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Speaker 1: She's on the Money.

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Speaker 2: She's on the Money.

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Speaker 3: Hello and welcome to She's on the Money. The smartest

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Speaker 3: podcast in the country, according to the Australian Podcast Awards

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Speaker 3: Wiki d we took kind of goal on the wekend goal.

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Speaker 2: Yes, incredible. I cannot believe it and I did have

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Speaker 2: a little bit of a teary when we were announced TOARS.

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Speaker 2: It was a deep movement, I believe.

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Speaker 3: But it's not the award we thought we would win.

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Speaker 2: I'm not gonna lie. I'm pretty transparent. I did think

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Speaker 2: we had a better chance in business, given we are

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Speaker 2: like the number one podcasting business, not to brag in

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Speaker 2: terms of listenership, obviously not in terms of business quality

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Speaker 2: if you are ask the Podcasting Awards, but the smartest

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Speaker 2: I think that's an epic compliment.

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Speaker 3: We'll take that.

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Speaker 2: I will take that and I'm going to run with it,

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Speaker 2: and I'm probably gonna mention it to everybody meet like

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Speaker 2: when they're like, oh, what do you do as a job.

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Speaker 2: I'm no longer going to say I'm a financial advisor.

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Speaker 2: I'm going to say I'm the smartest podcaster in the country.

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Speaker 2: Because I'm just going to stretch the award to be

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Speaker 2: me individually.

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Speaker 3: That's what I've said as well. I'm like, hey, mum,

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Speaker 3: you've given birth to the smartest person in Australia.

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Speaker 1: Yeah.

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Speaker 2: Like, I'm just going to really take this and run

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Speaker 2: with it because I feel like if they give us

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Speaker 2: an inch, I am going to take the mile.

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Speaker 3: And why there is kind of a bit of a

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Speaker 3: funny twist here because where are we currently recording from.

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Speaker 2: We are currently Georgia Kings sitting on the floor in

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Speaker 2: my home office. You have a beanie over a microphone

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Speaker 2: that is not your regular microphone. You've got a good

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Speaker 2: glass of red in your hand. Because tonight, I, because

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Speaker 2: I'm the smartest podcaster in Australia, locked myself out of

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Speaker 2: our podcast studio right before we're going to record.

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Speaker 3: You did, But I mean that didn't dampen our spirits.

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Speaker 2: We're not.

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Speaker 3: We're ready.

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Speaker 2: It feels we're innovaty.

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Speaker 3: Well, that's it.

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Speaker 2: So if you guys would like to see a photo

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Speaker 2: of how George is recording the podcast, please head to

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Speaker 2: our stories because I'm going to post it as soon

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Speaker 2: as this pod drop.

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Speaker 3: Now we'll get into this show now, guys. For anyone

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Speaker 3: who doesn't know, my name is Georgia King. I'm a

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Speaker 3: copywriter and journalism student. I'm also the smartest person in

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Speaker 3: Australia and every Wednesday I dive deep into a financial

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Speaker 3: conversation with Melbourne based Money with Victoria Define.

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Speaker 2: Hello Georgia King, Hello smart person. Hello.

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Speaker 3: Now Today on the show, we're tackling one of our

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Speaker 3: favorite topics, by now Pay Later. But what we'll be

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Speaker 3: doing in this episode is taking a little deep dive

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Speaker 3: into why they aren't currently being regulated in the same

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Speaker 3: way credit companies are. A recent ABC article revealed that

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Speaker 3: a staggering one in five people using buy now, Pay

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Speaker 3: later schemes mispayments and are racking up serious amounts of debt.

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Speaker 3: Yet despite this, and despite serious concerns from consumer advocates,

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Speaker 3: very little is being done to regulate this industry, leaving

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Speaker 3: vulnerable people even more exposed to being taken advantage of.

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Speaker 3: We are going to be getting into the nitty gritty

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Speaker 3: of this topic and chatting through the state of where

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Speaker 3: things are out when it comes to buying our pay

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Speaker 3: later and what our listeners really do need to be

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Speaker 3: mindful of. But before we get there, and before our

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Speaker 3: money wins and confessions, I wanted to bring up a

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Speaker 3: little bit of correspondence that we had from a few

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Speaker 3: days back from a listener. People who listened to the

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Speaker 3: show week on week will know that the last week

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Speaker 3: Victoria's money win was buying children's shoes. It wasn't your

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Speaker 3: money when it was.

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Speaker 2: No, it was one of our community members' money wins.

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Speaker 2: And they said that they had bought children's shoes instead

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Speaker 2: of adults shoes and saved a bomb.

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Speaker 3: And we were like, what a win. Everyone should do it.

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Speaker 3: Forget adults shoes, they're are rought buy kids shoes. Anyway,

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Speaker 3: Maddie got in touch.

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Speaker 1: I'm a podiatrist in Queensland. I just listened to the

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Speaker 1: podcast and you wanted some clarification on the shoes.

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Speaker 3: Well, I just thought i'd touch base.

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Speaker 1: And just say it's not about the quality of shoes

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Speaker 1: with kids shoes versus adult shoes, it's more so about

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Speaker 1: the amount of material in there. Kids shoes are designed

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Speaker 1: for kids a day weigh fifteen, twenty thirty, maybe forty

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Speaker 1: kilograms versu an adult who can weigh fifty all the

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Speaker 1: way up to one hundred. The materials can't handle the

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Speaker 1: weight of an adult, so therefore they can't support the

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Speaker 1: foot as well. So yeah, that's the difference. Love your podcast,

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Speaker 1: thanks so much.

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Speaker 3: So there you have it. Guys, we were wrong, but

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Speaker 3: a big thank you to Maddie for sending through that memo.

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Speaker 3: If anyone else wants to send through memos, we love

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Speaker 3: hearing your voices was a bit of fun.

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Speaker 2: Yeah, please send memos, jokes, corrections, Yeah, memories for being

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Speaker 2: the smartest podcast in Australia. Literally everything is welcome. But

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Speaker 2: I'm also just going to say that is not deterring

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Speaker 2: me from buying children's shoes because the money win is

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Speaker 2: always going to be trump actual you know, safety information

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Speaker 2: for me. I get it. Money wins, confessions. Let's move along, Georgia.

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Speaker 2: I have a money win that I have been telling

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Speaker 2: everybody this week about. I also do the entire lead

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Speaker 2: up to the story. I tell them how much else

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Speaker 2: going to pay? And then I tell them how much

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Speaker 2: actually we got it for. And I hope that there

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Speaker 2: is shocked and excited as me. So now it is

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Speaker 2: your turn to hear this story. Are you ready lay

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Speaker 2: it on me?

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Speaker 4: Cool?

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Speaker 2: So, as you all know, I also have a financial

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Speaker 2: services business, Zella, and in July we moved offices, which

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Speaker 2: jokes on us was absolutely fruitless because we weren't allowed

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Speaker 2: to even go into the offices. Aside from that, is

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Speaker 2: now November, late November, and we are now allowed to

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Speaker 2: be back in our offices. So I have been looking

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Speaker 2: for a minimum of six chests of draws, you know,

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Speaker 2: those ones that go under your desk, the domain of

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Speaker 2: I'm assuming like really thin steel, have a lock on it,

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Speaker 2: a little bit like a filing cabinet.

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Speaker 3: Just classic office, classic office.

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Speaker 2: Really chic furniture. So I've been looking for those for

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Speaker 2: ages and I went online thinking i'd get a good deal.

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Speaker 2: They range between two hundred and fifty and three hundred

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Speaker 2: dollars per unit, which to me is an absolute raught

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Speaker 2: and absolutely not within budget because eighteen hundred dollars on

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Speaker 2: chest of draws just feels.

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Speaker 3: Like it's lackluster. It's anti climactic.

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Speaker 2: Yeah, and it's for the office, and I just feel

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Speaker 2: like when you have an office, you don't realize how

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Speaker 2: quickly expenses add up and printing ads up and the

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Speaker 2: amount of highlighteds I go through. It's actually insane. Anyway,

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Speaker 2: So one thing led to another. I tried to find

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Speaker 2: a discounted version online and I decided to take a

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Speaker 2: leaf out of my own book and check Facebook marketplace

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Speaker 2: and do you know what I found there? What do

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Speaker 2: you find office straws for thirty dollars per set of

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Speaker 2: office straws? You didn't, Yes, I did, And they are

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Speaker 2: perfect and they are in as new condition, and they

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Speaker 2: have two keys per office straw, which to me is

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Speaker 2: just going above and beyond, like who keeps the spare key?

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Speaker 3: That's a lot. I feel like they are fresh as well.

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Speaker 3: I was just in the office when we were meant

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Speaker 3: to record properly.

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Speaker 2: And they are honestly, they look brand new. And my friends,

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Speaker 2: I got six sets of draws delivered to my office

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Speaker 2: by two lovely men for two hundred dollars.

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Speaker 3: So how much is that?

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Speaker 2: In totally I think it was like ridiculous amounts of money.

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Speaker 2: I can't do quick maths.

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Speaker 3: One hundred.

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Speaker 2: Yeah, it's actually sixteen hundred. I just didn't want to

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Speaker 2: be put on the spot. But I've saved sixteen hundred

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Speaker 2: dollars this week and I could not be more excited.

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Speaker 3: That is that is a huge win.

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Speaker 2: Check the Instagram stories for the pictures of the drawers,

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Speaker 2: which are really lackluster, but I'm excited. So given we

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Speaker 2: are all friends here. You should pretend to be excited

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Speaker 2: for me. Sure, Georgia, have you got something to compete

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Speaker 2: with that?

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Speaker 3: It's not as good?

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Speaker 2: Okay? Well, moving on?

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Speaker 3: As I said last week, recently moved out and by

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Speaker 3: the boys, exactly right. What's essential when you move out?

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Speaker 3: Wineglasses are essential? But didn't have any. Was going to

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Speaker 3: go to kmart, but didn't go to kmart, went to

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Speaker 3: the op shop. What did I find? Six glasses? Really cute,

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Speaker 3: really quirky, vintage twelve dollars.

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Speaker 2: Oh, money win.

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Speaker 3: Big fan of op shopping, always have been. And you

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Speaker 3: know it's short, it's sharp. That's my money win of

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Speaker 3: the week. Guys.

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Speaker 2: Thank you Georgia King. I really relate to that, do

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Speaker 2: you No.

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Speaker 3: Let's move right along to our Facebook group victoria favorite

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Speaker 3: post from the week. What was yours?

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Speaker 2: Okay, So, given I get so much feedback about being

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Speaker 2: mean to you, I am actually going to apologize.

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Speaker 3: I think I get it too.

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Speaker 2: I'm really sorry that I was mean.

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Speaker 3: To you and she apparently mean to me.

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Speaker 2: But yeah, we are actually like very close to being

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Speaker 2: best friends.

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Speaker 3: Because that strange relationship.

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Speaker 2: I will adopt you as my smaller sister, as I

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Speaker 2: would with everybody in our community. Actually, but given we

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Speaker 2: are speaking about community, epic segway from me, I have

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Speaker 2: a money win from our friend Melissa, and I actually

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Speaker 2: loved this because it was quite tenacious. In addition to

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Speaker 2: being an incredible money win, she said she bought her

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Speaker 2: first house if by a letter dropped today. She'd been

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Speaker 2: actively looking since May this year, which in home loan

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Speaker 2: life is actually a really long time because that takes forever,

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Speaker 2: but it also feels really disheartening. But she said she

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Speaker 2: lost a whole heap of homes and I won't read

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Speaker 2: it out because she wrote a very long money win,

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Speaker 2: which I obviously read and a lot of people in

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Speaker 2: our can comunity read this week. But she said that

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Speaker 2: she had dropped a minimum of twenty letters and she

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Speaker 2: only got one callback, and it was the house that

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Speaker 2: she was actually buying. So she had put a letter

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Speaker 2: in somebody's letterbox making an offer, bought a house. She

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Speaker 2: saved thirty grand in real estate fees by skipping the middleman,

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Speaker 2: and it's in her favorite suburb. It is her perfect

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Speaker 2: house in a perfect location. It is one street from

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Speaker 2: her sister, two streets from the school and the shops

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Speaker 2: and it's in between both of their parents. She said,

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Speaker 2: there's so much room for growth and she did it

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Speaker 2: all on her own. And I actually love that because

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Speaker 2: she got the perfect dream house for her that might

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Speaker 2: not have actually been marketed in the first place.

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Speaker 3: Well that's it. You never know if you don't ask,

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Speaker 3: so hey, pop letters and people's letterboxes.

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Speaker 2: Honestly, guys, the worst someone can say is no, and

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Speaker 2: no doesn't mean bad. It just means no. They're not

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Speaker 2: interested in your offer, they aren't offended by it. So

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Speaker 2: I really love that. There was a very cute picture

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Speaker 2: of her and I'm assuming her partner popping some champagne.

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Speaker 2: I would love to know what your money win from

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Speaker 2: the community is this week, because I feel like this

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Speaker 2: week had some epic money wins in it.

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Speaker 3: This week was amazing, Vie, but it is always amazing.

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Speaker 3: My little money win is from Tenaya, who has a

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Speaker 3: major money win.

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Speaker 2: Not our graphics designer, graphic.

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Speaker 3: Designer, the gorgeous also Tenaya. It's a different Tenaya, and

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Speaker 3: she's looking gorgeous in the photo that she's added here.

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Speaker 3: So she's always wanted a mirror with the lights kind

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Speaker 3: of framing it. But she didn't say exactly right. Yeah, yeah,

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Speaker 3: but she didn't have the money, and she's not really

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Speaker 3: a makeup wearer, which I can relate to. I don't

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Speaker 3: really wear it either.

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Speaker 2: I'm not gonna lie. Why do you want the makeup mirror?

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Speaker 1: Then?

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Speaker 2: Okay, this is just me.

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Speaker 3: Maybe she just likes the look of it.

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Speaker 2: You know, they are really good vibe. Yeah, I'm here

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Speaker 2: for it.

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Speaker 3: So she found this mirror on her local buyer, sell

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Speaker 3: and swap page, which I'm assuming is a Facebook thing

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Speaker 3: for twenty dollary dues.

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Speaker 2: That is very good. I feel like twenty bucks is

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Speaker 2: like a purchase that you think about quickly but also

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Speaker 2: don't feel too much, but at the same time you

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Speaker 2: still do have to think is it worth twenty bars?

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Speaker 3: Exactly right? Okay, so the reason it was so cheap

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Speaker 3: was because there were a few dud light globes in there.

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Speaker 3: But she messaged her partner asked if he could take

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Speaker 3: a little look because he's an HBAC technician, which comes

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Speaker 3: with your handy. Yeah right, so he's like an licensed electrician.

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Speaker 3: I guess is what that means. And here we are.

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Speaker 3: She's got the beautiful frame in the photo. It fits perfectly,

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Speaker 3: and she saved herself four hundred and ninety dollars.

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Speaker 2: That's an epic money win.

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Speaker 3: It's a huge money win, especially when you it's something

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Speaker 3: you really want and you know looks.

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Speaker 2: Good, especially when it's so cheap. I feel like I

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Speaker 2: love she's on the money for the community where we

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Speaker 2: share all of our money wins and confessions. But it's

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Speaker 2: also like, if you're at a point where you want

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Speaker 2: to share it with the community, you've probably been telling

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Speaker 2: everybody about it as well, just like my drawers, Like

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Speaker 2: I've been telling everybody, And I was so close to

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Speaker 2: posting it in the Facebook group, and I'm probably still

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Speaker 2: going to post it in the Facebook group. I just

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Speaker 2: wanted to tear it first on the pod.

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Speaker 3: Yeah, yeah, I was just thinking with that mirror. We

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Speaker 3: actually have one those in the pod studio, don't we.

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Speaker 2: We actually do the pod studio that this week we

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Speaker 2: locked ourselves out of. Thanks for reminding us.

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Speaker 3: Let's move on to today's main topic, NAVI. One of

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Speaker 3: the most common celebrations we have in our community is

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Speaker 3: when people shut down their after pay or zip pay accounts.

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Speaker 2: Yes, I love that for them. I'd also really like

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Speaker 2: it on record that I've never told anybody in the

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Speaker 2: history of ever to shut their after pay or their

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Speaker 2: zip pay accounts. I think you guys have just like

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Speaker 2: kind of read between the lines and decided it wasn't

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Speaker 2: a good idea for you, and just you even saying it. Yeah,

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Speaker 2: I literally haven't, and I just really felt like it's

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Speaker 2: not necessary for that to be on the record. But

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Speaker 2: I never gave that advice. I never said go and

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Speaker 2: shut your after pay accounts. But I did say was

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Speaker 2: maybe reconsider it if it's not something that actually helps you. Yeah,

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Speaker 2: And I'm really glad that you guys are making decisions

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Speaker 2: that work for you. I don't know, it's not obviously

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Speaker 2: essential for me to disclaimer it, but at the end

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Speaker 2: of the day, like, I really love that you guys

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Speaker 2: are so passionate about shutting it down because the research

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Speaker 2: that I'm sure you're about to read out order because

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Speaker 2: you always come prepared and I just kind of free

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Speaker 2: range zip Pay. Did you know that they made sixty

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Speaker 2: percent of their revenue from consumers, almost all being account fees.

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Speaker 3: What does that as in people that haven't paid on time?

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Speaker 2: Yeah, Oh, well, account fees for having zip pay, because

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Speaker 2: they've got fees for having for pay accountants. Yeah, but

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Speaker 2: on top of that, you know, they're a product that

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Speaker 2: charges the retailer, so you would think that maybe they'd

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Speaker 2: make their money from the retailer, when they don't. They

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Speaker 2: make it from you guys.

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Speaker 3: They double it. Do they make anything from the retailer?

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Speaker 2: Do you know after pay has a percentage that they

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Speaker 2: charged the retailer, which is all hush hush. It's very

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Speaker 2: hard to find unless you are an after pay merchant,

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Speaker 2: in which case you can actually find that information. But

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Speaker 2: it's not easily available, which is crazy. And I just yeah, anyway,

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Speaker 2: I will let you get on with it before I

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Speaker 2: still or your statistics.

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Speaker 3: Find that interesting because I guess the retailers would have

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Speaker 3: the benefit of people who may not have already been

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Speaker 3: buying their products buying them because now they can use

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Speaker 3: after pay.

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Speaker 2: Absolutely absolutely, and that's kind of like the draw card

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Speaker 2: of after pay for a retailer.

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Speaker 3: Right.

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Speaker 2: So, say I have a small business and I sell candles.

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Speaker 2: The reason I would get after pay is because people

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Speaker 2: are more likely to purchase from me and purchase a candle.

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Speaker 2: And the reason it's beneficial to me as a small

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Speaker 2: business is because cash flow is king, right, Like that

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Speaker 2: is the same for you and I like, at the

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Speaker 2: end of the day, the best outcome is having the

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Speaker 2: maximum amount of money that we can possibly earn going

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Speaker 2: into our bank account with not that many fees, I ate,

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Speaker 2: not that many things in our budget that we have

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Speaker 2: to you know, outlay. So the draw card with after

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Speaker 2: pay is you pay them a nominal amount, which is

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Speaker 2: usually a percentage of your candle. So say you pay

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Speaker 2: thirty bucks and you're paying after pay four dollars. It

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Speaker 2: means you get paid immediately. So the retailer or my

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Speaker 2: candle business gets that full thirty dollars at the beginning,

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Speaker 2: and then after pay they chase the debt for that client.

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Speaker 2: So it's putting the risk on them, and you pay

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Speaker 2: for that privilege, which is great because you have cash

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Speaker 2: flow for your business. But then as a consumer, if

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Speaker 2: you then over commit, the risk is enough to pay,

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Speaker 2: which is why they have late fees and stuff like that,

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Speaker 2: because they need to manage their risk.

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Speaker 3: Yeah, okay, we will get into that because I'm no, no, no,

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Speaker 3: that was good. And so it sounds like the retailer

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Speaker 3: wins after pay wins slash by now pay later schemes win,

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Speaker 3: but the consumer doesn't. Necessarily win anyway, we will get

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Speaker 3: back to that. Staggeringly, the number of buy now Pay

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Speaker 3: Later transactions increased from sixteen point eight million in the

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Speaker 3: twenty seventeen to twenty eighteen financial year to thirty two

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Speaker 3: million the following year, which is an increase of ninety percent.

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Speaker 3: It's basically double. So these companies are moving from strength

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Speaker 3: to strength. And the kicker is that they don't have

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Speaker 3: to operate within the same regulations that credit card companies

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Speaker 3: adhere to, which means they have no legal obligation to

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Speaker 3: make sure that people using their services can actually afford

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Speaker 3: to use those services. Victoria, you always say that nor

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Speaker 3: one plans to go into debt, and you also did

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Speaker 3: a whole show in season one after pay but I

355
00:16:01,360 --> 00:16:03,800
Speaker 3: was hoping as a little recap to start us off,

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Speaker 3: you could talk us through what the deal is with

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Speaker 3: buy now, Pay later providers, including how they work and

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Speaker 3: what your take is on them.

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Speaker 2: So most of you guys are going to be across

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Speaker 2: by now pay later schemes because we talk about them

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Speaker 2: all the time. But for any of you who don't

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Speaker 2: know what they are, just want some more clarification, don't

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00:16:20,400 --> 00:16:22,840
Speaker 2: quite get it because they are quite complex when you

364
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Speaker 2: start looking under the hood. A buy now, pay later

365
00:16:25,520 --> 00:16:28,400
Speaker 2: scheme generally allows you to have your purchase now and

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Speaker 2: pay for incrementally over a set period of time. It's

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Speaker 2: quite helpful in this way because instead of forking out

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Speaker 2: two hundred bucks for something in one go, you only

369
00:16:37,640 --> 00:16:39,520
Speaker 2: have to put up with fifty dollars and then you

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00:16:39,560 --> 00:16:42,520
Speaker 2: can pay for the rest off over time. Now, Georgia,

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Speaker 2: I was actually talking to you before this episode about

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Speaker 2: how this isn't actually a new concept, so it might

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Speaker 2: feel quite new because after pay is relatively new to

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Speaker 2: the market. But I would like to just refresh your

375
00:16:54,840 --> 00:16:58,880
Speaker 2: memories on our friend Jerry Harvey, who haven't own Harvey Norman,

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Speaker 2: And I bet my dollar that you guys remember your

377
00:17:01,960 --> 00:17:06,680
Speaker 2: parents or someone that you know purchasing a furniture package

378
00:17:06,800 --> 00:17:09,119
Speaker 2: or a fridge, or a brand new TV or a

379
00:17:09,200 --> 00:17:13,040
Speaker 2: kitchen age on his twenty four month interest free payment

380
00:17:13,080 --> 00:17:15,000
Speaker 2: scheme where you got to take home that day and

381
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Speaker 2: then pay it off, and he charged you an exorbitant

382
00:17:17,560 --> 00:17:20,240
Speaker 2: amount of interest if you one didn't meet the payments

383
00:17:20,359 --> 00:17:22,800
Speaker 2: or two went over the amount of time that the

384
00:17:22,880 --> 00:17:26,200
Speaker 2: loan was four. Now, that was established by a company

385
00:17:26,240 --> 00:17:29,359
Speaker 2: called Latitude Financial Services, which you guys would probably see

386
00:17:29,400 --> 00:17:31,680
Speaker 2: a lot about in the media at the moment because

387
00:17:31,720 --> 00:17:34,600
Speaker 2: they have become quite large. But I just really wanted

388
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Speaker 2: to bring that up because I was also having a

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Speaker 2: chat with my really good friend David, who I will

390
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Speaker 2: probably tell you about in a couple of episodes because

391
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Speaker 2: he's business He's going to partner with us soon and

392
00:17:44,040 --> 00:17:47,919
Speaker 2: I'm incredibly excited. But we're having this chat and it

393
00:17:48,040 --> 00:17:50,560
Speaker 2: just really annoyed me that everybody thinks that it's so

394
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Speaker 2: brand new, but there have been people out there taking

395
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Speaker 2: advantage of us for longer than we actually comprehended. So

396
00:17:57,560 --> 00:18:00,280
Speaker 2: regardless of all of this, the appeal is to make

397
00:18:00,320 --> 00:18:03,359
Speaker 2: it incredibly dangerous, and it can become quite addictive to

398
00:18:03,400 --> 00:18:06,120
Speaker 2: buy things. So it leaves us in a position where

399
00:18:06,160 --> 00:18:08,560
Speaker 2: we are paying for things that we either can't afford

400
00:18:08,600 --> 00:18:10,400
Speaker 2: to pay back or we're not able to pay back

401
00:18:10,480 --> 00:18:13,399
Speaker 2: over the longer term. Because during that period of time,

402
00:18:13,560 --> 00:18:15,760
Speaker 2: while we might think, oh, yeah, I'll have fifty dollars

403
00:18:15,800 --> 00:18:18,160
Speaker 2: next month to make that payment, we don't think about

404
00:18:18,160 --> 00:18:21,040
Speaker 2: that payment again and pre commit that money to something else,

405
00:18:21,080 --> 00:18:23,080
Speaker 2: whether that is going out for drinks with our friends

406
00:18:23,400 --> 00:18:27,200
Speaker 2: or buying another outfit, or buying a TV from Harvey Norman,

407
00:18:27,520 --> 00:18:30,600
Speaker 2: we find ourselves in a position where often paying it

408
00:18:30,640 --> 00:18:33,960
Speaker 2: back is actually harder than we first anticipate it. That,

409
00:18:34,080 --> 00:18:37,080
Speaker 2: of course lands us in a seat of late fees

410
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Speaker 2: and fun fact, actually they're not all fun. After Pay

411
00:18:40,200 --> 00:18:44,560
Speaker 2: charge their customers a total of forty six million dollars

412
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Speaker 2: in late fees in twenty nineteen, which gives you some

413
00:18:48,640 --> 00:18:53,000
Speaker 2: indication of how problematic these providers are for so many people.

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Speaker 2: This is also the reason why I think that there

415
00:18:55,600 --> 00:18:58,480
Speaker 2: should be regulation around these things, and we're going to

416
00:18:58,520 --> 00:19:01,080
Speaker 2: get into that quite surely. In terms of what my

417
00:19:01,240 --> 00:19:05,800
Speaker 2: personal take is, I think genuinely that if you are

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00:19:05,960 --> 00:19:09,960
Speaker 2: using these services, probably they can probably work really well

419
00:19:09,960 --> 00:19:13,400
Speaker 2: for people. I think for a majority of people, especially

420
00:19:13,400 --> 00:19:15,760
Speaker 2: in our community. Now, I feel like I really know

421
00:19:15,880 --> 00:19:19,120
Speaker 2: you guys, it's probably smarter to save your money first,

422
00:19:19,560 --> 00:19:22,000
Speaker 2: work it into your budget, and then make that purchase.

423
00:19:22,080 --> 00:19:24,080
Speaker 2: But in saying that, I know there are going to

424
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Speaker 2: be some people listening to this episode that go Victoria,

425
00:19:27,440 --> 00:19:29,520
Speaker 2: I've been using after pay for ages and it's a

426
00:19:29,560 --> 00:19:32,200
Speaker 2: really great tool for my cash flow in that case,

427
00:19:32,400 --> 00:19:36,080
Speaker 2: fantastic for you, but it is really still important to

428
00:19:36,160 --> 00:19:39,000
Speaker 2: be aware of the traps that these schemes can actually

429
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Speaker 2: lead us down.

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Speaker 3: Yeah, and they do tend to lead the majority down

431
00:19:43,400 --> 00:19:46,760
Speaker 3: those paths. As we will get to Victoria. You did

432
00:19:46,800 --> 00:19:49,280
Speaker 3: just say it, but you do think that by now

433
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Speaker 3: pay later schemes should be regulated.

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Speaker 2: Absolutely.

435
00:19:51,320 --> 00:19:51,520
Speaker 3: I do.

436
00:19:51,640 --> 00:19:55,439
Speaker 2: Credit cards have to do work around mandated responsible lending criteria.

437
00:19:55,560 --> 00:19:58,320
Speaker 2: They can't just actually approve anyone for a credit card.

438
00:19:58,680 --> 00:20:01,280
Speaker 2: Historically they could, though they're no longer allowed to do

439
00:20:01,440 --> 00:20:05,200
Speaker 2: that though. ASEK, which is the Australian Securities Investment Commission,

440
00:20:05,359 --> 00:20:09,040
Speaker 2: licenses and regulates banks, credit unions and brokers to make

441
00:20:09,080 --> 00:20:11,240
Speaker 2: sure they don't allow you to access credit if you

442
00:20:11,320 --> 00:20:13,679
Speaker 2: actually can't afford to pay it back. And this is

443
00:20:13,720 --> 00:20:16,880
Speaker 2: a really important piece because at the end of the day,

444
00:20:17,040 --> 00:20:20,399
Speaker 2: if you're not mandated, like where are the rules, it

445
00:20:20,560 --> 00:20:22,520
Speaker 2: kind of becomes the wild West. And I just don't

446
00:20:22,560 --> 00:20:25,439
Speaker 2: think that that's fair on people because I'm assuming that

447
00:20:25,480 --> 00:20:27,920
Speaker 2: for most people who sign up to after pay, they

448
00:20:28,000 --> 00:20:32,040
Speaker 2: just assume that these companies, and I keep saying after pay,

449
00:20:32,119 --> 00:20:34,760
Speaker 2: it's because it's the biggest one. There's after pay, this pay,

450
00:20:34,800 --> 00:20:37,240
Speaker 2: there's open pay, there's so many different types of pay.

451
00:20:37,240 --> 00:20:40,480
Speaker 2: There's a new one called Klana. Like there are so many,

452
00:20:40,600 --> 00:20:42,960
Speaker 2: they have different branding. They all say that they're putting

453
00:20:43,040 --> 00:20:46,160
Speaker 2: us first, but none of them, Georgia, are putting us

454
00:20:46,160 --> 00:20:49,520
Speaker 2: in a position where we are having our credit scores checked,

455
00:20:49,560 --> 00:20:52,159
Speaker 2: where we are being referenced and making sure that we

456
00:20:52,200 --> 00:20:55,320
Speaker 2: can pay it back. For some of us, we genuinely

457
00:20:55,359 --> 00:20:58,080
Speaker 2: don't have the financial literacy to be in a position

458
00:20:58,280 --> 00:21:00,680
Speaker 2: where we say this isn't the right prodit such for us.

459
00:21:01,000 --> 00:21:03,520
Speaker 2: We assume that because we are in Australia and the

460
00:21:03,560 --> 00:21:05,679
Speaker 2: most Australian thing in the entire world is to have

461
00:21:05,720 --> 00:21:09,520
Speaker 2: each other's back, right, we just assume that everyone will

462
00:21:09,800 --> 00:21:13,040
Speaker 2: And that's sadly not the case. So although by now

463
00:21:13,040 --> 00:21:15,800
Speaker 2: pay later schemes are wrapped up a little bit differently,

464
00:21:16,440 --> 00:21:18,919
Speaker 2: they really are just another form of credit and a

465
00:21:19,040 --> 00:21:22,560
Speaker 2: very very easy way of sliding into completely unplanned debt

466
00:21:22,920 --> 00:21:25,560
Speaker 2: the moment, these guys can literally do whatever they want.

467
00:21:25,640 --> 00:21:28,600
Speaker 2: As I called them before, it's the wild West, which

468
00:21:28,800 --> 00:21:32,919
Speaker 2: in my opinion is pretty unfair. And as I said before,

469
00:21:33,040 --> 00:21:36,560
Speaker 2: not everyone has a good enough financial education to understand

470
00:21:36,840 --> 00:21:38,800
Speaker 2: whether this is helping them or hindering them.

471
00:21:38,960 --> 00:21:41,800
Speaker 3: Well, that's the thing like, with the way they market themselves,

472
00:21:41,960 --> 00:21:44,359
Speaker 3: You're not silly for thinking that they are helping you

473
00:21:44,440 --> 00:21:46,080
Speaker 3: out because that's what they want you to think.

474
00:21:46,400 --> 00:21:50,199
Speaker 2: Absolutely, and it's really sad. But a Center inquiry in

475
00:21:50,280 --> 00:21:53,520
Speaker 2: early September this year surmise that by now pay later

476
00:21:53,600 --> 00:21:56,520
Speaker 2: platforms can self regulate and don't need to be mandated

477
00:21:56,560 --> 00:21:59,960
Speaker 2: to do so. So lots of consumer groups are arguing

478
00:22:00,720 --> 00:22:03,639
Speaker 2: justified in being worried about this, And I'm worried about this,

479
00:22:03,760 --> 00:22:06,760
Speaker 2: and I definitely think it's a really big issue for Australians,

480
00:22:07,000 --> 00:22:11,560
Speaker 2: particularly the younger generation, particularly the younger generations of Australians

481
00:22:11,800 --> 00:22:15,600
Speaker 2: who are actually responsible for sixty one percent of all

482
00:22:15,680 --> 00:22:18,640
Speaker 2: buy now, pay later transactions, and they're also the ones

483
00:22:18,680 --> 00:22:20,960
Speaker 2: who are missing the most payments and racking up those

484
00:22:21,040 --> 00:22:21,719
Speaker 2: late fees.

485
00:22:22,119 --> 00:22:24,359
Speaker 3: And what is a young person? What is class as

486
00:22:24,359 --> 00:22:24,960
Speaker 3: a young person?

487
00:22:25,280 --> 00:22:27,480
Speaker 2: It is someone under the edge of thirty five. But

488
00:22:27,520 --> 00:22:29,280
Speaker 2: I didn't really want to say that because if you're

489
00:22:29,320 --> 00:22:31,400
Speaker 2: listening to this and you are older than thirty five,

490
00:22:31,560 --> 00:22:33,320
Speaker 2: like you're still young and heart my friends.

491
00:22:33,400 --> 00:22:37,040
Speaker 3: Yeah, Now there is like a little bit of light

492
00:22:37,280 --> 00:22:40,000
Speaker 3: at the end of the bud, is there? Tunnel world?

493
00:22:40,119 --> 00:22:43,800
Speaker 3: Sort So ASEX said in this report that the previously

494
00:22:43,840 --> 00:22:47,240
Speaker 3: announced regulatory changes will come into effect in October of

495
00:22:47,359 --> 00:22:49,640
Speaker 3: next year. Can you talk us through what will likely

496
00:22:49,680 --> 00:22:50,080
Speaker 3: be happening.

497
00:22:50,280 --> 00:22:52,720
Speaker 2: So, yes, a few changes are going to go ahead,

498
00:22:52,760 --> 00:22:55,840
Speaker 2: but again I'm quite opinionated, as you guys know, and

499
00:22:55,960 --> 00:22:58,680
Speaker 2: I don't believe it's quite enough. So buy now, pay

500
00:22:58,800 --> 00:23:03,960
Speaker 2: later schemes sorry, buy now, pay later. Providers will need

501
00:23:04,000 --> 00:23:06,960
Speaker 2: to identify in advance what types of consumers their products

502
00:23:07,000 --> 00:23:09,720
Speaker 2: are suitable for. So they are to quote Georgia King

503
00:23:10,040 --> 00:23:13,480
Speaker 2: direct distribution to that demographic, which essentially means they are

504
00:23:13,560 --> 00:23:16,960
Speaker 2: only to directly market to those demographics. But I would

505
00:23:17,080 --> 00:23:19,240
Speaker 2: argue that that's kind of up in the air, like

506
00:23:19,240 --> 00:23:22,439
Speaker 2: how do you directly market to someone who's over the

507
00:23:22,480 --> 00:23:26,919
Speaker 2: age of thirty five not thirty four? So I don't know.

508
00:23:27,440 --> 00:23:29,240
Speaker 2: But they're also going to be in a position where

509
00:23:29,240 --> 00:23:31,560
Speaker 2: they need to consider the proportion of late fees that

510
00:23:31,560 --> 00:23:34,439
Speaker 2: they're dishing out and review and change the design or

511
00:23:34,440 --> 00:23:37,480
Speaker 2: the distribution of their product so that people aren't slugged

512
00:23:37,480 --> 00:23:40,880
Speaker 2: with too many payments they actually can't meet. Now, let's

513
00:23:40,880 --> 00:23:45,160
Speaker 2: be honest, this is better than nothing, but again quite opinionated.

514
00:23:45,280 --> 00:23:46,040
Speaker 2: It's not enough.

515
00:23:46,520 --> 00:23:48,600
Speaker 3: When I was reading the there was something about a

516
00:23:48,640 --> 00:23:51,200
Speaker 3: code of conduct in there. Can you expand on that

517
00:23:51,240 --> 00:23:51,520
Speaker 3: a little?

518
00:23:51,720 --> 00:23:54,000
Speaker 2: Yes? So the buy now, pay later industry is in

519
00:23:54,040 --> 00:23:56,680
Speaker 2: the process of writing a code of conduct. But self

520
00:23:56,720 --> 00:24:00,360
Speaker 2: regulation isn't ideal either, as it won't cover all by now,

521
00:24:00,359 --> 00:24:03,119
Speaker 2: pay later players but the ones who follow it, so

522
00:24:03,160 --> 00:24:06,000
Speaker 2: it's kind of a choice. There are lots and lots

523
00:24:06,000 --> 00:24:08,880
Speaker 2: of new buy now, pay later providers popping up literally

524
00:24:08,920 --> 00:24:12,200
Speaker 2: every week, but what they're proposing at this stage only

525
00:24:12,280 --> 00:24:15,680
Speaker 2: covers a total of eight businesses, and we don't yet

526
00:24:15,720 --> 00:24:17,159
Speaker 2: know what that code even looks like.

527
00:24:17,320 --> 00:24:21,560
Speaker 3: Hmm okay. I read as well that a massive number

528
00:24:21,600 --> 00:24:24,199
Speaker 3: of Australians are taking out loans to meet what they

529
00:24:24,320 --> 00:24:27,040
Speaker 3: owe after paid, to avoid those late fees stacking up.

530
00:24:27,240 --> 00:24:29,439
Speaker 3: Would you say that's a good idea or just bad news?

531
00:24:29,760 --> 00:24:30,000
Speaker 1: Look?

532
00:24:30,080 --> 00:24:32,200
Speaker 2: I think it's bad news because it means these buy now,

533
00:24:32,240 --> 00:24:34,600
Speaker 2: pay later schemes are actually getting people into debt that

534
00:24:34,640 --> 00:24:36,880
Speaker 2: they can't service. And if you're in a position where

535
00:24:36,920 --> 00:24:39,280
Speaker 2: you need to then reach out and get a personal

536
00:24:39,320 --> 00:24:41,480
Speaker 2: loan and take on an interest rate on a loan,

537
00:24:41,600 --> 00:24:44,520
Speaker 2: it means that you're clearly not making the payments for

538
00:24:44,680 --> 00:24:47,600
Speaker 2: your buy now, pay later scheme. So for me, I

539
00:24:47,640 --> 00:24:50,400
Speaker 2: think that's a really terrible thing. But at the same time,

540
00:24:50,560 --> 00:24:53,040
Speaker 2: if you feel like you are drowning in by now

541
00:24:53,119 --> 00:24:56,159
Speaker 2: pay later debt, it is probably a very good idea

542
00:24:56,240 --> 00:24:58,959
Speaker 2: to reach out to someone to consolidate a debt so

543
00:24:59,000 --> 00:25:01,520
Speaker 2: that you're not paying les fee after late fee and

544
00:25:01,560 --> 00:25:03,200
Speaker 2: you actually deal with it properly.

545
00:25:03,280 --> 00:25:05,679
Speaker 3: It is worrying that that is even a thing that

546
00:25:05,680 --> 00:25:07,120
Speaker 3: people have to do, though, right.

547
00:25:06,960 --> 00:25:10,320
Speaker 2: It's insane because arguably lots of these people who do

548
00:25:10,400 --> 00:25:13,439
Speaker 2: get after pay as they pay kinda open pay whatever

549
00:25:13,480 --> 00:25:16,600
Speaker 2: we want to call it, in positions where they probably

550
00:25:16,600 --> 00:25:18,680
Speaker 2: wouldn't have been approved for a credit card in the

551
00:25:18,720 --> 00:25:19,560
Speaker 2: first place.

552
00:25:19,359 --> 00:25:22,919
Speaker 3: Which is why they should be regulated. Okay, so we

553
00:25:22,960 --> 00:25:27,040
Speaker 3: have hypped on about the negative side of which there is, well,

554
00:25:27,080 --> 00:25:29,120
Speaker 3: there's a lot going on in there. But are there

555
00:25:29,119 --> 00:25:31,719
Speaker 3: any redeemable qualities to after pay and other by now

556
00:25:31,760 --> 00:25:32,680
Speaker 3: pay later services?

557
00:25:32,720 --> 00:25:35,520
Speaker 2: I mean, it's a good question, and I covered a

558
00:25:35,520 --> 00:25:37,639
Speaker 2: lot of this in our episode in season one, so

559
00:25:37,640 --> 00:25:39,600
Speaker 2: if you want to go back, none of my opinions

560
00:25:39,600 --> 00:25:43,320
Speaker 2: from that have changed. But after Pay has signed up

561
00:25:43,320 --> 00:25:46,800
Speaker 2: to the AFCA, which is the Australian finance complaints authority,

562
00:25:46,840 --> 00:25:49,520
Speaker 2: which is really important, but it's really not enough without

563
00:25:49,560 --> 00:25:52,320
Speaker 2: the rules laid out by the Credit Protections Act, which

564
00:25:52,320 --> 00:25:55,359
Speaker 2: we mentioned earlier. So it's essentially them signing up to

565
00:25:55,720 --> 00:25:57,560
Speaker 2: take on a little bit more authority, but at the

566
00:25:57,560 --> 00:25:59,720
Speaker 2: same time, it's kind of like, well, authority for what,

567
00:26:00,200 --> 00:26:02,439
Speaker 2: there's no rule. This is the wild West, my friends.

568
00:26:02,920 --> 00:26:05,920
Speaker 2: They also don't charge any interest, So if we're trying

569
00:26:05,960 --> 00:26:07,640
Speaker 2: to pull out all of the good things about why

570
00:26:07,680 --> 00:26:10,600
Speaker 2: now pay latest schemes, they actually don't charge any interest,

571
00:26:10,640 --> 00:26:13,280
Speaker 2: which is a great thing if we think about it pragmatically.

572
00:26:13,520 --> 00:26:16,280
Speaker 2: Fees only coming to play if you're late on your payments.

573
00:26:16,320 --> 00:26:19,000
Speaker 2: And I mentioned in season one in our after Pay

574
00:26:19,040 --> 00:26:22,480
Speaker 2: episode that I've actually got a girlfriend who uses these

575
00:26:22,600 --> 00:26:27,080
Speaker 2: systems religiously. So she'll go on the Iconic, for example,

576
00:26:27,200 --> 00:26:29,879
Speaker 2: and order five different dresses that she wants to try on,

577
00:26:30,000 --> 00:26:32,000
Speaker 2: not wing she has something on the weekend that she

578
00:26:32,040 --> 00:26:35,000
Speaker 2: wants to purchase address for. She'll keep one of them

579
00:26:35,080 --> 00:26:38,119
Speaker 2: send full back, and she's only ever been charged, you know,

580
00:26:38,200 --> 00:26:40,200
Speaker 2: fifty bucks to do that. She doesn't get charged to

581
00:26:40,240 --> 00:26:43,800
Speaker 2: the full them out in that situation. Yes, she's using

582
00:26:43,840 --> 00:26:46,400
Speaker 2: it really responsibly. She has an income where she could

583
00:26:46,400 --> 00:26:48,440
Speaker 2: pay that debt if for some reason she didn't send

584
00:26:48,480 --> 00:26:51,520
Speaker 2: her package back, But to me, that's arguably a very

585
00:26:51,520 --> 00:26:54,679
Speaker 2: big risk. But she uses it so that she doesn't

586
00:26:54,680 --> 00:26:57,080
Speaker 2: have like seven hundred dollars going out of her account

587
00:26:57,440 --> 00:27:00,280
Speaker 2: that then arguably needs to be refunded. So for her,

588
00:27:00,359 --> 00:27:02,480
Speaker 2: it's a cash flow tool, and I think it works

589
00:27:02,520 --> 00:27:05,000
Speaker 2: really well for her. But to me, those people are

590
00:27:05,040 --> 00:27:08,680
Speaker 2: so few and far between, and I haven't asked her recently,

591
00:27:08,720 --> 00:27:10,320
Speaker 2: but I'm not sure if it's caught up with her

592
00:27:10,640 --> 00:27:13,680
Speaker 2: at any stage or made her do any impulse purchases.

593
00:27:14,400 --> 00:27:17,160
Speaker 2: Another thing that I will say is that these providers

594
00:27:17,200 --> 00:27:20,879
Speaker 2: can genuinely be a really good short term solution for

595
00:27:20,960 --> 00:27:24,040
Speaker 2: those in need. So I've spoken about it again on

596
00:27:24,080 --> 00:27:28,560
Speaker 2: the other podcast, But sometimes people genuinely need these for

597
00:27:28,640 --> 00:27:33,040
Speaker 2: medical services that they couldn't have otherwise accessed, dental appointments,

598
00:27:33,359 --> 00:27:36,120
Speaker 2: things for their children, in which case I think it's

599
00:27:36,119 --> 00:27:39,080
Speaker 2: a fantastic service if you just don't have the cash flow.

600
00:27:39,359 --> 00:27:42,119
Speaker 2: So I remember after that first episode, a number of

601
00:27:42,160 --> 00:27:44,080
Speaker 2: people reached out to me and said, look, I'm on

602
00:27:44,119 --> 00:27:46,440
Speaker 2: Centrelink and I didn't have the cash, but I needed

603
00:27:46,480 --> 00:27:48,000
Speaker 2: to buy my daughter school shoes.

604
00:27:48,480 --> 00:27:49,639
Speaker 3: You do you like?

605
00:27:49,800 --> 00:27:52,840
Speaker 2: I genuinely think that if you are using it responsibly

606
00:27:53,080 --> 00:27:55,320
Speaker 2: and using it as a budget tool, this could be

607
00:27:55,359 --> 00:27:58,480
Speaker 2: a really great addition. But at the end of the day,

608
00:27:58,920 --> 00:28:01,320
Speaker 2: you're seeing the amount of debt people are going into,

609
00:28:01,440 --> 00:28:04,280
Speaker 2: the amount of late fees. That tells me that not

610
00:28:04,400 --> 00:28:07,479
Speaker 2: everybody is as responsible as the people that message us

611
00:28:07,480 --> 00:28:09,880
Speaker 2: and tell us that they are using her responsibly.

612
00:28:10,119 --> 00:28:12,840
Speaker 3: Well, that's exactly right, and that's what the stats that

613
00:28:12,880 --> 00:28:15,119
Speaker 3: we've gone through today show us. That a lot of

614
00:28:15,160 --> 00:28:18,000
Speaker 3: people aren't using these responsibly, and that's something that we

615
00:28:18,080 --> 00:28:19,960
Speaker 3: really need to call out and that after pay aren't

616
00:28:20,000 --> 00:28:21,880
Speaker 3: going to be slapping on their billboards.

617
00:28:22,040 --> 00:28:23,919
Speaker 2: You know, absolutely yeah.

618
00:28:24,160 --> 00:28:27,280
Speaker 3: So my next question here, b is what you would

619
00:28:27,280 --> 00:28:30,479
Speaker 3: say the role of credit cards within this conversation is,

620
00:28:30,960 --> 00:28:33,959
Speaker 3: I know, to add a little competition into this field.

621
00:28:34,040 --> 00:28:37,800
Speaker 3: Many banks have actually introduced no interest credit cards. So

622
00:28:37,960 --> 00:28:40,560
Speaker 3: is that a better option for our listeners should they

623
00:28:40,600 --> 00:28:41,840
Speaker 3: go down that route?

624
00:28:41,960 --> 00:28:44,240
Speaker 2: I mean, you probably should do my budget and cashlow

625
00:28:44,240 --> 00:28:48,080
Speaker 2: masterclass and never need anything again, but that's beside the point.

626
00:28:48,400 --> 00:28:50,640
Speaker 2: So as an alternative to have to pay and other

627
00:28:50,680 --> 00:28:53,240
Speaker 2: buy now, pay later providers, some of the big banks

628
00:28:53,280 --> 00:28:55,959
Speaker 2: now do actually offer interest free credit cards, and they

629
00:28:56,080 --> 00:28:58,960
Speaker 2: charge a monthly fee instead, which varies depending on the

630
00:28:58,960 --> 00:29:01,680
Speaker 2: balance that you have on the car. So NAB, for example,

631
00:29:01,840 --> 00:29:03,920
Speaker 2: have a thousand dollar credit limit, and you pay thirty

632
00:29:03,920 --> 00:29:06,520
Speaker 2: five dollars a month with a ten dollar monthly fee

633
00:29:06,560 --> 00:29:09,320
Speaker 2: on your balance, and say you had two thousand dollars

634
00:29:09,360 --> 00:29:11,440
Speaker 2: on there, you would pay a minimum seventy five dollars

635
00:29:11,480 --> 00:29:14,480
Speaker 2: a month with a fifteen dollar monthly fee included in

636
00:29:14,520 --> 00:29:16,840
Speaker 2: your balance. And then for three thousand dollars, for example,

637
00:29:17,080 --> 00:29:19,320
Speaker 2: you'd be paying one hundred and ten dollars a month

638
00:29:19,320 --> 00:29:23,040
Speaker 2: with a twenty dollar fee included your balance. So similarly

639
00:29:23,160 --> 00:29:26,200
Speaker 2: to a buy now, pay later program, let's call it

640
00:29:26,240 --> 00:29:28,640
Speaker 2: a program. I keep calling it a scheme because it's

641
00:29:28,960 --> 00:29:32,080
Speaker 2: a scam, a scam, but it's not a scam, my friends.

642
00:29:32,480 --> 00:29:34,960
Speaker 2: But you won't be charged anything if you pay what

643
00:29:35,040 --> 00:29:38,600
Speaker 2: you o off. The difference is that these cards can

644
00:29:38,680 --> 00:29:41,720
Speaker 2: be used wherever a MasterCard or Visa is accepted, so

645
00:29:41,760 --> 00:29:44,800
Speaker 2: they essentially give you access to a wider range of retailers,

646
00:29:45,200 --> 00:29:47,920
Speaker 2: and they also have a continuous line of credit, which

647
00:29:47,960 --> 00:29:51,520
Speaker 2: I'm not gonna lie is terrifying to me. Look we

648
00:29:51,560 --> 00:29:53,720
Speaker 2: all know how big the big banks are, Like, I'll

649
00:29:53,720 --> 00:29:56,520
Speaker 2: give you a hot tip, they're huge. So they cool

650
00:29:56,680 --> 00:30:00,400
Speaker 2: quite seriously enter the buy now, pay later area if

651
00:30:00,440 --> 00:30:02,640
Speaker 2: they really wanted to, Let's be honest, and they could

652
00:30:02,760 --> 00:30:05,360
Speaker 2: walk all over the current providers who have the edge

653
00:30:05,400 --> 00:30:08,280
Speaker 2: on being the first ones to do it. But banks

654
00:30:08,320 --> 00:30:11,600
Speaker 2: have arguably an unparalleled access to finance in a way

655
00:30:11,600 --> 00:30:14,880
Speaker 2: that After Pay and like just can't beat. So it

656
00:30:14,880 --> 00:30:16,760
Speaker 2: would be interesting to see what they do in that

657
00:30:16,840 --> 00:30:19,440
Speaker 2: space and how over the next few years they're planning

658
00:30:19,480 --> 00:30:22,840
Speaker 2: on competing with them, because I know they arguably would

659
00:30:22,880 --> 00:30:26,080
Speaker 2: be having these conversations internally because it would be really

660
00:30:26,120 --> 00:30:28,160
Speaker 2: silly not to. I don't know if you guys saw

661
00:30:28,160 --> 00:30:31,240
Speaker 2: the after pay share price skyrocket this year, what.

662
00:30:31,160 --> 00:30:31,680
Speaker 3: Are we talking?

663
00:30:31,920 --> 00:30:35,160
Speaker 2: Okay, so if we talk about it, I think that

664
00:30:35,240 --> 00:30:38,560
Speaker 2: they peaked in a like late February at maybe like

665
00:30:38,760 --> 00:30:42,760
Speaker 2: nearly forty dollars a share, and then in March, which

666
00:30:42,800 --> 00:30:44,959
Speaker 2: is when a lot of people started buying them, there

667
00:30:45,040 --> 00:30:47,080
Speaker 2: was like a little bit of hype around them, they

668
00:30:47,160 --> 00:30:50,120
Speaker 2: dropped to eight dollars ninety a share ish, Like I'm

669
00:30:50,160 --> 00:30:52,280
Speaker 2: sure it went lower, but that's just my memory of it,

670
00:30:52,720 --> 00:30:56,280
Speaker 2: and now Georgia, they're up to close to one hundred dollars, Like,

671
00:30:56,320 --> 00:30:57,880
Speaker 2: I don't know if they are a hundred dollars today,

672
00:30:57,920 --> 00:31:00,600
Speaker 2: but I guarantee it would be around that. So they

673
00:31:00,680 --> 00:31:03,880
Speaker 2: absolutely have shot up. But the reason they've shot up

674
00:31:03,920 --> 00:31:06,240
Speaker 2: is because they're being profitable. And can we please remember

675
00:31:06,680 --> 00:31:09,600
Speaker 2: how they're being profitable, guys, it's from your late fees.

676
00:31:09,840 --> 00:31:15,320
Speaker 3: Ah, this actually makes me so angry. That is ridiculous,

677
00:31:15,440 --> 00:31:18,280
Speaker 3: and I hate that that profit does come to the

678
00:31:18,320 --> 00:31:22,040
Speaker 3: detriment of consumers exactly.

679
00:31:21,560 --> 00:31:24,080
Speaker 2: And most of the consumers are people like you, guys

680
00:31:24,120 --> 00:31:26,960
Speaker 2: in our community. So it feels like our job to

681
00:31:26,960 --> 00:31:30,120
Speaker 2: share this information with you. If you decide to continue

682
00:31:30,120 --> 00:31:33,400
Speaker 2: to use these things, that's fine. I actually just want

683
00:31:33,400 --> 00:31:35,400
Speaker 2: to put you, guys in a position where you're making

684
00:31:35,640 --> 00:31:38,520
Speaker 2: educated decisions, like there's no right or wrong when it

685
00:31:38,560 --> 00:31:40,640
Speaker 2: comes to money, and I think that that is so

686
00:31:40,960 --> 00:31:44,760
Speaker 2: important to remember because you do you like that is

687
00:31:44,840 --> 00:31:47,960
Speaker 2: so fair. Your values might not be my values, but

688
00:31:48,040 --> 00:31:50,520
Speaker 2: my values are putting you in a position where you're

689
00:31:50,520 --> 00:31:53,200
Speaker 2: making an educated decision. And if you want to, just

690
00:31:53,320 --> 00:31:55,640
Speaker 2: like one of my girlfriends, continue to use after pay

691
00:31:55,720 --> 00:31:58,960
Speaker 2: because it makes sense to you, then fantastic. That company

692
00:31:59,040 --> 00:32:01,280
Speaker 2: is doing great things for you. But if you were

693
00:32:01,360 --> 00:32:04,920
Speaker 2: finding that those payments are spiraling you out of control

694
00:32:05,040 --> 00:32:08,880
Speaker 2: and making you make really big impulse decisions and putting

695
00:32:08,920 --> 00:32:11,160
Speaker 2: you in a position where you are not confident with

696
00:32:11,200 --> 00:32:14,040
Speaker 2: your money, then maybe you really need to think about

697
00:32:14,240 --> 00:32:16,200
Speaker 2: whether they are the right product for you.

698
00:32:16,480 --> 00:32:18,440
Speaker 3: Yeah, and that's exactly right. We want you, guys to

699
00:32:18,480 --> 00:32:22,120
Speaker 3: be as educated as possible. That's what our platform is for,

700
00:32:22,200 --> 00:32:24,240
Speaker 3: so there's never any judgment in anything we say.

701
00:32:24,400 --> 00:32:25,120
Speaker 2: Absolutely not.

702
00:32:25,680 --> 00:32:28,480
Speaker 3: It's just us putting it out there and making sure

703
00:32:28,560 --> 00:32:31,840
Speaker 3: it's as unbiased and true to what is the reality

704
00:32:31,880 --> 00:32:32,440
Speaker 3: as possible.

705
00:32:32,480 --> 00:32:35,240
Speaker 2: I guess absolutely, even though I seem to lack the

706
00:32:35,280 --> 00:32:38,320
Speaker 2: ability to be non biased. But that is beside the point,

707
00:32:38,400 --> 00:32:38,959
Speaker 2: my friends.

708
00:32:39,720 --> 00:32:42,320
Speaker 3: The other thing I wanted to ask V was about

709
00:32:42,720 --> 00:32:46,120
Speaker 3: a couple of articles I read in by now Pay

710
00:32:46,160 --> 00:32:51,360
Speaker 3: Later Schemes providers services like after pay as founders talking

711
00:32:51,400 --> 00:32:54,000
Speaker 3: about how the lack of regulation is a good thing

712
00:32:54,040 --> 00:32:56,120
Speaker 3: for them because it allows them to continue to be

713
00:32:56,240 --> 00:32:58,400
Speaker 3: innovative and like their leaders in the space, and they

714
00:32:58,400 --> 00:33:02,840
Speaker 3: were painting it in this real amazing, empowering, like business

715
00:33:02,840 --> 00:33:06,280
Speaker 3: savvy way. I was just like, Oh, this feels dodgy.

716
00:33:06,760 --> 00:33:07,560
Speaker 3: What's your take on that.

717
00:33:08,080 --> 00:33:11,000
Speaker 2: I'm not gonna lie. I have epic amounts of respect

718
00:33:11,160 --> 00:33:13,720
Speaker 2: for the after pay company. They have come from nothing

719
00:33:13,800 --> 00:33:18,240
Speaker 2: and made an epic splash. They are not doing arguably

720
00:33:18,280 --> 00:33:20,640
Speaker 2: the wrong thing. It is just the way that we

721
00:33:20,720 --> 00:33:23,520
Speaker 2: are starting to use them and essentially take advantage of

722
00:33:23,560 --> 00:33:26,560
Speaker 2: them in a way. So for me, yes, they can

723
00:33:26,640 --> 00:33:29,560
Speaker 2: be more innovative, and that's fantastic for them, and it

724
00:33:29,640 --> 00:33:32,760
Speaker 2: is really great. But I would then argue, where does

725
00:33:32,800 --> 00:33:36,080
Speaker 2: ethics come to play in this? How does ethics actually

726
00:33:36,120 --> 00:33:39,800
Speaker 2: play into the financial services space? What does that mean?

727
00:33:39,920 --> 00:33:42,560
Speaker 2: How does that work? And you know, we shouldn't be

728
00:33:42,600 --> 00:33:46,480
Speaker 2: putting our personal ethical opinions on things, but like, what's

729
00:33:46,520 --> 00:33:49,680
Speaker 2: the baseline of ethics? Like the medical industry has a

730
00:33:49,680 --> 00:33:53,200
Speaker 2: code of ethics, we don't have that for them. Why

731
00:33:53,360 --> 00:33:56,040
Speaker 2: why can't they abide by the same legislation that I

732
00:33:56,160 --> 00:33:58,640
Speaker 2: need to abide by as a financial.

733
00:33:58,160 --> 00:34:01,200
Speaker 3: Advisor exactly the credit card companies have to do it,

734
00:34:01,280 --> 00:34:04,640
Speaker 3: so why not them? I think it speaks to a

735
00:34:04,720 --> 00:34:08,120
Speaker 3: lack of regard for the needs of the consumer. I

736
00:34:08,120 --> 00:34:11,000
Speaker 3: think it's not good. But you guys are probably picking

737
00:34:11,080 --> 00:34:14,759
Speaker 3: that up anyway. We'll move on here. This is a

738
00:34:14,760 --> 00:34:17,560
Speaker 3: little bit of centavy and I think you did speak

739
00:34:17,560 --> 00:34:20,520
Speaker 3: about this in our first episode on after pay Back

740
00:34:20,560 --> 00:34:23,440
Speaker 3: in season one, But can it actually damage your ability

741
00:34:23,480 --> 00:34:25,480
Speaker 3: to get a loan after pay and other buy now,

742
00:34:25,560 --> 00:34:27,160
Speaker 3: pay later services.

743
00:34:26,680 --> 00:34:30,200
Speaker 2: Look short answer, yes. When I put that first episode out,

744
00:34:30,200 --> 00:34:33,120
Speaker 2: the Royal Commission hadn't wrapped up yet. So since the

745
00:34:33,200 --> 00:34:37,560
Speaker 2: Royal Commission things have changed slightly. They've tightened up significantly,

746
00:34:37,640 --> 00:34:40,040
Speaker 2: and you do hear stories of people being rejected for

747
00:34:40,080 --> 00:34:42,960
Speaker 2: home loans because they have an outstanding Zippay balance, which

748
00:34:43,000 --> 00:34:46,200
Speaker 2: to me is crazy, but it is so worth taking

749
00:34:46,320 --> 00:34:49,719
Speaker 2: note of, even those providers who don't require a credit check,

750
00:34:49,880 --> 00:34:52,720
Speaker 2: and it doesn't impact your credit score for anyone wondering

751
00:34:52,719 --> 00:34:56,240
Speaker 2: about that. Lenders will take buy now, pay later purchases

752
00:34:56,280 --> 00:34:59,640
Speaker 2: into consideration and consider them as a line of credit,

753
00:34:59,680 --> 00:35:02,680
Speaker 2: because like credit cards, you're borrowing money you do not have,

754
00:35:02,960 --> 00:35:06,080
Speaker 2: usually to fund items you do not need, which is

755
00:35:06,120 --> 00:35:10,520
Speaker 2: why they should be regulated. This quite a heated episode,

756
00:35:10,640 --> 00:35:13,560
Speaker 2: it has, and I'm just so wildly heated up about

757
00:35:13,600 --> 00:35:17,879
Speaker 2: this because I genuinely think that so many of us

758
00:35:18,080 --> 00:35:21,360
Speaker 2: using them convince ourselves that, nah, that's not me. I

759
00:35:21,440 --> 00:35:23,799
Speaker 2: won't get out of control. I'll continue to use it

760
00:35:23,880 --> 00:35:25,880
Speaker 2: and then you find yourself in even more trouble.

761
00:35:27,360 --> 00:35:30,160
Speaker 3: Also, the psychology of this fee. I do have one

762
00:35:30,239 --> 00:35:33,120
Speaker 3: last question, but I'm gonna sneak this one in as well.

763
00:35:33,520 --> 00:35:36,520
Speaker 3: More than we are also obsessed with after pay. What

764
00:35:36,640 --> 00:35:39,000
Speaker 3: is it about buying now pay later that really appeals to.

765
00:35:39,040 --> 00:35:42,640
Speaker 2: Us instant gratification versus delayed gratification. I'm gonna ask you

766
00:35:42,719 --> 00:35:44,400
Speaker 2: right now to look that up and put it in

767
00:35:44,440 --> 00:35:46,880
Speaker 2: our newsletter. There's actually the have you heard of the

768
00:35:46,920 --> 00:35:48,440
Speaker 2: marshmallow challenge?

769
00:35:48,680 --> 00:35:48,919
Speaker 3: Yes?

770
00:35:49,040 --> 00:35:51,080
Speaker 2: Yeah, So it's like these tiny children. They put in

771
00:35:51,160 --> 00:35:53,120
Speaker 2: a room with one marshmallow in front of them, and

772
00:35:53,160 --> 00:35:55,600
Speaker 2: they said, if you eat that marshmallow now, you won't

773
00:35:55,600 --> 00:35:58,240
Speaker 2: get anymore when they come back. But if you don't

774
00:35:58,239 --> 00:36:01,319
Speaker 2: eat that marshmallow and you wait when I come back,

775
00:36:01,320 --> 00:36:03,439
Speaker 2: you'll get three more. The kids are like, oh, that's

776
00:36:03,480 --> 00:36:06,480
Speaker 2: such a good deal, but some of them literally couldn't

777
00:36:06,480 --> 00:36:08,080
Speaker 2: do it, and then eat the marshmallow and be like whatever,

778
00:36:08,080 --> 00:36:09,719
Speaker 2: I don't care about The late ones like this is

779
00:36:09,760 --> 00:36:11,759
Speaker 2: the best thing I've ever eaten, and some of them

780
00:36:11,800 --> 00:36:14,040
Speaker 2: were really reserved. And then you know, sit back and

781
00:36:14,080 --> 00:36:17,480
Speaker 2: just go okay, no problems, Like I'm totally taibe, so

782
00:36:17,560 --> 00:36:19,840
Speaker 2: that would be me and I just sit back and

783
00:36:19,840 --> 00:36:21,680
Speaker 2: be like, okay, cool, well, I want a total of

784
00:36:21,719 --> 00:36:26,320
Speaker 2: four marshmallows, so I'm away for this. But everybody works differently.

785
00:36:26,360 --> 00:36:28,879
Speaker 2: Everybody has a different personality. And some of those kids

786
00:36:28,920 --> 00:36:30,960
Speaker 2: like kind of picked up the marshmallow, licked it, put

787
00:36:30,960 --> 00:36:33,520
Speaker 2: it back to it down. Some of them like sniffed

788
00:36:33,560 --> 00:36:36,040
Speaker 2: it and made sure that they actually didn't want to

789
00:36:36,040 --> 00:36:39,000
Speaker 2: eat it. Like all of us have different levels of control,

790
00:36:39,120 --> 00:36:41,400
Speaker 2: and that is human nature. But at the end of

791
00:36:41,400 --> 00:36:43,840
Speaker 2: the day, by now pay later schemes are going to

792
00:36:43,880 --> 00:36:48,200
Speaker 2: play into you as an individual if you are someone

793
00:36:48,239 --> 00:36:51,920
Speaker 2: who really thrives on instant gratification, and that means getting

794
00:36:51,920 --> 00:36:55,400
Speaker 2: the item now and not considering future you. That's something

795
00:36:55,440 --> 00:36:57,880
Speaker 2: that you and I talk about all the time, and

796
00:36:57,920 --> 00:37:01,560
Speaker 2: that is putting future you first, Like they are so important,

797
00:37:01,600 --> 00:37:04,239
Speaker 2: they deserve your respect, and they deserve you to start

798
00:37:04,280 --> 00:37:07,400
Speaker 2: putting them first. Because the sooner you start putting future

799
00:37:07,480 --> 00:37:09,560
Speaker 2: you first, the sooner you're going to feel like you've

800
00:37:09,600 --> 00:37:11,000
Speaker 2: been put first by yourself.

801
00:37:11,239 --> 00:37:14,759
Speaker 3: Love that from you, Indeed, that was nice. The red

802
00:37:14,760 --> 00:37:16,120
Speaker 3: ones are hitting the girls.

803
00:37:15,880 --> 00:37:18,840
Speaker 2: Please don't tell anybody that we're drinking their red wine.

804
00:37:18,920 --> 00:37:22,239
Speaker 3: My life is really hearty then as well, beautiful. I

805
00:37:22,280 --> 00:37:24,719
Speaker 3: just wanted to add in there as well that like,

806
00:37:24,760 --> 00:37:27,200
Speaker 3: it feels so much better when you save and save

807
00:37:27,239 --> 00:37:29,480
Speaker 3: and save and then you splurge on that item that

808
00:37:29,480 --> 00:37:32,520
Speaker 3: you've been so looking forward to, rather than saving a

809
00:37:32,640 --> 00:37:35,120
Speaker 3: quarter of what it costs buying it then, and then

810
00:37:35,320 --> 00:37:36,880
Speaker 3: you've got the item, and then you still have to

811
00:37:36,960 --> 00:37:39,839
Speaker 3: continuously pay for it. It's like that is just not

812
00:37:39,960 --> 00:37:42,279
Speaker 3: what anyone wants to be doing, so I don't know,

813
00:37:42,440 --> 00:37:44,880
Speaker 3: just bear that in mind as well. But my last

814
00:37:44,920 --> 00:37:47,640
Speaker 3: question here for u V is what would you love

815
00:37:47,680 --> 00:37:50,200
Speaker 3: our listeners to take away from this episode and what

816
00:37:50,239 --> 00:37:51,640
Speaker 3: do you want them to be mindful of when it

817
00:37:51,640 --> 00:37:52,719
Speaker 3: comes to Buy now, Pay Later.

818
00:37:52,880 --> 00:37:55,120
Speaker 2: I just want you to be mindful of your purchases

819
00:37:55,239 --> 00:37:58,959
Speaker 2: and whether they're actually relevant to something you absolutely need

820
00:37:59,080 --> 00:38:01,880
Speaker 2: right now. I don't think this episode should be taken

821
00:38:01,920 --> 00:38:05,080
Speaker 2: as by now pay later programs are awful and terrible

822
00:38:05,160 --> 00:38:08,320
Speaker 2: and going to destroy you. I think it's more please

823
00:38:08,440 --> 00:38:11,879
Speaker 2: understand that some personalities aren't going to work. And I'm

824
00:38:11,880 --> 00:38:14,360
Speaker 2: going to be really honest, and this is not me

825
00:38:14,480 --> 00:38:17,400
Speaker 2: being on my high horse. It's just how I manage

826
00:38:17,440 --> 00:38:19,799
Speaker 2: my life, and I used to be in personal debt.

827
00:38:19,880 --> 00:38:22,560
Speaker 2: Like that's something that I've been through, So don't get

828
00:38:22,560 --> 00:38:25,080
Speaker 2: me wrong. I know how it feels. I know where

829
00:38:25,080 --> 00:38:28,160
Speaker 2: you've come from. But I think that if now you know,

830
00:38:28,320 --> 00:38:31,160
Speaker 2: nearly thirty year old me terrifying had after pay, I'd

831
00:38:31,160 --> 00:38:34,399
Speaker 2: probably use it really responsibly. I cannot say that twenty

832
00:38:34,440 --> 00:38:36,960
Speaker 2: one year old Victoria would have used it responsibly because

833
00:38:37,000 --> 00:38:40,360
Speaker 2: she racked up a personal loan and didn't pay anything

834
00:38:40,400 --> 00:38:43,360
Speaker 2: off apart from the minimum repayments for a very long time.

835
00:38:43,640 --> 00:38:48,440
Speaker 2: So I think future me in this situation is arguably

836
00:38:48,560 --> 00:38:51,320
Speaker 2: more educated than twenty one year old me. But twenty

837
00:38:51,360 --> 00:38:53,759
Speaker 2: one year old me wouldn't have second guessed it. I

838
00:38:53,760 --> 00:38:55,840
Speaker 2: would have just thought it was a fantastic way to

839
00:38:55,920 --> 00:38:57,760
Speaker 2: look really great every weekend.

840
00:38:57,600 --> 00:39:01,120
Speaker 3: Which is why it is so risky. Yeah, I think

841
00:39:01,160 --> 00:39:04,160
Speaker 3: everyone has gotten the gist of today's episode, but now

842
00:39:04,160 --> 00:39:06,440
Speaker 3: it is time to move across to the listener question.

843
00:39:07,040 --> 00:39:08,719
Speaker 5: I have a question about a friend of mine who

844
00:39:08,719 --> 00:39:10,680
Speaker 5: I feel is getting herself into a bit of trouble

845
00:39:10,680 --> 00:39:13,680
Speaker 5: with after pay. She always has the newest and best

846
00:39:13,680 --> 00:39:15,520
Speaker 5: clothes and takes a lot of pride in that kind

847
00:39:15,560 --> 00:39:18,040
Speaker 5: of stuff. But I'm worried she's taking it too far.

848
00:39:18,440 --> 00:39:20,440
Speaker 5: I know she has no money, and I'm worried that

849
00:39:20,520 --> 00:39:22,840
Speaker 5: it's going to spin out of control. As her friend,

850
00:39:22,960 --> 00:39:25,760
Speaker 5: I feel I should intervene, but I'm not quite sure

851
00:39:26,040 --> 00:39:28,600
Speaker 5: what to say. She hates talking about money and tells

852
00:39:28,640 --> 00:39:30,759
Speaker 5: me that it makes her anxious, and I don't want

853
00:39:30,800 --> 00:39:31,719
Speaker 5: to patronize her.

854
00:39:32,400 --> 00:39:33,000
Speaker 2: Thanks.

855
00:39:33,640 --> 00:39:37,160
Speaker 3: This is a massive dilemma, Victoria. I don't think I

856
00:39:37,239 --> 00:39:39,160
Speaker 3: quite know what to say. Have you got any thoughts

857
00:39:39,160 --> 00:39:39,839
Speaker 3: to kick us off?

858
00:39:40,200 --> 00:39:42,840
Speaker 2: I feel like this is actually a pickle? Is that

859
00:39:42,880 --> 00:39:43,719
Speaker 2: a thing that we say in now?

860
00:39:43,840 --> 00:39:44,480
Speaker 3: Yeah, it's pickle?

861
00:39:44,560 --> 00:39:47,719
Speaker 2: Can that actually become a sortem catch frase? Can that

862
00:39:47,760 --> 00:39:48,800
Speaker 2: be a sort catchphrase?

863
00:39:48,800 --> 00:39:49,360
Speaker 3: I'm open to it.

864
00:39:49,400 --> 00:39:51,640
Speaker 2: I really like the pickle. We're in a pickle? How

865
00:39:51,680 --> 00:39:54,239
Speaker 2: do we work this out? But genuinely, this is so

866
00:39:55,080 --> 00:39:57,040
Speaker 2: something that I'm sure a lot of you have been

867
00:39:57,080 --> 00:40:00,000
Speaker 2: through because it's very hard to not notice your friends

868
00:40:00,200 --> 00:40:03,200
Speaker 2: new outfit or pair of shoes or bag, or the

869
00:40:03,280 --> 00:40:06,360
Speaker 2: consistency of those things coming in. And whilst we can't

870
00:40:06,440 --> 00:40:10,600
Speaker 2: pry on everybody else's financial situation, who knows, maybe Georgia

871
00:40:10,680 --> 00:40:13,280
Speaker 2: King has a trust fund she hasn't told me about.

872
00:40:13,840 --> 00:40:17,160
Speaker 2: I do think that caring about your friends is something

873
00:40:17,160 --> 00:40:19,360
Speaker 2: that is really important and I always talk about, you know,

874
00:40:19,400 --> 00:40:24,240
Speaker 2: the importance of being kind. But sometimes being kind isn't easy.

875
00:40:24,520 --> 00:40:28,319
Speaker 2: Sometimes being kind is really hard, And this conversation could

876
00:40:28,320 --> 00:40:31,239
Speaker 2: come off as you know, being really condescending, and it

877
00:40:31,239 --> 00:40:33,880
Speaker 2: could be you know, your friend getting up in arms.

878
00:40:33,920 --> 00:40:37,479
Speaker 2: And arguably, when you make someone feel uncomfortable, they get

879
00:40:37,640 --> 00:40:42,200
Speaker 2: immediately defensive. So I think starting to have conversations with

880
00:40:42,239 --> 00:40:45,160
Speaker 2: your friend around money and not going immediately to the

881
00:40:45,239 --> 00:40:47,400
Speaker 2: issue that you want to talk about is probably a

882
00:40:47,400 --> 00:40:52,120
Speaker 2: really great way. So, without being self promotional, start recommending

883
00:40:52,120 --> 00:40:55,240
Speaker 2: that she listens to episodes of the podcast, Start talking

884
00:40:55,320 --> 00:40:58,800
Speaker 2: about money more openly, Start sharing your money goals. Often

885
00:40:58,840 --> 00:41:01,319
Speaker 2: when people are in situation where they're using buy now,

886
00:41:01,360 --> 00:41:05,480
Speaker 2: pay later programs, they don't have larger financial goals, and

887
00:41:05,600 --> 00:41:08,239
Speaker 2: that is something that if you do have larger financial goals,

888
00:41:08,280 --> 00:41:11,080
Speaker 2: you're going to start thinking about more. So maybe recommend

889
00:41:11,200 --> 00:41:13,840
Speaker 2: that they sit down and have a chat about, you know,

890
00:41:13,960 --> 00:41:15,640
Speaker 2: the goals that they have, or like, what are you

891
00:41:15,680 --> 00:41:18,160
Speaker 2: trying to achieve or you know, oh my gosh, something's

892
00:41:18,160 --> 00:41:20,600
Speaker 2: in my way. And I really want to get rid

893
00:41:20,640 --> 00:41:22,879
Speaker 2: of that, maybe talk to them about barriers that you've

894
00:41:22,920 --> 00:41:25,640
Speaker 2: got so that they feel open to share their journey.

895
00:41:26,040 --> 00:41:28,840
Speaker 2: There's something really special about showing your vulnerability so that

896
00:41:28,880 --> 00:41:32,080
Speaker 2: your friend or the person you're talking about actually reciprocates.

897
00:41:32,200 --> 00:41:34,680
Speaker 3: Well, that's it. You're kind of planting that seed, because

898
00:41:34,800 --> 00:41:37,200
Speaker 3: otherwise it could seem kind of like an intervention and

899
00:41:37,239 --> 00:41:39,560
Speaker 3: it could be quite scary, and you're right, she would

900
00:41:39,640 --> 00:41:41,960
Speaker 3: totally go on the defensive. But I feel like this

901
00:41:42,040 --> 00:41:44,960
Speaker 3: question kind of extends to like, if your friend has

902
00:41:45,000 --> 00:41:47,399
Speaker 3: a boyfriend that you know is just bad news, and

903
00:41:47,440 --> 00:41:49,440
Speaker 3: it's like, do I have that conversation with them or

904
00:41:49,440 --> 00:41:52,600
Speaker 3: do I not? Like I feel in my heart like

905
00:41:52,719 --> 00:41:56,440
Speaker 3: my values would tell me to speak to that friend

906
00:41:56,719 --> 00:41:59,960
Speaker 3: openly and honestly. Depending on your relationship. If they are

907
00:42:00,000 --> 00:42:01,640
Speaker 3: your best friend, then I feel like it is almost

908
00:42:01,680 --> 00:42:04,880
Speaker 3: your role to do so. But at the same time,

909
00:42:05,480 --> 00:42:08,560
Speaker 3: they're going to do what they want to do. But

910
00:42:08,680 --> 00:42:11,760
Speaker 3: when it comes to money, I think just starting gently

911
00:42:12,120 --> 00:42:14,239
Speaker 3: definitely getting involved with shoes on the money. I feel

912
00:42:14,280 --> 00:42:16,799
Speaker 3: like our podcast, again not to be self promotional, but

913
00:42:16,800 --> 00:42:19,040
Speaker 3: I feel like it is a really gentle way of

914
00:42:19,080 --> 00:42:21,480
Speaker 3: having these conversations about money that we've not had before.

915
00:42:21,520 --> 00:42:23,399
Speaker 3: And I feel like a lot of people have come

916
00:42:23,440 --> 00:42:25,680
Speaker 3: to our podcast and to our community and have felt,

917
00:42:25,800 --> 00:42:28,120
Speaker 3: oh wow, like money isn't so scary. After all, we're

918
00:42:28,160 --> 00:42:29,200
Speaker 3: all going through this together.

919
00:42:29,480 --> 00:42:31,799
Speaker 2: It shouldn't be scary. It should be just something that

920
00:42:31,840 --> 00:42:33,799
Speaker 2: we talk about in the same way that we talk

921
00:42:33,800 --> 00:42:37,719
Speaker 2: about loving dogs. Like I'm so open about that conversation.

922
00:42:38,200 --> 00:42:40,160
Speaker 2: But at the end of the day, these are really

923
00:42:40,200 --> 00:42:42,640
Speaker 2: hard conversations to have if you've never had them, kind

924
00:42:42,640 --> 00:42:45,200
Speaker 2: of like speaking a different language and no one's comfortable

925
00:42:45,360 --> 00:42:47,680
Speaker 2: speaking Japanese. If it's your first day, you might know

926
00:42:47,719 --> 00:42:50,960
Speaker 2: how to say hello, but that is literally the extent

927
00:42:51,040 --> 00:42:53,880
Speaker 2: of your knowledge. But the more you immerse yourself in it,

928
00:42:53,920 --> 00:42:56,040
Speaker 2: the more you understand, the more you feel like you're

929
00:42:56,040 --> 00:42:58,920
Speaker 2: empowered by that. And to me, I think it's just

930
00:42:59,200 --> 00:43:01,319
Speaker 2: really important to care for your friends, and I think

931
00:43:01,360 --> 00:43:03,399
Speaker 2: maybe preface it with that and just be like, hey,

932
00:43:03,480 --> 00:43:05,120
Speaker 2: I really care about you, and I just wanted to

933
00:43:05,120 --> 00:43:07,280
Speaker 2: point out that. I just feel like maybe that's something

934
00:43:07,280 --> 00:43:10,040
Speaker 2: that isn't that great for your future. Yeah, And something

935
00:43:10,040 --> 00:43:12,680
Speaker 2: else that I think is really important is not expecting

936
00:43:12,680 --> 00:43:15,400
Speaker 2: a response from that person, like just put it on

937
00:43:15,440 --> 00:43:18,200
Speaker 2: the table, drop it, walk away. It is not something

938
00:43:18,239 --> 00:43:20,399
Speaker 2: that they need to justify or talk to you about

939
00:43:20,480 --> 00:43:23,120
Speaker 2: unless they're really comfortable to do so. But I think

940
00:43:23,160 --> 00:43:25,440
Speaker 2: the way I would approach that is, Hey, Georgia, I

941
00:43:25,640 --> 00:43:28,000
Speaker 2: just really need to get this off my chest. I

942
00:43:28,080 --> 00:43:30,120
Speaker 2: really want to talk to you about this. You don't

943
00:43:30,160 --> 00:43:32,000
Speaker 2: have to come back to me with a response right now.

944
00:43:32,040 --> 00:43:33,440
Speaker 2: You don't even have to come back to me or

945
00:43:33,440 --> 00:43:35,360
Speaker 2: with a response at all. I'm not expecting it. I

946
00:43:35,480 --> 00:43:37,439
Speaker 2: just want to let you know how I'm feeling. Because

947
00:43:37,480 --> 00:43:39,840
Speaker 2: your friend's not ready for that conversation. You've probably been

948
00:43:39,920 --> 00:43:42,000
Speaker 2: mulling it over in your head for the last week

949
00:43:42,200 --> 00:43:45,320
Speaker 2: at least. They're not ready though, because they didn't expect

950
00:43:45,360 --> 00:43:47,160
Speaker 2: you to say that, so don't expect them to come

951
00:43:47,200 --> 00:43:49,759
Speaker 2: straight back. It's the same with any conversation, whether that's

952
00:43:49,800 --> 00:43:52,400
Speaker 2: your partner, your parents, like, don't expect people to be

953
00:43:52,440 --> 00:43:54,839
Speaker 2: as prepared for a conversation as you are when you've

954
00:43:54,880 --> 00:43:56,760
Speaker 2: had all of the full time to prepare.

955
00:43:56,960 --> 00:43:59,279
Speaker 3: I guess the moral of the story here is that

956
00:43:59,320 --> 00:44:03,040
Speaker 3: we're both very supportive of having that conversation. She might

957
00:44:03,080 --> 00:44:05,440
Speaker 3: not respond that well, but I think it is important

958
00:44:05,600 --> 00:44:08,960
Speaker 3: as her friend to let her know that you're there.

959
00:44:09,120 --> 00:44:11,560
Speaker 3: Assuming she's a girl. I'm not sure if she was,

960
00:44:12,440 --> 00:44:15,600
Speaker 3: but yeah, I think that's the moral of what we're

961
00:44:15,600 --> 00:44:16,279
Speaker 3: trying to say here.

962
00:44:16,360 --> 00:44:18,560
Speaker 2: Yeah. Absolutely, And I think it's just about being kind

963
00:44:18,600 --> 00:44:20,480
Speaker 2: to your friend and being kind to yourself. And like,

964
00:44:20,600 --> 00:44:23,160
Speaker 2: my friends, if you're in that position and you're finding

965
00:44:23,160 --> 00:44:27,319
Speaker 2: yourself in a space where you are spending unnecessarily, like

966
00:44:27,400 --> 00:44:29,880
Speaker 2: let me be that friend. You don't need to do that. Like,

967
00:44:30,160 --> 00:44:31,920
Speaker 2: at the end of the day, you're not putting future

968
00:44:31,960 --> 00:44:34,920
Speaker 2: you first, and she's or he's or they are really

969
00:44:34,960 --> 00:44:35,719
Speaker 2: really important.

970
00:44:40,560 --> 00:44:42,759
Speaker 4: Hey, I'm a twenty three year old Kiwi and this

971
00:44:42,840 --> 00:44:44,400
Speaker 4: is my military money diary.

972
00:44:44,719 --> 00:44:47,200
Speaker 3: Now let's take a sneak peek into the financial lives

973
00:44:47,200 --> 00:44:50,000
Speaker 3: of perfect strangers. It's time for money diaries.

974
00:44:50,320 --> 00:44:54,680
Speaker 4: I used to be a terrible savor and a terrible

975
00:44:54,719 --> 00:44:56,760
Speaker 4: spin there. I used to really like live in the moment,

976
00:44:56,840 --> 00:45:00,000
Speaker 4: and I'd spend my money really frivolously, and I always

977
00:45:00,040 --> 00:45:02,879
Speaker 4: would tell myself that the experiences made it worth it.

978
00:45:02,920 --> 00:45:04,680
Speaker 4: But the problem was that I would just go on

979
00:45:04,760 --> 00:45:07,000
Speaker 4: to debt without a second thought, and I seriously didn't

980
00:45:07,040 --> 00:45:08,960
Speaker 4: think about how it would impact my future at all,

981
00:45:09,080 --> 00:45:10,759
Speaker 4: and it kind of makes me a little bit sick

982
00:45:10,800 --> 00:45:14,040
Speaker 4: thinking about how much I worked throughout my student years

983
00:45:14,120 --> 00:45:16,480
Speaker 4: and how little I saved and I have nothing to

984
00:45:16,520 --> 00:45:19,520
Speaker 4: show for it. But yeah, I've completely turned that around

985
00:45:19,680 --> 00:45:22,000
Speaker 4: thanks to She's on the money, which is really cool.

986
00:45:22,040 --> 00:45:24,560
Speaker 4: And I have a completely different attitude towards money now,

987
00:45:24,680 --> 00:45:29,000
Speaker 4: which is security. And I guess coming from that place

988
00:45:29,040 --> 00:45:32,040
Speaker 4: of financial insecurity of being a really broke student, like

989
00:45:32,080 --> 00:45:35,480
Speaker 4: I literally would be skipping meals and I remember eating

990
00:45:35,520 --> 00:45:39,440
Speaker 4: the most sad little meals of like playing potatoes because

991
00:45:39,480 --> 00:45:43,600
Speaker 4: I had nothing else. And now I'm a lot more

992
00:45:43,600 --> 00:45:46,600
Speaker 4: protective of my money because I know what it was

993
00:45:46,719 --> 00:45:48,040
Speaker 4: like to really struggle.

994
00:45:48,200 --> 00:45:50,680
Speaker 3: What does our peee money diarists do? How much does

995
00:45:50,719 --> 00:45:52,920
Speaker 3: she earn and how much is in her accounts.

996
00:45:53,160 --> 00:45:56,320
Speaker 4: I'm a legal opposer in the military, which is basically

997
00:45:56,480 --> 00:46:01,760
Speaker 4: being a deployable in the house lawyer uniform, and I

998
00:46:01,800 --> 00:46:04,680
Speaker 4: am a recent grade, so I earn about seventy two

999
00:46:04,680 --> 00:46:08,360
Speaker 4: thousand a year. That includes a four percent contribution that

1000
00:46:08,400 --> 00:46:11,640
Speaker 4: my employee makes to kwisaver, which is the New Zealand

1001
00:46:11,640 --> 00:46:13,840
Speaker 4: fund that you can use for your first time or retirement.

1002
00:46:14,239 --> 00:46:17,360
Speaker 4: I have sixteen thousand in my kwisaver. At the moment,

1003
00:46:17,719 --> 00:46:21,239
Speaker 4: I have a three thousand dollar emergency fund, and then

1004
00:46:21,280 --> 00:46:23,759
Speaker 4: I have a fully funded sinking fund, which is about

1005
00:46:23,800 --> 00:46:28,479
Speaker 4: one thousand dollars for me personally, and I have six

1006
00:46:28,560 --> 00:46:31,319
Speaker 4: hundred of my main account and then five hundred in

1007
00:46:31,400 --> 00:46:34,759
Speaker 4: my long term savings, which has taken a bit of

1008
00:46:34,760 --> 00:46:37,040
Speaker 4: a hat because I've made a couple of big purchases

1009
00:46:37,360 --> 00:46:40,319
Speaker 4: in the last few months. I bought a new car,

1010
00:46:40,360 --> 00:46:42,880
Speaker 4: which was five thousand, and I had to get a

1011
00:46:42,880 --> 00:46:47,000
Speaker 4: new laptop, which was eighteen hundred. But that's the first

1012
00:46:47,000 --> 00:46:49,200
Speaker 4: time that I've ever been able to pay for things

1013
00:46:49,320 --> 00:46:51,799
Speaker 4: outright and not had to go on to debt, which

1014
00:46:51,880 --> 00:46:53,680
Speaker 4: was pretty cool because I'd been saving.

1015
00:46:53,480 --> 00:46:54,800
Speaker 3: What I have thought was on investing.

1016
00:46:55,000 --> 00:46:59,000
Speaker 4: I'm really wanting to start investing. I've never felt stable

1017
00:46:59,160 --> 00:47:03,000
Speaker 4: or secure enough in my finances to start, or even

1018
00:47:03,000 --> 00:47:07,640
Speaker 4: my own abilities to start. But yeah, Victoria, her passion

1019
00:47:07,680 --> 00:47:10,080
Speaker 4: for it has like really inspired me, which I'm sure

1020
00:47:10,120 --> 00:47:12,439
Speaker 4: she'll be happy to hear. So I really want to start,

1021
00:47:12,480 --> 00:47:15,120
Speaker 4: but I am finding it hard because I guess I've

1022
00:47:15,160 --> 00:47:18,640
Speaker 4: come from a place of real financial insecurity in the past,

1023
00:47:18,719 --> 00:47:21,800
Speaker 4: so it's quite hard for me to put money towards

1024
00:47:21,840 --> 00:47:24,160
Speaker 4: something that I'm not one hundred percent confident, and so

1025
00:47:24,400 --> 00:47:26,400
Speaker 4: I really want to grow my confidence in that.

1026
00:47:26,640 --> 00:47:27,760
Speaker 3: Does she have any debts?

1027
00:47:27,960 --> 00:47:30,320
Speaker 4: Just last year, I was still a really broke student

1028
00:47:30,400 --> 00:47:33,400
Speaker 4: and I had over five thousand dollars of debt, but

1029
00:47:33,600 --> 00:47:36,359
Speaker 4: over twenty twenty and thanks to she's on the money

1030
00:47:36,400 --> 00:47:37,640
Speaker 4: as well. I've paid it all off.

1031
00:47:38,200 --> 00:47:38,640
Speaker 3: Thankfully.

1032
00:47:38,640 --> 00:47:42,040
Speaker 4: I didn't have any credit cards or anything with interest

1033
00:47:42,120 --> 00:47:44,880
Speaker 4: on it. I just had an overdraft I had after

1034
00:47:44,920 --> 00:47:47,600
Speaker 4: paying lay by, which I closed for good, thank the Lord.

1035
00:47:48,160 --> 00:47:51,560
Speaker 4: I also had fifteen hundred dollars of a nine thousand

1036
00:47:51,560 --> 00:47:54,840
Speaker 4: dollars in visiline debt left to pay and just a

1037
00:47:54,840 --> 00:47:56,839
Speaker 4: little bit owing to people that had helped me out.

1038
00:47:57,040 --> 00:47:59,919
Speaker 4: But yeah, completely paid that all off, which is such

1039
00:48:00,239 --> 00:48:02,799
Speaker 4: freeing feeling, and I don't feel stressed about money now,

1040
00:48:02,840 --> 00:48:06,000
Speaker 4: which I'm very blessed and privileged to feel now. I

1041
00:48:06,080 --> 00:48:09,160
Speaker 4: just have my student loan which is sitting at forty

1042
00:48:09,200 --> 00:48:12,520
Speaker 4: three thousand, five hundred, which covered me doing my bachelor's

1043
00:48:12,600 --> 00:48:14,120
Speaker 4: and then my Master of Laws.

1044
00:48:14,160 --> 00:48:15,680
Speaker 3: What is her best money habit?

1045
00:48:15,880 --> 00:48:18,320
Speaker 4: I think my best money habit is that I've always

1046
00:48:18,360 --> 00:48:21,480
Speaker 4: been very minimalistic, like I really don't like owning a

1047
00:48:21,480 --> 00:48:26,000
Speaker 4: lot of stuff. I find shopping and having things quite overwhelming.

1048
00:48:26,160 --> 00:48:28,760
Speaker 4: And I live in barracks, so that kind of helps.

1049
00:48:28,760 --> 00:48:30,719
Speaker 4: Like I don't have a lot of space, so I

1050
00:48:30,760 --> 00:48:35,239
Speaker 4: don't often get swayed by sales or like unnecessary luxuries.

1051
00:48:35,239 --> 00:48:36,960
Speaker 3: I guess what's her worst money habit.

1052
00:48:37,080 --> 00:48:40,239
Speaker 4: I used to be a terrible savor, but that's in

1053
00:48:40,280 --> 00:48:43,560
Speaker 4: the past. I think now my worst habit was I

1054
00:48:43,640 --> 00:48:46,600
Speaker 4: have a lot of disposable income that I leave in

1055
00:48:46,640 --> 00:48:47,320
Speaker 4: my main account.

1056
00:48:47,400 --> 00:48:48,040
Speaker 3: Every fortnight.

1057
00:48:48,440 --> 00:48:51,160
Speaker 4: I put about fifty percent of my take hompaign into

1058
00:48:51,600 --> 00:48:54,759
Speaker 4: savings and student loan, et cetera. But then I keep

1059
00:48:54,760 --> 00:48:57,760
Speaker 4: that other fifty percent just sitting in my account, mostly

1060
00:48:57,800 --> 00:49:02,200
Speaker 4: because of that fear of being called out or unable

1061
00:49:02,280 --> 00:49:05,279
Speaker 4: to pay for things or help other people out. And

1062
00:49:05,520 --> 00:49:08,000
Speaker 4: I think that just comes from my history with finances.

1063
00:49:08,000 --> 00:49:11,080
Speaker 4: So it makes me feel more confident and secure having

1064
00:49:11,280 --> 00:49:13,360
Speaker 4: it just sitting there. And to be honest, there's a

1065
00:49:13,360 --> 00:49:14,840
Speaker 4: good part of it. It keeps me on track with

1066
00:49:14,840 --> 00:49:16,920
Speaker 4: my savings because I don't end up dipping into it.

1067
00:49:16,960 --> 00:49:19,040
Speaker 4: But I think I definitely could budget a lot better

1068
00:49:19,160 --> 00:49:21,640
Speaker 4: and probably save more if I just had a bit

1069
00:49:21,680 --> 00:49:22,680
Speaker 4: more control over it.

1070
00:49:22,880 --> 00:49:24,279
Speaker 3: What's her big money goal.

1071
00:49:24,440 --> 00:49:27,600
Speaker 4: I would love to hit ten thousand in my savings account.

1072
00:49:27,840 --> 00:49:30,480
Speaker 4: That would be a huge achievement because I've never saved

1073
00:49:30,520 --> 00:49:33,040
Speaker 4: more than five thousand. And I also just really want

1074
00:49:33,040 --> 00:49:33,800
Speaker 4: to start investing.

1075
00:49:33,960 --> 00:49:36,520
Speaker 3: And what grade would our ken we military money giroists

1076
00:49:36,600 --> 00:49:38,200
Speaker 3: give herself? I would say a B.

1077
00:49:38,719 --> 00:49:42,000
Speaker 4: I used to be like below a D like a

1078
00:49:42,120 --> 00:49:44,680
Speaker 4: Z right at the bottom. But I definitely have improved

1079
00:49:44,719 --> 00:49:46,960
Speaker 4: heaps over last year. And I think when I have

1080
00:49:47,000 --> 00:49:52,000
Speaker 4: a longer history of saving and start investing, then I

1081
00:49:52,040 --> 00:49:55,080
Speaker 4: will feel more confident and probably bump up my score

1082
00:49:55,080 --> 00:49:55,560
Speaker 4: a little bit.

1083
00:49:55,800 --> 00:50:00,000
Speaker 3: Victoria, our military money dirist, what did you make of it?

1084
00:50:00,200 --> 00:50:02,120
Speaker 2: To be my little sister? Am I allowed to open

1085
00:50:02,160 --> 00:50:05,560
Speaker 2: adoptions for siblings? Is that cool? Can the entire She's

1086
00:50:05,600 --> 00:50:07,280
Speaker 2: on the money community become my sibyl?

1087
00:50:07,320 --> 00:50:10,440
Speaker 3: I have one hundred and ten thousand little sisters, and

1088
00:50:10,920 --> 00:50:11,520
Speaker 3: I love.

1089
00:50:11,400 --> 00:50:14,759
Speaker 2: That, like little sisters, little brothers, little them's, Like I

1090
00:50:15,040 --> 00:50:17,319
Speaker 2: love this. I don't know if my little sister's going

1091
00:50:17,360 --> 00:50:19,360
Speaker 2: to agree with that, though, Like Alex, please let me

1092
00:50:19,400 --> 00:50:21,439
Speaker 2: know if you actually listen to my podcast and got

1093
00:50:21,440 --> 00:50:23,759
Speaker 2: this far into it, please like let me know if

1094
00:50:23,760 --> 00:50:27,319
Speaker 2: I'm allowed new siblings. But I really liked her, and

1095
00:50:27,400 --> 00:50:29,920
Speaker 2: I just felt like, such as she's on the money advocate,

1096
00:50:29,960 --> 00:50:33,240
Speaker 2: like girl, I love you. But what I found really

1097
00:50:33,239 --> 00:50:35,680
Speaker 2: interesting was that she was able to save, she was

1098
00:50:35,760 --> 00:50:38,799
Speaker 2: able to spend, but she still felt anxious about it

1099
00:50:38,840 --> 00:50:42,360
Speaker 2: because she didn't have a plan. So for me, the

1100
00:50:42,480 --> 00:50:44,640
Speaker 2: number one tip I would give her is create a

1101
00:50:44,680 --> 00:50:47,080
Speaker 2: plan around your money, because she said that she was

1102
00:50:47,160 --> 00:50:50,440
Speaker 2: leaving fifty percent of her income in her spending account

1103
00:50:50,480 --> 00:50:52,480
Speaker 2: just because it makes her feel safe. And I totally

1104
00:50:52,520 --> 00:50:54,440
Speaker 2: get that. At the end of the day, you should

1105
00:50:54,440 --> 00:50:56,239
Speaker 2: be managing your money in a way that helps you

1106
00:50:56,280 --> 00:51:00,239
Speaker 2: sleep well at night. But if you don't, I don't

1107
00:51:00,360 --> 00:51:02,920
Speaker 2: have a plan, you are not able to maximize how

1108
00:51:03,000 --> 00:51:05,280
Speaker 2: much you can save and invest. She said she wanted

1109
00:51:05,280 --> 00:51:07,560
Speaker 2: to invest, and I'm going to make a grand assumption.

1110
00:51:07,719 --> 00:51:10,120
Speaker 2: She lives in barracks, which is a very privileged position

1111
00:51:10,200 --> 00:51:12,720
Speaker 2: to be in just because obviously a lot of stuff

1112
00:51:12,760 --> 00:51:15,480
Speaker 2: is supplemented or paid for, because that's the way these

1113
00:51:15,520 --> 00:51:18,560
Speaker 2: things work. Because she's literally putting her life on the

1114
00:51:18,600 --> 00:51:21,959
Speaker 2: line for us, which is epic and something definitely worthy

1115
00:51:22,000 --> 00:51:25,080
Speaker 2: of recognition. For me, I think it's definitely really important

1116
00:51:25,120 --> 00:51:27,520
Speaker 2: to have a plan in place and without I feel

1117
00:51:27,520 --> 00:51:30,399
Speaker 2: like this episode's so self promotional Georgia King, but I'm

1118
00:51:30,440 --> 00:51:32,560
Speaker 2: actually going to send her a log in to the

1119
00:51:32,920 --> 00:51:36,160
Speaker 2: cash Flow and Budget Masterclass, because I think that is

1120
00:51:36,200 --> 00:51:39,200
Speaker 2: actually the answer, like the way it steps you through,

1121
00:51:39,239 --> 00:51:41,480
Speaker 2: And obviously I've thought about this for more than a

1122
00:51:41,560 --> 00:51:43,560
Speaker 2: year how to create it, but the way it will

1123
00:51:43,600 --> 00:51:46,160
Speaker 2: step her through creating a plan is going to help

1124
00:51:46,239 --> 00:51:48,719
Speaker 2: her make her money work for her instead of she

1125
00:51:48,840 --> 00:51:51,200
Speaker 2: just being a little bit anxious about it. No one

1126
00:51:51,239 --> 00:51:52,800
Speaker 2: deserves to be anxious about money.

1127
00:51:54,560 --> 00:51:57,319
Speaker 3: I think it's really interesting as well, how much she's

1128
00:51:57,520 --> 00:52:01,960
Speaker 3: changed over the last twelve months. Glass last year she

1129
00:52:02,040 --> 00:52:04,319
Speaker 3: was in five K of debt, She's paid it all off,

1130
00:52:04,360 --> 00:52:06,319
Speaker 3: and now she's she's got it all going on. I

1131
00:52:06,320 --> 00:52:08,759
Speaker 3: don't think I wrote enough notes of everything that she's

1132
00:52:08,880 --> 00:52:11,799
Speaker 3: got happening, but I think three K in emergency, six

1133
00:52:11,920 --> 00:52:14,680
Speaker 3: hundred somewhere, five hundred in her long term savings. She

1134
00:52:14,760 --> 00:52:15,400
Speaker 3: bought a laptop.

1135
00:52:15,440 --> 00:52:17,120
Speaker 2: I've written a lot of note she bought a laptop,

1136
00:52:17,200 --> 00:52:19,319
Speaker 2: she bought a car. She's, in no doubt like she

1137
00:52:19,600 --> 00:52:22,680
Speaker 2: is epic, and that's an a plus to me, Like

1138
00:52:22,760 --> 00:52:25,680
Speaker 2: you're an epic person, and I just feel like it

1139
00:52:25,800 --> 00:52:28,799
Speaker 2: is so important to celebrate those money wins and not

1140
00:52:28,840 --> 00:52:31,480
Speaker 2: be anxious. And I don't know, I just feel like

1141
00:52:31,520 --> 00:52:34,360
Speaker 2: that's so cool. Also, cheers for all the credit you

1142
00:52:34,400 --> 00:52:37,120
Speaker 2: gave us, friend, Yeah, like we don't deserve it. At

1143
00:52:37,120 --> 00:52:38,520
Speaker 2: the end of the day, if you're a part of

1144
00:52:38,520 --> 00:52:41,720
Speaker 2: our community, the most important thing that you can remember

1145
00:52:42,320 --> 00:52:44,680
Speaker 2: is that we didn't do this. You did this. So

1146
00:52:44,800 --> 00:52:47,360
Speaker 2: many people will be listening to this, and our information

1147
00:52:47,520 --> 00:52:50,320
Speaker 2: and our knowledge and whatever else we've got is falling

1148
00:52:50,320 --> 00:52:52,920
Speaker 2: on deaf years because they're not ready to make the change.

1149
00:52:53,040 --> 00:52:55,680
Speaker 2: If you are changing, that's all on you. You did that.

1150
00:52:55,680 --> 00:52:56,880
Speaker 2: That's why we celebrate you.

1151
00:52:57,239 --> 00:53:00,360
Speaker 3: Yeah, beautifully said fee. Do we think it's time to

1152
00:53:00,360 --> 00:53:01,719
Speaker 3: wrap the show. If you got anything else.

1153
00:53:01,640 --> 00:53:03,879
Speaker 2: To add I do just before we head off, I'd

1154
00:53:03,920 --> 00:53:06,719
Speaker 2: like to acknowledge and pay respects to Australia's Aboriginal and

1155
00:53:06,760 --> 00:53:10,360
Speaker 2: Torres Strait Islander people's, the traditional custodians of the lands,

1156
00:53:10,360 --> 00:53:13,839
Speaker 2: the waterways and the skies all across Australia. We thank

1157
00:53:13,880 --> 00:53:16,000
Speaker 2: you for sharing and for carrying on the land which

1158
00:53:16,000 --> 00:53:18,480
Speaker 2: we are able to learn. We pay our respects to

1159
00:53:18,560 --> 00:53:21,239
Speaker 2: eldest past and present, and we share our friendship and

1160
00:53:21,320 --> 00:53:22,080
Speaker 2: our kindness.

1161
00:53:22,160 --> 00:53:25,600
Speaker 3: The advice shared on Australia's Smartest podcast, She is on

1162
00:53:25,640 --> 00:53:28,200
Speaker 3: the Money is general in nature and does not consider

1163
00:53:28,280 --> 00:53:31,800
Speaker 3: your individual circumstances. She is on the Money exists purely

1164
00:53:31,840 --> 00:53:34,840
Speaker 3: for educational purposes and should not be relied upon to

1165
00:53:34,840 --> 00:53:38,960
Speaker 3: make an investment or financial decision. And we promise Victoria

1166
00:53:39,000 --> 00:53:42,880
Speaker 3: Divine is an authorized representative of Australia Pacific Funds Management

1167
00:53:43,080 --> 00:53:46,120
Speaker 3: Propriety Limited ABN three four one three two four six

1168
00:53:46,200 --> 00:53:49,960
Speaker 3: three two five seven AFOSL three three nine one five one.

1169
00:53:50,280 --> 00:53:54,040
Speaker 3: And a big thank you to Ryan John, our producer,

1170
00:53:54,160 --> 00:53:55,799
Speaker 3: for putting together today's show.

1171
00:53:56,040 --> 00:53:59,799
Speaker 2: Also Mad congrats. Ryan John has just been announced as

1172
00:53:59,840 --> 00:54:04,640
Speaker 2: the breakfast summer radio host on Kiss FM with Lauren Phillips,

1173
00:54:04,640 --> 00:54:06,640
Speaker 2: which is epic and like now we can say we

1174
00:54:06,680 --> 00:54:06,960
Speaker 2: know a.

1175
00:54:06,880 --> 00:54:09,960
Speaker 3: Favorite people here does that start? That starts next week?

1176
00:54:10,000 --> 00:54:13,640
Speaker 2: It starts next week? Ryan, We love you, But you

1177
00:54:13,680 --> 00:54:16,120
Speaker 2: know what else we love how she's on the money community.

1178
00:54:16,480 --> 00:54:19,360
Speaker 2: So if you'd like to join us where our community

1179
00:54:19,360 --> 00:54:22,359
Speaker 2: shares money, tips and tricks literally every single day, free

1180
00:54:22,360 --> 00:54:25,440
Speaker 2: of judgment. So She's on the money and join us

1181
00:54:25,440 --> 00:54:27,319
Speaker 2: on Facebook. If face looks not anything you can also

1182
00:54:27,400 --> 00:54:29,440
Speaker 2: find us on Instagram, where she's on the money a

1183
00:54:29,600 --> 00:54:32,480
Speaker 2: us also on TikTok. We're probably trying to get in

1184
00:54:32,520 --> 00:54:36,160
Speaker 2: all of the social platforms, but most importantly, we are

1185
00:54:36,200 --> 00:54:38,520
Speaker 2: on your team. The last thing I wanted to say,

1186
00:54:38,560 --> 00:54:41,719
Speaker 2: which we definitely should have said earlier, was a big.

1187
00:54:41,440 --> 00:54:43,640
Speaker 3: Thank you to everyone who voted for us in the

1188
00:54:43,800 --> 00:54:46,720
Speaker 3: Podcast Awards Listener Award.

1189
00:54:46,800 --> 00:54:49,880
Speaker 2: I guess absolutely that was a topic.

1190
00:54:50,280 --> 00:54:51,200
Speaker 3: We're in the top ten.

1191
00:54:51,360 --> 00:54:53,279
Speaker 2: I mean, we can't compete with Life on Cut because

1192
00:54:53,280 --> 00:54:56,799
Speaker 2: that's ourably my favorite podcast, and I get why it

1193
00:54:56,920 --> 00:54:59,520
Speaker 2: was number one. Yeah, but like we tried, and I'm so.

1194
00:54:59,560 --> 00:55:02,040
Speaker 3: Grateful you we got lots of votes, so we're yeah,

1195
00:55:02,280 --> 00:55:05,400
Speaker 3: very grateful. I guess, as we always say with you guys,

1196
00:55:05,400 --> 00:55:07,320
Speaker 3: and yeah, just really appreciated.

1197
00:55:07,040 --> 00:55:09,759
Speaker 2: Sending so much love. We are very happy campus this week.

1198
00:55:09,880 --> 00:55:14,840
Speaker 2: So with that, let's let's wrap. See you next Wednesday, friends,