1 00:00:00,200 --> 00:00:19,440 Speaker 1: She's on the Money. She's on the Money. 2 00:00:23,160 --> 00:00:26,480 Speaker 2: Hello, and welcome to She's on the Money, the podcast 3 00:00:26,560 --> 00:00:29,960 Speaker 2: for millennials who want financial freedom. Won't come as a 4 00:00:30,040 --> 00:00:32,720 Speaker 2: surprise to you that I'm introducing you to another one 5 00:00:32,720 --> 00:00:35,800 Speaker 2: of our Friday Drinks episodes where we get to celebrate 6 00:00:35,840 --> 00:00:38,200 Speaker 2: the money wins from our She's on the Money community. 7 00:00:38,640 --> 00:00:41,400 Speaker 2: As Jess, George and I know, there are so many 8 00:00:41,400 --> 00:00:44,159 Speaker 2: great money wins and confessions that are shared in Jess's 9 00:00:44,159 --> 00:00:46,600 Speaker 2: thread each and every single week in our Facebook group, 10 00:00:46,880 --> 00:00:49,640 Speaker 2: and this week, like every other week, we have spent 11 00:00:49,720 --> 00:00:52,240 Speaker 2: a very big part of our days having a chat 12 00:00:52,240 --> 00:00:55,720 Speaker 2: about them all. So this week, again we are celebrating 13 00:00:55,800 --> 00:00:59,320 Speaker 2: you and we are really excited to get into it. So, Jess, 14 00:00:59,600 --> 00:01:01,160 Speaker 2: what have Monday's episode? 15 00:01:01,160 --> 00:01:05,640 Speaker 3: Monday's episode was a really tough listen, if I'm being honest, 16 00:01:05,760 --> 00:01:09,360 Speaker 3: a little content money. It covered a lot of topics. 17 00:01:09,400 --> 00:01:11,920 Speaker 3: We spoke about rape, we spoke about abuse, we spoke 18 00:01:11,920 --> 00:01:15,160 Speaker 3: about chronic illness. There was a lot going on in 19 00:01:15,160 --> 00:01:18,480 Speaker 3: that episode. But I think the real takeaway from me 20 00:01:18,920 --> 00:01:23,360 Speaker 3: was that Money Diarist obviously went through a huge amount 21 00:01:23,400 --> 00:01:26,600 Speaker 3: of trauma and has experienced so much, but she has 22 00:01:26,680 --> 00:01:29,840 Speaker 3: stepped beyond that, she's worked a lot on herself and 23 00:01:29,880 --> 00:01:31,800 Speaker 3: her personal growth and she's thriving. 24 00:01:32,040 --> 00:01:34,720 Speaker 2: May we say, oh my gosh, she is thriving. And 25 00:01:34,760 --> 00:01:37,120 Speaker 2: I think that that's the beautiful thing about that story 26 00:01:37,200 --> 00:01:40,840 Speaker 2: because so many people who have chronic health issues are 27 00:01:41,080 --> 00:01:44,280 Speaker 2: really financially impacted. Like, I don't want to compare situations, 28 00:01:44,319 --> 00:01:47,360 Speaker 2: because we should never compare our situation to money diarists, 29 00:01:47,640 --> 00:01:50,200 Speaker 2: because the reason money diaries exist is so that we 30 00:01:50,240 --> 00:01:53,040 Speaker 2: can be inspired and listen to other people's stories and 31 00:01:53,120 --> 00:01:55,920 Speaker 2: learn from them. But I also I'm just in awe 32 00:01:56,320 --> 00:01:58,320 Speaker 2: of the fact that she's been through so much but 33 00:01:58,480 --> 00:02:01,960 Speaker 2: is killing it financially her as well, Like what who 34 00:02:02,080 --> 00:02:04,200 Speaker 2: is she? Where did she get her mindset? And how 35 00:02:04,200 --> 00:02:06,080 Speaker 2: do we all take a leaf out of her book? 36 00:02:06,360 --> 00:02:08,480 Speaker 3: Absolutely, I think as someone who's a little bit of 37 00:02:08,520 --> 00:02:11,320 Speaker 3: a chronic complainer, it just put a lot of perspective 38 00:02:11,520 --> 00:02:13,680 Speaker 3: on things for me. And I was like, oh, my goodness, 39 00:02:13,720 --> 00:02:16,040 Speaker 3: you know what, I take a lot for granted, and 40 00:02:16,200 --> 00:02:20,200 Speaker 3: I actually just sometimes need to maybe recenter, refocus, and 41 00:02:20,240 --> 00:02:21,960 Speaker 3: take a leaf out of that direist's book. 42 00:02:22,000 --> 00:02:25,280 Speaker 2: Honestly, she was so special. We are still in contact 43 00:02:25,280 --> 00:02:28,519 Speaker 2: and I actually have had some really really beautiful messages 44 00:02:28,560 --> 00:02:31,079 Speaker 2: this week from a number of people who have said, look, 45 00:02:31,120 --> 00:02:34,360 Speaker 2: that episode really resonated with me, Like that was really inspirational. 46 00:02:34,440 --> 00:02:37,760 Speaker 2: I've been through something similar. I've actually put our money 47 00:02:37,800 --> 00:02:40,720 Speaker 2: dirested in contact with a number of our listeners because 48 00:02:40,720 --> 00:02:42,680 Speaker 2: she said she was really comfortable to do that, and 49 00:02:42,680 --> 00:02:45,360 Speaker 2: now they're creating this little network of support, and my 50 00:02:45,480 --> 00:02:48,440 Speaker 2: heart is just so full, Like I just feel like 51 00:02:48,919 --> 00:02:51,000 Speaker 2: this is what we need to be doing for our community, 52 00:02:51,000 --> 00:02:53,760 Speaker 2: and supporting one another is obviously what we are all about. 53 00:02:54,120 --> 00:02:57,080 Speaker 2: But you know, for someone to come through such a 54 00:02:57,240 --> 00:03:02,640 Speaker 2: traumatic and crazy situation that guys, happened within twelve months, 55 00:03:02,680 --> 00:03:04,919 Speaker 2: Like it's not as though this happened years and years 56 00:03:04,960 --> 00:03:07,440 Speaker 2: and years ago, Like this was over the last twelve 57 00:03:07,480 --> 00:03:10,600 Speaker 2: months for our money diarist to have gone, you know what, 58 00:03:10,760 --> 00:03:14,000 Speaker 2: I can help people. And I remember recording with her, 59 00:03:14,360 --> 00:03:16,760 Speaker 2: and you know, she's like, oh, I hope I did well, Victoria, 60 00:03:16,800 --> 00:03:18,840 Speaker 2: and I was just like, girl, this is so powerful, 61 00:03:18,880 --> 00:03:21,160 Speaker 2: this is so special. She's like, even if it just 62 00:03:21,240 --> 00:03:23,440 Speaker 2: helps one person, like that was worth the time, and 63 00:03:23,480 --> 00:03:26,119 Speaker 2: I'm like, oh, I want to be like you are 64 00:03:26,440 --> 00:03:30,120 Speaker 2: so special. So that episode is absolutely worth a listen 65 00:03:30,320 --> 00:03:33,560 Speaker 2: if you are comfortable with those topics. Again, it does 66 00:03:33,600 --> 00:03:36,520 Speaker 2: have a pretty serious trigger warning because when we talk 67 00:03:36,560 --> 00:03:39,640 Speaker 2: about topics like rape, especially on She's on the Money, 68 00:03:40,080 --> 00:03:43,200 Speaker 2: I want to be having a candid conversation. I don't 69 00:03:43,240 --> 00:03:47,160 Speaker 2: want to be skirting around these topics and you know, tiptoeing. 70 00:03:47,280 --> 00:03:49,960 Speaker 2: I want to be like, well, how did that impact you? 71 00:03:50,000 --> 00:03:52,320 Speaker 2: How did that impact them? What is going on? How 72 00:03:52,360 --> 00:03:55,200 Speaker 2: can we help? What did that mean? Because we can't 73 00:03:55,320 --> 00:03:58,600 Speaker 2: learn unless we ask these questions. And I just I 74 00:03:58,640 --> 00:04:01,440 Speaker 2: feel like i learned so much from that episode, and 75 00:04:01,480 --> 00:04:04,280 Speaker 2: I'm just so grateful that she was so willing to 76 00:04:04,280 --> 00:04:08,600 Speaker 2: share that story with our community. So special agreed, and Georgia, 77 00:04:08,800 --> 00:04:11,920 Speaker 2: let's segue away from that. What happened on our Deep 78 00:04:11,960 --> 00:04:13,320 Speaker 2: Dive episode on Wednesday. 79 00:04:13,520 --> 00:04:17,440 Speaker 4: So on Wednesday it was slightly lighter content. We spoke 80 00:04:17,480 --> 00:04:18,799 Speaker 4: about impulse spending. 81 00:04:18,880 --> 00:04:20,640 Speaker 2: I was very angry on this episode. 82 00:04:21,000 --> 00:04:23,520 Speaker 4: You were very angry, and that is, of course, because 83 00:04:23,560 --> 00:04:26,440 Speaker 4: we were talking about after Pay at the top, who, 84 00:04:26,520 --> 00:04:30,320 Speaker 4: as the majority of our listeners would know, have infiltrated 85 00:04:30,560 --> 00:04:35,960 Speaker 4: the hospitality industry. So we had mixed feels about that. Hey, 86 00:04:36,040 --> 00:04:38,360 Speaker 4: j Rick, what are your thoughts on that? We haven't 87 00:04:38,400 --> 00:04:38,800 Speaker 4: heard from you. 88 00:04:40,040 --> 00:04:46,039 Speaker 3: I for hospitality specifically, I really dislike it. It's hard 89 00:04:46,120 --> 00:04:50,080 Speaker 3: because I understand, and there was a really significant discussion 90 00:04:50,080 --> 00:04:53,440 Speaker 3: around this in the group this week. I understand that 91 00:04:53,560 --> 00:04:58,320 Speaker 3: afterbate can be used responsibly, as we know from the statistics, 92 00:04:58,360 --> 00:05:02,599 Speaker 3: that is unfortunately the min already and I would classify 93 00:05:03,279 --> 00:05:07,240 Speaker 3: take out food dining out that is really a luxury item. 94 00:05:07,800 --> 00:05:10,479 Speaker 3: It's a different story when we see you know, we've 95 00:05:10,480 --> 00:05:13,400 Speaker 3: heard from families who will have to pay items for 96 00:05:13,440 --> 00:05:15,919 Speaker 3: their kids for school, or maybe they use it for 97 00:05:15,960 --> 00:05:18,960 Speaker 3: their grocery spend because their cash flow just isn't free enough. 98 00:05:19,000 --> 00:05:22,400 Speaker 3: And that I fully understand and support if that's what 99 00:05:22,440 --> 00:05:25,560 Speaker 3: you need to keep yourself in a positive financial position. 100 00:05:26,160 --> 00:05:29,680 Speaker 3: But I feel like it's quite dangerous to encourage people 101 00:05:29,960 --> 00:05:34,360 Speaker 3: to be putting extravagant dinners or drinks on the weekend, 102 00:05:34,440 --> 00:05:37,160 Speaker 3: because we already know it's so easy to tap and forget. 103 00:05:37,560 --> 00:05:41,400 Speaker 3: If you're then disassociating from that money you're spending because 104 00:05:41,400 --> 00:05:44,120 Speaker 3: you're not seeing it all go immediately, I think it's 105 00:05:44,200 --> 00:05:48,440 Speaker 3: just quite dangerous and it encourages frivolous spending without really 106 00:05:48,480 --> 00:05:49,640 Speaker 3: considering what you're doing. 107 00:05:49,720 --> 00:05:51,919 Speaker 4: One hundred percent, and we were also talking about like 108 00:05:51,960 --> 00:05:56,160 Speaker 4: the impacts of alcohol and how that makes everything even worse. 109 00:05:56,560 --> 00:05:59,320 Speaker 3: Well, how often do people get blind drunkie? Here about 110 00:05:59,320 --> 00:06:00,479 Speaker 3: it all the time, like a. 111 00:06:00,520 --> 00:06:04,640 Speaker 2: Round of shots off the bus, Like literally imagine. 112 00:06:04,320 --> 00:06:06,560 Speaker 3: You know what I mean? I imagine occasionally in those 113 00:06:06,600 --> 00:06:09,320 Speaker 3: situations where someone's like, yes, I'll take that two thousand 114 00:06:09,400 --> 00:06:13,040 Speaker 3: dollars bottle of champagne, their card gets declined and it's 115 00:06:13,080 --> 00:06:16,000 Speaker 3: actually a blessing in disguise if you have to pay 116 00:06:16,000 --> 00:06:17,320 Speaker 3: it that barrier is not there. 117 00:06:17,560 --> 00:06:18,719 Speaker 2: Yeah, that's so true. 118 00:06:18,920 --> 00:06:19,839 Speaker 4: Scary, scary stuff. 119 00:06:19,839 --> 00:06:21,919 Speaker 2: And I said on the episode, I just feel like 120 00:06:21,960 --> 00:06:26,160 Speaker 2: it's really predatory because like they know their return on investment, 121 00:06:26,240 --> 00:06:29,760 Speaker 2: they know what that segment means to them and how 122 00:06:29,839 --> 00:06:32,000 Speaker 2: people are going to use it, because we know that 123 00:06:32,360 --> 00:06:36,119 Speaker 2: retailer's sales have increased by forty percent because of after 124 00:06:36,160 --> 00:06:39,719 Speaker 2: pay usage, which really leans into this week's episode that 125 00:06:39,800 --> 00:06:43,560 Speaker 2: Georgia and I did around impulsiveness, because it really enables 126 00:06:43,600 --> 00:06:45,760 Speaker 2: you to actually purchase something that maybe you weren't going 127 00:06:45,839 --> 00:06:47,840 Speaker 2: to purchase because you didn't have the cash, but you know, 128 00:06:47,920 --> 00:06:50,320 Speaker 2: if you put it on after pay, its future mes problem. 129 00:06:50,600 --> 00:06:53,280 Speaker 2: And you know we also touched on the marketing around 130 00:06:53,400 --> 00:06:55,560 Speaker 2: that and how it just seems to be like, don't 131 00:06:55,560 --> 00:06:57,039 Speaker 2: worry about the bill, put. 132 00:06:56,880 --> 00:06:57,200 Speaker 1: It on it. 133 00:06:57,440 --> 00:07:00,240 Speaker 3: That's where I have a big problem the marketing. And 134 00:07:00,320 --> 00:07:04,159 Speaker 3: we know historically the marketing has excused my pun but 135 00:07:04,240 --> 00:07:06,160 Speaker 3: missed the mark from it. 136 00:07:06,480 --> 00:07:08,160 Speaker 2: Yes, absolutely, very like. 137 00:07:08,160 --> 00:07:10,200 Speaker 3: In a really big way. And I think that it's 138 00:07:10,280 --> 00:07:15,200 Speaker 3: the fact that that marketing leans into that psychological ignorance. 139 00:07:14,840 --> 00:07:18,280 Speaker 2: Or yeah, absolutely, and impulsiveness, like it is kind of 140 00:07:18,360 --> 00:07:20,960 Speaker 2: ignorance because you're like I get to keep my head 141 00:07:21,040 --> 00:07:23,400 Speaker 2: stuck in the sand, like I don't have to pull 142 00:07:23,440 --> 00:07:25,480 Speaker 2: it out because I don't have to cough up that 143 00:07:25,480 --> 00:07:28,240 Speaker 2: two hundred dollars for address, or it's now we can 144 00:07:28,240 --> 00:07:30,200 Speaker 2: go out for dinner. Yes, we can have a fancy 145 00:07:30,200 --> 00:07:31,840 Speaker 2: our dinner. It's going to cost me fifty bucks on 146 00:07:31,960 --> 00:07:35,120 Speaker 2: after pay today, but it's actually a two hundred dollars dinner. 147 00:07:35,200 --> 00:07:37,680 Speaker 2: It seems really irresponsible to be doing that. And as 148 00:07:37,720 --> 00:07:39,920 Speaker 2: you said before, it's really great to disclaimer, you know, 149 00:07:39,960 --> 00:07:43,160 Speaker 2: if you're using this for cash flow purposes, great, But 150 00:07:43,440 --> 00:07:46,600 Speaker 2: as discussed on the Wednesday episode, Georgia, in the last 151 00:07:46,640 --> 00:07:50,600 Speaker 2: financial year, after Pay made sixty eight point eight million dollars, yes, 152 00:07:51,120 --> 00:07:55,600 Speaker 2: from late fees, from late fees, not in terms of profit. 153 00:07:55,680 --> 00:07:58,880 Speaker 2: That was their profit, just from late fees. And to me, 154 00:07:59,160 --> 00:08:03,480 Speaker 2: it's like, well, they're not doing enough to educate their community. 155 00:08:03,800 --> 00:08:06,840 Speaker 2: And I trolled through their website and there's not one 156 00:08:06,920 --> 00:08:08,760 Speaker 2: thing on the website that says this is how to 157 00:08:08,840 --> 00:08:11,640 Speaker 2: use this responsibly, like and I know that, you know, 158 00:08:11,720 --> 00:08:14,200 Speaker 2: we don't have to do that, and they don't have 159 00:08:14,320 --> 00:08:17,200 Speaker 2: to do it because regulation, it's not regulated, they don't 160 00:08:17,240 --> 00:08:20,560 Speaker 2: need to. But like we get warnings with things like gambling, 161 00:08:20,600 --> 00:08:23,880 Speaker 2: we get warnings with things like alcohol because gambling, if 162 00:08:23,880 --> 00:08:26,440 Speaker 2: it was just you playing an online game, there's no implication, 163 00:08:26,680 --> 00:08:29,240 Speaker 2: but they know what it means to your finances. So 164 00:08:29,280 --> 00:08:32,400 Speaker 2: why aren't these things regulated in the same way to say, hey, Jess, 165 00:08:32,440 --> 00:08:33,840 Speaker 2: if you want to use this, like just so you 166 00:08:33,840 --> 00:08:36,120 Speaker 2: know these are the implications. Or this is when you 167 00:08:36,200 --> 00:08:38,559 Speaker 2: know you've got a problem with it, because even one 168 00:08:38,559 --> 00:08:41,200 Speaker 2: of the money loss is listed in our thread this week, 169 00:08:41,240 --> 00:08:42,480 Speaker 2: and you know it's not one of the ones I'm 170 00:08:42,520 --> 00:08:44,840 Speaker 2: about to read out, but one of the money losses 171 00:08:44,880 --> 00:08:48,840 Speaker 2: this week was I keep digging myself into afterpay, like 172 00:08:49,200 --> 00:08:51,800 Speaker 2: people are doing it and they're not meaning to. It's 173 00:08:51,920 --> 00:08:54,560 Speaker 2: just impulsiveness, and it's just you know it's there and 174 00:08:54,600 --> 00:08:57,360 Speaker 2: it's usable and it's accessible. And I don't know should 175 00:08:57,400 --> 00:08:59,360 Speaker 2: we have warnings on these things. I don't know what 176 00:08:59,400 --> 00:09:01,880 Speaker 2: the right way about it is, but I think if 177 00:09:01,920 --> 00:09:04,760 Speaker 2: someone is making sixty eight point eight million dollars because 178 00:09:04,800 --> 00:09:07,839 Speaker 2: people aren't paying their bills on time, I think there 179 00:09:07,880 --> 00:09:11,240 Speaker 2: needs to be some level of responsibility to help educate 180 00:09:11,320 --> 00:09:12,040 Speaker 2: that community. 181 00:09:12,320 --> 00:09:14,000 Speaker 3: And if you do want to buy a fancy two 182 00:09:14,120 --> 00:09:15,920 Speaker 3: hundred dollars dinner, and you do want to break it 183 00:09:15,960 --> 00:09:18,640 Speaker 3: down into easy installments, just break it into four and 184 00:09:18,679 --> 00:09:21,520 Speaker 3: pop that away each payday. You can kind of preemptively 185 00:09:21,600 --> 00:09:25,120 Speaker 3: after pay if you budget for it exactly. 186 00:09:25,240 --> 00:09:27,080 Speaker 2: And I think that, you know, we talked about it 187 00:09:27,120 --> 00:09:29,120 Speaker 2: on the episode. Maybe we're just like a rehashing this 188 00:09:29,320 --> 00:09:32,160 Speaker 2: entire episode, George, but Glenn James is always like, if 189 00:09:32,200 --> 00:09:34,360 Speaker 2: you can't afford it, because it's not in your account, 190 00:09:34,400 --> 00:09:36,240 Speaker 2: you can't afford it. And I guess I'm a little 191 00:09:36,240 --> 00:09:38,480 Speaker 2: bit more flexible on that because I'm like, do you 192 00:09:38,520 --> 00:09:41,120 Speaker 2: know what, As I've said on a very early episode, 193 00:09:41,120 --> 00:09:43,920 Speaker 2: my best friend uses after pay in a really smart 194 00:09:43,960 --> 00:09:45,640 Speaker 2: way so that she can go get a whole heap 195 00:09:45,640 --> 00:09:47,640 Speaker 2: of dresses and cash flow them or you know, she's 196 00:09:47,720 --> 00:09:50,400 Speaker 2: planned these spends and this is just her way of 197 00:09:50,520 --> 00:09:53,320 Speaker 2: managing money because she actually gets paid monthly, not weekly, 198 00:09:53,440 --> 00:09:55,600 Speaker 2: and that's a good way of her, you know, making 199 00:09:55,600 --> 00:09:58,000 Speaker 2: sure that it just doesn't like hit all at one time, 200 00:09:58,080 --> 00:10:01,600 Speaker 2: because that would be too much for her. I am 201 00:10:01,760 --> 00:10:05,440 Speaker 2: absolutely in agreeance that it can be used responsibly. Most 202 00:10:05,480 --> 00:10:06,199 Speaker 2: of a strong. 203 00:10:07,640 --> 00:10:08,920 Speaker 3: Speaking money wins though, for you? 204 00:10:09,040 --> 00:10:11,400 Speaker 2: Did you pick some out from the group this week? Ooft? 205 00:10:11,600 --> 00:10:14,360 Speaker 2: I did, and I started with a money lost before, 206 00:10:14,880 --> 00:10:16,760 Speaker 2: but I have a few that I think will all 207 00:10:16,840 --> 00:10:20,360 Speaker 2: resonate with and one that actually specifically mentions you just 208 00:10:20,440 --> 00:10:22,400 Speaker 2: but I got time. 209 00:10:22,800 --> 00:10:23,079 Speaker 5: Yes. 210 00:10:24,160 --> 00:10:27,760 Speaker 2: So first money win is from our new friend Steph. 211 00:10:27,840 --> 00:10:30,920 Speaker 2: She joined the group this week and she says money 212 00:10:30,920 --> 00:10:34,480 Speaker 2: win deleted all my food delivery apps. No app equals 213 00:10:34,520 --> 00:10:38,600 Speaker 2: no temptation, which is very true. We had another one 214 00:10:38,720 --> 00:10:41,880 Speaker 2: from Lily and she says, money win, I got a 215 00:10:41,880 --> 00:10:45,000 Speaker 2: belated pay rise at work and a heap of backpay 216 00:10:45,200 --> 00:10:48,440 Speaker 2: with last week's paycheck. The old me would have wasted 217 00:10:48,440 --> 00:10:51,200 Speaker 2: that money on something frivolous, but instead I used it 218 00:10:51,240 --> 00:10:54,600 Speaker 2: to pay off my after pay and close the account 219 00:10:55,120 --> 00:10:57,679 Speaker 2: and pay off two thirds of my credit card. If 220 00:10:57,760 --> 00:11:01,439 Speaker 2: that's not impressive, I don't know what. I've got another 221 00:11:01,520 --> 00:11:04,720 Speaker 2: money win from Taylor and Taylor says money win. I 222 00:11:04,760 --> 00:11:07,440 Speaker 2: did a cotton on order online last night. I wonder 223 00:11:07,480 --> 00:11:09,920 Speaker 2: if she used to after pay. She can't have, because 224 00:11:10,080 --> 00:11:12,200 Speaker 2: she says then she found out that they were having 225 00:11:12,280 --> 00:11:15,160 Speaker 2: thirty percent off site wide this morning. Instead of just 226 00:11:15,240 --> 00:11:18,640 Speaker 2: leaving it being frustrated with that, she contacted their customer 227 00:11:18,679 --> 00:11:21,680 Speaker 2: support and they refunded her thirty percent of what she 228 00:11:21,800 --> 00:11:25,400 Speaker 2: paid last time. How good is that? That is an 229 00:11:25,480 --> 00:11:29,199 Speaker 2: absolute money win. We had another money win from Sherlini 230 00:11:29,320 --> 00:11:31,520 Speaker 2: and she said, I now have two hundred and ten 231 00:11:31,600 --> 00:11:35,360 Speaker 2: dollars in Woolli's rewards saved that will be available next month. 232 00:11:35,600 --> 00:11:37,840 Speaker 2: So that's a chunk of Christmas presents for her kids 233 00:11:37,880 --> 00:11:41,120 Speaker 2: at Big w for free. Oh Sam, I feel like 234 00:11:41,160 --> 00:11:41,760 Speaker 2: that's genius. 235 00:11:41,800 --> 00:11:42,680 Speaker 3: The rewards carts. 236 00:11:43,200 --> 00:11:45,480 Speaker 2: I was about to say, quick check in from jesseic 237 00:11:45,559 --> 00:11:48,080 Speaker 2: Rici where you might be the Flybys if you got 238 00:11:48,080 --> 00:11:49,320 Speaker 2: your kitchen aid mixed up? 239 00:11:49,440 --> 00:11:51,959 Speaker 3: Yeah, but I have a lot of Flybys dollars. 240 00:11:52,240 --> 00:11:54,920 Speaker 2: Hey, I'll tell you that will be a fun update. 241 00:11:55,200 --> 00:11:58,040 Speaker 3: I currently have one hundred and twenty eight thousand, five 242 00:11:58,120 --> 00:12:00,680 Speaker 3: hundred and seventy points, which is the equip of six 243 00:12:00,760 --> 00:12:02,800 Speaker 3: hundred and forty two dollars and eighty five cents. 244 00:12:03,559 --> 00:12:05,439 Speaker 2: Oh, how far have you got to go before you 245 00:12:05,440 --> 00:12:06,880 Speaker 2: get your stand? To Mix said, do you reckon? You'll 246 00:12:06,880 --> 00:12:07,720 Speaker 2: get it for Christmas? 247 00:12:07,720 --> 00:12:09,760 Speaker 3: I reckon, I reckon, I'll hit it for Christmas, which 248 00:12:09,800 --> 00:12:10,640 Speaker 3: is so exciting. 249 00:12:11,160 --> 00:12:12,840 Speaker 2: I know, have you picked a color white? 250 00:12:12,920 --> 00:12:13,480 Speaker 4: Because I'm boring? 251 00:12:13,559 --> 00:12:16,880 Speaker 2: Okay, No, you're not worrying new classic. You're a classic lady, 252 00:12:17,120 --> 00:12:21,480 Speaker 2: all right, Jessica, not our Jessica. Jessica has an exciting 253 00:12:21,480 --> 00:12:23,800 Speaker 2: money when she said, I landed a new job and 254 00:12:24,040 --> 00:12:28,320 Speaker 2: a sweet sweet twenty thousand dollars pay rise, but she 255 00:12:28,400 --> 00:12:31,360 Speaker 2: said money loss. My laptop carcked it and I have 256 00:12:31,400 --> 00:12:33,360 Speaker 2: to get my wisdom teeth out tomorrow. But you know what, 257 00:12:33,440 --> 00:12:35,960 Speaker 2: You've got an additional twenty grand of income that you 258 00:12:36,000 --> 00:12:39,880 Speaker 2: can now use to work towards that. She's still winning. 259 00:12:40,080 --> 00:12:42,680 Speaker 2: I've got two more for you, guys. The first one 260 00:12:42,880 --> 00:12:45,480 Speaker 2: is from Nicole, and I liked this one because it 261 00:12:45,520 --> 00:12:48,160 Speaker 2: was a good money win. But also she's international, She's 262 00:12:48,200 --> 00:12:51,120 Speaker 2: from the UK. She said, money win. I bought a 263 00:12:51,160 --> 00:12:54,280 Speaker 2: blazer from the thrift store about three months ago for 264 00:12:54,360 --> 00:12:57,640 Speaker 2: four pounds, and yesterday she found two pounds in the pocket. 265 00:12:57,960 --> 00:13:01,040 Speaker 2: How good is that? I feel like it's like a 266 00:13:01,080 --> 00:13:04,240 Speaker 2: wildcard with thrifted clothes, like you'll sometimes find something in 267 00:13:04,240 --> 00:13:07,160 Speaker 2: like a back pocket or something, and that just feels 268 00:13:07,160 --> 00:13:09,520 Speaker 2: like free money. Like did she just get free stuff? 269 00:13:09,600 --> 00:13:12,880 Speaker 2: In general? Like how do you win that half priced blaser? 270 00:13:13,400 --> 00:13:15,560 Speaker 2: Half price bazer? But you didn't know what was going 271 00:13:15,600 --> 00:13:18,360 Speaker 2: to be half priced until like a few months later, 272 00:13:18,400 --> 00:13:20,520 Speaker 2: in which case you got a refund. Is that what happened? 273 00:13:20,559 --> 00:13:23,640 Speaker 2: It's like the slater and we've got the last one 274 00:13:23,800 --> 00:13:26,920 Speaker 2: this week from Jacqueline, and she has said, I've been 275 00:13:26,920 --> 00:13:29,320 Speaker 2: trying to pull a Jessica gotta eat. She and Manifest 276 00:13:29,400 --> 00:13:33,560 Speaker 2: the perfect surfboard for me to upgrade onto Marketplace after 277 00:13:33,760 --> 00:13:35,480 Speaker 2: my partner talked me out of buying a brand do 278 00:13:35,480 --> 00:13:38,640 Speaker 2: you want? She said? Unfortunately, I wasn't having any luck, 279 00:13:38,880 --> 00:13:42,679 Speaker 2: couldn't manifest it, couldn't pull a Jessica Ricky. But today 280 00:13:42,920 --> 00:13:46,720 Speaker 2: she drove past a near new JS board that is 281 00:13:46,760 --> 00:13:49,640 Speaker 2: the perfect size and volume four she needed in the 282 00:13:49,720 --> 00:13:53,520 Speaker 2: council cleanup. I got a make stock no cracks, no dings, 283 00:13:53,559 --> 00:13:55,720 Speaker 2: no issues, and all she's up for is a new 284 00:13:55,800 --> 00:13:57,400 Speaker 2: leash and a set of fins, which I don't know 285 00:13:57,440 --> 00:14:00,280 Speaker 2: what those things are, but essentially what she did was 286 00:14:00,320 --> 00:14:03,839 Speaker 2: bag a nine hundred dollar board for zero dollars. She says, 287 00:14:04,000 --> 00:14:06,520 Speaker 2: thank you Jesse Ricky and thank you Universe. 288 00:14:06,640 --> 00:14:08,640 Speaker 3: The manifestation we love to say. 289 00:14:08,720 --> 00:14:12,040 Speaker 2: My gosh, she's like, I thought i'd get this on marketplace. No, 290 00:14:12,200 --> 00:14:14,280 Speaker 2: you got it for free from Council Cleanup. 291 00:14:15,120 --> 00:14:16,160 Speaker 3: Did you one better? 292 00:14:16,960 --> 00:14:18,760 Speaker 2: Oh my god. We've got a lot to talk about, 293 00:14:18,840 --> 00:14:20,680 Speaker 2: so let's go to a quick break before we jump 294 00:14:20,760 --> 00:14:21,400 Speaker 2: right back in. 295 00:14:21,720 --> 00:14:25,120 Speaker 4: Already straight back into it, guys, we're getting into our 296 00:14:25,160 --> 00:14:27,800 Speaker 4: money question for the week. So here it is. 297 00:14:28,560 --> 00:14:32,320 Speaker 5: Hey everyone, my question is about salary. So I've just 298 00:14:32,360 --> 00:14:35,080 Speaker 5: been hired to do some vacation work and I've asked 299 00:14:35,080 --> 00:14:38,080 Speaker 5: my new employer twice what my salary will be, and 300 00:14:38,160 --> 00:14:41,360 Speaker 5: both times they replied with I'm not exactly sure. I'll 301 00:14:41,400 --> 00:14:44,440 Speaker 5: have to check and get back to you. They still 302 00:14:44,520 --> 00:14:46,960 Speaker 5: haven't told me what I'll be paid, and I feel 303 00:14:46,960 --> 00:14:49,880 Speaker 5: like I can't ask a third time. I haven't been 304 00:14:49,920 --> 00:14:52,320 Speaker 5: given a contract yet or started work yet, but I 305 00:14:52,400 --> 00:14:55,880 Speaker 5: have been going through lots of pre employment assessments. I'm 306 00:14:55,960 --> 00:14:59,840 Speaker 5: wondering is this normal? Should I be worried or should 307 00:14:59,880 --> 00:15:02,840 Speaker 5: I just be waiting until I get the contract to 308 00:15:03,080 --> 00:15:05,640 Speaker 5: see what I'm going to be paid? Thank you? 309 00:15:06,200 --> 00:15:08,840 Speaker 2: I have thoughts, Jessica, to take it away. What are 310 00:15:08,880 --> 00:15:09,360 Speaker 2: your thoughts? 311 00:15:09,640 --> 00:15:12,840 Speaker 3: If you have had a verbal offer, you should not 312 00:15:13,040 --> 00:15:17,400 Speaker 3: be completing any additional work, be that prep for taking 313 00:15:17,400 --> 00:15:20,600 Speaker 3: on the job, be that training, be that those tasks 314 00:15:20,840 --> 00:15:22,840 Speaker 3: until they have given you a contract and you have 315 00:15:22,880 --> 00:15:23,240 Speaker 3: signed it. 316 00:15:23,320 --> 00:15:25,520 Speaker 2: That's a good point. That's a really good point, right. 317 00:15:25,920 --> 00:15:28,720 Speaker 3: That is additional work that you're taking on under the 318 00:15:28,760 --> 00:15:31,240 Speaker 3: assumption that you will be starting this job. But the 319 00:15:31,320 --> 00:15:35,000 Speaker 3: unfortunate fact is if you haven't signed a contract, they 320 00:15:35,040 --> 00:15:37,080 Speaker 3: can take that away from you. And that sounds really 321 00:15:37,120 --> 00:15:40,840 Speaker 3: skeptical and really horrible. But until you have signed that 322 00:15:40,880 --> 00:15:43,840 Speaker 3: piece of paper, you don't have any level of security. 323 00:15:44,000 --> 00:15:47,240 Speaker 3: And I would really encourage her in this situation to 324 00:15:47,320 --> 00:15:50,600 Speaker 3: reach out to them, to be honest, reach out a 325 00:15:50,600 --> 00:15:52,760 Speaker 3: third time, reach out, a fifth time, reach out a 326 00:15:52,800 --> 00:15:56,400 Speaker 3: tenth time. That is information that you are entitled to. 327 00:15:57,520 --> 00:16:02,080 Speaker 3: And another like sidestep from that is I personally would 328 00:16:02,120 --> 00:16:06,440 Speaker 3: not accept a job without knowing the salary because you 329 00:16:06,600 --> 00:16:08,880 Speaker 3: just don't You just don't know where that's going to go. 330 00:16:09,000 --> 00:16:11,240 Speaker 3: And it's really awkward for you if you've done all 331 00:16:11,240 --> 00:16:14,440 Speaker 3: these tasks and you've set up and they've created an 332 00:16:14,440 --> 00:16:16,200 Speaker 3: email account for you, and all of that stuff is 333 00:16:16,240 --> 00:16:18,920 Speaker 3: done and then they offer you a salary that's thirty 334 00:16:18,960 --> 00:16:20,960 Speaker 3: thousand dollars less than what you were expecting. 335 00:16:21,160 --> 00:16:24,400 Speaker 2: Yeah, exactly. And I also would call into question if 336 00:16:24,400 --> 00:16:26,680 Speaker 2: it's that hard to work that out? Is that a 337 00:16:26,720 --> 00:16:29,840 Speaker 2: red flag for an employer? Like is that crimson jest, 338 00:16:31,360 --> 00:16:33,760 Speaker 2: that's a crimson flag. That's a crimson flag. Like that 339 00:16:34,240 --> 00:16:37,280 Speaker 2: one's bright, she's shining brightly. But for me, I'm like, well, 340 00:16:37,400 --> 00:16:40,080 Speaker 2: why wouldn't they have already thought about that? Because from 341 00:16:40,200 --> 00:16:44,680 Speaker 2: the perspective of the employer, because that is me, I 342 00:16:44,720 --> 00:16:46,680 Speaker 2: have already set a budget for what I'm going to 343 00:16:46,680 --> 00:16:48,360 Speaker 2: pay for that role, because I've had to work out 344 00:16:48,360 --> 00:16:51,040 Speaker 2: whether our business can afford to take someone on or not. 345 00:16:51,200 --> 00:16:53,880 Speaker 2: And if I can, what is that bracket? And you know, 346 00:16:54,000 --> 00:16:56,360 Speaker 2: the person in HR might not have a specific but 347 00:16:56,400 --> 00:16:58,640 Speaker 2: they might say, oh, it's going to be between sixty 348 00:16:58,680 --> 00:17:01,640 Speaker 2: and sixty five. Go, okay, no problems, But like what 349 00:17:01,720 --> 00:17:04,879 Speaker 2: if they say that and your expectation was ninety Like 350 00:17:05,080 --> 00:17:07,159 Speaker 2: is that something you want to pursue or are you 351 00:17:07,200 --> 00:17:09,359 Speaker 2: putting everything on hold because you've got all your eggs 352 00:17:09,359 --> 00:17:10,960 Speaker 2: in one basket and then you're gonna find out that's 353 00:17:10,960 --> 00:17:13,280 Speaker 2: not the dream job. And you said no to another interview, Like, 354 00:17:13,359 --> 00:17:16,280 Speaker 2: I don't know. That makes me feel really uncomfortable because 355 00:17:16,320 --> 00:17:18,760 Speaker 2: as much as maybe you didn't want to ask upfront, 356 00:17:19,160 --> 00:17:21,440 Speaker 2: when's that gonna come up? And how have you gotten 357 00:17:21,480 --> 00:17:24,199 Speaker 2: an offer without them saying, hey, we want to give 358 00:17:24,240 --> 00:17:26,760 Speaker 2: you the job at what right? Because like, that's from 359 00:17:26,800 --> 00:17:30,919 Speaker 2: my perspective how that works. Like historically I've had conversations 360 00:17:30,960 --> 00:17:32,560 Speaker 2: and Jess, you might be able to talk to this. 361 00:17:33,119 --> 00:17:35,520 Speaker 2: When I gave you your offer, I said, I called you. 362 00:17:35,560 --> 00:17:37,560 Speaker 2: It was very exciting. I think they recorded it. I 363 00:17:37,560 --> 00:17:42,360 Speaker 2: think it's somewhere. Yeah, But it was one of those 364 00:17:42,359 --> 00:17:43,960 Speaker 2: things where I was like, hey, Jess, oh my god, 365 00:17:43,960 --> 00:17:46,240 Speaker 2: we would adore to have you. Here are the terms, 366 00:17:46,240 --> 00:17:48,480 Speaker 2: here's the pay, here's the start date. Let me know 367 00:17:48,560 --> 00:17:50,480 Speaker 2: if you're going to accept or not. But I never 368 00:17:50,520 --> 00:17:52,600 Speaker 2: want someone to verbally accept. I'm like, have a think 369 00:17:52,640 --> 00:17:54,439 Speaker 2: about it, let me know. And you were like huh no, 370 00:17:54,600 --> 00:17:57,639 Speaker 2: I know, which was so kind, but like, how are 371 00:17:57,640 --> 00:17:59,119 Speaker 2: they giving you an offer if they don't even know 372 00:17:59,160 --> 00:18:02,359 Speaker 2: what they're offering you? Like that? That's really concerning George. 373 00:18:02,440 --> 00:18:03,520 Speaker 3: You look like you have a thought. 374 00:18:04,200 --> 00:18:05,760 Speaker 4: Yeah, so I'm going to give you a little more 375 00:18:05,760 --> 00:18:08,399 Speaker 4: context because Michelle followed up with a little bit of 376 00:18:08,440 --> 00:18:09,320 Speaker 4: a backstory. 377 00:18:09,400 --> 00:18:11,280 Speaker 2: Oh great, So she could have given us to that 378 00:18:11,400 --> 00:18:16,160 Speaker 2: at the start, Jaw, I couldn't jump in. Okay, sorry, sorry, Okay. 379 00:18:16,400 --> 00:18:17,560 Speaker 4: So she said she's. 380 00:18:17,400 --> 00:18:18,040 Speaker 2: Got the job. 381 00:18:18,280 --> 00:18:21,040 Speaker 4: It's vacation work in my field of study. 382 00:18:21,160 --> 00:18:21,480 Speaker 2: Okay. 383 00:18:21,560 --> 00:18:24,199 Speaker 4: The first time I asked about salary was during the 384 00:18:24,240 --> 00:18:27,639 Speaker 4: application and they said, I believe it is paid. The 385 00:18:27,680 --> 00:18:30,439 Speaker 4: second time she asked what her hourly rate was was 386 00:18:30,480 --> 00:18:32,640 Speaker 4: after they called her to tell her that she got 387 00:18:32,680 --> 00:18:35,280 Speaker 4: the job, and they said they didn't know exactly. 388 00:18:35,720 --> 00:18:40,119 Speaker 2: Red Flag again, red Flag Crimson Flags, Jessica, Like, I 389 00:18:40,280 --> 00:18:43,600 Speaker 2: just feel, yeah, is it paid? Wait, they're not even 390 00:18:43,640 --> 00:18:44,959 Speaker 2: sure if they're paying her or not. 391 00:18:45,240 --> 00:18:48,320 Speaker 4: They think it's paid. I don't know who she's chatted to. 392 00:18:48,480 --> 00:18:52,399 Speaker 2: Anyway, I think Michelle, red flag, I'd be calling it 393 00:18:52,440 --> 00:18:54,320 Speaker 2: again and going, hey, cool, like we're just going to 394 00:18:54,320 --> 00:18:57,399 Speaker 2: put everything on hold until I've got a little bit 395 00:18:57,400 --> 00:19:00,119 Speaker 2: more clarity on the roll, Like, you can't be in 396 00:19:00,119 --> 00:19:02,720 Speaker 2: a situation where they're like, hey, cool, thanks for taking 397 00:19:02,720 --> 00:19:04,560 Speaker 2: this vacation role. We don't know if we can pay 398 00:19:04,560 --> 00:19:05,720 Speaker 2: you or not yet, Like what. 399 00:19:06,560 --> 00:19:09,639 Speaker 3: Yeah, yeah, I think my big thing would be, don't 400 00:19:09,680 --> 00:19:12,560 Speaker 3: feel bad in this situation. Got like, because I know 401 00:19:12,640 --> 00:19:14,960 Speaker 3: that when you're just chatting to someone and you're like, oh, 402 00:19:14,960 --> 00:19:16,600 Speaker 3: I don't want to come on too strong. I don't 403 00:19:16,640 --> 00:19:19,399 Speaker 3: want to be annoying. Don't put yourself in that box. 404 00:19:19,480 --> 00:19:23,640 Speaker 3: Do not gaslight yourself. What you're asking for is extremely 405 00:19:23,760 --> 00:19:27,280 Speaker 3: pertinent information that they should be providing you. 406 00:19:27,400 --> 00:19:29,400 Speaker 2: Yeah, and they should have already, Like. 407 00:19:29,359 --> 00:19:35,679 Speaker 4: What question for you, Vicki d As an employer, do 408 00:19:35,760 --> 00:19:40,280 Speaker 4: you find it okay when people talk about like, obviously 409 00:19:40,960 --> 00:19:43,399 Speaker 4: she's on the money guru, but like talking about salary 410 00:19:43,520 --> 00:19:44,320 Speaker 4: is a good thing. 411 00:19:44,359 --> 00:19:47,239 Speaker 2: It's really percent And I hope that both of you 412 00:19:47,320 --> 00:19:50,440 Speaker 2: already know that, because I've had salary conversations with both 413 00:19:50,480 --> 00:19:52,959 Speaker 2: of you at certain times and been like, cool, this 414 00:19:53,080 --> 00:19:55,960 Speaker 2: is this, this is that. Like I just I'm probably 415 00:19:55,960 --> 00:19:58,159 Speaker 2: a little bit more comfortable with that though than the 416 00:19:58,200 --> 00:20:01,320 Speaker 2: average Beth I would say, purely because I mean we 417 00:20:01,400 --> 00:20:03,400 Speaker 2: are shees on the money, and we do have those 418 00:20:03,400 --> 00:20:05,760 Speaker 2: conversations and I go, okay, cool, like let's talk about 419 00:20:05,800 --> 00:20:09,440 Speaker 2: this here when where like we do reviews, we actually 420 00:20:09,480 --> 00:20:11,680 Speaker 2: sit down. But that's not the structure of a lot 421 00:20:11,680 --> 00:20:14,240 Speaker 2: of businesses. But at the same time, if they had 422 00:20:14,280 --> 00:20:16,640 Speaker 2: worked out that they have a need, they would have said, 423 00:20:16,720 --> 00:20:18,760 Speaker 2: we can either pay this role or not not oh 424 00:20:18,920 --> 00:20:21,560 Speaker 2: maybe it's paid, Like why are you interviewing if you 425 00:20:21,560 --> 00:20:23,960 Speaker 2: don't even have clarity on the role. And I would 426 00:20:23,960 --> 00:20:27,360 Speaker 2: really argue whether you even want to work with them? 427 00:20:27,400 --> 00:20:29,719 Speaker 2: Do they know what you're going to be doing? Like 428 00:20:29,840 --> 00:20:32,000 Speaker 2: are you just doing it because it's in your industry. 429 00:20:32,280 --> 00:20:35,920 Speaker 2: I have done unpaid internships before, and I feel like 430 00:20:35,960 --> 00:20:37,400 Speaker 2: I did get a lot of value out of them. 431 00:20:37,880 --> 00:20:40,879 Speaker 2: But now knowing what I know, I wouldn't accept an 432 00:20:40,960 --> 00:20:44,920 Speaker 2: unpaid internship, regardless of what stage in the process I'm at, 433 00:20:44,960 --> 00:20:50,080 Speaker 2: because an unpaid internship shouldn't require any work, Like an 434 00:20:50,119 --> 00:20:52,960 Speaker 2: internship should just be an internship where you're shadowing people 435 00:20:53,040 --> 00:20:56,000 Speaker 2: and learning from them and you know you're not actually contributing, 436 00:20:56,200 --> 00:20:59,040 Speaker 2: whereas I was, I was acting as a paid employee 437 00:20:59,080 --> 00:21:02,760 Speaker 2: and should be remunerated if you're contributing to that business. 438 00:21:03,080 --> 00:21:05,800 Speaker 4: Okay, So moral of the story, Michelle should ask a 439 00:21:05,880 --> 00:21:08,880 Speaker 4: third time and if they're still being shady, off, chef. 440 00:21:08,840 --> 00:21:11,400 Speaker 2: For them off exactly. I love that, George. 441 00:21:12,160 --> 00:21:14,320 Speaker 3: So for this week, I thought we could chat about 442 00:21:14,359 --> 00:21:16,520 Speaker 3: an article that I read that I felt was very 443 00:21:16,560 --> 00:21:19,800 Speaker 3: pertinent because a friend of mine went through something relating 444 00:21:19,800 --> 00:21:22,160 Speaker 3: to this recently and I wanted to get your thoughts on. 445 00:21:22,119 --> 00:21:23,960 Speaker 2: It, guys. What is it? 446 00:21:24,480 --> 00:21:27,840 Speaker 3: So there was an article that came out earlier this week, 447 00:21:28,000 --> 00:21:30,320 Speaker 3: and it was talking about the fact that there have 448 00:21:30,440 --> 00:21:34,240 Speaker 3: been calls recently for ASIK, which, for anybody who doesn't know, 449 00:21:34,480 --> 00:21:38,280 Speaker 3: is the regulator of the financial industry. There's been calls 450 00:21:38,320 --> 00:21:42,920 Speaker 3: for them to investigate mental health discrimination in life insurance. 451 00:21:43,240 --> 00:21:45,560 Speaker 3: And this is very friend of mine because we said 452 00:21:45,560 --> 00:21:48,239 Speaker 3: a few weeks ago the Zella recently did all of 453 00:21:48,240 --> 00:21:50,560 Speaker 3: my insurances. They did my partners and we got a 454 00:21:50,600 --> 00:21:54,679 Speaker 3: really good look at them. But something that you have 455 00:21:54,720 --> 00:21:58,760 Speaker 3: to consider is when you're suffering from something, insurances don't 456 00:21:58,760 --> 00:22:00,560 Speaker 3: want to cover you. So if you you had a 457 00:22:00,600 --> 00:22:03,919 Speaker 3: pre existing heart condition, it would be very difficult to 458 00:22:03,960 --> 00:22:06,920 Speaker 3: get an insurer who would cover you for a heart 459 00:22:06,920 --> 00:22:09,600 Speaker 3: condition because it's already there. And so a lot of 460 00:22:09,640 --> 00:22:13,880 Speaker 3: insurers have been putting in exclusions for mental health, and 461 00:22:14,560 --> 00:22:17,119 Speaker 3: the gist of the article, from what I understood, was 462 00:22:17,119 --> 00:22:20,880 Speaker 3: the fact that this kind of discourages people from seeking 463 00:22:20,880 --> 00:22:23,640 Speaker 3: help when they need it, and it doesn't necessarily take 464 00:22:23,680 --> 00:22:27,760 Speaker 3: into account the fact that mental health is a very 465 00:22:27,880 --> 00:22:31,199 Speaker 3: broad net and covers a lot of things. Someone might 466 00:22:31,240 --> 00:22:34,200 Speaker 3: seek treatment for a particular problem like OCD or. 467 00:22:34,280 --> 00:22:37,159 Speaker 2: Like anxiety or depression or something like that, which is 468 00:22:37,880 --> 00:22:40,760 Speaker 2: what we're told to do. We are told to go 469 00:22:40,840 --> 00:22:43,920 Speaker 2: and get help for these things and lah. 470 00:22:43,960 --> 00:22:46,600 Speaker 3: But then these insurers are turning around and are saying, oh, 471 00:22:46,640 --> 00:22:49,800 Speaker 3: you have mental health problems, We're not covering you for anything, 472 00:22:50,040 --> 00:22:53,440 Speaker 3: which to me feels a little bit sneaky because obviously 473 00:22:53,440 --> 00:22:56,240 Speaker 3: you take out insurance in the hope that nothing would happen, 474 00:22:56,440 --> 00:22:59,480 Speaker 3: but it's there in case something does. And I'm in 475 00:22:59,560 --> 00:23:02,959 Speaker 3: post over post all of these big world changes. Mental 476 00:23:03,000 --> 00:23:05,639 Speaker 3: health is, you know, something that's at the forefront for 477 00:23:05,680 --> 00:23:07,159 Speaker 3: a lot of people and something that a lot of 478 00:23:07,160 --> 00:23:09,840 Speaker 3: people are understandably struggling with. So I thought it was 479 00:23:09,880 --> 00:23:13,639 Speaker 3: really interesting that they're looking at changing the regulations in 480 00:23:13,680 --> 00:23:16,760 Speaker 3: the industry. But I feel like you probably have a 481 00:23:16,800 --> 00:23:19,280 Speaker 3: little bit more insight than little old me on that one. 482 00:23:19,359 --> 00:23:22,479 Speaker 2: Oh, this topic actually really frustrates me. And it's not 483 00:23:22,520 --> 00:23:25,800 Speaker 2: a new conversation for financial advisors to be having, where 484 00:23:25,800 --> 00:23:29,880 Speaker 2: you have been battling for years with mental health exclusions. 485 00:23:30,080 --> 00:23:32,840 Speaker 2: And I guess if you backtrack a fair few years, 486 00:23:32,880 --> 00:23:37,600 Speaker 2: so thirty plus years ages ago, insurance was something that 487 00:23:37,760 --> 00:23:41,560 Speaker 2: financial advisors sold. It's actually how the financial advice industry 488 00:23:41,720 --> 00:23:44,000 Speaker 2: was established. Right, So if we go all the way back, 489 00:23:44,040 --> 00:23:46,280 Speaker 2: and I think this is where a lot of financial advisors, 490 00:23:46,760 --> 00:23:48,640 Speaker 2: we as an industry, get a bit of a bad 491 00:23:48,720 --> 00:23:51,600 Speaker 2: rap from is because, let's be brutally honest, we all 492 00:23:51,600 --> 00:23:54,080 Speaker 2: started as salesman. I mean I didn't, because I came 493 00:23:54,160 --> 00:23:56,240 Speaker 2: to the industry much much later. But if you go 494 00:23:56,359 --> 00:23:59,040 Speaker 2: back to you know, the sixties and seventies, they were 495 00:23:59,080 --> 00:24:01,920 Speaker 2: actually selling life insurance as a product, and they would 496 00:24:01,920 --> 00:24:04,240 Speaker 2: go door to door and go, hey, Jess, Joe's life insurance. 497 00:24:04,280 --> 00:24:06,119 Speaker 2: What if you die, well, what will your stay at 498 00:24:06,119 --> 00:24:08,800 Speaker 2: home life do? Like? How will she be supported? And 499 00:24:08,840 --> 00:24:12,600 Speaker 2: it was all very misogynistic, but it was also very 500 00:24:12,640 --> 00:24:15,400 Speaker 2: based on the fact that they could ensure for particular 501 00:24:15,440 --> 00:24:19,120 Speaker 2: health conditions, and mental health back then was not addressed 502 00:24:19,119 --> 00:24:23,040 Speaker 2: in the same way that it is today. So fast forward, 503 00:24:23,160 --> 00:24:26,359 Speaker 2: and a lot of these policies have been structured in 504 00:24:26,359 --> 00:24:29,320 Speaker 2: a way that they are mitigating their risks. So we 505 00:24:29,320 --> 00:24:31,360 Speaker 2: get insurance, we put our money in and that goes 506 00:24:31,359 --> 00:24:34,680 Speaker 2: into a big pool, and then these insurers are essentially saying, 507 00:24:34,680 --> 00:24:36,720 Speaker 2: all right, we've worked out what the risk on this 508 00:24:36,920 --> 00:24:39,239 Speaker 2: is and that's whether someone's going to claim or not, 509 00:24:39,720 --> 00:24:42,120 Speaker 2: and that means that we can keep our fees low. 510 00:24:42,359 --> 00:24:45,560 Speaker 2: And we know over the last few years fes have 511 00:24:45,720 --> 00:24:50,120 Speaker 2: significantly increased because claims have increased, because we are now 512 00:24:50,200 --> 00:24:53,880 Speaker 2: seeing a surge of people actually seeking help because we're 513 00:24:53,920 --> 00:24:56,879 Speaker 2: telling them to seek help. And you know, George Jess, 514 00:24:56,920 --> 00:25:01,280 Speaker 2: we are all very positive advocates of being open and 515 00:25:01,320 --> 00:25:03,879 Speaker 2: honest about our mental health and when we are struggling, 516 00:25:03,960 --> 00:25:07,840 Speaker 2: we believe in seeing people. But historically that wasn't the case. 517 00:25:08,119 --> 00:25:10,560 Speaker 2: So we now have a whole new area that people 518 00:25:10,600 --> 00:25:14,120 Speaker 2: are claiming on, but insurers aren't structured to be able 519 00:25:14,160 --> 00:25:16,080 Speaker 2: to deal with that, and they don't know how to 520 00:25:16,160 --> 00:25:19,359 Speaker 2: categorize it. Because unlike a broken leg, where if you 521 00:25:19,400 --> 00:25:21,720 Speaker 2: were a builder, you go I have a broken leg, 522 00:25:21,800 --> 00:25:24,840 Speaker 2: I cannot go on site I cannot work. They go, fair, cool, 523 00:25:25,119 --> 00:25:28,000 Speaker 2: would you like your income protection? You go, thank you, 524 00:25:28,160 --> 00:25:32,280 Speaker 2: that's really nice, whereas mental health is a bit more flexible. 525 00:25:32,560 --> 00:25:34,760 Speaker 2: And I think that when it comes to mental health, 526 00:25:34,800 --> 00:25:37,320 Speaker 2: it impacts people in different ways, like you might have 527 00:25:37,359 --> 00:25:41,160 Speaker 2: generalized anxiety or you might have crippling anxiety that means 528 00:25:41,200 --> 00:25:43,560 Speaker 2: you cannot leave the house and can't go to work. 529 00:25:43,840 --> 00:25:46,600 Speaker 2: It might have been triggered, it might not have been triggered. 530 00:25:46,680 --> 00:25:50,320 Speaker 2: And they just haven't worked out how to actually manage 531 00:25:50,359 --> 00:25:54,040 Speaker 2: these things because also, how do you measure when someone's 532 00:25:54,080 --> 00:25:56,040 Speaker 2: able to go back to work on a mental health claim? 533 00:25:56,480 --> 00:25:58,520 Speaker 2: Like and I mean, I know we're talking about life 534 00:25:58,520 --> 00:26:01,360 Speaker 2: insurance here, but this is where we've had a lot 535 00:26:01,400 --> 00:26:05,080 Speaker 2: of animosity historically, and insurers have been really hesitant to 536 00:26:05,200 --> 00:26:08,720 Speaker 2: want to extend insurance to people who have mental health 537 00:26:08,760 --> 00:26:12,400 Speaker 2: conditions because they're like, well, what if they claim, how 538 00:26:12,400 --> 00:26:14,000 Speaker 2: do we know when they're going to go back to work? 539 00:26:14,000 --> 00:26:15,960 Speaker 2: They'll say, oh, I'm just not mentally fit for it. 540 00:26:16,000 --> 00:26:19,040 Speaker 2: And I guess that abuse of that system is coming 541 00:26:19,080 --> 00:26:21,240 Speaker 2: into it, the fact that people can go out on 542 00:26:21,280 --> 00:26:23,720 Speaker 2: mental health and say sorry, I'm too depressed to work 543 00:26:23,760 --> 00:26:27,080 Speaker 2: and I'm not saying that that's not valid. It absolutely 544 00:26:27,200 --> 00:26:30,399 Speaker 2: is valid, but some people do take advantage of that 545 00:26:30,560 --> 00:26:33,680 Speaker 2: and they can't just trust the person who says, oh, sorry, 546 00:26:33,720 --> 00:26:36,000 Speaker 2: I can't go to work for that. Like historically there 547 00:26:36,040 --> 00:26:40,040 Speaker 2: have been a lot of inquiries buy insurers on people 548 00:26:40,119 --> 00:26:42,800 Speaker 2: who are on income protection claims. So maybe shouldn't have 549 00:26:42,840 --> 00:26:44,320 Speaker 2: been on them because they're like, oh, I have a 550 00:26:44,359 --> 00:26:46,360 Speaker 2: really bad back, and then they're seen down the road 551 00:26:46,359 --> 00:26:48,679 Speaker 2: it mounts jumping up and down on trampolines with their 552 00:26:48,720 --> 00:26:50,399 Speaker 2: kids and they're like, m you said you had a 553 00:26:50,400 --> 00:26:55,320 Speaker 2: bad back. So I think it's an interesting conundrum I 554 00:26:55,359 --> 00:26:58,399 Speaker 2: suppose for the industry to wrap their heads around. But 555 00:26:58,600 --> 00:27:02,320 Speaker 2: essentially what's going on with the life insurance industry is 556 00:27:02,680 --> 00:27:06,920 Speaker 2: life insurance implements blanket exclusions based on people's mental health. 557 00:27:07,480 --> 00:27:11,160 Speaker 2: So a blanket exclusion means they would say, hey Jess, 558 00:27:11,359 --> 00:27:13,480 Speaker 2: you know, using an example, I'm not saying you have 559 00:27:13,560 --> 00:27:16,160 Speaker 2: this by any stretch of the imagination, Hey Jess, you've 560 00:27:16,200 --> 00:27:21,560 Speaker 2: got anxiety mental health exclusion. If you had PTSD, something 561 00:27:21,680 --> 00:27:24,399 Speaker 2: happened to you and then you needed to stop working. Sorry, 562 00:27:24,440 --> 00:27:27,679 Speaker 2: PTSD falls under mental health. You actually can't claim on that. 563 00:27:28,000 --> 00:27:32,080 Speaker 2: It's not actually accounting for that specific area of your 564 00:27:32,560 --> 00:27:35,000 Speaker 2: mental health, if that makes sense, Whereas it would make 565 00:27:35,040 --> 00:27:37,160 Speaker 2: a lot more sense to go, okay, Jess, you suffer 566 00:27:37,200 --> 00:27:39,359 Speaker 2: from anxiety, no problems. If you have to go off 567 00:27:39,400 --> 00:27:42,360 Speaker 2: work because of anxiety, we can't cover that because that's 568 00:27:42,359 --> 00:27:44,960 Speaker 2: a pre existing condition. But if you have PTSD in 569 00:27:45,000 --> 00:27:47,639 Speaker 2: something happens, that's a different story. They're not doing that. 570 00:27:47,680 --> 00:27:49,960 Speaker 2: They're just saying, if it's ever a mental health issue, 571 00:27:50,000 --> 00:27:53,080 Speaker 2: we're not covering it. And now Life Insurance is saying 572 00:27:53,119 --> 00:27:57,840 Speaker 2: the same thing, and it's actually really really detrimental I 573 00:27:57,880 --> 00:28:01,760 Speaker 2: suppose to people applying for it because apparently, and like 574 00:28:01,800 --> 00:28:04,600 Speaker 2: I know this to be true, but allegedly is probably 575 00:28:04,600 --> 00:28:07,919 Speaker 2: the right word we should be using here. Policies for 576 00:28:08,080 --> 00:28:12,160 Speaker 2: Life insurance have been refused completely. They won't offer you 577 00:28:12,240 --> 00:28:15,440 Speaker 2: insurance because you might have mental health issues. They might 578 00:28:15,560 --> 00:28:19,120 Speaker 2: have really broad mental health exclusion, so just mental health 579 00:28:19,119 --> 00:28:22,720 Speaker 2: in general, as opposed to depression or anxiety or something 580 00:28:22,760 --> 00:28:27,760 Speaker 2: else related to mental health, or they are offering really 581 00:28:27,840 --> 00:28:31,640 Speaker 2: really really unreasonably high loadings. So a loading is where 582 00:28:31,640 --> 00:28:34,000 Speaker 2: they add a percentage onto the fee that you pay 583 00:28:34,040 --> 00:28:36,719 Speaker 2: for that insurance. So say your insurance is one thousand 584 00:28:36,760 --> 00:28:39,160 Speaker 2: dollars a year. They might go, Okay, Jess, we see 585 00:28:39,160 --> 00:28:41,080 Speaker 2: that you've got something that you know you're more likely 586 00:28:41,120 --> 00:28:43,600 Speaker 2: to claim on. Therefore you're more of a risk to us, 587 00:28:43,680 --> 00:28:46,480 Speaker 2: so you have to pay more in insurances. But then 588 00:28:46,640 --> 00:28:49,080 Speaker 2: instead of saying, oh, it's eleven hundred dollars now, they 589 00:28:49,120 --> 00:28:51,680 Speaker 2: might go three thousand dollars. Now you go, oh, but 590 00:28:51,760 --> 00:28:53,680 Speaker 2: I don't want to be under insured. But now you're 591 00:28:53,680 --> 00:28:57,000 Speaker 2: paying a massive premium for something that you shouldn't have 592 00:28:57,000 --> 00:29:00,520 Speaker 2: been paying a massive premium for. Because yeah, so it's 593 00:29:00,520 --> 00:29:03,080 Speaker 2: a bit of a fickle industry, and I just think 594 00:29:03,160 --> 00:29:07,280 Speaker 2: it's a really hard conversation to have. I absolutely agree, 595 00:29:07,360 --> 00:29:10,400 Speaker 2: and would also urge us sick to review life insurance 596 00:29:10,440 --> 00:29:12,960 Speaker 2: and make sure that we're all in the best possible position, 597 00:29:13,560 --> 00:29:16,880 Speaker 2: because it's twenty twenty one, and you know, you get 598 00:29:16,880 --> 00:29:19,720 Speaker 2: conflicting advice. You get told to insure yourself so that 599 00:29:19,800 --> 00:29:22,280 Speaker 2: you can be in the best possible position if something 600 00:29:22,320 --> 00:29:24,640 Speaker 2: happens to you and look after yourself and your family, 601 00:29:24,960 --> 00:29:27,760 Speaker 2: but you're also told to go to mental health professionals. 602 00:29:27,840 --> 00:29:29,719 Speaker 2: So it's kind of like, well, which one is it? Like, 603 00:29:29,760 --> 00:29:32,920 Speaker 2: should I get insurance? And then admit to the issues 604 00:29:32,960 --> 00:29:35,040 Speaker 2: that I'm going through and get help for that, or 605 00:29:35,080 --> 00:29:37,360 Speaker 2: should I do something different? Or you know, if I 606 00:29:37,360 --> 00:29:39,320 Speaker 2: get help, am I a shooting myself in the foot 607 00:29:39,320 --> 00:29:42,400 Speaker 2: for getting insurance? Like it's all just a bit messy, 608 00:29:42,840 --> 00:29:46,120 Speaker 2: And I guess that's why, you know, summing it all up, 609 00:29:46,240 --> 00:29:51,000 Speaker 2: I'm such a positive advocate for getting insurance sorted while 610 00:29:51,040 --> 00:29:53,959 Speaker 2: you're really young as early as possible, because you are 611 00:29:54,040 --> 00:29:57,640 Speaker 2: far less likely to have ever experienced a significant health issue, 612 00:29:57,920 --> 00:29:59,560 Speaker 2: or it might just not be as big of an 613 00:29:59,560 --> 00:30:02,680 Speaker 2: issue it will be in thirty years when you've had 614 00:30:02,800 --> 00:30:06,280 Speaker 2: double knee reconstruction. Because we're put in these positions where 615 00:30:06,320 --> 00:30:08,720 Speaker 2: we're told get help, and we do get help, and 616 00:30:08,760 --> 00:30:11,400 Speaker 2: then it's shot us in the foot for not getting insurance, 617 00:30:11,480 --> 00:30:13,200 Speaker 2: and then you look at it and you go hold on. 618 00:30:13,280 --> 00:30:16,720 Speaker 2: So you're saying that the person who just has anxiety 619 00:30:17,520 --> 00:30:19,520 Speaker 2: and didn't get help for it is going to get 620 00:30:19,520 --> 00:30:22,920 Speaker 2: a better insurance policy than me. That's exactly what it is. 621 00:30:23,000 --> 00:30:26,440 Speaker 2: Because it's been completely undiagnosed and untreated, So you could 622 00:30:26,440 --> 00:30:30,840 Speaker 2: be completely mentally unstable because you're not getting treatment or not. 623 00:30:31,120 --> 00:30:33,320 Speaker 2: And I guess I've had lots of conversations. I do 624 00:30:33,360 --> 00:30:36,520 Speaker 2: have lots of friends who are advisors, and we just 625 00:30:36,560 --> 00:30:40,200 Speaker 2: think that the treatment should be implemented. So if I've 626 00:30:40,200 --> 00:30:44,520 Speaker 2: got anxiety and my insurer knows that, and they say, okay, Victoria, 627 00:30:44,600 --> 00:30:46,840 Speaker 2: we see you've got anxiety and you're on a medication 628 00:30:47,040 --> 00:30:49,840 Speaker 2: for that, you need to keep taking that. And if 629 00:30:49,840 --> 00:30:52,400 Speaker 2: for some reason you claim because you've stopped taking that 630 00:30:52,480 --> 00:30:55,360 Speaker 2: medication or not informed us of your change situations, we 631 00:30:55,400 --> 00:30:57,880 Speaker 2: couldn't cover that. You go, well, that makes more sense 632 00:30:58,320 --> 00:31:01,280 Speaker 2: because if you've stopped treatment, well maybe you should have 633 00:31:01,320 --> 00:31:04,920 Speaker 2: updated the terms or that could have significant health outcomes 634 00:31:04,960 --> 00:31:07,760 Speaker 2: if you've just decided to stop taking medication against what 635 00:31:07,800 --> 00:31:10,320 Speaker 2: your GP or your doctor has said. So I just 636 00:31:10,400 --> 00:31:13,160 Speaker 2: think that there should be so many more facets of 637 00:31:13,240 --> 00:31:17,240 Speaker 2: this conversation and what that actually means. But given we've 638 00:31:17,280 --> 00:31:20,280 Speaker 2: gone through a pandemic, I'm pretty sure the statistic was 639 00:31:20,320 --> 00:31:23,160 Speaker 2: that more than a million services were processed in the 640 00:31:23,240 --> 00:31:26,479 Speaker 2: four weeks leading up to April twenty four, and if 641 00:31:26,560 --> 00:31:28,560 Speaker 2: you compare that to the same period of time the 642 00:31:28,640 --> 00:31:31,800 Speaker 2: year before, that's an eighteen percent increase in people seeking help. 643 00:31:32,040 --> 00:31:34,719 Speaker 2: So we've got more people seeking help, which means there 644 00:31:34,720 --> 00:31:37,280 Speaker 2: are going to be more people who had declined insurance. 645 00:31:37,560 --> 00:31:40,120 Speaker 2: But the more people who are applying for insurance are 646 00:31:40,160 --> 00:31:43,160 Speaker 2: putting themselves in the best possible position for our families, 647 00:31:43,360 --> 00:31:47,680 Speaker 2: for our friends, And let's be really dramatic, for the government. 648 00:31:48,160 --> 00:31:52,240 Speaker 2: If you're in a position where you pass away yesterday, 649 00:31:53,000 --> 00:31:56,160 Speaker 2: your insurance is going to care for your family so 650 00:31:56,240 --> 00:31:58,160 Speaker 2: that they're not going to have to get a pension, 651 00:31:58,200 --> 00:32:00,240 Speaker 2: they're not going to have to get government support, they're 652 00:32:00,240 --> 00:32:01,640 Speaker 2: not going to have to lean on the government. So 653 00:32:01,760 --> 00:32:03,960 Speaker 2: is it not in their best interests to review this 654 00:32:04,080 --> 00:32:06,239 Speaker 2: and make sure that we are able to pay our 655 00:32:06,280 --> 00:32:06,880 Speaker 2: own ways. 656 00:32:07,280 --> 00:32:10,320 Speaker 4: Yeah, I feel like surely, like think about how far 657 00:32:10,400 --> 00:32:12,160 Speaker 4: we've come in the last ten years when it comes 658 00:32:12,200 --> 00:32:15,320 Speaker 4: to mental health, the stigmas around it, we're having, Like 659 00:32:15,520 --> 00:32:18,200 Speaker 4: the conversations we're having a much more candid these days. 660 00:32:18,320 --> 00:32:22,080 Speaker 4: I feel like, in another ten years, surely this will 661 00:32:22,160 --> 00:32:25,800 Speaker 4: be sorted because, yeah, it's just it's such a normalised 662 00:32:25,840 --> 00:32:27,240 Speaker 4: part of our society now. 663 00:32:27,600 --> 00:32:30,960 Speaker 2: Yeah, And I guess my biggest concern for this situation 664 00:32:31,280 --> 00:32:33,320 Speaker 2: is that we are really promoting people to look after 665 00:32:33,360 --> 00:32:37,280 Speaker 2: their mental health, but are they going to be stigmatized? 666 00:32:37,320 --> 00:32:39,800 Speaker 2: Are they going to be discriminated against because now they 667 00:32:39,800 --> 00:32:42,880 Speaker 2: can't access insurance. Is that what's going on here? And 668 00:32:43,000 --> 00:32:45,480 Speaker 2: how do we mitigate that and make sure that that's 669 00:32:45,520 --> 00:32:48,880 Speaker 2: not happening, Because no one should be discriminated against getting 670 00:32:48,920 --> 00:32:51,480 Speaker 2: insurance if it's actually necessary, and there are ways to, 671 00:32:51,600 --> 00:32:55,080 Speaker 2: you know, work around that, because it's wildly unfair to say, hey, 672 00:32:55,240 --> 00:32:58,960 Speaker 2: person who has anxiety, complete blanket mental health exclusion, Like 673 00:32:59,000 --> 00:32:59,880 Speaker 2: that's just why. 674 00:33:00,280 --> 00:33:03,880 Speaker 3: That's like saying, hey, person with bones in your body, 675 00:33:03,960 --> 00:33:07,560 Speaker 3: if you ever break a bone, that's like it throwing 676 00:33:07,600 --> 00:33:09,640 Speaker 3: the baby out with the bath water. Like, oh, I 677 00:33:09,680 --> 00:33:11,760 Speaker 3: broke one of my arms, all right, well both arms 678 00:33:11,800 --> 00:33:12,480 Speaker 3: are excluded. 679 00:33:12,520 --> 00:33:14,640 Speaker 2: It's like, but my left arm's fine. I only broke 680 00:33:14,680 --> 00:33:17,000 Speaker 2: my right arm. Yeah, But like you broke an arm 681 00:33:17,040 --> 00:33:18,800 Speaker 2: at some point because you fell off the playground as 682 00:33:18,840 --> 00:33:21,360 Speaker 2: a child, Like what that makes no sense? So why 683 00:33:21,400 --> 00:33:24,719 Speaker 2: would you having anxiety get you a blanket exclusion on 684 00:33:24,760 --> 00:33:27,800 Speaker 2: a policy Like that doesn't make sense because anxiety is 685 00:33:27,840 --> 00:33:31,400 Speaker 2: not depression. Depression is not PTSD. There are so many 686 00:33:31,440 --> 00:33:35,040 Speaker 2: different facets of mental health and they're not being broken down, 687 00:33:35,200 --> 00:33:36,240 Speaker 2: and they really need to be. 688 00:33:36,560 --> 00:33:39,280 Speaker 3: It'll be really interesting to watch and see if a 689 00:33:39,400 --> 00:33:42,880 Speaker 3: sick listens and takes those changes on board because I 690 00:33:42,880 --> 00:33:45,040 Speaker 3: think we can all agree it's something that needs to change. 691 00:33:45,120 --> 00:33:47,920 Speaker 2: Yeah, And as a financial advisor, I'm just really frustrated 692 00:33:47,960 --> 00:33:50,240 Speaker 2: with it because this has been going on for years. 693 00:33:50,280 --> 00:33:53,440 Speaker 2: Like it's not just life insurance, Like there are so 694 00:33:53,560 --> 00:33:56,360 Speaker 2: many cases of people not being able to be covered 695 00:33:56,360 --> 00:33:59,720 Speaker 2: for insurance because they've been through something or done something. 696 00:33:59,760 --> 00:34:02,560 Speaker 2: And I totally get that. The job of an insurer, 697 00:34:02,760 --> 00:34:06,080 Speaker 2: So when you're an insurance company, you have what's called underwriting, 698 00:34:06,360 --> 00:34:10,799 Speaker 2: and underwriters they have the job of assessing risk. So 699 00:34:10,840 --> 00:34:13,719 Speaker 2: they would look at your application, Jess and go, huh, 700 00:34:13,760 --> 00:34:17,680 Speaker 2: how likely is this woman to claim on insurance? Like 701 00:34:17,719 --> 00:34:20,000 Speaker 2: what kind of risk has she got? To me? They 702 00:34:20,080 --> 00:34:22,160 Speaker 2: might go, oh, she's a clean skin, she's not gonna 703 00:34:22,200 --> 00:34:24,680 Speaker 2: have any issues, straight through to the keeper. But then 704 00:34:24,719 --> 00:34:26,640 Speaker 2: you might get someone in their sixties who's had a 705 00:34:26,680 --> 00:34:29,000 Speaker 2: few heart issues, who's had a few leg issues, had 706 00:34:29,000 --> 00:34:32,560 Speaker 2: a double Negeri construction, who knows, and their application comes 707 00:34:32,560 --> 00:34:35,120 Speaker 2: through and like how likely are they to claim on insurance? 708 00:34:35,320 --> 00:34:39,360 Speaker 2: And obviously they're far riskier And there's a line with 709 00:34:39,480 --> 00:34:41,360 Speaker 2: insurance whethery like you know what if they go across 710 00:34:41,400 --> 00:34:43,960 Speaker 2: this line we can't insure them because it's not worth it, 711 00:34:44,040 --> 00:34:46,680 Speaker 2: because it's not actually about you as the individual, it's 712 00:34:46,680 --> 00:34:49,440 Speaker 2: actually about the group, and the lower risk the group, 713 00:34:49,480 --> 00:34:52,600 Speaker 2: the less likely they are to have to pay out insurance. 714 00:34:53,120 --> 00:34:55,799 Speaker 2: And for me, it's just like, there are so many 715 00:34:55,880 --> 00:34:58,960 Speaker 2: more semantics nowadays, especially around mental health, and we really 716 00:34:58,960 --> 00:35:01,279 Speaker 2: need to be talking about it. But we're sure as 717 00:35:01,320 --> 00:35:04,560 Speaker 2: hell shouldn't be discriminated against when we apply for insurance 718 00:35:04,600 --> 00:35:07,280 Speaker 2: because we've disclosed what we're going through, because we've actually 719 00:35:07,360 --> 00:35:10,960 Speaker 2: tried to help our own situations. Like it just seems 720 00:35:10,960 --> 00:35:13,719 Speaker 2: wild to me that that's the situation we're in. And 721 00:35:13,760 --> 00:35:16,360 Speaker 2: that's why I'm such an advocate of getting insurance early. 722 00:35:16,640 --> 00:35:18,920 Speaker 2: And if you're like, oh, b Victoria, it's thousands and 723 00:35:18,960 --> 00:35:22,120 Speaker 2: thousands of dollars to get a financial advisor to get insurance, 724 00:35:22,160 --> 00:35:25,759 Speaker 2: it's like, well, no, there are actually insurance specialist financial 725 00:35:25,800 --> 00:35:28,680 Speaker 2: advisors who'll do it and do the advice for you 726 00:35:28,719 --> 00:35:30,960 Speaker 2: for a couple of hundred dollars, Like I know my 727 00:35:31,000 --> 00:35:33,560 Speaker 2: friend Phil does it for couples under five hundred dollars 728 00:35:33,600 --> 00:35:37,480 Speaker 2: for a whole statement of advice, and that's fully underwritten, 729 00:35:37,520 --> 00:35:40,880 Speaker 2: proper insurance that you can't get through retail, like you 730 00:35:40,920 --> 00:35:42,640 Speaker 2: can't just google it and sign up and get it 731 00:35:42,680 --> 00:35:45,920 Speaker 2: done like he does it properly. And I just I 732 00:35:46,000 --> 00:35:49,080 Speaker 2: feel like not enough people know that that exists. And 733 00:35:49,200 --> 00:35:51,239 Speaker 2: if you want to get connected with someone like Phil 734 00:35:51,360 --> 00:35:54,319 Speaker 2: or just fill in general. You can specify that he's 735 00:35:54,320 --> 00:35:57,360 Speaker 2: a top bloke. There's actually a form on our website, 736 00:35:57,400 --> 00:35:59,000 Speaker 2: so fill that in and we can get you matched 737 00:35:59,080 --> 00:36:01,440 Speaker 2: up with him. It doesn't cost anything to do that, 738 00:36:01,520 --> 00:36:03,520 Speaker 2: except you will have to pay fil for his services. 739 00:36:03,520 --> 00:36:05,279 Speaker 2: But it's one of those things where I don't think 740 00:36:05,360 --> 00:36:08,160 Speaker 2: we talk about this stuff enough. And Jess, you and 741 00:36:08,239 --> 00:36:10,800 Speaker 2: I have had this conversation before you wanted your insurance 742 00:36:10,800 --> 00:36:12,600 Speaker 2: has done, but you weren't even sure, like am I 743 00:36:12,640 --> 00:36:14,400 Speaker 2: meant to go to someone else? Like I know, Victoria, 744 00:36:14,480 --> 00:36:16,719 Speaker 2: you're a holistic advisor and I was like, Okay, this 745 00:36:16,760 --> 00:36:19,160 Speaker 2: is how we're going to do it, but you just 746 00:36:19,239 --> 00:36:21,560 Speaker 2: don't know what you don't know. I mean, you can 747 00:36:21,600 --> 00:36:24,800 Speaker 2: absolutely go and do your own research, but that again 748 00:36:25,120 --> 00:36:26,600 Speaker 2: means that you're going to have to go through the 749 00:36:26,680 --> 00:36:29,560 Speaker 2: underwriting process. And I guess my biggest word of warning 750 00:36:29,600 --> 00:36:33,680 Speaker 2: is if you're getting insurance from somebody who has done 751 00:36:33,719 --> 00:36:35,840 Speaker 2: an ad at midnight and you just call up and 752 00:36:35,880 --> 00:36:39,080 Speaker 2: only takes ten minutes. That's not properly underwritten and they're 753 00:36:39,120 --> 00:36:40,600 Speaker 2: never going to pay out in the way that you 754 00:36:40,680 --> 00:36:43,120 Speaker 2: want them to. Al Right, guys, I feel like that 755 00:36:43,280 --> 00:36:46,120 Speaker 2: is enough on insurance and what's happened during the week 756 00:36:46,160 --> 00:36:48,560 Speaker 2: and our money whins. So I think that's all we 757 00:36:48,600 --> 00:36:50,640 Speaker 2: have time for today. I mean, we've been recording for 758 00:36:50,719 --> 00:36:54,840 Speaker 2: like forty minutes now, guys. While, so just before we 759 00:36:54,880 --> 00:36:57,600 Speaker 2: head off, we'd like to acknowledge and pay our respects 760 00:36:57,800 --> 00:37:01,600 Speaker 2: to Australia's Aboriginal and Torus right islander peoples. They're the 761 00:37:01,640 --> 00:37:05,120 Speaker 2: traditional custodians of the lands, the waterways and the skies 762 00:37:05,160 --> 00:37:08,200 Speaker 2: all across Australia. We thank you for sharing and the 763 00:37:08,280 --> 00:37:10,600 Speaker 2: caring for the land on which we are able to learn. 764 00:37:10,880 --> 00:37:13,359 Speaker 2: We pay our respects to elders past and present, and 765 00:37:13,400 --> 00:37:15,320 Speaker 2: we share our friendship and our kindness. 766 00:37:15,640 --> 00:37:18,000 Speaker 4: And remember, guys, that the advice shed on she's on 767 00:37:18,040 --> 00:37:20,480 Speaker 4: the money is general in nature and does not consider 768 00:37:20,640 --> 00:37:24,160 Speaker 4: your individual circumstances. She is on the money exists purely 769 00:37:24,280 --> 00:37:27,279 Speaker 4: for educational purposes and shouldn't be relied upon to make 770 00:37:27,320 --> 00:37:31,320 Speaker 4: an investment or a financial decision and we promise. Victoria 771 00:37:31,360 --> 00:37:35,360 Speaker 4: Divine is an authorized representative of Australia Specific Funds Management 772 00:37:35,680 --> 00:37:39,120 Speaker 4: Proprietary Limited a BN three four one three two four 773 00:37:39,160 --> 00:37:41,839 Speaker 4: six three AT two five seven AFO CEL story three 774 00:37:41,880 --> 00:37:43,239 Speaker 4: nine one five one. 775 00:37:43,280 --> 00:37:52,480 Speaker 3: See you next week, guys, guys, Bye,