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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 peoples.

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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. She's on

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

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Speaker 1: She's on the Money, the podcast for millennials who want

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Speaker 1: financial freedom. Welcome back to another one of our Friday

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Speaker 1: Drinks episodes, arguably our favorite episode of the week, where

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Speaker 1: we get to celebrate the money wins from the She's

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Speaker 1: on the Money community. There are always so many great

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Speaker 1: money wins and confessions that are shared in our Facebook

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Speaker 1: group each and every single week. And we've told you

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Speaker 1: a million times before, and I'll continue to tell you

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Speaker 1: how much we talk about you in the office when

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Speaker 1: you're not around. So given we do all of that,

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Speaker 1: we only feel it is right to share that information

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Speaker 1: with you and recap the week and have a chat

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Speaker 1: about some finance topics and I cannot wait to get

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Speaker 1: here because this week, Jess, you have some juicy afterpay information,

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Speaker 1: so definitely stick on around for the end of the

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Speaker 1: episode to get to that. But before we get there,

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Speaker 1: Jesse Gridici Monday Saucy Monday is our money Diary episode.

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Speaker 2: What happened it sure is we chatted to a lovely

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Speaker 2: person who works as a diesel mechanic, which is obviously

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Speaker 2: a super male dominated industry, and she talked us through

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Speaker 2: her experience, like that she makes great money because it's

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Speaker 2: obviously a skilled job, but that does mean that she

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Speaker 2: has to compete with certain other things and that's why

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Speaker 2: it's so high paid. So with no degree, she went

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Speaker 2: out she got herself this an incredible job that plays

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Speaker 2: incredibly well and is working towards her financial goals, which

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Speaker 2: is awesome but also really cool to you from someone

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Speaker 2: who does something a little bit different.

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Speaker 1: I felt like she was just so cool and every

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Speaker 1: time we brought up a new question should just be like, yeah,

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Speaker 1: wrapping it, I'm a diesel mechanic, and I'd be like,

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Speaker 1: you're a sick oh, I love you in Cred was like,

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Speaker 1: that's definitely not the right way to cool. So I'm

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Speaker 1: just outing myself as the not cool sibling growing up.

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Speaker 1: Gee King, Hello, you were friends with my very cool

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Speaker 1: sibling growing up. Cool lady, she's much cooler than me.

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Speaker 2: Don't tell yourself.

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Speaker 1: Shot, thank you, thank you. What happened on our Wednesday

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Speaker 1: deep dive there?

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Speaker 3: So this week on the show, we spoke about budgeting

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Speaker 3: for charity and philanthropy. It's something that comes up in

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Speaker 3: the Facebook group time and time again, and we haven't

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Speaker 3: really touched on it.

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Speaker 1: For some people.

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Speaker 3: I guess it might be perceived as like a bit

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Speaker 3: of a luxury. If you've got a bit of extra cash,

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Speaker 3: you can put it towards something that means a lot

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Speaker 3: to you. And obviously as well, like this year, there's

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Speaker 3: been so much tragedy all around the world.

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Speaker 2: We've had the floods, we've.

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Speaker 3: Had everything going on in Ukraine. So it's interesting to

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Speaker 3: hear the ways that we can help and the implications

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Speaker 3: of that from like a tax perspective and so on

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Speaker 3: and so forth. It was a really helpful episode. Oh,

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Speaker 3: I'm glad you liked it.

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Speaker 1: I felt like it could have been a bit of

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Speaker 1: a dry one, because finance can sometimes be dry. But

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Speaker 1: the big takeaway I felt I wanted everybody to get

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Speaker 1: out of that episode. And if you didn't get it,

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Speaker 1: I'm telling you now is that it is a privilege

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Speaker 1: to be able to, you know, donate to charity and

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Speaker 1: give money away. And I don't want anyone in a

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Speaker 1: financial position where they're like, oh, I now feel so

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Speaker 1: much pressure to give money away when I don't even

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Speaker 1: have enough to put food on the table, Like, no,

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Speaker 1: you do you You put your own oxygen mask on first,

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Speaker 1: And if you have the ability to help others, you

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Speaker 1: have the ability to help others. But it's not expected

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Speaker 1: of you at all. And I think that what goes

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Speaker 1: around comes around, and if you're not able to at

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Speaker 1: this point in your life, that is totally okay, and

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Speaker 1: you can do it at another point that might make

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Speaker 1: more sense to you. And I also don't want people

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Speaker 1: to forget that it's not always just financial, Jess. You

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Speaker 1: do a lot of volunteer work where it's not financial.

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Speaker 1: Like I remember I called you the other day and

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Speaker 1: I was like, I put you up to and you

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Speaker 1: were like, ah, just volunteering on the flood relief collecting items,

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Speaker 1: and I was like, oh, angel, she actually is an angel.

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Speaker 2: Stuff but I was like, how did.

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Speaker 1: You even get into that? Like, I didn't know you

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Speaker 1: were going to do that today. You were like, oh,

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Speaker 1: I drove down because I was going to donate something

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Speaker 1: and they needed a hand, so I stuck around. And

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Speaker 1: I just think that that is really beautiful. One because

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Speaker 1: Jess is a legend, but we already knew that. But Two,

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Speaker 1: it's really not always about money. It can just be

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Speaker 1: about sometimes we need hands on decks, sometimes we need

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Speaker 1: to volunteer, and those opportunities exist, So if you've got time,

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Speaker 1: please try and sort them out, because there are lots

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Speaker 1: of them, especially at the moment.

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Speaker 2: Donating time is just as good as donating money if

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Speaker 2: you can't donate money. But it's also really interesting to

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Speaker 2: think about the tax implications because I think, like as

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Speaker 2: you guys discussed on the show, like there are certain

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Speaker 2: financial benefits for certain charities or certain donations you know,

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Speaker 2: very specific to what you're doing or whatever. But I

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Speaker 2: feel like it's very much a rich person thing to

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Speaker 2: be like, I am donating money for this particular like

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Speaker 2: oh yeah, right, Like the everyday person really doesn't know about.

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Speaker 1: That, no, And it totally doesn't benefit you if you're

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Speaker 1: under one hundred and eighty thousand dollars in earnings, which

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Speaker 1: most of us are, let's be honest, So it's not

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Speaker 1: actually something that is known to us. But I think

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Speaker 1: it's important to know that even if you make a

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Speaker 1: donation of more than two dollars, if you have the

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Speaker 1: re seat, you can claim it on tax exactly. So

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Speaker 1: that's really nice. And obviously, if you're doing good bookkeeping,

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Speaker 1: you'll be collecting that anyway and making sure that you

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Speaker 1: give that to your accountant tax time, or putting it

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Speaker 1: into your tax return when you do it yourself online.

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Speaker 1: So I think it's important to keep track of it

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Speaker 1: because you can claim it. But yes, we can't all

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Speaker 1: just go make massive donations to museums to write it

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Speaker 1: off on tax. Unfortunately, we'll get there.

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Speaker 2: I'll get there.

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Speaker 1: Ge King wants to buy a yacht, so we're going

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Speaker 1: to get there, aren't we. Exactly.

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Speaker 3: Please donate to my charity, Cheeking Yacht Foundation Foundation.

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Speaker 1: All right, that sounds very a a delv.

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Speaker 2: Let's move on. That's my inspiration. Should we talk about

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Speaker 2: money wins?

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Speaker 1: We absolutely are you putting on the table this week?

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Speaker 3: Girl is our first one comes from it to Sena.

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Speaker 3: I feel like you guys going to love this, so

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Speaker 3: make sure you're listening. I am looking to Shina. I've

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Speaker 3: been eyeing off a new vacuum cleaner for ages. Decided

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Speaker 3: to buy it. Here's the breakdown. The cost originally was

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Speaker 3: three hundred and ninety nine dollars. I had a code

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Speaker 3: for eBay that took off thirty two dollars, and I

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Speaker 3: cashed in my shop back dollars for an eBay card

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Speaker 3: that took off three hundred and twenty five dollars. Total

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Speaker 3: spend forty two dollars plus I've now got nine dollars

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Speaker 3: in cash back from buying e Bay cards.

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Speaker 2: How good. We met her at the Sydney event and

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Speaker 2: she literally said I love shot back like I'm such

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Speaker 2: as she's on the money person, like I listened to

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Speaker 2: everything I do, all of these things. I have these

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Speaker 2: tricks and hacks. And there you go. She clearly was

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Speaker 2: not lying.

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Speaker 1: To She is putting down what she is peaking up.

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Speaker 2: I love her. How good is that?

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Speaker 1: I'm glad you made us listen, as though we never

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Speaker 1: listened to the money with I know, I don't know why.

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Speaker 3: I said that.

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Speaker 1: All right. The next one comes from Tyler.

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Speaker 3: I went to the car wash yesterday, and when I

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Speaker 3: got out to wash my car, the car in front

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Speaker 3: had left ten dollars on the machine or money. We'll

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Speaker 3: have a clean vehicle.

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Speaker 2: Next wind comes from Rachel.

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Speaker 1: I'm actually laughing because it could have been a like hey,

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Speaker 1: forward gone like random back to your guy, and they've

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Speaker 1: left it thinking that you please the next person.

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Speaker 2: Nap, I'll catch up.

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Speaker 3: The next wind, guys, comes from Rachel. I finally got

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Speaker 3: COVID and pretty sure it's a money win because I'm

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Speaker 3: saving ten dollars a day on my coffee habit by

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Speaker 3: not being at work. That's say to look at it, yes, exactly,

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Speaker 3: feeling better soon, exactly right, We've all been there.

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Speaker 1: I spent so much on cough lollies and cough drops

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Speaker 1: in Panandole. I don't know what if it makes up

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Speaker 1: for it. Did spend a lot on cottee.

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Speaker 3: The next wind comes from Trista. I flew to Perth

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Speaker 3: and back for Easter for twenty dollars each way due

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Speaker 3: to some cheap flights I nabbed a while ago. She

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Speaker 3: must have got like deep in twenty twenty or something

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Speaker 3: when it was just never.

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Speaker 1: Like I really should have made use of that pariod

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Speaker 1: more than twenty dollar.

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Speaker 4: Going.

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Speaker 2: Truly, I'd be like, put me on a plane, I

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Speaker 2: don't care, send me anyway twenty dollars.

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Speaker 1: Do you really not care?

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Speaker 2: Oh? Here we go? Where would you send me?

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Speaker 1: I'm not telling I think I just can you imagine

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Speaker 1: putting just on a surprise flight.

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Speaker 2: See Elena have fun?

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Speaker 3: Twenty dollars thanks coming where it would be funny to go?

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Speaker 1: I don't know, but I can't imagine being able to

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Speaker 1: get someone on a flight without them knowing by virtue

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Speaker 1: where they're going, without making them look like a hostage. Literally,

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Speaker 1: you'd have to like blindfold her and put ear pods

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Speaker 1: or something on her so.

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Speaker 2: She couldn't couldn't hear the announcement.

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Speaker 1: Yeah, it looked like I was kidnapping her or trafficking

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Speaker 1: her or something. It would be cost stressful to know

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Speaker 1: from me what's the next money When the.

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Speaker 3: Next one is a money win slash loss. It comes

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Speaker 3: from Libby. My emergency fund is coming to use as

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Speaker 3: someone hit the back of my car and didn't leave

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Speaker 3: their contact details so I don't have to pay for

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Speaker 3: repairs slash e access to get it fixed. I'm very

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Speaker 3: grateful that I don't have to stress about where the

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Speaker 3: money is going to come from. Little clap of how.

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Speaker 1: Good is that?

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Speaker 2: It's really good? But also it's a bit of.

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Speaker 3: A dodgy move from the other driver.

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Speaker 2: Don't be a.

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Speaker 3: Dickuse what goes around comes around. I'm going to get

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Speaker 3: that person had bad coma. The next thing comes from Anna.

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Speaker 3: It was easter long weekend and lots of people were

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Speaker 3: ordering fish on Friday. I do Uber and dow Dash

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Speaker 3: and made six hundred dollars just on Friday alone.

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Speaker 1: Yes, do fish and chip shop down on the peninsula

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Speaker 1: where I'm from closed all easter. YEH missed opportunity.

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Speaker 2: From my understanding, I'd been super interested to know how

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Speaker 2: much people can make on Uber.

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Speaker 3: That surprised me.

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Speaker 1: I didn't know that was a thing. She must have

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Speaker 1: done it per order. Perhaps I don't know how it

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Speaker 1: works either, And that send us a message we want

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Speaker 1: to know more about your pervy financial situation. Just you

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Speaker 1: know what we need to get. We need to get

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Speaker 1: somebody who's done Uber and get them to do money dough.

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Speaker 1: I reckon that would be that would be pervy, Like

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Speaker 1: I don't just want to know, Oh, how much do

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Speaker 1: you earn? In general, like how much per trip? Like

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Speaker 1: obviously the longer you stay out, the more money you make,

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Speaker 1: but like is it more do you get surges if

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Speaker 1: you do uber eats?

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Speaker 2: I don't know.

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Speaker 1: There's a lot of questions I have that are currently unanswered.

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Speaker 2: We'll find a person.

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Speaker 3: Let's move on, though, Je it's our final win for

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Speaker 3: the day, guys, it comes from Ram money win. I've

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Speaker 3: been waiting for my turn to be able to post this.

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Speaker 3: I paid fifty thousand dollars a debt off in fourteen months.

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Speaker 3: Last week we had the bank backflip on our pre

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Speaker 3: approval for our home loan after our offer was accepted,

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Speaker 3: so I had to get a loan on my own

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Speaker 3: and borrow fifty thousand dollars from my parents. It took

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Speaker 3: lots of hard work and sacrifice to be able to

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Speaker 3: pay them back so quickly. Now we are so used

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Speaker 3: to saving that we will have our house paid off

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Speaker 3: in six years. Wow.

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Speaker 1: Air pic along that she'd been waiting to post it.

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Speaker 1: I was like, oh my god, it's my time to shine.

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Speaker 1: And we get so excited seeing posts like that, so

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Speaker 1: keep them coming. But George, Jess, do you know how

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Speaker 1: much that is per month? This woman was saving thirty

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Speaker 1: five hundred dollars per month to give that fifty grand back.

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Speaker 2: Losh, imagine the streamers. Congratulations, so excited that that is

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Speaker 2: airpit huge. That's it for the week, ladies.

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Speaker 1: Well let's go to a quick break, and then when

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Speaker 1: we come back, we are talking once again about after pay.

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Speaker 2: Oh rady, guys, I have an article for you that

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Speaker 2: I know we're going to have some fun with.

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Speaker 1: We're talking, though, well what are we talking?

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Speaker 2: We're gonna have fun, don't know I anybody else will.

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Speaker 2: I'll have fun. We're talking about after pay.

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Speaker 1: You guys know we're their biggest fans.

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Speaker 2: Oh cough cough. No, but it's a really interesting article

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Speaker 2: came out last week because they did drop a financial

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Speaker 2: report recently and it said that they have been operating

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Speaker 2: at a massive loss.

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Speaker 1: I'm just shook that a company that is so in

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Speaker 1: debt is still just like plodding along getting it done,

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Speaker 1: getting more of you in debt.

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Speaker 2: It's wild. So they reported that in the first half

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Speaker 2: of FYI twenty twenty two, so June to December last year,

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Speaker 2: last year correct, they had one hundred seventy six million

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Speaker 2: dollars of bad debt bad debt, not just debt.

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Speaker 1: For like you know, growing the business or whatever. Debt, debt, debt, debt,

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Speaker 1: And that was up the year previous they only had

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Speaker 1: seventy two millions. They were up over one hundred million

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Speaker 1: dollars in bad debt in twelve months, which, oh, easy

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Speaker 1: to do it, that's real easy to Yeah, we've all

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Speaker 1: been in there.

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Speaker 2: Everyone in the community is like, I'm in debt. You're

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Speaker 2: not in debt that bad.

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Speaker 4: That makes you.

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Speaker 2: You're not enough to pay any better.

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Speaker 1: It's how much you will cost you after pay a yacht.

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Speaker 2: Surely not, you wouldn't be able to do that. Yeah,

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Speaker 2: So it's pretty crazy when you look at the numbers.

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Speaker 2: Their lately revenue increased exponentially. Once again, just got me.

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Speaker 2: I was shook for a company that tells us no, no, no,

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Speaker 2: we're not putting people in a worse off position. We're

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Speaker 2: making sure that they're doing the right thing. If we

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Speaker 2: do credit checks, though, that would be compromising their privacy.

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Speaker 2: Don't really want to do that, Jess, what is it

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Speaker 2: this year? So this year it was for that same

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Speaker 2: time period seventy eight point five million, which is, if

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Speaker 2: my math is right, over double the year previous which

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Speaker 2: was six point quick math, great for me, good work.

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Speaker 2: Bear so many millions of dollars and again that is

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Speaker 2: just from late fees that they have changed fees.

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Speaker 1: That's disgusting for a company that ah makes me so angry.

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Speaker 1: Can you imagine how much money that is, like just

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Speaker 1: in a room, and how many people could be out

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Speaker 1: of debt if we had that money.

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Speaker 2: It just it makes me really annoyed because they're big

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Speaker 2: thing that they push in all of their marketing. They're like, spend, spend, spend,

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Speaker 2: get what you want, worry about paying it off later.

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Speaker 2: And then they try and flip the narrative in their

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Speaker 2: advertising and say, were you for you to help you

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Speaker 2: cash flow yourself, to help you make sure that you

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Speaker 2: can break things down and keep them manageable. But if

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Speaker 2: you're making back almost eighty million dollars in late fees,

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Speaker 2: I would argue that you're probably not making things manageable

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Speaker 2: for people. In fact, you're doing quite the opposite.

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Speaker 1: Because you can sign up to after pay and only

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Speaker 1: have the amount of money in your account for the

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Speaker 1: first installment. You don't have to have that full amount

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Speaker 1: because it's not taken out.

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Speaker 2: On that day.

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Speaker 1: And even if you did have that full amount in

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Speaker 1: your account on that day, there's nothing to say that

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Speaker 1: you wouldn't go and spend it in another transaction five

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Speaker 1: minutes after signing up to after pay, meaning.

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Speaker 2: You can no longer afford it, which is insane.

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Speaker 3: So there's still no credit checks at all happening.

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Speaker 1: No, they keep saying things like, oh, maybe in the

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Speaker 1: future will do soft credit checks, which I don't think

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Speaker 1: is enough because for every other credit product in Australia

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Speaker 1: and every other debt product in Australia, you have to

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Speaker 1: do a credit check. And that credit check. As much

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Speaker 1: as people always like, oh my credit score, you know

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Speaker 1: it's bad or I don't want them impacting my credit

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Speaker 1: score by checking, it's putting you in the best possible

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Speaker 1: position by having it checked, because they might check it

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Speaker 1: and be like, gee, you can't afford it because you

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Speaker 1: just bought a yacht, Like it's not going to work.

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Speaker 1: You don't have the cash flow or the proven record

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Speaker 1: of paying your yacht back, so we aren't going to

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Speaker 1: give you access to more debt. Or we can see

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Speaker 1: that you already have three or four credit cards. This

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Speaker 1: isn't in your best interest like it is for the

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Speaker 1: greater good that credit checks had done on the flip

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Speaker 1: side of that, though, credit checks are also done to

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Speaker 1: protect the borrower, to protect after pay. If they did that,

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Speaker 1: they'd say.

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Speaker 2: Ugh, g has a yacht.

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Speaker 1: Probably shouldn't be lending to that person. And they look

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Speaker 1: at Jess, who's been saving for a first home very diligently,

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Speaker 1: I might add, and doing you know, everything right, and

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Speaker 1: has really great cash flow, and that would be reflected

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Speaker 1: on her credit report, meaning she's a better contender to

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Speaker 1: lend to. So at the moment, they're just like spraying

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Speaker 1: it out everywhere and not really minding who goes where

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Speaker 1: or what. And the people like George who have yachts

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Speaker 1: are the ones that are paying late fees because they're

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Speaker 1: not good at managing their money and they're not good

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Speaker 1: at the cash flow side of things. But then this

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Speaker 1: company is, you know, showcasing people like Jess, and they're like,

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Speaker 1: oh my gosh, it's just a tool that she uses

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Speaker 1: to be in charge of her cash. It's like, no,

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Speaker 1: people are turning to this because they can't afford things,

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Speaker 1: not because they want good cash flow. Because if you

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Speaker 1: want good cash flow, I can give you a system

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Speaker 1: that's like after pay with your own bank account.

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Speaker 3: In terms of this debt that is making news, it's

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Speaker 3: clearly massive, it's substantial. But who is it substantial for.

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Speaker 3: Is it for the investors who are looking at after

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Speaker 3: pays a good option or is it for after paid.

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Speaker 2: Users or ken or lost dogs? Okay, talk me through that.

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Speaker 4: Why.

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Speaker 1: So the debt that they carry is obviously their own

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Speaker 1: debt from spending money on growing their company, but also

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Speaker 1: the debt that individuals have with after pay, because at

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Speaker 1: the end of the day, the brunt it stops with

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Speaker 1: them and they're the ones that are in debt technically.

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Speaker 1: So when you use after pay, you're going, all right, well,

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Speaker 1: I'll put this one hundred dollar item on after pay,

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Speaker 1: and that's a debt that you owe to after pay.

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Speaker 1: So therefore, on the balance sheet of after pay it

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Speaker 1: sits in their liabilities column and it would say Georgia

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Speaker 1: King one hundred dollars. So that's a debt that they

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Speaker 1: haven't recovered yet. And every single user, and Jess, I

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Speaker 1: think you said before there were eleven million of them.

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Speaker 2: Yeah, it was eleven million in I believe twenty twenty,

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Speaker 2: so okay, so.

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Speaker 1: Arguably quite a few more ways definitely more than that,

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Speaker 1: but there would be a line item technically for every

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Speaker 1: single person that uses after pay with what they owe,

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00:17:07,359 --> 00:17:09,239
Speaker 1: and then if you add all of that up, that

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Speaker 1: would be some of their debt. So I think it's

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Speaker 1: interesting because jess that would be a real big spreadsheet.

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Speaker 1: That would be spreadsheet that would intimidate that. Yeah, they

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Speaker 1: probably don't use spreadsheets anymore.

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Speaker 2: They've probably got some very fancy back end stuffwere I

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Speaker 2: would imagine.

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Speaker 1: I'm just taking a stab in the dark.

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Speaker 2: I just assume.

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00:17:26,080 --> 00:17:28,320
Speaker 1: But if we boil it down, that's how it works.

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Speaker 1: They have this line item that's Georgia King or jessic Ricci,

396
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Speaker 1: and that's how much you own.

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Speaker 2: It gets added up.

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00:17:34,040 --> 00:17:37,240
Speaker 1: So if George Ow's one hundred dollars and Jesso's fifty dollars,

399
00:17:37,520 --> 00:17:40,280
Speaker 1: their debt collectively that they haven't recovered yet its one

400
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Speaker 1: hundred and fifty dollars. Does that make sense?

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00:17:42,600 --> 00:17:45,720
Speaker 2: Yeah, I wonder if that's the reason why. So after

402
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Speaker 2: Pay if you didn't know if anyone listening at home

403
00:17:48,280 --> 00:17:50,760
Speaker 2: was purchased by Block, which is like a tech company.

404
00:17:50,760 --> 00:17:52,520
Speaker 2: There are a number of companies that they own that's

405
00:17:52,560 --> 00:17:55,760
Speaker 2: all very stock standard. But when they purchased after pay,

406
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Speaker 2: the projected growth was at seventy percent, So, which.

407
00:17:58,800 --> 00:18:01,679
Speaker 1: Is wild, Like, that's a good purchase, right you go, ooh,

408
00:18:01,720 --> 00:18:03,000
Speaker 1: seventy percent return.

409
00:18:02,920 --> 00:18:06,600
Speaker 2: Voyners sounds incredible on paper and would probably have played

410
00:18:06,600 --> 00:18:08,399
Speaker 2: a very big part in the amount of money the

411
00:18:08,440 --> 00:18:11,719
Speaker 2: Block chose to spend and all of those kinds of things. However,

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Speaker 2: now with their current financial position, it's actually only running

413
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Speaker 2: at about twenty five to thirty percent.

414
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Speaker 1: And that is a massive decrease, especially considering the premium

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Speaker 1: that Block had to pay for after pay, Like they

416
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Speaker 1: didn't just pay what after pay was valued at. They

417
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Speaker 1: paid a massive premium because they're like, you are the

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Speaker 1: biggest buy now, pay later in the world.

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Speaker 2: We want to own you. They already own Zippay. The

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Speaker 2: people who own Block are the people who own Twitter.

421
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Speaker 2: Like they are big. They're going for collecting data. It

422
00:18:39,760 --> 00:18:42,359
Speaker 2: was worth it to them, but like, you'd be pretty

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Speaker 2: peeved if you had made such a big investment to

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Speaker 2: then have it, yeah, not work out the way you

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Speaker 2: wanted it to. Hey, wild When I was looking into

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Speaker 2: some articles on this particular topic, because they have been

427
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Speaker 2: a whole bunch of them popping up all across the

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Speaker 2: finance space. Over the past week, I saw a few

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Speaker 2: different outlets reports that there is now concern that because

430
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Speaker 2: by now pay later platforms and you know after Pay

431
00:19:05,640 --> 00:19:08,760
Speaker 2: obviously being the leader in that space, are operating at

432
00:19:08,800 --> 00:19:12,000
Speaker 2: such significant losses, there's concern now that that will actually

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Speaker 2: trigger us some kind of massive financial crisis, which is very.

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Speaker 1: But it's very possible. So in two thousand and eight,

435
00:19:18,680 --> 00:19:21,159
Speaker 1: we saw the start of the Global Financial Crisis or

436
00:19:21,200 --> 00:19:23,199
Speaker 1: the GFC. I refer to this a lot in the

437
00:19:23,240 --> 00:19:26,360
Speaker 1: podcast because it's where a lot of people lost a lot.

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Speaker 2: Of money because they sold down, right, Yes and no.

439
00:19:28,880 --> 00:19:32,240
Speaker 1: So firstly, yes, because the emotional investment journey means that

440
00:19:32,280 --> 00:19:35,320
Speaker 1: when things are crashing, we want to hold everything close,

441
00:19:35,480 --> 00:19:37,719
Speaker 1: and we go, oh my gosh, my shares are crashing

442
00:19:37,720 --> 00:19:39,880
Speaker 1: in value, and I want to turn them all into

443
00:19:39,880 --> 00:19:41,840
Speaker 1: cash so that I can hold them close and not

444
00:19:41,880 --> 00:19:44,440
Speaker 1: feel that loss anymore, because I will just crystallize it.

445
00:19:44,400 --> 00:19:45,240
Speaker 2: And it'll stop it.

446
00:19:45,480 --> 00:19:47,480
Speaker 1: So yes, yes, a lot of people lost a lot

447
00:19:47,520 --> 00:19:49,560
Speaker 1: of money because it was going down and they just

448
00:19:49,600 --> 00:19:52,880
Speaker 1: got really anxious and sold out. Understandable. But a lot

449
00:19:52,920 --> 00:19:55,840
Speaker 1: of people also lost a lot of money because companies

450
00:19:55,840 --> 00:19:59,159
Speaker 1: were carrying a shitload of really bad debt. And that

451
00:19:59,320 --> 00:20:01,360
Speaker 1: is what we see again in the buy now, pay

452
00:20:01,440 --> 00:20:03,480
Speaker 1: later space, like how are they going to pay that back?

453
00:20:03,800 --> 00:20:06,480
Speaker 1: Think about how much debt they have and how they've

454
00:20:06,560 --> 00:20:10,200
Speaker 1: never actually, ever, ever, ever turned a profit. This company

455
00:20:10,240 --> 00:20:13,600
Speaker 1: has never produced a dividend for any of the investors.

456
00:20:13,920 --> 00:20:18,200
Speaker 1: Yet when we look at the share market, afterpays pretty glamory, right,

457
00:20:18,200 --> 00:20:20,960
Speaker 1: it's pretty glitzy. People go, oh, do you buy after pay?

458
00:20:21,040 --> 00:20:21,159
Speaker 3: Oh?

459
00:20:21,240 --> 00:20:23,399
Speaker 1: Yeah, I bought it when it was XYZ. It's like,

460
00:20:23,560 --> 00:20:25,880
Speaker 1: as an advisor, I obviously can't be like, oh, buy

461
00:20:25,960 --> 00:20:28,040
Speaker 1: this or buy that, but we're not really talking about

462
00:20:28,080 --> 00:20:30,480
Speaker 1: it being a good share or a bad share to purchase.

463
00:20:30,800 --> 00:20:34,040
Speaker 1: It just confuses me around people's portrayal of what that

464
00:20:34,119 --> 00:20:36,520
Speaker 1: looks like, because if you look at the financials, you're like,

465
00:20:36,640 --> 00:20:37,200
Speaker 1: that's cool.

466
00:20:37,720 --> 00:20:38,880
Speaker 2: That's not good at all.

467
00:20:38,960 --> 00:20:42,080
Speaker 1: I see the potential. I see the blocks now bought it.

468
00:20:42,200 --> 00:20:44,760
Speaker 1: But block buying it to me, should have meant that

469
00:20:44,800 --> 00:20:46,640
Speaker 1: the company would then be successful.

470
00:20:47,240 --> 00:20:51,200
Speaker 2: Is it no big picture question? If they're in these

471
00:20:51,440 --> 00:20:54,040
Speaker 2: huge amounts of debt that they're like, you're looking at

472
00:20:54,080 --> 00:20:56,800
Speaker 2: out going, how could you possibly repay that? Is that

473
00:20:57,000 --> 00:21:01,120
Speaker 2: why they're spending so much money on marketing because they're

474
00:21:01,160 --> 00:21:04,080
Speaker 2: trying to generate users that they're hoping will pay late

475
00:21:04,119 --> 00:21:06,239
Speaker 2: fees so that they can then afford to pay off

476
00:21:06,280 --> 00:21:08,600
Speaker 2: some of their debt. I don't think it's late fees

477
00:21:08,720 --> 00:21:11,560
Speaker 2: because they are a lending company. At the end of

478
00:21:11,600 --> 00:21:14,440
Speaker 2: the day, it might not cost you, as the consumer anything,

479
00:21:14,600 --> 00:21:17,639
Speaker 2: but they are borrowing out money and making money on

480
00:21:17,680 --> 00:21:20,040
Speaker 2: that money. So you don't see that, you don't feel

481
00:21:20,080 --> 00:21:22,800
Speaker 2: that because essentially we're very small fish in the grand

482
00:21:22,800 --> 00:21:25,439
Speaker 2: scheme of lending out money. But at the end of

483
00:21:25,480 --> 00:21:27,680
Speaker 2: the day, I also don't think that their late fees

484
00:21:27,680 --> 00:21:30,600
Speaker 2: are ever going to be enough to pay off their debt.

485
00:21:30,760 --> 00:21:33,320
Speaker 2: It's just a very big portion of the income they derive.

486
00:21:33,359 --> 00:21:35,520
Speaker 2: And I just feel like they say one thing and

487
00:21:35,600 --> 00:21:37,840
Speaker 2: then you know, the numbers are speaking a little bit

488
00:21:37,880 --> 00:21:41,040
Speaker 2: louder as to what their true values are. Because if

489
00:21:41,040 --> 00:21:43,080
Speaker 2: it was so important to them to be putting their

490
00:21:43,080 --> 00:21:46,080
Speaker 2: consumers in the best possible position, and it was important

491
00:21:46,080 --> 00:21:48,320
Speaker 2: for them for you not to incur late fees, and oh,

492
00:21:48,359 --> 00:21:50,280
Speaker 2: they don't care about that income, it's just a part

493
00:21:50,320 --> 00:21:53,000
Speaker 2: of it. Don't have the late fees, then yeah, exactly,

494
00:21:53,080 --> 00:21:55,560
Speaker 2: especially coming out of COVID, then why are they there.

495
00:21:55,720 --> 00:21:58,560
Speaker 2: I completely understand your account being crystallized so you couldn't

496
00:21:58,560 --> 00:22:01,359
Speaker 2: make any more purchases. I can play understand it impacting

497
00:22:01,440 --> 00:22:05,240
Speaker 2: your credit report. I completely understand you being in a

498
00:22:05,240 --> 00:22:08,200
Speaker 2: position where a debt collector comes and asks for that

499
00:22:08,320 --> 00:22:10,359
Speaker 2: money back. I'm not saying they should just write off

500
00:22:10,359 --> 00:22:12,520
Speaker 2: the money because oh, Jeff spent it and shouldn't have

501
00:22:12,600 --> 00:22:13,840
Speaker 2: a yolo like.

502
00:22:13,880 --> 00:22:15,800
Speaker 1: That's not in at all. I'm saying Jeff should pay

503
00:22:15,800 --> 00:22:18,600
Speaker 1: back her money. But does that mean she has to

504
00:22:18,640 --> 00:22:22,720
Speaker 1: incur a fee? I mean, credit cards have interest rates,

505
00:22:22,720 --> 00:22:24,720
Speaker 1: so that makes sense, and they rack up over time.

506
00:22:24,920 --> 00:22:27,760
Speaker 1: Arguably that's very detrimental as well. But the thing credit

507
00:22:27,800 --> 00:22:30,240
Speaker 1: cards have that after pay doesn't is the credit check

508
00:22:30,280 --> 00:22:32,919
Speaker 1: to make sure that you're a responsible person to lend to.

509
00:22:33,119 --> 00:22:36,000
Speaker 3: So B If they don't make their money from late fees,

510
00:22:36,040 --> 00:22:39,520
Speaker 3: despite that being quite a significant sum, how are they

511
00:22:39,600 --> 00:22:41,439
Speaker 3: making their money now?

512
00:22:41,480 --> 00:22:45,760
Speaker 1: This is a spicy topic, and my partner Steven shout

513
00:22:45,760 --> 00:22:47,920
Speaker 1: out to the guy who's never listened to our podcast

514
00:22:47,920 --> 00:22:51,800
Speaker 1: because it makes him feel awkward. But he works in

515
00:22:51,880 --> 00:22:54,560
Speaker 1: data science, right, so he's smart guy, smart cookie. This

516
00:22:54,640 --> 00:22:56,160
Speaker 1: is why we're going to get married to him, guys,

517
00:22:56,240 --> 00:22:57,800
Speaker 1: So I'm trying to get you guys to buy in

518
00:22:57,840 --> 00:22:59,920
Speaker 1: as well, so you've got more interest in my wedding.

519
00:23:00,400 --> 00:23:04,360
Speaker 1: But on the afterpay website it says that they absolutely

520
00:23:04,560 --> 00:23:06,919
Speaker 1: would never sell your data, Jess, So that makes you

521
00:23:06,920 --> 00:23:09,320
Speaker 1: feel pretty good. But they do share it with their

522
00:23:09,320 --> 00:23:11,800
Speaker 1: commercial partners. How do they get around that because they're

523
00:23:11,800 --> 00:23:14,280
Speaker 1: a commercial partner and it's for research. Does it say

524
00:23:14,359 --> 00:23:18,159
Speaker 1: that after pays retailers and commercial partners are independent of

525
00:23:18,240 --> 00:23:21,600
Speaker 1: after pay and may have privacy policies that differ from us.

526
00:23:21,920 --> 00:23:24,800
Speaker 1: But they do share it with third parties who are

527
00:23:24,800 --> 00:23:27,640
Speaker 1: commercial partners, So that could be retailers or if they're

528
00:23:27,680 --> 00:23:30,120
Speaker 1: working with a bank at the time, they could share

529
00:23:30,160 --> 00:23:33,040
Speaker 1: that information because in a way, it's for the greater

530
00:23:33,080 --> 00:23:35,640
Speaker 1: good of the relationship, and right, it benefits the customer

531
00:23:35,680 --> 00:23:37,560
Speaker 1: if we're doing all of this research and it's not

532
00:23:37,680 --> 00:23:40,359
Speaker 1: selling the data. If this bank is paying us to

533
00:23:40,359 --> 00:23:44,040
Speaker 1: do this separate research and therefore we're partnering together and

534
00:23:44,080 --> 00:23:46,600
Speaker 1: they happen to get access to the data, right and

535
00:23:46,680 --> 00:23:49,119
Speaker 1: a lot a lot a lot of companies do this

536
00:23:49,200 --> 00:23:51,280
Speaker 1: where they say, oh no, we would never sell your data,

537
00:23:51,400 --> 00:23:53,840
Speaker 1: and you go Oh that's nice. They don't call it

538
00:23:53,920 --> 00:23:56,520
Speaker 1: selling data when they're sharing it, right.

539
00:23:56,440 --> 00:23:58,480
Speaker 2: So interesting. So it's like, we're not going to sell

540
00:23:58,480 --> 00:24:02,280
Speaker 2: it to a shady telecommunity, we never do that, No,

541
00:24:02,600 --> 00:24:04,600
Speaker 2: but we absolutely might sell it to a big bank

542
00:24:04,600 --> 00:24:06,560
Speaker 2: who's prepared to pay a lot of money for that.

543
00:24:06,720 --> 00:24:09,440
Speaker 1: Yeah, for research carried out. Definitely, not for your data.

544
00:24:09,480 --> 00:24:11,560
Speaker 1: They would never pay for your data because jess, they

545
00:24:11,560 --> 00:24:15,800
Speaker 1: don't sell data, remember wow. But they might share it. Yeah,

546
00:24:15,800 --> 00:24:17,400
Speaker 1: but they might share it along the.

547
00:24:17,320 --> 00:24:20,040
Speaker 2: Way, and that's clearly disclosed on their website in a way.

548
00:24:20,119 --> 00:24:22,119
Speaker 2: But everybody would ever freaking absolutely no.

549
00:24:22,400 --> 00:24:24,960
Speaker 1: Stop getting so upset about this. They would never share

550
00:24:25,000 --> 00:24:29,360
Speaker 1: your data with anybody after pay. They do though, they do, though,

551
00:24:29,480 --> 00:24:32,359
Speaker 1: get us every time. It piss me off because the

552
00:24:32,440 --> 00:24:36,800
Speaker 1: lack of transparency is just wild, like it just it's

553
00:24:36,840 --> 00:24:38,919
Speaker 1: really upsetting. And I'm not saying that after pay the

554
00:24:38,920 --> 00:24:41,320
Speaker 1: only people to do this, So don't get me confused

555
00:24:41,359 --> 00:24:43,080
Speaker 1: when I say that after pay doing this, and they're

556
00:24:43,080 --> 00:24:46,040
Speaker 1: being sneaky, like lots of businesses do this, and they

557
00:24:46,080 --> 00:24:49,280
Speaker 1: do this because data is king. That is the one

558
00:24:49,359 --> 00:24:52,000
Speaker 1: thing that makes your business valuable at the end of

559
00:24:52,040 --> 00:24:54,840
Speaker 1: the day. If you're a Digital twenty twenty two. Company

560
00:24:55,160 --> 00:24:57,800
Speaker 1: data is the thing that you should be prioritizing. This

561
00:24:57,880 --> 00:25:00,879
Speaker 1: is just like a top tip small business advice, but like,

562
00:25:00,960 --> 00:25:04,440
Speaker 1: that's why you should be prioritizing owning your own data.

563
00:25:04,480 --> 00:25:06,280
Speaker 1: And that's why if you've ever spoken to a small

564
00:25:06,280 --> 00:25:09,600
Speaker 1: business owner like over on the Business Bible podcast, they

565
00:25:09,640 --> 00:25:13,000
Speaker 1: really prioritize their eedm so their email lists. And the

566
00:25:13,080 --> 00:25:15,800
Speaker 1: reason they do that is because they actually own those

567
00:25:15,960 --> 00:25:18,640
Speaker 1: as opposed to I have this many followers on Instagram

568
00:25:18,720 --> 00:25:21,679
Speaker 1: or TikTok or Facebook. As we know, those accounts can

569
00:25:21,720 --> 00:25:26,280
Speaker 1: disappear whenever, and your business absolutely goes capute. But when

570
00:25:26,359 --> 00:25:29,520
Speaker 1: you own the data, that's what is the actual value.

571
00:25:29,560 --> 00:25:32,119
Speaker 1: That's what people are paying for. That's what people see,

572
00:25:32,359 --> 00:25:35,000
Speaker 1: and that's why they would be prioritizing having that and

573
00:25:35,040 --> 00:25:37,320
Speaker 1: potentially sharing it, but definitely not selling it.

574
00:25:37,600 --> 00:25:39,560
Speaker 3: Definitely not head to our website to sign up for

575
00:25:39,600 --> 00:25:40,080
Speaker 3: our news.

576
00:25:41,080 --> 00:25:41,480
Speaker 2: Go for it.

577
00:25:42,320 --> 00:25:44,800
Speaker 1: I wouldn't even know how to sell data. Anybody in

578
00:25:44,840 --> 00:25:47,480
Speaker 1: for it. No, our privacy policy says we wouldn't sell data,

579
00:25:47,920 --> 00:25:48,480
Speaker 1: might share it.

580
00:25:50,080 --> 00:25:50,159
Speaker 3: No.

581
00:25:50,480 --> 00:25:51,960
Speaker 1: A see if I would do that, that would be

582
00:25:52,040 --> 00:25:55,440
Speaker 1: so contradictory to everything I believe in ladies.

583
00:25:55,080 --> 00:25:57,680
Speaker 3: It's been a while, a week in fact, since we've

584
00:25:57,720 --> 00:26:00,439
Speaker 3: had a listener question. Should we have You don't want

585
00:26:00,480 --> 00:26:03,720
Speaker 3: to talk about chatter anymore, Let's move on, Okay, no problems,

586
00:26:04,240 --> 00:26:07,320
Speaker 3: Straight to some data. One of our listeners sent into.

587
00:26:07,119 --> 00:26:10,199
Speaker 2: US high Team Shoes on the Money.

588
00:26:10,800 --> 00:26:14,720
Speaker 4: I'm a British expat living in Sydney and I'd like

589
00:26:14,800 --> 00:26:17,520
Speaker 4: to start investing here in Australia as i'd like to

590
00:26:17,520 --> 00:26:22,640
Speaker 4: stay long term, so just for financial security in the future. However,

591
00:26:23,040 --> 00:26:25,040
Speaker 4: when I'm looking into all the apps like rays and

592
00:26:25,119 --> 00:26:27,040
Speaker 4: chair z'se, it says you need to be an Australian

593
00:26:27,080 --> 00:26:30,359
Speaker 4: resident in order to invest. So I was just wondering

594
00:26:30,440 --> 00:26:34,400
Speaker 4: if you knew if it's possible for people on temporary

595
00:26:34,400 --> 00:26:37,119
Speaker 4: work visas to invest in app like these, or what

596
00:26:37,160 --> 00:26:39,879
Speaker 4: would be the best way to start investing.

597
00:26:40,160 --> 00:26:41,840
Speaker 1: Thank you take it away, VDA.

598
00:26:41,960 --> 00:26:42,880
Speaker 3: What's the answer to this one?

599
00:26:42,920 --> 00:26:44,840
Speaker 1: Why do you always come back to me with the

600
00:26:44,880 --> 00:26:46,120
Speaker 1: advice you guys are giving.

601
00:26:46,160 --> 00:26:47,560
Speaker 2: It's almost like you're the expert.

602
00:26:49,000 --> 00:26:51,879
Speaker 1: This is a hard one because I'm so excited that

603
00:26:51,920 --> 00:26:54,240
Speaker 1: you want to invest and that you are so on

604
00:26:54,280 --> 00:26:56,960
Speaker 1: top of it and you're looking into it. But unfortunately,

605
00:26:57,040 --> 00:27:01,600
Speaker 1: because you are a temporary resident. You can't invest directly

606
00:27:01,680 --> 00:27:04,600
Speaker 1: in Australia without permission. And when I say without permission,

607
00:27:04,600 --> 00:27:06,920
Speaker 1: it's not me going yeah, ge King, you can do it.

608
00:27:07,000 --> 00:27:09,560
Speaker 1: I'm more mean legally, you need to get permission as

609
00:27:09,560 --> 00:27:13,119
Speaker 1: a foreign person who is on a temporary residence visa

610
00:27:13,720 --> 00:27:16,679
Speaker 1: to get actual permission from a place called the Foreign

611
00:27:16,720 --> 00:27:20,119
Speaker 1: Investment Review Board or the FIRB, known to the locals

612
00:27:20,359 --> 00:27:23,800
Speaker 1: ERB the FERB, but you need to get permission from

613
00:27:23,840 --> 00:27:26,880
Speaker 1: them to invest in Australia, whether that is shares or property.

614
00:27:27,200 --> 00:27:30,119
Speaker 1: I would also argue that if you're only on a

615
00:27:30,160 --> 00:27:32,840
Speaker 1: temporary visa, I obviously don't know what your long term

616
00:27:32,840 --> 00:27:35,159
Speaker 1: intentions are, whether that is to go back to the

617
00:27:35,240 --> 00:27:38,600
Speaker 1: UK or settle here permanently, and that would change the

618
00:27:38,640 --> 00:27:41,440
Speaker 1: direction of the conversation because if you're planning on going

619
00:27:41,440 --> 00:27:44,199
Speaker 1: home in the next couple of years, I would really

620
00:27:44,280 --> 00:27:47,040
Speaker 1: consider whether investing in Australia is right for you, and

621
00:27:47,080 --> 00:27:49,040
Speaker 1: if it's something you really want to pursue, I'd be

622
00:27:49,040 --> 00:27:51,480
Speaker 1: getting advice on it. So talk to either an accountant

623
00:27:51,520 --> 00:27:53,840
Speaker 1: that you have or a lawyer that you have that

624
00:27:53,920 --> 00:27:57,560
Speaker 1: could help you out in that particular circumstance, because it's

625
00:27:57,600 --> 00:28:00,280
Speaker 1: a really gray area and it completely depends on what

626
00:28:00,320 --> 00:28:02,439
Speaker 1: your future plans are and what the plans are in

627
00:28:02,480 --> 00:28:05,080
Speaker 1: the immediate future, and whether it's even worth it for

628
00:28:05,160 --> 00:28:07,480
Speaker 1: you at this point, because you could be up for

629
00:28:07,520 --> 00:28:10,960
Speaker 1: some pretty hefty tax implications if you do the wrong thing.

630
00:28:11,359 --> 00:28:13,879
Speaker 1: So get advice, I think is the main thing. But

631
00:28:14,119 --> 00:28:17,080
Speaker 1: really understanding that it is quite limited for people who

632
00:28:17,160 --> 00:28:20,399
Speaker 1: are on temporary visas, and that sucks, but hopefully we

633
00:28:20,440 --> 00:28:22,720
Speaker 1: get to keep you and those temporary visas turn into

634
00:28:22,720 --> 00:28:24,760
Speaker 1: permanent once and then you're allowed to invest in whatever

635
00:28:24,760 --> 00:28:26,560
Speaker 1: the hell you want in this country. And with that

636
00:28:26,680 --> 00:28:29,240
Speaker 1: g I think we are actually done with savage d

637
00:28:29,240 --> 00:28:32,880
Speaker 1: after pay again. We've talked about data again. We've talked

638
00:28:32,880 --> 00:28:36,520
Speaker 1: about listener questions again. We've never tackled that topic. So

639
00:28:36,600 --> 00:28:38,880
Speaker 1: that's new and fresh and bright and bubbly. But you

640
00:28:38,920 --> 00:28:41,920
Speaker 1: know what is not new, fresh, bright and bubbly our disclaimer,

641
00:28:42,080 --> 00:28:43,400
Speaker 1: So take it away my life.

642
00:28:43,200 --> 00:28:43,680
Speaker 4: To do it.

643
00:28:43,720 --> 00:28:46,360
Speaker 3: The advice shared on She's on the Money is general

644
00:28:46,440 --> 00:28:50,120
Speaker 3: in nature and does not consider your individual circumstances. She's

645
00:28:50,200 --> 00:28:53,520
Speaker 3: on the Money exists purely for educational purposes and should

646
00:28:53,520 --> 00:28:56,520
Speaker 3: not be relied upon to make an investment or financial decision.

647
00:28:56,680 --> 00:29:01,160
Speaker 3: Wow and remember Victoria Divine is an authorized representative of

648
00:29:01,240 --> 00:29:04,720
Speaker 3: in Focused Securities Australia Propriety Limited a b N four

649
00:29:04,840 --> 00:29:07,640
Speaker 3: seven zero nine seven seven nine seven zero four nine

650
00:29:07,720 --> 00:29:10,720
Speaker 3: a fos L two three six five two three. See

651
00:29:10,720 --> 00:29:12,280
Speaker 3: you next week, guys, See next week