Just before we get started, we'd like to acknowledge and pay respect to Australia's Aboriginal and torrest Rate islander peoples. They're the traditional custodians of the lands, the waterways and the skies all across Australia. We thank you for sharing and for caring for the land on which we are able to learn. We pay respects to elders past and present, and we share our friendship and our kindness.
She's on the Money, She's on the Money.
Hello, and welcome to She's on the Money, the podcast for millennials who want financial freedom. Welcome back to another one of our Friday Drinks episodes where we get to celebrate the money wins from our She's on the Money community. There are obviously so many great money wins and some confessions sheared each and every single week in our Facebook group, and we spend a very big part of our week talking about you all and celebrating you in the office without you being able to see.
So what only seems fair that we.
Make a pod to share it with the rest of you this week, As we are every week, we are celebrating you in This whole episode is for you. Friday is about celebrating the community that surrounds us and having more positive and constructive conversations around money. So let's jump straight into it. Jess Grici, we have had a lot of good feedback this week about our money diary.
What happened, Well, it made me mad. Firstly, she was lovely.
Why are you angry mad about the situation?
Yes, she is a lie, but she's currently going through a workers' comp claim because she was injured in the workplace due to something that was not her fault at all. It was actually due to someone else not following procedure, and her workplace doesn't really want to pay her, like it's they don't.
And they're trying to fire her and they're trying to push her out, and it just seems so cooked that this is happening, and she's having to take legal action and like it's just so much she's literally had her back broken.
Yeah, the poor thing. She's going through so much stress. She's having to pay these legal fees out of her own pocket, not even knowing if she'll be able to recoup them, because if you know, things don't go her way, that's money that she's spent trying to get something that I would argue she absolutely is deserving of. And unfortunately, it's not an uncommon story. It happens to a lot
of people. And I think that's why we got so much good feedback this week is because it's not a unique experience, so fortunately, which is terrible to think of, particularly because those high risk jobs where you're more prone to injury are really essential, Like we couldn't function without those roles, and it's such a shame that those employees aren't being prioritized and their safety doesn't seem to be of importance to these big companies.
And it breaks my heart to think that she's, you know, had this career that really worked for her, Like she was telling us how she had this five Fox roll where she'd fly in for a couple of weeks and then out, so she got to spend heaps of time with her family and bringing up her kids. And now that's not going to be the reality because she can't return to that type of work after this injury. But jes she did say that this is arguably one of the darkest times in her entire life and that that
broke me. Like I remember being like I'm so lack. I wish I could do more, and we're obviously in the background making sure she's supported and we love her and we'll keep you guys updated. I hope that this is a money story where we have a really beautiful update to share with you all, but I think it's a money story worth sharing. But the benefit here, right, this is a very selfish benefit. She went back to UNI, she studied financial planning, and she wants to be a planner.
So like, there's more cool, strong female financial advisors that I could join the industry.
And I'm so excited about that because she was so.
Kind and so intelligent and so compassionate, and I was just like, oh, You're going to make a great adviser. So I mean, that's the benefit that I saw.
One thousand percent. Really good story. She got a scholarship as well. But listen for all of the details, because you don't think it's going to happen to you. You don't think it's going to happen to someone you know, and unfortunately the stats tell us that it in fact potentially.
Could and as an advisor.
The worst part about this story is she just assumed she had income protection and she didn't. Oh, let's move away from that jeeking On tour. Hello, ladies, it's nice to see you both looking extra radiant today.
I love the yellow against your ten very provision Eurovision. Thanks girl.
I guess we're talking about the Wednesday deep dive.
Yeah, we had a good deep dive.
Well, I was honored it was Glennie James, I believe.
Yeah, that's why it was so good. I haven't listened to it, whoops, because you weren't there.
Because it was Glenn and we loved him.
So Glenn and I sat down and we had a big chat about all the things that we thought were important. Does get a little bit randy, does get a little bit fun.
Does at some point get a little bit spicy? But that is.
Okay, And that is a Glenn James podcast. And I'm really grateful to have like finance friends, but also podcast friends where we can jump on and vibe. Because we weren't able to record in it together, George, so Glenn put one out of the hat for us.
What a legend? What did you talk about? Everything? And nothing?
We did a whole heap of listener questions and just like ranting about mainly by now pay later.
For anyone who doesn't know. Glenn is, of course from My Millennial.
Yes, so Glenn is the host of My Millennial Money. He's an ex financial advisor and all round legend. I hope he's this complimentary about me on his podcast. We're just setting the expectation up there. But you know, Georgia King, who else is a legend that she's on the money community.
Which is why we're here today.
And you're going to share their money wins with us this week. What if you brought in some caucus as per when are they not caucers? Let's be really always, really good. Absolutely.
Our first win of the day, Ladies is from Sarah Money Win. I was running low on my everyday Foundation and needed to buy a replacement. Then I saw that the brand I used was part of the after pay day sales. But I didn't want to have anything to do with supporting an after pay collaboration if I could help it, so I did.
A little I love her phone extra money win peace shout.
So I did a little extra research and an influencer code that got me the same twenty percent of.
Oh my god, what a j.
She's like, I'm not having this all right. The next wee here comes from Jenny Money. When I was offered a promotion at work, but was incredibly nervous to have the salary conversation. To my surprise, I was offered a salary bump without even asking. But because I had already hyped myself up and had been practicing, I decided to ask if there was any wiggle room for a high number.
Anyway, And surprise, they agree.
What it's true, what they say. The worst that can happen when you ask for a salary increase is that they say.
No, don't start, don't get guky.
Percisely good on her though, And would you guys do that if they offered you an increase, would you ask for a little bit more?
It's a bit cheeky. I would.
I've got a lot of audacity, though, Yeah, depends on if they like if they've already asked your expectations, Like if I set my expectations and they met them, I probably wouldn't. But if they hadn't had that conversation, which like now having worked here, I'm more if they asked.
Meet all of you up for failure.
Sorry, anyone who ever interviewed me that you're screwed like.
They are in a lot of trouble.
I mean, it's probably a good sign that Jess didn't ask for more money when I gave her a pay rise last year.
Where you can take this off line?
What else on our next wings from Amanda, I'm not sure if this is something I should be proud of or ashamed of. In lockdown exactly, I signed up for Binge and watched the whole of the Euphoria series before the end of the trial period and canceled my subscription before being billed. Very stoked with that money in.
I think she's a genius. But do you know what else she needs to do?
She needs to get another email, sign up for another free trial period and watch that below.
Deck show that I'm obsessed with. It's trash, George, you like it too, though.
It's really opened my eyes up to the world of soup. That's my fini have much to do with the world of the one you can come from. Do I look like I've ever been on a spacht?
You look like somebody would want to take you on their sup for your sugar daddy?
Where you are? What next we enjoy?
The next one is from Diet Money win. After listening to Chese on the Money, I was inspired and felt confident enough to ring my bank and ask for a better rate on our home loan. Yes. We then visited a mortgage broker who found us a much better deal. By his calculations, we'll be saving about two thousand dollars a year a year. And now that I see how easy it is to ask and check for better rates, we will definitely be doing this more in the future.
I love this.
You take note, everybody listening. It is easier than you think it is.
There's a template on our website.
Go download it. It's freezy easy.
The next win is from Brook.
I scored one thousand dollars worth of accommodation at a five star hotel for two hundred dollars. Absolute win, Little Metal Emotion.
That's so expensive. Oh my gosh. Sometimes when I'm feeling really bougie, I go on the internet and look how much it would be to stay in an overwater bungalow in Bora, Bora, and I got the no, I can't can't do it. Can't do it, especially four thousand dollars a day. It's like I can choose to eat for the rest of my life.
I can pay for that bunder.
Yes, we're going on holiday.
The next wing, guys, comes from Caitlin money loss. I cut a tendon in my hand so had emergency surgery today, which means eight weeks off work. Oh no, that's that's sad, obviously, copyre Kay Caitlin. That sounds painful and horrible. But the money win the positive side. We're all about glass half full here at she's on the money. I'm not allowed to drive, so I won't be paying for fuel for the next eight weeks. Like us help with petrol prices are exactly a good time.
Nobody wants to pay for fuel for the next dight week. I drove past my local servo on the way here, so such an Australian word like tell us this is Australian podcast without telling us you want to go survey? Do you want me to pick you up a Beva? And it was like two dollars twenty for pet true two twenty five on the highway right now. I threw up in my mouth a little bit as I drove past it. I was going to stop there on the way.
I have to stop too. I just realized I got the ding line.
Yeah, I'm sucked in.
Did you guys see the meme in the group last week and it was inventing Anna's Anna.
Delf I've saved it. I've saved it to put it on the Instagram, so it's a picture buired you the money.
I will buy you the money tomorrow.
Don't you know who my dad is?
Why you're so poor?
Why are you.
Both so good at that?
I don't have times for you.
I don't have tome for your bullshit?
And the Delfy Foundation. Actually move on?
Fun lost it all right?
The final win of the day, guys, This one is super uplifting. It is from ness money win. After six years, two months, and fourteen days, I have finally paid off every cent of the one one hundred and twenty thousand dollars credit debt that my abuser left me with.
I'm done.
I am now officially I'm completely debt free. And oh my god, does it feel good?
Oh yeah, Oh my god, honey, that's so special.
Celebrate yourself, queen, that's incredible. I'm really sorry that that happened to you. That is the wo trash. But if you can pull yourself out of that, you can pretty damn well do that or anything.
We can do anything. Oh my gosh, George, that was such a good way to end that.
Oh now we get to go to a break and when we return, we're going to be talking about how ask now want financial influencers to have financial services licenses. Don't go anywhere, gals, I got a little spicy topic for us.
I have been ranting about it a week. You know, we a livately. I have not been publicizing this.
We you know, we like to get a little loose on a Friday. But Assek who, for anyone who doesn't know, is the regulator of the financial services industry here in Australia recently released a very comprehensive outline of what they do and do not approve of within the influencer space. Influencer Again, for anyone not following financial influencer. Up until this point, there hasn't been a lot of clarity around what these people can and cannot do. She's on the money.
As you guys know, we play by a certain set of rules because Victoria is a licensed advisor, and that means that we have to be very careful because advisors are regulated very heavily, as they should be.
As they should be.
But also we then overlay on top of that a set of ethics that I think we hold as a team. Right, we just want to do the right thing by our community. And she's on the money is always about the community, not about the bottom line profits. And obviously that's quite biased coming from me, and you don't have to believe that. But hopefully through all of the actions we've shown you we don't prioritize bottom line. We always prioritize the community.
One thousand percent. But a lot of people in the finance space and it is a really growing space, which we love to see because we want more people talking about and making it accessible. The problem is a lot of the time these people aren't regulated. They can say whatever they want and there is no way for you as a consumer to know whether it's accurate, whether it's good. There's just there's no way of knowing right, You've got to take a punt, do your research, hope for the best.
In it's wild.
So ASIG is the Australian Securities and Investment Commission, So they are the guys that make sure that I, as a financial advisor I am doing the right thing. And they also are kind of like the corporate watchhog over all of the financial services industry and anything that's going on with money. So, like you know, when crypto started becoming a thing, they were doing heaps of research into that to make sure that the community's safe and the
communities looked after. Like their job is to make sure that the consumer is in the right position.
One thousand percent. And their new guidelines are warning people that if they do the wrong thing, they could get slapped with five years in prison or a millillion dollar five And Vita, I just know that you're going to have opinions, Georgie are the same. We love to talk about this stuff, and I think it's really interesting because it's not going to impact us as a business.
That's not going to change a thing, and now that is that we're like, not one thing changes about our business. I've actually been contacted by a few media outlets this week asking from my opinion on it, and I've said no, thank you, just because I think that influencers have their place. I think that there is a lot of value that they bring because up until now, finance has been such an overwhelming topic of conversation. Right, Like we we feel
uncomfortable with it. Yes, I'm a financial advisor and hopefully I'm like one of the hip, cool ones that you guys listen to. But this influencer space, from my perspective, is really filling the void between the unknown and financial services. Like it's like there's never been this gray area where
we can have conversations. And there are some really beautiful people that I would categorize as finfluencers who I think are doing a really good job, Like Emma from The Broke Generation is gorgeous and so ethical and does the right thing always and really knows her lane. She talks about budget and cash flower money values, but you hardly ever see her talking about shares and investments because that's not her power spot, Like that's not where she's thriving.
And I really respect seeing financial influencers kind of staying within the bounds of their knowledge and staying within the bounds of what is fair and reasonable for the community.
But over the last twelve months.
I've just seen it get murkier and murkier, with finfluencers promoting different products saying this is how I invest, this is how you should invest, And at the end of the day, an influencer is somebody who carries significant weight such that if you saw their content, you are probably going to be influenced by their opinion. And when you get to that position, I believe that there's a lot
of responsibility. There's a lot of responsibility to make sure that your community is safe and cared for and looked after. And how do you do that if one you don't actually have a deep understanding of the products you're promoting, but two, you are being paid a commission for every single person who converts, so you are being individually financially
motivated by the volume of people that sign up. And Jess, you and I were talking about this before and we said we need to cover this referral idea in this segment when we talk about it because as much as she's on the money as a business, yes we generate a profit. If you ever ever ever hear an advertiser on our podcast, they have paid our advertising fee.
It is a flat fee that they.
Pay to be on our podcast, and it has nothing to do with the conversion of people onto their platforms. If you ever see a discount code or the you know, the Shares's SotM code, we make nothing from that except for bringing value to our community. You guys went wild when we gave you the ten dollar up bank code. And the reason our ten dollar up bank code was ten dollars instead of the usual five is because we said to our bank, please don't give us the referral.
Doesn't feel right. How about whenever someone from our community signs up, you just give them double give both. So I think it's really important for you guys to understand where She's on the money stands on this issue, because as much as we agree that there needs to be more regulation, I think that this is probably going to scare a lot of people away from creating really necessary finance content.
Yeah, to put it, I guess into Layman's terms for anyone who doesn't work in the marketing space, because we don't expect you to know things that aren't your area of expertise. Who would And this is a question that we do get from time to time, and are fair, you guys can ask us anything. Were really open book, We absolutely are. And I guess the way that I would say to think about it is referrals. You're paying per person, as you said, vi per conversion. It's like
if I send one person, I get ten dollars. If I send two people, I get twenty. So people are incentivized to send as many people as possible.
To post more regularly, and to look more into that platform than maybe they are because there's obviously financial remuneration.
Whereas the advertising fee that you're talking about, as you said, it's a flat rate. It doesn't change. And I would say to people listening, think of that as like a radio advertisement or a TV advertisement, where.
They're paying for that slot.
Yeah, they're paying for that position on that platform, and whether one person goes across or ten thousand people go across, it actually doesn't make a difference. So that's just how I would kind of break it down if you're not as familiar with those kinds of things.
And it's important to understand. And the other thing I want people to know, And I guess this isn't necessarily important when it comes to the topic at hand, But Jess, you run our partnerships and you talk to our clients all the time, and I think we have really good relationships with our clients. Like I adore the tab at shot back, Like I cannot tell you how highly I speak of the teammate shares is and everybody else we
talk to, they literally become like friends. But that doesn't mean that everybody who knocks on our door just gets an advertising slot. So, Jess, the reason I'm bringing up your role is you literally end up saying no to
far more than we say yes to. And we would much prefer to have less relationships, but really good, solid ones with companies that we know, you know and love, compared to consistently promoting a new product each and every single week that might not make sense for you and doesn't potentially put you in the best possible position that you could be in. So yes, they are buying advertising. That's the thing that pays Justice salary. It pays George's salary.
It makes sure that our producer can put a roof over her head. Like, those things are really important, and the importance of us being paid for the work we do means we can continue to create free content that benefits the community.
Can I ask, guys, what do you make of the penalty? So five years imprisonment or a one million dollar fine, that's hefty.
It's hefty. I'm not surprised, right Like, it sounds like a lot of money. And I know that.
You know, before I was like a million, like that's already applicable to me, Like those things are part of my responsibility as a financial adviser. It's why I'm so specific about the difference between personal and general advice. It's why when you guys have slipped into my DMS and said, hey, V I just have a quick question. I'm changing super funds, like which one do you like? I can't answer that. It's not only unethical, but it's not the right thing
to do. I could quite literally end up in jail for that, and financial advisors have ended up in jail for that. It's not just this empty threat where they're like, oh, if you get caught. People get caught, they go to jail, they do their time, and they come back out and it's terrifying.
I would also assume that there is a sliding scale of you know, depending on the severity, not just one wrong post. Yeah, there would probably be some level of transition where they go. People are going, it's tough to use their new footing. Anyone who's been in the financial space, my personal opinion is get some legal advice if you're not sure. Obviously, we have a team that we work with that we always use to make sure that we're above board.
And if you're of influencer listening to this and you want a hand negotiating this, please just pick up the phone text fee, I will sit down with you. I want this industry to be safe. I want it to be secure, like she's on the money as much as were licensed. We don't think we're better than anybody else, like we are one team or working towards better levels
of financial literacy. And if you're part of that journey, like you're on our team, So reach out and have a conversation with us and we'll just point you in the right direction. I can't give you advice, I can't help in any way, but I do have the right connections.
Will you guys know that I'm not down with the instagrams that much. Are they like specific people or influencers that they're targeting.
Look, they haven't called that out. I'm super pervy, so I would love to know that information, but I very
much doubt they'll ever make that information publicly available. But from what I understand, there are actually some influences that are under very close watch from ASEK because they've disclosed online that they're making even five or even six figure salaries from promotional deals that are with licensed brokerages or with licensed financial advice firms like share market and foreign exchange brokers, and even investing platforms or fees that their subscribers are.
Paid to follow them.
This is to me a bit wild because I have looked at it and like, wow, like a subscription model, that seems crazy. You're not even an advisor. So I think it would be interesting to see how this falls out. But from my perspective, this is a very good step
in the right direction. As much as I'm saying, look, I think that there's a really good place for them, I also think that the community needs to be looked after, and there needs to be regulation in this space, and we need to be talking about it more because at the end of the day, they're giving you advice on your financial life, and that could make or break your future.
Like if you've got the wrong advice and just joined up to a platform because you're like, oh, well, this particular influencer was promoting it, so it must be good. I trust their opinion, and then a few years from now you realize that wasn't the right decision, like you've missed out on a whole heap of compound interest. You've missed out on making the right decisions early. Like it's
just there's such a cost involved. It's not like influences promoting skincare, where you buy a cleanser and you're like, yeah, I don't like the smell, Like it's you and you'll financial future and you're investing for the future, and there's such significant ramifications if it's not done properly, it's.
Like unqualified people on the socials talking about how to get slim and like all of that stuff, and it's leave that to the professionals guts.
Exactly, and it ends up being quite toxic. And I feel like the community after seeing this is going to be a little bit more apprehensive as they should be, because they haven't really been exposed to the fact that maybe these guys don't know what they're talking about.
I personally am really interested to see because obviously we're all in the finance space, we all see other people, we have a lot of friends. I'm really interested to see there are certain platforms that you see being recommended really regularly, and I personally know that this is because these platforms have particularly high referral fees because they.
They haven't worked with them.
That we've said they want to work with us on a referral basis, and no matter what the referral fee is, we've always said thank you.
Yeah. So I'm a little bit just nosy and want to see how many people are going to stop recommending certain services. It's going to come to a grinding hole now that a kit back correct. I think that's really interesting. It's something I would encourage people to watch out for and see. You know, if you've been thinking about certain platforms, if you notice them slowly dissipating over the coming months, that may be why. And it's just something to factor
into your consideration. Is why we always say, even with us, do your own research. Just because someone tells you the benefits of a product doesn't mean that it's right for you. And I'm personally really stoked to see this space becoming more tightly regulated because I truly think that it needs to be agreed agreed.
I just I feel so passionate about it.
And as I said before, you know, I'm sure not that many influencers listen to our podcast, or maybe you do. I'd be so interested. But if you want to reach out, please do like. I'm all support, I'm all ears. I just don't think that you know, as a small time content creator, I think you never intended to give the wrong advice. Not that you are, but you never intended to do harm. And I think it's a really important conversation to be having. If there is the potential of harm,
let's make sure that that's not a thing. And I mean, we're better together, right, we always say on the podcast Arising Tide, lift soul ships like it's going to make cheese on the money better, even though we're already regulated, even though I'm already a financial advisor with a license.
I just think that you know, there's more pressure on us to make sure.
A thousand brillion percent that you guys are always in the best possible position.
And if you are a person who might be impacted by this, we'll have a link in the show notes to the ass Sick fact sheet where you can go and read it straight from the horse's mouth.
Food for thought, ladies, very interesting chat there, As you guys both said, though, we're always here to support anyone impacted by this. We'll link that article in the show notes or that website. Of course we will, but for now let's do a little disclaimer because.
This feels a bit weird.
The advice yet on She's on the Money is general in nature and does not consider your individual circumstances. She's on the Money exists purely for educational purposes and should not be relied upon to make an investment or a financial decision, and we promise Victoria Divine is an authorized representative of in Focused Securities Australia Proprietary Limited ABN four seven zero nine seven seven nine seven zero four nine AFOSL two three six five two three, See you next week, see you next days.
Side Friday, Happy weekend Friends Byeey