Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr the Order Kerni Whoalbury and a waddery woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on a wondery country, acknowledging the elders, the ancestors and the next generation coming through.
As this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow.
Let's get into it.
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. Today's Friday, which means it is time to sit back with Jessica Ricci, Glenn James and myself Victoria Devine with maybe a little bit for Regina in hand, to unpack our favorite moments of the week, and of course to celebrate you how She's on the Money community. This week, we are going to be sharing our favorite money wins, or Glenn James is
going to be sharing his favorite money wins. We're going to be discussing what's making news in the finance world. We're talking about crypto, and we are going to be helping to answer a juicy money question, which this week is all about helping a partner around money. But first it is time to recap the week that was, So I am going to talk you guys through what happened on our Monday's money Diaries. This week's money diary I
was obsessed with. She was a very good egg. She was a twenty seven year old veterinarian who had decided she was definitely living beyond her means despite making six figures in income. She works a really, really big job, so she's doing at the moment about one hundred hours a week, and the emotional toll from the job was absolutely taking a hit, and she decided to treat herself a little bit too much to make up for it.
My favorite thing about this, though, is she identified all of that on her own and was like, you know what, I need to make a good money change. I need to be able to keep up with the lifestyle I have. I need to be able to make some drastic changes for my money habits. So not only has she done this, but she's also had a big dramatic mental health overhaul
to make it all sustainable. And I just I think it's so beautiful when people are so self reflective and we get to hear their journey of how they came to the conclusion that you know, it was time for change, because a lot of us find ourselves in a circumstance where we bury our heads in the sand, and this is not what happened on this Money Diary. I just feel like it was so inspirational. She was very talkative,
she was very fun, she's a twin. But also there was an underlying theme with this Money Diarist that she was behind, and I just found that so interesting from someone who was clearly very well educated, earning six figures, like she was a vet. So from the outside, Jess and Glenn, I just feel like she was like a pinnacle of like what a successful young twenty seven year old is. Like, you're twenty seven, you're making six figures, you're a vet, you're a mad dog, like you are
killing it. But in every other aspect of her life, she was like, I feel so behind. I feel like all of my friends are doing these things that I'm not, and It's such a typical story where what is on the outside is definitely not reflective of what's going on the inside. And was a good connection between what is going on mentally versus financially and how those things tie together. So this was a money diary that I think everyone should listen to because honestly, really relatable.
Oh my gosh, she sounds so special.
She was very special. But jess what happened on our Wednesday episode? What did we deep dive into?
So this week we were speaking all about our top ten hacks for Christmas. Glenn, I don't know if over on mind lending your money, you guys are doing anything Christmas? Y?
Yeah, we did our Christmas episode I think at the end of November. What but like before people purchase their presence, Like.
Yeah, I've got in early, but we got in early too. Did you hear him say that just our Christmas episode? What do you mean you don't have a Christmas series?
Yeah, that's actually what I mean.
What do you mean isn't every episode in December meant to be Christmas?
Well, our listeners are, they're too focused on doing good things with money, investing and being self aware, Like your money direst.
Yeah, well, over here, we like to have our cake and eat it too.
So our next Christmas episode was all about our top ten Christmas hacks. We went through some of our some of the communities as well, which I think was really fun.
Yeah, I basically stole all of my tips from the community. It was good.
I feel like at this time of year, it's kind of just nice to think outside the box a little bit when it comes to your finances. There's a few sneaky little tips and tricks that you can use. And even if you know, obviously this is going up on the twenty third, might be a little bit late for Christmas shopping this year, but file them away for next year because Christmas comes around every year.
Also, I think it's not even too late, because people do that mad dash on Christmas Eve to buy presents because they feel like they haven't done enough. Like you absolutely have, one present is more than enough, even no presence is more than enough. And I just feel like I do the same thing, like you know when you're finally wrapping all the presents that you've put in the spare room because you're like, oh my gosh, I'll get to that. We'll get to that, and then you're like,
it's Christmas Eve, like everyone's coming tomorrow. I need to wrap them. And I look at it and I'm like, oh my gosh, I've only got like one thing for my sister, but I've got like three things from my mum. Maybe I need to pop out and get another. And it's silly. It's so silly because it's not reasonable, it's not logical, like you didn't even need to do presents. Christmas is not about that. But yeah, I feel it, and I think that other people do too.
Do you know the biggest thing that I learned from my people? And you've probably got the same comments And she's on the money.
Group, your people are my people, glad.
Yeah, Like there was these early childhood educators and school teachers and they were like, hey, parents, just as a tip, a beautiful card for us is better than buying us crap.
We literally spoke about this last week because my sister and Laura's a teacher.
Oh my gosh, Yeah, how cool is that?
I don't really have so many world's best teacher mugs.
Yeah, it gets to a point where you're just like, please, I love you, but no more.
Whereas cards You're right.
So next year, everyone for Christmas, just write some beautiful words for honest.
And it's all about love languages as well, Glenn. I don't know how fluffy you are, but on this pod we talk a lot about our love languages, and in our team we talk about it because I feel like love languages also translate to what is the best way Jess is going to feel valued in this team? How am I going to show her that? And words of affirmation very high on Justic's list. Do you know what you're just getting hand written? Next Christmas?
Jess, I receive words of affirmation and I give gifts or access service.
That's what I do too. Yeah, Glenn, and I cut from the same cloth though, like Mum and dad of finance. Well to say that now I'm married, I think, so I'm gonna keep doing it.
Yeah, I think.
Sorry, Steve's not friend.
Yeah, he's a big man, he'll get it.
I just thought, like this year, particularly around Christmas, I was talking with someone yesterday like most of us have and like plenty of your listeners like we don't need more stuff, And my whole thing was with gift buying. Just be thoughtful, be intentional, be sustainable like make something, cook something, yeah, buy from small business. Like I just think we're in such a consumerist type society and how much crap gets.
Given, it's true, and how many things are you actually using that you got last year for Christmas. So I think that's actually a really good reflection point, is writing down what you got for Christmas last year, because I guarantee that you can't remember, Like I guarantee it, like I know what my sister got me, but like there's probably things that are absolutely falling through the cracks and if I can't articulate it, I promise your family can't
remember either. So I think it's really about being intentional. And you know I've said before on the pod as well, in our family or in Steve's side of the family, we do handmade, homemade or second hand. And that's a rule for gift giving, like all of the presents have to fit into one of those categories. And one, it makes it way more fun, but two, I think it just takes the pressure off financially, Like I'm hunting on Facebook, Marketplace and gum Tree for things for the kids that
you know are a little bit more intentional. And because it's secondhand. Obviously, you're not going to buy them something that you know was only lasting a year for another child and broke, like you're buying bigger items for less money. And you guys have all heard about the money when I got on gum Tree a couple of years of the fifty dollar kitchen that you know, the kids still love and news it's in their cubby house and make
me cuts of tea every time I go over. They're full of dirt, but I love them.
Yeah, I would say anyone doing the Christmas dash tonight or tomorrow morning or tomorrow on Christmas Eve, Like one year, I bought all my aunts a really nice bunch of flowers from like a local small business florist and can you get creative a nice card, you know, some nice flowers like just yeah, slow down, it's okay. But whatever you do, try and keep away from consumer debt with your purchases.
Yeah, one hundred percent. That is the biggest hot tip that we have as well, is don't go into debt for Christmas because it just puts you in the worst position to start a new year, especially if you've spent this year trying to pay debt off and I.
Would say, don't underestimate the regifting strategy.
I'm a big fan of regifting. I'm a big fan of it.
Yeah.
I got for Christmas from Jess Well I gave her last year for Christmas. Yeah, it's like that thing.
I think it gets better off going to someone that's going to love and use it than sitting in your closet or going in your bin.
Right.
Someone sent me a gift to my quote unquote registered office, which is not my house for like business purposes, and the office called me. It's my accounting firm. They called me said, oh, Glenn, there's a package here for you. It feels like a gift and they're an hour away from where I live.
Did you ask them to just open it?
Yeah? And like, can you open it? Just tell me what it is? It's a nice so and so I won't say what it.
Was, yeah, because then someone's going to listen to this and be.
Like I was like, well, I'm not driving an hour to pick that up. Merry Christmas. So my accountant's got a Christmas present from mere gift.
It's so nice of you, Glenn. You should have just like said, oh sorry, it's got my name on it it meant to have yours. I must have sent it to myself. Sorry, sorry, well.
Yeah, but they sent me a nice photo on a nice photo of.
The cards, so oh, good work. And I think the card was the thing that you probably appreciated the most. Let's be honest.
There's nothing better than a templated message that goes out in bulk, is there?
Oh?
Yeah, absolutely, I love it, especially when it doesn't have your name, it just has a pre printed message.
Yeah. My favorite is the dear valued customer, And it's like, well, if I was that valued, you'd.
Know my name's twenty two. No, no, there are software systems for making that way more personal.
I was that valued, you'd know who I am.
Oh my gosh. All right, well let's seguey off that, because I feel like we're going down a rabbit hole and into our budget direct Money Wins and Confessions of the Week. This week we are throwing to Glenn. Glenn has gone through our Facebook group. I want to know what are your favorites from this week?
Okay, my first one, Hailey. She saved ten percent on the diploma that she'd been looking at completing. She saved dollars by paying up front. Once completed, it will open up heaps more career options.
That's an investment.
Yeah.
The reason I chose I'm going to give you a little one lineer of why I chose these moment care is we can always learn by reading between the lines. Number one, the more ahead you get with your personal finances, it's kind of that money makes money type thing, and buying in bulk, having the money to buy in bulk, having money to prepay, having money to pay your insurance annually,
it will actually save you money. But some of us we do need to get to the point like I used to pay all my insurances monthly till I could afford to pay them yearly and get the discounts.
So on you Hailey, Yeah, she must be setting herself up well to be able to do that.
Get it, Get it. And the thing is like the best investment that you have in your life, going to your own suite, going to your bathroom, look in the mirror. That is the best financial investment that you have.
Oh do you really think the botox is worth it?
Absolutely?
Thank you, thank you. It was a bit more expensive than I expected it to be, but I'm glad it's paying off.
Absolutely it will so that Botox is strapped on to a money making annuity. Yeah. Perfect, Melissa, she redid her budget so that she could allocate twelve hundred dollars a fortnight to savings.
What a fortnight. That's six hundred bucks a week.
Six hundred dollars a week. This is so wild And I would say good on you, Alyssa for like being intentional. And it just goes back to that thing. How many times have we heard when people pay attention to stuff, they get results. So a lot of the time you can find money in your budget just by having some type of system.
Or plan, right, that's crazy. Six hundred bucks a week is massive. And to contextualize that here in Australia, minimum wage is eight hundred and fifteen dollars a week. Wow, Like she's almost saving an entire wage every single week. That is queen behavior.
Yeah, love that cat. Money win. I got offered a job that's thirty four thousand dollars more than what she's on and it's an added bonus. It's at a non for profit, so I can take advantage of salary packaging.
Oh, money win.
That is an awesome money win.
How good is that?
Yeah? Now this one is dear to my heart. This next one, Oh.
What did they buy the Glenn James cash flow course?
They basically purchased the Glenn James spending plan. Sammy, this is amazing. I finally paid off and closed my credit card that has controlled my life for the past ten years.
Jenny, I'm Sammy.
Now, how amazing is that? Sammy?
We are so proud. That is epic.
Can I reply to the message in the group and say, hey, we read your thing out because I've got copies of your book here, Victoria that I always post out to people.
Oh, you're going to give my book out for free?
I don't love give a copy in my book as well.
But oh, unders just got to make sure that there's some self promotion in that.
Absolutely, but with permission, I will absolutely you Kat, you're going to say unrealistic expectations for us always replying and giving books away, like we can't keep up with this.
Glenn's like, oh, I'm on your pod more often.
Yeah, so that was awesome. And my last one. You know how you check emails like late at night or early in the morning, and you kind of it goes into like red and you forget about it.
You got to flag it if you do that.
Yeah, well I'm guilty of that. This one reminded me of what happened to me. Olivia said, money win. I got an email from Booper that they're giving me thirty five dollars back from their COVID saving Oh, and I'm like, oh, that's familiar. And I looked at my email. There it is. I also got an email from Booper to say, hey, we didn't spend as much money during COVID. We're giving our members some cash back.
Oh my gosh. Jess and I were having this conversation literally this morning because you got a similar email, didn't you?
My health insurer, I'm with Defense Health. They said less people claimed during COVID, and we're not for profits sweeping back. I got three hundred bucks back from my health insurance last year.
Yeah, I think I got one hundred and thirty five or something. But like, I just how good is it that? A big company and you know, everyone hates paying for health insurance, but like, yeah, they finally just like, you know what, we save some money, have some money back.
That's exactly what I said.
I was like, that is also from like a marketing perspective, the best marketing that they'll ever do, like totally because I saw so many peop right posting about it. I'm telling everyone I can think of about it, like I'm really happy. It's just like a super nice thing. And the timing as well, Like I got the email like four days before we recorded this episode, and I was like, oh, thank God, like Christmas, I've just had to pay my redshirt for timing. That money is going to go so
far to help me. And I'm sure that there are a lot of people who felt exactly the same.
So I just want to like my whole thing with these money wins. It's not the amounts, because on one end of the spectrum, thirty five dollars is a money win, absolutely, the other end, six hundred a week is a money win. So whatever is relevant to you is just.
Awesome hundred percent.
I'm the kind of guy like if I found two dollars on the side of.
The road, I'd be stoked.
I'm just like, oh my gosh, I feel so blessed today.
Yeah. See, this is a question because I saw five dollars on the road the other day and you kept.
Driving and you're like, oh, that's cool.
No. No, I was walking Lucy and we were out for coffee and it was just like in the gutter, and I was like, do you know what, I'm not going to pick that up. Not I can't afford it, that's not it at all. But I was like, that would absolutely make someone's day to find it, and like I would. I don't know. I just if you saw five bucks in the gutter, Glenn, you'd pick up or would you leave it?
I'd pick it up.
No, of course you would, just just you'd up. I would definitely. I just do you know what? Maybe it was the mood I was in. Yeah, maybe it was the mood I was in. I just wanted somebody else to have a money win.
I saw last week there was a Daily Mail article Victoria Devine wouldn't even stop to pick up money in the streets.
Oh No, that's absolutely not it.
It was more like we're standing there, I was waiting for like cars to go past because we're crossing the road with the dog, and I was like, Oh, someone else is going to stop here and have a money win. And I just thought that was really wholesome, and like I'd already paid for my coffee that day, and to be honest, the day before, I'd found one of those free coffee vouchers in my car, you know when you're
like stamp eight and then the ninth is free. I got one of those, and I was like, no, I don't need this today, I'm going to leave it for someone else. And I kind of hoped that the week after I would see in our Facebook there's someone in Glen Iris. I've got a five dollar money in but I haven't seen that yet.
What's the most money you've ever found? Oh?
I found fifty bucks one time. It was at the my music bulb. It was ten out of ten. Someone clearly sat down to watch the concert and left fifty bucks, and but I took that. Yeah, I couldn't say no to fifty Yeah.
I found fifty dollars in a lounge at a cafe and I was just like, I'm just gonna sit here. If someone comes back, they can have it. But if they don't come back looking in the next ten minutes, she's good to go.
I don't know what rich places you out of hanging out, but I've never seen anything that's not like the only time I've seen something it's not a queen is when there's been money that's been left at an ATM or change left at coals or places like that, and then I will always just give it to like the service desk and be like, oh, someone's going to cut back. If I took a hundred bucks out and I left fifty in the thing, like I would panic and go
back for it. But I've never been lucky enough to find fifty dollars floating around on the street.
I only had one.
It was like finding the bag of money, like on the ground. What would you do?
You give us the police?
Surely?
Yeah, my aunt found it a bag that had five thousand dollars in it. What yeah, Actually, so she gave it to the police. It was only like a couple of years ago. And then if no one claims it within I think three months or whatever, you get to keep it. And she needs to keep it. They called her and they said, yeah, no one's come forward, Come get your own, come get you.
Five great, Oh my gosh. And then legally she didn't like steal it or anything. Here's me going, I wouldn't kive it in our dad. Keep that. That's like what my guilt would get me. And then I'd talk about it on the podcast and then someone would called me and be like, that was my money and I needed it for surgery or something, and I'd feel guilty.
Oh my gosh.
Yeah, No, anyway, all right, Glenn James, it has been fabulous celebrating some of your budget Direct money wins. This week a budget Direct winner of Kanstares Insurer of the Year Award twenty twenty two. Budget Direct Insurance Solved. Let's go to a really quick break and after the break we're going to be talking about the crypto Exchange and how to help your partner with money. Don't go anywhere, all right, we are back. Glennie James is here to
help us have a conversation all about FTX. Glenn, it has been an absolute roller coaster in the world of crypto. We see article after article of things falling and crashing, and everyone who were saying it was the best investment ever is really starting to eat their words. You're far better versed at this than I am. When it comes to talking about crypto, I often shy away from it because I just don't like it, and this is just
validating for me. Jess Aha. There was a good reason behind that, but can you give us the TLDR of what's been going on in that space.
Yeah. So over the last few months you may have seen online and in the news that a big cryptocurrency exchange basically went bankrupt and that exchange was called FTX. Now the TLDR was this exchange was run by Doe called Sam Bankman freed. So yeah, that's how you pronounce it. That'll do. That'll do.
Imagine having a name called Bankman and then going bankman free.
Oh no, you could not write this stuff anyway. Get this this company, well this crypto newsletter thing. They got a leaked spreadsheet and it was called coin desk, this crypto news website that the FDx exchange had one billion dollars in assets but nine billion dollars in liabilities.
Nine billion is insane.
Yes, So what happened was that got out and it would be like Jess, if you had a bank account with a big bank and you had ten thousand dollars in it.
Oh, she definitely does.
Yeah, yeah, and you heard that that bank may not have that ten thousand dollars to pay you if you went to the branch of the at.
Jess is gone. Do try and take that ten ground out the session. She hears like a mass exodus, exodus.
And then everyone does that and they call that a run on a bank. So what happened There was a run on this exchange and basically people logged into their account and I've had zero dollars, like zero coins, zero bitcoin, zero this, so all their money had gone. But what actually happened was the founder, Sam Bankman Freud well Fried I don't even know how pronounced it. Freed, Sorry, it's Freed,
He's Fried. Get this. He took around eight billion dollars of people's money or crypto coins, basically took it to another entity that he had called Alneda Research, which was a hedge fund and was doing stuff with other people's money, and then it got found out there was a run on it and went bankrupt.
Oh my god.
So this dude, he lives in the Bahamas.
That's exactly where I would leave if I was spending other people's money.
And then the administrators went in right and they're like, this is the worst thing we've ever seen. There is no risk management, there is no compliance operations. It's basically a big old sham. Hardly any records, no budget, if someone wanted to spend money in the company on sponsorship deals or whatever, like FDx sponsored. I think the Mercedes F one team. They were literally just approving any money to be spent. So this has all come crashing down.
He was silent for a while, but in recent weeks Sam bankmin Freud Freed, I think it's crazy. Yeah, he's He's come out and basically said, yeah, I stuffed up, guys, blah blah blah.
You didn't just stuff up.
So at the end of the day, that's cold comfort for someone who has lost all their money.
I stuffed up this morning. I ordered jess an oat hot chocolate instead of a soy hot chocolate.
And that was an eight billion dollar mistake.
Yeah, I didn't play with someone's eight billion dollars. They just said she liked the oat milk much better than the so was really a mistake, we don't know, but but eight billion dollars. Oh sorry, guys. To start, I'd like to apologize, but he's going to be testifying before Congress on the FTX collapse, obviously, and that's all happening, and I just think this is really playing into people's fears around crypto already because crypto was already a much
riskier asset than investing in the share market. Lots of people saw lots of opportunity. We talk about bitcoin and stuff like that quite often, but it's impacted the industry as a whole because I think that there's a lot less trust than there was before this collapse obviously happened.
And then here in Australia in the AFR a couple of weeks ago, Glenn, there was an article about how a Brisbane crypto exchanged so swift x, which I think we've all seen floating around because they had some pretty targeted millennial marketing in the last twelve months. They recently fired ninety staff in the wake of the ftx collapse, and I just think it's so interesting how everything is relatively interconnected in spaces like this, So what happens on
the share market is very similar. When one company starts to do not so well, people get scared. It's the psychology of investing, it's the psychology behind it. And goes back to that example you gave of you know, just having ten thousand dollars. Of course she's going to want to pull it out, even if it wasn't in that particular company. You might go, oh, this might be riskier
than I thought it was. Maybe I'm Audi and lots of people do that, And I think that we need to really assess our risk profiles even better than we have before, to make sure that we're making decisions that are actually in line with our values but also in line with what we want to create as a life in the future. Can I ask a lay person question a lay person question?
Yeah, normal person with not as much finance, Like, are you two talking as the two people I'm sitting in chatting with? So going back to that example of I've got my money in the bank, bank growth, bust, I pull my money out? Is that something that could actually happen? Or is this because crypto is obviously a really new and life largely unregulated space, is that where the problem was?
Yeah, So a lot of your listeners were probably still at school during the GFC in two thousand and eight.
So two thousand and eight, two thousand and nine.
So what actually happened? Are you familiar with Like in Australia, if you've got a bank account or you're a customer of a bank, the government will protect up to two hundred and fifty thousand as a bank guarantee, right, Because what happened was during the GFC, and I heard a rumor in the years after that there was one major bank and I'll just say a top six bank that were four days away from becoming basically bankrupt out of money.
There's a heap of information on that online if you guys want to look it up. And I don't think we need to spread it around here, but.
Yeah, but what happened the rud government they knew that it was four days away from having a run on this bank. The government said, everyone's stopped withdrawing your money, will guarantee the government will guarantee two hundred and fifty thousand dollars of money if the bank does go under. So it can happen in real life. It happened all through Europe and particularly in Greece. But the thing that happened here, I will say, like what happened with FDx.
I'll use the analogy like if there was a scientist who was fraudulent with his or her science. It doesn't make the science bad, It just means, you know, this isn't a comment on you know, crypto doesn't work and all that. It's just the comment of no regulation, lack of integrity, maybe some fraud. And the thing is, I think it's you know, it's not hilarious to those who may have lost money, but I think it's funny on
one side of the coin. Don't excuse the pun that this whole thing was supposed to stop bankscrewing people in the real world, like crypto was supposed to be there such antidote to like unplugging from getting screwed by the man and all that stuff.
I'm so hypocritical.
Now, yeah, so look, it's the contagion has spread. And the reason why these big like Swift dex laying off, you know, thirty five percent of their staff is because exchanges make money basically on the spread, so that means they'll sell you a token for more than what they're paid for it. So when there is fear and uncertaining in the markets, less people are buying and transacting, so that means there's less volume, which means there's less profit
for these companies. Now Coinbase are the probably the third biggest, I think the biggest in the world. They've come out and said, look, we can prove that we've got the reserves. There's no issues here. And a lot of the Australian exchanges have also said that we've got the reserves. Aka, we are not spending people's money on our pet projects over here. But I will just say like in finishing the whole exchange thing. So the AX is an exchange
for securities, right, and cryptos are an extra change. The difference is your money with like if you have money on swift x on coinspot they're Australian as well, or coinbase or even FDx before they went under. That money with FDx wasn't in custody. It was actually sitting in the exchange. Yeah, and it's with the AX Australian Securities Exchange. When you pay for shares and you buy shares, the money isn't sitting at the AX, it's in custody or
it's registered against your name. Does that make sense.
Yeah, you get issued a certificate to say no, you own this directly, Jess. Yeah, which you got when you started investing on chares and you were like what is this and I was like you are owner?
Wow, very nice, very shiny.
Yeah, that's right. So like the board at the ASX for example, can't just go in and go, oh, we're going to sell two hundred million dollars worth of just Rich's CBA shares.
No, they're like the coals and moollies.
Gee, my portfolio is looking good two hundred mil.
Yeah, not that right, right?
So that vilegely, Yeah, we know where all the she's on the money money is going suggest So look, it's just it's more of a cautionary tale. I've said for many, many years, even before this crypto stuff, any speculative investments or assets you really want to keep it maybe two to five percent of your net worth, yeah, or some type of guide. If you had a share portfolio of twenty thousand dollars, maybe you might go, well, I'm not going to put more than ten percent into a speculative
investment because if it gets flushed, you'll get flushed. But if you've only got a small allocation, it's not going to wipe you out.
Yeah.
And I think it's just so important to talk about these things. You guys know, I am quite conservative when it comes to investing, and that leans a lot into privilege. And when I say privilege, it means that I have learned to invest when I was young, and I still have thirty forty years before I'm rich hiring, and I just I can't justify to myself putting money in an asset class that is going to be too risky for
my risk profile. I am your bread and butter kind of investor, Like I just want my ETFs, I want my you know, managed funds. I want to know that I am safe and secure and I am working towards a stable financial future. And that just gives me too
much anxiety. And I know other people are better at taking risk, and that's okay, We're all different, and it's exactly what you're saying, Glenn, like, just make sure you're not biting off more than you can chew because they've sold you the dream, and like everyone wants to sell you the dream. But I just think it's It also plays into this conversation about how banks make money, because I think that a lot of people don't actually understand that when you put your money into a bank, like
they're actually using that money. Yes, you can retrieve that whenever you want, but if absolutely everybody did it, it would be a bank run and it would put us in a compromising position, which is why the government's underlyingly
guaranteeing everything. And I just think it's a top of conversation I want to bring up in the new year, and just I've actually just written it down episode idea, let's talk about how banks actually make money for themselves, because it's not just on the interest rate people pay on their mortgage.
Yeah.
Yeah, And I'm all like, for even when we read the money stories, like, let's look at the underlying thing and the unlying lesson a lot of like this whole crypto thing, what happens with greed stupidity follows very closely. And you just need to make sure with your money that you're not investing for the greed to get rich quick and all that stuff, because at some point something will fail and someone is left holding the bag. There was an article I saw a couple of weeks ago.
There's a heap of luxury watches on sale now that's flooded the market.
Rope.
Yeah, that's right. I wish where people are They got all this cash from their crypto sold it. Oh, I'm rich, I'm rich. I'm rich. Bought all the Rolllexes and the Amigas and all that, the tags and the Brightlings, I can't even pronounce these expensive brands, and now they're selling them to cash.
That's another Swatches, That's what I was laughing at. I don't think the Swatch is quite making the cut in the luxury.
Well what if it's a collectible? So they did. They did a collab with Amiga, didn't they, Glenn.
Exactly yes. And I tried to get one. I couldn't get one.
I remember I had to get one for you when we were in Monaco. Remember I actually, do you know what, I'm such a good friend. I dragged literally my best friends into an Amiga store and I was like, do you have this Swatch thing? They're like, no, it's actually not for sale in the Amiga stores. It's only in the Swatch stores. There's one around the corner, but they're definitely going to be sold out. And I was like, this is a joke.
I love that, Like how many of us get to casually drop the line. And when we were in Mona, it's.
The bougiest thing I have. I was trying so hard to impress you, Glenn. I just wanted to be a good friend.
I'm more like when I was in like Geelong, the Newcastle, I live in Newcastle. When I was in Newcastle, like we went to like this second hand store and I found a swatch and I found a swatch, So yeah, just be careful, be careful with your money, peeps.
Yeah, unless you're in Monoco and you're trying to watch, you're.
Going to be dabbling in stuff because we all know, like there's this whole debate with crypto and the actual intrinsic value and like intrinsic value that's like okay, well, if I pay five hundred dollars for a luxury pair of sunglasses, not worth five hundred dollars, but we know there's at least probably one hundred dollars worth of stuff. So the intrinsic value of the stuff is the materials, right, and they reckon Like with gold, for example, people were
comparing gold to bitcoin. It's like bitcoins now the digital gold. Well, we still need gold to make microchips and watches and tooth implants.
Like I like how he went from tooth implants, but also watches. They're really important to plan.
Well, the only reason I've still got a baby tooth. And after this recording, I'm going to get the filling repaired because They're like, it's almost at the end of its life, and I'm.
Thinking they get a gold one.
I need an implant. I'm going to get a gold implant.
From Oh no, absolutely, you are going to be canceled. We are moving on through this conversation. We actually have a money dilemma that we need your help. We've been Let's listen to it. Hi. There, have you got a money dilemma you just can't solve? The Sheese on the Money team is here to help. Every week, we tackle your dilemmas, both big and small, to answer your most burning money, career and life questions. To get involved, simply head to our website and leave us a short voice
recording and you might just find yourself on the show. Now, let's take a listen to this week's money dilemma.
Hi, guys, love the pod.
I just wanted to ask about joint finances. I am twenty one and I have fifty thousand dollars safe, so I think I'm doing pretty well.
My partner and I.
Have been together for two years now and we've decided to join our bank accounts. But he has a personal debt of about ten thousand dollars for his car. I'm wondering how to I guess, help him pay yourself a little faster. Obviously I'm in the position where I can just pay it off, but I don't want to do that for him. But I also want to help him with creating good money habits. He's struggling to listen to the podcast and read books, so I'm just wanting some help.
Thank you, Glenn Jameson. I'm going to throw this over to you because I have some thoughts, but I want yours first.
Well, I'm just going to say, twenty one years old, fifty K savings, big dog energy. I think you're doing better than pretty well, yeah, absolutely slaughtering it. Look, I'm probably not in a rush to go and give my money to my partner's loan. You know, I'm probably not even in a rush to have that money in a joint bank ground, like that's your savings that needs to be kepting your name. I think there's an argument here.
You know, you are joining your money. You need to just have some type of money system that works for the household, like either a rand account or whatnot.
I think you can have a joint account, but I would really shy away from joining your money together. Like, yeah, I'm just you're giving me anxiety. You're such a different person at twenty one than you are at twenty nine or thirty.
That's what I was thinking. Like, I'm looking back at twenty one, and even when I was twenty six, I was like a different person, And like even now I'm over thirty five and I'm a different.
Person forty than you are twenty one.
Yeah, well I'm in my mid to late thirties. But look, I just think the more on the partner's willingness to do better with money.
That's what struck me as well.
This is the age old thing. You cannot take a horse to water and throw water out water whatever it is.
That's why we've got you here to let us know what we actually meant.
And you can't push a rope either.
So what's that mean?
Cot push a rope? You pull a rope?
Oh okay, all right, sorry.
So what I'm probably saying is, you know, if you guys want to do the whole together for everything, it probably needs to come down to get some bedrock on money values. And I don't think it's being on the same page quote unquote, but knowing what page each other is on, and once we know the pages that each other is on, how are we going to deal with it?
And I'm the last person on the planet to give any type of relationship advice, but I would just say clarity is kind, communication is key, and it's your money. Make sure you look after yourself always.
I couldn't agree more. And you know, I don't want to use the term red flags because I'm sure your relationship is absolutely beautiful. They're not relationship red flags. But I'd say their finance red flags about whether or not you should combine your money, because if you're saying your partner is still in debt, that's not a bad place to be. There are a lot of people in our community in debt that if they came to us like, oh, Glenn, Victoria, Jess,
should we be putting our money together? It's actually really about mindset. What you're telling me is his head is still in the sand about creating a financially secure future, you know. I mean, he doesn't have to listen to our podcast. But the lack of interest in a financial education to me is a bit like, oh, well, why are we putting our money together if we're not on the same page and talking about these things. And to
be honest, I think you learn a lot. As somebody who was in more than forty thousand dollars of personal consumer debt by the age of twenty three, you learn a lot having to pay that off, and I think
it ingrains in you some really solid money values. And if your partner's in a position and this is clearly completely unsolicited advice, but if your partner's in a position where they're burying their head in the sand and have debt, to have someone swoop in and pay that off for them might lead to getting back into debt and set you up for a not as clear a financial future together. So I would Yeah, I'm a bit red flaggy about that. I'm sure they are a beautiful human nothing to do with that.
Yeah, I'm probably coming at this with a little bit of grace that, you know, if the partner is also early twenties, like they may have just joined the normal Australian conveyor belt, their parents are like, yeah, get alone for this, get alone for that. I remember people saying you got to pay something off. Money's got to go somewhere. Most will be paying something off, like, no, this is just the culture that they may have grown up in.
So I'm going there with some grace and just more observing the willingness to be open to managing money better and looking for signs of life.
Yeah. Absolutely, but also kudos to being twenty one and having fifty grand saved you baller.
I'm obsessed, I'm jealous.
I'm do you know what, Let's not be jealous.
We are I'm proud.
We're proud, we are proud parents. But in saying that, we're proud to have to go because that was a long episode. Thank you for sticking with us, Glenn James, thank you for joining us.
You can come.
Having you whenever you want makes our job much easier.
I love the Friday Drinks because it's like, every time I meet people and they listen to She's on the Money, they're like, I just love the Friday drinks.
They really are.
She's loose.
She's loose, she's opinionated. We have fun guests on. Sometimes we're all picky though, aren't we just Yeah?
Speaking of which, if you want to find Glenn, we'll obviously link to all of his stuff in the show notes My Millennial Money and the entire Empire that is my millennial and other. There's mamonial career, there's my millennial health. There's like a million differents.
My millennial doctor, there's my millennial everything. Like honestly, Glenn, you're impressive and we love you, but now we have to leave you, so come back on the show soon. Have a good weekend, my lasts friends.
Merry Christmas, all, Merry Christmas.
We love you.
Bye.
The ad by shared 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 financial decision. If you do choose to buy a financial product, read the PDS TMD and obtain appropriate financial advice tailored towards your needs. Victoria Divine and She's on the Money
are authorized representatives of Money. Sheper Pty Ltd a BN three two one six four nine two seven seven zero eight AFSL four five one two eight nine