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Speaker 1: She's on the Money.

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Speaker 2: She's on the Money. Hello, and welcome to She Is

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Speaker 2: on the Money, the podcast for millennials who want financial freedom.

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Speaker 2: My name is Georgia King. I'm a copywriter and journalism

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Speaker 2: student who knows a little bit about the wonderful world

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Speaker 2: of money now, but I still have lots left to learn. Luckily,

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Speaker 2: just like all of the weeks always, I am joined

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Speaker 2: by Millennial Money. Were's Victoria Devine. Hello, good morning, Georgia King.

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Speaker 2: Now today on the show, we are going to be

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Speaker 2: dissecting the problems with MLMs, or multi level marketing businesses

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Speaker 2: as they're also known. You've probably heard of them before.

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Speaker 2: They're the network marketing companies that on board you to

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Speaker 2: make money by selling their product and also by recruiting

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Speaker 2: others to join your team, who then sell that product too.

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Speaker 2: Examples of companies that use this business model include Tupperware,

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Speaker 2: do Terra, Lularo, and plenty more. Research out of the

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Speaker 2: US has also revealed that ninety nine percent of all

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Speaker 2: MS distributors lose money. So we think it's time we

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Speaker 2: had a chat. But before we dive in and dissect

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Speaker 2: hy MLMs are maybe not quite as they same. Victoria

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Speaker 2: let's start on a peppier note and chat through some

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Speaker 2: money wins or confessions from the week. That was, what

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Speaker 2: have you got for me?

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Speaker 1: Okay, I have another money win. They are coming at

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Speaker 1: you left, right and Santa, Yes, you are welcome. Mine

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Speaker 1: is a food related money win. I feel like a

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Speaker 1: lot is either food or car relationships. Okay, but that's

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Speaker 1: where I'm at in my life. So, Georgia, as you know,

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Speaker 1: I'm probably one of the most digestively challenged people.

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Speaker 2: I can confirm this.

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Speaker 1: Yeah, so it's not easy for me to find snacks

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Speaker 1: and foods that actually align to all of the requirements

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Speaker 1: I have. And recently, my local cafe has been dabbling

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Speaker 1: in making some snacks, muffins and things that actually meet

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Speaker 1: my requirements. Not for me, it's for everybody. But I'm

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Speaker 1: really excited about it. So I let them know and

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Speaker 1: this morning they sent me home with a free muffin

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Speaker 1: and I was very excited about that. It was a

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Speaker 1: delicious raspberry I think pretend white chocolate muffin. I call

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Speaker 1: it vegan yay. So it was like gluten free, vegan,

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Speaker 1: dairy free, all of those that I consume, and I

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Speaker 1: loved it. So anyway, those things are usually really expensive

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Speaker 1: and I'm here for it, so that was my money win.

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Speaker 1: It's about a muffin. Do you have a good money

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Speaker 1: win for me?

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Speaker 2: Georgia Ka. Mine is also food related and it's not vegan.

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Speaker 2: In fact, it is quite the opposite. You guys might

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Speaker 2: remember in season two I dropped a little shout out

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Speaker 2: to my mates at Aldie. Still isn't about che fan,

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Speaker 2: It's not about tuna this time, it's about cheese, guys. Now,

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Speaker 2: I'm a big cheese girl. My friends listening will know

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Speaker 2: this already, but dafen Wire is my favorite cheese, triple

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Speaker 2: cream Bree. But it's gonna set you back out. It's

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Speaker 2: gonna set you back about fifteen bucks apart, it's not

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Speaker 2: even fifteen.

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Speaker 1: I think it's more expensive. I posted to the city

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Speaker 1: like it's like eighteen dollars. I think a.

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Speaker 2: Slumt yeah, which is ridiculous, but I'm gonna say it's

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Speaker 2: worth it than a lance to my values. But recently

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Speaker 2: I went to ald and they have this whole cheese range. Guys.

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Speaker 2: I'm talking truffle Bree. I'm talking triple cream Bree, all

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Speaker 2: of the brizl of the cameabis, they have amazing choices

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Speaker 2: for like, you know, a core of the price impressive.

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Speaker 1: I like your paving kim accent.

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Speaker 2: Yeah, I don't know why. No, I'm just excited about

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Speaker 2: the cheese. Anyway, get around to gus.

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Speaker 1: She'd say that to your money when this week you

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Speaker 1: bought some cheese.

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Speaker 2: Yeah, but I saved like fifteen bucks. Okay, all right,

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Speaker 2: that touched my win.

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Speaker 1: I'm not judging your win.

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Speaker 2: Well, okay, so mine wasn't that impressive. But you know

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Speaker 2: who's always impressive. Our Facebook group. That let's have a

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Speaker 2: little look at the community, the small community of eighty

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Speaker 2: three thousand people. Now, if you don't mind, Victoria, which

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Speaker 2: post stood out to you this week?

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Speaker 1: Georgia King, I have a money win this week from

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Speaker 1: the Facebook group. That made me stupidly happy, and I

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Speaker 1: think it made a lot of other people really happy

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Speaker 1: as well, judging on how many likes and interactions this

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Speaker 1: post got. So this was from Sealy and she said

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Speaker 1: today I paid off a personal loan from my first car,

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Speaker 1: which was a complete Lemon. I've had the loan since

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Speaker 1: I was a fresh eighteen year old and it was

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Speaker 1: a fourteen percent interest. Straight had the car for one

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Speaker 1: year when the car died about two years ago, I

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Speaker 1: was left with a massive loan to pay off and

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Speaker 1: no car. So this year she paid off over eight

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Speaker 1: thousand dollars worth of debt, including her personal loan and

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Speaker 1: credit card, and she's finally feeling so much better about

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Speaker 1: her financial health, which, as you know, Georgia is my

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Speaker 1: favorite of helping people. And she said that I've listened

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Speaker 1: to the podcast and something that really struck with her

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Speaker 1: was if you live fakeriage now, you'll be real poor later.

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Speaker 1: And she said that she'd been doing this her whole

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Speaker 1: adult life, trying to prove to people that didn't matter

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Speaker 1: to her that her work as a human amounted to

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Speaker 1: a fancy car and fancy clothes. So while that's all

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Speaker 1: stupidly impressive, the other money in that she had for

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Speaker 1: us was that two months ago she bought her first

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Speaker 1: house with her partner, and she'd saved for the deposit

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Speaker 1: for the house while paying off her debts. And she

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Speaker 1: says that the podcast has changed her life. Ah, I

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Speaker 1: gets so sappy about all of this, but Ceely, you

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Speaker 1: are a legend. And the photo of you and your

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Speaker 1: partner out the front of your house with this sold

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Speaker 1: sticker makes me so happy. Let's see more of these

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Speaker 1: type of posts in the group. Georgia King, have you

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Speaker 1: got a post that stood out to you this week?

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Speaker 2: I certainly do. Minus from Aste, who has written in

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Speaker 2: that she's recently been stalking the old Facebook marketplace. Yes, yeah,

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Speaker 2: and she was. She was in the market for a

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Speaker 2: Brevel coffee machine or any kind of professional looking comfy shows.

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Speaker 1: One's really popular, aren't they They are?

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Speaker 2: And you know what, they can be expensive seven hundred,

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Speaker 2: eight hundred dollars usually she picked one up for a

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Speaker 2: hot three hundred dollars, So she's frothen up those barista

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Speaker 2: made coffees on the daily. Forget your four dollar fifty

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Speaker 2: latte in the morning five dollars if you're having oat

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Speaker 2: milk like Victoria, she's having them at home for free.

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Speaker 2: So good on you, asty, and also good for the

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Speaker 2: espresso martinis.

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Speaker 1: Yea, I was going to say, can you make sure

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Speaker 1: that you talk about the edit that I can see there.

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Speaker 1: She says that she's worked out how to perfect the

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Speaker 1: espresso martini also in lockdown, So I just feel like

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Speaker 1: that's the money when all around, because let's be honest,

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Speaker 1: an espresso martini can set you back a solid twenty dollars.

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Speaker 2: Yeah, and you can't go out now, so may as

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Speaker 2: well stay at home and enjoy those espresso Martin's. All right, now,

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Speaker 2: let's move on to the main topic of today's show,

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Speaker 2: multi level marketing.

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Speaker 1: Now.

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Speaker 2: Globally, MLMs are a multi billion dollar industry with hundreds

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Speaker 2: of thousands of people being tied to these companies who

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Speaker 2: promise the world that more often than not, do not deliver.

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Speaker 2: MLMs are often sold to people with the lure of

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Speaker 2: being an easy way to be our own bus and

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Speaker 2: make bank from home, which sounds too good to be

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Speaker 2: true because usually it is.

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Speaker 1: How is the emphasis there? Now?

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Speaker 2: MLMs are often sold to people with the lure of

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Speaker 2: being an easy way to be our own bus babe

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Speaker 2: and make bank from home, which sounds too good to

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Speaker 2: be true because usually it is.

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Speaker 1: Now.

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Speaker 2: Unfortunately, it also impacts significantly more women than men, with

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Speaker 2: seventy five percent of distributors or MLM salespeople being women.

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Speaker 2: So what better place to talk about it than right here? Victoria,

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Speaker 2: please kick us off by further clarifying exactly what MLMs

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Speaker 2: are them can move into why they are so very problematic?

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Speaker 2: If that suits you, it absolutely suits me. So first

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Speaker 2: things first, I know we're going to get a lot

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Speaker 2: of people offside with this episode, but I think it's

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Speaker 2: really important to discuss it, and once we get through

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Speaker 2: some of the stats and figures, I think you guys

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Speaker 2: will really understand why I want to talk about this

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Speaker 2: because you often see these women who are passionate and

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Speaker 2: driven and smart, and they get wrapped up in these

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Speaker 2: businesses and they are putting so much time and energy

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Speaker 2: and effort into, for example, selling skincare for somebody else's business.

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Speaker 1: So while they are online busting their nuts essentially to

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Speaker 1: actually get their business up and running, they are working

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Speaker 1: away for somebody else. And with that same time, energy

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Speaker 1: and effort that they are putting into somebody else's business,

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Speaker 1: I genuinely believe that they could be building their own

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Speaker 1: that would actually have a profit for them. So, whether

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Speaker 1: that's skincare or essential oils or tableware or whatever it is,

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Speaker 1: I just see so many people online selling these products

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Speaker 1: and then not actually fully comprehending that it's not actually

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Speaker 1: their business. And we saw this semi recently. A couple

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Speaker 1: of years ago Avon left Australia and that actually left

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Speaker 1: a lot of people high and dry who had been

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Speaker 1: building there or what they presumed were their own business

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Speaker 1: is for the last, you know, twenty something years to

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Speaker 1: have it pulled out from underneath them. So I think

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Speaker 1: that we need to have a really well rounded and

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Speaker 1: proper discussion about this topic because I know that probably

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Speaker 1: everybody in our Facebook group at some point has been

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Speaker 1: messaged by someone who's like, oh, hey, I was just

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Speaker 1: wondering how are you doing? Do you want me to

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Speaker 1: talk to you about my new product? And I know

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Speaker 1: that it's something that we actually really need to cover

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Speaker 1: and really need to get across because I feel like

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Speaker 1: there's so much delusion in that space where they sell

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Speaker 1: you a dream, but the dream isn't actually.

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Speaker 2: One hundred percent, and that's what we want to shed

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Speaker 2: light on today.

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Speaker 1: Yeah, so I'm glad I answered your question Georgia by

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Speaker 1: absolutely not answering your questions. So let's jump straight in.

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Speaker 1: MLM stands for multi level marketing, and you've probably heard

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Speaker 1: a lot of other things that it's been called in

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Speaker 1: the past, such as network marketing or referral marketing or

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Speaker 1: direct selling or even pyramids scheme selling. But like most businesses,

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Speaker 1: MLMs actually sell products and services. So if you do

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Speaker 1: a really quick Google search for multi level marketing, you'll

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Speaker 1: see so much criticism lobbed at MLMs, and I think that,

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Speaker 1: whilst it's warranted, we really need to break this down.

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Speaker 1: And this is because the business model is creepily similar

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Speaker 1: to a Ponzi scheme or a pyramid scheme. So in

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Speaker 1: classic pyramid schemes, you actually purchase into a company, paying

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Speaker 1: a signup and or a monthly fee to be a

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Speaker 1: part of that scheme, and to make your money back,

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Speaker 1: you actually have to invite new investors or new partners

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Speaker 1: into the company and so on and so forth. But

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Speaker 1: as we've come to learn, this isn't actually sustainable because

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Speaker 1: your success is actually built on the fact that you

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Speaker 1: will sign more people up to this scheme. It's all

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Speaker 1: about recruiting, exactly, And because there are finite amounts of

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Speaker 1: people in the world, and not every single one of

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Speaker 1: those people in the world wants to be a part

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Speaker 1: of that scheme, you're going to soon run out of

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Speaker 1: new recruits and you're not going to be able to

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Speaker 1: make the lines. So in reality, only the top five

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Speaker 1: percent of people in pyramid schemes actually end up making

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Speaker 1: money and now we are talking about pyramid schemes right now,

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Speaker 1: and I know a lot of people are going to

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Speaker 1: want to be jumping down my throat being like that

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Speaker 1: MLMs are pyramid schemes. You are correct. One of the differences,

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Speaker 1: the defining difference of MLM that makes it not a

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Speaker 1: pyramid scheme is that there is a tangible product associated

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Speaker 1: with a MLM. So an MLM means that you actually

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Speaker 1: sell a product in addition to doing all of the recruitment.

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Speaker 1: But if you look into it properly, you will see

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Speaker 1: that most of the revenue derived by a business that

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Speaker 1: is of multi level marketing is not from the product

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Speaker 1: they sell, but from the recruits that they drive. So

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Speaker 1: I think it's really important to go, Okay, you're right,

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Speaker 1: you are not wrong. Are not pyramid schemes, but they

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Speaker 1: are creepily similar and they are not putting you in

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Speaker 1: the best possible position long term. So how do you

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Speaker 1: differentiate between an MLM and it's just a straight up

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Speaker 1: pyramid scheme? One, pyramid schemes here in Australia are illegal,

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Speaker 1: so I'm pretty sure.

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Speaker 2: That they are. They're illegal in most places.

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Speaker 1: I was going to say, I'm pretty sure that they

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Speaker 1: are illegal internationally, but I don't want to be quoted

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Speaker 1: on that, but I do know that they are completely

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Speaker 1: illegal in Australia. But things to consider O, if you

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Speaker 1: can make a decent amount of money through sales alone,

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Speaker 1: it's a legitimate business. There are businesses out there that

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Speaker 1: take people on to sell their products. It is not

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Speaker 1: a new concept. If there are high end products that

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Speaker 1: actually work, it's a legitimate business.

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Speaker 2: All right, Victoria. So why would you say people are

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Speaker 2: so drawn to MLMs then.

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Speaker 1: Look, George, simply put, I think it's because they sound

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Speaker 1: incredible and I've got friends who engage in them, so

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Speaker 1: this is absolutely not an attack on them. And I

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Speaker 1: think that, you know, I have a lot of really

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Speaker 1: intelligent friends who are doing this, and I also know

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Speaker 1: people who are doing it who are making money. So

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Speaker 1: it's not something that we need to actually, you know,

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Speaker 1: completely rip down. But what we need to be educated.

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Speaker 1: They're really shiny, they look beautiful. How many jobs out

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Speaker 1: there can promise you uncapped earning potential, Georgia king your

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Speaker 1: own working hours, you get to work from home, the

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Speaker 1: opportunity to be your own boss, etc. Etc. Without having

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Speaker 1: to deal with a balance sheet or a profit and

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Speaker 1: loss or worrying about employees. I think that it is

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Speaker 1: selling a dream, and to be honest, it sounds great,

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Speaker 1: so I can see why people want to be involved

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Speaker 1: in them. But if you have the time and you

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Speaker 1: have the energy and the effort to put into marketing

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Speaker 1: somebody else's business, I think that you end up in

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Speaker 1: a position where you might have been better off long

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Speaker 1: term actually starting your own business. As scary as it

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Speaker 1: can see, MLMs are also strongly targeted at women, and

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Speaker 1: seventy five percent of distributors of MLMs here in Australia

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Speaker 1: are actually female. Now, there are so many reasons for this,

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Speaker 1: and the main one is that women are more likely

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Speaker 1: to men to actually be home with the kids and

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Speaker 1: be able to be targeted by these things. They're often

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Speaker 1: looking to have a bit of a side hustle on

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Speaker 1: the side, or contribute to the weekly income, and for

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Speaker 1: many women, EMLM sound like a get rich quick scheme

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Speaker 1: that they can actually do from the comfort of their

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Speaker 1: home while still raising their kids and so on and

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Speaker 1: so forth, and all sounds amazing. Honestly, it sounds like

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Speaker 1: a dream. But we're going to break down exactly why

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Speaker 1: it is not emilms also promise a certain level of

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Speaker 1: support that is also not always delivered to these people,

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Speaker 1: which can appeal to mums who I know personally through

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Speaker 1: interacting with our community all to often feel really lonely

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Speaker 1: when they're home with kids. Promises a community, It promises

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Speaker 1: an online network of people who can support you in

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Speaker 1: business partners And honestly, it sounds great and if this worked,

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Speaker 1: I would be here going why doesn't everybody do this?

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Speaker 1: But there is a very good reason why.

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Speaker 3: I think.

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Speaker 2: Another point to note is that there's also very strong

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Speaker 2: ties to feminism LinkedIn with MLMs. They really capitalize the

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Speaker 2: whole bus bed girl bust thing totally yeah. So they

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Speaker 2: try to make I feel like they're empowering you and

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Speaker 2: helping you in that space, when really they're.

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Speaker 1: Just exploiting you, totally right. And it actually really upsets

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Speaker 1: me because if you're empowering me, why are you making

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Speaker 1: me buy the product before I can sell it. If

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Speaker 1: it's such a good product that you're saying will literally

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Speaker 1: sell itself, why do I have to purchase it first

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Speaker 1: and keep my own inventory? So I feel like there

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Speaker 1: are a number of questions that we need to be

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Speaker 1: asking of these companies as to whether they have our

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Speaker 1: best interests at heart or not. As you said, like

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Speaker 1: they're strongly tied to feminism, they're also so female orientated.

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Speaker 1: Like think about the types of products that are in

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Speaker 1: the lamps. We're talking about kitchen tubleware, we're talking about

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Speaker 1: weight loss shakes, leggings, essential oils, cosmetics, which obviously appeal

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Speaker 1: to women more than that does men. And potential people

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Speaker 1: who are recruited into this, or we could call it

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Speaker 1: lud into this, they can imagine themselves using this product

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Speaker 1: and they are often conned into purchasing the product for themselves.

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Speaker 1: So the company is not just making sales from the

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Speaker 1: people that they recruit or the people that you sell to.

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Speaker 1: They're also making sales for you because obviously you have

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Speaker 1: to purchase that product to try out, yeah, before you

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Speaker 1: sell it to somebody else, because otherwise you look like

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Speaker 1: a complete fraud, Like why would you be selling a

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Speaker 1: product you've not even tried yourself. So they end up

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Speaker 1: in a position where they're making multiple sources of revenue

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Speaker 1: from a place that it probably shouldn't be coming because

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Speaker 1: at the end of the day, Georgie, if I hired

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Speaker 1: you to sell my product. I would want you to

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Speaker 1: be an advocate of my product, so why wouldn't I

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Speaker 1: just give it to you.

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Speaker 2: Also, MLMs often target people from lower socioeconomic backgrounds and

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Speaker 2: low income earners, people who don't have formal education backgrounds,

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Speaker 2: a degree of certificate. You don't need those to get

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Speaker 2: involved with an MLM. You can just sign up, pay

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Speaker 2: your entry fee, and off you go. So they are

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Speaker 2: praying on people who are more vulnerable, maybe don't have

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Speaker 2: as many other options, and sadly the're the ones that

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Speaker 2: are going to be emotionally and financially joined in the end. Right.

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Speaker 1: Yeah, And I think it's really depressing as well because

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Speaker 1: you're sold a dream and there's a lot of stats

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Speaker 1: that surround this. Let's start having a chat about those,

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Speaker 1: because I think that they are the thing that's going

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Speaker 1: to really drive home now, guys. Because MLMs are usually

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Speaker 1: based out of America and then come to Australia, a

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Speaker 1: lot of these statistics aren't Australian, but they absolutely apply

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Speaker 1: to all of the people engaging in MLM companies here

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Speaker 1: in Australia because they're a part of that. So we

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Speaker 1: tried to get really Australian statistics, but they weren't relevant

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Speaker 1: and it really didn't feel like they had the impact

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Speaker 1: that these do. So if you're even considering getting involved

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Speaker 1: in AMLM, I think one of the first things that

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Speaker 1: you should be doing is going and looking at the

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Speaker 1: income disclosure statement. So this statement is going to be

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Speaker 1: breaking down the rank of each person within that business,

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Speaker 1: the percentage of the person at that level in the business,

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Speaker 1: and then their average annual income. And I think that

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Speaker 1: that's really important to understand because you'll see where most

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Speaker 1: of the people are sitting. Okay. So something that has

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Speaker 1: recently come to Australia is Monete and this is a

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Speaker 1: skincare company that is an MLM business, very similar to

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Speaker 1: Rodent Fields or are Born. They've come to Australia recently

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Speaker 1: and I've had a look at their income disclosure statement

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Speaker 1: and I think that it is really telling. So the

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Speaker 1: most popular level in their business is called a market partner,

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Speaker 1: and that is what ninety four percent or ninety four

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Speaker 1: point zero three percent of the people in their business

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Speaker 1: are ranked at, and per ANNAM, the average annual income

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Speaker 1: of one of their market partners is one hundred and

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Speaker 1: eighty three dollars US and so annual annual income of

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Speaker 1: ninety four percent of their company is one hundred and

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Speaker 1: eighty three dollars Georgia. And so if that's not shocking enough,

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Speaker 1: if you would like to sign up to Monet to

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Speaker 1: become one of their skincare partners, you have to buy

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Speaker 1: their trial pack and you have to buy their startup

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Speaker 1: kit Georgia. That's one hundred and ninety nine dollars. So

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Speaker 1: that is actually more than what you made in the year.

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Speaker 1: So you were actually paying them to be a part

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Speaker 1: of the business and you are not making anything, and

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Speaker 1: so you're like, okay, well that's ninety four percent of

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Speaker 1: the company. Then the next level up is a managing

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Speaker 1: market partner and that makes up two point seventy four

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Speaker 1: percent of that business, and their average annual income is

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Speaker 1: two thousand, three hundred dollars for the entire year of

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Speaker 1: work that they have done to recruit other people and

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Speaker 1: grow their businesses, which is quite dramatic. But that then

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Speaker 1: doesn't take into consideration the fact that these managing market

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Speaker 1: partners would have had to purchase one their own product,

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Speaker 1: their own startup kits. All of the things included in

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Speaker 1: that which I looked into, and that averages at about

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Speaker 1: eight hundred dollars in product purchased by a managing market partner.

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Speaker 1: So take that back to about fifteen hundred dollars worth

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Speaker 1: of profit. Let's call it that. That is not okay

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Speaker 1: for an entire year's worth of work. Imagine starting an

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Speaker 1: online business, and that is what you generated in the

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Speaker 1: first year of being on so media, of being in

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Speaker 1: a position where you're selling someone else's product. I would

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Speaker 1: have expected it to be far more and it actually

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Speaker 1: does it increase in a better way at all, because

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Speaker 1: the further you look into it, the lower the percentages.

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Speaker 1: And the highest paid person in the business there's like

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Speaker 1: three of them and they get paid more than one

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Speaker 1: hundred thousand dollars. But of all of those people, they're

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Speaker 1: the ones that are you know, they're the shiny ones

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Speaker 1: that everyone refers to it say, oh my gosh, you're

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Speaker 1: my first year I did this, and I think that

401
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Speaker 1: it's really important toutically you go, okay, no problems. But

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Speaker 1: ninety four percent of the business make one hundred and

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Speaker 1: eighty three dollars but had to spend one hundred and

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Speaker 1: ninety ninety even get.

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Speaker 2: Involved in the business. And that's why it's closely linked

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Speaker 2: to pyramid schemes, right, like the richie riches are up

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Speaker 2: the top making all of the coin, and then everyone

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Speaker 2: else below ninety four percent.

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Speaker 1: Like nothing exactly, And the only difference between a pyramid

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Speaker 1: scheme and an MLM is the fact that an MLM

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Speaker 1: has a product associated with it in addition to having

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Speaker 1: that pyramid structure.

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Speaker 2: So it sounds like the main danger here is that

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Speaker 2: MLMs are just not a sustainable way of making money.

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Speaker 2: Are there any other reasons we shouldn't be getting into it?

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Speaker 2: I mean, that's pretty good one.

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Speaker 1: I mean that's pretty good, But no, there's no guaranteed

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Speaker 1: incoming to People often find themselves buying the product just

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Speaker 1: to make their bonuses and stuff like that. So, like,

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Speaker 1: if you look further into the business structure, you'll find

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Speaker 1: that each and every single month, they need to make

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Speaker 1: a certain amount of sales per month to make a bonus.

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Speaker 1: And people don't want to lose their bonus because often

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Speaker 1: their bonus is retained from previous months. So you're forced

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Speaker 1: into purchasing your own product. And if you were doing

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Speaker 1: this in your own business, it wouldn't be sustainable, it

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Speaker 1: wouldn't make sense. It really seems like you own your

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00:20:44,600 --> 00:20:47,399
Speaker 1: own business, but in reality, you're just a very small

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Speaker 1: part of a very large company that are using you

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Speaker 1: to get their product into the market. And at the

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Speaker 1: end of the day, I've said this before and this

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Speaker 1: is very opinionated of me, but if that product was

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Speaker 1: a very very good product, why isn't it on the

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Speaker 1: shelves in every good skincare company, Like if it is

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Speaker 1: the best cleanser in the world, why has Mecca not

436
00:21:08,600 --> 00:21:10,480
Speaker 1: been able to pick it up. I also think it's

437
00:21:10,520 --> 00:21:12,720
Speaker 1: really important to touch on the fact that as much

438
00:21:12,760 --> 00:21:15,840
Speaker 1: as you are a small part of a big company

439
00:21:15,960 --> 00:21:18,800
Speaker 1: and they're empowering you to be a small business owner

440
00:21:18,880 --> 00:21:21,320
Speaker 1: and you know, do your own thing, there is no

441
00:21:21,560 --> 00:21:24,960
Speaker 1: actual benefit to this because you don't get sick days,

442
00:21:24,960 --> 00:21:26,840
Speaker 1: you don't get days off, you don't get annual leave,

443
00:21:26,840 --> 00:21:28,560
Speaker 1: and a lot of people have to work weekends and

444
00:21:28,640 --> 00:21:31,040
Speaker 1: nights just to try and make ends meet with these

445
00:21:31,080 --> 00:21:33,800
Speaker 1: products that don't pay you a wager, a salary, or

446
00:21:33,840 --> 00:21:36,240
Speaker 1: a base income or a retainer to make sure that

447
00:21:36,280 --> 00:21:39,159
Speaker 1: you do this. You only ever make money on the

448
00:21:39,160 --> 00:21:42,960
Speaker 1: commission or from the people that you've recruited, which means

449
00:21:43,000 --> 00:21:45,639
Speaker 1: that everybody's clipping the ticket along the way. So, Georgia,

450
00:21:45,720 --> 00:21:48,080
Speaker 1: if I recruited you, i'd clip the ticket on all

451
00:21:48,119 --> 00:21:50,359
Speaker 1: of the sales that you make. But the person who

452
00:21:50,440 --> 00:21:52,960
Speaker 1: recruited me is clipping the ticket on both of us. Yeah,

453
00:21:52,960 --> 00:21:55,120
Speaker 1: and it kind of goes like that in a chain,

454
00:21:55,160 --> 00:21:58,639
Speaker 1: which is why the pyramid scheme makes a lot of sense. Georgia.

455
00:21:58,680 --> 00:22:01,160
Speaker 1: I also think, and I'm so anti on this episode,

456
00:22:01,200 --> 00:22:04,520
Speaker 1: so I do apologize, but lots of MLMs also encourage

457
00:22:04,520 --> 00:22:07,959
Speaker 1: you to capitalize on devastating moments, and I know that

458
00:22:07,960 --> 00:22:09,840
Speaker 1: that's probably not the first thing that you guys were

459
00:22:09,840 --> 00:22:12,439
Speaker 1: thinking of. So I was actually reading an article the

460
00:22:12,480 --> 00:22:14,880
Speaker 1: other day that was written by a lady whose mother

461
00:22:14,920 --> 00:22:17,440
Speaker 1: had just passed away and someone from high school had

462
00:22:17,480 --> 00:22:20,120
Speaker 1: reached out to her sending love, which was so nice.

463
00:22:20,280 --> 00:22:22,720
Speaker 1: But then she replied saying thanks and then tried to

464
00:22:22,760 --> 00:22:26,480
Speaker 1: sell her essential oils to help her achieve cotness, so gross,

465
00:22:26,600 --> 00:22:29,240
Speaker 1: and then also tried to get her in her team

466
00:22:29,320 --> 00:22:32,640
Speaker 1: because she was killing it, etc. Hate girl, It'll take

467
00:22:32,680 --> 00:22:35,560
Speaker 1: your mind off, you know, the trauma that you're going through,

468
00:22:35,640 --> 00:22:39,800
Speaker 1: which is so unetheical, that unethical, and so gross. There

469
00:22:39,840 --> 00:22:42,800
Speaker 1: is so much pressure, which means people don't actually act

470
00:22:42,880 --> 00:22:45,479
Speaker 1: ethically or put you in a situation where they are

471
00:22:45,520 --> 00:22:48,080
Speaker 1: thinking of you well. And I just feel like that

472
00:22:48,240 --> 00:22:51,240
Speaker 1: is not okay, and it is not it's not right,

473
00:22:51,359 --> 00:22:54,320
Speaker 1: like so many times I've been messaged and I'm probably

474
00:22:54,320 --> 00:22:57,159
Speaker 1: putting myself in this position just because I've got the

475
00:22:57,160 --> 00:22:59,159
Speaker 1: Facebook group and I'm the admin of it. But I

476
00:22:59,280 --> 00:23:03,480
Speaker 1: get literally messages every single day. So Georgia, when we said, like,

477
00:23:03,560 --> 00:23:05,560
Speaker 1: should we do an episode on MLMs, I was like, yes,

478
00:23:05,680 --> 00:23:08,960
Speaker 1: let's talk about it. I get messages every single day

479
00:23:09,200 --> 00:23:12,400
Speaker 1: from people saying, oh, hey, Victoria, I run this company.

480
00:23:12,680 --> 00:23:15,160
Speaker 1: It's a really good skincare company. I'd love to tell

481
00:23:15,200 --> 00:23:17,320
Speaker 1: you more about it. Let me know if you're interested,

482
00:23:17,400 --> 00:23:19,760
Speaker 1: And it just makes no sense. And then they want

483
00:23:19,760 --> 00:23:22,840
Speaker 1: to post on the Facebook group because they want more recruits,

484
00:23:22,840 --> 00:23:24,560
Speaker 1: and I have to say, look, I'm really sorry, like

485
00:23:24,640 --> 00:23:27,000
Speaker 1: we don't support MLMs, and they'll say, oh, Victoria, it's

486
00:23:27,000 --> 00:23:30,840
Speaker 1: not an MLM, it's a network marketing business. Like okay,

487
00:23:31,040 --> 00:23:34,320
Speaker 1: like same thing, and they just seem to be so

488
00:23:34,840 --> 00:23:37,960
Speaker 1: brought into the fact that no, it's my business. I

489
00:23:38,119 --> 00:23:40,040
Speaker 1: run it. I just buy the product from here, and

490
00:23:40,119 --> 00:23:42,159
Speaker 1: it just makes no sense. And I just feel like

491
00:23:42,200 --> 00:23:45,600
Speaker 1: these girls are hustling their butts off. Let's be honest, George,

492
00:23:45,680 --> 00:23:49,200
Speaker 1: like they are working really hard, but direct your time,

493
00:23:49,359 --> 00:23:52,080
Speaker 1: energy and effort into something that is actually yours and

494
00:23:52,119 --> 00:23:55,320
Speaker 1: I'm sure you would be wildly successful as well. This

495
00:23:55,440 --> 00:23:58,119
Speaker 1: structure is just not sustainable for the long term.

496
00:23:58,240 --> 00:24:00,199
Speaker 2: I think the last point to note there is well,

497
00:24:00,280 --> 00:24:02,720
Speaker 2: Victoria is that and you kind of alluded to it before.

498
00:24:02,760 --> 00:24:05,840
Speaker 2: But relationships can be ruined through this kind of marketing.

499
00:24:05,920 --> 00:24:08,879
Speaker 2: Like you're reaching out to Carol from high school saying,

500
00:24:09,080 --> 00:24:10,640
Speaker 2: do you want to be a part of my team?

501
00:24:10,920 --> 00:24:12,800
Speaker 1: Carol's not Oh hey, girl, I just thought you had

502
00:24:12,800 --> 00:24:15,760
Speaker 1: a baby. Yeah, oh thanks, Yeah. Can I come my

503
00:24:15,800 --> 00:24:17,640
Speaker 1: own and show you my essential oil kid?

504
00:24:17,800 --> 00:24:18,000
Speaker 3: Yeah?

505
00:24:18,119 --> 00:24:19,200
Speaker 1: No, no girl.

506
00:24:19,320 --> 00:24:21,520
Speaker 2: So that relationship with Carol is ruined. But then also

507
00:24:21,680 --> 00:24:23,320
Speaker 2: you get desperate and you go to your friends, you

508
00:24:23,359 --> 00:24:24,720
Speaker 2: go to your parents, you go to your chip, and

509
00:24:24,760 --> 00:24:26,399
Speaker 2: you don't go to your children. Maybe some people do,

510
00:24:26,840 --> 00:24:29,199
Speaker 2: but it can be really damaging in that sense. And

511
00:24:29,240 --> 00:24:31,840
Speaker 2: then also because people are they're not doing this in

512
00:24:31,880 --> 00:24:33,439
Speaker 2: the nine to five hours, they're gonna have to work

513
00:24:33,480 --> 00:24:36,639
Speaker 2: at nighttime, in the day, on weekends at every moment,

514
00:24:36,680 --> 00:24:38,560
Speaker 2: so they're going to be neglecting their family. It's not

515
00:24:38,560 --> 00:24:41,000
Speaker 2: in every situation, but I think that that's a really

516
00:24:41,000 --> 00:24:41,800
Speaker 2: big risk as well.

517
00:24:41,800 --> 00:24:45,320
Speaker 1: There I totally agree, and it makes me feel sort

518
00:24:45,320 --> 00:24:48,320
Speaker 1: of strange because it's always people that I'm not that

519
00:24:48,440 --> 00:24:51,400
Speaker 1: close with that approach me and I go, oh, how

520
00:24:51,480 --> 00:24:53,919
Speaker 1: nice is that I'm hearing from x y zed And

521
00:24:53,960 --> 00:24:55,679
Speaker 1: they're like, oh, hey, Victoria, I've been working as a

522
00:24:55,680 --> 00:24:58,880
Speaker 1: personal trainer. I'm like, oh, girl, that's amazing, congrats. And

523
00:24:58,920 --> 00:25:01,200
Speaker 1: then they're like, oh, and recently I've had heaps of

524
00:25:01,240 --> 00:25:04,399
Speaker 1: success with this diet shake, Like would you get trying it?

525
00:25:04,440 --> 00:25:07,840
Speaker 1: And you're like no, I'm okay.

526
00:25:08,320 --> 00:25:10,720
Speaker 2: And Facebook makes it a lot easier than back in

527
00:25:10,760 --> 00:25:13,720
Speaker 2: the old days as well, Like it's prolific absolutely. But

528
00:25:13,760 --> 00:25:15,560
Speaker 2: I think if we're going to talk about Facebook and

529
00:25:15,560 --> 00:25:17,800
Speaker 2: social media, did you know that if you are part

530
00:25:17,840 --> 00:25:21,080
Speaker 2: of an MLM, you cannot pay for any advertising.

531
00:25:20,480 --> 00:25:21,080
Speaker 1: On your product.

532
00:25:21,160 --> 00:25:22,600
Speaker 2: I did not know this. Why is that?

533
00:25:22,840 --> 00:25:25,880
Speaker 1: Because they don't want you advertising it. It's all network

534
00:25:25,920 --> 00:25:28,200
Speaker 1: You have to go to people, so you're forced down

535
00:25:28,200 --> 00:25:31,879
Speaker 1: the route of directly contacting people instead of you know,

536
00:25:31,960 --> 00:25:35,200
Speaker 1: maybe starting a social media account and growing the business

537
00:25:35,240 --> 00:25:37,679
Speaker 1: that way and putting some you know, some money behind

538
00:25:37,720 --> 00:25:40,160
Speaker 1: an advertisement so that you can actually get your name

539
00:25:40,200 --> 00:25:42,680
Speaker 1: out there. Yeah, that's not allowed. You can't actually pay

540
00:25:42,720 --> 00:25:46,679
Speaker 1: for advertising. And if you're going to start a business online,

541
00:25:46,680 --> 00:25:48,520
Speaker 1: you're not actually allowed to talk about the price of

542
00:25:48,520 --> 00:25:51,520
Speaker 1: the products online. And there's just so many catches that

543
00:25:51,640 --> 00:25:56,640
Speaker 1: make it seem so non transparent and just not genuine

544
00:25:56,760 --> 00:25:59,880
Speaker 1: that make me feel really uncomfortable. And the annoying thing

545
00:26:00,080 --> 00:26:02,840
Speaker 1: here is like some of these businesses actually have products

546
00:26:02,840 --> 00:26:05,040
Speaker 1: that I like, Like, don't get me wrong, Like I

547
00:26:05,160 --> 00:26:08,480
Speaker 1: have purchased dough Terra and I loved dough Terra, and

548
00:26:08,520 --> 00:26:11,480
Speaker 1: I have a really great friend who actually sells it,

549
00:26:11,640 --> 00:26:14,080
Speaker 1: and you know what, she's beautiful. She does the right thing,

550
00:26:14,200 --> 00:26:17,080
Speaker 1: you know what, she has this beautiful lifestyle, and Essential

551
00:26:17,080 --> 00:26:19,560
Speaker 1: Oils really aligned to what she's doing. She is at

552
00:26:19,560 --> 00:26:22,280
Speaker 1: no point pretending that this product is actually going to

553
00:26:22,359 --> 00:26:25,800
Speaker 1: solve world hunger or anything like that. She's just like, yep,

554
00:26:25,840 --> 00:26:27,840
Speaker 1: I think people lack them, and this is you know

555
00:26:27,880 --> 00:26:30,720
Speaker 1: what it is. I also love essential oils, like I

556
00:26:30,760 --> 00:26:32,920
Speaker 1: love my diffuser Georgia would know that there's a couple

557
00:26:32,920 --> 00:26:35,399
Speaker 1: in our offices, and I just feel like it is

558
00:26:35,440 --> 00:26:39,080
Speaker 1: a really nice product. But I don't believe that that

559
00:26:39,240 --> 00:26:42,159
Speaker 1: structure needs to exist to sell a beautiful product. Like

560
00:26:42,440 --> 00:26:45,680
Speaker 1: I am attracted to that as a product, But will

561
00:26:45,680 --> 00:26:48,359
Speaker 1: I purchase from it moving forward because it's an MLM

562
00:26:48,440 --> 00:26:50,879
Speaker 1: now that I'm educated about what it actually is, No,

563
00:26:51,000 --> 00:26:53,479
Speaker 1: I won't. I'll go and find a different source. So

564
00:26:53,600 --> 00:26:56,439
Speaker 1: I think it's really important to just be educated about things.

565
00:26:56,720 --> 00:27:00,160
Speaker 1: But yeah, it's it's really really interesting how it actually

566
00:27:00,200 --> 00:27:02,240
Speaker 1: works and what it actually means. And sometimes you can

567
00:27:02,280 --> 00:27:04,800
Speaker 1: just get so wrapped up in it without even realizing

568
00:27:04,840 --> 00:27:08,440
Speaker 1: that you're being sold to. Because as we're talking before Georgia,

569
00:27:08,480 --> 00:27:11,000
Speaker 1: there are so many transparent ways that you see people

570
00:27:11,040 --> 00:27:13,320
Speaker 1: recruiting you, like hey, MPT, would you like to try

571
00:27:13,320 --> 00:27:16,119
Speaker 1: these diet shakes? But then you also see you know,

572
00:27:16,280 --> 00:27:19,119
Speaker 1: influences online using this product. Yeah, and then you go, oh,

573
00:27:19,200 --> 00:27:20,919
Speaker 1: I'd really like that product, and they're like, oh, you

574
00:27:20,960 --> 00:27:22,800
Speaker 1: have to message this person to get access to it,

575
00:27:22,800 --> 00:27:24,720
Speaker 1: and you're like, okay. The problems like and you want

576
00:27:24,760 --> 00:27:26,359
Speaker 1: to do it because you want to try this product

577
00:27:26,440 --> 00:27:28,960
Speaker 1: because you've just got this idea, but that's all part

578
00:27:29,000 --> 00:27:29,800
Speaker 1: of the trap, right.

579
00:27:30,080 --> 00:27:32,040
Speaker 2: So from the sounds of things, Victoria, it sounds like

580
00:27:32,080 --> 00:27:34,560
Speaker 2: you are significantly more likely to lose money than make

581
00:27:34,560 --> 00:27:36,520
Speaker 2: money despite all the promises of these companies.

582
00:27:36,600 --> 00:27:39,720
Speaker 1: Right absolutely, And I've done some research because we always

583
00:27:39,760 --> 00:27:43,760
Speaker 1: do research because starts gal but the loss rate for

584
00:27:44,000 --> 00:27:47,720
Speaker 1: MLMs here in Australia is ninety nine percent. Do you

585
00:27:47,760 --> 00:27:49,960
Speaker 1: know what that means? That means that less than one

586
00:27:50,080 --> 00:27:53,760
Speaker 1: in one hundred MLM participants make a clear profit and

587
00:27:53,840 --> 00:27:56,919
Speaker 1: at least ninety nine out of every one hundred people

588
00:27:56,960 --> 00:28:00,840
Speaker 1: engaging in these actually lose money, which is insane, iculous.

589
00:28:00,880 --> 00:28:03,520
Speaker 1: And do you know why that's insane because if you

590
00:28:03,600 --> 00:28:07,879
Speaker 1: compare that to research by the Small Business Association, you

591
00:28:08,000 --> 00:28:11,119
Speaker 1: found that forty four percent of small businesses survive for

592
00:28:11,119 --> 00:28:13,400
Speaker 1: at least four years. So if you're going to put

593
00:28:13,400 --> 00:28:16,440
Speaker 1: this time, energy and effort into something, you are actually

594
00:28:16,520 --> 00:28:19,000
Speaker 1: better off putting it into a small business that you

595
00:28:19,119 --> 00:28:22,840
Speaker 1: own and run yourself, because just looking at the statistics,

596
00:28:22,920 --> 00:28:26,080
Speaker 1: you are more likely to be profitable and successful by

597
00:28:26,160 --> 00:28:29,480
Speaker 1: running your own thing than you are from actually engaging

598
00:28:29,520 --> 00:28:33,560
Speaker 1: in an MLM. Because to actually progress in an MLM,

599
00:28:33,840 --> 00:28:36,680
Speaker 1: you need to recruit people underneath you to sell product

600
00:28:36,720 --> 00:28:39,479
Speaker 1: as well, and that's just not feasible for most people.

601
00:28:39,640 --> 00:28:42,040
Speaker 1: Whereas in small business, you can run your own show,

602
00:28:42,160 --> 00:28:44,880
Speaker 1: and you can be in a situation where you actually

603
00:28:44,920 --> 00:28:48,040
Speaker 1: have control. I actually think it's a bit crazy how

604
00:28:48,080 --> 00:28:52,160
Speaker 1: promoted these are. Yet the stats are so wild and

605
00:28:52,280 --> 00:28:54,840
Speaker 1: bad for us, but no one ever really talks about

606
00:28:54,840 --> 00:28:56,000
Speaker 1: that exactly.

607
00:28:56,120 --> 00:28:58,479
Speaker 2: Here's another stut for you if you're interested, Victoria, Yes,

608
00:28:58,600 --> 00:29:01,720
Speaker 2: stats now come at So. A study out of America

609
00:29:01,800 --> 00:29:05,520
Speaker 2: again found that ninety five percent of people within MLM

610
00:29:05,600 --> 00:29:08,520
Speaker 2: companies dropped out within ten years because it is just

611
00:29:08,600 --> 00:29:11,520
Speaker 2: so unsustainable. Ninety nine percent of them aren't making any money,

612
00:29:11,560 --> 00:29:14,239
Speaker 2: they're losing money exactly. So I think we really need

613
00:29:14,240 --> 00:29:15,800
Speaker 2: to be talking about this. People just don't know.

614
00:29:16,120 --> 00:29:18,480
Speaker 1: People don't know, and they don't know what's good for

615
00:29:18,560 --> 00:29:21,400
Speaker 1: them either. And I think that an MLM makes you

616
00:29:21,480 --> 00:29:25,600
Speaker 1: feel incredibly supported and incredibly comfortable. So if you've ever

617
00:29:25,600 --> 00:29:27,520
Speaker 1: been in a situation where you've said, I wish I

618
00:29:27,560 --> 00:29:29,600
Speaker 1: could just do my own thing, but I'm not confident

619
00:29:29,680 --> 00:29:32,280
Speaker 1: enough to do it, MLMs will peek you up and say, oh,

620
00:29:32,280 --> 00:29:34,640
Speaker 1: we'll give you the team, support, we'll give you the product,

621
00:29:34,720 --> 00:29:36,920
Speaker 1: we'll give you everything. You can be a girl lost

622
00:29:36,920 --> 00:29:39,640
Speaker 1: and run your own show. And I just feel like

623
00:29:39,840 --> 00:29:42,280
Speaker 1: that is preying on people who are vulnerable and just

624
00:29:42,360 --> 00:29:44,480
Speaker 1: need to be built up so that they can run

625
00:29:44,520 --> 00:29:47,240
Speaker 1: their own thing, because you can do it and you

626
00:29:47,280 --> 00:29:50,520
Speaker 1: are completely smart enough and you are successful. Dumber people

627
00:29:50,560 --> 00:29:53,280
Speaker 1: have done better things Georgia than a lot of us,

628
00:29:53,360 --> 00:29:55,160
Speaker 1: and I just feel like we need to have some

629
00:29:55,240 --> 00:29:58,760
Speaker 1: conviction in ourselves instead of relying on someone else that

630
00:29:58,920 --> 00:30:01,440
Speaker 1: sells us a dream, that puts us in a position

631
00:30:01,520 --> 00:30:04,680
Speaker 1: where we are not financially better off. So I feel

632
00:30:04,720 --> 00:30:07,280
Speaker 1: like the message of this podcast has been pretty clear.

633
00:30:07,760 --> 00:30:10,600
Speaker 1: We should be we should be staying away from MLMs

634
00:30:10,600 --> 00:30:12,800
Speaker 1: where we can. But are there any words of wisdom

635
00:30:12,840 --> 00:30:14,840
Speaker 1: you'd like to leave us on the trail? Yeah, as

636
00:30:14,880 --> 00:30:17,280
Speaker 1: you said, I think avoiding it where we can. If

637
00:30:17,280 --> 00:30:19,840
Speaker 1: you're already involved with one link. Please don't get me wrong.

638
00:30:19,880 --> 00:30:22,560
Speaker 1: I'm not trying to throw everybody under a bus here,

639
00:30:22,920 --> 00:30:25,719
Speaker 1: but I really want you to be educated on something

640
00:30:25,840 --> 00:30:27,720
Speaker 1: like this. I want you to know that you are

641
00:30:27,720 --> 00:30:30,800
Speaker 1: completely capable and you have the ability to build a

642
00:30:30,840 --> 00:30:33,640
Speaker 1: business and generate your own revenue, especially if you're putting

643
00:30:33,800 --> 00:30:36,480
Speaker 1: all of that time and energy and effort into somebody

644
00:30:36,480 --> 00:30:39,360
Speaker 1: else's I think we also need to really remember that

645
00:30:39,400 --> 00:30:42,960
Speaker 1: people working with MLMs, as distributors are often told to

646
00:30:43,000 --> 00:30:45,120
Speaker 1: fake it till they make it to entice other people

647
00:30:45,160 --> 00:30:48,120
Speaker 1: to join their quote tribe or whatever it is. And

648
00:30:48,240 --> 00:30:49,880
Speaker 1: I think that we just need to be really wary

649
00:30:49,920 --> 00:30:52,479
Speaker 1: of this and stay vigilant, like sometimes if it is

650
00:30:52,520 --> 00:30:55,320
Speaker 1: too good to be true, it often is. And I

651
00:30:55,400 --> 00:30:57,160
Speaker 1: think that as much as your friend is trying to

652
00:30:57,200 --> 00:30:59,120
Speaker 1: recruit you, or you know, the girl you went to

653
00:30:59,200 --> 00:31:01,160
Speaker 1: high school with that you haven't spoken to in twelve

654
00:31:01,280 --> 00:31:03,880
Speaker 1: years is trying to recruit you into a business, like,

655
00:31:04,280 --> 00:31:05,960
Speaker 1: have a little bit of a think about why that

656
00:31:06,040 --> 00:31:08,080
Speaker 1: might be the case, Like why is she so desperate

657
00:31:08,240 --> 00:31:11,320
Speaker 1: to give you this opportunity after having not spoken to

658
00:31:11,360 --> 00:31:14,400
Speaker 1: you for the last twelve years. And something else that's

659
00:31:14,440 --> 00:31:17,200
Speaker 1: really important to me is that if financial freedom is

660
00:31:17,240 --> 00:31:19,720
Speaker 1: your end goal, and to Georgia King, if anyone is

661
00:31:19,760 --> 00:31:23,160
Speaker 1: listening to this podcast, I really hope it is your

662
00:31:23,320 --> 00:31:27,280
Speaker 1: end goal, a better decision would potentially be to invest

663
00:31:27,320 --> 00:31:30,720
Speaker 1: in your education or resources you need to pursue a

664
00:31:30,760 --> 00:31:33,920
Speaker 1: more reliable and stable career instead of spending money on

665
00:31:33,960 --> 00:31:36,280
Speaker 1: an MLM to get started with a starter kit and

666
00:31:36,320 --> 00:31:38,479
Speaker 1: then having to buy their product to sell their product

667
00:31:38,480 --> 00:31:40,120
Speaker 1: to stock it so that you can get it out

668
00:31:40,120 --> 00:31:43,480
Speaker 1: to your quote clients, and I think that you know. Finally,

669
00:31:43,560 --> 00:31:46,240
Speaker 1: I just really want to round this conversation out here

670
00:31:46,440 --> 00:31:49,280
Speaker 1: by adding that there is absolutely no judgment here if

671
00:31:49,280 --> 00:31:51,120
Speaker 1: you are a part of a business that works to

672
00:31:51,200 --> 00:31:54,080
Speaker 1: an MLM model, and if you can make it work

673
00:31:54,120 --> 00:31:56,760
Speaker 1: like incredible, amazing, like I'm so here for you as

674
00:31:56,760 --> 00:31:59,200
Speaker 1: a business person. I just feel like there are so

675
00:31:59,360 --> 00:32:03,280
Speaker 1: many negative things associated with the MLAMS that we need

676
00:32:03,320 --> 00:32:05,360
Speaker 1: to talk about this, and we need people to be

677
00:32:05,440 --> 00:32:09,840
Speaker 1: wary because recruiting people can often be really unethical. We

678
00:32:09,960 --> 00:32:12,080
Speaker 1: just really want to shed light on this topic today,

679
00:32:12,160 --> 00:32:15,320
Speaker 1: as we thought our community really good benefit from understanding

680
00:32:15,400 --> 00:32:18,239
Speaker 1: MLMs a little bit more, just so they can be

681
00:32:18,280 --> 00:32:21,360
Speaker 1: informed if they're ever approach to join our MLM, which

682
00:32:21,400 --> 00:32:24,800
Speaker 1: I know, especially at the moment, is happening more and more.

683
00:32:24,880 --> 00:32:28,160
Speaker 1: And I know this because I am paying approach to myself.

684
00:32:28,240 --> 00:32:35,040
Speaker 2: Yeah, Hi, there, you've preached that she is on the

685
00:32:35,040 --> 00:32:37,080
Speaker 2: money mailbox. Do you have the money problem you want

686
00:32:37,080 --> 00:32:38,560
Speaker 2: to help solve me? Do you have the money to

687
00:32:38,680 --> 00:32:41,320
Speaker 2: Lemma you just want to chat about? Victoria is here

688
00:32:41,360 --> 00:32:43,840
Speaker 2: to help. Every week we'll be playing your questions to

689
00:32:43,880 --> 00:32:45,480
Speaker 2: help make sense of a money master man I found

690
00:32:45,480 --> 00:32:47,560
Speaker 2: yourself in. Make a quick recording on your phone and

691
00:32:47,600 --> 00:32:50,240
Speaker 2: send it through to podcasts at shoesodthmoney dot com dot

692
00:32:50,280 --> 00:32:52,200
Speaker 2: you and you might even find yourself on the show.

693
00:32:52,480 --> 00:32:54,560
Speaker 2: But for now here, Today's listener question.

694
00:32:55,440 --> 00:32:58,520
Speaker 3: Hey, Victoria and Georgia. Like a lot of people, I

695
00:32:58,640 --> 00:33:01,800
Speaker 3: have lost my job this year because of COVID. I'm

696
00:33:01,800 --> 00:33:04,560
Speaker 3: a unique student studying nursing and I'm living at home

697
00:33:04,840 --> 00:33:08,160
Speaker 3: and i was working part time in hospitality, but I'm

698
00:33:08,200 --> 00:33:10,800
Speaker 3: now just getting payments from the government and I'm feeling

699
00:33:10,840 --> 00:33:13,600
Speaker 3: a little bit helpless. My friends work with do Terra

700
00:33:14,240 --> 00:33:16,360
Speaker 3: and says it's really good and easy way to make

701
00:33:16,400 --> 00:33:19,440
Speaker 3: a bit of money. But I know MLMs have a

702
00:33:19,480 --> 00:33:23,680
Speaker 3: bit of a bad reputation financially. Do you think this

703
00:33:23,800 --> 00:33:26,920
Speaker 3: is a good decision to start an MLM side hustle

704
00:33:27,120 --> 00:33:30,080
Speaker 3: or am I better off doing my own thing? Can't

705
00:33:30,080 --> 00:33:30,720
Speaker 3: wait to hear.

706
00:33:30,600 --> 00:33:34,240
Speaker 2: Back based on today's conversation, Victoria, I think I know

707
00:33:34,280 --> 00:33:36,280
Speaker 2: what your answer is going to be for this one,

708
00:33:36,360 --> 00:33:37,840
Speaker 2: but go ahead, what do you think?

709
00:33:38,480 --> 00:33:42,120
Speaker 1: I think this is a really interesting one. Disclaimer this though,

710
00:33:42,240 --> 00:33:45,200
Speaker 1: sometimes there are some MLMs that work really well and

711
00:33:45,240 --> 00:33:48,400
Speaker 1: they might fit really well into your lifestyle. For example,

712
00:33:48,520 --> 00:33:51,440
Speaker 1: I know Tubbleware is an MLM company, but I also

713
00:33:51,560 --> 00:33:54,120
Speaker 1: know there are some people who settle that who really

714
00:33:54,200 --> 00:33:56,880
Speaker 1: like the lifestyle it affords them. They're not looking to,

715
00:33:57,200 --> 00:33:59,760
Speaker 1: you know, make a million dollars a year. That's interested

716
00:33:59,760 --> 00:34:02,160
Speaker 1: in having a couple of tupperware parties with their friends,

717
00:34:02,200 --> 00:34:03,800
Speaker 1: and they just want to be in a position where

718
00:34:03,800 --> 00:34:05,840
Speaker 1: they have a little bit of extra income, but they're

719
00:34:05,840 --> 00:34:08,400
Speaker 1: not completely reliant on it. If you're in a situation

720
00:34:08,440 --> 00:34:11,160
Speaker 1: where you have lost your job, I'm not sure if

721
00:34:11,160 --> 00:34:13,560
Speaker 1: an MLM is the right way to go about it,

722
00:34:13,640 --> 00:34:16,600
Speaker 1: because it's going to take you some significant time to

723
00:34:16,680 --> 00:34:19,560
Speaker 1: build up enough of a base to actually have an

724
00:34:19,600 --> 00:34:22,120
Speaker 1: income that could supplement the lifestyle and the income that

725
00:34:22,160 --> 00:34:25,560
Speaker 1: you have lost. If it's a side hustle, then absolutely sure,

726
00:34:25,719 --> 00:34:28,080
Speaker 1: like work it out yourself if you're comfortable with it

727
00:34:28,239 --> 00:34:31,240
Speaker 1: after reading through their income disclosure statements and the rules

728
00:34:31,280 --> 00:34:35,000
Speaker 1: and regulations associated with becoming a representative for them. Like

729
00:34:35,360 --> 00:34:37,759
Speaker 1: as I said, I'm not completely against it. I just

730
00:34:37,840 --> 00:34:40,759
Speaker 1: want us to be making educated decisions. But I do

731
00:34:40,840 --> 00:34:43,440
Speaker 1: think that if you have a skill or inability and

732
00:34:43,480 --> 00:34:46,320
Speaker 1: you want to start a side hustle, you're potentially better

733
00:34:46,360 --> 00:34:49,440
Speaker 1: off doing your own thing. Like side hustles are great.

734
00:34:49,560 --> 00:34:51,680
Speaker 1: There are so many different things you could do. You

735
00:34:51,719 --> 00:34:55,000
Speaker 1: could be jumping on air tasker and doing little admin jobs,

736
00:34:55,080 --> 00:34:58,560
Speaker 1: or copyrighting jobs for people, or pulling together something or

737
00:34:58,640 --> 00:35:01,680
Speaker 1: running errands or there are so many things that people do,

738
00:35:01,800 --> 00:35:04,120
Speaker 1: including online surveys and stuff like that, that you can

739
00:35:04,160 --> 00:35:07,600
Speaker 1: do online to actually generate some income, which would arguably

740
00:35:07,680 --> 00:35:10,960
Speaker 1: be a more solid income that doesn't require you to

741
00:35:11,000 --> 00:35:13,320
Speaker 1: make an investment in someone else's product.

742
00:35:13,120 --> 00:35:16,440
Speaker 2: Or for your stuff. A much less risky choice.

743
00:35:16,239 --> 00:35:18,319
Speaker 1: Yeah, a much less risky choice. We're not in a

744
00:35:18,360 --> 00:35:20,520
Speaker 1: position where we need to take massive risks to be

745
00:35:20,560 --> 00:35:22,640
Speaker 1: able to retain the lifestyle we want, and we can

746
00:35:22,680 --> 00:35:25,360
Speaker 1: actually do that in a more sustainable way. And I

747
00:35:25,560 --> 00:35:28,600
Speaker 1: just feel like maybe an EMLEM is a little bit

748
00:35:28,719 --> 00:35:32,000
Speaker 1: risky in comparison to what you're trying to replace, especially

749
00:35:32,040 --> 00:35:35,000
Speaker 1: if you were a unique student studying nursing, Like you're

750
00:35:35,000 --> 00:35:38,320
Speaker 1: obviously not silly, like go and do something that could

751
00:35:38,360 --> 00:35:41,360
Speaker 1: help people. Go and do something that you know works

752
00:35:41,360 --> 00:35:42,200
Speaker 1: for you online.

753
00:35:42,600 --> 00:35:44,399
Speaker 2: And I mean, jobs are very hard to come by

754
00:35:44,440 --> 00:35:46,600
Speaker 2: at the moment, obviously, but she is living at home.

755
00:35:46,719 --> 00:35:48,920
Speaker 2: She's still getting those payments from the government at the moment,

756
00:35:49,160 --> 00:35:51,399
Speaker 2: so she shouldn't be too stressed out. Like you might

757
00:35:51,400 --> 00:35:53,720
Speaker 2: not have that income that you're used to, but maybe

758
00:35:53,760 --> 00:35:56,839
Speaker 2: just chill out a little bit, don't get yourself into

759
00:35:57,680 --> 00:36:01,279
Speaker 2: a super stressful state. And I wouldn't have thought an

760
00:36:01,360 --> 00:36:03,440
Speaker 2: MLM is a good idea, that's my opinion.

761
00:36:03,600 --> 00:36:05,640
Speaker 1: Yeah, and I don't disagree with it, but I'm all

762
00:36:05,680 --> 00:36:08,680
Speaker 1: for people having freedom of choice and everybody making their

763
00:36:08,680 --> 00:36:11,040
Speaker 1: own decisions. But Georgia, we're in a position where we

764
00:36:11,280 --> 00:36:14,680
Speaker 1: just want you to make the most educated decision for you.

765
00:36:14,800 --> 00:36:16,680
Speaker 1: And if you look at it and you go to Victoria,

766
00:36:16,719 --> 00:36:18,879
Speaker 1: I really want to do this, go for it. I'm

767
00:36:18,920 --> 00:36:20,800
Speaker 1: here for it, like I want you to be happy,

768
00:36:20,920 --> 00:36:23,200
Speaker 1: and I want you to be in a position where

769
00:36:23,280 --> 00:36:27,640
Speaker 1: you are actually being impactful. But we know that ninety

770
00:36:27,719 --> 00:36:30,399
Speaker 1: nine zero point seven percent of people will lose money

771
00:36:30,440 --> 00:36:33,920
Speaker 1: in network marketing schemes. So for every thousand people who

772
00:36:34,040 --> 00:36:37,560
Speaker 1: join in MLM, only three earn more money than they

773
00:36:37,600 --> 00:36:38,320
Speaker 1: actually spend.

774
00:36:38,520 --> 00:36:40,800
Speaker 2: Yeah, so keep that one in mind. We hope that

775
00:36:40,840 --> 00:36:41,960
Speaker 2: gives you some clarity.

776
00:36:45,080 --> 00:36:48,040
Speaker 4: Hi, I'm twenty seven years old, I'm a recovery after

777
00:36:48,080 --> 00:36:50,000
Speaker 4: pay addict, and this is my money diary.

778
00:36:50,400 --> 00:36:52,520
Speaker 2: Now for the fun stuff. What good would a money

779
00:36:52,520 --> 00:36:55,680
Speaker 2: podcast be without the purby bits. It's time for money diaries.

780
00:36:55,840 --> 00:36:58,360
Speaker 2: We started off by asking her about her attitude to money.

781
00:36:58,760 --> 00:37:02,200
Speaker 4: I guess money als was important to me to you know,

782
00:37:02,280 --> 00:37:06,640
Speaker 4: like make sure I was living without living paycheck to

783
00:37:06,680 --> 00:37:09,800
Speaker 4: paycheck essentially. But I had a really bad spending habit,

784
00:37:09,840 --> 00:37:11,480
Speaker 4: and I just you know, the money would hit my

785
00:37:11,520 --> 00:37:13,360
Speaker 4: account and I'd be like, well, let's go out for

786
00:37:13,440 --> 00:37:17,640
Speaker 4: drinks or let's go out for dinners, just frivolously spending

787
00:37:17,680 --> 00:37:20,200
Speaker 4: my money. But now I suppose because I've had a

788
00:37:20,200 --> 00:37:23,239
Speaker 4: little bit more direction from listening to the podcast and

789
00:37:23,680 --> 00:37:26,120
Speaker 4: reading books like The Barefoot Investor, I have a better

790
00:37:26,200 --> 00:37:29,560
Speaker 4: understanding of the value of money and the importance of

791
00:37:30,120 --> 00:37:32,799
Speaker 4: creating wealth so that you don't have to struggle later

792
00:37:32,840 --> 00:37:35,080
Speaker 4: on in life. So now I'd say I put quite

793
00:37:35,120 --> 00:37:38,520
Speaker 4: a lot of value on money, essentially that I'm more

794
00:37:38,920 --> 00:37:42,799
Speaker 4: aware of it, and I don't like to needlessly spend

795
00:37:42,880 --> 00:37:44,000
Speaker 4: money just because I have to.

796
00:37:44,239 --> 00:37:46,320
Speaker 2: Let's get into the juicy stuff. How much does she

797
00:37:46,400 --> 00:37:48,320
Speaker 2: earn and how much you're sitting in her bank account

798
00:37:48,400 --> 00:37:48,759
Speaker 2: right now?

799
00:37:49,239 --> 00:37:53,040
Speaker 4: I'm a registered nurse. Last pay year, I earned about

800
00:37:53,080 --> 00:37:56,600
Speaker 4: sixty nine thousand dollars and in my bank accounts, I've

801
00:37:56,640 --> 00:37:59,200
Speaker 4: got about eight and a half thousand saved.

802
00:38:00,280 --> 00:38:02,919
Speaker 2: What exactly happens to that money after it's deposited into

803
00:38:02,920 --> 00:38:03,520
Speaker 2: her account?

804
00:38:03,760 --> 00:38:07,799
Speaker 4: Yeah, so I get paid roughly, again, depending on if

805
00:38:07,840 --> 00:38:11,560
Speaker 4: I've worked weekends or nights, et cetera, about two thousand

806
00:38:11,560 --> 00:38:14,800
Speaker 4: and fortnight. So I have one thousand dollars that goes

807
00:38:15,360 --> 00:38:22,640
Speaker 4: automatically into savings and then I deposit about eight hundred

808
00:38:22,680 --> 00:38:25,880
Speaker 4: and forty one dollars into my bills account and the

809
00:38:25,920 --> 00:38:29,319
Speaker 4: rest goes just into like my everyday spending account for

810
00:38:29,360 --> 00:38:31,080
Speaker 4: groceries and bits and pieces.

811
00:38:31,200 --> 00:38:34,520
Speaker 2: Alrighty, then, so how does she feel about investing? Does

812
00:38:34,560 --> 00:38:35,000
Speaker 2: she invest?

813
00:38:35,120 --> 00:38:37,560
Speaker 4: And if so, how I've done a lot of research

814
00:38:37,640 --> 00:38:40,040
Speaker 4: on investing. Well, when I say a lot, like not

815
00:38:40,280 --> 00:38:42,880
Speaker 4: that much like reading books or anything like that. But

816
00:38:43,680 --> 00:38:48,080
Speaker 4: I've invested about one thousand dollars in a business using

817
00:38:48,120 --> 00:38:51,120
Speaker 4: the Comsex app, and I also use raise.

818
00:38:51,440 --> 00:38:54,240
Speaker 2: What about debts like credit cards or personal loans?

819
00:38:54,480 --> 00:38:58,400
Speaker 4: When I started listening to the podcast in December slash January,

820
00:38:59,480 --> 00:39:01,520
Speaker 4: I felt I was drowning in debt like I had

821
00:39:01,600 --> 00:39:03,720
Speaker 4: nine and a half thousand dollars on a credit card.

822
00:39:03,880 --> 00:39:07,359
Speaker 4: I had an after pay addiction that was incredible. I

823
00:39:07,400 --> 00:39:11,160
Speaker 4: was just using it for literally everything, Christmas presents, birthday presence.

824
00:39:11,800 --> 00:39:14,080
Speaker 4: I also have my hex debt, and I had a

825
00:39:14,120 --> 00:39:18,000
Speaker 4: car loan. But since then, I've paid off and closed

826
00:39:18,000 --> 00:39:20,839
Speaker 4: my after pay account. I've paid off my car loan,

827
00:39:21,080 --> 00:39:23,719
Speaker 4: and now I only have four thousand dollars owing on

828
00:39:23,760 --> 00:39:26,920
Speaker 4: a credit card and fourteen thousand dollars in hextet.

829
00:39:27,040 --> 00:39:29,320
Speaker 2: Does she have any good money habits that she's especially

830
00:39:29,400 --> 00:39:29,799
Speaker 2: proud of.

831
00:39:30,000 --> 00:39:33,839
Speaker 4: I'd say my best money habit is I don't make

832
00:39:33,840 --> 00:39:36,879
Speaker 4: a purchase on clothing very quickly, Like if I see

833
00:39:36,880 --> 00:39:40,160
Speaker 4: something in the shops, I definitely never buy it at

834
00:39:40,160 --> 00:39:42,480
Speaker 4: that stage if I really really need it, like I'll

835
00:39:42,520 --> 00:39:45,760
Speaker 4: go back a week later. I've got that like mulling

836
00:39:45,760 --> 00:39:50,360
Speaker 4: over process time and also just setting up the direct

837
00:39:50,400 --> 00:39:53,560
Speaker 4: debits into my savings account, because once the money's gone

838
00:39:53,560 --> 00:39:55,600
Speaker 4: into that account, I absolutely do not touch it.

839
00:39:55,880 --> 00:39:57,799
Speaker 2: And what about her worst money habit.

840
00:39:58,120 --> 00:40:01,719
Speaker 4: Previously, my worst money habits we absolutely using after pay

841
00:40:01,800 --> 00:40:04,800
Speaker 4: for anything. I'd have money in my bank account and

842
00:40:04,840 --> 00:40:06,799
Speaker 4: I'd just be like, well, after pay it, and then

843
00:40:07,000 --> 00:40:09,600
Speaker 4: you know, you just end up with like ten twenty

844
00:40:09,680 --> 00:40:12,479
Speaker 4: after pays going at once, and the balance like each

845
00:40:12,560 --> 00:40:15,279
Speaker 4: fortnite is like hundreds and hundreds of dollars. I was

846
00:40:15,320 --> 00:40:17,680
Speaker 4: living with a housemate who's a nurse as well, and

847
00:40:17,719 --> 00:40:19,520
Speaker 4: we both started the same year, so we were getting

848
00:40:19,560 --> 00:40:23,560
Speaker 4: paid the same amount, and she in December was like, whoa,

849
00:40:23,600 --> 00:40:25,880
Speaker 4: I've saved ten thousand dollars this year, and I was like,

850
00:40:25,920 --> 00:40:28,120
Speaker 4: what the hell? How have you managed to save ten

851
00:40:28,160 --> 00:40:31,320
Speaker 4: thousand dollars? Like, I literally have got no money in

852
00:40:31,360 --> 00:40:33,600
Speaker 4: my bank account to show for this. So I just

853
00:40:33,840 --> 00:40:36,160
Speaker 4: used all the tips and tricks that Victoria always says.

854
00:40:36,200 --> 00:40:38,839
Speaker 4: So I did a consolidation of all my debts, so

855
00:40:39,080 --> 00:40:42,160
Speaker 4: it's just now on one credit card at zero percent

856
00:40:42,280 --> 00:40:44,759
Speaker 4: interest for like thirty six months, so it's not like

857
00:40:44,840 --> 00:40:47,319
Speaker 4: I'm getting stung with the interest on the repayments.

858
00:40:47,719 --> 00:40:51,399
Speaker 2: So what's today's money diarist actually saving for? What's her

859
00:40:51,440 --> 00:40:52,279
Speaker 2: big money goal?

860
00:40:52,400 --> 00:40:54,880
Speaker 4: So I'm saving for a house at the moment. That's

861
00:40:54,920 --> 00:40:58,000
Speaker 4: my current big money goal. Like I have got the

862
00:40:58,040 --> 00:40:59,960
Speaker 4: money in my savings account to pay off the rest

863
00:41:00,120 --> 00:41:01,839
Speaker 4: of my credit card at the moment, but I don't

864
00:41:01,880 --> 00:41:04,600
Speaker 4: really feel the need to because I've got the zero

865
00:41:04,600 --> 00:41:07,120
Speaker 4: percent interest, so I'm just like slowly chipping away at

866
00:41:07,120 --> 00:41:09,400
Speaker 4: that one and putting most of my money into my

867
00:41:09,520 --> 00:41:12,080
Speaker 4: savings because I know by the time that i'd be

868
00:41:12,120 --> 00:41:14,480
Speaker 4: ready with a deposit, that card will have been well

869
00:41:14,480 --> 00:41:15,399
Speaker 4: and truly paid off.

870
00:41:15,520 --> 00:41:18,200
Speaker 2: And how would today's money direst write her own relationship

871
00:41:18,200 --> 00:41:18,640
Speaker 2: with money.

872
00:41:18,719 --> 00:41:22,560
Speaker 4: I'd give myself definitely, like this time last year a D.

873
00:41:23,080 --> 00:41:26,240
Speaker 4: I was really struggling. Like I said, as I said earlier,

874
00:41:26,320 --> 00:41:28,520
Speaker 4: I was trying not to live paycheck to paycheck, but

875
00:41:28,560 --> 00:41:31,520
Speaker 4: I essentially was living paycheck to paycheck. I didn't have

876
00:41:31,560 --> 00:41:35,080
Speaker 4: any money in my savings account. I'd say now I

877
00:41:35,080 --> 00:41:38,680
Speaker 4: would give myself a grade of a B because like,

878
00:41:38,719 --> 00:41:40,920
Speaker 4: I'm still on my journey. I haven't reached that A

879
00:41:41,080 --> 00:41:43,919
Speaker 4: plus stage yet where I've reached my financial goals.

880
00:41:44,440 --> 00:41:46,279
Speaker 1: I really liked it. I felt like she had a

881
00:41:46,320 --> 00:41:49,520
Speaker 1: lot of introspection and she felt like she was on

882
00:41:49,560 --> 00:41:52,960
Speaker 1: the right journey. You know, she's obviously gone through a lot,

883
00:41:53,040 --> 00:41:55,640
Speaker 1: and the amount of debt she was in obviously took

884
00:41:55,719 --> 00:41:57,560
Speaker 1: her a little bit of time to rack up. So

885
00:41:57,600 --> 00:41:59,799
Speaker 1: it's not something you can just get out of in

886
00:41:59,800 --> 00:42:02,319
Speaker 1: the immediately. But I think that she's done a really

887
00:42:02,360 --> 00:42:04,600
Speaker 1: good job and knowing that she's not living paycheck to

888
00:42:04,640 --> 00:42:07,880
Speaker 1: paycheck anymore, like that is such an empowering feeling.

889
00:42:08,120 --> 00:42:09,880
Speaker 2: Yeah, and we're so lucky that we do get to

890
00:42:09,920 --> 00:42:12,000
Speaker 2: hear these stories being on the She's on the money

891
00:42:12,040 --> 00:42:14,520
Speaker 2: Facebook group all the time they come through, don't they Like,

892
00:42:14,560 --> 00:42:17,080
Speaker 2: we see the amazing things that people are doing. And

893
00:42:17,200 --> 00:42:19,120
Speaker 2: to be honest, Victoria, a lot of that is to

894
00:42:19,160 --> 00:42:21,880
Speaker 2: do with you, mate, Oh that's really finance. But also

895
00:42:22,040 --> 00:42:24,360
Speaker 2: she's closed her after pay And I'd like to just

896
00:42:24,400 --> 00:42:27,040
Speaker 2: point out here, like off topic of the Money Diary,

897
00:42:27,320 --> 00:42:30,440
Speaker 2: I never told anybody to close their after pay accounts.

898
00:42:30,640 --> 00:42:33,080
Speaker 2: Yet here you guys all are just saying, all right,

899
00:42:33,120 --> 00:42:35,279
Speaker 2: I'm closing my account. I'm doing this, I'm doing that.

900
00:42:35,480 --> 00:42:39,080
Speaker 1: All I said was spend more mindfully and if you can't,

901
00:42:39,320 --> 00:42:41,600
Speaker 1: maybe consider not having it. And so you guys are all.

902
00:42:41,520 --> 00:42:43,560
Speaker 2: Like, you're right, shut it down, shut it down.

903
00:42:44,080 --> 00:42:46,080
Speaker 1: And you know what, I kind of love it because

904
00:42:46,120 --> 00:42:48,880
Speaker 1: I feel like every single person that posts in our

905
00:42:48,880 --> 00:42:52,759
Speaker 1: group a balance shutting down their after pay is really empowered.

906
00:42:52,800 --> 00:42:54,520
Speaker 1: You can see it in the way that they're posting

907
00:42:54,520 --> 00:42:57,600
Speaker 1: and how excited they are, and you Know twenty seven

908
00:42:57,640 --> 00:42:59,919
Speaker 1: Healing and Learning said that she had an after pay diction,

909
00:43:00,360 --> 00:43:02,680
Speaker 1: So I feel like maybe it was a really positive

910
00:43:02,680 --> 00:43:05,279
Speaker 1: step for her. And I feel like all steps, no

911
00:43:05,320 --> 00:43:07,840
Speaker 1: matter how small they are, actually really help us be

912
00:43:07,920 --> 00:43:11,000
Speaker 1: alder secure our future financial life. And it seems like

913
00:43:11,080 --> 00:43:12,560
Speaker 1: she's on the right track.

914
00:43:15,680 --> 00:43:18,120
Speaker 2: And that is where we will leave it today, guys.

915
00:43:18,160 --> 00:43:20,120
Speaker 2: But before we do head off, let's quickly wrap the

916
00:43:20,120 --> 00:43:22,560
Speaker 2: boring but important stuff. The advice shed on she is

917
00:43:22,600 --> 00:43:24,560
Speaker 2: on the money is general in nature and does not

918
00:43:24,680 --> 00:43:28,440
Speaker 2: consider your individual circumstances. She's on the money exists purely

919
00:43:28,480 --> 00:43:31,200
Speaker 2: for educational purposes and should not be relied upon to

920
00:43:31,200 --> 00:43:34,680
Speaker 2: make an investment or a financial decision and stress less,

921
00:43:34,680 --> 00:43:38,560
Speaker 2: we promise. Victoria Devine is an authorized representative of Australia

922
00:43:38,560 --> 00:43:42,279
Speaker 2: Pacific Fund Management Preparatory Limited ABN three four one three

923
00:43:42,320 --> 00:43:45,160
Speaker 2: two plus six three two five seven AFSL three three

924
00:43:45,280 --> 00:43:48,440
Speaker 2: nine or one fifth one And as always, a massive

925
00:43:48,480 --> 00:43:51,160
Speaker 2: shout out to our audio king Ryan John for putting

926
00:43:51,200 --> 00:43:52,240
Speaker 2: together today's past.

927
00:43:52,560 --> 00:43:54,879
Speaker 1: We would love it if you joined our Facebook group

928
00:43:54,920 --> 00:43:58,359
Speaker 1: where our community shares money tips and trigs every single day,

929
00:43:58,400 --> 00:44:01,080
Speaker 1: free of judgment. So She's on the money on Facebook

930
00:44:01,080 --> 00:44:03,399
Speaker 1: and join us. If Facebook's not your thing, you can

931
00:44:03,400 --> 00:44:05,880
Speaker 1: also find us on Instagram at She's on the Money

932
00:44:05,920 --> 00:44:09,200
Speaker 1: a US and, as Georgia King pointed out last week,

933
00:44:09,239 --> 00:44:11,960
Speaker 1: you can also now find us on YouTube, which is

934
00:44:12,000 --> 00:44:13,320
Speaker 1: super exciting, incredible.

935
00:44:13,400 --> 00:44:15,960
Speaker 2: We will see you guys, next to you, then guys