Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
Speaker 1: the storytelling of you to make a difference for today
Speaker 1: and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 2: Hello and welcome to She's on the Money, the podcast
Speaker 2: for millennials who want financial freedom. Today is Friday, which
Speaker 2: means it is time to sit back with our friends
Speaker 2: with a bevy in hand, to unpack our favorite moments
Speaker 2: of the week, and of course to celebrate you ow incredible.
Speaker 2: She's on the Money community. As always, we're going to
Speaker 2: be sharing our favorite money weeds, We're going to discuss
Speaker 2: what's making news in the finance world, and we're going
Speaker 2: to help to answer a very juicy money question, which
Speaker 2: this week is all about bankruptcy and money trauma. But
Speaker 2: first it is time to recap the week that was.
Speaker 2: Missus Jesse Goiucci talk us through Monday's Money Diary episode.
Speaker 4: So Monday's diarist was Uber hardworking t out she was
Speaker 4: an Uber driver, which I found really interesting because I
Speaker 4: think I said when we were on the call V,
Speaker 4: I don't think I have ever had an Uber driver?
Speaker 2: How you did? You did? Actually, since you recorded that episode,
Speaker 2: we flew to Sydney and on the drive from the
Speaker 2: hotel to the airport to come home, what did we have?
Speaker 2: Jess a female driver, and I'm pretty sure I said
Speaker 2: to her, you're my first. I was like, Jess, check
Speaker 2: this out. This is so aligned to our content this week.
Speaker 2: We have to mention it. We didn't mention it to
Speaker 2: her because we're kind of like awkwardly sitting in the
Speaker 2: back pig like, do well this is cool or not?
Speaker 4: Yeah, But it was really interesting to talk to her
Speaker 4: about what it kind of looks like because I have
Speaker 4: caught many an Uber, but I've never really thought about
Speaker 4: I guess what it's like on the other side in
Speaker 4: terms of, you know, how do you pick and choose?
Speaker 4: Do you actually make good money or is it one
Speaker 4: of those things where it's actually not that worth it.
Speaker 2: I hear mixed bag stories right where people like it's
Speaker 2: not worth it, rah rah. But then you actually looked
Speaker 2: at that money, dar and I was like, oh, sis
Speaker 2: is making them? Yeah, it seems pretty lucrative.
Speaker 4: And we picked her brain around the safety as a
Speaker 4: female as well, which is something that's very front of
Speaker 4: mind for me just as an anxious woman in general.
Speaker 4: So it was really interesting to get her perspective on
Speaker 4: that and while worth listen, I loved it.
Speaker 2: I felt like it was an uber good episode. Jessicricci Again,
Speaker 2: let's move on Georgia kid Dandy, feeling good Dandy. I
Speaker 2: always like asking you how you are because you've always
Speaker 2: got a creative response. YE was like, Jess, how are you?
Speaker 2: You'd be like good, not bad. I saw a TikTok
Speaker 2: the other day. Actually that was like Australians never say
Speaker 2: how they feel. Like if you ask them how they are,
Speaker 2: you'd be like, oh, not bad. And you have to
Speaker 2: like fill in the blanks, like why can't you just
Speaker 2: say you are well? You have to just say, oh,
Speaker 2: I'm not bad? How far is it not far? Like
Speaker 2: come on, I'm like, we never tell you the direct answer,
Speaker 2: We just tell you what it's not.
Speaker 3: That is true, that's true. Well I'm dandy so can
Speaker 3: confirm that. But on Tuesday this week bit of a twist,
Speaker 3: a little surprise Tuesday, we just could.
Speaker 2: Not wait to get that episode in your ears. And
Speaker 2: by that, I mean I clicked Tuesday instead of Wednesday
Speaker 2: when uploading the episode. Sorry, not sorry, Let's call it
Speaker 2: a very.
Speaker 3: Cute mistakey accident. We spoke all about travel insurance, which
Speaker 3: was it's top of mind for a lot of people
Speaker 3: because everyone is on the mouth you coast right now,
Speaker 3: how is this I mean much you just got back
Speaker 3: from you.
Speaker 2: But we won't on their mouth coat. No, And I
Speaker 2: feel like every man in his influence that is over
Speaker 2: there at the moment, really are I just I'm envious.
Speaker 2: They're sipping apparole, they're going on boats, they're going around
Speaker 2: the como l like, can you stop.
Speaker 4: I've got to go to work, and hopefully they're insuring
Speaker 4: themselves as well.
Speaker 3: Exactly right, Well, what we learned in the episode is
Speaker 3: that the most important thing to ensure is actually yourself.
Speaker 3: So we want comprehensive insurance, ladies, If you want to
Speaker 3: know more about that. If you do have travel plans
Speaker 3: lined up, then it's definitely the episode for you.
Speaker 2: But TLDRG, the most important thing to ensure it is
Speaker 2: actually yourself. It's not your camera or your phone or
Speaker 2: your assets. It's actually about making sure that you're safe
Speaker 2: and secure. So if you can't be bothered listening to it,
Speaker 2: kind of want to spoil it for you, because I
Speaker 2: think it is so genuinely important and it still baffles
Speaker 2: me to this day that so many people be like,
Speaker 2: it doesn't really matter. I don't want to waste my
Speaker 2: money on insurance. And literally, Jess, when we went overseas,
Speaker 2: I was like, oh, book it for us, We'll work
Speaker 2: it out later because I just want to make sure
Speaker 2: you not only have good insurance, but I know it
Speaker 2: went through. I was crazy about it. But in what
Speaker 2: else is karazy g King on tour segue to the
Speaker 2: money wins? All right, Georgia King, what have you got
Speaker 2: for us this week? For our budget direct money wins?
Speaker 2: They were absolutely I want to say thump and they
Speaker 2: were really really good this week. So who thinks that
Speaker 2: who reads our money diary's theread and goes this is thumping?
Speaker 3: I don't know what I meant to say, but anyway,
Speaker 3: here we are. There's eight of them, so brace yourselves.
Speaker 1: Yeah.
Speaker 3: First one for the day comes from Kimberly money Win.
Speaker 3: My small business is finally thriving and doing the best
Speaker 3: it's ever.
Speaker 2: Done, crying emojis status.
Speaker 3: The next one comes from Sarah. My home insurance is
Speaker 3: currently due for renewal. I shopped around and completed quotes
Speaker 3: with a few different insurers online, as I do each.
Speaker 2: And every year, water Queen, so smart.
Speaker 3: But I couldn't find any cheaper than my renewal amount,
Speaker 3: so I phoned the existing insurer and asked for a discount.
Speaker 3: They knocked one hundred and forty dollars off the annual premium.
Speaker 2: Money Win. That is a very good call to make.
Speaker 2: But also you could just see that call as you
Speaker 2: making one hundred and forty bucks exactly, Jesse. If I
Speaker 2: gave you one hundred and forty bucks to make a
Speaker 2: phone call, would you do it? Absolutely? But when all
Speaker 2: the time for true, it's true, George. I actually made
Speaker 2: her call my gym one time because I was too
Speaker 2: scared to cancel my membership. I can remember this. Yeah,
Speaker 2: I feel like it was an ordeal because it was
Speaker 2: a nightmare to get out of. There was like forms
Speaker 2: and we had to go in. I just I'm traumatized.
Speaker 2: Shit done, She does alrighty. The next week comes from Tory.
Speaker 3: Money you win. My partner and I booked our first
Speaker 3: holiday together in over five years yesterday, and I had
Speaker 3: budgeted for it, so it didn't feel like it was
Speaker 3: setting me back or that I was taking it from
Speaker 3: somewhere that I shouldn't be such a nice feeling. Well
Speaker 3: done to you, Tory. Make sure you get travel insurance.
Speaker 2: Make sure you get travel insurance, and also how much
Speaker 2: of a better holiday you're going to have now you're
Speaker 2: not stressed about money on exactly and like saving up for.
Speaker 3: It instead of after paying you.
Speaker 2: I love the Late Queens.
Speaker 3: Yes, exactly right. The next week it comes from Tathy.
Speaker 3: This one's a bit a PSA which I saw you
Speaker 3: commented on in the group, Jess, so.
Speaker 2: It must be good getting involved. This stuff is good.
Speaker 3: It comes from Kathy. I read about the Medibank Private
Speaker 3: Live Better app in this group a year or so ago,
Speaker 3: and I downloaded it. You earn points through logging any
Speaker 3: health and well being activities you've participated in.
Speaker 2: Each day.
Speaker 3: You can then sink your fitness trackers to it. You
Speaker 3: earn points that can then be swapped for rewards like
Speaker 3: added as vouchers, AirPods, smart watches, and so on. Then
Speaker 3: a few months ago I had enough points to replace
Speaker 3: my fitbit that had died, and I now have enough
Speaker 3: points to claim a two hundred dollars payment towards health
Speaker 3: insurance premiums. Yes, probably pase this, bloody brother.
Speaker 2: I feel like it sounds a little bit like my
Speaker 2: AIA Vitality membership which I've mentioned before, which comes with
Speaker 2: my insurance. Because if I make enough steps and I
Speaker 2: do the health checks and all of the stuff in
Speaker 2: the app on there, I mean, I could get into it,
Speaker 2: but there's a lot to it. You actually get a
Speaker 2: discount on your insurance. So like I'm always trying to
Speaker 2: make sure that I make my steps and I'm healthy
Speaker 2: and I do my optical check every year and do
Speaker 2: all of my stuff because you get different amounts of
Speaker 2: points for different activities that you do that will contribute
Speaker 2: towards your health. And I think it just makes sense.
Speaker 2: Like these health insurance companies, you're like, this is some
Speaker 2: money win, this makes sense, but it's a win for
Speaker 2: them as well, because if they've got healthier customers, the
Speaker 2: likelihood of you actually claiming on insurance is lower, so
Speaker 2: you're less likely to be sick, but you're also saving money.
Speaker 2: Like it's a winner for everybody. It is much genius.
Speaker 3: From that remarkable high, I'm now going to take us
Speaker 3: through some money losses. But's I thank you all made
Speaker 3: me laugh, so prauss yourselves. The first one comes from
Speaker 3: Lisa money loss. I went to see Frozen, the musical
Speaker 3: I'm issuing this weekend with my child. They asked for
Speaker 3: an O laugh plush, and I thought, why not? Seventy
Speaker 3: five dollars Later, I knew where I was moving forward.
Speaker 3: I will now be asking the cost of something before
Speaker 3: saying yes again seventy five dollars for a whole loss flush.
Speaker 2: You're kidding me, Okay, okay, out of contu. You're a
Speaker 2: kid in yourself, mate. Just and I went to Disneyland
Speaker 2: recently and I did buy an e or toy. How
Speaker 2: much that's it?
Speaker 3: You?
Speaker 2: I can't but it was probably very expensive and I
Speaker 2: gave it to my dog, So I just feel like
Speaker 2: that was the most expensive thing I've ever bought. Oh,
Speaker 2: bless okay.
Speaker 3: The next loss comes from Allie money loss. My partner
Speaker 3: got blind, drunk and got a taxi alone from Melbourne
Speaker 3: to Geelong Friday time. I don't think it's meant to
Speaker 3: be funny, like I'm so sorry, Ellie. That sucks, but
Speaker 3: we've also all been there.
Speaker 2: I hope he's part and not the shad.
Speaker 3: I had this.
Speaker 2: Idea, like, you both know Steve, my partner well, like
Speaker 2: I can imagine if he'd done something like that and
Speaker 2: turned up at home, he'd be like, I'm home. Aren't
Speaker 2: you excited?
Speaker 5: Did get me?
Speaker 2: He would be so stoked. I had mom early jess
Speaker 2: are you excited? No, no, I'm not good.
Speaker 3: And the next one comes from Angelica money Win. I
Speaker 3: scored two hundred dollars off my wedding reception dress, down
Speaker 3: from five hundred dollars, which is incredible money loss. As
Speaker 3: I was traveling to the dress shop, I ended up
Speaker 3: getting a speeding fine. So evens out, I am going
Speaker 3: to end it on an inspirational note today, ladies. It
Speaker 3: comes from Teagin money Win. I got a promotion at work,
Speaker 3: but the salary wasn't quite what I expected it to be.
Speaker 3: I thought about taking the easy option and just accepting
Speaker 3: it and signing the paper. As it was already super
Speaker 3: excited to get the promotion. I decided to sleep on
Speaker 3: it and woke up the next morning and wrote a
Speaker 3: list of points as to why I was worth more.
Speaker 3: I went in feeling confident and stated the facts and
Speaker 3: then gave them my number. They rang me on Friday
Speaker 3: and said they were proud of me for going back
Speaker 3: and they've rounded the number up. Thank you. She's on
Speaker 3: the money for giving me the skills to achieve this.
Speaker 2: What a good place to leave it. I love that, Georgia.
Speaker 2: I thought you were taking a few liberties going I've
Speaker 2: got eight this week. I was like, oh do you?
Speaker 2: But all of those absolutely made the cut. It has
Speaker 2: been great, gee celebrating some of your budget Direct money
Speaker 2: wins Budget Direct winner of Canstar's Insurer of the Year
Speaker 2: Award twenty twenty two. Budget Direct Insurance solved with that,
Speaker 2: my friends, let's go to a quick break and then
Speaker 2: we're going to dive straight into some very juicy money topics.
Speaker 2: All right, let's dive straight back in, miss Jessica. She
Speaker 2: I believe you have a piece of content you would
Speaker 2: like to discuss with the group.
Speaker 4: Of course, now don't turn off when I say this
Speaker 4: word after pay, I.
Speaker 2: Don't turn off. Georgia gets through spicy, she gets through heated.
Speaker 2: She's literally just like stood up. I'm ready.
Speaker 4: I know we talked about out to pay a lot,
Speaker 4: but we got reasons so Eddy dms because over the weekend.
Speaker 4: This is in Auckland, New Zealand. But I wouldn't be
Speaker 4: surprised if they tried to roll it out here as well.
Speaker 4: A bottleo rolled out after pay in their store, which
Speaker 4: means that obviously you can break down your payment of
Speaker 4: alcohol into full for.
Speaker 2: Yeah, a kind of them.
Speaker 4: Been a lot of criticism around this, beyond what we
Speaker 4: normally talk about, and I thought it was a very
Speaker 4: interesting conversation because alcohol is obviously a control old substance,
Speaker 4: there's an addictive substance, and in Australia, and I know
Speaker 4: we talking about New Zealand, but there's definitely a history
Speaker 4: of culture relating to bad habits when it comes to
Speaker 4: over consumption of alcohol. And the criticism that we're seeing
Speaker 4: is people saying this shop shouldn't do it. It's so unethical.
Speaker 4: If people can't afford a drink, they shouldn't buy a drink.
Speaker 4: This is going to enable people who arguably maybe are
Speaker 4: in a bit of a bad place to purchase more
Speaker 4: than they would normally be able to because they can
Speaker 4: afford more. And the debate it kind of sparked was
Speaker 4: really interesting because I think it comes down to, ethically,
Speaker 4: is the responsibility on the store owner? So let's say
Speaker 4: it's a small business, because it didn't roll out in
Speaker 4: like a Dan Movies, I think it was an independent
Speaker 4: Is it the store owner's job to regulate that? Is
Speaker 4: it our job as consumers to keep an eye on
Speaker 4: what we're doing, or more broadly, should the government be
Speaker 4: stepping in and keeping an eye on these things? Where
Speaker 4: does that responsibility lie? Because at the moment, it really
Speaker 4: seems like everyone's kind of going, not my problem, not
Speaker 4: my circle's, not my monkey's, and nothing's being done, and
Speaker 4: these policies or these steps are being put in place
Speaker 4: that really, in my opinion, kind of pushed the boundaries
Speaker 4: of what is and isn't okay. But that's also totally
Speaker 4: a personal perception thing, and so I wanted to see
Speaker 4: what you guys kind of thought about it.
Speaker 2: Well, given I'm basically best friends with Jacinda Arjurn, let
Speaker 2: me for her. At our next meeting, I'll just bring
Speaker 2: it up and be like, hey, could you fix this,
Speaker 2: and she'll be like, no problems, babe, got you, and
Speaker 2: we'll organize it all. But I think from my perspective again,
Speaker 2: I'm obviously not that stoked with it, But if we
Speaker 2: compare it to other industries. We were talking and it
Speaker 2: hasn't come out yet, it'll come out next week. We
Speaker 2: have a money diary with a woman who is a
Speaker 2: sex worker, and she was saying that payment terminals often
Speaker 2: kick sex workers off those terminals because they think that
Speaker 2: they're generating money that is maybe not as klosher as
Speaker 2: it could be, and they see that as a high
Speaker 2: risk industry, so they say no, thank you. So it's
Speaker 2: the platform taking the responsibility. And then also looking at
Speaker 2: the way Australia governs financial advisors and accountants and you know,
Speaker 2: financial platforms, it's actually very different to the way it
Speaker 2: is managed around the world. So Jess, you and I
Speaker 2: are actually going to a conference in September in the US.
Speaker 2: It's a finance conference so that we can learn about
Speaker 2: how other people are producing money content internationally, and we
Speaker 2: are so genuinely excited. Actually low key, I'm speaking at
Speaker 2: the event. I am stoked. But in America, the onners
Speaker 2: is put on the consumer and they say the consumer
Speaker 2: has to go do their own research and make the
Speaker 2: decision that's right for them. In Australia the opposite is true,
Speaker 2: and you're seeing this a lot at the moment in
Speaker 2: the media with financial advisors being come down on like
Speaker 2: a town of bricks when it comes to acid regulations
Speaker 2: and finfluences, you know, coppying a lot of heat at
Speaker 2: the moment for the content they produce. Because in Australia,
Speaker 2: the onners is put on the content creator, or the
Speaker 2: onners is put on the business. So if you then
Speaker 2: apply this to this particular situation, I look at it
Speaker 2: and I go, yeah, it's in New Zealand. There are
Speaker 2: friends across the ditch. Yes, they're not governed by the
Speaker 2: same rules and regulations here in a Australia. But from
Speaker 2: my perspective as an Australian, I would then assume that
Speaker 2: the onus is on after pay to regulate that and
Speaker 2: not allow things like alcohol or tobacco or gambling on
Speaker 2: their platforms because it's not an essential item. I think
Speaker 2: you guys and I sit in a very privileged position
Speaker 2: where we get to look at after pay as something
Speaker 2: that is, you know, the big bad wolf, and we
Speaker 2: do need to look at it from a little bit
Speaker 2: more of a less entitled view and go, gin, know what,
Speaker 2: there are people out there that need this to get by.
Speaker 2: It's something that they're using that is enabling them to
Speaker 2: have a good lifestyle or change their lives in a
Speaker 2: way that they weren't able to before, whether that's because
Speaker 2: they can't access credit or they have you know, we've
Speaker 2: heard stories in our community, people like the I use
Speaker 2: after pay all the time because I only have sentling
Speaker 2: and I just need to get through the next pay,
Speaker 2: and you know, I'm really responsible with it, but I
Speaker 2: might be buying Christmas presents where I might be buying
Speaker 2: things that my kid needs for school, or more recently,
Speaker 2: I've spoken to people and they're like, the it's so good.
Speaker 2: I know that you don't like after pay, but I've
Speaker 2: been paying for doctors of moments on that that otherwise
Speaker 2: I would have been really stressed about that my kid needed.
Speaker 2: And I go, wow, like, there are some good reasons
Speaker 2: to use it, But then alcohol, to me, that's a
Speaker 2: luxury that's not something that is a necessity. It's something
Speaker 2: that can be used and abused, and it just is
Speaker 2: not putting our community in the right position. And the
Speaker 2: messages I'm getting a test to that, like they genuinely
Speaker 2: break my heart. It's making me go, oh, I wish
Speaker 2: I could do more, but what can you do? This
Speaker 2: isn't even happening in our country.
Speaker 3: Well, a lot of the people that are going to
Speaker 3: be using after pay in bottle shops if this does
Speaker 3: become a thing across the board and infiltrates into the
Speaker 3: Australian marketplace as well. They're people that can't afford alcohol
Speaker 3: from where they're at currently. They're in these bad, bad
Speaker 3: positions and it's really exploiting extremely vulnerable people. That's why
Speaker 3: I don't like after pay full stop. But to move
Speaker 3: into this alcohol space is just makes me very mad.
Speaker 3: We saw it maybe like six months ago, maybe a
Speaker 3: little bit longer. You can now like after pay your cocktails.
Speaker 2: Yeah, and it's not just to pay right, like we
Speaker 2: highlighted on our She's on the Money stories, payoh, which
Speaker 2: is a company that purely exists for bars, restaurants and
Speaker 2: food providing services. And I was just like, what there's
Speaker 2: a food specific buy now, pay later, Like where's the line,
Speaker 2: Like how does that work? And I think my biggest
Speaker 2: gripe with it is that it's just not regulated in
Speaker 2: the same way credit would be, because a lot of
Speaker 2: people are gonna jump up and down and be like, Victoria,
Speaker 2: you can go and put a bottle of vodka on
Speaker 2: your credit card tomorrow. Yeah, but like there's checks in
Speaker 2: place for you to be able to do that. They've
Speaker 2: checked your financial history, they've checked your serviceability, they've checked
Speaker 2: whether you can repay that loan, because that's basically what
Speaker 2: it is, whereas those same restrictions don't apply to after pay,
Speaker 2: So to me, it's a really slippery slope.
Speaker 3: So yes, obviously my disdain for after pay is very
Speaker 3: You had it for just a little bit of disdain,
Speaker 3: but I wanted to play the devil's advocate here, ladies,
Speaker 3: because we, as we've said on the podcast, are heading
Speaker 3: into a recession.
Speaker 2: Things. Don't get that word around here. We are having
Speaker 2: a good data now, but things are really really tough.
Speaker 3: The cost of living is ridiculous right now, and small
Speaker 3: businesses are facing that crisis as well. So we know
Speaker 3: that after pay is really good for small business. So
Speaker 3: how do they kind of balance that ethical dilemma of
Speaker 3: wanting to use after pay to attract more consumers and
Speaker 3: customers while also dealing with the ethical ambiguity of offering
Speaker 3: a service that might put customers in a precarious situation.
Speaker 2: It's such a hard position because you look at it
Speaker 2: and you go pragmatically. After pay makes a lot of
Speaker 2: sense for small business. Statistically, Gee, the stats on the
Speaker 2: after pay website say the average Australian small business merchant
Speaker 2: sees are thirteen percent uppleiest in rev you by partnering
Speaker 2: with after pay, which equates to around thirty two thousand
Speaker 2: dollars in new revenue annually. Like, if I was a
Speaker 2: small business and it doesn't matter what I was selling,
Speaker 2: if I was selling candles or stationery, or if I
Speaker 2: had a bikini business, like, I would look at it
Speaker 2: and go well, from my perspective, I just want to
Speaker 2: sell my product and get my product on more people's shelves.
Speaker 2: And a good way to do that is to increase
Speaker 2: the ways people can pay. And you know, if I'm
Speaker 2: selling candles and I go oha, my candles are only
Speaker 2: like thirty dollars each or fifty dollars each or whatever
Speaker 2: inflation has made them these days. What is my responsibility?
Speaker 2: Like should I stop Jess from paying for one of
Speaker 2: my candles because she really wants it in four separate payments?
Speaker 2: Like Jess is a very I'm using you as an example,
Speaker 2: my friend, But Jess is a really financially conscious person.
Speaker 2: I know what your savings habits are, and I know
Speaker 2: that if you used a platform like after pay, you
Speaker 2: would probably be using it because you're cash flowing or
Speaker 2: you're like, oh well, I gave myself this budget and
Speaker 2: cashlow plan and I only have this amount to spend
Speaker 2: per week, so I'm going to take it out of
Speaker 2: my cash flow plan for the next four weeks. This
Speaker 2: makes sense, and you can use it really constructively and
Speaker 2: for the people that just want to use it as
Speaker 2: a cash flow tool, like are you taking something away
Speaker 2: from them by worrying about the people that aren't as responsible?
Speaker 2: And how responsible are you for people's actions? Like obviously,
Speaker 2: I care so much about our community and want them
Speaker 2: to be in the best possible position, so I jump
Speaker 2: up and down about it. But Georgia, how much of
Speaker 2: a responsibility is it on you to manage your friends'
Speaker 2: finances or the decisions they make if they're a grown adult.
Speaker 3: Yeah, it's such a hard one because it does it
Speaker 3: comes down to the individual. But what's missing in that
Speaker 3: piece is the education. And we're doing our best atchoes
Speaker 3: on the money to explain the details of all of this,
Speaker 3: and you know, Piers through the marketing that is really
Speaker 3: confusing and makes us feel like things are okay when
Speaker 3: they're really not. So I don't know who's responsibilities. It's
Speaker 3: really really hard.
Speaker 2: It is right because it's like I feel like it's
Speaker 2: my responsibility as a financial advisor to education you guys.
Speaker 2: But I also say often like I don't care what
Speaker 2: you do with your money as long as you're educated
Speaker 2: and you know that the decisions you are making are
Speaker 2: the right ones for you. I really want to be
Speaker 2: able to put the onus back on you and say, well, gee,
Speaker 2: if you go and make that decision, that's on you, Like,
Speaker 2: I'm not going to judge that situation. That's not my position.
Speaker 2: If we took this and put it in any other
Speaker 2: stream of life, whether that's sex or religion, money is
Speaker 2: that other spicy topic that people don't like talking about.
Speaker 2: How much do I have to control over your religion,
Speaker 2: or your sex life or any of that. Why should
Speaker 2: I then have a say over you know, my client's
Speaker 2: financial life. Do you know what I mean? Like, unless
Speaker 2: you've come to me as an advisor and said I
Speaker 2: want financial advice from you, Victoria, I don't think it's
Speaker 2: any of my business to dish out advice. This podcast
Speaker 2: is educational because I want you to want to educate yourself,
Speaker 2: but if you're listening to it, it's because you want
Speaker 2: that already, right, Like, yeah, it's about where the onus is,
Speaker 2: but it's also about when do you expect the government
Speaker 2: to step in? And if this word happened in Australia,
Speaker 2: which it basically has already with buy now, pay later
Speaker 2: platforms like Payoh, where's the line where does the government
Speaker 2: step in and say, you know what? We know that
Speaker 2: the Australian population does not have good financial literacy, so
Speaker 2: therefore there needs to be a few steps here to
Speaker 2: put them in the best possible position. Whereas if they
Speaker 2: could be like oh no, like financial literacy is a
Speaker 2: core pillar of our education system and they've been doing
Speaker 2: it since prep. They know, well, that might be a
Speaker 2: different story. But till then, I think that there needs
Speaker 2: to be a bigger governing body that makes sure that
Speaker 2: we are in the best possible position. In the same
Speaker 2: way that the government has restricted the sale of tobacco
Speaker 2: and have restricted the sale of alcohol to people under
Speaker 2: the age of eighteen, and like they've made all these
Speaker 2: other rules to protect us, why is this not an
Speaker 2: extension of that?
Speaker 4: And I think because we're treading unprecedented waters here with
Speaker 4: you know, I think businesses like after pay and buying
Speaker 4: our pay lader platforms in general are really pushing and
Speaker 4: testing the boundaries to see what they can and can't
Speaker 4: get away with, and they, you know, would have really
Speaker 4: big teams in the background working to find how they
Speaker 4: can be compliant in the most bendy way possible for them.
Speaker 4: I'm a big believer in the power of the people,
Speaker 4: and what I would say to all of our friends
Speaker 4: in New Zealand and all of our friends in Australia,
Speaker 4: should we, you know, come to this point make a report.
Speaker 2: In New Zealand.
Speaker 4: The Commerce Commission which is ComCom dot Govte dot NZ.
Speaker 4: They're the regulating body here in Australia. It's consumer Affairs
Speaker 4: and one of their dot points on their website it
Speaker 4: says that their role is to regulate credit contracts and
Speaker 4: Consumer Finance Act, which protects consumers when they borrow money
Speaker 4: or buy goods on credit. And so while it's not
Speaker 4: a direct line of credit, they're definitely borrowing money to
Speaker 4: gen and that I would suggest, if you feel the
Speaker 4: same way that we do, send them a nice email.
Speaker 4: There's a big red button that says make it very same.
Speaker 4: They make it really easy and say to them, hey,
Speaker 4: I'm really concerned about the direction this is going. This
Speaker 4: seems really unethical, and I think it's something you should
Speaker 4: look into because if enough people start making that complaint,
Speaker 4: it will trigger an investigation. And that's all you can
Speaker 4: really do is try to facilitate change. But it requires
Speaker 4: people to take that little step and do something about it.
Speaker 4: So that's what I would personally suggest, because I do
Speaker 4: think that right now these platforms are kind of seeing
Speaker 4: what they can get away with, and it's up to
Speaker 4: us as a community and just as human beings to say, actually,
Speaker 4: it's not good enough, yeah, and to talk to.
Speaker 3: Each other about it as well. If you have mates
Speaker 3: that you know use after pay and would be tempted
Speaker 3: by something like this, if you are in New zealand
Speaker 3: talk to them about it, help them out with that education.
Speaker 3: If they're not share these.
Speaker 2: Podcasts with them exactly, if you don't even have to
Speaker 2: sit them down and be like, okay, Georgia, I was thinking,
Speaker 2: you need to Xpyz. You can bring finance topics up
Speaker 2: in really non confrontational ways where you put the onus
Speaker 2: back on you, and you'd be like, oh my gosh,
Speaker 2: I was listening to this great podcast the other day
Speaker 2: and they were saying x y Z Jess. If you
Speaker 2: haven't le to it, I'll send you the link, because honestly,
Speaker 2: it made me really think. And you just don't have
Speaker 2: to say, oh my gosh, yes, So I noticed you
Speaker 2: use after pain, and I just don't think that's a
Speaker 2: good thing. Like it's not your job to tell people
Speaker 2: what to do with their money, but I think it's
Speaker 2: everybody's job to increase the level of financial literacy we have.
Speaker 2: And once we get to a point where I genuinely
Speaker 2: feel like our community is financially literate, I'll probably not
Speaker 2: be as vocal on these platforms because I'll be like cool,
Speaker 2: like they exist, but I know people use them responsibly,
Speaker 2: like and I know that people understand the repercussions of
Speaker 2: their decisions. And I know that people are in a
Speaker 2: pretty good position because they've you know, structured things right,
Speaker 2: But we can't genuinely say that. And I think that
Speaker 2: that's why we're so uncomfortable, because we're looking at it going.
Speaker 2: There are so many people that are gonna, you know,
Speaker 2: end up in compromising positions because of this, because they
Speaker 2: just don't know any better. And I mean, that's a
Speaker 2: really beautiful thing that we care. But you also have
Speaker 2: to go how much of this is our responsibility, how
Speaker 2: much of it is the responsibility of the government, and
Speaker 2: how much is a product responsibility?
Speaker 3: Lots to think about, ladies, But I reckon it's probably
Speaker 3: time for a little money dilemma.
Speaker 2: If we're interested, Oh would love that.
Speaker 3: That's how to listen, Hi, Beert, have you got a
Speaker 3: money dilemma you just can't solve that. She's on The
Speaker 3: Money Team is here to help. Every week we tackle
Speaker 3: your dilemmas, both big and small, to answer your most
Speaker 3: burning money, career and life questions. To get involved, simply
Speaker 3: head to our website and leave us a quick voice
Speaker 3: recording and you may just find yourself on the show. Now,
Speaker 3: let's take a listen to today's money dilemma.
Speaker 6: My husband and I had to start over again after
Speaker 6: being bankrupt from our business. We have done an amazing
Speaker 6: job saving We got a twenty percent deposit together, purchased.
Speaker 5: A block of land and in our building. However, I
Speaker 5: am petrified of having not so much money in the
Speaker 5: account I just keep thinking back to when we had nothing.
Speaker 5: We've worked so hard and I know we have money
Speaker 5: in the accounts and we are quite stable, but I
Speaker 5: have a massive fear of looking at the bank accounts
Speaker 5: and I just don't know what to go, where to
Speaker 5: go from here? We have no other debts apart from
Speaker 5: a home loan. Please help me.
Speaker 2: I really feel for her.
Speaker 4: She sounds like genuinely stressed, Like that's my first thought,
Speaker 4: Like off the back of.
Speaker 2: That, yeah, actually I don't. That tone of voice was, SI, oh,
Speaker 2: I'm not in a good place with this.
Speaker 4: I totally get being stressed out. I think like I've
Speaker 4: obviously never been through bankruptcy myself. But we did a
Speaker 4: really good episode actually on it a couple months ago.
Speaker 4: But I would highly recommend it because we spoke a
Speaker 4: lot about the stigma and how it can actually be
Speaker 4: a really positive choice for somebody if you're making it
Speaker 4: and it's the right decision for you, which I think
Speaker 4: is a great thing. But I can totally understand how
Speaker 4: going through something like that could really bring out a
Speaker 4: lot of anxiety. And we refer to earlier as a
Speaker 4: little bit of trauma, you know, that real stress around
Speaker 4: Oh my gosh, Like I don't want to find myself
Speaker 4: back in that position where things are so difficult and
Speaker 4: I'm making these really hard choices do impact my future
Speaker 4: and do impact my ability to borrow money. I'm sure
Speaker 4: that they would have had to jump through some hoops
Speaker 4: to get this mortgage that they've got, which is very exciting. Congratulations, Yeah,
Speaker 4: super exciting. But I can totally see how that would
Speaker 4: be really anxiety inducing. And I think that it's probably
Speaker 4: a little bit bigger than you know, normally we'd say, hey,
Speaker 4: look at your.
Speaker 2: Cash flow system. It's not that at all.
Speaker 1: Is that.
Speaker 4: I think it's a much bigger issue, and V, I'd
Speaker 4: love to know what you suggest she kind of do
Speaker 4: to help deal with those feelings.
Speaker 2: I think the first thing that I would say here
Speaker 2: is you are validated in your feelings, and even though
Speaker 2: quote you're better, that doesn't mean that there's not trauma there.
Speaker 2: And I think validating that financial trauma exists is really
Speaker 2: important because it's scientifically proven that you can be traumatized
Speaker 2: from your financial situation. Bankruptcy includes so much more than like, oh, Jess,
Speaker 2: you had to file for bankruptcy and you skip down
Speaker 2: the lane and you're in a better position to hurry,
Speaker 2: you'll be able to get a mortgage later. Like, there's
Speaker 2: so much stress and energy during that process that actually
Speaker 2: needs working through. So in this circumstance, I would recommend,
Speaker 2: and this is not just a bankruptcy, if you've been
Speaker 2: through any type of traumatic event, financial or otherwise, I
Speaker 2: would seek therapy. And I would be going to talk
Speaker 2: to a professional counselor or psychologist, or I'd be going
Speaker 2: to talk to my GP asking for a mental health
Speaker 2: care plan and just saying, look, I need to work
Speaker 2: through these things because anxiety is real and we need
Speaker 2: to find ways to not only cope with that, but
Speaker 2: really understand the root cause. And you still feeling anxious
Speaker 2: about money even though you're quote in a better position,
Speaker 2: is an indicator that you are not fully across, that
Speaker 2: you're not over that line. We're not over that at
Speaker 2: all and you actually need to delve deeper into that.
Speaker 2: I do find this to be very common in people
Speaker 2: who experience bankruptcy or go through a similar process, because
Speaker 2: you end up wanting to stick your head in the sand,
Speaker 2: Like bills make you so anxious and you don't want
Speaker 2: to open another one because what if it's a bill
Speaker 2: that is not expected? What if it's a fohone bill
Speaker 2: that's above and beyond what you had anticipated. What if
Speaker 2: it's the mortgage company calling you and saying, well, actually
Speaker 2: you accidentally paid your mortgage into the wrong account and
Speaker 2: you're now behind three months. Like I'm not saying that
Speaker 2: those things are true, but when you're anxious, you dramatize
Speaker 2: everything and you make everything seem much worse than it
Speaker 2: actually is. And we need to work on that because
Speaker 2: as a fellow anxious person, that impacts your ability in
Speaker 2: your relationships, in your ability to derive an income, in
Speaker 2: your ability to you know, be physically healthy. Like, these
Speaker 2: things impact you so deeply. It's not funny. And I
Speaker 2: think that we don't really talk about and I don't
Speaker 2: think we've talked about financial trauma on the podcast before,
Speaker 2: but I pulled up a few stats about it for you, guys.
Speaker 2: It has a definition. Financial trauma is a moment in
Speaker 2: someone's life where things changed and a belief and image
Speaker 2: about their relationship with money turns around in a negative way.
Speaker 2: So obviously that makes sense to me. But one thing
Speaker 2: that I thought was really interesting is I was reading
Speaker 2: an article on the Nation Child Traumatic Stress Network, which
Speaker 2: is an American website, but often when it comes to finances,
Speaker 2: America is actually a lot more progressive when talking about
Speaker 2: things like financial trauma. Australia I feel like it's genuinely
Speaker 2: ten years behind when it comes to finance content. But
Speaker 2: I found this article that said researchers have revealed that
Speaker 2: socioeconomic status can be linked to a majority of anxiety disorders,
Speaker 2: which later can manifest into PTSD, which is post traumatic
Speaker 2: stress disorder. Food insecurity, financial worries, housing instability, along with
Speaker 2: living in vulnerable conditions can wear a one psyche like
Speaker 2: this is not just me going, oh my gosh, guys,
Speaker 2: get some help, like genuinely research that was done by
Speaker 2: the APS. So the Australian Psychological Society found that money
Speaker 2: was the number one stressor for employed people. So it
Speaker 2: makes sense that we're all stressed about money, But I
Speaker 2: just don't think we give it enough credit to say
Speaker 2: that you can be traumatized from your personal financial situations,
Speaker 2: like whether it is bankruptcy. And I guess that sits
Speaker 2: on one end of this spectrum with things like financial
Speaker 2: abuse and going through really dramatic situations all the way
Speaker 2: through to you know, the situation I was in where
Speaker 2: I had a personal loan and I just couldn't sleep
Speaker 2: at night and I was super stressed about being able
Speaker 2: to pay it. So now whenever we talk about personal
Speaker 2: loans or you know, I'm talking about trying to afford things, like,
Speaker 2: I get that twang in the back of my head
Speaker 2: that makes me feel a little bit sick in my
Speaker 2: stomach because I go, oh, I don't want to be there,
Speaker 2: Like I just don't want to be in a compromising position.
Speaker 2: And even when we were in Europe recently, just so
Speaker 2: like I had that pit in my stomach, I was like,
Speaker 2: am I reverting to old behaviors? Not because I was
Speaker 2: going into debt or using credit or doing anything that
Speaker 2: I don't want to do, but because I wasn't tracking
Speaker 2: my money as closely as I usually do. And for me,
Speaker 2: that's my safety net. Is always knowing in the back
Speaker 2: of my mind what I'm spending, what I'm saving, what
Speaker 2: that looked like for this week. And I remember there
Speaker 2: was one particular point I was like, I don't know
Speaker 2: how much I've spent this week. This gives me anxiety,
Speaker 2: knowing full well I could afford it because I'd already
Speaker 2: budgeted for it and I knew what was going on,
Speaker 2: and like we had these budgeting spreadsheets, but I didn't
Speaker 2: know how that budgeting spreadhere sheet fit into my personal budget.
Speaker 2: And I was like, oh, I feel a bit anxious,
Speaker 2: and I had to go away, and like I looked
Speaker 2: up my budget and looked at my bank accounts and
Speaker 2: made sure i was all comfy and all happy and
Speaker 2: I'm in the very privileged position where it was all fine.
Speaker 2: But like even me who's in a fine financial position
Speaker 2: now was a bit like, oh, that gave me the
Speaker 2: ick because I never talked about it, Like why would
Speaker 2: I talk about my personal owner paid it off?
Speaker 3: Yeah, yeah, that trauma kind of becomes a part of
Speaker 3: your money story.
Speaker 2: I guess, yeah, exactly, And I don't think we address
Speaker 2: it for what it actually is, and that that's trauma
Speaker 2: and we need to get through that. So I guess,
Speaker 2: in a roundabout way of answering this question, our answer
Speaker 2: isn't like do your budget and do your cash flow,
Speaker 2: which we would recommend to absolutely anyone, But I think
Speaker 2: you need to have a chat with someone about this situation,
Speaker 2: about the experience you've been through, because it was genuinely
Speaker 2: traumatic and you're probably carrying a lot of the weight
Speaker 2: of that experience that you can probably let go of now.
Speaker 4: And if you are struggling with anything like that, we'll
Speaker 4: pop a link in the show notes to Beyond Blue.
Speaker 4: They're a really fantastic charity who do a lot of
Speaker 4: work in the mental health space, particularly around depression, anxiety
Speaker 4: and those kinds of things. They're not for profit and
Speaker 4: they do fantastic, fantastic work, So if you are struggling,
Speaker 4: please feel free to reach out to them.
Speaker 2: Yeah, and our friends at the National Debt Helpline. If
Speaker 2: you ever feel super stressed about money or you're in
Speaker 2: a bit of a pickle, please feel free to pick
Speaker 2: up the phone and have a chat to them. As
Speaker 2: we've said before, like it's free financial counseling and they
Speaker 2: will put you on track to be in the best
Speaker 2: possible position. But both of those resources, the resources that
Speaker 2: I would personally reach out to if I found that
Speaker 2: I was finding a little bit overwhelming.
Speaker 3: Perfect place to end it today, ladies, let's rip into
Speaker 3: the boring but important stuff.
Speaker 2: Oh, I can't wait.
Speaker 1: Gee.
Speaker 3: The advice chaired on She's on the Money is general
Speaker 3: in nature and does not consider your individual circumstances. She's
Speaker 3: on the Money exists purely for educational purposes and should
Speaker 3: not be relied upon to make an investment or a
Speaker 3: financial decision. And we promise Victoria divine and She's on
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Speaker 3: See you on Monday, guys, See you next week, guys,