Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
Speaker 1: the storytelling of you to make a difference for today
Speaker 1: and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 2: Hello, and welcome to She on the Money, the podcast
Speaker 2: for millennials who want financial freedom. Today, my friends, is
Speaker 2: Friday once again, which means it is time to sit
Speaker 2: back with the girls with a bevy in hand, to
Speaker 2: unpack our favorite moments from this week and of course,
Speaker 2: to celebrate you, guys, the incredible She's on the Money community.
Speaker 2: As always, we are going to be sharing our favorite
Speaker 2: money wins. We're going to be discussing what's making news
Speaker 2: in the finance world, and we'll be helping to answer
Speaker 2: a very like extra very juicy money question this week
Speaker 2: about Finders investing platform that is backed by Crypto. So
Speaker 2: let's get into it. Jessicurci tell us what happened on
Speaker 2: our Money Diary Monday. So this week's diarist just really
Speaker 2: got me in the heart. She was this beautiful single
Speaker 2: mum who had a really great journey with money. She
Speaker 2: actually could recall and I'm not going to give it away,
Speaker 2: I want people to listen, but she could recall an.
Speaker 4: Exact moment it was like, well pivotal.
Speaker 5: Yeah in her childhood and a phrase that her grandmother
Speaker 5: told her abound like money and finance in life that
Speaker 5: just stuck with her. And I found it so fascinating
Speaker 5: that you know, that was twenty thirty. I don't remember
Speaker 5: how old she was while it was a yeah, and
Speaker 5: it like that sentence stuck in her mind and resonated
Speaker 5: with her and really shaped her money story, which I
Speaker 5: thought was it just goes back to that thing that
Speaker 5: you always say that our money stories really shape in
Speaker 5: our childhood.
Speaker 2: And it's so different for everybody. Like after that episode recording,
Speaker 2: Jess and I ended up having this whole conversation about
Speaker 2: like things that I might have said or that you've
Speaker 2: had said to you that were pivotal money related or
Speaker 2: not that the other person might not have any idea about.
Speaker 2: Like I just even at school, like someone saying something
Speaker 2: about like even let's talk about body image, right, they'd
Speaker 2: be like, oh, v X y Z, And you'd be like, wow,
Speaker 2: now I'm so self conscious of that, and they that
Speaker 2: was just a broad brush comment from them that they
Speaker 2: probably didn't mean. But it's like changed the shape of
Speaker 2: the way you think and act and feel and behave.
Speaker 2: And I just think that that's, you know, so important
Speaker 2: to talk about when it comes to money, because you
Speaker 2: can change someone's life with a comment. And like, that's
Speaker 2: why I think we have to be so careful with
Speaker 2: our words.
Speaker 4: Yeah, we to have a lot of power.
Speaker 5: She became a single parent at nineteen and she now
Speaker 5: has three kids.
Speaker 4: It was just a really it was I who love story? Yeah, agreed?
Speaker 2: Guys, what was the sentence, No, we're not telling you.
Speaker 4: Who do you think we are?
Speaker 2: Like we need to plug our own shot fair enough
Speaker 2: with the best advertisement for our own show one hundred.
Speaker 2: I mean probably not, because if you're listening to the show,
Speaker 2: you probably already listened to the Money Diary episode and
Speaker 2: we probably should look at some other advertising revenues.
Speaker 5: But not yet before we go to Wednesday. We did
Speaker 5: also have a bonus episode go up with this week
Speaker 5: on Tuesday.
Speaker 2: All my favorite episode ever, guys.
Speaker 5: A whole extra She's on the Money day. I hope
Speaker 5: you'll enjoyed it. But it was a bonus Q and
Speaker 5: A with a mortgage broker because we've just had so many,
Speaker 5: so many questions and.
Speaker 2: It's like an extra special mortgage broker. We had Kate
Speaker 2: Bransgrove on the show, who spoiler is my newest business
Speaker 2: partner because we have rolled her mortgage broking business into
Speaker 2: my mortgage broking business and now we are known as
Speaker 2: Zela Money as of literally today today, like it's official today, guys,
Speaker 2: Like we're in business. She's in business.
Speaker 5: She's brilliant. You guys have heard me talking about on
Speaker 5: the podcast how I have been through three mortgage brokers
Speaker 5: before I got to a good one. As spoiler alert,
Speaker 5: Kate's the good ones.
Speaker 2: So also spoiler alert, what's the lesson here, Jess? Is
Speaker 2: it just maybe take my recommendation of the pop stop.
Speaker 5: We do move on.
Speaker 2: We can move on.
Speaker 5: Really good episode, great Q and A. It's kind of
Speaker 5: like having a personal chat with a mortgage broker. She
Speaker 5: answered so many good questions and if you do want
Speaker 5: to chat to her, you actually can do that.
Speaker 4: Jump on the website will allow you to do that.
Speaker 5: I will share her head to the website, you can
Speaker 5: fill out a form and we can connect you with
Speaker 5: someone from the seller team.
Speaker 2: Yeah, absolutely all Headzela dot com dot a you. It's
Speaker 2: pretty cute website. Designed it myself, guys. Little bit of
Speaker 2: background diy action. I'm a financial advisor, a podcaster, and
Speaker 2: now a web designer because I didn't want to pay someone.
Speaker 2: Moving on, Miss Georgia King, Hello, tell us about Wednesday.
Speaker 2: How are you? By the way, You just good. It's
Speaker 2: so good to see you. Guys had a little and
Speaker 2: you went to a little stint in news.
Speaker 6: I did a couple of days in NUSA, wrote about
Speaker 6: it in the newsletter. In fact, but it was it
Speaker 6: was divine. It was non fence, don't get me wrong,
Speaker 6: but it was it was body.
Speaker 4: Oh my gosh, deceased. We should go one day jeye.
Speaker 2: Yeah, yeah, okay, come along. You might get an invite
Speaker 2: this time. O.
Speaker 3: They good.
Speaker 2: But what happened on Wednesday's okay? So Wednesday was all
Speaker 2: about simplifying tax time.
Speaker 4: We love, I love.
Speaker 2: I don't know about you, guys, because you're so organized,
Speaker 2: I'm really not. That's Jessic making me look organized, well
Speaker 2: compared to me. You're both superstars. Thank you.
Speaker 6: But basically it was a really good episode for anyone
Speaker 6: who is like me and they're not as together. We
Speaker 6: spoke about just how to make it all way more
Speaker 6: easy because it can be so overwhelming at this time
Speaker 6: of year. So we went through what you can claim,
Speaker 6: what you can't claim. You went into detail, and yeah, basically,
Speaker 6: if you are like me and you're someone who is
Speaker 6: really overwhelmed at this time of year, then it's the
Speaker 6: perfect place to start.
Speaker 5: You can do your tax yourself. I know a lot
Speaker 5: of people think you can't. I've never had my tax
Speaker 5: done for me, really never, And like, if you're prepared.
Speaker 4: It's a lot easier on you, for sure.
Speaker 2: Yeah, that's that's the count. How did you learn how
Speaker 2: to do you tax yourself?
Speaker 6: Though?
Speaker 2: Jess I just got on the ATY website and followed
Speaker 2: the prompts. Yeah, cool, it's actually not that complicated. I
Speaker 2: feel like we over complicate things, guys. It's twenty twenty two.
Speaker 2: AI is our best friend. It is very self explanatory,
Speaker 2: but I do recommend if you have an investment, property,
Speaker 2: or you know, some confusing duel incomes or something that
Speaker 2: you want help with, I would genuinely reach out to
Speaker 2: an accountant because they're going to know best. And also
Speaker 2: money win one of the things you can claim. It's
Speaker 2: your accounting fees from the last year. Correct money whin?
Speaker 2: All right, gee, speaking of money wins, it is time
Speaker 2: to share some of that budget direct money wins.
Speaker 4: What have you got for us this way?
Speaker 1: Already?
Speaker 2: Let's do it, ladies.
Speaker 6: The first one the week comes from Rebecca money In.
Speaker 6: We have been pining over an espresso machine film months.
Speaker 6: We've previously had a pod machine still good, not great.
Speaker 6: So she's gone on to say we couldn't justify it
Speaker 6: the two thousand dollars eight hundred.
Speaker 4: How do you say that to.
Speaker 2: Hundred dollar? No, start's wrong. We're going to keep that in.
Speaker 2: You guys knew what we were talking reading numbers is
Speaker 2: twenty eight hundred dollars.
Speaker 6: The one for the model that we wanted. But then
Speaker 6: I found it on sale at JB for nineteen hundred
Speaker 6: dollars and we bought it with gift cards purchased through
Speaker 6: shot back. I know it's still really expensive, but I
Speaker 6: love it and it's worth every cent.
Speaker 2: Yes, I love that for you get it queen. Also
Speaker 2: the hack there that was just shared buying gift cards
Speaker 2: to spend on yourself because you get money back. Smart.
Speaker 2: That is smart. Love it.
Speaker 6: Well done to you, Rebecca, all right. Next week it
Speaker 6: comes from Julia. I've managed to hustle and save an
Speaker 6: extra eight hundred and forty five dollars this month. I
Speaker 6: achieved this by selling goodies on marketplace, by returning bottles,
Speaker 6: by doing an e task a job, by depositing coins,
Speaker 6: and by saving on fuel using the seven eleven app.
Speaker 2: Some hot tips there. I feel like that seven eleven
Speaker 2: hot tip app came from Miss Jessic. She a color
Speaker 2: we love that.
Speaker 6: Next week comes from sus This is a fun one.
Speaker 6: I sang BWS happy birthday, and I won twenty dollars.
Speaker 2: Bring on a bottle of red in front of the
Speaker 2: fire cheers way, she wrote.
Speaker 4: She sang the Okay, so I did a little research.
Speaker 2: Thank you you. We were going to ah, well, how
Speaker 2: do we see?
Speaker 4: We can see just great?
Speaker 6: It turns out they'll probably show you away if you
Speaker 6: do it at the counter at BWS. So is beer,
Speaker 6: wines and spirits for anyone who's not an alcoholic.
Speaker 2: Can you tell everybody to do that?
Speaker 6: Yeah, well maybe we can just do it just counter. No,
Speaker 6: So the real campaign is that you log onto their
Speaker 6: website and they've got multiple options. It's bws's birthday, so
Speaker 6: you have to film yourself singing happy birthday to b WS,
Speaker 6: like having a dance and they'll transfer you to twenty.
Speaker 4: To everyone like, or is it you win it?
Speaker 2: No? No, look is this a sponsored this.
Speaker 4: Dance? It's like you just get paid to do this?
Speaker 2: Correct?
Speaker 5: If anybody visit, I really hope this is a money
Speaker 5: in for somebody bus and may we should hit them
Speaker 5: uth payment. But if anyone out there sings in a choir,
Speaker 5: go on the website because there's a button that says
Speaker 5: get a choir to sing us Happy Birthday in public.
Speaker 4: You get two grand.
Speaker 2: It's almost there.
Speaker 4: I will do it.
Speaker 2: I will do it.
Speaker 4: We should do it.
Speaker 5: If you're in a school or if you sing, for
Speaker 5: surely there is a music teacher years get this and
Speaker 5: please send us a video because I really hope that
Speaker 5: you get the true grand.
Speaker 2: Okay, okay, but stepping down from there, you can get
Speaker 2: five hundred dollars for making a BWUS birthday outfit like Jess,
Speaker 2: you are the queen of outfits on Instagram, Like you
Speaker 2: can make a b w US outfit.
Speaker 4: You can do that grade out though I.
Speaker 2: Don't know what that maybe the we're all done. Maybe
Speaker 2: someone's done it at a Norman Aerial birthday message one
Speaker 2: thousand dollars.
Speaker 5: What is it?
Speaker 2: Is this a competition, assuming.
Speaker 6: It's some kind of like data fishing situation, but it's
Speaker 6: very legit.
Speaker 4: I don't think it is just down the rabbit hole.
Speaker 2: Hold on, guys, I think it's actually just genius marketing.
Speaker 2: From that, if we think about it, like two grand,
Speaker 2: you're like, wow, that's a lot of money to win,
Speaker 2: but two grand for an ad real cheap.
Speaker 4: They're in it for the marketing. We're in it for
Speaker 4: the money.
Speaker 2: Everybody, Just wait, just wait. It is the end of
Speaker 2: financial year. Watch out in twenty twenty two, twenty twenty
Speaker 2: three financial year plans for she's on the money, We've.
Speaker 4: Got vil marketing.
Speaker 2: You'll see us next week. We'll be like, oh my gosh,
Speaker 2: seeing she's on the money. Birthday.
Speaker 4: How do it go? How good you got?
Speaker 6: Let's move on to Ashley money Win. I received a
Speaker 6: call from our old bank saying they had been trying
Speaker 6: to reach us since twenty nineteen to give us a
Speaker 6: check for nearly five hundred dollars.
Speaker 2: I mean, I get why you weren't answering the phone
Speaker 2: to the bank.
Speaker 6: We'd closed our accounts and had moved house, so the
Speaker 6: mail never reached us. Now I'm five hundred dollars rich
Speaker 6: just for answering the phone call. I never answered my phone.
Speaker 4: Maybe rich.
Speaker 2: Interesting.
Speaker 6: The next win comes from Denise. I scored Think and
Speaker 6: Grow Rich from our local up shop for one dollar
Speaker 6: and it looks like it's never been opened.
Speaker 4: That is a very good book.
Speaker 2: Didn't we talk about that now?
Speaker 4: Episo?
Speaker 6: We did get a little throwback if you're interested in
Speaker 6: finance books, ladies, be and I did a little deep dive,
Speaker 6: so we rob that.
Speaker 2: In a couple of weeks. I love a finance book,
Speaker 2: and you guys love being told what's in the finance book,
Speaker 2: so you don't have to read the emercisely.
Speaker 6: The next win comes from Emma money Win. I started
Speaker 6: the ten thousand dollar money hack grid and have ticked
Speaker 6: off six squares in nine days.
Speaker 2: I feel like we haven't spoken about those recently.
Speaker 4: In a while.
Speaker 2: Where do we find them be? What are they? They're
Speaker 2: free downloadables on the website. You can print them, you
Speaker 2: can save them on your phone, you can cross them off.
Speaker 2: And they're like savings hacked. So there's like one thousand
Speaker 2: dollars or like ten thousand dollars or whatever you want
Speaker 2: to save for in twelve months, and then there's like
Speaker 2: fifty two boxes and you fill it in and you'll
Speaker 2: be richer. I guarantee it if you actually follow the
Speaker 2: savings hack. Yeah.
Speaker 6: Well, Emma said that she sticks on the fridge and
Speaker 6: it's a constant reminder to keep on plugging away.
Speaker 2: We did make them very esthetic, so they look cute
Speaker 2: on your fridge too, Like you're welcome.
Speaker 4: Head to the freebies page. That's where they are stunning,
Speaker 4: all right.
Speaker 6: Our final win of the day, Ladies is from Stella
Speaker 6: Money Win. My full time job is literally as far
Speaker 6: from creative as you can get, but I love doing
Speaker 6: art in my spare time. I started a side hustle
Speaker 6: job running painting classes at a local arts studio after
Speaker 6: business hours and earned more hourly than I do at.
Speaker 4: My day job.
Speaker 2: Gosh moundy weir.
Speaker 6: Not only does it force me to do what I
Speaker 6: love each weekend, but it also adds to my salary
Speaker 6: every single week. It covers my groceries and my takeaway
Speaker 6: for the week.
Speaker 2: Well done, Stella wesle we stand a side hustle.
Speaker 4: I love that?
Speaker 2: Is that all you got? Fast? Good work?
Speaker 4: Gee?
Speaker 2: I feel like that was a really good rap or
Speaker 2: like collection of She's on the Money wins And as always,
Speaker 2: it has been great celebrating some of your budget Direct
Speaker 2: money wins this week budget Direct winner of can Stars
Speaker 2: Insurer of the Year Award twenty twenty two Budget Direct
Speaker 2: Insurance Solved. Let's go to a quick breaking after that,
Speaker 2: we are going to jump into some juicing content.
Speaker 5: All right, guys, it is end of financial year, Victoria
Speaker 5: Devine's favorite time of year and if you came to
Speaker 5: our Ses on the Money Birthday event last night, you
Speaker 5: would have celebrated with us. And if you didn't get
Speaker 5: to come, we will actually be unlading p episode from
Speaker 5: that next week, so keep an ear out. But ef y,
Speaker 5: this yar means something very special for super I'm super
Speaker 5: excited about.
Speaker 2: Yes, you've changed, Like imagine you saying this like two
Speaker 2: years ago, like, oh my gosh, guys and the financial year.
Speaker 2: I am so excited. Have you seen the recent super changes?
Speaker 2: Whereas before this episode we were like, oh my god,
Speaker 2: this is sick. Have you seen this? Have you seen that?
Speaker 4: Jess, what's happening?
Speaker 5: So you might remember we spoke about this probably this
Speaker 5: time last year, I would imagine.
Speaker 4: Seems legit at our story adds up.
Speaker 5: Yeah, but the changes that were made to superannuation are
Speaker 5: staggered steps up, if you will. So we were shifting
Speaker 5: from the original mandatory superannuation rate of nine point five
Speaker 5: percent yep, stepping slowly towards the end goal of twelve
Speaker 5: So last year went from nine point five to ten yesha,
Speaker 5: ten to ten point five.
Speaker 2: So you're getting more super from me this year. Jesse agreed.
Speaker 4: Sha, That's why I'm excited.
Speaker 2: You're like, yes, make money, make bank, but it's actually
Speaker 2: really cool. So, as you said, we are planning, or
Speaker 2: I mean the ATO or the Australian Taxation Office is
Speaker 2: planning to get us to twelve percent by twenty twenty five,
Speaker 2: but it has to go up in small increments, otherwise
Speaker 2: businesses might get you know, a little bit stunted by that,
Speaker 2: So small steps in the right direction. If we had time,
Speaker 2: I would go on around about how I don't believe
Speaker 2: that twelve percent is enough, But we're not going to
Speaker 2: do that today. We are celebrating the small wins and
Speaker 2: that means more money in your super. But Jess, it
Speaker 2: wasn't the only change that is going to be happening
Speaker 2: as of today. What is the other one?
Speaker 4: The removal of the threshold.
Speaker 2: But what are you talking about? No one knows what
Speaker 2: you're talking about. No, let me explain.
Speaker 5: So Previously, if you're a low income earner, maybe you're
Speaker 5: one day a week casually, or maybe you're on Central
Speaker 5: Link and you could only work a cetin number of hours. Yeah,
Speaker 5: you weren't entitled super if you were earning less than.
Speaker 2: Four hundred and fifty dollars per month.
Speaker 4: There you go, glad, she's on it.
Speaker 5: So if you're earning four hundred fifty dollars a month less,
Speaker 5: you ain't getting any superannuation, which honestly is just kind
Speaker 5: of shitty. If you ask me, yes, I don't like
Speaker 5: it at all. So from the first of July twenty twenty.
Speaker 2: Two, spoiler that's today employees can be eligible for the
Speaker 2: super Guarantee, Like that is SG, So on your pay
Speaker 2: sleep it'll say SG. And I feel like I've had
Speaker 2: that question a lot recently. On my DMS. People are like, oh,
Speaker 2: I was just looking at my payslip, what's SG. I'm like, babe,
Speaker 2: that's super guarantee. That's really important. We need to pay
Speaker 2: attention to it. But essentially, you're now going to earn
Speaker 2: SUPER regardless of how much you earn, and that has
Speaker 2: been abolished, which I really like because previously, if you
Speaker 2: worked maybe like I don't know, two days a month
Speaker 2: because you're at UNI, maybe you weren't earning any SUPER
Speaker 2: at all because you were earning less than four hundred
Speaker 2: and fifty dollars, which for an employer, they're like, great money, win,
Speaker 2: don't have to have that cost. But now everybody is
Speaker 2: earning SUPER if you're working full time, except get this,
Speaker 2: except if you are under eighteen, in which case you
Speaker 2: need to work more than thirty hours a week to
Speaker 2: qualify for it. Is that not cool much? Because that's
Speaker 2: always been there, that's not new. I'm just bringing it
Speaker 2: up now because it seems topical and I knew where
Speaker 2: it offend you, so that.
Speaker 5: I find that really counterintuitive, particularly in this instance, because
Speaker 5: more often than not, if you're going to be working
Speaker 5: to earn four hundred and fifty dollars, you're a being
Speaker 5: paid very little and b you're probably not working a
Speaker 5: lot of hours. Those two things together to me, say,
Speaker 5: eighteen year old.
Speaker 2: Can we also just talk about how messed up that
Speaker 2: is just economically, So, like, let's think about it. If
Speaker 2: you're under the age of eighteen, it's very likely that
Speaker 2: you are in full time education, right, So, like, regardless
Speaker 2: of what you're doing, probably still at school because that's
Speaker 2: how the system works, unless you left early to do
Speaker 2: like an apprenticeship or whatever it is. But if you're working,
Speaker 2: you know, twenty five hours a week as a sixteen
Speaker 2: seventeen year old, it might be because you genuinely need
Speaker 2: that money, because you're already financially compromised, Like you might
Speaker 2: have had a hard start to life. You might not
Speaker 2: be in the best position with your family. You might
Speaker 2: be you know, living out of home and you're only
Speaker 2: able to work, you know, twenty nine hours a week
Speaker 2: because you've got school full time and.
Speaker 4: You're not feel a lot. That's twenty so much, Like that.
Speaker 2: Is so much, But there are people out there where
Speaker 2: that is their reality. They're not earning super because they're
Speaker 2: under the age of eighteen, and that makes no sense
Speaker 2: to me because they are arguably working harder than I
Speaker 2: am because they're hustling. It really frustrates me that there
Speaker 2: is no need for employers to pay superannuation to people
Speaker 2: under the age of eighteen if they work less than
Speaker 2: thirty hours a week, that's cool, right if you start
Speaker 2: thinking about, like, well, what type of person would be
Speaker 2: under the age of eighteen and working, you know, twenty
Speaker 2: nine thirty hours a week, like it exists because they
Speaker 2: need to put food on their table. Not all of
Speaker 2: us are in the privileged position to live at home,
Speaker 2: have food put on our table, be able to get
Speaker 2: to school and that be a really comfortable existence. Like
Speaker 2: that's not everybody's reality. To me, that's really disadvantageous to
Speaker 2: a lot of people, and we just sometimes don't contextualize
Speaker 2: those things in the way that we should.
Speaker 5: It's hard because they're getting shafted on both sides. Like
Speaker 5: they're getting shafted with the hours thing because they're working
Speaker 5: after work. Yeah, like working thirty hours a month is
Speaker 5: a lot of hours when you're already doing something full
Speaker 5: time like schooling. But then they're also getting shafted in
Speaker 5: terms of like minimum wage when you're under the age
Speaker 5: of eighteen, even under the age of twenty.
Speaker 4: It's cook really.
Speaker 5: I remember when I used to work retail, and I'm
Speaker 5: very blessed that I have never worked for less than
Speaker 5: twenty dollars per hour, and that was purely by accident.
Speaker 5: But I remember when I was working retail and I
Speaker 5: was a little bit older, I would have been like
Speaker 5: maybe twenty two, twenty three. There was a girl who
Speaker 5: worked with us who was sixteen, and I'm pretty sure
Speaker 5: at the time she made like nine dollars an hour,
Speaker 5: and I was like, I genuinely, by the time you
Speaker 5: pay tax, I mean, she probably wouldn't have been paying
Speaker 5: a lot of tax. Actually, she would be a work
Speaker 5: incomeenter but just by the time I remember, she used
Speaker 5: to have to catch the train, so by the time
Speaker 5: she pays for five bucks for her train ticket if
Speaker 5: she worked a three hour shift, she basically hadn't earned
Speaker 5: any money.
Speaker 6: So I grew up in a pretty high socioeconomic area,
Speaker 6: you could say, down on the Peninsula, and a lot
Speaker 6: of kids in high school. They would work to kind
Speaker 6: of gain a decent work ethic and understand that rather
Speaker 6: than actually to save a lot.
Speaker 2: Yeah, I was the same, right. The reason I got
Speaker 2: my first job was because my parents were like, you
Speaker 2: are fourteen years and nine months old, why don't you
Speaker 2: go and get a job. And my first job was,
Speaker 2: you know, in an ice cream shop, and I earned money,
Speaker 2: and that money was basically spent on going to the movies. Guys,
Speaker 2: if you know, you know, you go down to Rosebud,
Speaker 2: you go to the movies, you walk to McDonald's. That
Speaker 2: was my existence, right, But that's a very privileged upbringing
Speaker 2: where the money that I'm earning is you know, frivolous
Speaker 2: in a way. Like at that point in time, my
Speaker 2: dad was trying very hard to teach me the value
Speaker 2: of money, but I was not listening because I didn't
Speaker 2: I'm not going to say I didn't need to. I
Speaker 2: absolutely did, but I didn't feel like I needed to. Right, Like,
Speaker 2: earning that money not the same whereas Jess, you moved
Speaker 2: out when you were pretty young and were completely self sufficient,
Speaker 2: so it might be a very different story when you know,
Speaker 2: when you're actually forced to provide for yourself right and
Speaker 2: as a human right. At an evolutionary level, it's not
Speaker 2: actually all that normal to put yourself in somebody else's
Speaker 2: shoes because it's got nothing to do with fight or
Speaker 2: flight or survival, right, Like I have no need, literally,
Speaker 2: if we're talking about psychologically and on an evolutionary level,
Speaker 2: I have no need to put myself in your shoes, George,
Speaker 2: literally none. It doesn't benefit me at all. Now in
Speaker 2: twenty twenty three, absolutely it does. But you know, Aspace,
Speaker 2: we just don't think that way. So I think it's
Speaker 2: really important to call those things out and be like, wow,
Speaker 2: like we're so privileged. Like I'm the same I grew
Speaker 2: up in exactly the same area you did, George, But
Speaker 2: growing up I also had some friends who were working
Speaker 2: because their parents weren't supporting them in the way that
Speaker 2: my parents were supporting me. And they actually were helping
Speaker 2: to pay the rent and they were putting food on
Speaker 2: the table for their families because they just didn't have
Speaker 2: that level of privilege that I had. And I just
Speaker 2: it blows my mind. And as we've been talking, I've
Speaker 2: just looked up the Fairwork Omensman Guide for and I've
Speaker 2: just looked up fast food industry because I feel like
Speaker 2: that's a really pretty easy, it's pretty standard as a
Speaker 2: you know, sixteen year old. If you are a junior,
Speaker 2: you're a full timer or a part timer. Under the
Speaker 2: age of sixteen, your hourly pay rate at a level one.
Speaker 2: Not sure what that is, but level one is eight
Speaker 2: dollars seventy one in twenty twenty two. That's crazy someone
Speaker 2: to buy you a meal. So what No, then one,
Speaker 2: there's like different levels, right, so we'll skip to level three.
Speaker 2: Level three has like a little categorization. It says level
Speaker 2: three in charge of two or more persons, your hourly
Speaker 2: pay rate if you are under the age of sixteen
Speaker 2: is nine dollars forty nine.
Speaker 5: So if you're managing people, you get not even a
Speaker 5: full extra dollar, not even a.
Speaker 4: Full extra dollar.
Speaker 2: Like that to me is insane because if you're needing
Speaker 2: to rely on that income, you're just you're already behind,
Speaker 2: Like you're literally already behind. Don't worry though, the second
Speaker 2: to sixteen you're a level one ten dollars eighty nine.
Speaker 2: Like that's still so low in comparison to what we
Speaker 2: call the minimum wage in Australia, which is categorized in
Speaker 2: this as being quote an adult. So I don't know
Speaker 2: what this means or how this works, but I just
Speaker 2: I think you should be paid for the work that
Speaker 2: you're doing. And if George is doing exactly the same
Speaker 2: job as me, does it matter that George's sixteen and
Speaker 2: I'm twenty five, Like, why should a twenty five year
Speaker 2: old be paid more for exactly the same thing.
Speaker 5: Yeah, I think it's interesting to bring it back around
Speaker 5: to where we were at with Super. I think it's
Speaker 5: a little bit disappointing to think about because I reflect
Speaker 5: on when I was younger and same as you. I
Speaker 5: got a job at fourteen and nine months, and I
Speaker 5: worked two days a week on the weekends, and I
Speaker 5: worked pretty long days, Like I think I was doing
Speaker 5: like decent, like eight or so hour Dawn.
Speaker 2: I'm not surprised because you're a hustler.
Speaker 4: You wouldn't like that money from me one hundred percent.
Speaker 5: I liked the money, But like the thing ultimately is,
Speaker 5: I look back on it and I go, I actually
Speaker 5: don't know that I would have been earning super. And
Speaker 5: I think about this sometimes because I look at my
Speaker 5: super balance and I go, I feel like it's not
Speaker 5: as high as I would have thought, given how long
Speaker 5: I've been working for And it's probably two things. It's
Speaker 5: partially because I had multiple accounts when I was younger,
Speaker 5: and the fees probably aided away. But also I guess
Speaker 5: a really significant chunk of my working life, like what
Speaker 5: was it under eighteen? Right, Yeah, so four years or
Speaker 5: like three and a bit years of my working life
Speaker 5: I wasn't earning super most likely because I wouldn't have
Speaker 5: been meeting necessarily the threshold for the hours. And that's
Speaker 5: just kind of frustrating because you go, you're putting in
Speaker 5: the time, you're working hard, you're doing the hours, but
Speaker 5: you're not necessarily getting all of the benefits just because
Speaker 5: you're a little bit younger. But then you're doing such
Speaker 5: a great thing by going out and getting a job
Speaker 5: and earning money.
Speaker 6: And I just feel like it's not to be paid
Speaker 6: for the work you're doing exactly. But kids aren't going
Speaker 6: to question that either if you said no, like what
Speaker 6: the hell's super when you're fifteen, like you wouldn't you know?
Speaker 5: No, I filed out a new form every time I
Speaker 5: got a job.
Speaker 6: Another piece of this puzzle in terms of not paying
Speaker 6: underage people the super that they certainly deserve. Is that
Speaker 6: it kind of sets them up at a very early
Speaker 6: age to be exploited and kind of expect that from
Speaker 6: places of authority. It's not okay. And that would also
Speaker 6: have an impact on your money story, which we talk
Speaker 6: about all the time. And she's on the money and
Speaker 6: I don't know, I think that's something that really needs
Speaker 6: to be addressed.
Speaker 2: I can't believe. Yeah, I've just never thinking about it.
Speaker 5: I didn't know this and yeah, like it's kind of
Speaker 5: like when you tick over eighteen and now you are
Speaker 5: eating super. Yeah, because it's not something you've ever had
Speaker 5: to think about before, you might not necessarily comprehended that
Speaker 5: it should be there. And we've seen stories in the
Speaker 5: Facebook group of people very frequently working at like small
Speaker 5: local businesses or jobs that again you would quite often
Speaker 5: see younger people working and they're like, oh, my boss
Speaker 5: hasn't paid me super in three years? Like can I
Speaker 5: do something about that? And it's like, yeah, Queen, absolutely
Speaker 5: you can, and you should. But you're right, if you
Speaker 5: haven't had that expectation and you haven't been taught the
Speaker 5: value of it because you didn't receive it, how are
Speaker 5: you to know any difference exactly.
Speaker 2: That's why she's on the money exists quite literally, because
Speaker 2: not everybody is afforded the same level of financial literacy.
Speaker 2: And I just think that it should be a base, right,
Speaker 2: Like we don't get it in school, and if we're
Speaker 2: not getting it in school, some of us are privileged
Speaker 2: enough to get it at home. And if we're not
Speaker 2: getting at home, maybe we are lucky enough to be
Speaker 2: surrounded by people in our friendship groups that teach us
Speaker 2: or that we learn from their parents or whatever it is.
Speaker 2: Or maybe you get a good part time job and
Speaker 2: your boss actually goes, hey, Jess, you probably should be
Speaker 2: xiz or whatever it is. But not all of us
Speaker 2: are afforded financial literacy, which to me seems wild because,
Speaker 2: as you said, it opens you up for exploitation later
Speaker 2: down the track, and like nobody deserves that, Like if
Speaker 2: you think about it, like, hey, we're actually putting people
Speaker 2: and children in a position where they're going to be
Speaker 2: exploited hard no from me. Wow, this conversation really took
Speaker 2: a turn from where I thought it was going to go.
Speaker 2: But to summarize and of financial year is exciting because
Speaker 2: we're taking steps in the right direction. More superhation, make
Speaker 2: sure you check with your employer, make sure you watch
Speaker 2: you're super, and ensure that that's happening. It is a
Speaker 2: lot like I'm so I always say wildly passionate, but
Speaker 2: I am wildly passionate, like go check your super. And
Speaker 2: this opens the conversation up to the conversation I was
Speaker 2: having earlier today with a friend that I went and
Speaker 2: had a coffee with. We're doing some financial advice stuff,
Speaker 2: and they were talking about how one of their friends
Speaker 2: didn't realize they weren't being paid their SUPER, and they
Speaker 2: assumed that their super was being paid because it was
Speaker 2: on their pay slip. But you actually have to sign
Speaker 2: into your super fun to double check that. It's just
Speaker 2: like kind of a record of bookkeeping your pay slip
Speaker 2: for super, right like, it doesn't mean it's been paid.
Speaker 2: And a lot of businesses, like my business, pays super quarterly,
Speaker 2: so every quarter or every three months, we do a
Speaker 2: big super run and we get that done. But if
Speaker 2: you haven't been paid super now, end of financial year
Speaker 2: is a very good time to have a quick check
Speaker 2: see what's going on, because there would be a super
Speaker 2: run on June thirty, so it would and should be
Speaker 2: up to date, because because you're going to do your
Speaker 2: tax return. So if you haven't checked your super in
Speaker 2: a while, now's the time to shine. My friend log in.
Speaker 2: I hope you're bored by it. I hope you're like, oh,
Speaker 2: it's exactly what it should be.
Speaker 4: Great.
Speaker 2: But if it's not, you get to follow up on that,
Speaker 2: and then it's not a few years down the track
Speaker 2: where you're like, hey, I worked for that job.
Speaker 5: I just do.
Speaker 2: I think I made super, but we're not sure, right, Like,
Speaker 2: if I asked you, Jess, you always paid super. I'm
Speaker 2: sure you're like, well, I don't know, Like I never
Speaker 2: checked when I was younger, because I'm exactly the same.
Speaker 2: So I think now's a good time check your super.
Speaker 2: My loves good content piece. We should move off it, though,
Speaker 2: because all we do is talk. Hi.
Speaker 6: There, have you got a money dilemma you just can't solve?
Speaker 6: The Sheese on the Money Team is here to help.
Speaker 6: Every week, we tackle your dilemmas, both big and small,
Speaker 6: to answer your most burning money, career and life questions.
Speaker 6: To get involved, simply head to our website and leave
Speaker 6: us a quick voice recording, and you may just find
Speaker 6: yourself on the show. Now let's take a listen to
Speaker 6: today's Money Dilemma.
Speaker 7: High ladies love the podcast, listen to it religiously. I
Speaker 7: have a very random question about Finder dot com dot AU.
Speaker 7: Don't know if you know this. What there recently came
Speaker 7: out with an earned functionality. It's basically a cryptocurrency. You
Speaker 7: lend them your savings and they look, you earn four
Speaker 7: point one percent in interest and it's a stable coin.
Speaker 7: But I just want to know what you guys know
Speaker 7: about it, whether you think it's sounds dodgy. I feel
Speaker 7: like no other bank would offer you that amount of
Speaker 7: returns without a huge amount of risk. So I am
Speaker 7: so keen to hear your thoughts on this. Thanks, ladies,
Speaker 7: Bye Nasis.
Speaker 2: Not about it, Not about it, not about it. If
Speaker 2: you follow me on my personal Instagram account, which is
Speaker 2: not a recommendation, you shouldn't because I go rogue. That's
Speaker 2: why Jess literally took that She's on the Money posting
Speaker 2: ability off me, because she was like, you can read
Speaker 2: the comments, you can talk to people in the DMS.
Speaker 2: If you post something, though, I will revoke your access
Speaker 2: to She's on the Money Instagram because stuff like these
Speaker 2: frustrates the hell out of me. Did you hear how
Speaker 2: that question was phrased? Guys like, do you know where
Speaker 2: I'm going with this? I'm looking at you two and
Speaker 2: you're just looking at me blankly. So this has been
Speaker 2: a really good start to this content. Save a coin
Speaker 2: Yet no, no, she said no bank would offer that.
Speaker 2: So what that listener question has told me is she
Speaker 2: is comparing mentally this crypto saving investing option to the
Speaker 2: returns a bank would give you. Those two are not
Speaker 2: the same, those are not the same asset classes, those
Speaker 2: are not comparable. That's like saying, hey, Jess, should I
Speaker 2: keep my money in a savings account or should I
Speaker 2: buy property? Like those two things are so far from
Speaker 2: each other in being able to generate interest and return
Speaker 2: that they should not be compared. And this goes back
Speaker 2: to the rants I've been on. I don't believe on
Speaker 2: the podcast as yet because I have tried to bite
Speaker 2: my tongue. But that is about deceptive marketing and the
Speaker 2: thing that I went on a rand about on in Instagram,
Speaker 2: which I'm gonna call this it's not true at all.
Speaker 2: I'm hoping it is because I called it out, but
Speaker 2: it's not. It's because you know, I think there have
Speaker 2: been a lot of people that called it out. But
Speaker 2: Finders Earn app used to say earn four point oh
Speaker 2: one percent on your savings, and I got so frustrated
Speaker 2: at that because that leads you down the garden path
Speaker 2: and thinking that's quite safe, right because I earn interest
Speaker 2: on my savings in my bank account, or I could
Speaker 2: just put it in this earn thing like and I
Speaker 2: earn better money or my savings like, No, that's an investment.
Speaker 2: To update that, they have changed it to on your capital,
Speaker 2: which I much prefer because it is much clearer that
Speaker 2: it is an investment. But the find to Earn thing
Speaker 2: is an investment. It is not a savings It should
Speaker 2: not be compared to your bank account. And now we
Speaker 2: can talk about its actual product. I don't want you
Speaker 2: guys to think that these things are comparable. I have
Speaker 2: spoken about it on my Instagram again because it's the
Speaker 2: only platform where I can go truly wrote without being
Speaker 2: in trouble these days. But I spoke about Blossom app,
Speaker 2: which is a app that is an investment app that
Speaker 2: calls themselves as savings app, and that is absolutely not
Speaker 2: the case. They are not a savings app. They are
Speaker 2: an investment app. But they're branding and they're marketing calls
Speaker 2: themselves a savings app. You've probably seen their targeted marketing
Speaker 2: because it is very she's on the money targeted as
Speaker 2: in the same demographics like young millennial women. Not that
Speaker 2: they are targeting she's on the money specifically, but I
Speaker 2: mean it would be a good marketing strategy for them. Right,
Speaker 2: we've got your audience, But then you've also got me
Speaker 2: being like, no, that's deceptive marketing. So I don't know
Speaker 2: how you feel about that, but yeah, I think that
Speaker 2: the one thing with these different earning apps that are
Speaker 2: coming out recently is that their marketing is making you
Speaker 2: feel more confident and more safe because they're using language
Speaker 2: that makes you think that they're savings apps when in
Speaker 2: reality they're actually investment apps. And to segue straight into
Speaker 2: what the find to Earn app is, it's crypto app
Speaker 2: and they're trying really hard. And I'm sure that you
Speaker 2: know they're gonna bite my heads off about this. I'm
Speaker 2: literally lighting my ability to ever be sponsored by a
Speaker 2: finder up in flames right now, and that is fine
Speaker 2: by me. But they say, oh, stable coin, guys, what's
Speaker 2: stable coin like? Sounds safe, sound safe, yep, But like
Speaker 2: there was a stable coin crash recently, so like, stable
Speaker 2: coin is not actually that stable. It's just a term
Speaker 2: used to make you feel far more confident in that
Speaker 2: asset class when it's still crypto. So stable coin is
Speaker 2: usually deemed to be more stable because why yes.
Speaker 5: It's essentially a crypto that it tries to attach itself
Speaker 5: to a stable currency, which I think usually is the
Speaker 5: usd or the US dollar.
Speaker 2: Yep.
Speaker 5: So in theory, if you had a thousand of a
Speaker 5: certain stable coin, you can exchange it for one thousand dollars,
Speaker 5: So it's meant to be kind of lack for Like
Speaker 5: that is a very simplified explanation because you know, crypto
Speaker 5: is definitely not my domain. But the idea is that, yeah,
Speaker 5: it's meant to be like the stable you know, currency
Speaker 5: that follows along with a standard, so that if you
Speaker 5: were to exchange back and forth, it would be somewhat
Speaker 5: likeful light.
Speaker 2: Yeah, and a lot of people are a bit more
Speaker 2: drawn to that if they're interested in cryptocurrencies, because they're like,
Speaker 2: all right, it feels a bit more stable, and that's
Speaker 2: where it's got its name from. But remember a couple
Speaker 2: of weeks ago, we're doing Friday Drinks episode and one
Speaker 2: of our you know, money wins was actually not a
Speaker 2: money win, and Jess you called it out. It was
Speaker 2: like Luna if you know, you know, And that's because
Speaker 2: Luna was a quote stable coin, and people invested in
Speaker 2: it and felt really confident. They're like, oh my gosh,
Speaker 2: got into crypto and it crashed completely off the chart's gone,
Speaker 2: completely gone. But that was a stable coin. So I
Speaker 2: feel like we still need to be quite apprehensive of
Speaker 2: stable coins because at the end of the day, they
Speaker 2: are a cryptocurrency. Doesn't necessarily mean that cryptocurrency is bad.
Speaker 2: And I think that you guys are probably picking up
Speaker 2: the vibe that cryptocurrency isn't my forte. And the reason
Speaker 2: it's not my forte is not because it's not been
Speaker 2: around long enough and Victoria doesn't understand it. I fully
Speaker 2: comprehend it. But most cryptocurrencies don't have a backing right,
Speaker 2: so if I win, and I always use this example
Speaker 2: and it's not the best example ever, but if I
Speaker 2: go by and NAB share, right, Nab is bank. Behind
Speaker 2: that bank is thousands of employees making those cogs turn,
Speaker 2: and there's marketing division and there's thousands and thousands, if
Speaker 2: not hundreds of thousands of customers that they look after
Speaker 2: every single day that are committed right, So for NAB
Speaker 2: to go broke would be one very significant and there's
Speaker 2: probably a lot more going on in the economy if
Speaker 2: that actually happens. But two, if they start to go down,
Speaker 2: there's lots of like fail safes and things they could do,
Speaker 2: and there's some savings in that bank that they could
Speaker 2: use to pay their employees and make sure that your
Speaker 2: share price doesn't completely plummet. There is no backing with cryptocurrencies,
Speaker 2: there's no employees, there's no business that actually turns and
Speaker 2: cogs that is in the background. It is actually really
Speaker 2: risky because today it could exist and tomorrow it could
Speaker 2: completely disappear and well your money's gone, Like there's nobody
Speaker 2: to chase, there's nobody to follow. And for me, that's
Speaker 2: why I'm a little bit more apprehensive of these things.
Speaker 2: I'm very positive on it. I want to learn more.
Speaker 2: I want to in the future be like, okay, cool,
Speaker 2: Like this is an investment asset that I can advise on.
Speaker 2: But in Australia right now, it is not an asset
Speaker 2: class that is legislated, is not an asset class that
Speaker 2: is recognized for financial advisors to even advise on. So therefore,
Speaker 2: I'm like, why would I use the shehese on the
Speaker 2: money platform to promote an asset class that is far
Speaker 2: riskier than any other asset class that could put you
Speaker 2: in the best possible position to create wealth.
Speaker 5: And I think that's the primary difference between I guess
Speaker 5: that you know the bank or the savings app and
Speaker 5: something that is investing, particularly in stable coin, because cryptocurrency
Speaker 5: isn't regulated and banks are regulated. There are laws in place,
Speaker 5: and as you said, fail safes, stable coins theoretically aim
Speaker 5: to back their coins up with hard assets, so dollars
Speaker 5: or gold or treasuries. But that is a theoretical and
Speaker 5: there is no regulation or requirement. And we have seen
Speaker 5: that in the past where influencers or people who maybe
Speaker 5: own a cryptocurrency or a cryptocurrency brokerage or something like
Speaker 5: that have promoted and almost pumped and dumped, and they've promoted.
Speaker 4: It one hundred percents terrifying.
Speaker 5: Yeah, really elevated the value of that currency, and then
Speaker 5: it sold theirs. It's crashed out and there's been nothing
Speaker 5: to back it up and people have been left with nothing.
Speaker 5: And I think that's probably the biggest thing that I
Speaker 5: personally would keep in mind is that you know, well
Speaker 5: Finder is a legitimate company and I'm sure they're doing
Speaker 5: their due diligence, et cetera, et cetera. There is no
Speaker 5: regulation there in Australia as of yet, and that is
Speaker 5: something that I person you find very scary.
Speaker 2: I absolutely agree, And that's the thing that makes me
Speaker 2: really apprehensive of that asset class because here today, gone tomorrow, Like,
Speaker 2: that's not the type of investment I want my community
Speaker 2: to be making. But it's also interesting, right like you
Speaker 2: see it on money diaries. A lot we'll ask the
Speaker 2: question like do you have any investments? If so, what
Speaker 2: are they And they'll be like, oh, I'm invested in
Speaker 2: crypto and you'll be like, great, how when, where?
Speaker 1: What?
Speaker 3: You know?
Speaker 2: How does this all work for you? And it's interesting
Speaker 2: to see that that nowadays is a lot of people's
Speaker 2: first investment. But then I'll go what do you think
Speaker 2: of the share market? And they go, oh, it's too risky,
Speaker 2: and I go, but where are you getting this information?
Speaker 2: How does that work? Because you look at the share
Speaker 2: market and you're like, yeah, it can feel really overwhelmeding,
Speaker 2: It can feel like a lot, But why do you
Speaker 2: feel like cryptocurrency is quote the future? And I get
Speaker 2: that there's a lot of media circus around it, but
Speaker 2: I think that that's it, right, Like a lot of
Speaker 2: people are feeling like cryptocurrency is a lot more accessible
Speaker 2: and a lot easier because they're like, oh my gosh,
Speaker 2: but I saw it all on Instagram. My friend's doing it,
Speaker 2: and this is how it's working, and that's how it's working,
Speaker 2: and it just it confuses me a lot because I'm like,
Speaker 2: I get that it could be the future, but the
Speaker 2: risk you need to take with your capital or your
Speaker 2: cash is so significant, Whereas you could go buy blue
Speaker 2: chip stocks and create a future for yourself that is
Speaker 2: arguably far less risky than going, oh, well, I picked
Speaker 2: up a stable coin. It's much much less risky than
Speaker 2: a normal crypto. Like okay, But like, if we get
Speaker 2: a risk return chart out down, the very bottom left
Speaker 2: corner is cash, and then it you know, dots up,
Speaker 2: and then there's property, and then there's the share market,
Speaker 2: and then it just goes off the chart to where
Speaker 2: crypto currency sits, Like the amount of risk and investor
Speaker 2: takes on by choosing that asset class is so much
Speaker 2: more significant than that of the share market. But so
Speaker 2: many people are more apprehensive of the share market than
Speaker 2: of crypto. And I have a sneaky submission. It's social media.
Speaker 6: Yeah, that's what I was gonna ask, like, why is
Speaker 6: that where we're at? Because you do you have people
Speaker 6: like my little brother he has a crypto horse. I
Speaker 6: don't know a crypto I don't really know the details.
Speaker 6: I haven't asked him about it, like if he hasn't
Speaker 6: invested in anything else, Like he thinks that crypto is
Speaker 6: as legitimate an investment path as the share market, so
Speaker 6: like what's happening there?
Speaker 2: But then it's not a recognized financial asset in Australia.
Speaker 2: So is that not a thing that would make you
Speaker 2: go alarm bells? Maybe that's not as legit. Like I
Speaker 2: feel like a lot of people know about crypto horses
Speaker 2: sent me like, I an't going to do so much
Speaker 2: research after this next week we'll talk about the crypto horse.
Speaker 2: But I feel like a lot of people have done
Speaker 2: their quote research and they're just googling it and buying
Speaker 2: into it, and it's topical and it's new and it's
Speaker 2: really exciting. It's nothing sexy about a blue chip stock,
Speaker 2: Let's be honest, Like, who wants to go buy West
Speaker 2: Farmers except for me?
Speaker 6: Whereas crypto is quite sexy because of social media, I
Speaker 6: feel like it's quite broish because it's like it's risky but.
Speaker 2: The return is huge.
Speaker 5: I've definitely seen someone on TikTok saying basically this.
Speaker 6: Yeah in that foot Well, I think it's probably worth
Speaker 6: throwing a note in here that we're poking a little
Speaker 6: bit of fun.
Speaker 4: We are, by no means saying that you.
Speaker 5: Shouldn't invest in crypto, and we're definitely not saying that
Speaker 5: it is a bad thing or a negative thing. We're
Speaker 5: just trying to highlight the risk that is attached to
Speaker 5: it without the regulation. I mean, it absolutely could potentially
Speaker 5: have a place in your portfolio alongside something that is
Speaker 5: really well diversified, if that's something that aligns to your
Speaker 5: values by all means.
Speaker 2: Just one hundred percent exactly what you're saying. I think
Speaker 2: for me, I actually like summary TLDR of shoes on
Speaker 2: the Money. Victoria Devine does not care at all what
Speaker 2: you spend your money on, as long as you're spending
Speaker 2: it in line with your values. Like if you tell
Speaker 2: me nave I made a decision. I had all the
Speaker 2: options on the table, and I made the decision that
Speaker 2: felt right for me. You do you boo? I literally
Speaker 2: am so happy for you if you want to go
Speaker 2: buy a crypto horse. I am genuinely literally it's no judgment.
Speaker 2: I'm talking about these things in what I would deem
Speaker 2: to be quite a pragmatic way in that I'm like, Okay, cool,
Speaker 2: let's look at risk versus return and how that works.
Speaker 2: And the thing that from my perspective as somebody who
Speaker 2: has a background in psychology, who is a financial advisor,
Speaker 2: has studied finance and gets to, you know, interact with
Speaker 2: this beautiful community of money minded people every single day,
Speaker 2: I do get quite confused when people are like, yeah,
Speaker 2: I'm happy to invest in crypto, but I'm not that
Speaker 2: keen on the shed market. I'm like, wow, I'm really
Speaker 2: what am I missing?
Speaker 1: Like?
Speaker 2: What am I missing? That is making you feel so
Speaker 2: much more comfortable with that than me as a financial
Speaker 2: advisor looking at it, going this is terrifying. And I
Speaker 2: was at the Financial Advisor Innovation Summit last week. Last week,
Speaker 2: no like a month ago. Time is absolutely flying. And
Speaker 2: we did hold segments on what cryptocurrency means in this
Speaker 2: industry and how it works and how we can integrate
Speaker 2: it for our clients if they are desperately wanting to
Speaker 2: have it. There are cryptocurrency ETFs and that blows my mind.
Speaker 2: But it's one of those things where I have been
Speaker 2: at these conferences, I am talking to literal industry experts.
Speaker 2: We talked about these things, and I just it still
Speaker 2: makes me feel a little bit uneasy because as much
Speaker 2: as I'm learning as a financial advisor about this asset class,
Speaker 2: I'm still legally not allowed to provide financial advice on it.
Speaker 2: Does I mean, I can't talk about it on a
Speaker 2: podcast and semantically break it down and talk about you know,
Speaker 2: stable coin versus different types of cryptocurrency or lunar or
Speaker 2: you know, whatever is going on in the market. But
Speaker 2: it really does baffle me that people like, oh, yeah,
Speaker 2: I'm happy with crypto, but not with the share market.
Speaker 5: So to swing it back around to this finder platform specifically.
Speaker 2: Yes, sorry for going on another rant.
Speaker 4: Is what we're saying here.
Speaker 5: Ultimately, be very conscious of what you're investing in because
Speaker 5: the comparison that our community member is kind of making
Speaker 5: this dilemma is just really not apples to apples.
Speaker 2: It's definitely not apples to apples. And I'm only picking
Speaker 2: up on the semantics and the way she said, Oh,
Speaker 2: bank would never give you that type of return. What
Speaker 2: do you think about it? Well, I think that it
Speaker 2: looks like a very good platform if that is an
Speaker 2: asset class that you want to invest in. Like, it's
Speaker 2: not something that i'd go, wow, Victoria recommends it. That's
Speaker 2: not it at all. But I think it's interesting because
Speaker 2: like obviously been through the website, cute website, great branding,
Speaker 2: makes me feel really comfortable with it. But let's actually
Speaker 2: look at that underlying asset class, your risk portfolio. We've
Speaker 2: done an entire episode on what your risk portfolio is
Speaker 2: and what risk you would be willing to take on
Speaker 2: and how that works, and I think we really need
Speaker 2: to go back to that because on the website for Finder,
Speaker 2: it feels really is the word palatable or absorbable. I
Speaker 2: don't know what I'm looking for here, but like it's cute,
Speaker 2: Like their app looks really good. They're like, what's your
Speaker 2: capital grow daily? No fees that the other like, it
Speaker 2: feels really accessible and I'm all good with that. I
Speaker 2: feel like they have updated their language to be very good.
Speaker 2: Flips Blossom has not.
Speaker 5: One last thing before we wrap, because we've definitely been
Speaker 5: nashering on today after a couple of weeks apart. The
Speaker 5: primary difference that I'm kind of picking up here through
Speaker 5: the marketing, etc. And the let me know if I
Speaker 5: am getting the vibe right, they're guaranteeing that it's not
Speaker 5: a targeted rate, it's we will give you this. However,
Speaker 5: you're getting that because you're taking on significant risk because
Speaker 5: it is crypto.
Speaker 2: Yes, absolutely so, it says, and I'm pretty is the
Speaker 2: word guarantee. I don't know if they guarantee, but they've
Speaker 2: led you down the garden path to feel like that, right, Yes, okay,
Speaker 2: So I have read the pds, and on the PDS
Speaker 2: they you know, have obviously said it's really important to
Speaker 2: take in to consider your risk profile and roh rah.
Speaker 2: Very different to a traditional savings account. If find a
Speaker 2: wallet becomes insolvent or subject to hacking or some other
Speaker 2: cybersecurity event, you may incur partial or total loss of
Speaker 2: your capital. At the bottom, it says in Australia. Money
Speaker 2: you deposit into a savings account is protected by the
Speaker 2: Financial Claims. A scheme CS up to two hundred and
Speaker 2: fifty thousand dollars find to earn is not protected by
Speaker 2: the FCS. And then it also says trading and holding
Speaker 2: cryptocurrency has a high level of risk. Cryptocurrency is a
Speaker 2: volatile asset and you can incur losses. Though generally less
Speaker 2: volatile stable coin categories of cryptocurrency carry risk and may
Speaker 2: lose some or total market value. You should only trade
Speaker 2: cryptocurrency if you fully understand and agree to the risks.
Speaker 2: Didn't see that on their stable coin website.
Speaker 5: No, So is this saying you're lending your money to them, Yes,
Speaker 5: if the value of your money decreases. So let's say
Speaker 5: there's another significant crash and my thousand dollars that I
Speaker 5: put in is now with five hundred. You know you're
Speaker 5: getting your six point one percent return per annum. At
Speaker 5: the end of all of this, do I get my
Speaker 5: thousand dollars back or do I get five hundred dollars back?
Speaker 2: Well, it depends on when you're pulling it out and
Speaker 2: how it works. Like it's all about really understanding it
Speaker 2: like so with Finder Earn, you can convert to tud,
Speaker 2: which is the crypto coin that they are purchasing, and
Speaker 2: then you lend that thad to them. They take all
Speaker 2: of the profit you get back that six point one
Speaker 2: unless shit hit that's the fan essentially, and you lose
Speaker 2: all your money.
Speaker 4: That doesn't seem like a great deal to me.
Speaker 2: I'm not that sold on it either, But it's all
Speaker 2: about marketing and really understanding it, and that's why I
Speaker 2: really implore everybody to actually read the PDS. I know
Speaker 2: it's boring, I know it doesn't make sense dm us
Speaker 2: if you don't get a PDS, because I'll just make
Speaker 2: an Instagram story set explaining what that part of a
Speaker 2: PDS means, because I guarantee you're not the only one
Speaker 2: looking at that particular company. But it all comes down to,
Speaker 2: as we're saying, marketing. I feel like Finder has done
Speaker 2: a good job of updating to use the term capital
Speaker 2: instead of savings, whereas to compare it back to the
Speaker 2: other business I was talking about, which I've posted about
Speaker 2: on Instagram before, Blossom, Like if you go to their website,
Speaker 2: their running headline still says Blossom where your savings go
Speaker 2: to grow, Like, no, Blossom is an investing app, Like
Speaker 2: why are we trying to make people feel more comfortable
Speaker 2: with investing by making it look like savings. It's like
Speaker 2: a trojan horse, Like I don't want you investing in something.
Speaker 2: Not saying that Blossom's investing company is bad, I'm saying
Speaker 2: that the marketing is. But it's about being deceptive and
Speaker 2: not being deceptive. I mean, if you go to this
Speaker 2: Blossom website, like, look at this, guys, right, So if
Speaker 2: you go to the Blossom website, it says where your
Speaker 2: savings go to grow, and then there's a quote of
Speaker 2: a current user that says, I was sick of getting
Speaker 2: screwed on my savings. Blossoms three percent return made getting
Speaker 2: a home deposit easier. They're making you think that this
Speaker 2: is absolutely comparable to a government guaranteed savings account, when
Speaker 2: in reality, this is actually an investment fund, and it's
Speaker 2: not even a super conservative one at that. Yeah, I
Speaker 2: just want people to say what they really mean, Like
Speaker 2: I want to buy a box of cereal and it
Speaker 2: says Coco Pops on the outside and there's coc He
Speaker 2: Pops on the inside, Like I just want what I'm
Speaker 2: paying for well, that was a big charity. It went
Speaker 2: lots of places. But that's okay. I learned a lot
Speaker 2: about crypto. I think it's probably the right time to end.
Speaker 2: I think it's time to see money. It's been a while.
Speaker 2: All right, boring but important stuff. Let's go.
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Speaker 2: You on Monday, guys. Bye, guys, it's on the weekend.