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Speaker 1: Hello, my name's Sanatasha Nabananga Bamblet. I'm a proud yr

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Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before

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Speaker 1: we get started on She's on the Money podcast, I

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Speaker 1: would like to acknowledge the traditional custodians of the land

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Speaker 1: of which this podcast is recorded on a wondery country,

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Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.

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Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and

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Speaker 1: the storytelling of you to make a difference for today

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Speaker 1: and lasting impact for tomorrow.

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Speaker 2: Let's get into it.

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Speaker 3: She's on the Money.

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Speaker 2: She's on the Money.

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Speaker 4: Hello, and welcome to She's on the Money, the podcast

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Speaker 4: for millennials who want financial freedom. Today is Friday, which

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Speaker 4: means it is time to sit back with our friends

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Speaker 4: with a bevy in hand, to unpack our favorite moments

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Speaker 4: of the week, and of course.

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Speaker 2: To celebrate you ow incredible. She's on the Money community.

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Speaker 4: As always, we're going to be sharing our favorite money weeds,

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Speaker 4: We're going to discuss what's making news in the finance world,

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Speaker 4: and we're going to help to answer a very juicy

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Speaker 4: money question, which this week is all about bankruptcy and

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Speaker 4: money trauma.

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Speaker 2: But first it is time to recap the week that was.

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Speaker 4: Missus Jesse Gotiucci talk us through Monday's Money Diary episode.

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Speaker 5: So Monday's diarist was Uber hardworking t out she was

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Speaker 5: an Uber driver, which I found really interesting because I

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Speaker 5: think I said when we were on the call V,

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Speaker 5: I don't think I have ever had an Uber driver?

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Speaker 2: You did?

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Speaker 1: You did?

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Speaker 2: Actually, since you recorded that episode.

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Speaker 4: We flew to Sydney and on the drive from the

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Speaker 4: hotel to the airport to come home, what did we have?

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Speaker 4: Jess a female driver, and I'm pretty sure I said

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Speaker 4: to her, you're my first I was like, Jess, check

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Speaker 4: this out. This is so aligned to our content this week.

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Speaker 2: We have to mention it.

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Speaker 4: We didn't mention it to her because we're kind of

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Speaker 4: like awkwardly sitting in the back pig like, do well this.

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Speaker 2: Is cool or not?

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Speaker 5: Yeah, But it was really interesting to talk to her

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Speaker 5: about what it kind of looks like because I have

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Speaker 5: caught many an Uber, but I've never really thought about

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Speaker 5: I guess what it's like on the other side in

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Speaker 5: terms of, you know, how do you pick and choose?

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Speaker 5: Do you actually make good money or is it one

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Speaker 5: of those things where it's actually not that worth it.

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Speaker 4: I hear mixed bag stories right where people are like,

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Speaker 4: it's not worth it, rah rah. But then you actually

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Speaker 4: looked at that money, dar and I was like, oh,

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Speaker 4: sis is making them.

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Speaker 6: Yeah, it seems pretty lucrative.

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Speaker 5: And we picked her brain around the safety as a

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Speaker 5: female as well, which is something that's very front of

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Speaker 5: mind for me just as an anxious woman in general.

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Speaker 5: So it was really interesting to get her perspective on

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Speaker 5: that and while worth listen, I loved it.

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Speaker 4: I felt like it was an uber good episode. Jessicricci again,

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Speaker 4: let's move on.

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Speaker 2: Georgia kid.

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Speaker 6: Dandy, feeling good Dandy.

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Speaker 4: I always like asking you how you are because you've

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Speaker 4: always got a creative response.

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Speaker 2: YE was like, Jess, how are you?

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Speaker 6: You'd be like.

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Speaker 2: Good, not bad.

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Speaker 4: I saw a TikTok the other day. Actually that was

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Speaker 4: like Australians never say how they feel. Like if you

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Speaker 4: ask them how they are, you'd be like, oh, not bad.

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Speaker 4: And you have to like fill in the blanks, like

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Speaker 4: why can't you just say you are well? You have

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Speaker 4: to just say, oh, I'm not bad? How far is

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Speaker 4: it not far? Like come on, I'm like, we never

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Speaker 4: tell you the direct answer, We just tell you what

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Speaker 4: it's not.

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Speaker 7: That is true, that's true. Well I'm dandy so can

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Speaker 7: confirm that. But on Tuesday this week bit of a twist,

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Speaker 7: a little surprise Tuesday, we just could.

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Speaker 2: Not wait to get that episode in your ears.

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Speaker 4: And by that, I mean I clicked Tuesday instead of

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Speaker 4: Wednesday when uploading the episode.

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Speaker 2: Sorry, not sorry. Let's call it a very.

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Speaker 7: Cute mistapy accident. We spoke all about travel insurance, which

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Speaker 7: was it's top of mind for a lot of people

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Speaker 7: because everyone is on the mouth you coast right now?

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Speaker 6: How is this much you.

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Speaker 7: Just you just got back from you.

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Speaker 2: But we won't on their mouth coat.

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Speaker 4: No, And I feel like every man in his influence

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Speaker 4: that is over there at the moment, really are I

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Speaker 4: just I'm envious. They're sipping apparole, they're going on boats,

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Speaker 4: they're going around the como l like, can you stop.

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Speaker 2: I've got to go to work, and.

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Speaker 6: Hopefully they're insuring themselves as well.

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Speaker 7: Exactly right, Well, what we learned in the episode is

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Speaker 7: that the most important thing to ensure is actually yourself.

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Speaker 7: So we want comprehensive insurance, ladies, if you want to

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Speaker 7: know more about that. If you do have travel plans

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Speaker 7: lined up, then it's definitely the episode for you.

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Speaker 4: But TLDRG, the most important thing to ensure it is

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Speaker 4: actually yourself. It's not your camera or your phone or

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Speaker 4: your assets. It's actually about making sure that you're safe

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Speaker 4: and secure. So if you can't be bothered listening to it,

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Speaker 4: kind of want to spoil it for you, because I

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Speaker 4: think it is so genuinely important and it still baffles

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Speaker 4: me to this day that so many people be like,

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Speaker 4: it doesn't really matter. I don't want to waste my

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Speaker 4: money on insurance, and literally, Jess, when we went overseas,

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Speaker 4: I was like, oh, book it for us, We'll work

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Speaker 4: it out later because I just want to make sure

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Speaker 4: you not only have good insurance. But I know it

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Speaker 4: went through. I was crazy about it. But in what

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Speaker 4: else is karazy? G King on tour segue to the

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Speaker 4: money wins? All right, Georgia King, what have you got

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Speaker 4: for us this week? For our budget direct money wins?

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Speaker 4: They were absolutely I want to say thump and they

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Speaker 4: were really really good this week. So who thinks that

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Speaker 4: who reads our money diary's theread and goes this is thumping?

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Speaker 7: I don't know what I meant to say, But anyway,

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Speaker 7: here we are. There's eight of them, so brace yourselves.

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Speaker 1: Yeah.

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Speaker 7: First one for the day comes from Kimberly money Win.

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Speaker 7: My small business is finally thriving and doing the best

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Speaker 7: it's ever done, crying emoji status. The next one comes

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Speaker 7: from Sarah. My home insurance is currently due for renewal.

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Speaker 7: I shopped around and completed quotes with a few different

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Speaker 7: insurers online, as I do each.

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Speaker 2: And every year.

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Speaker 7: Wa a queen, so smart, But I couldn't find any

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Speaker 7: cheaper than my renewal amount, so I phoned the existing

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Speaker 7: insurer and asked for a discount. They knocked one hundred

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Speaker 7: and forty dollars off the annual premium.

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Speaker 2: Money Win.

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Speaker 4: That is a very good call to make. But also

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Speaker 4: you could just see that call as you making one

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Speaker 4: hundred and forty bucks exactly, Jesse. If I gave you

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Speaker 4: one hundred and forty bucks to make a phone call,

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Speaker 4: would you do it?

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Speaker 6: Absolutely? But when all the time for.

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Speaker 2: True, It's true, George.

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Speaker 4: I actually made her call my gym one time because

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Speaker 4: I was too scared to cancel my membership.

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Speaker 7: I can remember this.

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Speaker 6: Yeah, I feel like it.

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Speaker 2: Was an ordeal.

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Speaker 4: Because it was a nightmare to get out of. There

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Speaker 4: was like forms and we had to go in. I

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Speaker 4: just I'm traumatized. Shit done, she does alrighty. The next

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Speaker 4: week comes from Tory.

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Speaker 7: Money you win. My partner and I booked our first

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Speaker 7: holiday together in over five years yesterday, and I had

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Speaker 7: budgeted for it, so it didn't feel like it was

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Speaker 7: setting me back or that I was taking it from

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Speaker 7: somewhere that I shouldn't be such a nice feeling. Well

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Speaker 7: done to you, Tory. Make sure you get travel insurance.

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Speaker 4: Make sure you get travel insurance, and also how much

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Speaker 4: of a better holiday you're going to have now you're

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Speaker 4: not stressed about money on exactly and like saving up for.

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Speaker 7: It instead of after paying you.

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Speaker 2: I love the Queens.

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Speaker 7: Yes, exactly right. The next week it comes from Tathy.

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Speaker 7: This one's a bit a PSA which I saw you

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Speaker 7: commented on in the group, Jess, so.

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Speaker 2: It must be good getting involved.

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Speaker 6: This stuff is good.

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Speaker 7: It comes from Kathy. I read about the Medibank Private

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Speaker 7: Live Better app in this group a year or so ago,

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Speaker 7: and I downloaded it. You earn points through logging any

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Speaker 7: health and well being activities you've participated in each day

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Speaker 7: you can then sink your fitness trackers to it. You

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Speaker 7: earn points that can then be swapped for rewards like

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Speaker 7: added as vouchers, AirPods, smart watches, and so on. Then

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Speaker 7: a few months ago I had enough points to replace

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Speaker 7: my fitbit that had died, and I now have enough

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Speaker 7: points to claim a two hundred dollars payment towards health

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Speaker 7: insurance premiums. Yes, probably pase this, bloody brother.

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Speaker 6: I feel like it.

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Speaker 4: Sounds a little bit like my AIA Vitality membership which

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Speaker 4: I've mentioned before, which comes with my insurance. Because if

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Speaker 4: I make enough steps and I do the health checks

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Speaker 4: and all of the stuff in the app on there,

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Speaker 4: I mean I could get into it, but there's a

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Speaker 4: lot to it. You actually get a discount on your insurance.

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Speaker 4: So like I'm always trying to make sure that I

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Speaker 4: make my steps and I'm healthy and I do my

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Speaker 4: optical check every year and do all of my stuff

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Speaker 4: because you get different amounts of points for different activities

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Speaker 4: that you do that will contribute towards your health.

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Speaker 2: And I think it just makes sense.

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Speaker 4: Like these health insurance companies, you're like, this is some

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Speaker 4: money win.

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Speaker 2: This makes sense, but it's a win for them as.

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Speaker 4: Well, because if they've got healthier customers, the likelihood of

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Speaker 4: you actually claiming on insurance is lower, so you're less

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Speaker 4: likely to be sick, but you're also saving money.

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Speaker 2: Like it's a winner for everybody. It is much genius.

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Speaker 7: From that remarkable high, I'm now going to take us

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Speaker 7: through some money losses. But's I thank you all made

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Speaker 7: me laugh, so prauss yourselves. The first one comes from

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Speaker 7: Lisa money loss. I went to see Frozen, the musical

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Speaker 7: I'm issuing this weekend with my child. They asked for

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Speaker 7: an O laugh plush, and I thought, why not? Seventy

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Speaker 7: five dollars later, I knew where I was moving forward.

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Speaker 7: I will now be asking the cost of something before

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Speaker 7: saying yes again.

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Speaker 6: Seventy five dollars for a whole loss.

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Speaker 7: Flush, you're kidding me, Okay, okay, out of contu.

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Speaker 2: You're a kid in yourself, mate.

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Speaker 4: Just and I went to Disneyland recently and I did

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Speaker 4: buy an e or toy.

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Speaker 6: How much that's it?

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Speaker 7: You?

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Speaker 4: I can't but it was probably very expensive and I

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Speaker 4: gave it to my dog, So I just feel like

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Speaker 4: that was the most expensive thing I've ever bought.

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Speaker 7: Oh bless Okay, The next loss comes from Allie money loss.

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Speaker 7: My partner got blind, drunk and got a taxi alone

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Speaker 7: from Melbourne to Geelong Friday time. I don't think it's

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Speaker 7: meant to be funny, like I'm so sorry, Ellie. That sucks,

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Speaker 7: but we've also all been there.

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Speaker 6: I hope he's part and not the shd take me.

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Speaker 7: I just had this.

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Speaker 4: Idea, like, you both know Steve, my partner well, like

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Speaker 4: I can imagine if he'd done something like that and

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Speaker 4: turned up at home, he'd be like, I'm home.

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Speaker 2: Aren't you excited?

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Speaker 8: Did get me?

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Speaker 2: He would be so stoked. I had mom early jess

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Speaker 2: are you excited? No, no, I'm not good.

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Speaker 7: And the next one comes from Angelica money Win. I

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Speaker 7: scored two hundred dollars off my wedding reception dress, down

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Speaker 7: from five hundred dollars, which is incredible money loss. As

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Speaker 7: I was traveling to the dress shop, I ended up

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Speaker 7: getting a speeding fine. So evens out, I am going

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Speaker 7: to end it on an inspirational note today, ladies. It

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Speaker 7: comes from Teagin money Win. I got a promotion at work,

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Speaker 7: but the salary wasn't quite what I expected it to be.

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Speaker 7: I thought about taking the easy option and just accepting

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Speaker 7: it and signing the paper. As it was already super

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Speaker 7: excited to get the promotion. I decided to sleep on

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Speaker 7: it and woke up the next morning and wrote a

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Speaker 7: list of points as to why I was worth more.

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Speaker 7: I went in feeling confident and stated the facts and

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Speaker 7: then gave them my number. They rang me on Friday

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Speaker 7: and said they were proud of me for going back

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Speaker 7: and they've rounded the number up.

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Speaker 6: Thank you.

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Speaker 7: She's on the money for giving me.

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Speaker 4: The skills to achieve this. What a good place to

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Speaker 4: leave it. I love that, Georgia. I thought you were

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Speaker 4: taking a few liberties going I've got eight this week.

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Speaker 2: I was like, oh do you?

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Speaker 4: But all of those absolutely made the cut. It has

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Speaker 4: been great, gee, celebrating some of your budget Direct money

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Speaker 4: wins Budget Direct winner of Canstar's Insurer of the Year

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Speaker 4: Award twenty twenty two. Budget Direct Insurance solved with that,

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Speaker 4: my friends, let's go to a quick break and then

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Speaker 4: we're going to dive straight into.

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Speaker 2: Some very juicy money topics.

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Speaker 4: All right, let's dive straight back in, miss Jessica. She

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Speaker 4: I believe you have a piece of content you would

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Speaker 4: like to discuss with the group of course.

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Speaker 5: Now don't turn off when I say this word after pay.

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Speaker 2: I don't turn off.

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Speaker 4: Georgia gains through spicy, she gets through heated.

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Speaker 6: She's literally just like stood up.

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Speaker 2: I'm ready.

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Speaker 5: I know we talked about out to pay a lot,

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Speaker 5: but we got reasons so Eddy dms because over the weekend.

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Speaker 5: This is in Auckland, New Zealand. But I wouldn't be

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Speaker 5: surprised if they tried to roll it out here as well.

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Speaker 5: A bottleo rolled out after pay in their store, which

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Speaker 5: means that obviously you can break down your payment of

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Speaker 5: alcohol into full.

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Speaker 2: For yeah, a kind of them.

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Speaker 5: Been a lot of criticism around this, beyond what we

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Speaker 5: normally talk about, and I thought it was a very

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Speaker 5: interesting conversation because alcohol is obviously a control old substance,

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Speaker 5: there's an addictive substance, and in Australia, and I know

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Speaker 5: we talking about New Zealand, but there's definitely a history

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Speaker 5: of culture relating to bad habits when it comes to

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Speaker 5: over consumption of alcohol. And the criticism that we're seeing

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Speaker 5: is people saying this shop shouldn't do it. It's so unethical.

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Speaker 5: If people can't afford a drink, they shouldn't buy a drink.

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Speaker 5: This is going to enable people who arguably maybe are

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Speaker 5: in a bit of a bad place to purchase more

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Speaker 5: than they would normally be able to because they can

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Speaker 5: afford more. And the debate it kind of sparked was

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Speaker 5: really interesting because I think it comes down to, ethically,

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Speaker 5: is the responsibility on the store owner? So let's say

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Speaker 5: it's a small business, because it didn't roll out in

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Speaker 5: like a Dan Movies, I think it was an independent

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Speaker 5: Is it the store owner's job to regulate that? Is

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Speaker 5: it our job as consumers to keep an eye on

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Speaker 5: what we're doing, or more broadly, should the government be

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Speaker 5: stepping in and keeping an eye on these things? Where

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Speaker 5: does that responsibility lie? Because at the moment, it really

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Speaker 5: seems like everyone's kind of going, not my problem, not

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Speaker 5: my circle's, not my monkey's, and nothing's being done, and

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Speaker 5: these policies or these steps are being put in place

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Speaker 5: that really, in my opinion, kind of pushed the boundaries

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Speaker 5: of what is and isn't okay. But that's also totally

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Speaker 5: a personal perception thing, and so I wanted to see

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Speaker 5: what you guys kind of thought about it.

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Speaker 4: Well, given I'm basically best friends with Jacinda Arjurn, let

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Speaker 4: me for her. At our next meeting, I'll just bring

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Speaker 4: it up and be like, hey, could you fix this,

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Speaker 4: and she'll be like, no problems, babe, got you, and

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Speaker 4: we'll organize it all. But I think from my perspective again,

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Speaker 4: I'm obviously not that stoked with it, But if we

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Speaker 4: compare it to other industries. We were talking and it

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Speaker 4: hasn't come out yet, it'll come out next week. We

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Speaker 4: have a money diary with a woman who is a

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Speaker 4: sex worker, and she was saying that payment terminals often

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Speaker 4: kick sex workers off those terminals because they think that

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Speaker 4: they're generating money that is maybe not as closher as

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Speaker 4: it could be, and they see that as a high

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Speaker 4: risk industry so they say no, thank you. So it's

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Speaker 4: the platform taking the responsibility, and then also looking at

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Speaker 4: the way Australia governs financial advisors and accountants and you know,

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Speaker 4: financial platforms, it's actually very different to the way it

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Speaker 4: is managed around the world. So Jess, you and I

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Speaker 4: are actually going to a conference in September in the US.

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Speaker 4: It's a finance conference so that we can learn about

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Speaker 4: how other people are producing money content internationally, and we

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Speaker 4: are so genuinely excited. Actually low key, I'm speaking at

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Speaker 4: the event, I am stoked. But in America, the onners

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Speaker 4: is put on the consumer and they say the consumer

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Speaker 4: has to go do their own research and make the

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Speaker 4: decision that's right for them. In Australia the opposite is true.

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Speaker 4: And you're seeing this a lot at the moment in

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Speaker 4: the media with financial advisors being come down on like

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Speaker 4: a town of bricks when it comes to acid regulations

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Speaker 4: and finfluences, you know, coppying a lot of heat at

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Speaker 4: the moment for the content they produce. Because in Australia,

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Speaker 4: the onners is put on the content creator, or the

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Speaker 4: onners is put on the business. So if you then

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Speaker 4: apply this to this particular situation, I look at it

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Speaker 4: and I go, yeah, it's in New Zealand. There are

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Speaker 4: friends across the ditch. Yes, they're not governed by the

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Speaker 4: same rules and regulations here in a s Australia. But

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Speaker 4: from my perspective as an Australian, I would then assume

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Speaker 4: that the onus is on after pay to regulate that

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Speaker 4: and not allow things like alcohol or tobacco or gambling

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Speaker 4: on their platforms because it's not an essential item. I

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Speaker 4: think you guys and I sit in a very privileged

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Speaker 4: position where we get to look at after pay as

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Speaker 4: something that is, you know, the big bad wolf, and

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Speaker 4: we do need to look at it from a little

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Speaker 4: bit more of a less entitled view and go, gin,

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Speaker 4: know what, there are people out there that need this

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Speaker 4: to get by. It's something that they're using that is

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Speaker 4: enabling them to have a good lifestyle or change their

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Speaker 4: lives in a way that they weren't able to before,

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Speaker 4: whether that's because they can't access credit or they have

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Speaker 4: you know, we've heard stories in our community, people like

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Speaker 4: the I use after pay all the time because I

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Speaker 4: only have sentling and I just need to get through

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Speaker 4: the next pay, and you know, I'm really responsible with it,

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Speaker 4: but I might be buying Christmas presents where I might

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Speaker 4: be buying things that my kid needs for school, or

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Speaker 4: more recently, I've spoken to people and they're like, the

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Speaker 4: it's so good. I know that you don't like after pay,

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Speaker 4: but I've been paying for doctors of moments on that

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Speaker 4: that otherwise I would have been really stressed about that

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Speaker 4: my kid needed. And I go, wow, like, there are

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Speaker 4: some good reasons to use it, But then alcohol, to me,

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Speaker 4: that's a luxury that's not something that is a necessity.

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Speaker 4: It's something that can be used and abused, and it

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Speaker 4: just is not putting our community in the right position.

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Speaker 4: And the messages I'm getting a test to that, like

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Speaker 4: they genuinely break my heart. It's making me go, oh,

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Speaker 4: I wish I could do more, but what can you do?

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Speaker 4: This isn't even happening in our country.

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Speaker 7: Well, a lot of the people that are going to

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Speaker 7: be using after pay in bottle shops if this does

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Speaker 7: become a thing across the board and infiltrates into the

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Speaker 7: Australian marketplace as well. They're people that can't afford alcohol

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Speaker 7: from where they're at currently. They're in these bad, bad

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Speaker 7: positions and it's really exploiting extremely vulnerable people. That's why

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Speaker 7: I don't like after pay full stop. But to move

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Speaker 7: into this alcohol space is just makes me very mad.

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Speaker 7: We saw it maybe like six months ago, maybe a

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Speaker 7: little bit longer. You can now like after pay your cocktails.

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Speaker 4: Yeah, and it's not just to pay right, like we

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Speaker 4: highlighted on our She's on the Money stories, payoh, which

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Speaker 4: is a company that purely exists for bars, restaurants and

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Speaker 4: food providing services. And I was just like, what there's

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Speaker 4: a food specific buy now, pay later, Like where's the line,

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Speaker 4: Like how does that work? And I think my biggest

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Speaker 4: gripe with it is that it's just not regulated in

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Speaker 4: the same way credit would be, because a lot of

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Speaker 4: people are gonna jump up and down and be like, Victoria,

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Speaker 4: you can go and put a bottle of vodka on

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Speaker 4: your credit card tomorrow. Yeah, but like there's checks in

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Speaker 4: place for you to be able to do that. They've

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Speaker 4: checked your financial history, they've checked your serviceability, they've checked

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Speaker 4: whether you can repay that loan, because that's basically what

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Speaker 4: it is, whereas those same restrictions don't apply to after pay,

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Speaker 4: So to me, it's a really slippery slope.

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Speaker 7: So yes, obviously my disdain for after pay is very

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Speaker 7: You had it for just a little bit of disdain,

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Speaker 7: but I wanted to play the devil's advocate here, ladies,

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Speaker 7: because we, as we've said on the podcast, are heading

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Speaker 7: into a recession.

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Speaker 6: Things.

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Speaker 2: Don't get that word around here. We are having a

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Speaker 2: good data.

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Speaker 6: Now, but things are really really tough.

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Speaker 7: The cost of living is ridiculous right now, and small

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Speaker 7: businesses are facing that crisis as well. So we know

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Speaker 7: that after pay is really good for small business. So

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Speaker 7: how do they kind of balance that ethical dilemma of

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Speaker 7: wanting to use after pay to attract more consumers and

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Speaker 7: customers while also dealing with the ethical ambiguity of offering

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Speaker 7: a service that might put customers in a precarious situation.

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Speaker 4: It's such a hard position because you look at it

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Speaker 4: and you go pragmatically. After pay makes a lot of

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Speaker 4: sense for small business. Statistically, Gee, the stats on the

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Speaker 4: after pay website say the average Australian small business merchant

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Speaker 4: sees are thirteen percent uppleiest in rev you by partnering

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Speaker 4: with after pay, which equates to around thirty two thousand

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Speaker 4: dollars in new revenue annually. Like, if I was a

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Speaker 4: small business and it doesn't matter what I was selling,

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Speaker 4: if I was selling candles or stationery, or if I

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Speaker 4: had a bikini business, like, I would look at it

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Speaker 4: and go well, from my perspective, I just want to

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Speaker 4: sell my product and get my product on more people's shelves.

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Speaker 4: And a good way to do that is to increase

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Speaker 4: the ways people can pay. And you know, if I'm

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Speaker 4: selling candles and I go oha, my candles are only

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Speaker 4: like thirty dollars each or fifty dollars each or whatever

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Speaker 4: inflation has made them these days. What is my responsibility?

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Speaker 4: Like should I stop Jess from paying for one of

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Speaker 4: my candles because she really wants it in four separate payments?

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Speaker 4: Like Jess is a very I'm using you as an example,

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Speaker 4: my friend, But Jess is a really financially conscious person.

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Speaker 4: I know what your savings habits are, and I know

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Speaker 4: that if you used a platform like after pay, you

441
00:19:49,880 --> 00:19:52,720
Speaker 4: would probably be using it because you're cash flowing or

442
00:19:52,720 --> 00:19:54,520
Speaker 4: you're like, oh well, I gave myself this budget and

443
00:19:54,560 --> 00:19:56,560
Speaker 4: cashlow plan and I only have this amount to spend

444
00:19:56,560 --> 00:19:57,960
Speaker 4: per week, so I'm going to take it out of

445
00:19:58,119 --> 00:20:00,199
Speaker 4: my cash flow plan for the next four weeks. This

446
00:20:00,240 --> 00:20:04,359
Speaker 4: makes sense, and you can use it really constructively and

447
00:20:04,400 --> 00:20:05,919
Speaker 4: for the people that just want to use it as

448
00:20:05,920 --> 00:20:08,560
Speaker 4: a cash flow tool, like are you taking something away

449
00:20:08,560 --> 00:20:12,359
Speaker 4: from them by worrying about the people that aren't as responsible?

450
00:20:12,680 --> 00:20:17,440
Speaker 4: And how responsible are you for people's actions? Like obviously,

451
00:20:17,600 --> 00:20:20,199
Speaker 4: I care so much about our community and want them

452
00:20:20,240 --> 00:20:22,360
Speaker 4: to be in the best possible position, so I jump

453
00:20:22,480 --> 00:20:25,280
Speaker 4: up and down about it. But Georgia, how much of

454
00:20:25,280 --> 00:20:29,160
Speaker 4: a responsibility is it on you to manage your friends'

455
00:20:29,160 --> 00:20:32,439
Speaker 4: finances or the decisions they make if they're a grown adult.

456
00:20:32,680 --> 00:20:34,879
Speaker 7: Yeah, it's such a hard one because it does it

457
00:20:34,880 --> 00:20:37,560
Speaker 7: comes down to the individual. But what's missing in that

458
00:20:37,640 --> 00:20:40,080
Speaker 7: piece is the education. And we're doing our best atchoes

459
00:20:40,080 --> 00:20:42,919
Speaker 7: on the money to explain the details of all of this,

460
00:20:43,119 --> 00:20:46,600
Speaker 7: and you know, Piers through the marketing that is really

461
00:20:47,119 --> 00:20:49,760
Speaker 7: confusing and makes us feel like things are okay when

462
00:20:49,760 --> 00:20:53,600
Speaker 7: they're really not. So I don't know who's responsibilities. It's

463
00:20:53,640 --> 00:20:54,399
Speaker 7: really really hard.

464
00:20:54,640 --> 00:20:57,199
Speaker 4: It is right because it's like I feel like it's

465
00:20:57,280 --> 00:21:00,679
Speaker 4: my responsibility as a financial advisor to education you guys.

466
00:21:01,000 --> 00:21:03,560
Speaker 4: But I also say often like I don't care what

467
00:21:03,600 --> 00:21:05,760
Speaker 4: you do with your money as long as you're educated

468
00:21:05,800 --> 00:21:07,919
Speaker 4: and you know that the decisions you are making are

469
00:21:07,960 --> 00:21:10,520
Speaker 4: the right ones for you. I really want to be

470
00:21:10,560 --> 00:21:13,679
Speaker 4: able to put the onus back on you and say, well, gee,

471
00:21:13,760 --> 00:21:16,359
Speaker 4: if you go and make that decision, that's on you, Like,

472
00:21:16,440 --> 00:21:19,120
Speaker 4: I'm not going to judge that situation. That's not my position.

473
00:21:19,520 --> 00:21:22,120
Speaker 4: If we took this and put it in any other

474
00:21:22,720 --> 00:21:27,399
Speaker 4: stream of life, whether that's sex or religion, money is

475
00:21:27,440 --> 00:21:29,919
Speaker 4: that other spicy topic that people don't like talking about.

476
00:21:30,160 --> 00:21:32,439
Speaker 4: How much do I have to control over your religion,

477
00:21:32,520 --> 00:21:33,120
Speaker 4: or your sex.

478
00:21:32,960 --> 00:21:35,720
Speaker 2: Life or any of that. Why should I.

479
00:21:35,160 --> 00:21:38,080
Speaker 4: Then have a say over you know, my client's financial life.

480
00:21:38,080 --> 00:21:38,680
Speaker 2: Do you know what I mean?

481
00:21:38,720 --> 00:21:40,520
Speaker 4: Like, unless you've come to me as an advisor and

482
00:21:40,560 --> 00:21:43,520
Speaker 4: said I want financial advice from you, Victoria, I don't

483
00:21:43,520 --> 00:21:45,760
Speaker 4: think it's any of my business to dish out advice.

484
00:21:46,240 --> 00:21:48,760
Speaker 4: This podcast is educational because I want you to want

485
00:21:48,800 --> 00:21:51,080
Speaker 4: to educate yourself, but if you're listening to it, it's

486
00:21:51,080 --> 00:21:54,480
Speaker 4: because you want that already, right, Like, yeah, it's about

487
00:21:54,520 --> 00:21:57,359
Speaker 4: where the onus is, but it's also about when do

488
00:21:57,400 --> 00:22:00,560
Speaker 4: you expect the government to step in? And if this

489
00:22:00,640 --> 00:22:03,800
Speaker 4: word happened in Australia, which it basically has already with

490
00:22:03,960 --> 00:22:08,040
Speaker 4: buy now, pay later platforms like Payoh, where's the line

491
00:22:08,160 --> 00:22:10,359
Speaker 4: where does the government step in and say, you know what?

492
00:22:10,880 --> 00:22:13,920
Speaker 4: We know that the Australian population does not have good

493
00:22:13,960 --> 00:22:16,760
Speaker 4: financial literacy, so therefore there needs to be a few

494
00:22:16,800 --> 00:22:19,280
Speaker 4: steps here to put them in the best possible position.

495
00:22:19,440 --> 00:22:21,480
Speaker 4: Whereas if they could be like oh no, like financial

496
00:22:21,520 --> 00:22:24,560
Speaker 4: literacy is a core pillar of our education system and

497
00:22:24,560 --> 00:22:28,000
Speaker 4: they've been doing it since prep. They know, well, that

498
00:22:28,080 --> 00:22:30,760
Speaker 4: might be a different story. But till then, I think

499
00:22:30,800 --> 00:22:33,359
Speaker 4: that there needs to be a bigger governing body that

500
00:22:33,480 --> 00:22:35,920
Speaker 4: makes sure that we are in the best possible position.

501
00:22:36,040 --> 00:22:38,359
Speaker 4: In the same way that the government has restricted the

502
00:22:38,400 --> 00:22:41,760
Speaker 4: sale of tobacco and have restricted the sale of alcohol

503
00:22:41,800 --> 00:22:43,600
Speaker 4: to people under the age of eighteen, and like they've

504
00:22:43,600 --> 00:22:46,639
Speaker 4: made all these other rules to protect us, why is

505
00:22:46,720 --> 00:22:48,159
Speaker 4: this not an extension of that?

506
00:22:48,560 --> 00:22:52,400
Speaker 5: And I think because we're treading unprecedented waters here with

507
00:22:52,640 --> 00:22:55,000
Speaker 5: you know, I think businesses like after pay and buying

508
00:22:55,000 --> 00:22:57,560
Speaker 5: our pay lader platforms in general are really pushing and

509
00:22:57,600 --> 00:22:59,640
Speaker 5: testing the boundaries to see what they can and can't

510
00:22:59,640 --> 00:23:02,160
Speaker 5: get away with, and they, you know, would have really

511
00:23:02,160 --> 00:23:05,640
Speaker 5: big teams in the background working to find how they

512
00:23:05,680 --> 00:23:12,680
Speaker 5: can be compliant in the most bendy way possible for them.

513
00:23:13,200 --> 00:23:15,560
Speaker 5: I'm a big believer in the power of the people,

514
00:23:15,680 --> 00:23:17,359
Speaker 5: and what I would say to all of our friends

515
00:23:17,359 --> 00:23:19,280
Speaker 5: in New Zealand and all of our friends in Australia,

516
00:23:19,320 --> 00:23:23,240
Speaker 5: should we, you know, come to this point make a report.

517
00:23:23,440 --> 00:23:24,399
Speaker 6: In New Zealand.

518
00:23:24,480 --> 00:23:27,960
Speaker 5: The Commerce Commission which is ComCom dot Govte dot NZ.

519
00:23:28,640 --> 00:23:32,800
Speaker 5: They're the regulating body here in Australia. It's consumer Affairs

520
00:23:33,160 --> 00:23:35,879
Speaker 5: and one of their dot points on their website it

521
00:23:35,920 --> 00:23:39,199
Speaker 5: says that their role is to regulate credit contracts and

522
00:23:39,240 --> 00:23:42,720
Speaker 5: Consumer Finance Act, which protects consumers when they borrow money

523
00:23:42,840 --> 00:23:46,600
Speaker 5: or buy goods on credit. And so while it's not

524
00:23:46,760 --> 00:23:49,280
Speaker 5: a direct line of credit, they're definitely borrowing money to

525
00:23:49,359 --> 00:23:52,720
Speaker 5: gene and that I would suggest, if you feel the

526
00:23:52,720 --> 00:23:55,159
Speaker 5: same way that we do, send them a nice email.

527
00:23:55,240 --> 00:23:58,160
Speaker 5: There's a big red button that says make it very same.

528
00:23:58,640 --> 00:24:01,040
Speaker 5: They make it really easy and say to them, hey,

529
00:24:01,640 --> 00:24:03,919
Speaker 5: I'm really concerned about the direction this is going. This

530
00:24:03,960 --> 00:24:06,840
Speaker 5: seems really unethical, and I think it's something you should

531
00:24:06,840 --> 00:24:10,000
Speaker 5: look into because if enough people start making that complaint,

532
00:24:10,560 --> 00:24:13,000
Speaker 5: it will trigger an investigation. And that's all you can

533
00:24:13,040 --> 00:24:17,320
Speaker 5: really do is try to facilitate change. But it requires

534
00:24:17,359 --> 00:24:20,359
Speaker 5: people to take that little step and do something about it.

535
00:24:20,400 --> 00:24:22,600
Speaker 5: So that's what I would personally suggest, because I do

536
00:24:22,680 --> 00:24:25,720
Speaker 5: think that right now these platforms are kind of seeing

537
00:24:25,720 --> 00:24:27,760
Speaker 5: what they can get away with, and it's up to

538
00:24:27,920 --> 00:24:31,680
Speaker 5: us as a community and just as human beings to say, actually,

539
00:24:32,280 --> 00:24:34,280
Speaker 5: it's not good enough, yeah, and to talk to.

540
00:24:34,280 --> 00:24:36,320
Speaker 7: Each other about it as well. If you have mates

541
00:24:36,359 --> 00:24:38,879
Speaker 7: that you know use after pay and would be tempted

542
00:24:38,880 --> 00:24:40,760
Speaker 7: by something like this, if you are in New Zealand,

543
00:24:40,800 --> 00:24:42,800
Speaker 7: talk to them about it, help them out with that education.

544
00:24:42,840 --> 00:24:44,000
Speaker 7: If they're not share these.

545
00:24:43,840 --> 00:24:46,040
Speaker 4: Podcasts with them exactly, if you don't even have to

546
00:24:46,040 --> 00:24:48,439
Speaker 4: sit them down and be like, okay, Georgia, I was thinking,

547
00:24:48,680 --> 00:24:51,639
Speaker 4: you need to Xpyz. You can bring finance topics up

548
00:24:51,640 --> 00:24:54,560
Speaker 4: in really non confrontational ways where you put the onus

549
00:24:54,600 --> 00:24:55,840
Speaker 4: back on you, and you'd be like, oh my gosh,

550
00:24:55,840 --> 00:24:57,680
Speaker 4: I was listening to this great podcast the other day

551
00:24:57,680 --> 00:24:59,600
Speaker 4: and they were saying x y Z Jess. If you

552
00:24:59,600 --> 00:25:02,000
Speaker 4: haven't le to it, I'll send you the link, because honestly,

553
00:25:02,160 --> 00:25:04,440
Speaker 4: it made me really think. And you just don't have

554
00:25:04,520 --> 00:25:06,199
Speaker 4: to say, oh my gosh, yes, So I noticed you

555
00:25:06,280 --> 00:25:07,760
Speaker 4: use after pain, and I just don't think that's a

556
00:25:07,800 --> 00:25:10,399
Speaker 4: good thing. Like it's not your job to tell people

557
00:25:10,440 --> 00:25:12,720
Speaker 4: what to do with their money, but I think it's

558
00:25:12,760 --> 00:25:16,239
Speaker 4: everybody's job to increase the level of financial literacy we have.

559
00:25:16,640 --> 00:25:19,240
Speaker 4: And once we get to a point where I genuinely

560
00:25:19,240 --> 00:25:22,919
Speaker 4: feel like our community is financially literate, I'll probably not

561
00:25:23,000 --> 00:25:25,240
Speaker 4: be as vocal on these platforms because I'll be like cool,

562
00:25:25,280 --> 00:25:27,680
Speaker 4: like they exist, but I know people use them responsibly,

563
00:25:28,040 --> 00:25:30,600
Speaker 4: like and I know that people understand the repercussions of

564
00:25:30,640 --> 00:25:32,919
Speaker 4: their decisions. And I know that people are in a

565
00:25:32,920 --> 00:25:35,600
Speaker 4: pretty good position because they've you know, structured things right,

566
00:25:35,880 --> 00:25:38,240
Speaker 4: But we can't genuinely say that. And I think that

567
00:25:38,240 --> 00:25:40,920
Speaker 4: that's why we're so uncomfortable, because we're looking at it going.

568
00:25:40,920 --> 00:25:42,600
Speaker 4: There are so many people that are gonna, you know,

569
00:25:42,680 --> 00:25:45,000
Speaker 4: end up in compromising positions because of this, because they

570
00:25:45,040 --> 00:25:47,240
Speaker 4: just don't know any better. And I mean, that's a

571
00:25:47,280 --> 00:25:50,119
Speaker 4: really beautiful thing that we care. But you also have

572
00:25:50,200 --> 00:25:53,840
Speaker 4: to go how much of this is our responsibility, how

573
00:25:53,920 --> 00:25:56,040
Speaker 4: much of it is the responsibility of the government, and

574
00:25:56,080 --> 00:25:58,040
Speaker 4: how much is a product responsibility?

575
00:25:58,800 --> 00:26:02,080
Speaker 7: Lots to think about, ladies, But I reckon it's probably

576
00:26:02,080 --> 00:26:03,639
Speaker 7: time for a little money dilemma.

577
00:26:03,720 --> 00:26:05,240
Speaker 6: If we're interested, Oh would love that.

578
00:26:05,240 --> 00:26:09,840
Speaker 7: That's how to listen, Hi, Beert, have you got a

579
00:26:09,960 --> 00:26:12,399
Speaker 7: money dilemma you just can't solve that? She's on The

580
00:26:12,400 --> 00:26:15,240
Speaker 7: Money Team is here to help. Every week we tackle

581
00:26:15,320 --> 00:26:17,800
Speaker 7: your dilemmas, both big and small, to answer your most

582
00:26:17,840 --> 00:26:21,919
Speaker 7: burning money, career and life questions. To get involved, simply

583
00:26:21,960 --> 00:26:24,280
Speaker 7: head to our website and leave us a quick voice recording,

584
00:26:24,280 --> 00:26:26,560
Speaker 7: and you may just find yourself on the show. Now

585
00:26:26,680 --> 00:26:30,040
Speaker 7: let's take a listen to today's money dilemma.

586
00:26:30,280 --> 00:26:33,320
Speaker 3: My husband and I had to start over again after

587
00:26:33,640 --> 00:26:37,960
Speaker 3: being bankrupt from our business. We have done an amazing

588
00:26:38,040 --> 00:26:42,720
Speaker 3: job saving We got a twenty percent deposit together, purchased.

589
00:26:42,280 --> 00:26:45,159
Speaker 8: A block of land and in our building. However, I

590
00:26:45,200 --> 00:26:48,520
Speaker 8: am petrified of having not so much money in the

591
00:26:48,600 --> 00:26:52,840
Speaker 8: account I just keep thinking back to when we had nothing.

592
00:26:53,720 --> 00:26:56,920
Speaker 8: We've worked so hard and I know we have money

593
00:26:56,920 --> 00:27:00,600
Speaker 8: in the accounts and we are quite stable, but I

594
00:27:00,680 --> 00:27:03,280
Speaker 8: have a massive fear of looking at the bank accounts

595
00:27:03,400 --> 00:27:05,399
Speaker 8: and I just don't know what to go, where to

596
00:27:05,480 --> 00:27:08,159
Speaker 8: go from here? We have no other debts apart from

597
00:27:08,200 --> 00:27:10,520
Speaker 8: a home loan. Please help me.

598
00:27:11,320 --> 00:27:12,240
Speaker 6: I really feel for her.

599
00:27:12,320 --> 00:27:16,280
Speaker 5: She sounds like genuinely stressed, Like that's my first thought,

600
00:27:16,359 --> 00:27:17,120
Speaker 5: Like off the back of.

601
00:27:17,080 --> 00:27:18,680
Speaker 2: That, yeah, actually I don't.

602
00:27:18,960 --> 00:27:22,480
Speaker 4: That tone of voice was, SI, oh, I'm not in

603
00:27:22,520 --> 00:27:23,400
Speaker 4: a good place with this.

604
00:27:23,640 --> 00:27:26,200
Speaker 5: I totally get being stressed out. I think like I've

605
00:27:26,240 --> 00:27:28,720
Speaker 5: obviously never been through bankruptcy myself. But we did a

606
00:27:28,720 --> 00:27:31,159
Speaker 5: really good episode actually on it a couple months ago.

607
00:27:31,200 --> 00:27:32,800
Speaker 5: But I would highly recommend it because we spoke a

608
00:27:32,840 --> 00:27:35,000
Speaker 5: lot about the stigma and how it can actually be

609
00:27:35,040 --> 00:27:37,639
Speaker 5: a really positive choice for somebody if you're making it

610
00:27:37,640 --> 00:27:39,200
Speaker 5: and it's the right decision for you, which I think

611
00:27:39,240 --> 00:27:43,359
Speaker 5: is a great thing. But I can totally understand how

612
00:27:43,600 --> 00:27:47,320
Speaker 5: going through something like that could really bring out a

613
00:27:47,359 --> 00:27:49,600
Speaker 5: lot of anxiety. And we refer to earlier as a

614
00:27:49,600 --> 00:27:52,439
Speaker 5: little bit of trauma, you know, that real stress around

615
00:27:52,480 --> 00:27:55,120
Speaker 5: Oh my gosh, Like, I don't want to find myself

616
00:27:55,200 --> 00:27:58,199
Speaker 5: back in that position where things are so difficult and

617
00:27:58,240 --> 00:28:01,280
Speaker 5: I'm making these really hard choices do impact my future

618
00:28:01,320 --> 00:28:04,360
Speaker 5: and do impact my ability to borrow money. I'm sure

619
00:28:04,359 --> 00:28:06,159
Speaker 5: that they would have had to jump through some hoops

620
00:28:06,200 --> 00:28:09,960
Speaker 5: to get this mortgage that they've got, which is very exciting. Congratulations, Yeah,

621
00:28:10,080 --> 00:28:13,080
Speaker 5: super exciting. But I can totally see how that would

622
00:28:13,160 --> 00:28:17,360
Speaker 5: be really anxiety inducing. And I think that it's probably

623
00:28:17,400 --> 00:28:20,120
Speaker 5: a little bit bigger than you know, normally we'd say, hey,

624
00:28:20,280 --> 00:28:20,919
Speaker 5: look at your.

625
00:28:20,800 --> 00:28:21,679
Speaker 6: Cash flow system.

626
00:28:21,840 --> 00:28:22,720
Speaker 2: It's not that at all.

627
00:28:22,800 --> 00:28:22,960
Speaker 1: Is that.

628
00:28:23,080 --> 00:28:26,160
Speaker 5: I think it's a much bigger issue, and V, I'd

629
00:28:26,160 --> 00:28:28,040
Speaker 5: love to know what you suggest she kind of do

630
00:28:28,160 --> 00:28:29,639
Speaker 5: to help deal with those feelings.

631
00:28:29,720 --> 00:28:31,800
Speaker 4: I think the first thing that I would say here

632
00:28:32,200 --> 00:28:35,560
Speaker 4: is you are validated in your feelings, and even though

633
00:28:35,680 --> 00:28:38,960
Speaker 4: quote you're better that doesn't mean that there's not trauma there.

634
00:28:39,160 --> 00:28:42,640
Speaker 4: And I think validating that financial trauma exists is really

635
00:28:42,680 --> 00:28:46,680
Speaker 4: important because it's scientifically proven that you can be traumatized

636
00:28:46,680 --> 00:28:51,480
Speaker 4: from your financial situation. Bankruptcy includes so much more than like, oh, Jess,

637
00:28:51,520 --> 00:28:53,560
Speaker 4: you had to file for bankruptcy and you skip down

638
00:28:53,560 --> 00:28:55,560
Speaker 4: the lane and you're in a better position to hurry,

639
00:28:55,600 --> 00:28:57,760
Speaker 4: you'll be able to get a mortgage later. Like, there's

640
00:28:57,840 --> 00:29:01,840
Speaker 4: so much stress and energy during that process that actually

641
00:29:01,880 --> 00:29:05,560
Speaker 4: needs working through. So in this circumstance, I would recommend,

642
00:29:05,560 --> 00:29:07,480
Speaker 4: and this is not just a bankruptcy, if you've been

643
00:29:07,480 --> 00:29:11,720
Speaker 4: through any type of traumatic event, financial or otherwise, I

644
00:29:11,720 --> 00:29:14,080
Speaker 4: would seek therapy. And I would be going to talk

645
00:29:14,120 --> 00:29:17,040
Speaker 4: to a professional counselor or psychologist, or I'd be going

646
00:29:17,080 --> 00:29:19,680
Speaker 4: to talk to my GP asking for a mental health

647
00:29:19,680 --> 00:29:22,200
Speaker 4: care plan and just saying, look, I need to work

648
00:29:22,240 --> 00:29:25,360
Speaker 4: through these things because anxiety is real and we need

649
00:29:25,400 --> 00:29:27,880
Speaker 4: to find ways to not only cope with that, but

650
00:29:28,000 --> 00:29:31,880
Speaker 4: really understand the root cause. And you still feeling anxious

651
00:29:31,880 --> 00:29:34,360
Speaker 4: about money even though you're quote in a better position,

652
00:29:34,920 --> 00:29:37,880
Speaker 4: is an indicator that you are not fully across, that

653
00:29:37,920 --> 00:29:40,320
Speaker 4: you're not over that line. We're not over that at all,

654
00:29:40,520 --> 00:29:43,080
Speaker 4: and you actually need to delve deeper into that. I

655
00:29:43,120 --> 00:29:46,160
Speaker 4: do find this to be very common in people who

656
00:29:46,240 --> 00:29:50,520
Speaker 4: experience bankruptcy or go through a similar process, because you

657
00:29:50,680 --> 00:29:52,320
Speaker 4: end up wanting to stick your head in the sand,

658
00:29:52,440 --> 00:29:55,520
Speaker 4: Like bills make you so anxious and you don't want

659
00:29:55,520 --> 00:29:57,720
Speaker 4: to open another one because what if it's a bill

660
00:29:57,800 --> 00:30:00,320
Speaker 4: that is not expected? What if it's a fohone bill

661
00:30:00,360 --> 00:30:03,280
Speaker 4: that's above and beyond what you had anticipated. What if

662
00:30:03,320 --> 00:30:06,000
Speaker 4: it's the mortgage company calling you and saying, well, actually

663
00:30:06,040 --> 00:30:09,640
Speaker 4: you accidentally paid your mortgage into the wrong account and

664
00:30:09,880 --> 00:30:12,880
Speaker 4: you're now behind three months. Like I'm not saying that

665
00:30:12,920 --> 00:30:16,320
Speaker 4: those things are true, but when you're anxious, you dramatize

666
00:30:16,320 --> 00:30:18,200
Speaker 4: everything and you make everything seem much worse than it

667
00:30:18,240 --> 00:30:18,800
Speaker 4: actually is.

668
00:30:18,840 --> 00:30:19,640
Speaker 6: And we need to.

669
00:30:19,640 --> 00:30:22,640
Speaker 4: Work on that because as a fellow anxious person, that

670
00:30:22,720 --> 00:30:25,680
Speaker 4: impacts your ability in your relationships, in your ability to

671
00:30:25,720 --> 00:30:28,200
Speaker 4: derive an income, in your ability to you know, be

672
00:30:28,320 --> 00:30:32,640
Speaker 4: physically healthy. Like, these things impact you so deeply. It's

673
00:30:32,640 --> 00:30:35,240
Speaker 4: not funny. And I think that we don't really talk

674
00:30:35,240 --> 00:30:37,479
Speaker 4: about and I don't think we've talked about financial trauma

675
00:30:37,520 --> 00:30:40,520
Speaker 4: on the podcast before, but I pulled up a few

676
00:30:40,600 --> 00:30:44,240
Speaker 4: stats about it. For you, guys, it has a definition.

677
00:30:44,440 --> 00:30:47,360
Speaker 4: Financial trauma is a moment in someone's life where things

678
00:30:47,480 --> 00:30:50,240
Speaker 4: changed and a belief and image about their relationship with

679
00:30:50,360 --> 00:30:54,000
Speaker 4: money turns around in a negative way. So obviously that

680
00:30:54,040 --> 00:30:56,560
Speaker 4: makes sense to me. But one thing that I thought

681
00:30:56,800 --> 00:30:59,640
Speaker 4: was really interesting is I was reading an article on

682
00:30:59,640 --> 00:31:03,320
Speaker 4: the Nation Child Traumatic Stress Network, which is an American website,

683
00:31:03,360 --> 00:31:06,959
Speaker 4: but often when it comes to finances, America is actually

684
00:31:07,000 --> 00:31:10,320
Speaker 4: a lot more progressive when talking about things like financial trauma.

685
00:31:10,400 --> 00:31:13,400
Speaker 4: Australia I feel like it's genuinely ten years behind when

686
00:31:13,440 --> 00:31:17,400
Speaker 4: it comes to finance content. But I found this article

687
00:31:17,440 --> 00:31:21,840
Speaker 4: that said researchers have revealed that socioeconomic status can be

688
00:31:21,920 --> 00:31:25,720
Speaker 4: linked to a majority of anxiety disorders, which later can

689
00:31:25,800 --> 00:31:30,680
Speaker 4: manifest into PTSD, which is post traumatic stress disorder. Food insecurity,

690
00:31:30,800 --> 00:31:35,080
Speaker 4: financial worries, housing instability, along with living in vulnerable conditions

691
00:31:35,120 --> 00:31:38,120
Speaker 4: can wear a one psyche like this is not just

692
00:31:38,200 --> 00:31:40,719
Speaker 4: me going oh my gosh, guys, get some help, like

693
00:31:40,840 --> 00:31:43,600
Speaker 4: genuinely research that was done by the APS. So the

694
00:31:43,640 --> 00:31:46,960
Speaker 4: Australian Psychological Society found that money was the number one

695
00:31:46,960 --> 00:31:49,560
Speaker 4: stressor for employed people. So it makes sense that we're

696
00:31:49,600 --> 00:31:51,880
Speaker 4: all stressed about money, But I just don't think we

697
00:31:51,960 --> 00:31:53,920
Speaker 4: give it enough credit to say that you can be

698
00:31:54,040 --> 00:31:58,240
Speaker 4: traumatized from your personal financial situations, like whether it is bankruptcy.

699
00:31:58,280 --> 00:31:59,800
Speaker 4: And I guess that sits on one end of this

700
00:32:00,000 --> 00:32:02,720
Speaker 4: spectrum with things like financial abuse and going through really

701
00:32:02,800 --> 00:32:05,640
Speaker 4: dramatic situations all the way through to you know, the

702
00:32:05,680 --> 00:32:07,880
Speaker 4: situation I was in where I had a personal loan

703
00:32:07,880 --> 00:32:09,440
Speaker 4: and I just couldn't sleep at night and I was

704
00:32:09,480 --> 00:32:12,000
Speaker 4: super stressed about being able to pay it. So now

705
00:32:12,040 --> 00:32:14,600
Speaker 4: whenever we talk about personal loans or you know, I'm

706
00:32:14,640 --> 00:32:16,880
Speaker 4: talking about trying to afford things, like, I get that

707
00:32:16,960 --> 00:32:18,680
Speaker 4: twang in the back of my head that makes me

708
00:32:18,920 --> 00:32:21,120
Speaker 4: feel a little bit sick in my stomach because I go, oh,

709
00:32:21,120 --> 00:32:23,400
Speaker 4: I don't want to be there, Like I just don't

710
00:32:23,480 --> 00:32:26,080
Speaker 4: want to be in a compromising position. And even when

711
00:32:26,080 --> 00:32:28,320
Speaker 4: we were in Europe recently, just so like I had

712
00:32:28,320 --> 00:32:29,959
Speaker 4: that pit in my stomach, I was like, am I

713
00:32:30,080 --> 00:32:32,640
Speaker 4: reverting to old behaviors? Not because I was going into

714
00:32:32,640 --> 00:32:35,480
Speaker 4: debt or using credit or doing anything that I don't

715
00:32:35,520 --> 00:32:38,280
Speaker 4: want to do, but because I wasn't tracking my money

716
00:32:38,360 --> 00:32:41,120
Speaker 4: as closely as I usually do. And for me, that's

717
00:32:41,160 --> 00:32:43,280
Speaker 4: My safety net is always knowing in the back of

718
00:32:43,280 --> 00:32:45,120
Speaker 4: my mind what I'm spending, what I'm saving, what that

719
00:32:45,160 --> 00:32:46,080
Speaker 4: looked like for this week.

720
00:32:46,120 --> 00:32:48,040
Speaker 2: And I remember there was one particular.

721
00:32:47,600 --> 00:32:49,360
Speaker 4: Point I was like, I don't know how much I've

722
00:32:49,400 --> 00:32:52,440
Speaker 4: spent this week. This gives me anxiety, knowing full well

723
00:32:52,480 --> 00:32:54,800
Speaker 4: I could afford it because I'd already budgeted for it

724
00:32:54,840 --> 00:32:56,640
Speaker 4: and I knew what was going on, and like we

725
00:32:56,720 --> 00:32:59,120
Speaker 4: had these budgeting spreadsheets, but I didn't know how that

726
00:32:59,200 --> 00:33:02,000
Speaker 4: budgeting spreadhere sheet fit into my personal budget.

727
00:33:02,240 --> 00:33:04,200
Speaker 2: And I was like, oh, I.

728
00:33:04,160 --> 00:33:06,280
Speaker 4: Feel a bit anxious, and I had to go away,

729
00:33:06,360 --> 00:33:08,040
Speaker 4: and like I looked up my budget and looked at

730
00:33:08,040 --> 00:33:10,479
Speaker 4: my bank accounts and made sure i was all comfy

731
00:33:10,520 --> 00:33:12,520
Speaker 4: and all happy and I'm in the very privileged position

732
00:33:12,520 --> 00:33:15,320
Speaker 4: where it was all fine. But like even me who's

733
00:33:15,360 --> 00:33:18,480
Speaker 4: in a fine financial position now was a bit like, oh,

734
00:33:18,600 --> 00:33:21,880
Speaker 4: that gave me the ick because I never talked about it,

735
00:33:22,040 --> 00:33:23,840
Speaker 4: Like why would I talk about my personal owner paid

736
00:33:23,840 --> 00:33:24,040
Speaker 4: it off?

737
00:33:24,120 --> 00:33:27,080
Speaker 7: Yeah, yeah, that trauma kind of becomes a part of

738
00:33:27,160 --> 00:33:28,120
Speaker 7: your money story, I.

739
00:33:28,040 --> 00:33:29,040
Speaker 6: Guess, yeah, exactly.

740
00:33:29,080 --> 00:33:30,920
Speaker 4: And I don't think we address it for what it

741
00:33:30,960 --> 00:33:33,280
Speaker 4: actually is, and that that's trauma, and we need to

742
00:33:33,280 --> 00:33:35,400
Speaker 4: get through that. So I guess, in a roundabout way

743
00:33:35,440 --> 00:33:37,760
Speaker 4: of answering this question, our answer isn't like do your

744
00:33:37,800 --> 00:33:39,600
Speaker 4: budget and do your cash flow, which we would recommend

745
00:33:39,600 --> 00:33:41,440
Speaker 4: to absolutely anyone, But I think you need to have

746
00:33:41,440 --> 00:33:44,440
Speaker 4: a chat with someone about this situation, about the experience

747
00:33:44,440 --> 00:33:47,280
Speaker 4: you've been through, because it was genuinely traumatic and you're

748
00:33:47,320 --> 00:33:50,120
Speaker 4: probably carrying a lot of the weight of that experience

749
00:33:50,400 --> 00:33:51,880
Speaker 4: that you can probably let go of now.

750
00:33:51,960 --> 00:33:53,800
Speaker 5: And if you are struggling with anything like that, we'll

751
00:33:53,800 --> 00:33:55,560
Speaker 5: pop a link in the show notes to Beyond Blue.

752
00:33:55,600 --> 00:33:57,960
Speaker 5: They're a really fantastic charity who do a lot of

753
00:33:57,960 --> 00:34:01,280
Speaker 5: work in the mental health space, particularly around depression, anxiety

754
00:34:01,320 --> 00:34:03,320
Speaker 5: and those kinds of things. They're not for profit and

755
00:34:03,400 --> 00:34:06,440
Speaker 5: they do fantastic, fantastic work, So if you are struggling,

756
00:34:06,560 --> 00:34:08,000
Speaker 5: please feel free to reach out to them.

757
00:34:08,080 --> 00:34:10,520
Speaker 4: Yeah, and our friends at the National Debt Helpline. If

758
00:34:10,560 --> 00:34:12,960
Speaker 4: you ever feel super stressed about money or you're in

759
00:34:13,000 --> 00:34:14,600
Speaker 4: a bit of a pickle, please feel free.

760
00:34:14,400 --> 00:34:16,000
Speaker 2: To pick up the phone and have a chat to them.

761
00:34:16,239 --> 00:34:18,880
Speaker 4: As we've said before, like it's free financial counseling and

762
00:34:18,880 --> 00:34:20,360
Speaker 4: they will put you on track to be in the

763
00:34:20,360 --> 00:34:24,080
Speaker 4: best possible position. But both of those resources the resources

764
00:34:24,080 --> 00:34:26,120
Speaker 4: that I would personally reach out to if I found

765
00:34:26,160 --> 00:34:28,040
Speaker 4: that I was finding a little bit overwhelming.

766
00:34:28,440 --> 00:34:32,120
Speaker 7: Perfect place to end it today, ladies, let's rip into

767
00:34:32,160 --> 00:34:33,720
Speaker 7: the boring but important stuff.

768
00:34:33,760 --> 00:34:34,439
Speaker 2: Oh, I can't wait.

769
00:34:34,520 --> 00:34:34,680
Speaker 1: Gee.

770
00:34:35,400 --> 00:34:37,720
Speaker 7: The advice chaired on She's on the Money is general

771
00:34:37,800 --> 00:34:41,479
Speaker 7: in nature and does not consider your individual circumstances. She's

772
00:34:41,520 --> 00:34:44,800
Speaker 7: on the Money exists purely for educational purposes and should

773
00:34:44,800 --> 00:34:46,840
Speaker 7: not be relied upon to make an investment or a

774
00:34:46,880 --> 00:34:50,560
Speaker 7: financial decision. And we promise Victoria divine and She's on

775
00:34:50,600 --> 00:34:55,440
Speaker 7: the Money are authorized representatives in Focused Securities Australia Proprietary

776
00:34:55,480 --> 00:34:58,719
Speaker 7: Limited ABN for seven zero nine seven seven nine seven

777
00:34:58,840 --> 00:35:01,879
Speaker 7: zero or nine as two three six five two three.

778
00:35:02,440 --> 00:35:04,880
Speaker 7: See you on Monday, guys, See you next week, guys,