Speaker 1: Just before we get started, we'd like to acknowledge and
Speaker 1: pay respect to Australia's Aboriginal and torrest Rate islander people's
Speaker 1: they're the traditional custodians of the lands, the waterways and
Speaker 1: the skies all across Australia. We thank you for sharing
Speaker 1: and for caring for the land on which we are
Speaker 1: able to learn. We pay respects to elders past and present,
Speaker 1: and we share our friendship and our kindness.
Speaker 2: She's on the Money, She's on the Money.
Speaker 3: Hello, and welcome to She's on the Money, the podcast
Speaker 3: for millennials who want a financial freedom. This is our
Speaker 3: Friday Drinks episode where we celebrate the money wins from
Speaker 3: our She's on the Money community.
Speaker 1: There are always, always, always, so many great money and
Speaker 1: commersions that are shared every single week in our Facebook
Speaker 1: group because Jess asks for them in a post that
Speaker 1: is posted every Monday saying what's your biggest money We
Speaker 1: no confession, which I guess it makes sense do you
Speaker 1: keep sharing it because Jess keeps asking? But we then
Speaker 1: spend a very big part of our week pouring over
Speaker 1: that thread, celebrating you, talking about your wings, talking about
Speaker 1: your confessions, and usually they're super relatable things. But this week,
Speaker 1: once again, we are celebrating you and we have Jess
Speaker 1: and George here on the decks joining us. Other people
Speaker 1: could have seen that. Are the cameras on the studio please?
Speaker 1: I wish they were if they're you know.
Speaker 3: What, Americans lost it, j Rick and BD.
Speaker 4: The negative reviews is going to come.
Speaker 1: DJ tager El, move over, Dara, we are coming for
Speaker 1: your job. But let's move forward.
Speaker 3: Today is Friday and we are celebrated our community as always,
Speaker 3: and we want to have more positive and constructive conversations
Speaker 3: around money. So let's kick off the show with a
Speaker 3: quick recup of the week that was Miss Jessica Ricci
Speaker 3: or j Rick in the house? What happened on this
Speaker 3: week's Money Diaries? So our money diarist took a leave
Speaker 3: of absence. She had what was on paper, I guess,
Speaker 3: a dream role. She was earning great money doing something
Speaker 3: she loved in the field that she studied for, and
Speaker 3: she ultimately realized that she needed to reevaluate. She took
Speaker 3: a leave of absence that resulted in her stepping away
Speaker 3: from that job and taking up something new. And it
Speaker 3: was really interesting because we see these conversations a lot
Speaker 3: where people say, I know that I'm earning good money,
Speaker 3: but I'm not fulfilled. The work life balance is poor,
Speaker 3: or the environment is toxic, and it can be really
Speaker 3: hard to assess. I guess those typically positive things or
Speaker 3: those milestones that you've worked so hard to achieve against
Speaker 3: things that are less tangible, like mental health or satisfaction.
Speaker 3: And it was really interesting to hear from her how
Speaker 3: she kind of evaluated what she was feeling, and she
Speaker 3: gave like a really clear step by step of the
Speaker 3: analysis that she took, which I found super helpful.
Speaker 1: It was so interesting.
Speaker 3: Yeah, and she worked in organizational psychology, so she had
Speaker 3: a really good insight I guess into that space, and
Speaker 3: if anyone is in the same boat, I would really
Speaker 3: recommend listening it because the steps and questions that she
Speaker 3: had asked herself are ones that you could do the
Speaker 3: same for you if you're in a similar boat. Yeah.
Speaker 1: I loved it. I felt like it was a really
Speaker 1: constructive episode. I loved that she now basically has her
Speaker 1: dream job and everything worked out for her, and the
Speaker 1: fact that she was in a position where she could
Speaker 1: do that. So many of us aren't in that position
Speaker 1: and can't just go oh, I'm going to take a
Speaker 1: leave of absence because at the end of the day,
Speaker 1: as much as I'm so proud of her, that's a
Speaker 1: very privileged thing to be able to do. But I
Speaker 1: think those steps could be done for anybody, regardless of
Speaker 1: whether you can step away from your job or not,
Speaker 1: just to reevaluate where you're at in life and what
Speaker 1: you want from life. And I think that that's I
Speaker 1: guess the big takeaway from me for that episode really inspiring.
Speaker 1: Moving over to DJJ King, what is it? Dj J King?
Speaker 1: It's not Djking geeking chiking, jiking, cheeking ontour.
Speaker 3: How are we, ladies? It's good to be here.
Speaker 4: On Wednesday, we spoke about guilt and spending, which is
Speaker 4: something that I've struggled with over the journey, and I
Speaker 4: think we have seen it bubble up in the community
Speaker 4: as people's relationship with finance improves. They're like, God, I'm
Speaker 4: amazing it's saving, but now I feel really guilty when
Speaker 4: I spend. So we kind of dove deep into that.
Speaker 4: I have some quick starts I want to share with
Speaker 4: you guys.
Speaker 1: To the Friday during set.
Speaker 4: So we learned that seventy two percent of Australians had
Speaker 4: felt guilty at some point when spending, and that females
Speaker 4: were three times as likely as males to feel guilty
Speaker 4: about their spending habits.
Speaker 1: What is with us always being on the back foot?
Speaker 3: I don't say anyone surprised.
Speaker 4: Absolutely, yeah, exactly so rude honestly, but if that is
Speaker 4: something you guys struggle with, then yeah, definitely give that episode.
Speaker 4: Oh listen.
Speaker 3: I felt like it was a really good episode because
Speaker 3: I think we all struggle with it, Especially when you're
Speaker 3: trying to, you know, tighten the reins and become a
Speaker 3: budget and cash flow queen. You just end up feeling
Speaker 3: guilty anytime money leaves your account for something that wasn't
Speaker 3: scheduled or something that wasn't in budget, and you just
Speaker 3: kind of freak out and go, oh my gosh, is
Speaker 3: this to my demise? And that's not the case at all.
Speaker 3: But we need to be a little bit kinder to ourselves,
Speaker 3: which is something we definitely learned from that episode. That
Speaker 3: guilt is equally unhealthy, like just in the sense that
Speaker 3: like go and make it rain, buy everything you want
Speaker 3: is super unhealthy. Restricting yourself overly tightly can also definitely
Speaker 3: be unhealthy one hundred percent.
Speaker 1: It's kind of like, and I don't want to akin
Speaker 1: it to eating disorders, but it's kind of like that
Speaker 1: restrictive mentality where sometimes you just go too far and
Speaker 1: there's like both ends of the spectrum, and you need
Speaker 1: to have a healthy, balanced diet. Sometimes we do eat
Speaker 1: things that are a little bit cheeky, but it's okay
Speaker 1: because we'll get back on track tomorrow. And I think
Speaker 1: that that is the same mentality we should carry through
Speaker 1: for our money and for making sure that sometimes you
Speaker 1: can treat yourself, but we need to also have a
Speaker 1: look at the bigger picture and make sure that in
Speaker 1: the grand scheme of things, everything's adding up and being okay.
Speaker 4: Totally everything in moderation.
Speaker 1: I like it. I need more chocolate done. That's all
Speaker 1: I got out of that series, all right.
Speaker 3: Moving on Jeeking on Tour Wiki Wiki, I'm going to
Speaker 3: give up.
Speaker 1: The DJ vibes. I just can't cut it.
Speaker 3: We should get Dara, who is DJ Tiger Le back
Speaker 3: on the show because I feel like I really liked
Speaker 3: that episode and she just has much more of a
Speaker 3: vibe than we do.
Speaker 4: She can give us some DJing lessons.
Speaker 3: But in the interim, how about you tell us what
Speaker 3: happened in the Facebook group this week fave money wins
Speaker 3: and confessions.
Speaker 4: So before I dive into it, I just wanted to
Speaker 4: say that some of them are money wins as per
Speaker 4: but also there are a few money losses slash confessions
Speaker 4: in the right that double as a life win. So
Speaker 4: the first win of the week comes from Diana. My
Speaker 4: husband and I have been having a break from alcohol,
Speaker 4: so over the past week we've saved at least one
Speaker 4: hundred dollars.
Speaker 1: Oh my gosh, how good is that?
Speaker 4: I need to stay and I probably need to do that, Yeah,
Speaker 4: gard or thank you to The next win of the week, Ladies,
Speaker 4: comes from Brittany. I've hated my job for a while
Speaker 4: now and started looking for something new. Last week. I
Speaker 4: was offered a job today. That's really quick week anyway,
Speaker 4: continue and was very nervous when I gave my salary expectations.
Speaker 4: I knew it was a little bit higher than they
Speaker 4: told the recruiter, but I made it really clear the
Speaker 4: values that I would bring to the small company, and
Speaker 4: they agreed to the salary I asked for. I was
Speaker 4: so scared backing myself, but now I'll be out of
Speaker 4: a horrible job soon and getting paid seven grand more
Speaker 4: in this.
Speaker 1: New job Bush money Win also is a week that long.
Speaker 1: I know some recruitment things can take a really long time,
Speaker 1: but some are just like snap decisions.
Speaker 4: That's quick.
Speaker 1: You've hed me on the phone. Just before this episode,
Speaker 1: I met someone on Instagram last Friday. I messaged them
Speaker 1: and said, I really want to have a chat with you.
Speaker 1: I think you create awesome content and would be a
Speaker 1: great mortgage broker on my team. And they were like, ah,
Speaker 1: wasn't looking for a new job. Let's grab a quick
Speaker 1: zoom coffee because they're to State. So we did that yesterday.
Speaker 1: This morning, she's like, I'd love the job and I
Speaker 1: was like, great, no problem. So I'll get you a
Speaker 1: contract by the end of day. That's a two day turnaround.
Speaker 4: Shee's Louise headhunted.
Speaker 1: Yeah, I did. I was like, I'm sorry, I have
Speaker 1: looked at every single post on your Instagram and I
Speaker 1: also stalked you on LinkedIn and also I've looked you
Speaker 1: up and I think you're really good. And she was like, Wow, okay,
Speaker 1: and I think you're crazy. Let's move on. What else
Speaker 1: have you got?
Speaker 4: GQ The next one is a money loss slash laugh win.
Speaker 4: It comes from Danny. I went to the Australian Grand
Speaker 4: Prix this weekend along with the rest of the state
Speaker 4: and spent ridiculous amounts on food and merchandise.
Speaker 1: Doesn't everybody going there? That's the point is that money
Speaker 1: making those She.
Speaker 4: Simply But the happy part is he had the best
Speaker 4: time and was so glad to be back because it's
Speaker 4: been a long time GP was on.
Speaker 1: That's actually a really good point.
Speaker 3: That's one of the biggest events that kind of fell
Speaker 3: to the wayside during COVID, So if you're in that sphere,
Speaker 3: it would have been one of the biggest events to
Speaker 3: come back and have been able to dress up and
Speaker 3: go out for. Oh my god, I love that. I
Speaker 3: hadn't thought about that. Oh you, I just actively avoided it.
Speaker 3: I had one of the best turnouts I've ever had, apparently.
Speaker 1: Oh I loved.
Speaker 3: That.
Speaker 4: Yeah, insane, insane anyway, zumzum. The next win, Oh no,
Speaker 4: it's a loss. It comes from Lily. Money loss, but
Speaker 4: a huge mental health win. Yes, Queen, I made the
Speaker 4: decision to work part time instead of full time as
Speaker 4: I realized I've been on a path to burn out
Speaker 4: for several years. I have psychologists appointments, fitness coaching, and
Speaker 4: other health appointments booked in and I'm looking forward to
Speaker 4: giving myself the time and the space to be calm.
Speaker 4: So that kind of ties into what you were Jay Rick. Okay,
Speaker 4: I liked this one. This one's from Joe. This week,
Speaker 4: we've got a pretty cool housemate who eats out, showers
Speaker 4: at work, and sleeps during the day because they work nights.
Speaker 4: Plus they go home a.
Speaker 1: Very real killer and very serial killer. Absolutely that doesn't exist.
Speaker 4: It's not a serial killer. That's the dream housemates.
Speaker 1: They don't exist.
Speaker 4: Something is so they're contributing to the rent, slush the mortgage.
Speaker 4: I'm not sure what the situation is here, but they
Speaker 4: don't even have to worry about this person.
Speaker 3: They're making that up.
Speaker 1: They're just making that up to make other people go, Oh,
Speaker 1: that doesn't exist.
Speaker 3: Housemates are a hard line. It's hard to find good housemates.
Speaker 3: I've had a couple of good housemate experiences. I lived
Speaker 3: with my best friend.
Speaker 1: We did have our trying times, but the housemate too
Speaker 1: before that was a crazy vegan hah. How the tables
Speaker 1: have turned. But one weekend I came back from my parents'
Speaker 1: house and she had thrown I used to go to
Speaker 1: Costco by the way, because I was trying to be
Speaker 1: a budget queen because like UNI life, didn't have that
Speaker 1: much money. She'd thrown every piece of meat that was
Speaker 1: frozen in the freezer out because apparently she woke up
Speaker 1: at three am and was like, no, there's dead animals
Speaker 1: in my house and.
Speaker 3: Threw out all of the meat. It was hundreds of
Speaker 3: dollars worth of meat. And as a poor UNI student,
Speaker 3: I hit the wall.
Speaker 1: That's heavy. She also used to borrow undies. But let's
Speaker 1: move on.
Speaker 3: Okay.
Speaker 4: The next is a money win and it comes from
Speaker 4: Rachel money win. I found a one thousand dollar camera
Speaker 4: tripod on sale for twenty dollars at finiss nos.
Speaker 2: D.
Speaker 4: It was so overprised to begin with, but that's still
Speaker 4: a bargain.
Speaker 3: Yeah, incredible.
Speaker 1: Oh people are buying not kmart ones.
Speaker 4: Weird. The final one, guys, I'm ending on a money loss,
Speaker 4: but it made me laugh. It's from Candace. My partner
Speaker 4: broke the washing machine by doing something I told him
Speaker 4: not to do. But it's not really my loss because
Speaker 4: we keep our finances separate, so it's his loss three
Speaker 4: hundred dollars he willed to be contributing.
Speaker 3: To that one.
Speaker 4: I love maybe your license. Yes, that's all for the week, ladies.
Speaker 3: Let's talk about some spicy Elon Musk content right after
Speaker 3: this break. All right, Jess, we are back in this
Speaker 3: week for some unknown reason. You want to talk about
Speaker 3: Elon Musk. It's not your crush on him. It's actually
Speaker 3: his acquisition of Twitter, isn't it. Yeah, Well, ironically Twitter
Speaker 3: is all a flutter because Elon Musk, if you haven't.
Speaker 1: Seen thinking about that, really quite proud of that.
Speaker 3: If you haven't seen it. Elon Musk purchased a majority
Speaker 3: share in Twitter, and it was very widely spoken about
Speaker 3: because when he did so, his nine percent stake pushed
Speaker 3: the shares up twenty seven percent. Unbelievable. That's so much money.
Speaker 3: Would have been a great day to be a Twitter shared.
Speaker 1: It would have been a great day to be a
Speaker 1: Twitter shareholder if you had sold your stock on that day. Well, so,
Speaker 1: remember they didn't make money that day. They only had
Speaker 1: an asset that was valued at more that day. But
Speaker 1: I find it's so interesting how the market reacts to
Speaker 1: things because was Twitter genuinely more valuable because a shareholder
Speaker 1: who technically shouldn't have that much of a say over
Speaker 1: the business operations joined the team.
Speaker 3: Yeah, it's worth a staggering two point eight nine billion dollars,
Speaker 3: So I don't know, maybe they're more confident that someone
Speaker 3: with that much money thinks it's valuable. But el Musk
Speaker 3: has done that before when he's tweeted about certain shares
Speaker 3: and the values gone up, and I think we have
Speaker 3: actually scared. We've spoken about that. And remember when Trump
Speaker 3: was presidenth loll, what a joke, But he used to
Speaker 3: tweet about things and the market would go crazy as well.
Speaker 3: And it's crazy to think that there are these men
Speaker 3: out there with such power or just people in general,
Speaker 3: it's not about their gender, that have so much power
Speaker 3: that they have basically the ability to play god with
Speaker 3: the stock market. Yeah, that's cool, but crazy. There's been
Speaker 3: a lot of memes coming out of there because now
Speaker 3: that he has that nine percent steak, he is the
Speaker 3: majority shareholder, which means that he could take a seat
Speaker 3: on a board. He said he was going to. Then
Speaker 3: it was like, loll, joke, don't want it anymore. So
Speaker 3: he's going back and forth, and then he just went
Speaker 3: fully rogue and started basically going what can I do
Speaker 3: to this app? He's like, you want an edit button,
Speaker 3: I'll give you an edu button. You want this, I'll
Speaker 3: give you that. Like It's like he's sitting there with
Speaker 3: his hands about the big red button, just like, what
Speaker 3: can I do now? Yeah?
Speaker 4: Yeah, but I should nah, but I shouldn't.
Speaker 3: It's really funny to see all of the discourse on
Speaker 3: Twitter and all of the conversations and how that's having
Speaker 3: like the bigger flow on effect, and I guess that
Speaker 3: that leans into the conversation. We had a couple of
Speaker 3: weeks ago about Warren Buffett's house.
Speaker 1: No I was I thought we were talking about tech
Speaker 1: because another update in the tech space is four days ago.
Speaker 1: Based on our recording date, that was last week lust
Speaker 1: Thursday or Friday. Warren Buffett actually continued buying more HP shares,
Speaker 1: and so he now owns about five billion dollars worth
Speaker 1: of HP, which is interestingly, the first tech company he's
Speaker 1: ever bought. He's always been really conservative and bought really
Speaker 1: I guess, blue chip stocks and watched them grow, But
Speaker 1: this is his first tech acquisition. And I find that
Speaker 1: really interesting because the same thing happened when he bought
Speaker 1: that HP shares flew up, And it's just like, there
Speaker 1: are these powerful people that we clearly respect their investing
Speaker 1: decisions so much. I find it really interesting that these
Speaker 1: people are literally making share prices more expensive because they
Speaker 1: own them. Like key is now more expensive, j Rick
Speaker 1: has one will masters way more expensive because the gking
Speaker 1: on tour drives one.
Speaker 3: Can you imagine?
Speaker 4: Great?
Speaker 3: Like that is crazy to think about one person having
Speaker 3: that kind of power.
Speaker 1: Like you own something, so it's more expensive because you
Speaker 1: own it.
Speaker 3: Yeah, I mean, I guess that's influence of culture, really,
Speaker 3: isn't it though? Like someone you know, Sofa Dofa wears
Speaker 3: the blue courser and all of a sudden, every blody
Speaker 3: glasson is in the country sells out.
Speaker 1: Blue corset wasn't even that cute. I didn't get it.
Speaker 3: Yeah, And it's like you see someone with something and
Speaker 3: you go, oh, well, it must be good, and then
Speaker 3: it almost takes on a life of its own and
Speaker 3: it becomes this frenzy where you want it because other
Speaker 3: people have it.
Speaker 1: Yeah, it's like fomo. But I'm already old on TikTok
Speaker 1: and when that was going crazy, I was like, oh,
Speaker 1: literally don't get it. And my sister was like, that's
Speaker 1: because you're old. Say okay, noted understood. But it's kind
Speaker 1: of like we're talking about it was that last week.
Speaker 1: We're talking about influences. But it's kind of like that, right,
Speaker 1: Like we respect people in the social media sphere, and
Speaker 1: I guess Worn and Elon they're not really in the
Speaker 1: social media sphere, but they are definitely influencers in their
Speaker 1: own rash. I wouldn't say their social media influences by
Speaker 1: any stretch of the imagination, but they influence you're purchasing,
Speaker 1: They influence your just decision making and what is going on,
Speaker 1: And it goes back to you know, this week I
Speaker 1: spoke live on National TV, which was terrifying because I
Speaker 1: wasn't wearing any makeup because it turns out being late
Speaker 1: it means you don't get to go into makeup. Who
Speaker 1: would have thought, But I spoke on influences and how
Speaker 1: important I think it is for them to be regulated
Speaker 1: at the same time as thinking they're incredibly important to
Speaker 1: have in our sphere because they increase financial literacy. And
Speaker 1: it's like, well, how do you find the balance, how
Speaker 1: do we draw the line of going all right, Well,
Speaker 1: Elon bought Twitter, Should I buy Twitter? Probably not, because
Speaker 1: if Elon just brought Twitter, the share price increased significantly
Speaker 1: because of his acquisition. Does that mean that the business
Speaker 1: changed functionally in any way? Like, is that now a
Speaker 1: good purchase because it's now overvalued? Probably not, because that
Speaker 1: might might dwindle back down to where it was before.
Speaker 1: Because that's just investor confidence going, oh my god, well,
Speaker 1: if he haw's it, it must be good. I'll buy more
Speaker 1: stocks or it's valued it more. And the same thing
Speaker 1: happens in the social media space with a blue corset
Speaker 1: or a frank green drink bottle or literally anything. If
Speaker 1: you see it enough times and you feel it and
Speaker 1: you get a connection with it, you're far more likely
Speaker 1: to buy into it. And I find that to be
Speaker 1: quite dangerous because how do you know that the person
Speaker 1: selling it to you as a frank green rep. How
Speaker 1: do you know?
Speaker 3: Well, someone dmd us this week and said, hey, with
Speaker 3: the shares on the Money team, ever do an episode
Speaker 3: talking us through what shares each of you specifically own,
Speaker 3: because you'll well, yeah, that was the that was the short.
Speaker 1: Sorry, sorry, you were going to get.
Speaker 3: There, Yeah, And I well, essentially I just said, hey,
Speaker 3: we actually can't, because it would be I mean, one,
Speaker 3: it would definitely go against acid regulations, but two it
Speaker 3: would be I guess a way of encouraging people. They
Speaker 3: would particularly look at UV, maybe not so much Me
Speaker 3: and Georgie and be like, you know what you're talking about,
Speaker 3: Like I'll just replicate what you're doing, and that that
Speaker 3: sounds like a good strategy.
Speaker 1: I'd love to tell you. And I've sat down and
Speaker 1: I've taken you through it, Jess, because I know that
Speaker 1: you know what that means. You literally work in a
Speaker 1: finance business now, and you've worked out what's good for
Speaker 1: you and what's not. I've done your literal financial advice.
Speaker 1: You're welcome for all that insurance. But anyone listening, who's going, Oh,
Speaker 1: I've been meaning to get into stocks, but I'm overwhelmed
Speaker 1: by picking and I just don't know where to go
Speaker 1: or what it looks like. I just feel like it
Speaker 1: would be really irresponsible of me going all right, well,
Speaker 1: you know, six or seven years ago when I started
Speaker 1: my investment portfolio, this is what I put in it. Like,
Speaker 1: if you go and buy that today, that doesn't necessarily
Speaker 1: mean it's the best decision. For you because those shares
Speaker 1: have performed for me really well and done the things
Speaker 1: that they were meant to do. But that doesn't mean
Speaker 1: that today, if I was putting a brand new portfolio together,
Speaker 1: I'd put the same things in it. And I actually
Speaker 1: think that regardless of whether I would pick that or
Speaker 1: not pick that, me sharing my direct assets with you
Speaker 1: puts you in a position where you're going to be
Speaker 1: influenced too. You know, this is me having a few
Speaker 1: tickets on myself, but you're going to be influenced to
Speaker 1: think that those are maybe safer or better because you know,
Speaker 1: Terre's a financial advisor, she has been investing. I know
Speaker 1: she's done well in the share market over the last
Speaker 1: ten years. I know that she is, you know, relatively conservative.
Speaker 1: That seems like a good idea. I'm not going to
Speaker 1: put you in that position ever. If we ever talk
Speaker 1: about anything on this podcast, it's really oh, here's some
Speaker 1: top performing shares. This is why this is how. It's
Speaker 1: based on past performance, not current performance. It's just an informational,
Speaker 1: educational episode. Whereas I think that that's a line that
Speaker 1: I don't want to cross with cheese on the money,
Speaker 1: not because I'm embarrassed or don't want to share it.
Speaker 1: I think it's you know, it's real pervy. That's why
Speaker 1: we have money diaries. But that's the reason I don't
Speaker 1: think I could ever do a money diary is because
Speaker 1: I would be terrified that people would make financial decisions
Speaker 1: based on having seen my financial life.
Speaker 4: Well, people really want a cheat code, don't they? Like
Speaker 4: that would be the benefit of knowing exactly what you
Speaker 4: have in your share Rosebud.
Speaker 1: You're typing like control of debate on the SIMS typing Rosebud, Yeah,
Speaker 1: you get money.
Speaker 4: Yeah, yeah, imagine if that was if that was the
Speaker 4: thing in real life, wouldn't I be doing it?
Speaker 3: Well, it's like that thing you can't print more money
Speaker 3: because then the money's not worth anything.
Speaker 1: I've seen a couple of tiktoks, you know that one
Speaker 1: that was trending a little while ago, of the like
Speaker 1: space and it would but in the sky, and it
Speaker 1: would like the space would float behind you, and people
Speaker 1: are like me, not comprehending why they just can't print
Speaker 1: more money. And I'm like, oh, this is a whole episode.
Speaker 1: Maybe we should do an entire episode on why you
Speaker 1: can't print more money.
Speaker 4: But one if my friends asked me that once, like George,
Speaker 4: why can't they just print more and then all the
Speaker 4: world's issues would be sold. I'm like, Sis, that's not.
Speaker 1: How that's not how it worked.
Speaker 4: But to be fair, I couldn't really answer her why not?
Speaker 1: But I just knew it wasn't what. Oh, I get
Speaker 1: myself in some hot water here with Victoria.
Speaker 3: Well, have you ever seen the social experiments they did
Speaker 3: with creating like a free economy essentially where all of
Speaker 3: your basic needs were met? Yeah, like were met, they're
Speaker 3: at no cost to you. They did a social experiment
Speaker 3: a few years ago and it basically just fell apart.
Speaker 3: Don't even know why. Yeah, there's this concept of a
Speaker 3: universal base income as well, which has been floated, and
Speaker 3: it's relatively radical. I spoke about it with Glens a
Speaker 3: couple of weeks ago when he interviewed me for his podcast,
Speaker 3: which I think is coming out in a couple of weeks.
Speaker 3: Still we'll boast about it on our stories. But someone
Speaker 3: had written in and we answered the question of like,
Speaker 3: what would you do if you're a prime minister? And
Speaker 3: I asked Glenn, like, would you do a universal base income?
Speaker 3: And both of us basically said no, because it does
Speaker 3: put you in that position where everything just falls to
Speaker 3: the wayside, like yeah, and everything just inflates to cover
Speaker 3: the like you go, oh, great, everyone now has what
Speaker 3: fifty thousand dollars a year? Just kidding to live is
Speaker 3: gonna cost you? Yeah, exactly, And I totally agree. You know,
Speaker 3: universal base income I think plays into a lot of
Speaker 3: talking about welfare and things like that. I think we
Speaker 3: should be doubling welfare at the end of the day.
Speaker 3: But that is another spicy conversation for another spicy time.
Speaker 3: But universal bas income is very interesting because not many
Speaker 3: people have heard of it, but the people who have
Speaker 3: heard of it are either like fully for it or
Speaker 3: fully against it. There's not that many people that just
Speaker 3: sit on the fence and go I don't know, like
Speaker 3: I'm just it's a no for me.
Speaker 4: Sis interesting that conversation went so many different places.
Speaker 3: I really love that.
Speaker 1: But I do think it's really interesting when we talk
Speaker 1: about would you share your assets, because obviously, people like
Speaker 1: Warren and Elon there's a public knowledge so you can
Speaker 1: find them. But then there's me going, oh, I wouldn't
Speaker 1: share it. I think I have does that? Me just
Speaker 1: having too many tickets? On myself.
Speaker 3: I've they also live in another countries. They live by
Speaker 3: a different set of rules. Like you literally couldn't do it.
Speaker 1: It's legal, yeah, quite literally, and I'm not going to
Speaker 1: do it. That's not me questioning whether I should or not,
Speaker 1: because it's I don't know if you know this, but
Speaker 1: if I did the wrong thing on the She's on
Speaker 1: the Morning podcast, which is why we have such great
Speaker 1: producer and compliance and all of these things, and you
Speaker 1: get to listen to Jessica always read out that very
Speaker 1: exciting disclaim it. But like I could go to jail,
Speaker 1: like not just like oh V you got a little
Speaker 1: little fine. I could go to jail, and I could
Speaker 1: also be fined a million dollars. I've quite literally never
Speaker 1: seen a million dollars in my account, so I don't
Speaker 1: know where that's coming from.
Speaker 3: It's interesting because quite a few of the news articles
Speaker 3: and like the tweets just from you know, everyday, people
Speaker 3: were saying, is Elon even does he really want this?
Speaker 3: Is he just trolling because he's known for being a
Speaker 3: bit of a troll. And the crazy thing is is
Speaker 3: An has so much money that he actually could just
Speaker 3: afford to buy something for a couple of billion dollars
Speaker 3: just for shits and gigs.
Speaker 1: Which I can't even buy something for a couple of
Speaker 1: one hundred dollars for shits and gears.
Speaker 3: No, exactly right. So it's really interesting because they would
Speaker 3: you would assume that these multi billionaires are acutely aware
Speaker 3: of the fact that there are people who just track
Speaker 3: what they do. There are people who are tracking their
Speaker 3: investments and you know, they're big expenditures, Like the finance
Speaker 3: world keeps an eye on these things. And I wonder
Speaker 3: how many of their decisions are influenced by that, because
Speaker 3: they would be making their choices knowing that everyone was watching, right, and.
Speaker 1: They know they're kind of like so powerful, and that
Speaker 1: might play into the ego of who they are. That's
Speaker 1: such an interesting question because I also look at it
Speaker 1: and go ooh, like it makes me uncomfortable that they
Speaker 1: are public about that, because there are so many wealthy
Speaker 1: people that want to keep their images private, and you know, historically,
Speaker 1: I've been incredibly lucky to work in that philanthropy space
Speaker 1: and be involved in people who do have a lot
Speaker 1: of money, and the ones that I know that I
Speaker 1: really rate and also really respect are usually incredibly private
Speaker 1: about their money and don't like showing things and maybe
Speaker 1: don't want a profile and don't want their name on things.
Speaker 1: And you kind of go, where's the balance, Like, why
Speaker 1: are you guys being so I don't know, up and
Speaker 1: about about it? Because Elin doesn't need to make more money,
Speaker 1: he doesn't need to invest more so that he can grow.
Speaker 1: And imagine if instead of investing in Twitter, he had
Speaker 1: invested in helping to solve world hunger or climate change.
Speaker 3: Like, it's interesting the lives of the very rich and famous,
Speaker 3: isn't that we need to do real perview money diares.
Speaker 3: Do you reckon we should do money dies?
Speaker 1: No where we yeah, all right, you reach out to
Speaker 1: his people and have his people to my people. But
Speaker 1: maybe we do money dories, but we don't get them
Speaker 1: on the pop. We just research them and present it
Speaker 1: to the community and be like, all right, sit down,
Speaker 1: we're going to pretend to be Illine, could you g.
Speaker 4: I would honestly love that I put my hand up
Speaker 4: for the roll.
Speaker 3: You'd be good at it too.
Speaker 1: We'll interview later in the week. But I reckon we
Speaker 1: do some money diries where we don't have a diarist.
Speaker 1: We just do a deep dive on someone really rich
Speaker 1: and tell you how they got rich, what they own,
Speaker 1: what they owe, what they spend. I reckon we could
Speaker 1: find that. I'm willing to do the dirt goal. Come on,
Speaker 1: stats girl, pick up your game. I think that's enough
Speaker 1: smack talk? Is that what we call it?
Speaker 4: Smack talk? Spash talk talk?
Speaker 1: Okay, So I don't know if you know this yet.
Speaker 1: I wasn't the cool sibling growing up if it wasn't
Speaker 1: obvious enough already. But before we head off, we actually
Speaker 1: have a listener question that I would love to answer
Speaker 1: on the show. So let's have a listen.
Speaker 5: Hey, she's on the money. I've got a question about
Speaker 5: creating legacy funds. I don't plan on having children, but
Speaker 5: I would love to create something to put away now
Speaker 5: for my nieces and nephews so when they turn twenty
Speaker 5: twenty five. What's the best way about creating a legacy
Speaker 5: fund for children that are not your own?
Speaker 1: Oh my god, what a question.
Speaker 3: I'm generous.
Speaker 4: Yeah, I don't think we've spoken about this on the.
Speaker 1: Pod before me. I feel like I might have mentioned
Speaker 1: in passing that leaving a legacy is something that I
Speaker 1: believe is really important. Clearly, it's not that important to
Speaker 1: Elon because he's just buying Twitter instead of setting up
Speaker 1: trust funds for his family. But it really depends on
Speaker 1: what you're planning on leaving behind and how you want
Speaker 1: it structured, but also what legacy means to you, Like,
Speaker 1: are you just leaving them some funds behind because you
Speaker 1: want some good wills and estate planning and you want
Speaker 1: them to buy a house or a car with it,
Speaker 1: or are you leaving it behind to create a future impact,
Speaker 1: and if so, what does that impact mean to you?
Speaker 1: And why are we supporting this cause and how does
Speaker 1: that work? So it's really hard to answer that without
Speaker 1: getting too specific. But let's just assume she has a
Speaker 1: really swanky income and she just wants to leave aside
Speaker 1: some money for nieces and nephews. There's a few ways
Speaker 1: to go about this. You can allocate it in your
Speaker 1: will and make sure that you've got a good estate
Speaker 1: planning law. If you don't have one, please find one.
Speaker 1: It is one of the most important things you would
Speaker 1: do for your family. But setting it up that way
Speaker 1: so it gets divided between them. The thing I find
Speaker 1: really cool about estate planning and wills is actually your
Speaker 1: incomplete control of these. We did our episode a little
Speaker 1: while ago about Will's in Estate Planning, which is obviously
Speaker 1: incredibly enthralling content. So the thing I find really cool
Speaker 1: about Will's in estate planning is that you are in
Speaker 1: control of all of it. So I could leave all
Speaker 1: my money to Jess, but every year she has to
Speaker 1: donate a certain amount of it to Lost Dogs Home.
Speaker 1: Or I could leave it directly to the Lost Dogs Home.
Speaker 1: Or I could leave it in the investment and have
Speaker 1: my investment income be donated on an annual basis. And
Speaker 1: that's actually a really cool way of establishing legacy, is
Speaker 1: by instead of giving people a lump some it's about going,
Speaker 1: all right, well, I'm going to create this investment portfolio,
Speaker 1: and upon my death, I would like the proceeds of that.
Speaker 1: You know, I never want it sold down, but I
Speaker 1: want whatever income that portfolio so creates to go to Jess,
Speaker 1: and I want her to have an income stream for life.
Speaker 1: You can also structure it that you go, you know what,
Speaker 1: I've had these kids, because I don't have kids now,
Speaker 1: it's very good to make fun of them, but I
Speaker 1: have kids, and if I pass away, I want my
Speaker 1: income stream to go to them. But if they have
Speaker 1: any addiction issues, they don't get anything.
Speaker 3: Who owns that.
Speaker 1: Portfolio, and so the state would own that portfolio, but
Speaker 1: it would be technically owned by them, but it would
Speaker 1: have a number of rules and regulations around it on
Speaker 1: getting that money back, and you would have somebody like
Speaker 1: a solicitor who would manage that for you, so you
Speaker 1: can have the power of attorney, be a financial advisor
Speaker 1: or a lawyer or somebody that can manage that to
Speaker 1: make sure that my future child would only get it
Speaker 1: if they meet certain criteria. I've also, if we're going
Speaker 1: to get a little bit pervy, worked in the private
Speaker 1: family wealth space before, and this is where we're talking
Speaker 1: about families who are worth billions or if not more
Speaker 1: than billions of dollars, and they would have what's called
Speaker 1: a family constitution. They literally have basically let's call it
Speaker 1: an employment contract of things that you need to meet
Speaker 1: to get your trust fund or get your income from
Speaker 1: your trust fund on a yearly basis. And I remember
Speaker 1: sitting down and doing one of them with a family,
Speaker 1: and you know, I was just a consultant. I was
Speaker 1: definitely not running the show at this point. And one
Speaker 1: of the criteria was that they had to come to
Speaker 1: Christmas every twenty four months, like they could not skip
Speaker 1: two Christmas Is in a row, and if you did,
Speaker 1: you wouldn't get that year's income.
Speaker 3: I was gonna say, like lunch Grammar every Sunday.
Speaker 1: Christmas was like this big thing, and I remember being like,
Speaker 1: I'm so excited about Christmas because I want to see
Speaker 1: my family and I cannot wait for my mum to
Speaker 1: cook and like do all of that stuff. Like Christmas
Speaker 1: to me means so much. But imagine approaching Christmas like,
Speaker 1: oh god, damn, Steve, We've got to go to Christmas
Speaker 1: otherwise I won't have money next year. Like what does
Speaker 1: it change? It feels like money changes the dynamic of
Speaker 1: a family so significantly.
Speaker 3: I was just gonna say that. I feel like if
Speaker 3: you have found yourself in a place where that's a
Speaker 3: rule that your implomed, there is a whole backstory there,
Speaker 3: and then I feel like that would build up like
Speaker 3: almost resent right, Like if you're not wanting.
Speaker 1: That's quite knowing that you don't want to go, but
Speaker 1: you're there for this reason. It's kind of like we're
Speaker 1: watching Succession on Binge at the moment, Oh my god,
Speaker 1: telling me for pages that I would love it. And
Speaker 1: I am obsessed and more than obsessed with Steve, Like
Speaker 1: he's always like trying to watch Succession. I'm like, I'm
Speaker 1: not finished cocking it yet. Don't put it on because
Speaker 1: I won't be able to hear it. But I love Succession.
Speaker 1: If you haven't watched it, really good. But it's all about,
Speaker 1: like I guess the dynamics that money or a lot
Speaker 1: of money brings into a family. And I guess this
Speaker 1: wasn't the question, but it is very interesting to talk
Speaker 1: about because it does change the dynamics. And that's what
Speaker 1: you've got to think about when it comes to legacy,
Speaker 1: like what type of legacy are you leaving and what
Speaker 1: kind of responsibility are you putting on the person receiving it?
Speaker 3: And you know, coming to Christmas, I don't think that's
Speaker 3: that bad. These guys were getting given a pretty hefty
Speaker 3: income each and every single year, so like I would
Speaker 3: go to Christmas, I'd be like, I'll.
Speaker 1: Be there, Yeah, bells on, no problems. But what type
Speaker 1: of responsibilities are you putting on these people? And ultimately,
Speaker 1: let's stop thinking about your nieces and nephews in the
Speaker 1: immediate sense and go. What type of legacy are you
Speaker 1: personally leaving behind? What does it mean to you? Why
Speaker 1: do you want to do this? Not necessarily just I've
Speaker 1: got a niece and a nephew and I want to
Speaker 1: leave it to them. I get that that swills an
Speaker 1: estate planning, but if we're talking about legacy, to me,
Speaker 1: that is another layer above and beyond that, where it's
Speaker 1: about ultimate impact and what does that mean to you
Speaker 1: and making the world a better place? And I want
Speaker 1: to have more of those conversations. But it is very
Speaker 1: different to oh, Jess can have my stuff if I
Speaker 1: pass away, all.
Speaker 3: Right, well, Vida, let's shut after the show, because I
Speaker 3: could definitely do with a little planning set, like plashing
Speaker 3: my debt. If someone wakes up in Victoria mysteriously died
Speaker 3: from poisoned coffee, that's very dramatic.
Speaker 1: Have you already planned this? I feel like you've already
Speaker 1: planned this.
Speaker 3: You're creep.
Speaker 1: I'm not giving you.
Speaker 3: A hand out of the whill, George, you're one hundred percent.
Speaker 1: We are done this week, George, wrap it before Jess
Speaker 1: gets thrown further under of us.
Speaker 4: Right here we go. This is nice lamination.
Speaker 1: I know we've.
Speaker 4: Laminated our disclaimer guys, brilliant Okay, the advice shared on
Speaker 4: She's on the Money is general in nature and does
Speaker 4: not consider your individual circumstances. Wow, She's on the Money
Speaker 4: exists purely for educational purposes and should not be relied
Speaker 4: upon to make an investment or financial decision. And we
Speaker 4: promise Victoria Divine is an authorized representative of Infocused Securities
Speaker 4: Australia Propriety Limited ABN four seven zero nine seven seven
Speaker 4: nine seven zero four nine AFSL two three six five
Speaker 4: two three. We will see you on Monday.
Speaker 1: That was so nice, George. Have a good weekend guys. Bye,