: Oh people are buying not kmart ones.

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Speaker 3: Weird. The final one, guys, I'm ending on a money loss,

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Speaker 3: but it made me laugh. It's from Candace. My partner

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Speaker 3: broke the washing machine by doing something I told him

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Speaker 3: not to do. But it's not really my loss because

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Speaker 3: we keep our finances separate, so it's his loss. Three

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Speaker 3: hundred dollars he wanted to be contributing.

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Speaker 4: To that one.

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Speaker 3: I love maybe your license. Yes, that's all for the week, ladies.

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Speaker 1: Let's talk about some spicy Elon Musk content right after

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Speaker 1: this break. All right, Jess, we are back in this week.

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Speaker 1: For some unknown reason, you want to talk about Elon Musk.

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Speaker 1: It's not your crush on him. It's actually his acquisition

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Speaker 1: of Twitter, isn't it. Yeah, Well, ironically Twitter is all

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Speaker 1: a flutter because Elon Musk, if you haven't seen thinking

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Speaker 1: about that, really quite proud of.

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Speaker 4: If you haven't seen it. Elon Musk purchased a majority

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Speaker 4: share in Twitter, and it was very widely spoken about

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Speaker 4: because when he did so, his nine percent stake pushed

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Speaker 4: the shares up twenty seven percent. Unbelievable. That's so much money.

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Speaker 4: Would have been a great day to be a Twitter shaped.

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Speaker 1: It would have been a great day to be a

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Speaker 1: Twitter shareholder if you had sold your stock on that day. Well, so,

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Speaker 1: remember they didn't make money that day. They only had

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Speaker 1: an asset that was valued at more that day. But

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Speaker 1: I find it's so interesting how the market reacts to things.

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Speaker 1: Because was Twitter genuinely more valuable because a shareholder who

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Speaker 1: technically shouldn't have that much of a say over the

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Speaker 1: business operations joined the team.

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Speaker 4: Yeah, it's worth a staggering two point eight nine billion dollars,

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Speaker 4: So I don't know. Maybe they're more confident that someone

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Speaker 4: with that much money thinks it's valuable. But el Musk

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Speaker 4: has done that before when he's tweeted about certain shares

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Speaker 4: and the values gone up, and I think we have

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Speaker 4: actually spared.

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Speaker 1: We've spoken about that. And remember when Trump was presidenth loll,

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Speaker 1: what a joke. But he used to tweet about things

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Speaker 1: and the market would go crazy as well. And it's

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Speaker 1: crazy to think that there are these men out there

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Speaker 1: with such power or just people in general, it's not

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Speaker 1: about their gender, that have so much power that they

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Speaker 1: have basically the ability to play god with the stock market. Yeah,

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Speaker 1: that's cool, but crazy.

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Speaker 4: There's been a lot of memes coming out of there

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Speaker 4: because now that he has that nine percent steak, he

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Speaker 4: is the majority shareholder, which means that he could take

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Speaker 4: a seat on a board. He said he was going to.

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Speaker 4: Then it was like, loll, joke, don't want it anymore.

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Speaker 4: So he's going back and forth, and then he just

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Speaker 4: went fully rogue and started basically going what can I

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Speaker 4: do to this app? He's like, you want an edit button,

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Speaker 4: I'll give you an edu button. You want this, I'll

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Speaker 4: give you that. Like it's like he's sitting there with

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Speaker 4: his hands about the big red button, just like, what

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Speaker 4: can I do now?

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Speaker 1: Yeah?

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Speaker 3: Yeah, but I should nah, but I shouldn't.

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Speaker 4: It's really funny to see all of the discourse on

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Speaker 4: Twitter and all of the conversations and how that's having

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Speaker 4: like the bigger flow on effect, and I guess that

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Speaker 4: that leans into the conversation. We had a couple of

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Speaker 4: weeks ago about Warren Buffett's house.

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Speaker 1: No I was coming. I thought we were talking about

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Speaker 1: tech because another update in the tech space is four

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Speaker 1: days ago. Based on our recording date, that was last

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Speaker 1: week lust Thursday or Friday. Warren Buffett actually continued buying

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Speaker 1: more HP shares, and so he now owns about five

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Speaker 1: billion dollars worth of HP, which is interestingly, the first

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Speaker 1: tech company he's ever bought. He's always been really conservative

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Speaker 1: and bought really I guess, blue chip stocks and watched

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Speaker 1: them grow. But this is his first tech acquisition. And

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Speaker 1: I find that really interesting because the same thing happened

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Speaker 1: when he bought that HP shares flew up, and it's

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Speaker 1: just like, there are these powerful people that we clearly

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Speaker 1: respect their investing decisions so much. I find it really

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Speaker 1: interesting that these people are literally making share prices more

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Speaker 1: expensive because they own them. Like Key is now more expensive,

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Speaker 1: j Rick has one will masters way more expensive because

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Speaker 1: the gking on tour drives one.

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Speaker 4: Can you imagine great? Like that is crazy to think

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Speaker 4: about one person having that kind of power.

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Speaker 1: Like you own something, so it's more expensive because you

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Speaker 1: own it.

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Speaker 4: Yeah, I mean, I guess that's influence of culture, really,

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Speaker 4: isn't it though? Like someone you know, Sofa Dofa wears

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Speaker 4: the blue courser and all of a sudden, every blody

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Speaker 4: glasson is in the country sells.

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Speaker 1: Out blue corset. Wasn't even that cute. I didn't get it.

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Speaker 4: Yeah, And it's like you see someone with something and

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Speaker 4: you go, oh, well, it must be good, and then

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Speaker 4: it almost takes on a life of its own and

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Speaker 4: it becomes this frenzy where you want it because other

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Speaker 4: people have it.

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Speaker 1: Yeah, it's like fomo. But I'm already old on TikTok

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Speaker 1: and when that was going crazy, I was like, oh, literally,

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Speaker 1: don't get it. And my sister was like, that's because

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Speaker 1: you're old. Say okay, noted understood. But it's kind of

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Speaker 1: like we're talking about it was that last week we're

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Speaker 1: talking about influences. But it's kind of like that, right,

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Speaker 1: Like we respect people in the social media sphere, and

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Speaker 1: I guess Worn and Elon they're not really in the

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Speaker 1: social media sphere, but they are definitely influencers in their

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Speaker 1: own rash. I wouldn't say their social media influences by

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Speaker 1: any stretch of the imagination, but they influence you're purchasing,

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Speaker 1: They influence your just decision making and what is going on,

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Speaker 1: and it goes back to you know, this week I

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Speaker 1: spoke live on National TV, which was terrifying because I

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Speaker 1: wasn't wearing any makeup because it turns out being late

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Speaker 1: it means you don't get to go into makeup. Who

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Speaker 1: would have thought, But I spoke on influences and how

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Speaker 1: important I think it is for them to be regulated

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Speaker 1: at the same time as thinking they're incredibly important to

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Speaker 1: have in our sphere because they increase financial literacy. And

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Speaker 1: it's like, well, how do you find the balance, how

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Speaker 1: do we draw the line of going all right, Well,

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Speaker 1: Elon bought Twitter. Should I buy Twitter? Probably not, because

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Speaker 1: if Elon just brought Twitter the share price increased significantly

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Speaker 1: because of his acquisition, Does that mean that the business

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Speaker 1: changed functionally in any way? Like, is that now a

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Speaker 1: good purchase because it's now overvalued? Probably not, because that

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Speaker 1: might might dwindle back down to where it was before,

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Speaker 1: Because that's just investor confidence going, oh my god, well,

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Speaker 1: if he haw's it, it must be good. I'll buy more

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Speaker 1: stocks or it's valued it more. And the same thing

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Speaker 1: happens in the social media space with a blue corset

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Speaker 1: or a frank green drink bottle or literally anything. If

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Speaker 1: you see it enough times and you feel it and

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Speaker 1: you get a connection with it, you're far more likely

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Speaker 1: to buy into it. And I find that to be

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Speaker 1: quite dangerous because how do you know that the person

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Speaker 1: selling it to you as a frank Green rep. How

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Speaker 1: do you know?

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Speaker 4: Well, someone dmd us this week and said, hey, with

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Speaker 4: the shares on the Money team, ever do an episode

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Speaker 4: talking us through what shares each of you specifically own,

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Speaker 4: because you're well, yeah, that was the that was the short.

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Speaker 1: Sorry, Sorry, you were going to get.

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Speaker 4: There, yeah, And I well, essentially I just said, hey,

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Speaker 4: we actually can't because it would be I mean, one,

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Speaker 4: it would definitely go against acid regulations, but two it

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Speaker 4: would be I guess a way of encouraging people. They

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Speaker 4: would particularly look at UV, maybe not so much Me

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Speaker 4: and Georgie and be like, you know what you're talking about,

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Speaker 4: Like I'll just replicate what you're doing, and that that

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Speaker 4: sounds like a good strategy.

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Speaker 1: I'd love to tell you. And I've sat down and

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Speaker 1: I've taken you through it, Jess, because I know that

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Speaker 1: you know what that means. You literally work in a

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Speaker 1: finance business now, and you've worked out what's good for

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Speaker 1: you and what's not. I've done your literal financial advice.

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Speaker 1: You're welcome for all that insurance. But anyone listening, who's going, Oh,

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Speaker 1: I've been meaning to get into stocks, but I'm overwhelmed

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Speaker 1: by picking and I just don't know where to go

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Speaker 1: or what it looks like. I just feel like it

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Speaker 1: would be really irresponsible of me going all right, well,

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Speaker 1: you know, six or seven years ago when I started

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Speaker 1: my investment portfolio, this is what I put in it. Like,

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Speaker 1: if you go and buy that today, that doesn't necessarily

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Speaker 1: mean it's the best decision for you, because those shares

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Speaker 1: have performed for me really well and done the things

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Speaker 1: that they were meant to do. But that doesn't mean

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Speaker 1: that today if I was putting a brand new portfolio together,

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Speaker 1: I'd put the same things in it. And I actually

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Speaker 1: think that regardless of whether I would pick that or

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Speaker 1: not pick that, me sharing my direct assets with you

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Speaker 1: puts you in a position where you're going to be

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Speaker 1: influenced too. You know, this is me having a few

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Speaker 1: tickets on myself, but you're going to be influenced to

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Speaker 1: think that those are maybe safer or better because you know,

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Speaker 1: there's a financial advisor she has been investing. I know

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Speaker 1: she's done well in the share market over the last

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Speaker 1: ten years. I know that she is, you know, relatively conservative.

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Speaker 1: That seems like a good idea. I'm not going to

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Speaker 1: put you in that position ever. If we ever talk

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Speaker 1: about anything on this podcast, it's really oh, here's some

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Speaker 1: top performing shares. This is why this is how. It's

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Speaker 1: based on past performance, not current performance. It's just an informational,

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Speaker 1: educational episode. Whereas I think that that's a line that

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Speaker 1: I don't want to cross with cheese on the money,

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Speaker 1: not because I'm embarrassed or don't want to share it.

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Speaker 1: I think it's you know, it's real pervy. That's why

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Speaker 1: we have money diaries. But that's the reason I don't

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Speaker 1: think I could ever do a money diary is because

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Speaker 1: I would be terrified that people would make financial decisions

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Speaker 1: based on having seen my financial life.

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Speaker 3: Well, people really want a cheat code, don't they? Like

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Speaker 3: that would be the benefit of knowing exactly what you

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Speaker 3: have in your.

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Speaker 1: Share Rosebud, you're typing like control of debate on the

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Speaker 1: SIMS typing rosebud. Yeah, you get money.

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Speaker 3: Yeah, yeah, imagine if that was if that was the

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Speaker 3: in real life, wouldn't it because doing it.

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Speaker 4: Well, it's like that thing you can't print more money

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Speaker 4: because then the money's not worth anything.

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Speaker 1: I've seen a couple of tiktoks, you know that one

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Speaker 1: that was trending a little while ago, of the like

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Speaker 1: space and it would but in the sky and it

437
00:20:07,440 --> 00:20:09,960
Speaker 1: would like the space would float behind you, and people

438
00:20:09,960 --> 00:20:12,520
Speaker 1: are like me, not comprehending why they just can't print

439
00:20:12,560 --> 00:20:15,080
Speaker 1: more money. And I'm like, oh, this is a whole episode.

440
00:20:15,320 --> 00:20:18,040
Speaker 1: Maybe we should do an entire episode on why you

441
00:20:18,080 --> 00:20:19,000
Speaker 1: can't print more money.

442
00:20:19,040 --> 00:20:22,160
Speaker 3: But one if my friends asked me that once, like George,

443
00:20:22,359 --> 00:20:24,600
Speaker 3: why can't they just print more and then all the

444
00:20:24,680 --> 00:20:26,960
Speaker 3: world's issues would be sold. I'm like, Sis, that's not

445
00:20:26,960 --> 00:20:29,320
Speaker 3: how that's not how it worked. But to be fair,

446
00:20:29,359 --> 00:20:30,760
Speaker 3: I couldn't really answer her why not?

447
00:20:30,800 --> 00:20:34,720
Speaker 1: But I just knew it wasn't what. Oh, I get

448
00:20:34,720 --> 00:20:36,720
Speaker 1: myself in some hot water here with Victoria.

449
00:20:36,920 --> 00:20:39,400
Speaker 4: Well, have you ever seen the social experiments they did

450
00:20:39,480 --> 00:20:42,679
Speaker 4: with creating like a free economy essentially where all of

451
00:20:42,720 --> 00:20:45,720
Speaker 4: your basic needs were met. Yeah, like were met, they're

452
00:20:45,760 --> 00:20:48,280
Speaker 4: at no cost to you. They did a social experiment

453
00:20:48,359 --> 00:20:50,439
Speaker 4: a few years ago and it basically just fell apart.

454
00:20:51,040 --> 00:20:51,680
Speaker 4: Don't even know why.

455
00:20:51,880 --> 00:20:55,760
Speaker 1: Yeah, there's this concept of a universal base income as well,

456
00:20:56,000 --> 00:20:59,200
Speaker 1: which has been floated, and it's relatively radical. I spoke

457
00:20:59,240 --> 00:21:01,480
Speaker 1: about it with Glens a couple of weeks ago when

458
00:21:01,520 --> 00:21:03,800
Speaker 1: he interviewed me for his podcast, which I think is

459
00:21:03,840 --> 00:21:05,840
Speaker 1: coming out in a couple of weeks. Still we'll boast

460
00:21:05,840 --> 00:21:09,159
Speaker 1: about it on our stories. But someone had written in

461
00:21:09,240 --> 00:21:11,280
Speaker 1: and we answered the question of like, what would you

462
00:21:11,280 --> 00:21:13,399
Speaker 1: do if you're a prime minister? And I asked Glenn, like,

463
00:21:13,440 --> 00:21:15,399
Speaker 1: would you do a universal base income? And both of

464
00:21:15,480 --> 00:21:18,199
Speaker 1: us basically said no, because it does put you in

465
00:21:18,200 --> 00:21:21,360
Speaker 1: that position where everything just falls to the wayside, like yeah.

466
00:21:21,160 --> 00:21:23,920
Speaker 4: And everything just inflates to cover the like you go, oh, great,

467
00:21:23,960 --> 00:21:26,560
Speaker 4: everyone now has what fifty thousand dollars a year? Just

468
00:21:26,640 --> 00:21:28,040
Speaker 4: kidding to live is gonna cost you?

469
00:21:28,160 --> 00:21:32,720
Speaker 1: Yeah, exactly, And I totally agree. You know, universal base

470
00:21:32,760 --> 00:21:35,920
Speaker 1: income I think plays into a lot of talking about

471
00:21:36,200 --> 00:21:38,080
Speaker 1: welfare and things like that. I think we should be

472
00:21:38,160 --> 00:21:40,399
Speaker 1: doubling welfare at the end of the day. But that

473
00:21:40,520 --> 00:21:43,720
Speaker 1: is another spicy conversation for another spicy time. But universal

474
00:21:43,800 --> 00:21:47,000
Speaker 1: bas income is very interesting because not many people have

475
00:21:47,040 --> 00:21:48,639
Speaker 1: heard of it, but the people who have heard of

476
00:21:48,640 --> 00:21:51,959
Speaker 1: it are either like fully for it or fully against it.

477
00:21:52,040 --> 00:21:53,959
Speaker 1: There's not that many people that just sit on the

478
00:21:54,080 --> 00:21:57,120
Speaker 1: fence and go I don't know, like I'm just it's

479
00:21:57,119 --> 00:21:57,679
Speaker 1: a no for me.

480
00:21:57,760 --> 00:22:02,200
Speaker 3: Sis interesting that conversation went so many different places.

481
00:22:02,320 --> 00:22:03,080
Speaker 4: I really love that.

482
00:22:03,280 --> 00:22:05,400
Speaker 1: But I do think it's really interesting when we talk

483
00:22:05,440 --> 00:22:08,199
Speaker 1: about would you share your assets? Because obviously, people like

484
00:22:08,280 --> 00:22:11,520
Speaker 1: Warren and Elon there's a public knowledge so you can

485
00:22:11,560 --> 00:22:13,719
Speaker 1: find them. But then there's me going, oh, I wouldn't

486
00:22:13,720 --> 00:22:15,480
Speaker 1: share it. I think I have does that me just

487
00:22:15,520 --> 00:22:17,120
Speaker 1: having too many tickets on myself?

488
00:22:17,200 --> 00:22:19,239
Speaker 4: I've they also live in another countries they live by

489
00:22:19,240 --> 00:22:21,159
Speaker 4: a different set of rules. Like you literally couldn't do it.

490
00:22:21,160 --> 00:22:24,320
Speaker 1: It's legal, yeah, quite literally, and I'm not going to

491
00:22:24,359 --> 00:22:26,760
Speaker 1: do it. That's not me questioning whether I should or not,

492
00:22:26,760 --> 00:22:29,800
Speaker 1: because it's I don't know if you know this, but

493
00:22:30,160 --> 00:22:32,000
Speaker 1: if I did the wrong thing on the She's on

494
00:22:32,000 --> 00:22:34,640
Speaker 1: the Morning podcast, which is why we have such great

495
00:22:34,640 --> 00:22:37,280
Speaker 1: producer and compliance and all of these things, and you

496
00:22:37,320 --> 00:22:40,040
Speaker 1: get to listen to Jessica always read out that very

497
00:22:40,040 --> 00:22:42,280
Speaker 1: exciting disclaim it. But like I could go to jail,

498
00:22:42,720 --> 00:22:45,160
Speaker 1: like not just like oh V you got a little

499
00:22:45,359 --> 00:22:47,520
Speaker 1: little fine. I could go to jail, and I could

500
00:22:47,560 --> 00:22:50,760
Speaker 1: also be fined a million dollars. I've quite literally never

501
00:22:50,840 --> 00:22:52,720
Speaker 1: seen a million dollars in my account, so I don't

502
00:22:52,720 --> 00:22:53,879
Speaker 1: know where that's coming from.

503
00:22:54,040 --> 00:22:56,560
Speaker 4: It's interesting because quite a few of the news articles

504
00:22:56,600 --> 00:22:58,840
Speaker 4: and like the tweets just from you know, everyday, people

505
00:22:58,840 --> 00:23:01,199
Speaker 4: were saying, is Elon even does he really want this?

506
00:23:01,520 --> 00:23:03,200
Speaker 4: Is he just trolling because he's known for being a

507
00:23:03,240 --> 00:23:05,200
Speaker 4: bit of a troll. And the crazy thing is is

508
00:23:05,240 --> 00:23:08,600
Speaker 4: An has so much money that he actually could just

509
00:23:08,640 --> 00:23:11,280
Speaker 4: afford to buy something for a couple of billion dollars

510
00:23:11,359 --> 00:23:12,920
Speaker 4: just for shits and gigs.

511
00:23:12,640 --> 00:23:15,119
Speaker 1: Which I can't even buy something for a couple of

512
00:23:15,119 --> 00:23:17,320
Speaker 1: one hundred dollars for shits and gears.

513
00:23:17,359 --> 00:23:20,200
Speaker 4: No, exactly right. So it's really interesting because they would

514
00:23:20,280 --> 00:23:23,679
Speaker 4: you would assume that these multi billionaires are acutely aware

515
00:23:23,680 --> 00:23:26,640
Speaker 4: of the fact that there are people who just track

516
00:23:26,720 --> 00:23:28,880
Speaker 4: what they do. There are people who are tracking their

517
00:23:28,960 --> 00:23:32,640
Speaker 4: investments and the you know, they're big expenditures, like the

518
00:23:32,640 --> 00:23:35,439
Speaker 4: finance world keeps an eye on these things. And I

519
00:23:35,520 --> 00:23:37,880
Speaker 4: wonder how many of their decisions are influenced by that,

520
00:23:38,119 --> 00:23:40,600
Speaker 4: because they would be making their choices knowing that everyone

521
00:23:40,720 --> 00:23:41,560
Speaker 4: was watching, right, and.

522
00:23:41,560 --> 00:23:44,320
Speaker 1: They know they're kind of like so powerful, and that

523
00:23:44,480 --> 00:23:47,320
Speaker 1: might play into the ego of who they are. That's

524
00:23:47,320 --> 00:23:49,760
Speaker 1: such an interesting question because I also look at it

525
00:23:49,840 --> 00:23:53,680
Speaker 1: and go ooh, like it makes me uncomfortable that they

526
00:23:53,720 --> 00:23:56,679
Speaker 1: are public about that, because there are so many wealthy

527
00:23:56,720 --> 00:24:01,040
Speaker 1: people that want to keep their images private, and you know, historically,

528
00:24:01,080 --> 00:24:04,240
Speaker 1: I've been incredibly lucky to work in that philanthropy space

529
00:24:04,320 --> 00:24:06,640
Speaker 1: and be involved in people who do have a lot

530
00:24:06,640 --> 00:24:08,879
Speaker 1: of money, and the ones that I know that I

531
00:24:08,960 --> 00:24:12,640
Speaker 1: really rate and also really respect are usually incredibly private

532
00:24:12,720 --> 00:24:15,120
Speaker 1: about their money and don't like showing things and maybe

533
00:24:15,200 --> 00:24:17,600
Speaker 1: don't want a profile and don't want their name on things,

534
00:24:17,640 --> 00:24:20,040
Speaker 1: And you kind of go, where's the balance, Like, why

535
00:24:20,080 --> 00:24:23,280
Speaker 1: are you guys being so I don't know up and

536
00:24:23,280 --> 00:24:26,240
Speaker 1: about about it? Because Elin doesn't need to make more money,

537
00:24:26,280 --> 00:24:28,720
Speaker 1: he doesn't need to invest more so that he can grow.

538
00:24:29,480 --> 00:24:32,360
Speaker 1: And imagine if instead of investing in Twitter, he had

539
00:24:32,440 --> 00:24:36,160
Speaker 1: invested in helping to solve world hunger or climate change.

540
00:24:36,200 --> 00:24:39,000
Speaker 4: Like, it's interesting the lives of the very rich and famous,

541
00:24:39,040 --> 00:24:39,359
Speaker 4: isn't that.

542
00:24:40,200 --> 00:24:42,159
Speaker 1: We need to do real perview money diares. Do you

543
00:24:42,160 --> 00:24:46,760
Speaker 1: reckon we should do money dies? No where we yeah,

544
00:24:46,800 --> 00:24:49,280
Speaker 1: all right, you reach out to his people and have

545
00:24:49,359 --> 00:24:53,119
Speaker 1: his people to my people. But maybe we do money dories,

546
00:24:53,119 --> 00:24:54,560
Speaker 1: but we don't get them on the pop. We just

547
00:24:54,680 --> 00:24:57,200
Speaker 1: research them and present it to the community and be like,

548
00:24:57,200 --> 00:25:00,000
Speaker 1: all right, sit down, we're going to pretend to be ille.

549
00:25:00,480 --> 00:25:02,479
Speaker 3: Could you g I would honestly love that. I put

550
00:25:02,520 --> 00:25:03,359
Speaker 3: my hand up for the roll.

551
00:25:03,480 --> 00:25:04,440
Speaker 4: You'd be good at it too.

552
00:25:04,640 --> 00:25:07,119
Speaker 1: We'll interview later in the week. But I reckon we

553
00:25:07,160 --> 00:25:09,920
Speaker 1: do some money diries where we don't have a diarist.

554
00:25:10,320 --> 00:25:13,040
Speaker 1: We just do a deep dive on someone really rich

555
00:25:13,160 --> 00:25:15,600
Speaker 1: and tell you how they got rich, what they own,

556
00:25:15,800 --> 00:25:18,440
Speaker 1: what they owe, what they spend. I reckon we could

557
00:25:18,440 --> 00:25:24,640
Speaker 1: find that. I'm willing to do the dirt goal. Come on, stats, girl,

558
00:25:24,720 --> 00:25:27,440
Speaker 1: pick up your game. I think that's enough smack talk?

559
00:25:27,520 --> 00:25:28,360
Speaker 1: Is that what we call it?

560
00:25:28,520 --> 00:25:30,720
Speaker 3: Smack talk? Spash talk talk?

561
00:25:30,960 --> 00:25:33,080
Speaker 1: Okay, So I don't know if you know this yet.

562
00:25:33,480 --> 00:25:36,960
Speaker 1: I wasn't the cool sibling growing up if it wasn't

563
00:25:36,960 --> 00:25:40,679
Speaker 1: obvious enough already. But before we head off, we actually

564
00:25:40,680 --> 00:25:42,760
Speaker 1: have a listener question that I would love to answer

565
00:25:42,760 --> 00:25:44,359
Speaker 1: on the show. So let's have a listen.

566
00:25:45,000 --> 00:25:47,520
Speaker 5: Hey, she's on the money. I've got a question about

567
00:25:47,560 --> 00:25:51,840
Speaker 5: creating legacy funds. I don't plan on having children, but

568
00:25:51,960 --> 00:25:54,080
Speaker 5: I would love to create something to put away now

569
00:25:54,160 --> 00:25:56,679
Speaker 5: for my nieces and nephews so when they turn twenty

570
00:25:56,840 --> 00:25:59,800
Speaker 5: twenty five. What's the best way about creating a legacy

571
00:25:59,800 --> 00:26:02,000
Speaker 5: fund for children that are not your own?

572
00:26:02,400 --> 00:26:03,639
Speaker 1: Oh my god, what a question.

573
00:26:04,040 --> 00:26:04,840
Speaker 4: I'm generous.

574
00:26:04,920 --> 00:26:06,680
Speaker 3: Yeah, I don't think we've spoken about this on the.

575
00:26:06,600 --> 00:26:08,600
Speaker 1: Pod before me. I feel like I might have mentioned

576
00:26:08,640 --> 00:26:11,159
Speaker 1: in passing that leaving a legacy is something that I

577
00:26:11,280 --> 00:26:14,320
Speaker 1: believe is really important. Clearly, it's not that important to

578
00:26:14,400 --> 00:26:17,800
Speaker 1: Elon because he's just buying Twitter instead of setting up

579
00:26:17,800 --> 00:26:20,879
Speaker 1: trust funds for his family. But it really depends on

580
00:26:21,040 --> 00:26:23,320
Speaker 1: what you're planning on leaving behind and how you want

581
00:26:23,320 --> 00:26:26,840
Speaker 1: it structured, but also what legacy means to you, Like,

582
00:26:26,920 --> 00:26:29,600
Speaker 1: are you just leaving them some funds behind because you

583
00:26:29,640 --> 00:26:32,080
Speaker 1: want some good wills and estate planning and you want

584
00:26:32,080 --> 00:26:33,639
Speaker 1: them to buy a house or a car with it,

585
00:26:34,119 --> 00:26:37,600
Speaker 1: or are you leaving it behind to create a future impact,

586
00:26:37,640 --> 00:26:40,080
Speaker 1: and if so, what does that impact mean to you?

587
00:26:40,520 --> 00:26:42,720
Speaker 1: And why are we supporting this cause and how does

588
00:26:42,760 --> 00:26:45,879
Speaker 1: that work? So it's really hard to answer that without

589
00:26:45,920 --> 00:26:48,520
Speaker 1: getting too specific. But let's just assume she has a

590
00:26:48,600 --> 00:26:52,560
Speaker 1: really swanky income and she just wants to leave aside

591
00:26:52,600 --> 00:26:55,040
Speaker 1: some money for nieces and nephews. There's a few ways

592
00:26:55,040 --> 00:26:57,760
Speaker 1: to go about this. You can allocate it in your

593
00:26:57,760 --> 00:26:59,520
Speaker 1: will and make sure that you've got a good estate

594
00:26:59,560 --> 00:27:02,360
Speaker 1: planning law. If you don't have one, please find one.

595
00:27:02,440 --> 00:27:04,320
Speaker 1: It is one of the most important things you would

596
00:27:04,359 --> 00:27:07,680
Speaker 1: do for your family. But setting it up that way

597
00:27:07,760 --> 00:27:11,119
Speaker 1: so it gets divided between them. The thing I find

598
00:27:11,240 --> 00:27:14,640
Speaker 1: really cool about estate planning and wills is actually your

599
00:27:14,680 --> 00:27:17,720
Speaker 1: incomplete control of these. We did our episode a little

600
00:27:17,720 --> 00:27:20,240
Speaker 1: while ago about Will's in estate Planning, which is obviously

601
00:27:20,359 --> 00:27:23,840
Speaker 1: incredibly enthralling content. So the thing I find really cool

602
00:27:23,840 --> 00:27:26,040
Speaker 1: about Will's in estate planning is that you are in

603
00:27:26,080 --> 00:27:27,920
Speaker 1: control of all of it. So I could leave all

604
00:27:27,960 --> 00:27:30,520
Speaker 1: my money to Jess, but every year she has to

605
00:27:30,560 --> 00:27:32,600
Speaker 1: donate a certain amount of it to Lost Dogs Home.

606
00:27:33,200 --> 00:27:35,360
Speaker 1: Or I could leave it directly to the Lost Dogs Home.

607
00:27:35,560 --> 00:27:37,959
Speaker 1: Or I could leave it in the investment and have

608
00:27:38,080 --> 00:27:41,199
Speaker 1: my investment income be donated on an annual basis. And

609
00:27:41,280 --> 00:27:46,080
Speaker 1: that's actually a really cool way of establishing legacy, is

610
00:27:46,160 --> 00:27:49,240
Speaker 1: by instead of giving people a lump some it's about going,

611
00:27:49,280 --> 00:27:51,800
Speaker 1: all right, well, I'm going to create this investment portfolio,

612
00:27:52,080 --> 00:27:55,600
Speaker 1: and upon my death, I would like the proceeds of that.

613
00:27:56,000 --> 00:27:57,919
Speaker 1: You know, I never want it sold down, but I

614
00:27:57,960 --> 00:28:02,600
Speaker 1: want whatever income that portfolio so creates to go to Jess,

615
00:28:02,640 --> 00:28:05,080
Speaker 1: and I want her to have an income stream for life.

616
00:28:05,359 --> 00:28:08,040
Speaker 1: You can also structure it that you go, you know what,

617
00:28:08,119 --> 00:28:10,239
Speaker 1: I've had these kids, because I don't have kids now,

618
00:28:10,240 --> 00:28:12,560
Speaker 1: it's very good to make fun of them, but I

619
00:28:12,680 --> 00:28:14,960
Speaker 1: have kids, and if I pass away, I want my

620
00:28:15,000 --> 00:28:17,520
Speaker 1: income stream to go to them. But if they have

621
00:28:17,600 --> 00:28:21,560
Speaker 1: any addiction issues, they don't get anything who owns that portfolio,

622
00:28:21,560 --> 00:28:25,359
Speaker 1: And so the state would own that portfolio, but it

623
00:28:25,400 --> 00:28:27,480
Speaker 1: would be technically owned by them, but it would have

624
00:28:27,520 --> 00:28:30,399
Speaker 1: a number of rules and regulations around it on getting

625
00:28:30,400 --> 00:28:32,879
Speaker 1: that money back, and you would have somebody like a

626
00:28:32,920 --> 00:28:35,760
Speaker 1: solicitor who would manage that for you, so you can

627
00:28:35,880 --> 00:28:39,760
Speaker 1: have the power of attorney, be a financial advisor or

628
00:28:39,760 --> 00:28:42,080
Speaker 1: a lawyer or somebody that can manage that to make

629
00:28:42,120 --> 00:28:45,000
Speaker 1: sure that my future child would only get it if

630
00:28:45,040 --> 00:28:47,880
Speaker 1: they meet certain criteria. I've also, if we're going to

631
00:28:47,920 --> 00:28:50,240
Speaker 1: get a little bit pervy, worked in the private family

632
00:28:50,280 --> 00:28:52,360
Speaker 1: wealth space before, and this is where we're talking about

633
00:28:52,520 --> 00:28:55,480
Speaker 1: families who are worth billions or if not more than

634
00:28:55,520 --> 00:28:58,480
Speaker 1: billions of dollars, and they would have what's called a

635
00:28:58,480 --> 00:29:03,200
Speaker 1: family constitution. They literally have basically, let's call it an

636
00:29:03,200 --> 00:29:06,280
Speaker 1: employment contract of things that you need to meet to

637
00:29:06,320 --> 00:29:08,360
Speaker 1: get your trust fund or get your income from your

638
00:29:08,360 --> 00:29:11,240
Speaker 1: trust fund on a yearly basis. And I remember sitting

639
00:29:11,280 --> 00:29:13,400
Speaker 1: down and doing one of them with a family, and

640
00:29:13,480 --> 00:29:15,800
Speaker 1: you know, I was just a consultant. I was definitely

641
00:29:15,800 --> 00:29:18,480
Speaker 1: not running the show at this point. And one of

642
00:29:18,520 --> 00:29:21,280
Speaker 1: the criteria was that they had to come to Christmas

643
00:29:21,680 --> 00:29:24,480
Speaker 1: every twenty four months, like they could not skip two

644
00:29:24,520 --> 00:29:26,800
Speaker 1: Christmas Is in a row, and if you did, you

645
00:29:26,840 --> 00:29:28,280
Speaker 1: wouldn't get that year's income.

646
00:29:28,520 --> 00:29:30,880
Speaker 4: I was gonna say, like lunch Grammar every Sunday.

647
00:29:31,640 --> 00:29:34,320
Speaker 1: Christmas was like this big thing, and I remember being like,

648
00:29:34,720 --> 00:29:36,920
Speaker 1: I'm so excited about Christmas because I want to see

649
00:29:36,960 --> 00:29:39,040
Speaker 1: my family and I cannot wait for my mum to

650
00:29:39,080 --> 00:29:41,120
Speaker 1: cook and like do all of that stuff. Like Christmas

651
00:29:41,160 --> 00:29:44,280
Speaker 1: to me means so much. But imagine approaching Christmas like,

652
00:29:44,360 --> 00:29:46,320
Speaker 1: oh God, damn, Steve, We've got to go to Christmas

653
00:29:46,360 --> 00:29:49,360
Speaker 1: otherwise we won't have money next year. Like what does

654
00:29:49,360 --> 00:29:52,200
Speaker 1: it change? It feels like money changes the dynamic of

655
00:29:52,240 --> 00:29:53,760
Speaker 1: a family so significantly.

656
00:29:53,840 --> 00:29:56,120
Speaker 4: I was just gonna say that. I feel like if

657
00:29:56,200 --> 00:29:58,560
Speaker 4: you have found yourself in a place where that's a

658
00:29:58,680 --> 00:30:03,200
Speaker 4: rule that your implomed, there is a whole backstory there,

659
00:30:03,240 --> 00:30:04,920
Speaker 4: and then I feel like that would build up like

660
00:30:05,000 --> 00:30:07,440
Speaker 4: almost resent, right, Like if you're not wanting.

661
00:30:07,400 --> 00:30:09,200
Speaker 1: That's quite knowing that you don't want to go, but

662
00:30:09,240 --> 00:30:11,560
Speaker 1: you're there for this reason. It's kind of like we're

663
00:30:11,560 --> 00:30:16,640
Speaker 1: watching Succession on Binge at the moment. Oh my God,

664
00:30:17,280 --> 00:30:19,360
Speaker 1: telling me for pages that I would love it and

665
00:30:19,480 --> 00:30:22,520
Speaker 1: I am obsessed and more than obsessed with Steve, Like

666
00:30:22,760 --> 00:30:24,720
Speaker 1: he's always like trying to watch Succession. I'm like, I'm

667
00:30:24,720 --> 00:30:27,080
Speaker 1: not finished cocking it yet. Don't put it on because

668
00:30:27,080 --> 00:30:29,640
Speaker 1: I won't be able to hear it. But I love

669
00:30:29,640 --> 00:30:31,960
Speaker 1: Succession if you haven't watched it, really good. But it's

670
00:30:32,000 --> 00:30:34,760
Speaker 1: all about, like I guess the dynamics that money or

671
00:30:34,800 --> 00:30:36,640
Speaker 1: a lot of money brings into a family. And I

672
00:30:36,680 --> 00:30:38,840
Speaker 1: guess this wasn't the question, but it is very interesting

673
00:30:38,880 --> 00:30:42,000
Speaker 1: to talk about because it does change the dynamics. And

674
00:30:42,040 --> 00:30:43,920
Speaker 1: that's what you've got to think about when it comes

675
00:30:43,920 --> 00:30:46,880
Speaker 1: to legacy, like what type of legacy are you leaving

676
00:30:46,880 --> 00:30:49,000
Speaker 1: and what kind of responsibility are you putting on the

677
00:30:49,040 --> 00:30:52,240
Speaker 1: person receiving it? And you know, coming to Christmas, I

678
00:30:52,280 --> 00:30:54,880
Speaker 1: don't think that's that bad. These guys were getting given

679
00:30:54,960 --> 00:30:57,760
Speaker 1: a pretty hefty income each and every single year, so

680
00:30:57,880 --> 00:30:59,800
Speaker 1: like I would go to Christmas, I'd be like, I'll

681
00:30:59,800 --> 00:31:02,840
Speaker 1: be there, Yeah, bells on, no problems. But what type

682
00:31:02,840 --> 00:31:06,320
Speaker 1: of responsibilities are you putting on these people? And ultimately,

683
00:31:06,480 --> 00:31:09,160
Speaker 1: let's stop thinking about your nieces and nephews in the

684
00:31:09,200 --> 00:31:12,239
Speaker 1: immediate sense and go what type of legacy are you

685
00:31:12,360 --> 00:31:15,480
Speaker 1: personally leaving behind What does it mean to you? Why

686
00:31:15,520 --> 00:31:18,360
Speaker 1: do you want to do this? Not necessarily just I've

687
00:31:18,360 --> 00:31:19,760
Speaker 1: got a niece and a nephew and I want to

688
00:31:19,800 --> 00:31:21,920
Speaker 1: leave it to them. I get that that swills an

689
00:31:22,040 --> 00:31:24,760
Speaker 1: estate planning, but if we're talking about legacy, to me,

690
00:31:24,920 --> 00:31:27,959
Speaker 1: that is another layer above and beyond that, where it's

691
00:31:28,000 --> 00:31:30,920
Speaker 1: about ultimate impact and what does that mean to you

692
00:31:30,960 --> 00:31:33,600
Speaker 1: and making the world a better place? And I want

693
00:31:33,600 --> 00:31:35,960
Speaker 1: to have more of those conversations. But it is very

694
00:31:35,960 --> 00:31:39,440
Speaker 1: different to oh, Jess can have my stuff if I pass.

695
00:31:39,200 --> 00:31:41,720
Speaker 4: Away, all right, well, Vida, let's shut after the show,

696
00:31:41,800 --> 00:31:44,760
Speaker 4: because I could definitely do with a little planning set,

697
00:31:45,040 --> 00:31:47,760
Speaker 4: like plashing my debt. If someone wakes up in Victoria

698
00:31:47,840 --> 00:31:51,640
Speaker 4: mysteriously died from poisoned coffee, that's very dramatic.

699
00:31:54,520 --> 00:31:56,720
Speaker 1: Have you already planned this? I feel like you've already

700
00:31:56,720 --> 00:31:57,120
Speaker 1: planned this.

701
00:31:57,320 --> 00:31:57,840
Speaker 4: You're creep.

702
00:31:57,920 --> 00:31:58,480
Speaker 1: I'm not giving you.

703
00:31:58,480 --> 00:32:02,880
Speaker 4: A hand out of the whill, George, you're one hundred percent.

704
00:32:03,920 --> 00:32:06,480
Speaker 1: We are done this week, George, wrap it before Jess

705
00:32:06,480 --> 00:32:07,960
Speaker 1: gets thrown further under of us.

706
00:32:08,000 --> 00:32:10,920
Speaker 3: Right here we go. This is nice lamination.

707
00:32:11,160 --> 00:32:14,040
Speaker 1: I know we've laminated our disclaimer.

708
00:32:14,120 --> 00:32:17,520
Speaker 3: Guys, brilliant okay. The advice shared on She's on the

709
00:32:17,520 --> 00:32:20,360
Speaker 3: Money is general in nature and does not consider your

710
00:32:20,360 --> 00:32:24,400
Speaker 3: individual circumstances. Wow, She's on the Money exists purely for

711
00:32:24,560 --> 00:32:27,360
Speaker 3: educational purposes and should not be relied upon to make

712
00:32:27,400 --> 00:32:31,680
Speaker 3: an investment or financial decision. And we promise Victoria Divine

713
00:32:31,720 --> 00:32:36,360
Speaker 3: is an authorized representative of Infocused Securities Australia Propriety Limited

714
00:32:36,440 --> 00:32:39,880
Speaker 3: ABN four seven zero nine seven seven nine seven zero

715
00:32:39,880 --> 00:32:43,640
Speaker 3: four nine AFSL two three six five two three. We

716
00:32:43,800 --> 00:32:45,600
Speaker 3: will see you on Monday.

717
00:32:47,840 --> 00:32:49,280
Speaker 4: That was so nice, George.

718
00:32:49,320 --> 00:33:02,920
Speaker 1: Have a good weekend guys. Bye,