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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 She's on the Money, the podcast

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Speaker 2: for millennials who want financial freedom. Today is Friday, which

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Speaker 2: means it is time to sit back with the girls

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Speaker 2: with a bev in hand, to unpack our favorite moments

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Speaker 2: of the week, and of course, to celebrate you the

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Speaker 2: incredible She's on the Money community. As always, we'll be

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Speaker 2: sharing our favorite money wins. We're going to discuss what's

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Speaker 2: making news in the finance world, and we're going to

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Speaker 2: be helping to answer a juicy money question, which this

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Speaker 2: week is all about debt prioritization. But first, it's time

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Speaker 2: to recap the But first it is time to recap

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Speaker 2: the week that was Jessica She Talks Jessic go to

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Speaker 2: She talked to us about Monday's Money Diary episode.

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Speaker 3: So this week's episode was a little bit of a toughye.

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Speaker 3: We spoke to a lovely girl who has been living

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Speaker 3: kind of remotely with her partner after having some really

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Speaker 3: tough struggles with her family. She experienced a level of

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Speaker 3: emotional abuse, which obviously is a huge challenge that she

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Speaker 3: had to overcome and kind of I guess re centering

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Speaker 3: herself at ground zero and building her savings back up

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Speaker 3: as she became a bit more independent and being remote

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Speaker 3: obviously that's a huge challenge. She's also going back to

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Speaker 3: study as well in the financial services industry, which we

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Speaker 3: love to see. It very exciting, but all of those

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Speaker 3: things it's a lot to take on it once. So

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Speaker 3: it was really great to hear how she kind of

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Speaker 3: worked to overcome it, and she was so positive as

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Speaker 3: well about her future despite having dealt with so many

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Speaker 3: setbacks over the past couple of years.

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Speaker 2: I think this episode was a really important one, Jess,

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Speaker 2: because when we were talking to our diarist, I think

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Speaker 2: so often we just jumped to the conclusion that if

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Speaker 2: you say, oh, you experienced emotional and financial abuse, you

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Speaker 2: automatically assume it was a partner. But in this situation,

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Speaker 2: it was actually her mum, and it was, you know,

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Speaker 2: quite a deep running issue that it existed for a

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Speaker 2: really long period of time, and as she said, it

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Speaker 2: was something that she just thought was really normal and

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Speaker 2: she hadn't really had any experience outside of that, because like,

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Speaker 2: if you've grown up in one house, why would you

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Speaker 2: know what's going on in another house? And now it's

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Speaker 2: all kind of coming down on her, I would say,

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Speaker 2: like a ton of bricks, the realization of what's going on.

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Speaker 2: And she had to burn through her emergency account to

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Speaker 2: get out of that situation and now she's building back up.

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Speaker 2: But the thing that you and I loved the most, yes,

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Speaker 2: and we said this to her, so you guys, if

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Speaker 2: you've listened, you would know this. She just seemed so

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Speaker 2: grateful for everything. Like she seemed so grateful and so

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Speaker 2: happy about the entire world and just that you know,

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Speaker 2: it was on the way up. And like her tenacity

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Speaker 2: was so impressive. Yeah, for someone to have gone through

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Speaker 2: that situation and always had a parent that just doesn't

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Speaker 2: believe in you, or someone that's so close that doesn't

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Speaker 2: believe in you and your ability to you know, take

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Speaker 2: on further study or go to university or start a business.

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Speaker 2: And she clearly wasn't supported in any of those things.

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Speaker 2: But just she did start a business. She ran it

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Speaker 2: herself until she couldn't anymore, and then she's going back

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Speaker 2: to UNI. Like, I'm just so impressed that she believed

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Speaker 2: in herself enough to know that that was possible, because

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Speaker 2: I think it's so easy to just be like, all right,

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Speaker 2: well they might be right, especially if you're so subjected

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Speaker 2: to it so often. Like it just I was really

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Speaker 2: impressed with her. I found her really inspiring and I'm

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Speaker 2: so glad that she got to share her story with

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Speaker 2: our community.

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Speaker 3: Yeah, the optimism, I think was something that I was

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Speaker 3: so impressed by. And we spoke to her about this

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Speaker 3: and she, you know, has made a few choices. I

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Speaker 3: won't spoil the episode, but she had done something.

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Speaker 2: I don't tell them everything.

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Speaker 3: She said that, you know, she wanted to be able

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Speaker 3: to use that thing that she'd done to help her friends,

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Speaker 3: which it just was really kind and genuine I think.

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Speaker 3: And you know, people, as you said, can get really

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Speaker 3: down on themselves in a touch situation, which is understandable absolutely,

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Speaker 3: but she's clearly been very resilient, and I think that's

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Speaker 3: super special.

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Speaker 2: All right, speaking of people who have a lot of tenacity, Jesse,

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Speaker 2: it's now time to throw to George Georgia King. What

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Speaker 2: happened on Wednesday?

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Speaker 4: Hello girlies.

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Speaker 5: On Wednesday, we spoke about pet insurance, which I feel

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Speaker 5: like is a topic that has been on the list

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Speaker 5: for a long time. The people have been asking for it,

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Speaker 5: They've wanted your opinions VICKID, which.

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Speaker 4: You did provide. We basically spoke about.

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Speaker 5: Whether or not it's worth it, what we need to

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Speaker 5: be mindful of, because there are certain exclusions that people

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Speaker 5: aren't necessarily aware of, so we flagged all of those.

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Speaker 5: We also discussed some strategies for people who don't want

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Speaker 5: pet insurance or maybe can't afford it, so that was

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Speaker 5: really helpful as well. And I also picture brains about

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Speaker 5: budgeting for pets fee and you've got about one thousand

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Speaker 5: there at your little house.

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Speaker 2: I had one thousand the last I only have three,

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Speaker 2: but I'm working on it. So we're rallying for Steve

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Speaker 2: to let me have another dog. But I really think

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Speaker 2: that's far off, so we'll see. Time will tell needs

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Speaker 2: some more pet insurance.

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Speaker 4: Exactly right, all.

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Speaker 2: Right, So that is the week that was. But George,

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Speaker 2: that isn't the only thing that happened this week. As always,

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Speaker 2: we have asked the community what their money wins of

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Speaker 2: the week were, and you have picked a few to

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Speaker 2: showcase on the show. George, what are you bringing to

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Speaker 2: the table this week?

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Speaker 5: There are some absolutely inspiring wins this week as always, girls.

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Speaker 5: So our first one comes from Victoria great name.

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Speaker 2: She what a legend. Is that her win?

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Speaker 4: Yeah, that's it.

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Speaker 2: Pay mind a s D.

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Speaker 5: So she wrote money win. My sister bought a new

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Speaker 5: laptop over the weekend and used my shot back. Apple

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Speaker 5: has a five point five percent back at the moment.

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Speaker 5: So I made one hundred and twenty three dollars doing

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Speaker 5: absolutely nothing.

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Speaker 2: Oh my gosh, wait, I don't understand why your sister

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Speaker 2: didn't just sign up for their own shop back account,

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Speaker 2: Like that makes her no sense. You would have got

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Speaker 2: ten bucks from she's on the money, you would have

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Speaker 2: got one hundred and twenty bucks back from Apple. Like

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Speaker 2: that is questionable. But at the same time, maybe Victoria

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Speaker 2: is a sneaky, sneaky money winner. She's like, just order

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Speaker 2: it on my laptop and the Chrome extension was already

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Speaker 2: on order.

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Speaker 5: Genius genius. Our next win is from Vanessa Lee. So

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Speaker 5: she had a quarantine clean out and made two hundred

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Speaker 5: dollars on Facebook Marketplace. She also cashed in forty five

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Speaker 5: dollars from shop back, and then she split the money

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Speaker 5: with her partner and they invested in shares while the

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Speaker 5: market's down.

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Speaker 4: Triple win.

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Speaker 2: What a savvy, savvy person. I love that.

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Speaker 5: It's like the track factor exactly right. Cherie has a

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Speaker 5: money win gals. She was going to get a ceiling

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Speaker 5: flower piece for her wedding and it came to a

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Speaker 5: cost of over eight hundred dollars.

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Speaker 2: Oh my gosh, wa for flowers on the roof.

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Speaker 5: Yeah, I don't really know what that means, but I

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Speaker 5: guess I'm planning my wedding.

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Speaker 2: I know what that means. That's spino.

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Speaker 4: It is spinning.

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Speaker 2: Actually, it is eight hundred dollars for flowers at a wedding. Spino.

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Speaker 2: I mean for one thing of flowers that feels spino.

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Speaker 5: Yeah, that's not even the flowers on the table in

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Speaker 5: the hands of the ladies, not across it, but seems expensive.

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Speaker 2: Flowers in the hands of the ladies. They're adding us

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Speaker 2: at that moment.

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Speaker 5: Yes, So instead of paying this eight hundred dollars, she

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Speaker 5: bought some hanging tea candles and flower garlands and it

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Speaker 5: has cost them one hundred and twenty dollars and they've

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Speaker 5: made it themselves and it looks just as impressive. So

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Speaker 5: that's a little diy hack for all the brides out there.

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Speaker 2: I love that. Steve said I couldn't go and steal

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Speaker 2: bushes from along the train tracks for our wedding. He

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Speaker 2: said we had to have actual flowers, which I was

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Speaker 2: really disappointed about because I was like, this would be

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Speaker 2: the money win of the year. Imagine me getting to post,

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Speaker 2: hey guys, look at my flower arrangement. Stole them from

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Speaker 2: the train tracks like that would have worked really well

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Speaker 2: for me. That turns out Steve wants actual flowers at

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Speaker 2: his wedding. Rude. The next win is from Zoe. So

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Speaker 2: money win. She's been offered two full time jobs this week,

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Speaker 2: if you don't mind, ah, if you don't mind, Yeah, exactly,

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Speaker 2: So she gets her peak yep, yep, very good.

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Speaker 5: But the money love is that her husband got a

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Speaker 5: driving ticket. But that's like not her money loss.

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Speaker 4: What do you guys do know?

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Speaker 2: What was going to be a good money win week,

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Speaker 2: and then he went and did that.

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Speaker 5: What do you guys do when you get not when

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Speaker 5: you get a fine, When your partner gets a fine,

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Speaker 5: do you split it with them or do they cop

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Speaker 5: that fee?

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Speaker 4: It's absolutely not. I'm not going to be fair, no, not.

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Speaker 3: If you got the fine and did the wrong thing

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Speaker 3: to be fair, of the two of us, I'm definitely

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Speaker 3: more likely to get the fine, but I would James

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Speaker 3: would mind just coughing up a little bit of cash

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Speaker 3: to put towards this. I have my bad habit. Have

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Speaker 3: you got a little bit of a lead foot, Jessica RICI?

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Speaker 3: I do not, Like I'm not hooning up and down

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Speaker 3: the streets or anything like that. But I drive a

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Speaker 3: lot more than James does, so I think, like, statistically, I'm.

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Speaker 4: Just like.

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Speaker 2: Not driving style. Well, Steve and I actually share finances,

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Speaker 2: so I'm always a bit miffed when it happens because

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Speaker 2: it comes out of our joint account. I have pitched

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Speaker 2: the idea that it comes out of his spending account

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Speaker 2: because I actually do live by the cash flow plan

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Speaker 2: that I have in my book. That's literally what Steve

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Speaker 2: and I do. So I pitched the idea that it

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Speaker 2: comes out of his food, fuel, and fun account. He's like, no,

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Speaker 2: that's none of those things. I'm like, it is, like,

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Speaker 2: that's an unexpected cost that I shouldn't have to wear.

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Speaker 2: Kind of rude, but at the same time, like it

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Speaker 2: is what it is, I guess. But the thing that

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Speaker 2: I get really miffed at is the last time Steve

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Speaker 2: got a feeding fine was actually in my car, which

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Speaker 2: means it came to me, and then I had to

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Speaker 2: go and ask Steve to do all the paperwork to

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Speaker 2: get it transferred into his name, and he was being

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Speaker 2: a bit lazy with the paperwork and it was taking

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Speaker 2: too long, and I was just getting really antsy because

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Speaker 2: I'm like, I'm not copying this. I'm not taking your

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Speaker 2: demerit point, absolutely not. I have a perfect driving history.

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Speaker 2: I'm not making it look like I don't. He's like, oh,

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Speaker 2: just take it. It's one. No, that's illegal, it's not happening. No, no, no,

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Speaker 2: move on, George. What else?

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Speaker 4: Okay?

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Speaker 5: The next week is from Angelique, So she switched to

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Speaker 5: NAB to avoid comm makes four dollars monthly transaction fee.

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Speaker 2: Why do they still have that? It's twenty twenty two.

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Speaker 4: Right, that's also quite steep. Four dollars a.

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Speaker 2: Lot of money. Are you trying to stop off a coffee?

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Speaker 5: Here's what it equates to. So it saves her forty

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Speaker 5: eight dollars a year. By the time she's sixty five,

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Speaker 5: she will have avoided paying one seven hundred and twenty

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Speaker 5: eight dollars to the bank. She's done the maths.

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Speaker 2: She did the maths.

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Speaker 4: What if she's on the money in legend exactly right.

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Speaker 5: The next wing Girls is from Teagin, So she deleted Menulog,

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Speaker 5: door Dash and Deliver. Her bank account now actually has

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Speaker 5: money in it.

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Speaker 2: Long she wrote, I love that for you.

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Speaker 4: It's good.

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Speaker 2: I hope you're still eating babeah exactly.

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Speaker 5: Our final win, guys, is from Gemma. It's a bit

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Speaker 5: of an inspirational one. You may have seen it in

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Speaker 5: the group. It was an independent post and it did

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Speaker 5: garner a lot of traction.

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Speaker 4: It must be good.

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Speaker 2: They don't often get approved. Often we provide the feedback

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Speaker 2: that you need to post your wins in the thread.

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Speaker 2: SOO let that one.

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Speaker 4: Parad slipped through. It's worth it, I promise Cracks so she.

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Speaker 5: Wrote, One thing I have learned from this group and

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Speaker 5: the podcasts is knowing your worth and not settling for

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Speaker 5: something just because it's better than nothing. I recently landed

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Speaker 5: a new job, but once I received the contract, it

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Speaker 5: was thirty eight thousand dollars less than what it was

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Speaker 5: advertised as.

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Speaker 4: What yep, soly that's.

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Speaker 5: Illegal, I would have thought so Anyway, she continues, I

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Speaker 5: contemplated taking it based on the other perks, but I

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Speaker 5: knew I was worth the advertised salary.

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Speaker 4: Package I put you.

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Speaker 5: I have learned from the podcasts and other members to

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Speaker 5: negotiate the salary with them, and it worked.

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Speaker 4: They matched it.

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Speaker 5: She got the full salary, and then she finished off

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Speaker 5: by saying, I never would have done this without the

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Speaker 5: group or the podcasts. I always felt that what they

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Speaker 5: offered is what I deserved. So chase those goals and

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Speaker 5: never doubt yourself. Ladies, How beautiful is that?

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Speaker 6: What a queen?

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Speaker 2: What an absolute queen. I love that. I think that's

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Speaker 2: so important. And I can see why that got not

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Speaker 2: let through the cracks like that would have been like

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Speaker 2: rearing through the front gates. I would have like I

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Speaker 2: would have proved that. But I think jes did so

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Speaker 2: good one, Jess, good one. All right, gee, I feel

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Speaker 2: like those have been some epic wins. But we have

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Speaker 2: a very good listener question if you hold on just

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Speaker 2: a minute.

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Speaker 5: All right, straight back into it.

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Speaker 4: Guys.

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Speaker 5: It's Friday, and that means it is time to answer

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Speaker 5: your most burning finance, career and life questions. If you

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Speaker 5: need help untangling a naughty dilemma, no matter how big

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Speaker 5: or small, send us through a voice note to podcast.

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Speaker 5: It's She's on the Money dot com. Do you and

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Speaker 5: will help you find the answer you've been searching for. Now,

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Speaker 5: let's take a listen to today's money question.

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Speaker 7: Hi guys, So my question is about paying off debt

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Speaker 7: while you have expenses for children. The context is that

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Speaker 7: my partner and I we unfortunately had to take on

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Speaker 7: some debt during COVID. We are working to pay off

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Speaker 7: and we are on track to pay it off by

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Speaker 7: the end of this year. My daughter attends a Catholic

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Speaker 7: primary school and we have the option to pay her

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Speaker 7: fees annually in February, the amount being twenty eight hundred dollars,

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Speaker 7: or we pay monthly. We did yeah last year. It's

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Speaker 7: just under three hundred dollars per month. So my question

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Speaker 7: is are we better off saving and paying her school

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Speaker 7: fees annually and then snowballing what we would have paid

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Speaker 7: monthly onto debt or do we just continue to pay

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Speaker 7: monthly and say what we can to smash up the

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Speaker 7: debt quickly?

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Speaker 4: Thanks? What do we think? Ladies? VDA? I'm going to

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Speaker 4: throw straight to you because I.

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Speaker 5: Have no idea what she should do in this situation.

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Speaker 4: Help.

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Speaker 2: Look, I have a lot of questions and I feel

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Speaker 2: like I don't have enough information on her personal situation

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Speaker 2: to make a call in this particular circumstance. So we

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Speaker 2: can draw a number of conclusions. Right, So, if you've

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Speaker 2: got personal debt and you've taken on maybe like a

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Speaker 2: personal loan during COVID, which is fine. Lots of people

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Speaker 2: had to. At the end of the day, we're doing

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Speaker 2: the best we can. And I don't think it is

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Speaker 2: a bad thing that you put your family first and

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Speaker 2: you were like, Okay, I need to get a personal

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Speaker 2: loan to get through this period. Like that is a

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Speaker 2: very common thing that happened during that period of time.

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Speaker 2: But personal loans will run anywhere between ten and maybe

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Speaker 2: seventeen percent in interest, depending on where you've got them,

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Speaker 2: and maybe whether it's six it or not. Again, I

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Speaker 2: have no idea what your personal circumstance was. But when

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Speaker 2: it came to the school fees, let's pretend it's not

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Speaker 2: school fees. Let's just pretend it's a debt. Right, So

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Speaker 2: you X amount for this education. You can either pay

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Speaker 2: it upfront or you can pay the three hundred dollars

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Speaker 2: a month. Is there any interest on that at all?

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Speaker 2: Because if there isn't, I'd probably be not prioritizing paying

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Speaker 2: that off in a lump sum and actually taking that

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Speaker 2: lump sum paying it off your debts, so you're paying

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Speaker 2: less interest over the long term, and then paying the

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Speaker 2: three hundred dollars each and every single month, so that

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Speaker 2: you're in a situation where you're carrying less debt and

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Speaker 2: therefore incurring less interest. I don't know if that's applicable

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Speaker 2: for your situation, but that's what I would be looking

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Speaker 2: at if it was my own personal situation and I

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Speaker 2: had a debt that I needed to pay off or

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Speaker 2: a payment plan that I needed to pay off, as

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Speaker 2: well as carrying some debt. So I think it's always

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Speaker 2: about looking at, well, what is the interest going to

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Speaker 2: be incurred. I think it's really important to look at

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Speaker 2: what the interest being incurred is because on that two

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Speaker 2: or three thousand dollars for school fees, that on a debt,

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Speaker 2: if it's at seventeen or even ten percent, is going

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Speaker 2: to be pretty significant. So we actually want to get

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Speaker 2: ourselves out of that, and paying off debt is an

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Speaker 2: investment in itself, So I think from my perspective that

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Speaker 2: would be my question. But yes, I believe we have

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Speaker 2: an episode on debt prioritization when was that.

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Speaker 3: It was a little while ago now, but it's a

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Speaker 3: really good one. We cover a number of different debt

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Speaker 3: repayment methods. I know that she mentioned snowballing. There's a

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Speaker 3: few different other options people can look into, as you

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Speaker 3: were saying, with the interest and comparing. If people find

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Speaker 3: that concept a little bit confusing because we're just kind

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Speaker 3: of surface level touching on it right now, there's a

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Speaker 3: full length episode that covers all of that, so go

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Speaker 3: back and have a listen.

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Speaker 2: We knew this question was coming, so we prepared that

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Speaker 2: far in advance. Genius if you ask me, But yes,

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Speaker 2: I think it's really important to always look at your debts,

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Speaker 2: putting them in a list and working out what types

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Speaker 2: of interest you're going to incur on any of them.

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Speaker 2: And that's why often in the She's the Money community,

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Speaker 2: people don't really prioritize paying off hexsticks, so it doesn't

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Speaker 2: really incur any type of interest, So it's here or

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Speaker 2: there whether you pay it off now. But a personal

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Speaker 2: loan can and has been known to put you further

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Speaker 2: into debt if you're not prioritizing it. So that will

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Speaker 2: be where my priorities were at. Do you reckon that

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Speaker 2: covers it. George, what would you be prioritizing?

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Speaker 5: I think you've nailed it. I don't really have anything

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Speaker 5: to add to this, you know me, I have no

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Speaker 5: experience with debt. But I guess the only thing I

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Speaker 5: would add on to that was I felt like there

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Speaker 5: was a little bit of shame in her voice when

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Speaker 5: she said, like, we had to go into debt when

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Speaker 5: like during the pandemic. But that's certainly nothing to be

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Speaker 5: ashamed of because the last two years have been a

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Speaker 5: shit show, And yeah, you'll find your way out of it,

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Speaker 5: and you're in the right place, so you'll be absolutely fine.

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Speaker 2: That was a really good pick up, George. I definitely

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Speaker 2: picked up on that, and I do think that that

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Speaker 2: was worth bringing up as well, because I think so

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Speaker 2: many of us carry a lot of guilt over things

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Speaker 2: that are arguably beyond our control. Like, there is no

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Speaker 2: point feeling guilty about stuff like that, especially when you're

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Speaker 2: on the path to getting out of it. You're asking

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Speaker 2: questions like this, Clearly you're on top of it. You're fine.

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Speaker 2: It will work out, I.

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Speaker 4: Promise, well said.

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Speaker 3: So this week we're going to chat about a little

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Speaker 3: spicy topic that we all love to get on this one,

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Speaker 3: the old buy now, pay later.

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Speaker 2: We know how much I love that.

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Speaker 3: We're probably not very popular in the offices of a

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Speaker 3: few well known businesses. But I thought it was really

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Speaker 3: interesting because I read an article this week that said

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Speaker 3: buy now, pay later products are now actually being considered

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Speaker 3: by Equifax when they generate your credit score. This article

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Speaker 3: was referring specifically to the US. I believe it comes

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Speaker 3: in as of February. But it's a big thing because

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Speaker 3: here we've said in the past when we've touched on

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Speaker 3: after pay, and it's a big point of I suppose

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Speaker 3: almost contention sometimes when it's debated back and forth, is

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Speaker 3: that the debts aren't generally in Australia are credited towards

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Speaker 3: your credit score, so you can have mass amounts of

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Speaker 3: buying our pay later debt and it may not show

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Speaker 3: up on your credit score. And that's a big selling

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Speaker 3: point for some of these companies where they say, oh,

401
00:18:07,840 --> 00:18:09,680
Speaker 3: like it's fine, Like if you want to take out

402
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Speaker 3: a loan, you want to take another one, another, one another,

403
00:18:12,000 --> 00:18:14,720
Speaker 3: one another one, no problems, it's not going to impact

404
00:18:14,720 --> 00:18:17,520
Speaker 3: your credit score. You're all good, girlfriend, despite the fact

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Speaker 3: that you're digging yourself into this whole of debt, whereas

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Speaker 3: now Equifax is leading the charge, it seems like and saying, actually,

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00:18:24,720 --> 00:18:27,040
Speaker 3: that's a line of credit that you owe, and we're

408
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Speaker 3: going to consider that when we generate your credit score,

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Speaker 3: because it does impact your ability to pay back a

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Speaker 3: mortgage or a personal loan or a car loan. And

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Speaker 3: I do remember we had a comment once on a

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Speaker 3: content piece that we put up where someone said, bind

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Speaker 3: our pay later isn't debt, and I just wanted to

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Speaker 3: highlight get in front of the bus and say, I

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Speaker 3: know that it's not you know, a loan that you've

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Speaker 3: taken out from the bank, but it is alone. Yeah,

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Speaker 3: when you utilize a buying our pay later platform, you

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Speaker 3: are accessing money that is not yours and you then

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Speaker 3: owe that money. You have to pay it back that

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Speaker 3: is by it's a lot of debt. Yeah, exactly, lot exactly.

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Speaker 2: But it doesn't feel like that, right, And that's half

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Speaker 2: the point. They're like, oh, we'll pay for it upfront

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Speaker 2: and you just pay me back in forth. Like if

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Speaker 2: a friend did that, Jesse, if I was like I'll

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Speaker 2: take you out to lunch, you got to pay me

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Speaker 2: back in for it was twenty bucks five dollars a

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Speaker 2: week for the next one. Can you imagine that happening.

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Speaker 2: That would be very funny.

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Speaker 4: But two, that.

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Speaker 2: Means that you owe me money and there's a line

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Speaker 2: of credit owing to me from Jess. That's what a

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Speaker 2: line of credit is. It's a line of payments that

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Speaker 2: you need to make to fulfill a bigger number. And

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Speaker 2: I just think that so many people forget that fact

435
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Speaker 2: when they're like, no, I didn't get a personal loan.

436
00:19:43,040 --> 00:19:45,879
Speaker 2: I'm like, oh, but like, you've got after pay and

437
00:19:45,920 --> 00:19:48,960
Speaker 2: you still owe the money, so you personally loaned money

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Speaker 2: from somebody else.

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Speaker 3: I think that's part of what I personally find really

440
00:19:53,119 --> 00:19:55,639
Speaker 3: frustrating is a lot of the companies and I'm not

441
00:19:55,680 --> 00:19:58,320
Speaker 3: going to say all, because there's always exceptions, but a

442
00:19:58,320 --> 00:20:00,200
Speaker 3: lot of the marketing that we see from the these

443
00:20:00,200 --> 00:20:04,840
Speaker 3: businesses really taps into that instant gratification desire. And the

444
00:20:05,000 --> 00:20:08,639
Speaker 3: platforms now that are specifically aimed at allowing you to

445
00:20:09,359 --> 00:20:12,800
Speaker 3: break down your payments for dinner at a restaurant, or

446
00:20:12,840 --> 00:20:15,359
Speaker 3: they encourage you to shop when you go out with

447
00:20:15,400 --> 00:20:19,000
Speaker 3: your girlfriends, and the marketing I think really plays into it.

448
00:20:19,040 --> 00:20:21,040
Speaker 3: And again we've spoken about this before. We've done a

449
00:20:21,040 --> 00:20:22,680
Speaker 3: whole episodes. If you want to go back and listen,

450
00:20:22,760 --> 00:20:25,880
Speaker 3: feel free. But I personally think it's a really great

451
00:20:25,960 --> 00:20:27,879
Speaker 3: move that they're adding it on, and I know that

452
00:20:27,880 --> 00:20:30,280
Speaker 3: that might be a bit unpopular with people who are

453
00:20:30,400 --> 00:20:33,240
Speaker 3: frequent users of the product, who say, oh, no, it's

454
00:20:33,280 --> 00:20:35,240
Speaker 3: not going to impact my ability. I can still pay

455
00:20:35,280 --> 00:20:37,120
Speaker 3: back my mortgage, I can still do this, I can

456
00:20:37,160 --> 00:20:40,040
Speaker 3: still do that. But the should we look at this

457
00:20:40,200 --> 00:20:42,919
Speaker 3: as a step in the right direction in terms of

458
00:20:42,960 --> 00:20:47,120
Speaker 3: potentially tightening up some regulation around these services.

459
00:20:47,359 --> 00:20:49,960
Speaker 2: We know how much I love regulation. I am the

460
00:20:50,000 --> 00:20:52,480
Speaker 2: most black and white person you will ever meet. There

461
00:20:52,520 --> 00:20:54,879
Speaker 2: is right and there is wrong, and I really struggle

462
00:20:54,960 --> 00:20:57,720
Speaker 2: with the gray area in between, which is maybe why

463
00:20:58,040 --> 00:21:00,159
Speaker 2: the game of financial advisor, because I'm like, no, you

464
00:21:00,200 --> 00:21:02,160
Speaker 2: can't do that. I was a kid in primary school

465
00:21:02,200 --> 00:21:05,240
Speaker 2: dabbing people in for not wearing their hats. Honestly, I'm

466
00:21:05,400 --> 00:21:08,800
Speaker 2: fun at parties. But I think it is absolutely a

467
00:21:08,800 --> 00:21:11,720
Speaker 2: step in the right direction and protecting the consumer. So

468
00:21:11,800 --> 00:21:13,840
Speaker 2: it's not me going, oh, I just want everybody to

469
00:21:13,880 --> 00:21:16,280
Speaker 2: be regulated. I actually just want you to be in

470
00:21:16,280 --> 00:21:19,520
Speaker 2: the best possible position. And let's use you, George as

471
00:21:19,520 --> 00:21:22,000
Speaker 2: an example. If you go, you know what, I really

472
00:21:22,040 --> 00:21:24,359
Speaker 2: want an after pay account, and you go to their

473
00:21:24,359 --> 00:21:27,800
Speaker 2: website and you sign up, and then potentially they run

474
00:21:27,800 --> 00:21:30,920
Speaker 2: a credit check on you. That credit check is going

475
00:21:30,960 --> 00:21:33,840
Speaker 2: to determine whether you're somebody that they want to work

476
00:21:33,840 --> 00:21:37,240
Speaker 2: with or not, whether you're a responsible person at paying

477
00:21:37,280 --> 00:21:39,920
Speaker 2: back loans. They go and they would do their credit

478
00:21:40,000 --> 00:21:42,560
Speaker 2: check and go, Okay, Georgia doesn't have any other debt,

479
00:21:42,680 --> 00:21:45,520
Speaker 2: We'll give her an account. Like that just seems quite

480
00:21:45,600 --> 00:21:48,080
Speaker 2: straightforward to me that then you can start using that,

481
00:21:48,320 --> 00:21:50,159
Speaker 2: And as we know, there are a lot of people

482
00:21:50,160 --> 00:21:52,320
Speaker 2: in our community who are really good at using after

483
00:21:52,359 --> 00:21:55,320
Speaker 2: pay another by now pay later companies. Like we're not

484
00:21:55,400 --> 00:21:58,000
Speaker 2: saying that that's the worst thing in the world, but

485
00:21:58,080 --> 00:22:00,560
Speaker 2: what we're saying is it is so easy to go

486
00:22:00,600 --> 00:22:03,560
Speaker 2: down a slippery slope with so many people not seeing

487
00:22:03,600 --> 00:22:06,040
Speaker 2: it as debt or maybe seeing it is the easy way,

488
00:22:06,119 --> 00:22:09,480
Speaker 2: and you know, really playing on your ability to moderate

489
00:22:09,520 --> 00:22:13,040
Speaker 2: your impulses. Like for me, it would be a bad

490
00:22:13,080 --> 00:22:16,959
Speaker 2: thing because I can be quite impulsive. But the idea

491
00:22:17,040 --> 00:22:20,280
Speaker 2: that they don't credit check now just doesn't feel like

492
00:22:20,320 --> 00:22:23,000
Speaker 2: they're putting you in the best possible position as a consumer.

493
00:22:23,320 --> 00:22:25,600
Speaker 2: And if I look at the after pay website today,

494
00:22:25,720 --> 00:22:28,919
Speaker 2: it literally says, quote at after pay, we never do

495
00:22:29,040 --> 00:22:33,040
Speaker 2: credit checks or report late payments. They don't believe in it.

496
00:22:33,280 --> 00:22:37,119
Speaker 2: And that's fine, that's their choice. But what about just

497
00:22:37,200 --> 00:22:40,119
Speaker 2: that example you just gave of somebody who was already

498
00:22:40,119 --> 00:22:42,199
Speaker 2: in mountains of personal debt and then they want an

499
00:22:42,200 --> 00:22:45,600
Speaker 2: after pay account because like their credit card keeps declining. Like,

500
00:22:45,760 --> 00:22:48,520
Speaker 2: is that putting that person in the best possible position?

501
00:22:49,560 --> 00:22:52,359
Speaker 2: I just I just don't think so. So for me,

502
00:22:52,600 --> 00:22:54,760
Speaker 2: that's why I want credit checks. So it puts you

503
00:22:54,800 --> 00:22:56,119
Speaker 2: in the best possible position.

504
00:22:56,200 --> 00:22:58,359
Speaker 8: It's not so that your debt can be managed or

505
00:22:58,640 --> 00:23:01,359
Speaker 8: you know, followed up on. It, just literally so that

506
00:23:01,840 --> 00:23:03,760
Speaker 8: you don't get any more debts than you need to

507
00:23:03,800 --> 00:23:07,239
Speaker 8: get into, because it is a really sickly lope. And

508
00:23:07,320 --> 00:23:09,760
Speaker 8: when you are in a lot of personal debts do

509
00:23:09,800 --> 00:23:12,440
Speaker 8: you become quite and you will sign.

510
00:23:12,280 --> 00:23:14,439
Speaker 2: Up for other platforms, and you will sign up for

511
00:23:14,520 --> 00:23:17,879
Speaker 2: other entities that can lend you money because you end

512
00:23:17,960 --> 00:23:19,720
Speaker 2: up growing from pete to pay Paul.

513
00:23:20,080 --> 00:23:23,240
Speaker 3: Yeah, And so obviously this current change that we're talking

514
00:23:23,240 --> 00:23:25,320
Speaker 3: about it won't impact that. So it's not going to

515
00:23:25,359 --> 00:23:28,280
Speaker 3: require buying now pay later people to credit check you.

516
00:23:28,600 --> 00:23:31,240
Speaker 3: But do you think that as a buy product of

517
00:23:31,280 --> 00:23:34,439
Speaker 3: the fact that, you know, having multiple buying our pay

518
00:23:34,520 --> 00:23:37,359
Speaker 3: laters or a significant buying our pay later debt will

519
00:23:37,400 --> 00:23:40,280
Speaker 3: impact your ability to get what I'm going to call

520
00:23:40,800 --> 00:23:43,560
Speaker 3: a more substantial loan. So the fact that you might

521
00:23:43,640 --> 00:23:45,399
Speaker 3: use after pay to take get a one hundred dollar

522
00:23:45,520 --> 00:23:47,800
Speaker 3: dress every now and again is now going to have

523
00:23:47,840 --> 00:23:50,000
Speaker 3: bearing on whether you can get a home loan or

524
00:23:50,040 --> 00:23:52,600
Speaker 3: a business loan or a car loan. Do you think

525
00:23:52,680 --> 00:23:56,199
Speaker 3: that that will work to discourage people or do you

526
00:23:56,200 --> 00:23:58,760
Speaker 3: think we're going to have a number of people that

527
00:23:58,840 --> 00:24:01,439
Speaker 3: are going to be taken surprise when they go to

528
00:24:01,440 --> 00:24:03,960
Speaker 3: get a loan and the bank says, hey, really sorry,

529
00:24:04,280 --> 00:24:07,320
Speaker 3: you use after pay or use it pay, We're actually

530
00:24:07,359 --> 00:24:08,639
Speaker 3: not going to give that money to you.

531
00:24:08,920 --> 00:24:11,880
Speaker 2: I can go two ways on this, so I've got

532
00:24:12,240 --> 00:24:15,879
Speaker 2: quite I guess diverse you would say, opinions on this.

533
00:24:16,080 --> 00:24:19,920
Speaker 2: So the first opinion is that it's legitimizing the debt,

534
00:24:20,240 --> 00:24:22,879
Speaker 2: so you're going to see it in line with personal

535
00:24:22,960 --> 00:24:25,199
Speaker 2: debts and credit cards and stuff like that if you

536
00:24:25,240 --> 00:24:28,720
Speaker 2: weren't seeing it that way previously. So I'm hoping that

537
00:24:28,760 --> 00:24:32,000
Speaker 2: would mean that people take these debts more seriously and

538
00:24:32,160 --> 00:24:34,680
Speaker 2: maybe are a little bit less likely to use them.

539
00:24:35,119 --> 00:24:37,919
Speaker 2: On the flip side, I think putting it beside a

540
00:24:37,920 --> 00:24:41,320
Speaker 2: credit card and a personal loan for banks means that

541
00:24:41,400 --> 00:24:43,680
Speaker 2: there's not a one or the other. It's not oh,

542
00:24:43,760 --> 00:24:46,199
Speaker 2: does just use after pay, It's more okay, well just

543
00:24:46,320 --> 00:24:49,440
Speaker 2: uses after pay and she's really responsible with it. It's

544
00:24:49,480 --> 00:24:52,280
Speaker 2: not a hidden thing that they're looking for in addition

545
00:24:52,400 --> 00:24:55,520
Speaker 2: to your credit report. Whereas right now, Jess, you can

546
00:24:55,560 --> 00:24:58,600
Speaker 2: probably speak to this pretty well because you've just gone

547
00:24:58,600 --> 00:25:01,760
Speaker 2: through a pre approval process. But when you go to

548
00:25:01,960 --> 00:25:04,680
Speaker 2: be pre approved for a mortgage or a larger debt,

549
00:25:04,840 --> 00:25:07,159
Speaker 2: they're going to want your credit report, which is fine,

550
00:25:07,320 --> 00:25:09,679
Speaker 2: but they will also ask for three months worth of

551
00:25:09,720 --> 00:25:13,360
Speaker 2: bank statements. And that is currently how banks are working out.

552
00:25:13,400 --> 00:25:16,280
Speaker 2: If you're using any type of buy now, pay later companies,

553
00:25:16,600 --> 00:25:19,880
Speaker 2: they're not not knowing about it, but they are finding

554
00:25:19,920 --> 00:25:22,359
Speaker 2: it in your bank accounts, and then that's being taken

555
00:25:22,400 --> 00:25:24,639
Speaker 2: into consideration with your budget and your cash flow and

556
00:25:24,680 --> 00:25:26,880
Speaker 2: working all of that out. So I don't think it's

557
00:25:26,920 --> 00:25:28,720
Speaker 2: going to change whether or not you can get a

558
00:25:28,760 --> 00:25:32,159
Speaker 2: mortgage just because it's added to an additional report. But

559
00:25:32,240 --> 00:25:34,639
Speaker 2: I do think it makes it a more legitimate debt

560
00:25:34,960 --> 00:25:37,960
Speaker 2: that you might, you know, think twice about in the future,

561
00:25:38,160 --> 00:25:40,239
Speaker 2: because before I was like, oh, that doesn't even come

562
00:25:40,320 --> 00:25:42,760
Speaker 2: up on your credit report, like it's fine, So how

563
00:25:43,480 --> 00:25:46,640
Speaker 2: soon is this going to? Oh will it even happen

564
00:25:46,720 --> 00:25:49,879
Speaker 2: in Australia? Vase is coming our direction? Look, e quefax

565
00:25:49,960 --> 00:25:52,760
Speaker 2: exists in Australia, so I wouldn't be surprised if they

566
00:25:52,840 --> 00:25:56,440
Speaker 2: roll that out globally. But they're obviously trying it out

567
00:25:56,560 --> 00:25:58,600
Speaker 2: in the US and they'll work out what that looks

568
00:25:58,640 --> 00:26:00,760
Speaker 2: like and how that works. And I'm assume they're probably

569
00:26:00,760 --> 00:26:02,880
Speaker 2: doing that so they get through all their teething issues

570
00:26:03,400 --> 00:26:06,440
Speaker 2: just in one country before taking it global, which would

571
00:26:06,440 --> 00:26:09,359
Speaker 2: make sense. But I absolutely think it's coming. There are

572
00:26:09,359 --> 00:26:11,919
Speaker 2: a lot of people in Australia asking for it, and

573
00:26:11,960 --> 00:26:14,240
Speaker 2: in the name of being transparent when it comes to debt,

574
00:26:14,280 --> 00:26:15,399
Speaker 2: it just makes sense.

575
00:26:15,760 --> 00:26:19,800
Speaker 3: Going back to that thing about credit checking, by buying

576
00:26:19,800 --> 00:26:21,760
Speaker 3: our pay later companies, I know you said after pay

577
00:26:21,800 --> 00:26:24,400
Speaker 3: don't do it out of curiosity? How common is it?

578
00:26:24,480 --> 00:26:26,960
Speaker 3: So buying our pay later businesses to just give you

579
00:26:27,040 --> 00:26:28,680
Speaker 3: the money without running any kind of.

580
00:26:28,680 --> 00:26:31,680
Speaker 2: Check pretty common. So I've done a bit of research

581
00:26:31,880 --> 00:26:35,480
Speaker 2: and from my research, there are obviously a number of

582
00:26:35,520 --> 00:26:38,440
Speaker 2: different companies. We've got zip Pay. They say they might

583
00:26:38,640 --> 00:26:41,200
Speaker 2: perform a credit check when you apply for an account,

584
00:26:41,560 --> 00:26:43,840
Speaker 2: and they have also said that if you fail to

585
00:26:43,840 --> 00:26:46,879
Speaker 2: meet your payments or have a serious credit infringement, they

586
00:26:46,960 --> 00:26:49,760
Speaker 2: might disclose it to a credit reporting body, which in

587
00:26:49,800 --> 00:26:52,719
Speaker 2: comparison when we said after pay, they're not doing that

588
00:26:52,800 --> 00:26:55,679
Speaker 2: currently there's hum and they say they might check your

589
00:26:55,680 --> 00:26:58,679
Speaker 2: credit score, but they don't, and they also say that

590
00:26:58,800 --> 00:27:01,280
Speaker 2: when they do check your credit score, it quote won't

591
00:27:01,280 --> 00:27:03,679
Speaker 2: affect your credit score or leave a record on your file,

592
00:27:04,000 --> 00:27:06,600
Speaker 2: which means that they're doing a soft check, if any

593
00:27:06,720 --> 00:27:10,520
Speaker 2: kind of check. Klana, which we know has I guess

594
00:27:10,520 --> 00:27:12,800
Speaker 2: had a bit of a surge in the last twelve

595
00:27:12,920 --> 00:27:15,960
Speaker 2: to eighteen months, I recond this one wasn't around. That's

596
00:27:16,000 --> 00:27:18,919
Speaker 2: the pink branded one. They say they do perform a

597
00:27:18,960 --> 00:27:22,439
Speaker 2: credit check when you apply, which I think is relatively

598
00:27:22,520 --> 00:27:25,399
Speaker 2: responsible from them, and they also say that you know,

599
00:27:25,440 --> 00:27:28,520
Speaker 2: if you don't make repayments or there's a serious credit infringement,

600
00:27:28,560 --> 00:27:31,320
Speaker 2: they will pass that information onto a credit reporting body.

601
00:27:31,520 --> 00:27:33,960
Speaker 2: So they're operating in exactly the same way as a

602
00:27:33,960 --> 00:27:36,720
Speaker 2: personal loan, which you know, I don't think that there's

603
00:27:36,760 --> 00:27:38,920
Speaker 2: a right or wrong. But when it comes to buy now,

604
00:27:38,960 --> 00:27:41,680
Speaker 2: Pay later, as you know, I don't love love any

605
00:27:41,760 --> 00:27:44,320
Speaker 2: of them, but I think that's a relatively responsible thing

606
00:27:44,400 --> 00:27:46,960
Speaker 2: for a credit reporting body to do. But when it

607
00:27:47,000 --> 00:27:49,720
Speaker 2: comes to like open pay and pay Right and all

608
00:27:49,760 --> 00:27:52,119
Speaker 2: of the other ones that you can find, I couldn't

609
00:27:52,119 --> 00:27:55,520
Speaker 2: find any other buy now, pay later company that says

610
00:27:55,920 --> 00:27:58,680
Speaker 2: openly yes, we will check your credit, like in all

611
00:27:58,720 --> 00:28:01,879
Speaker 2: of their terms and conditions and product disclosure statements or

612
00:28:01,920 --> 00:28:04,520
Speaker 2: PDSs as we've been calling them. I think during this

613
00:28:04,600 --> 00:28:07,879
Speaker 2: episode they say they reserve the right to but don't,

614
00:28:08,560 --> 00:28:11,440
Speaker 2: whereas Klana says no, if you sign up, we will

615
00:28:11,520 --> 00:28:13,320
Speaker 2: run a credit check, which I just think is a

616
00:28:13,359 --> 00:28:14,480
Speaker 2: responsible thing to do.

617
00:28:14,680 --> 00:28:16,880
Speaker 5: It is a responsible thing to do from Klana V.

618
00:28:16,880 --> 00:28:18,800
Speaker 5: But don't you think that is just such a red

619
00:28:18,840 --> 00:28:21,600
Speaker 5: flag for all of the other companies They don't care

620
00:28:21,640 --> 00:28:24,520
Speaker 5: about you, They want your late fees. Like It's just

621
00:28:25,960 --> 00:28:28,000
Speaker 5: exactly how I feel about it. I was trying to

622
00:28:28,000 --> 00:28:30,720
Speaker 5: be maybe not as colorful with it, but I just.

623
00:28:30,800 --> 00:28:33,439
Speaker 2: Straight to the point. Ye. Look, I feel like I

624
00:28:33,560 --> 00:28:36,960
Speaker 2: try so hard to be diplomatic about this topic because

625
00:28:37,000 --> 00:28:39,080
Speaker 2: at the end of the day, like, if you look

626
00:28:39,200 --> 00:28:43,120
Speaker 2: from my perspective as somebody who invests, you look after pay,

627
00:28:43,320 --> 00:28:47,400
Speaker 2: what a killer business. After Pay recently sold actually to

628
00:28:47,600 --> 00:28:49,840
Speaker 2: you know, the company that does Square, like those Square

629
00:28:49,880 --> 00:28:53,840
Speaker 2: reader pay terminals. Yeah, Square bought after pay for thirty

630
00:28:53,960 --> 00:28:55,480
Speaker 2: nine billion dollars.

631
00:28:55,760 --> 00:28:59,800
Speaker 4: Wow, that's so much millions. That is so much money.

632
00:29:00,080 --> 00:29:01,800
Speaker 2: You look at it in the terms of an investor

633
00:29:01,840 --> 00:29:03,600
Speaker 2: and you go, what an epic company. You would love

634
00:29:03,640 --> 00:29:06,160
Speaker 2: to see what they're doing next. And they're obviously, you know,

635
00:29:06,280 --> 00:29:09,160
Speaker 2: quite technologically savvy, and they're on top of it when

636
00:29:09,200 --> 00:29:11,600
Speaker 2: it comes to developing apps, and you know, rolling this

637
00:29:11,720 --> 00:29:16,600
Speaker 2: out internationally, Like it's genuinely impressive. But when it comes

638
00:29:16,600 --> 00:29:18,840
Speaker 2: to my shees on the money community, I kind of

639
00:29:18,840 --> 00:29:21,880
Speaker 2: get like angry mother hen about it because it's not

640
00:29:21,960 --> 00:29:24,680
Speaker 2: putting you, guys in the best possible position as consumers.

641
00:29:24,920 --> 00:29:27,120
Speaker 2: It is not educating you. It is not teaching you

642
00:29:27,160 --> 00:29:29,560
Speaker 2: what is good debt or bad debt or okay debt,

643
00:29:29,680 --> 00:29:32,120
Speaker 2: is not teaching you how to manage your own impulses.

644
00:29:32,160 --> 00:29:34,840
Speaker 2: It's not teaching you a good, solid budget and cash

645
00:29:34,840 --> 00:29:37,440
Speaker 2: flow system. In actual fact, it's probably teaching you the

646
00:29:37,520 --> 00:29:40,000
Speaker 2: other it's like, can't afford it, after pay it, Like

647
00:29:40,320 --> 00:29:44,360
Speaker 2: you're not teaching me the foundational skills that everybody deserves

648
00:29:44,400 --> 00:29:47,800
Speaker 2: to have. And if we have these products, they're just

649
00:29:48,040 --> 00:29:50,760
Speaker 2: from my perspective in a way. You know, praying is

650
00:29:50,800 --> 00:29:53,600
Speaker 2: probably very dramatic, but like they're kind of praying on

651
00:29:53,640 --> 00:29:56,320
Speaker 2: your naivety. They're like, Okay, well, if you don't understand,

652
00:29:56,440 --> 00:29:57,840
Speaker 2: you're going to think that this is a good thing,

653
00:29:57,880 --> 00:29:59,680
Speaker 2: and you know, we'll brand it really nicely and give

654
00:29:59,680 --> 00:30:01,840
Speaker 2: you ant so you can keep track of it. And

655
00:30:01,880 --> 00:30:04,400
Speaker 2: that's something that you know over the weekend, guys, you

656
00:30:04,480 --> 00:30:06,760
Speaker 2: might have seen this last weekend me going on an

657
00:30:06,840 --> 00:30:10,760
Speaker 2: epic rant about after pays new company after Pay Money,

658
00:30:11,200 --> 00:30:14,520
Speaker 2: because it's saying that it's a budgeting and financial literacy

659
00:30:14,560 --> 00:30:17,240
Speaker 2: tool when it's not. It's another debt tool, and it's

660
00:30:17,240 --> 00:30:20,680
Speaker 2: implementing this brand new product that is supported by Westpac,

661
00:30:20,960 --> 00:30:24,120
Speaker 2: which again I feel like is a very strange step

662
00:30:24,240 --> 00:30:26,960
Speaker 2: because as much as Westpac as a bank is managed,

663
00:30:27,200 --> 00:30:29,640
Speaker 2: you're still not having to go through the credit check process,

664
00:30:29,680 --> 00:30:31,680
Speaker 2: whereas if you went and got a personal loan from Westpac,

665
00:30:31,720 --> 00:30:34,320
Speaker 2: you absolutely would. Why would that be different if Westpac

666
00:30:34,400 --> 00:30:38,600
Speaker 2: is lending its entire license to after pay anyway, different story,

667
00:30:39,200 --> 00:30:43,560
Speaker 2: but they've implemented a new product called retro so Jess.

668
00:30:43,600 --> 00:30:46,280
Speaker 2: You could download the app and have after pay money,

669
00:30:46,600 --> 00:30:51,280
Speaker 2: and that's actually enabling you to put historical purchases on

670
00:30:51,400 --> 00:30:53,959
Speaker 2: after pay, so you could go out for dinner and go,

671
00:30:54,000 --> 00:30:56,480
Speaker 2: all right, well, the you and I spent one hundred

672
00:30:56,480 --> 00:30:58,400
Speaker 2: and fifty dollars on dinner. Actually I want one hundred

673
00:30:58,400 --> 00:31:00,040
Speaker 2: and fifty dollars back. I want to after pay that.

674
00:31:00,440 --> 00:31:04,080
Speaker 2: So now you can access after pay for things that

675
00:31:04,440 --> 00:31:06,280
Speaker 2: even on after pay you just get to pick things

676
00:31:06,360 --> 00:31:08,840
Speaker 2: from your banking You just get to pick things from

677
00:31:08,880 --> 00:31:11,280
Speaker 2: your bank statement, and then after pay it and then

678
00:31:11,320 --> 00:31:14,239
Speaker 2: you've got a line of credit there and there's no

679
00:31:14,280 --> 00:31:17,440
Speaker 2: credit checking process. So for me, that seems like a

680
00:31:17,440 --> 00:31:20,040
Speaker 2: really big red flag as well, because it's not just

681
00:31:20,120 --> 00:31:22,360
Speaker 2: companies that have after pay. You can now after pay

682
00:31:22,360 --> 00:31:25,520
Speaker 2: anything like that. Just it's scary guys.

683
00:31:25,800 --> 00:31:29,560
Speaker 3: I think for me, new products and new innovations like this,

684
00:31:30,280 --> 00:31:32,959
Speaker 3: I understand from a business prospective why they're doing it.

685
00:31:33,040 --> 00:31:38,160
Speaker 3: Of course, someone who historically has had pretty significant credit

686
00:31:38,160 --> 00:31:42,000
Speaker 3: card debt, and again acknowledging that not everyone is going

687
00:31:42,040 --> 00:31:45,320
Speaker 3: to be like me or fall down that hole. I

688
00:31:45,360 --> 00:31:48,880
Speaker 3: think the thing that sometimes we forget is that these

689
00:31:48,920 --> 00:31:52,719
Speaker 3: businesses that offer lines of credit or loans, even when

690
00:31:52,760 --> 00:31:56,840
Speaker 3: it comes to a mortgage, their priority is keeping you

691
00:31:57,000 --> 00:32:00,520
Speaker 3: using their product. And so that's why credit card offer

692
00:32:00,680 --> 00:32:05,720
Speaker 3: incentives or points. That's why after pay is offering discounts

693
00:32:05,720 --> 00:32:08,880
Speaker 3: when you shop at stores and now you can retro purchases,

694
00:32:09,280 --> 00:32:11,600
Speaker 3: because they want to keep you using their app and

695
00:32:11,640 --> 00:32:15,040
Speaker 3: as much as you can use that product responsibly. When

696
00:32:15,080 --> 00:32:17,200
Speaker 3: you sit back for a second, ago, why are they

697
00:32:17,240 --> 00:32:20,040
Speaker 3: working so hard to keep me as a consumer, to

698
00:32:20,120 --> 00:32:24,280
Speaker 3: keep me using their product, It's because you're generating them income.

699
00:32:24,520 --> 00:32:26,960
Speaker 3: Like even if you're not paying your late fee, they're

700
00:32:27,000 --> 00:32:29,360
Speaker 3: making money off of you. We know that they take

701
00:32:29,400 --> 00:32:32,320
Speaker 3: a high percentage from businesses when you use after pay

702
00:32:32,320 --> 00:32:32,960
Speaker 3: to purchase a.

703
00:32:32,920 --> 00:32:35,239
Speaker 2: Product, and it's a lot for a small business. It's

704
00:32:35,640 --> 00:32:37,640
Speaker 2: for a small business, and it's seven percent.

705
00:32:37,920 --> 00:32:38,480
Speaker 4: And a lot of.

706
00:32:38,400 --> 00:32:40,600
Speaker 3: Small businesses have come out and said that they actually

707
00:32:40,680 --> 00:32:43,040
Speaker 3: can't offer buy now, pay later as an option because

708
00:32:43,040 --> 00:32:46,040
Speaker 3: it costs them so much and eats so significantly into

709
00:32:46,080 --> 00:32:46,920
Speaker 3: their profit margin.

710
00:32:47,200 --> 00:32:49,320
Speaker 4: And I think just it's good to think a.

711
00:32:49,240 --> 00:32:53,520
Speaker 3: Little bit critically about are you after paying something because

712
00:32:53,520 --> 00:32:57,040
Speaker 3: you genuinely need it to break up your cash flow?

713
00:32:57,520 --> 00:33:00,400
Speaker 3: Or are you doing it because it's convenient? And I

714
00:33:00,440 --> 00:33:04,000
Speaker 3: think if it's the latter, can you restructure to work

715
00:33:04,040 --> 00:33:06,440
Speaker 3: without it? And it's applicable to all buy now pay

716
00:33:06,560 --> 00:33:10,960
Speaker 3: leaders because you're becoming a product of a service that

717
00:33:11,120 --> 00:33:15,360
Speaker 3: is profiting off of people's inability to manage their finances.

718
00:33:15,440 --> 00:33:18,600
Speaker 3: It might not be you specifically, but that is where

719
00:33:18,600 --> 00:33:21,040
Speaker 3: the large majority of their profits do come from. And

720
00:33:21,080 --> 00:33:24,920
Speaker 3: they're using new products and new services and some very

721
00:33:25,040 --> 00:33:28,200
Speaker 3: questionable marketing at times to get you to stay and

722
00:33:28,280 --> 00:33:30,960
Speaker 3: to get you to use their platforms. And I don't

723
00:33:30,960 --> 00:33:33,360
Speaker 3: mean to sound like we're witch hunting them, because we're

724
00:33:33,360 --> 00:33:38,040
Speaker 3: absolutely not, But I just I personally know how easy

725
00:33:38,080 --> 00:33:40,360
Speaker 3: it is to fall down that debt hole, and I

726
00:33:40,480 --> 00:33:43,600
Speaker 3: would hate to think that someone would fall prey to

727
00:33:43,680 --> 00:33:46,520
Speaker 3: the same thing. Because they've got a big marketing budget

728
00:33:46,520 --> 00:33:48,800
Speaker 3: and I know that because we've been approached by them before.

729
00:33:49,680 --> 00:33:51,680
Speaker 2: You're like, because they wanted to give us some of

730
00:33:51,720 --> 00:33:54,479
Speaker 2: that marketing budget. But it's true, right, And Jess, that

731
00:33:54,680 --> 00:33:57,480
Speaker 2: was so one point, like you don't even need me anymore.

732
00:33:57,600 --> 00:34:00,920
Speaker 2: You can run cheese on the money. But that's right, Like,

733
00:34:01,000 --> 00:34:04,440
Speaker 2: it really worries me that they are building this trust

734
00:34:04,520 --> 00:34:07,000
Speaker 2: by using language that you're really comfortable with. And you

735
00:34:07,080 --> 00:34:09,760
Speaker 2: see after Pays starting to use topics like money stories

736
00:34:10,040 --> 00:34:13,120
Speaker 2: and your values and your goals and setting those goals

737
00:34:13,160 --> 00:34:15,720
Speaker 2: and achieving them. And you know they've got goal achieving

738
00:34:15,760 --> 00:34:19,240
Speaker 2: trackers in their apps now. But you're right, like everybody

739
00:34:19,360 --> 00:34:23,520
Speaker 2: wants something, why would I keep the app? I think

740
00:34:23,560 --> 00:34:26,439
Speaker 2: something else that is really actually quite smart is something

741
00:34:26,480 --> 00:34:28,360
Speaker 2: that one of our She's on the Money community members

742
00:34:28,360 --> 00:34:29,759
Speaker 2: has done and I don't know if I'm allowed to

743
00:34:29,760 --> 00:34:31,680
Speaker 2: share their name, because they actually sent me a DM

744
00:34:31,960 --> 00:34:34,640
Speaker 2: and said I had a massive after pay problem but

745
00:34:35,280 --> 00:34:38,600
Speaker 2: wanted to still have that type of service. So they

746
00:34:38,640 --> 00:34:41,520
Speaker 2: actually saved up an amount, made a separate bank account

747
00:34:41,600 --> 00:34:43,880
Speaker 2: called after pay, and they've been dipping into that and

748
00:34:43,920 --> 00:34:47,280
Speaker 2: then making repayments back to it. So it's not another company,

749
00:34:47,320 --> 00:34:50,080
Speaker 2: it's their own savings. If they miss a repayment, it's

750
00:34:50,120 --> 00:34:52,040
Speaker 2: not the end of the world because it's their own

751
00:34:52,400 --> 00:34:55,120
Speaker 2: mini fund. It's not their emergency fund. It's sitting separate

752
00:34:55,160 --> 00:34:57,359
Speaker 2: to that. But like, is that something you guys could do?

753
00:34:57,560 --> 00:34:59,520
Speaker 2: I mean, it's a very privileged position to be in

754
00:34:59,520 --> 00:35:00,960
Speaker 2: to be able to save that up and put it

755
00:35:01,000 --> 00:35:03,640
Speaker 2: to the side. But if after pay is something that

756
00:35:03,719 --> 00:35:06,160
Speaker 2: you just like the convenience of, or you just like

757
00:35:06,200 --> 00:35:08,920
Speaker 2: the ability to pay it off in a few payments,

758
00:35:09,560 --> 00:35:11,319
Speaker 2: is that a thing that could work for you. I

759
00:35:11,480 --> 00:35:14,840
Speaker 2: just feel like so many of us have after pay

760
00:35:14,920 --> 00:35:17,719
Speaker 2: and use it, And I guess we're using after pay

761
00:35:17,719 --> 00:35:19,640
Speaker 2: a lot because they are the biggest, Like when we're

762
00:35:19,680 --> 00:35:23,480
Speaker 2: having this conversation all by now pay laters, but I

763
00:35:23,480 --> 00:35:26,399
Speaker 2: guess when we have this conversation, a lot of people

764
00:35:26,440 --> 00:35:28,800
Speaker 2: are just using it out of convenience. It just doesn't

765
00:35:28,880 --> 00:35:32,200
Speaker 2: hurt as much like it doesn't hurt to choose after

766
00:35:32,280 --> 00:35:34,560
Speaker 2: pay instead of seeing two hundred dollars go out of

767
00:35:34,560 --> 00:35:37,040
Speaker 2: your account for a new dress for next weekend. But

768
00:35:37,160 --> 00:35:39,719
Speaker 2: I guarantee you, if you didn't have access to that,

769
00:35:39,800 --> 00:35:42,800
Speaker 2: you know, line of credit, you'd think twice about the purchase.

770
00:35:42,840 --> 00:35:44,319
Speaker 2: You'd be like, oh, do I really want to see

771
00:35:44,360 --> 00:35:46,440
Speaker 2: that two hundred dollars gone? And you might go, ah,

772
00:35:46,600 --> 00:35:48,600
Speaker 2: if I still want it tomorrow, go get it, and

773
00:35:48,600 --> 00:35:50,520
Speaker 2: then maybe you don't want it tomorrow. So I think

774
00:35:50,520 --> 00:35:53,640
Speaker 2: that impulse control in this is really important as well,

775
00:35:53,640 --> 00:35:56,839
Speaker 2: and just that's another thing we've done an entire podcast

776
00:35:56,920 --> 00:35:59,680
Speaker 2: on and talked about, you know, controlling your impulses and

777
00:35:59,680 --> 00:36:02,120
Speaker 2: putting twenty four hours between you and you're spending and

778
00:36:02,239 --> 00:36:05,360
Speaker 2: good savings hacks, tips and tricks like this isn't something

779
00:36:05,400 --> 00:36:07,759
Speaker 2: that is new to us, but I do think it's

780
00:36:07,760 --> 00:36:10,240
Speaker 2: a conversation that needs to go on. Like we can't

781
00:36:10,239 --> 00:36:12,759
Speaker 2: just stop having this conversation because we've spoken about by

782
00:36:12,840 --> 00:36:13,840
Speaker 2: now pay later before.

783
00:36:14,280 --> 00:36:16,439
Speaker 5: I think we can probably wrap it there. I feel

784
00:36:16,480 --> 00:36:19,160
Speaker 5: like the moral of the story is after pays the devil.

785
00:36:18,960 --> 00:36:19,560
Speaker 4: I'm kidding.

786
00:36:19,640 --> 00:36:20,000
Speaker 7: I just.

787
00:36:22,239 --> 00:36:26,120
Speaker 6: Cory, Georgia, You're gonna get us in even more trouble

788
00:36:26,160 --> 00:36:29,160
Speaker 6: with them that I arguably am already, Like as just

789
00:36:29,200 --> 00:36:32,680
Speaker 6: said before, like I'm probably not their favorite person.

790
00:36:33,960 --> 00:36:35,360
Speaker 5: That's all right, though I wouldn't want to be a

791
00:36:35,520 --> 00:36:38,960
Speaker 5: favorite person. Let's move on to the end of the show.

792
00:36:39,000 --> 00:36:41,000
Speaker 2: To the end of the show, we go, George, because

793
00:36:41,040 --> 00:36:43,400
Speaker 2: that actually is all we have time for today. So

794
00:36:43,640 --> 00:36:46,080
Speaker 2: just before we head off, we'd like to acknowledge and

795
00:36:46,200 --> 00:36:49,880
Speaker 2: pay respect to Australia's Aboriginal and torrist Rate Islander people's

796
00:36:50,160 --> 00:36:53,239
Speaker 2: they're the traditional custodians of the lands, the waterways and

797
00:36:53,280 --> 00:36:56,720
Speaker 2: the skies all across Australia. We thank you for sharing

798
00:36:56,800 --> 00:36:58,680
Speaker 2: and the caring for the land on which we are

799
00:36:58,760 --> 00:37:02,040
Speaker 2: able to learn, have respect to elders past and present,

800
00:37:02,120 --> 00:37:04,160
Speaker 2: and we share our friendship and our kindness.

801
00:37:04,440 --> 00:37:05,560
Speaker 4: Seeing it's a guys,