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Speaker 1: She's on the Money. She's on the Money.

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Speaker 2: Hello and welcome to the first episode Bank of Friday

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Speaker 2: Drinks On She's on the Money, the podcast for millennials

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Speaker 2: who want financial freedom. Today's Friday, which means it is

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Speaker 2: time to sit back with the girls and a bear

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Speaker 2: fragino in hand, to unpack our favorite moments of the week,

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Speaker 2: and of course, time to celebrate you the incredible She's

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Speaker 2: on the Money community. As always, we are sharing our

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Speaker 2: favorite money wins, We'll be discussing what's making news in

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Speaker 2: the finance world, and we'll be helping to answer our

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Speaker 2: juicy money question, which this week is going to be

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Speaker 2: all about investing as an ex But first it is

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Speaker 2: time to recap the week that was. Miss jesse Garci

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Speaker 2: talked to us about Monday's Money Diary episode this week,

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Speaker 2: so this Week'staris had a chat to us about managing

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Speaker 2: I guess different financial habits. Her and her partner have

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Speaker 2: two vastly different styles, and she's had to kind of

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Speaker 2: make some concessions as you do in any relationship, but

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Speaker 2: also find I guess a middle ground where she's still

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Speaker 2: comfortable and happy operating. She said that she's always been

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Speaker 2: able to save, but didn't have any long term savings,

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Speaker 2: and now she's working towards her IVF journey, which obviously

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Speaker 2: can be a really costly experience, so expense. Yeah, she

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Speaker 2: had to get on the same page as her partner

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Speaker 2: because they've got that shared goal, and it was just

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Speaker 2: really interesting to hear from her about how she approached

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Speaker 2: those conversations and how they made her feel. The thing

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Speaker 2: I found so interesting about that money diary is it

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Speaker 2: was just so different to the way I manage things

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Speaker 2: myself with my partner, and I know that you would

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Speaker 2: probably feel very similar as well, Like I know you

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Speaker 2: and your part now manage money differently to Steve and I.

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Speaker 2: So it's like nice to see what other people are doing.

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Speaker 2: But I was like at the same time, like, ah,

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Speaker 2: that would frustrate me so much, like I don't want

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Speaker 2: to have to keep telling him each year, like I

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Speaker 2: just want him to keep knowing. So I don't know,

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Speaker 2: it was just cool to be able to see what

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Speaker 2: other people do and I guess what their boundaries are,

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Speaker 2: because we all have different boundaries and different things that

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Speaker 2: we accept in, different things that we're actually willing to

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Speaker 2: work with. So I think that that was kind of

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Speaker 2: one of the cool things to come out of it.

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Speaker 2: And I'm saying that because Jess. This week, our DMS

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Speaker 2: blew up with people being like, oh my gosh, I

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Speaker 2: can't believe they X y Z and it's just like, well,

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Speaker 2: actually I can, because we're all different. And that's the

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Speaker 2: beauty of Money Diaries.

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Speaker 3: A thousand percent. It's a safe space to share what

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Speaker 3: you do, free of judgment, just because you know someone

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Speaker 3: does something differently to the way we would. We're not

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Speaker 3: here to criticize. We're here to hear about it and

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Speaker 3: learn from you. And that's exactly what we did.

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Speaker 2: Absolutely And on Wednesday's Deep Dive, I feel like I'm

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Speaker 2: stealing George's job here, but she's not feeling well and

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Speaker 2: in the current stage of the world, she's isolating. So

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Speaker 2: we just said, don't even worry, just stay in bed,

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Speaker 2: look after yourself. Jess and I. I hope we can carry this,

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Speaker 2: Jess like it's the first episode of the year. We've

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Speaker 2: got to do a really really good job, right, No

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Speaker 2: pressure though, No pressure, no pressure. But this week on Wednesday,

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Speaker 2: we spoke all about new Year, New me vibes. We

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Speaker 2: talked about how we can reset goals and talk about

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Speaker 2: what we want to do in the year to come.

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Speaker 2: And I just think it's so important to remember that

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Speaker 2: everybody's different and that we all have different goals and

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Speaker 2: whether your goal is to save five hundred dollars or

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Speaker 2: it is to just start paying off a debt, like,

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Speaker 2: everybody's goals are going to be different. And I think

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Speaker 2: that one of the most challenging things over the next

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Speaker 2: twelve months for us and for the She's on the

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Speaker 2: Money community is actually going to be comparison. And I

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Speaker 2: say that because we're all kind of like creeping slowly

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Speaker 2: out of lockdowns and having gone through so much, especially

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Speaker 2: because so many of us and Melbourne and Sydney based,

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Speaker 2: We're now going to see people spending money on weddings,

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Speaker 2: maybe buying houses that they've been holding off buying. We're

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Speaker 2: going to see them saving money and going on holidays

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Speaker 2: because we've all been held back for the last two

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Speaker 2: years from being able to travel at all. That I

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Speaker 2: know that when it's going to be posted on social media,

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Speaker 2: some people are going to be like, oh my gosh,

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Speaker 2: like how are they affording going on a holiday after

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Speaker 2: the year that was Like It's just it's a very

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Speaker 2: hard time to go through I think, and I think

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Speaker 2: that we all need to just be a little bit

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Speaker 2: kinder to ourselves and a little bit more mindful of

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Speaker 2: maybe what pressures we're putting on ourselves, because usually it's

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Speaker 2: completely unnecessary. But moving away from that, because I feel

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Speaker 2: like on the Wednesday episode I was sappy enough. Jess

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Speaker 2: Lance dive straight into the community money wins. You've picked

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Speaker 2: out a few to share on the show this week.

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Speaker 2: Do you want to start the ball rolling with number one?

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Speaker 3: Absolutely? I feel like it was such a good thread because,

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Speaker 3: as you said, New Year knew me coming out of Christmas.

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Speaker 3: Everyone had some wins, awesome confessions. It was a really

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Speaker 3: good one this week.

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Speaker 2: Yeah, and we didn't do it over Christmas because we

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Speaker 2: were on holidays.

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Speaker 3: A thousand percent, so I feel like we had double

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Speaker 3: double the quali be content. So thank you to everyone

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Speaker 3: for sharing. We're going to start with Jade, She said,

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Speaker 3: money win. I bought someone a Christmas gift that they

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Speaker 3: already had. I returned it and purchased what they asked

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Speaker 3: for instead, and it was half of the price, so

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Speaker 3: now I have a credit to use in the future.

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Speaker 3: Although I wish I'd kept the receipt because it could

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Speaker 3: have been cash back.

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Speaker 2: Oh that's okay, that's still a win, nonetheless, because you

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Speaker 2: were happy to give away that entire amount.

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Speaker 3: One thousand percent. And I was going to say, I

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Speaker 3: feel like this really goes to what we spoke about

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Speaker 3: at the end of last year, which is not being

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Speaker 3: afraid to either regift or if you receive something you like,

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Speaker 3: tell someone because in this case, the person who received

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Speaker 3: the gift wouldn't have had any benefit from having two

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Speaker 3: of the same thing, and by telling the person who

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Speaker 3: gifted it to her, she saved Jade some cash. So

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Speaker 3: it's a win all round in my plan.

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Speaker 2: No, and I think that that's it's just better. Like

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Speaker 2: I would feel so much better, Jess if I got

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Speaker 2: you a gift and you were like, I already have that,

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Speaker 2: could we swap it for something else? I'd be like, yes,

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Speaker 2: because I want to get you something you like. Like,

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Speaker 2: that's not a problem in my I don't understand why

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Speaker 2: more people don't do that, because no one wants too

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Speaker 2: matching cheese plates. I'm telling you right now.

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Speaker 3: One thousand percent. Next up, we had Emily who says

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Speaker 3: I don't drive, so usually I end up ubering to

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Speaker 3: my psychologist appointment, which is about seventy dollars there and back,

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Speaker 3: but I just amy it because the appointment is bulk bill,

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Speaker 3: so she gets that cost subsidized. But now her psychologist

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Speaker 3: is offering Tellyhealth appointments so she doesn't need to uber there,

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Speaker 3: which is here go. And I wanted to say two

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Speaker 3: things here. Firstly, if you are seeing a mental health professional,

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Speaker 3: a lot of them are doing like Emily's doctor and

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Speaker 3: are offering Tellyhealth now. So if it's really hard for

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Speaker 3: you to get to someone, have a look online because

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Speaker 3: a number of places do offer it. But I also

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Speaker 3: just wanted to plug I've shared this before, but we

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Speaker 3: have a really great mental health plan here where like

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Speaker 3: Emily has done, you can get the cost of your

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Speaker 3: appointments subsidized. I think it's ten appointments. And then they

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Speaker 3: did add another ted on for COVID. I'm not sure

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Speaker 3: if that is still available, but at the very least,

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Speaker 3: if if you are an Australian citizen, you can get

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Speaker 3: ten subsidized mental health sessions with a psychologist, which is

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Speaker 3: just so helpful, I guess.

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Speaker 2: Especially now literally and right now, you can get up

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Speaker 2: to twenty subsidized sessions with a mental health care professional

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Speaker 2: each and every single calendar year. And guys, if you

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Speaker 2: didn't know, it's a new calendar year, so if you've

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Speaker 2: been thinking about it, maybe naw's the time to get

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Speaker 2: it all lined up. But also the other thing, Jess,

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Speaker 2: if you are seeing a mental health professional, go you

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Speaker 2: like that is such a good step. And I just

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Speaker 2: feel like more people need to start talking to psychologists

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Speaker 2: and counselors and therapists, like therapy for me has been

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Speaker 2: the best thing that I have ever done. Like I

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Speaker 2: might go through ebbs and flows, like I might be like,

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Speaker 2: I need to see my psychologist every two weeks and

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Speaker 2: that's fine. I might go, you know what, I don't

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Speaker 2: really need to see you this week, but I'll go anyway.

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Speaker 2: And then I also go through periods where I'm like, so,

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Speaker 2: could we just book every single week for now? I

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Speaker 2: just feel like this is a really stressful period. But

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Speaker 2: I think it's really important to talk about these things

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Speaker 2: because just seeing a psychologist or seeing a counselor doesn't

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Speaker 2: mean you have to be diagnosed with something specific, Like

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Speaker 2: you could just be going through something. You could just

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Speaker 2: be really angsty at the moment or just feel like

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Speaker 2: you need to talk to someone. You don't have to

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Speaker 2: have a mental health disorder to see someone. And I'm

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Speaker 2: not saying that as a well you should know. I'm

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Speaker 2: saying that as I've been in my DMS over the

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Speaker 2: last couple of weeks, and someone actually said to me like, oh,

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Speaker 2: I don't think I have clinical depressions, so I probably

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Speaker 2: can't see a psychologist. I'm like, ah, you can, low

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Speaker 2: my friend, please do, please, please please do. Anyway, jess,

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Speaker 2: what is the next money win? Next up, we had Georgina,

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Speaker 2: who said money win. My sister, who's nineteen, started her

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Speaker 2: first job, so I post useful information on her mirror

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Speaker 2: and provide money tips. I advise her to put money

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Speaker 2: away for her contacts as it's a priority purchase. She

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Speaker 2: now does that every pace so she doesn't have to

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Speaker 2: borrow from anyone. Sometimes I feel.

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Speaker 3: Like I'm overdoing it, but I noticed she has been

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Speaker 3: taking it all in and she put up a little

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Speaker 3: photo of the most wholesome little it's like a note

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Speaker 3: card that you would use to study with, and it's

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Speaker 3: all about superannuation. And I just thought, how precious that

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Speaker 3: she is not only sharing that information with her sister

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Speaker 3: and helping to educate her sister on something that at

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Speaker 3: nineteen I personally was not educated about. But the love

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Speaker 3: that it's done with. She's written a little note. It's

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Speaker 3: in different colors. It just pulled at my heartstrings actulutely.

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Speaker 3: Oh please, Georgina.

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Speaker 2: Yeaes like that would also be a really cool thing

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Speaker 2: for She's on the money to do one day, Jess, like,

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Speaker 2: do little mirror affirmations.

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Speaker 3: So cute so you can see every day.

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Speaker 2: Yeah, or like a flipbook or something that has a

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Speaker 2: different like finance fact or positive affirmation or something. I

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Speaker 2: don't know. I feel like we're onto something.

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Speaker 3: Oh my gosh, twenty twenty three daily calendar. We'll work

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Speaker 3: on that, pushing that off.

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Speaker 2: I always say things and you're like, maybe not this year.

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Speaker 3: Then well, I mean we are four days into twenty

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Speaker 3: twenty two, so I'm ready.

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Speaker 2: I'm excited. I'm motivated. I had a good break, Jess.

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Speaker 3: We'll chat about it off air. Next we have ANGELI.

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Speaker 3: I hope I'm pronouncing your name correctly. She said, it's

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Speaker 3: a pretty munny Win. It's really pretty. I was gonna

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Speaker 3: buy the shoes on the money book, but it got

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Speaker 3: gifted to me for my Secret Santa.

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Speaker 2: Oh my gosh, do you know what was the most

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Speaker 2: wholesome thing over Christmas? Dress? It blew my mind And

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Speaker 2: it shouldn't have because, like, I know, I wrote a

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Speaker 2: book and I know that you can buy it. Like,

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Speaker 2: it shouldn't have blown my mind. But seeing people on

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Speaker 2: Christmas Day tag me in their gifts, whether they gave

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Speaker 2: the book or got the book, or were just excited

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Speaker 2: about it, and then people over that Christmas period being like, Oh,

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Speaker 2: I'm at the beach, I'm reading the book I got

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Speaker 2: for Christmas. I can't tell you how many times I cried,

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Speaker 2: like it was literally the most wholesome thing in the

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Speaker 2: entire world. I was like, wait, it's not just like

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Speaker 2: you guys in the community supporting you know us, which

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Speaker 2: is beautiful, but it's you are gifting it to people

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Speaker 2: outside the community, and it's having this packed and people

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Speaker 2: are really excited about. I can't tell you how special

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Speaker 2: that was. So to all of you who posted or

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Speaker 2: messaged me or told me that you had the book,

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Speaker 2: thank you. You literally made my Christmas magic.

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Speaker 3: And whoever gave that Secret Santa, we endorse that gift

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Speaker 3: file that one away for next year, folks.

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Speaker 2: Also your genius. Next, we had JP who said I

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Speaker 2: went to Nando's with my boyfriend and I offered to

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Speaker 2: pay we stand, she said, for some reason, the tool

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Speaker 2: wasn't working, so the guy gave it to us for free.

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Speaker 2: Thanks Mando and date night on the till guy.

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Speaker 3: I feel like as well, it would have been a

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Speaker 3: really good moment for her to be like, oh no, babe,

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Speaker 3: like I'll get all this and then next minute she

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Speaker 3: doesn't have to pay. We love to say it.

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Speaker 2: To pay next time or does she have to pick

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Speaker 2: it up next time?

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Speaker 3: No, she offered her meal that she was going to

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Speaker 3: pay for was paid for. The next one's on him.

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Speaker 2: Yeah, all right, that seems reasonable.

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Speaker 3: And lastly, I have a post from Brie who has

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Speaker 3: a whole bunch of things that she's checked off for

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Speaker 3: her new year. She said, check did my twenty twenty

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Speaker 3: two budget, Victoria's planner. Check I downgraded my phone plan

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Speaker 3: and realized I'd been paying late fees for ages, so

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Speaker 3: we'll now be saving sixty five dollars a month. And

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Speaker 3: check I canceled my Kindle unlimited subscription I forgot about

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Speaker 3: and got a refund for twelve month's worth, which was

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Speaker 3: one hundred and seventy dollars, and then she's hashtagged eightyhd tacks, who.

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Speaker 2: I really wanted to do truly a thing, but do

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Speaker 2: you know, sixty five bucks a month is like what

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Speaker 2: nearly eight hundred bucks in a year.

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Speaker 3: So much funny. I would really love to do an

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Speaker 3: episode and let us know if this is something we'd

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Speaker 3: be interesting. People would be interested because we've chatted about

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Speaker 3: this in the office, but I would love to talk

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Speaker 3: about ADHD tacks, which, if you don't know, it's essentially

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Speaker 3: the concept that our neurodiverse friends have to learn to

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Speaker 3: manage their money in different ways because your brain just

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Speaker 3: thinks about things differently, and there are all these different

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Speaker 3: tips and tricks. And I would love to chat to

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Speaker 3: some people in our community potentially who have figured out

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Speaker 3: a way to manage these things themselves. But maybe that's

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Speaker 3: an episod that we can cover off on at some

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Speaker 3: point this year because it's super interesting and pree good

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Speaker 3: on you for getting on top of it, girl, we're

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Speaker 3: so pro I love.

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Speaker 2: That and it's probably worth mentioning here. Obviously, I have

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Speaker 2: background in psychology, so to talk about things when it

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Speaker 2: comes to ADHD. Obviously we are relatively well placed. But

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Speaker 2: for those of you playing along, and this isn't something

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Speaker 2: I'm gonna post on Instagram, but you're listening to a

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Speaker 2: Friday Drinks episode and if you're this far in, well

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Speaker 2: like at least fifteen ish minutes in. Like, I'm assuming

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Speaker 2: we're friends, but I was diagnosed with ADHD when I

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Speaker 2: was seventeen and have been on that journey. I'm now thirty,

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Speaker 2: so I feel like, maybe, Jess, I probably have some

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Speaker 2: tips and tricks of my own, because a lot of people,

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Speaker 2: if they have ADHD, they've messaged me and they're like,

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Speaker 2: be spill the beans. Like the way you talk, the

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Speaker 2: way you interact, the way you talk online, the way

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Speaker 2: that you say that you forget things, and the way

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Speaker 2: that you actually interact in everyday life. You sure you

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Speaker 2: don't have ADHD. I'm like, busted, Yeah, I do. So

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Speaker 2: I think it would be a really good episod so

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Speaker 2: to do. But at the same time, I think it's

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Speaker 2: really important to I guess share that because we're all

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Speaker 2: friends here, and no, I haven't ever said that publicly before,

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Speaker 2: but I do think it is not something that I

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Speaker 2: should be worried about sharing because it makes me who

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Speaker 2: I am, and knowing how that works has meant that

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Speaker 2: I am wildly more successful. It has meant that I

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Speaker 2: am wildly more productive, whereas I can fall off the

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Speaker 2: absolute bandwagon if I'm not managing myself properly. So just

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Speaker 2: a great episode.

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Speaker 3: Amazing, I'm excited. So we're going to take a quick break.

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Speaker 3: When we come back, we're going to be talking all

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Speaker 3: things fraud and investing as well. Don't go anywhere already,

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Speaker 3: v I saw an article this week that it made

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Speaker 3: me a little bit sad, if I'm going to be honest.

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Speaker 3: There was an article that came out about Elizabeth Holmes,

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Speaker 3: who essentially was a business boss. She raised nine hundred

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Speaker 3: and forty five million in investments for her business.

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Speaker 2: Can you imagine that's so much true?

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Speaker 3: You think that's so much money. At its peak, her business,

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Speaker 3: Fhanos was valued at nine billillion billion with a B,

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Speaker 3: which is wild. But what is even more wild than

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Speaker 3: that is the fact that this week she was actually

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Speaker 3: found guilty on multiple charges of criminal fraud.

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Speaker 2: Oh my gosh, Oh it makes me so sick, But

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Speaker 2: this is such a good one to talk about. So

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Speaker 2: for those of you who might be hearing Elizabeth's name

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Speaker 2: for the first time, I understand she is kind of

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Speaker 2: one of those people that in America. I think this

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Speaker 2: is probably a little bit bigger. But she's one of

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Speaker 2: those boss ladies that I'd always looked up to, Like

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Speaker 2: she was on the cover of Forbes, Like she's like

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Speaker 2: cool cool, or was cool cool? Now I would say

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Speaker 2: the exact opposite, But she's now a convicted fraud star.

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Speaker 2: She was, as you said, the founder and CEO of Theranos,

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Speaker 2: which is a now completely defunct health technology company that

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Speaker 2: sawed invaluation. As you said before, it was worth billions,

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Speaker 2: like nine billion dollars because they claimed to have revolutionized

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Speaker 2: blood testing by developing testing methods that could surprisingly use

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Speaker 2: very small volumes of blood like a finger prick, which,

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Speaker 2: if you think about it, like we all go to

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Speaker 2: the pathologist at some point get blood drawn, they have

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Speaker 2: to take all these vials, and she's now saying that

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Speaker 2: they can do complete blood tests with a finger prick

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Speaker 2: like that is obviously going to revolutionize the medical space

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Speaker 2: for a multitude of reasons. But turns out she wasn't

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Speaker 2: telling the truth, so jes. This week, the jury found

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Speaker 2: former there in our CEO. Elizabeth Holmes guilty of four

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Speaker 2: of the eleven criminal counts she faced. She was not

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Speaker 2: found guilty of four other counts, but the jury deadlocked

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Speaker 2: on three other charges. So she is literally now going

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Speaker 2: down for fraud and conspiracy because it turns out a

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Speaker 2: lot of the stuff that she had organized and raised

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Speaker 2: money for was fake.

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Speaker 3: That's so scary to think about. I mean, we talk

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Speaker 3: about investing all the time, and obviously this was a

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Speaker 3: little bit different because US based its private sector. It's

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Speaker 3: not like jumping on your raise. But big picture, yeah,

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Speaker 3: we talk about investing, and we talk about researching, and

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Speaker 3: we talk about making sure that things are safe and

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Speaker 3: that you're making good decisions. It's crazy to think that

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Speaker 3: she had so much funding and so much investment from

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Speaker 3: businesses that believed in her and believed in her technology

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Speaker 3: and it could be found to be not legit.

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Speaker 2: It's actually really upsetting. At the end of the day,

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Speaker 2: she claimed to have revolutionized blood testing, wasn't going to happen,

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Speaker 2: didn't happen, made it up, essentially defrauded people of their

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Speaker 2: money when she went to them and said, Hey, Jess,

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Speaker 2: would you like to invest in my company for millions

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Speaker 2: of dollars and you go, this is revolutionary, like even

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Speaker 2: I'm looking at it right, And my mum's a phlebotomists,

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Speaker 2: So nowadays she takes people's blood. So I do know

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Speaker 2: how arduous it is, and I do know how hard

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Speaker 2: it is to take it from people who are already

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Speaker 2: ill or you know, don't have good veins. Like in

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Speaker 2: my head, I'm like, that's genius. If you could just

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Speaker 2: deal with a pin prick, how great. So I'm assuming

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Speaker 2: every investor would have done exactly the same thing and

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Speaker 2: been like, oh, this is great, I'd love to invest

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Speaker 2: but it wasn't true. And so she's been done for

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Speaker 2: fraud over that. But then also she's now been charged

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Speaker 2: with wire fraud over the allegations that she clearly intentionally

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Speaker 2: lied to investors but also doctors and patients about her

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Speaker 2: company's blood testing capabilities to take their money and prop

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Speaker 2: up her company. Like that that makes me sick because

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Speaker 2: it's not just like in ron, we're you talking about embezzlement,

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Speaker 2: and there's lots of money involved, Like you're promising people

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Speaker 2: that you could detect things like diabetes and cancer with

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Speaker 2: blood from a pin prick, which would change the world.

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Speaker 3: Like, yeah, it's misslaying people and it's really disappointing. And

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Speaker 3: then I guess an extra layer on top of that,

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Speaker 3: not to make it all maror women, but the finance space,

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Speaker 3: the big business space, we know that it's male dominated,

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Speaker 3: and all we want is for females to succeed. And

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Speaker 3: I feel like, more often than not, we're already a

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Speaker 3: little bit on the back foot because of prejudice and

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Speaker 3: culture and things like that. And then to have someone

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Speaker 3: at the forefront, to have someone succeeding, to have all

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Speaker 3: of us cheering her on, to then kind of turn

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Speaker 3: around and turn out to be something that's gone completely

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Speaker 3: the opposite direction, it's just really disappointed.

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Speaker 2: Truly terrifying. So it wasn't even like one or two years, Jess.

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Speaker 2: She was trading for more than ten years, Jess, before

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Speaker 2: Therenos began publicly talking about its abilities to test conditions

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Speaker 2: like cancer and diabetes with a few drops of blood

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Speaker 2: taken by a fingerprick, and they announced a massive retail

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Speaker 2: partnership with Walgreens. Like in America, Walgreens is massive, and

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Speaker 2: if you look at the list of investors, like she

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Speaker 2: wasn't just you know, raising money from people we've never

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Speaker 2: heard of. She got money from Rupert Murdoch. We all

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Speaker 2: know who that is, absolute media mogul Oracle founder Larry Ellison.

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Speaker 2: She got money from the Walton family who actually owned Walmart,

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Speaker 2: and the billionaire family of the former Secretary of Education

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Speaker 2: Betsy DeVos. And to me, that just is crazy because

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Speaker 2: she's defrauding these people that obviously have more than enough

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Speaker 2: money to sue her butt if she gets in any

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Speaker 2: type of trouble or did the wrong thing. It's not like, oh, hey, Jess,

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Speaker 2: join my MLM. Yeah, come do this, and then you

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Speaker 2: don't really have the means to be able to go Okay,

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Speaker 2: Well I lost all my money and it was an

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Speaker 2: absolute scam. I'm just going to walk away like these

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Speaker 2: people don't walk away. What did she expect, Jess.

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Speaker 3: I don't know. It's really frustrating to see. And this

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Speaker 3: story is really new as we're discussing it. I'm sure

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Speaker 3: that more and more details will come out. There will

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Speaker 3: most likely be an investigation off the back of this, and.

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Speaker 2: I'm going to talk about this on my Instagram all week,

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Speaker 2: I promise you, like it is going to be wild.

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Speaker 2: But I think that this has been a good conversation, Jess.

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Speaker 2: Maybe we should stay more on top of black finance

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Speaker 2: crimes because I am totally into stuff like this, like

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Speaker 2: how did they do it? How did she declare that

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Speaker 2: to investors? Like what did she show investors? How did

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Speaker 2: that work?

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Speaker 3: Like?

431
00:20:56,320 --> 00:20:59,280
Speaker 2: Tell me all the nitty gritty details, because it's one

432
00:20:59,320 --> 00:21:02,200
Speaker 2: of those things where she was heralded as like a

433
00:21:02,240 --> 00:21:06,240
Speaker 2: Forbes front cover cover girl, like she was the be

434
00:21:06,400 --> 00:21:09,239
Speaker 2: all end all, kind of like boss lady, and we

435
00:21:09,280 --> 00:21:11,600
Speaker 2: all looked up to her as like this woman that

436
00:21:11,680 --> 00:21:14,080
Speaker 2: ran this massive business and like, you know, she's just

437
00:21:14,119 --> 00:21:16,320
Speaker 2: had a baby, like do it all kind of vibes.

438
00:21:16,840 --> 00:21:17,639
Speaker 1: Um.

439
00:21:18,000 --> 00:21:21,040
Speaker 2: Turns out she was lying the entire time. How does

440
00:21:21,080 --> 00:21:23,000
Speaker 2: that happen? How are people like this?

441
00:21:23,640 --> 00:21:26,160
Speaker 3: I honestly I have no idea, But we'll chat about

442
00:21:26,160 --> 00:21:27,439
Speaker 3: it again in the coming weeks.

443
00:21:27,840 --> 00:21:30,439
Speaker 2: That's actually disgusting and gross, and I can't wait to

444
00:21:30,440 --> 00:21:33,399
Speaker 2: talk more about it, Jess. But you told me before

445
00:21:33,440 --> 00:21:37,680
Speaker 2: this episode started that we have a question about investing

446
00:21:37,800 --> 00:21:40,639
Speaker 2: as an expat. Can we listen to that question and

447
00:21:40,680 --> 00:21:41,879
Speaker 2: start having a chat about it?

448
00:21:41,920 --> 00:21:43,159
Speaker 3: Absolutely, here we go.

449
00:21:43,440 --> 00:21:47,080
Speaker 4: Hi, guys, I have a question about investing. I'm twenty

450
00:21:47,119 --> 00:21:49,480
Speaker 4: seven and I'm an expert. I moved over from the

451
00:21:49,560 --> 00:21:52,440
Speaker 4: UK about three years ago and now I live in Sydney.

452
00:21:53,119 --> 00:21:56,119
Speaker 4: I'm actually looking at moving over to America next year,

453
00:21:56,320 --> 00:21:59,760
Speaker 4: so that complicates matters a little further. I really want

454
00:21:59,760 --> 00:22:02,680
Speaker 4: to long term investing, but I just don't know how

455
00:22:02,760 --> 00:22:06,520
Speaker 4: and whether it matters where which country I put my

456
00:22:06,600 --> 00:22:10,080
Speaker 4: money in. Does it even work like that? I don't know.

457
00:22:11,400 --> 00:22:14,080
Speaker 4: I don't know where I'm going to retire, so I'm

458
00:22:14,080 --> 00:22:18,440
Speaker 4: not sure where to put my investments. I want to

459
00:22:18,480 --> 00:22:20,400
Speaker 4: start long term investing. I want to put some money

460
00:22:20,400 --> 00:22:24,640
Speaker 4: away each month to start building that portfolio, but I

461
00:22:24,720 --> 00:22:29,720
Speaker 4: just don't know which platform how to invest in. Is

462
00:22:29,760 --> 00:22:34,520
Speaker 4: that in Australia or the UK or America? Just fitting

463
00:22:34,520 --> 00:22:37,679
Speaker 4: a little bit lost. Same goes with I'd like to,

464
00:22:37,880 --> 00:22:40,520
Speaker 4: you know, talk to financial advisor about this, but I

465
00:22:40,520 --> 00:22:46,280
Speaker 4: don't know whether they specialize in expat kind of investing.

466
00:22:47,320 --> 00:22:50,000
Speaker 4: Any help would be awesome, Thanks guys.

467
00:22:50,280 --> 00:22:53,399
Speaker 2: Ah, Yes, this one is a really hard one to

468
00:22:53,480 --> 00:22:55,879
Speaker 2: answer for a couple of reasons. Obviously, I am an

469
00:22:55,880 --> 00:22:59,680
Speaker 2: Australian based financial advisor, so I can't advise on international

470
00:22:59,680 --> 00:23:03,480
Speaker 2: share or stocks or portfolios that are held in different currencies.

471
00:23:03,800 --> 00:23:06,159
Speaker 2: But the thing that's a little bit fickle for me

472
00:23:06,800 --> 00:23:09,600
Speaker 2: is actually that she said she doesn't know where she

473
00:23:09,680 --> 00:23:12,520
Speaker 2: wants to land. So she said, I don't really know,

474
00:23:12,760 --> 00:23:15,280
Speaker 2: you know, where I want to retire, which is completely normal.

475
00:23:15,760 --> 00:23:18,200
Speaker 2: But the advice when you're talking to someone who is

476
00:23:18,240 --> 00:23:21,439
Speaker 2: an expat about where to invest is usually invest in

477
00:23:21,440 --> 00:23:24,800
Speaker 2: the country's currency that you actually want to land in.

478
00:23:24,920 --> 00:23:26,879
Speaker 2: So say you're from the UK and you're living in

479
00:23:26,920 --> 00:23:30,120
Speaker 2: Australia and you're planning on returning to the UK one

480
00:23:30,200 --> 00:23:33,000
Speaker 2: day to set up life, or maybe have kids, or

481
00:23:33,040 --> 00:23:36,240
Speaker 2: even further down the track to retire, I would be

482
00:23:36,280 --> 00:23:39,320
Speaker 2: saying you probably want to invest in the UK because

483
00:23:39,359 --> 00:23:42,520
Speaker 2: when we're planning to invest over the long term, we'll

484
00:23:42,520 --> 00:23:45,240
Speaker 2: have what's called capital gains, which is where our portfolio

485
00:23:45,240 --> 00:23:48,240
Speaker 2: increases in value, and we all want that to happen, right,

486
00:23:48,760 --> 00:23:51,960
Speaker 2: But the problem with that is then if we sell,

487
00:23:52,400 --> 00:23:55,119
Speaker 2: we more likely than not have to pay some pretty

488
00:23:55,160 --> 00:23:59,160
Speaker 2: steep capital gains tax, and obviously we want to avoid

489
00:23:59,200 --> 00:24:01,080
Speaker 2: that as much as possible and put you in the

490
00:24:01,119 --> 00:24:04,040
Speaker 2: best possible position so you never have to get rid

491
00:24:04,119 --> 00:24:06,680
Speaker 2: of an asset because you don't live in the right country.

492
00:24:07,000 --> 00:24:08,879
Speaker 2: In saying that, you would never have to do that.

493
00:24:09,119 --> 00:24:11,679
Speaker 2: So example, if you moved back to the UK but

494
00:24:11,840 --> 00:24:15,000
Speaker 2: had a significant amount of shares or holdings in Australia,

495
00:24:15,240 --> 00:24:18,399
Speaker 2: you definitely could still have that. You would just have

496
00:24:18,520 --> 00:24:20,879
Speaker 2: to declare them each and every single year and do

497
00:24:20,920 --> 00:24:24,080
Speaker 2: a tax return here in Australia because you're generating Australian

498
00:24:24,119 --> 00:24:27,240
Speaker 2: dollars and therefore have Australian income which needs to be declared.

499
00:24:27,600 --> 00:24:30,080
Speaker 2: So I mean to rock in a hard place. I

500
00:24:30,080 --> 00:24:33,000
Speaker 2: would definitely recommend going and having a chat with an

501
00:24:33,000 --> 00:24:36,159
Speaker 2: accountant or working out what your ultimate plans are. But

502
00:24:36,240 --> 00:24:38,119
Speaker 2: I don't think it's like the b or lend All

503
00:24:38,200 --> 00:24:40,639
Speaker 2: because Jesse, at the end of the day, if you said, look, VI,

504
00:24:40,840 --> 00:24:42,520
Speaker 2: I'm going to move to the UK, I don't think

505
00:24:42,520 --> 00:24:44,760
Speaker 2: I'm ever going to come home. I'm going to invest

506
00:24:44,840 --> 00:24:47,960
Speaker 2: over there, and I go, great idea, Jess, sounds fun,

507
00:24:48,320 --> 00:24:52,600
Speaker 2: enjoy And then twenty years later you move back to Australia.

508
00:24:52,680 --> 00:24:55,960
Speaker 2: You know, plans change, life changes, and you're like, oh,

509
00:24:56,040 --> 00:24:57,840
Speaker 2: I don't want to have to sell my portfolio because

510
00:24:57,840 --> 00:25:01,680
Speaker 2: of the capital gains taxes. Like okay, well just pay

511
00:25:01,680 --> 00:25:04,120
Speaker 2: an accountant to do my tax over there each year

512
00:25:04,320 --> 00:25:07,560
Speaker 2: and that's a very small price to pay in comparison

513
00:25:07,600 --> 00:25:10,280
Speaker 2: to selling down your entire portfolio and you know, being

514
00:25:10,359 --> 00:25:12,040
Speaker 2: lumped with those capital gains taxes.

515
00:25:12,119 --> 00:25:15,639
Speaker 3: Right, Yeah, for sure? What about when she said, you know,

516
00:25:15,760 --> 00:25:18,639
Speaker 3: she was thinking about potentially talking to advisor. She understood

517
00:25:18,640 --> 00:25:21,160
Speaker 3: that when things are this complicated, that's generally when you'd

518
00:25:21,200 --> 00:25:23,520
Speaker 3: go to a professional, But she wasn't sure what to

519
00:25:23,600 --> 00:25:26,320
Speaker 3: do in regards to does she find one here? Does

520
00:25:26,320 --> 00:25:27,520
Speaker 3: she find one overseas?

521
00:25:28,040 --> 00:25:32,199
Speaker 2: See? That's where I am absolutely useless to you. And

522
00:25:32,280 --> 00:25:35,960
Speaker 2: the reason for that is because I'm only Australian. I

523
00:25:36,040 --> 00:25:39,879
Speaker 2: cannot recommend that you invest in another currency because I

524
00:25:39,920 --> 00:25:42,960
Speaker 2: don't know enough about that currency. Like my job is

525
00:25:43,160 --> 00:25:45,720
Speaker 2: the ins and outs of what is available and accessible

526
00:25:45,800 --> 00:25:49,280
Speaker 2: to Australians and our Australian tax system and how that

527
00:25:49,440 --> 00:25:53,040
Speaker 2: works for us. If you then say, hey, V should

528
00:25:53,040 --> 00:25:55,760
Speaker 2: I be for my personal situation investing in the UK

529
00:25:56,080 --> 00:25:59,040
Speaker 2: or in Australia or in the US or maybe Dubai,

530
00:25:59,040 --> 00:26:01,719
Speaker 2: Like I don't know you're based or what your plan is,

531
00:26:02,720 --> 00:26:06,160
Speaker 2: I can't actually do that. But you absolutely could engage

532
00:26:06,160 --> 00:26:08,760
Speaker 2: an Australian advisor wants you'd worked that out, and if

533
00:26:08,760 --> 00:26:10,359
Speaker 2: you come to me and say, hey, you Turia, I'm

534
00:26:10,359 --> 00:26:12,680
Speaker 2: an expat. I would love to invest with you here

535
00:26:12,720 --> 00:26:15,280
Speaker 2: in Australia. I can work with you, it's absolutely fine.

536
00:26:15,560 --> 00:26:18,600
Speaker 2: But if you ask me to manage a portfolio internationally,

537
00:26:18,680 --> 00:26:21,560
Speaker 2: I cannot do that, nor would I feel comfortable to

538
00:26:21,600 --> 00:26:23,760
Speaker 2: do so. So the best thing is to find an

539
00:26:23,800 --> 00:26:27,040
Speaker 2: advisor in the country that you want to be investing in,

540
00:26:27,440 --> 00:26:31,840
Speaker 2: because advisors can't work internationally unfortunately, and whoever tells you

541
00:26:31,920 --> 00:26:33,159
Speaker 2: that they can, they can't.

542
00:26:33,760 --> 00:26:36,680
Speaker 3: When you say that, does that mean that there's does

543
00:26:36,800 --> 00:26:39,560
Speaker 3: anybody work internationally as an advisor or is that just

544
00:26:39,800 --> 00:26:40,360
Speaker 3: not a thing?

545
00:26:40,640 --> 00:26:40,800
Speaker 4: Oh?

546
00:26:41,240 --> 00:26:45,360
Speaker 2: So, it's not really a thing unless you're incredibly wealthy,

547
00:26:45,400 --> 00:26:48,040
Speaker 2: and we're talking about millions and millions and millions of

548
00:26:48,080 --> 00:26:51,600
Speaker 2: dollars here. So example, as you guys know, I used

549
00:26:51,640 --> 00:26:53,520
Speaker 2: to work in the ultra high net wealth space and

550
00:26:53,560 --> 00:26:57,440
Speaker 2: deal with billion dollar families and so they had what's

551
00:26:57,520 --> 00:27:01,119
Speaker 2: called a family finance manager, was somebody that the family

552
00:27:01,160 --> 00:27:04,920
Speaker 2: had hired individually. Their entire full time job was managing

553
00:27:05,000 --> 00:27:08,679
Speaker 2: that family's portfolio because they had a family office and

554
00:27:08,720 --> 00:27:11,399
Speaker 2: they would have assets from around the world. And that

555
00:27:11,600 --> 00:27:14,400
Speaker 2: is absolutely fine. I'm not saying that as an Australian

556
00:27:14,520 --> 00:27:18,439
Speaker 2: you can't invest internationally, so like, I have clients who

557
00:27:18,480 --> 00:27:21,920
Speaker 2: own stocks all over the world, but it's more about

558
00:27:21,960 --> 00:27:25,560
Speaker 2: the tax system, so that family's advisor would actually do

559
00:27:25,720 --> 00:27:27,760
Speaker 2: that job for them. So yes, you could say that

560
00:27:27,800 --> 00:27:30,520
Speaker 2: there is somebody who does that, but it is absolutely

561
00:27:30,560 --> 00:27:33,720
Speaker 2: a very very very wealthy thing to have and not

562
00:27:33,760 --> 00:27:36,240
Speaker 2: really accessible to many people. Like it wouldn't be something

563
00:27:36,280 --> 00:27:38,280
Speaker 2: I could ever engage in because I don't have what

564
00:27:38,440 --> 00:27:40,600
Speaker 2: quarter of a million dollars to by a finance manager

565
00:27:40,640 --> 00:27:42,840
Speaker 2: each and every single year to manage my family's wealth.

566
00:27:43,000 --> 00:27:45,440
Speaker 3: Must be nice, Yeah, it must be nice.

567
00:27:45,359 --> 00:27:48,720
Speaker 2: For some, but it's not a thing. In saying that,

568
00:27:49,080 --> 00:27:51,920
Speaker 2: I do have a couple of clients who are expats

569
00:27:52,320 --> 00:27:54,720
Speaker 2: and they have portfolios here in Australia, and they have

570
00:27:54,800 --> 00:27:57,480
Speaker 2: some portfolios in the UK. And I have a client

571
00:27:57,520 --> 00:27:59,600
Speaker 2: who has a whole heap of holdings in the US,

572
00:28:00,080 --> 00:28:03,880
Speaker 2: and I've had meetings with their financial advisors, like sometimes

573
00:28:03,920 --> 00:28:05,920
Speaker 2: at very strange hours in the morning or in the

574
00:28:06,000 --> 00:28:09,040
Speaker 2: late afternoon, but I like to understand what they're doing

575
00:28:09,040 --> 00:28:11,959
Speaker 2: and what goals my client has that maybe they've articulated

576
00:28:11,960 --> 00:28:14,240
Speaker 2: to one advisor, but maybe not to me just so

577
00:28:14,320 --> 00:28:16,639
Speaker 2: I haven't missed anything and we can always be on

578
00:28:16,720 --> 00:28:19,239
Speaker 2: the same page. So if you want to work with

579
00:28:19,280 --> 00:28:22,240
Speaker 2: somebody and you want to hold different portfolios, you absolutely can.

580
00:28:22,600 --> 00:28:24,760
Speaker 2: But I think the most important thing there is just

581
00:28:24,800 --> 00:28:26,960
Speaker 2: working out, like what is the long term game plan,

582
00:28:27,000 --> 00:28:28,479
Speaker 2: because that will give you the answer.

583
00:28:28,760 --> 00:28:31,320
Speaker 3: Yeah, and it sounds like remembering that you know, if

584
00:28:31,359 --> 00:28:33,840
Speaker 3: you do decide to invest in one place and then

585
00:28:33,920 --> 00:28:35,919
Speaker 3: ten years down the track you decide that that's not

586
00:28:35,920 --> 00:28:38,560
Speaker 3: actually where you want to be, knowing that you can

587
00:28:38,680 --> 00:28:40,800
Speaker 3: work around that. It's not the end of the world.

588
00:28:41,240 --> 00:28:43,239
Speaker 2: It's not the end of the world. And it's like

589
00:28:43,320 --> 00:28:45,640
Speaker 2: people in the UK might come and live in Australia

590
00:28:45,680 --> 00:28:48,200
Speaker 2: but still have access to their pensions. It's a bit

591
00:28:48,240 --> 00:28:51,200
Speaker 2: of a mess around because it's different currencies. But guys,

592
00:28:51,240 --> 00:28:53,480
Speaker 2: it is twenty twenty two and we now live in

593
00:28:53,480 --> 00:28:55,560
Speaker 2: a world where I can just jump on a website,

594
00:28:55,640 --> 00:28:57,920
Speaker 2: log into my banking app and transfer it through by

595
00:28:58,040 --> 00:29:01,760
Speaker 2: transfer wise, Like it is so easy to exist in

596
00:29:01,800 --> 00:29:05,200
Speaker 2: a world where we have unlimited access to stuff. So

597
00:29:05,240 --> 00:29:07,920
Speaker 2: would I think it's a massive problem. No, But it

598
00:29:08,000 --> 00:29:10,800
Speaker 2: is really really important to consider, like, well, what does

599
00:29:10,840 --> 00:29:13,680
Speaker 2: the future look like? Should I actually be investing in

600
00:29:13,720 --> 00:29:15,960
Speaker 2: the UK if I'm only living there for two years

601
00:29:16,000 --> 00:29:19,360
Speaker 2: while I'm overseas. Probably not, because you're going to come

602
00:29:19,400 --> 00:29:21,480
Speaker 2: home and we don't want to have to sell a portfolio,

603
00:29:22,080 --> 00:29:24,080
Speaker 2: and we don't want to have to manage tax in

604
00:29:24,120 --> 00:29:26,720
Speaker 2: another country because you spent two years abroad and bought

605
00:29:26,720 --> 00:29:29,960
Speaker 2: some stocks and now you're forever committed to talking about

606
00:29:30,040 --> 00:29:32,640
Speaker 2: tax and stuff in another country. So I think it's

607
00:29:32,680 --> 00:29:35,360
Speaker 2: really important to just work out what your long term

608
00:29:35,400 --> 00:29:38,200
Speaker 2: game is, and if you don't know, just pick what

609
00:29:38,240 --> 00:29:40,200
Speaker 2: you think is going to work best for you and

610
00:29:40,240 --> 00:29:43,240
Speaker 2: your situation now, because everything's able to be changed.

611
00:29:43,800 --> 00:29:45,840
Speaker 3: And just off the back of that last thing you

612
00:29:46,080 --> 00:29:49,040
Speaker 3: said there, this might be a silly.

613
00:29:48,840 --> 00:29:53,280
Speaker 2: Question, but so weak thing, you should know that it's

614
00:29:53,280 --> 00:29:57,320
Speaker 2: probably worth pointing out that you can still hold overseas

615
00:29:57,360 --> 00:30:03,840
Speaker 2: stocks from another country. We can purchase US or UK stocks,

616
00:30:04,160 --> 00:30:06,880
Speaker 2: just because it is a little bit convoluted. I guess

617
00:30:06,920 --> 00:30:10,600
Speaker 2: when we're talking about that expat situation, I guess our

618
00:30:11,200 --> 00:30:14,000
Speaker 2: question was coming from someone wanting to know where does

619
00:30:14,040 --> 00:30:17,600
Speaker 2: she set up that home base to make those investments.

620
00:30:18,000 --> 00:30:21,880
Speaker 2: But you can still hold those international investments from another country,

621
00:30:22,040 --> 00:30:25,120
Speaker 2: and it's actually all about the currency you're purchasing it in,

622
00:30:25,600 --> 00:30:29,200
Speaker 2: not the company you're buying. So like, for example, I

623
00:30:29,320 --> 00:30:32,240
Speaker 2: own US stocks, I own UK stocks, I dabble in

624
00:30:32,280 --> 00:30:34,720
Speaker 2: a lot of things, but I'm buying them all in

625
00:30:34,800 --> 00:30:39,120
Speaker 2: Australian dollars because it's an Australian based portfolio. Jess, I

626
00:30:39,160 --> 00:30:41,640
Speaker 2: think that was actually a really smart question because a

627
00:30:41,680 --> 00:30:43,160
Speaker 2: lot of people will be like, hold up, am I

628
00:30:43,200 --> 00:30:45,520
Speaker 2: not meant to invest internationally? I thought we were meant

629
00:30:45,520 --> 00:30:49,240
Speaker 2: to diversify. You absolutely are, But what we're doing is

630
00:30:49,320 --> 00:30:54,200
Speaker 2: diversifying by buying international stocks with our currency of the

631
00:30:54,280 --> 00:30:56,320
Speaker 2: country we live in. Does that make sense?

632
00:30:56,680 --> 00:30:57,760
Speaker 3: Oh my gosh, yes that does.

633
00:30:57,840 --> 00:30:58,240
Speaker 1: Thank you.

634
00:30:58,960 --> 00:31:01,400
Speaker 3: Sah. It's a little bit complicated, but we got there.

635
00:31:01,480 --> 00:31:04,400
Speaker 2: It's complicated that, I promise you it is not that complicated.

636
00:31:04,480 --> 00:31:06,440
Speaker 2: I hope that has answered her question. But that was

637
00:31:06,480 --> 00:31:09,040
Speaker 2: a really good question in saying that if you guys

638
00:31:09,120 --> 00:31:11,760
Speaker 2: would like to send a voice memo through to podcast

639
00:31:11,840 --> 00:31:14,440
Speaker 2: at She's on the Money dot com dot au, you

640
00:31:14,520 --> 00:31:17,560
Speaker 2: might end up hearing your voice memo question on the show.

641
00:31:17,840 --> 00:31:20,920
Speaker 2: So definitely flick those through. But jessic Ricci, we have

642
00:31:21,040 --> 00:31:23,280
Speaker 2: nearly been talking for like half an hour and it's

643
00:31:23,320 --> 00:31:25,880
Speaker 2: meant to be a short shop, fun to the point

644
00:31:25,960 --> 00:31:28,920
Speaker 2: Friday drinks. So I do believe that is all we

645
00:31:29,040 --> 00:31:32,000
Speaker 2: have time for today. But as always, just before we

646
00:31:32,040 --> 00:31:34,800
Speaker 2: head off, we'd like to acknowledge and pay respect to

647
00:31:34,880 --> 00:31:39,120
Speaker 2: Australia's Aboriginal and tourist right islander people's. They're the traditional

648
00:31:39,120 --> 00:31:42,600
Speaker 2: custodians of the lands, the waterways and the skies all

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00:31:42,640 --> 00:31:45,800
Speaker 2: across Australia. We thank you for sharing and for caring

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00:31:45,840 --> 00:31:48,000
Speaker 2: for the land on which we are able to learn.

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00:31:48,320 --> 00:31:51,000
Speaker 2: We pay respects to elders past and present, and we

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00:31:51,080 --> 00:31:53,120
Speaker 2: share our friendship and our kindness.

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00:31:53,680 --> 00:31:56,120
Speaker 3: And remember the advice shed on She's on the Money

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00:31:56,200 --> 00:31:59,760
Speaker 3: is general in nature and does not consider your individual circumstances.

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00:32:00,080 --> 00:32:02,800
Speaker 3: She's on the Money exists purely for educational purposes and

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00:32:02,840 --> 00:32:05,160
Speaker 3: should not be relied upon to make an investment or

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00:32:05,200 --> 00:32:08,600
Speaker 3: a financial decision. And we promise Victoria Devine is an

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00:32:08,640 --> 00:32:13,240
Speaker 3: authorized representative of Australia Pacific Funds Management Proprietary Limited ABM

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00:32:13,360 --> 00:32:15,840
Speaker 3: three four one three two four six three two five

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00:32:15,920 --> 00:32:18,520
Speaker 3: seven AFL three three nine one five one.

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00:32:18,680 --> 00:32:19,840
Speaker 2: See you next week, guys.

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00:32:20,160 --> 00:32:28,440
Speaker 3: Bye,