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 the Money, the podcast for millennials who want financial freedom.
My loves Today is Friday.
Which means it is time to sit back with the girls with a bevy in hand, to unpack our favorite moments of the week and as always, to celebrate you, our incredible She's on the Money community. As always, we're going to be sharing our favorite money wins. We're going to be discussing what's making news in the finance world, and this week we're going to be answering a juicy money question from our friend Julie, all about how to
best build up an emergency fund. But before we get there, as always, it is time to recap the week that was.
Miss Jessica Rici.
What happened on Money Diaries this week? So Monday's diarist was a little spicy. She has an only fan and she has been killing game. She's a single mum, she bought a house, an investment property, a land rover, and she did it all within twelve She wich.
Is pretty wild.
I feel like we've done a couple of OnlyFans diaries before and people always find them super interesting. Yeah, because we like being perfect, most of us are going to be like, oh, we would never do that, Like we don't judge people who do, but we'd never do that. But I want to know how you make money. Like even I get a little bit pervy. I'm like, how
much money do you make? That's sick? I think so, and I think it's worth noting we sometimes get people sending us slightly terse messages when we do these kinds of things, and it's not about glamorizing a certain lifestyle. But in our office, we really view sex work as just another form of work and just like we would have any other diarist not to talk about their job. That's what this one did exactly. And if someone writes into our show and says, hey, I've got this great
money diary, great, come on the show. If you want more content from more diverse areas, put it on the show. Come and write into us. Like we only share what people are comfortable with. If people are comfortable sharing their stories about only fans, I'm.
Gonna give you that platform.
I love exactly right, And it was really cool to see as a mum and how she kind of navigated that world. She was very candid, which we really appreciated, and it was a coole listen.
I really enjoyed it.
I always enjoy them, maybe because I'm pervy, but also because I just I love money diaries in general, So I want to know what doing with money tell me.
All right?
Moving on, on Wednesday, we had a little bit of a deep dive. Missed Georgia King. What happened on Wednesday?
Hello ladies.
This Wednesday we spoke all about employee riots, which was super interesting. We spoke about industry awards and agreements, superannuation, oh and s unfair dismissal the Fair Work Tribunal and plenty plenty more. It was really really empowering, was my main takeaway from that map, because we just don't know what we're entitled.
To a lot of the time, you don't know what you don't know, you don't know my content like this exists, so.
That then you know what you know, and then your employees exactly, we love that.
Get what you deserve, queens, Yes sir? All right, moving on to my second favorite part of the week, because obviously Money Diaries is number one. Always, Miss Georgia King, it is time for you to share some of your budget direct money wins and conveissions of the week.
What have you brought out this week for us? Got some goodies, girlies. So the first win of the week comes from Leah. I resonate with this one. So much money win my football team loss. So I saved four hundred dollars on Grand Final tickets, trying to spin it the best way I can money win.
Feel that pain. She for Melbourne, bloody losers.
Sorry, I go for Melbourne too, just in case you do later. I'm not being mean, I'm just being mean to my.
Real nasty crying to yourself. Yeah, was that the one pointer was that that game?
No, that was that was who's in the Grand Final? Should I know that?
You should Sydney and Geelong go, go Weside.
Get Belongham Gal.
You didn't even know that till right then.
Yeah.
But as a Westie, you gotta you gotta, you gotta put your boys killed us. So I don't follow the football because I just know I'll be disappointed.
Fair enough.
The next win of the day comes from Tijana money Win. I followed up with two of the places I booked my twenty twenty euro trip with before COVID they only offered credits as great laws changed following the pandemic. I had a total of three thousand dollars refunded back to me in less than a week.
Oh my got money, and you didn't even know you're going to get that.
She probably assumed it was gone. That's a real bonus. Enjoy that, Tiana. The next win comes from Teeley money Win. I rang and asked my bank to reduce my interest rate. They sat, moved, smart move, very smart move. They said a drop from four point one eight percent to three point six percent would be a go pretty good. But then she suggested that Athenis rates were three point.
Two nine percent.
They said they're going to match that rate. Oh fifteen minute, Cole saved me a whole lot of Muller.
Yeah, and you're just a little bit of googling and you've got a comparison to throw their way. Often in banking world, they can't suggest the rate that it goes down to. You actually have to put it on the table. So they'll have like their little schedule And if Georgia King called up and said, don't want a better deal, they're like, oh, we could drop it to X. But if you bring up a comparison, then they actually have
to consider it, or so I have heard. Because they're not going to bring up their competitors to a client.
Yeah yeah, yeah, not a smart idea.
But if you bring up their competitors and you're like, I might leave. Look how good this other company is, what are they going to do?
Juicy?
That's a hot tip from Vedi there, ladies can't give a way too many.
We've got a whole The next wee and it comes from Monique. I needed to have two wisdom teeth removed at the public Community dentist and it didn't end up costing me a cent.
What.
I've had a very easy recovery with no swelling or bruising. Wish I could say to see for myself.
Yeah, we've had this conversation very recently on the podcast.
We were just excited about dental health. Jessica.
Oh yeah, I feel like I remember asking you, guys, if you go to the dentist. Yeah, yes, the dentists, you know, somevery decade or so.
That's just to do it moving the.
Next week and it comes from Beck and money win. I got big w to price match with office works. I saved eleven dollars upfront plus fuel costs. I don't really get the fuel part of that, but that's okay.
Let's fuel costs.
I don't know, maybe driving fuel document, maybe the body. Maybe that's it just is way more switched on them.
We'll ever be.
She's on the money. Guys, How how do you actually price match? Though?
You just go up to a customer like you're right, you as the customer. We do it all the time and yeah, yeah, do you just say do you price match? Or like generally I will have googled ahead of time and I know that you price match and if they go, oh no, we don't go oh really because it sounds like your website, you do.
I'm still so awkward about it.
We did this the other day because I needed We got a new staff member and I had to go buy another laptop at JB Hi Fi. Right, so I googled the laptop and on my phone I had screenshot the price of another competitor. I knew what I was going to do. Anyway, walking and ask for the laptop. They're like, yep, no worries. And then he said to the guy, Oh, I don't mean to be awkward, but like, I know you price match, so I just wanted to show you this and he's like, oh, he's like, actually
know who you are. So I fully expected this. I expected this. He's like, you're living up to your name. And I was like, oh, it's so embarrassing. But anyway, yeah, I do as I say, don't worry.
Exactly right.
We'd love to see it. The last one for the day, ladies. It's a win loss win, and it comes from risk win lost. Yeah, exactly right, as the feedback win. The first win is I got a refund check for a surgery I had last year.
In the mail.
Great win win, I guess the loss. I got a speeding fine in the mail on the same day. It was her first in about ten years while running errands for her friend who had COVID, so she's a good woman. And then finally, the last win was that the fine wasn't as much as the refund, so she's still ahead and she wasn't expecting the money.
So that's it for the week, lady. That's all we've got.
George King, as always, it has been an absolute delight celebrating some of your budget Direct money wins. Budget Direct a winner of can Stars Insurer of the Year Award twenty twenty two. Budget Direct Insurance Solved. How about we go to a really quick break and straight after this, I want to talk about emergency funds. We have some news from Georgia King, and I'm going to bring up Ki Kardashian. Don't go anywhere, all right, two pieces of news for you guys this week, one from me and
one from the lovely Georgia King. You're making a sad face with me across the table. I know, George, share with the family. What have you got to say?
I'm going to cry? I am moving on from She's on the money. Oh my god, I'm actually going to be I've just set it out. Yeah my god, i am.
Stop. You're gonna make me cry for ages, obviously, and it's really sad. It is really sad, but very exciting as well.
I feel like I've also kind of made it sound like the girlies have fired me.
A little bit, pushing me off. The opposite is true. This was a choice that you made.
I have been desperado in the background, trying to get her to stay.
No.
No, turns out she's a hot woman in a hot demand, but no. So it's just it's come time for me. I'm not going anywhere soon. I'm going to be hanging around and sharing the job with Jess for a little while longer, so you're stuck with me for a while to come. The decision was basically made because I want to start concentrating on my journalism a little bit more seriously, and I've just been burning the candle at both ends.
I don't know if I've sounded tired on the podcast, but haven't you always sound like a delight Thanks guys. But yeah, it's just it's time time felt right? How fun that when you started, Like when I was listening as a listener to the podcast, you were introducing yourself as I'm Georgia King, I'm a journalism student, and you're.
Like, I'm Master of Journalists.
I'm Georgia King, a journalist.
Yeah, I guess, I guess that's true. It's so cool. It is so cool.
And I mean, George, you're not going far like hop skip and a jump away. You're still one of my little sister's best friends. So good luck being rid of me, and hopefully we can drag her on the show for like little cameos. Maybe if our engagement goes down, Jess, bring George. But you're leaving the show, but you're not leaving the communities. Absolutely not mad about it. She'd still
be floating around. You might see her in the audience at a few she's on the money events because lord no, she always get a ticket.
But I'm really sad. I hate this. Oh, I know, I know.
But yeah, as you've said, you're not getting rid of me. I still be loitering in the background events and stuff. But also I just wanted to say a big thank you to both Victoria and jord I can't but also to the amazing community.
Oh my god, the voice. This is way harder than I expected it to hot.
But yeah, also to the community who have been so welcoming of me since the start, and I think we should talk about something else before I cry.
This is really wholesome. We're really grateful for you being here, been here. Literally you've recorded podcasts with me on the floor after a bottle of wine. We won't tell you which episode that was.
With you.
Remember the time we recorded with beanies over our microphones because we couldn't find the pops. We've come so far together, Jueta King. But I think it's come, as you know, probably a surprise to the community. But at the same time, I don't think the community is going to be surprised at all, because you are destined for very great things, and you started as a journalism student. Now you're a master of journalism. You've got to get the work done. George,
We totally get it. So very grateful for you, Thank you for being part of our journey.
Sorry for getting so emotional.
We also for those of you wondering, we don't actually have a plan for what happens to quote George's role on the show yet We've decided. Given how busy the rest of this year is, because obviously we've got a million things on, we're just going to see the year out. G will be here for most of it, and then if G's not around, Jess and I are going to roll solo together and then we will make a decision in the new year as to what happens. Maybe we can get some new voices on the pod.
Maybe we don't. Who knows.
Time will tell you, time will tell, but it'll be hard to replace you. Big choose to feel massive, tiny studies? Oh same?
Shall we talk about Kim Kardashian.
I feel like.
An emotional roles this story.
I feel like combines two of all of our favorite things finance and trashy reality TV we all love. I don't know if you saw the news, gals, but Kim Kardashian and a former partner of hers have recently launched a private equity firm focusing on investing in consumer and media businesses, which I.
Am obsessed, Like, she is living my dream.
One day I want to have a private equity firm, Like, how cool would it be to be able to invest in other people's businesses? Well? Yeah, the devil works hard, Christiana really does work harder. And to be honest, I don't know a whole lot about what a private equity firm is, So VD, can you start by explaining to us what that is and then we can maybe dissect
the news a little bit more. Can I like jump back to what it's called first though, because it did make me laugh, Like you would think that any Kardashian business was typ with a K.
Right doesn't.
But it's called Sky Partners, but it's got two k's in it, so it's SKK Live. She's good.
She's good.
As Jess said, the devil works hard, Chris Jenna works harder. But essentially, private equity firm is just private money, and it's private money that is usually managed by an investment management company. So Kim Kardashian isn't doing this all on her own. She actually has someone who has experiencing this, and it's a company that then provides financial backing and makes investments in private companies or startups or you know, businesses that exist that need a little bit more funding
to go to the next level. And there's lots of ways of going about it, but essentially it's a company then there's seen other businesses and the purpose of doing that is to obviously see a return on their money. So Jess might start a business and be like, oh, I need ten million dollars to go to the next level, and Kim Kardashian is now going to sit down and
be like, oh, that's a good idea, Jess. The interesting thing here though, from my perspective, is obviously, like the Kardashian family or the Kardashian Jenna family carries so much weight, and their Instagram and social feeds obviously have Instagram posts that you know, cost upwards of a million dollars to talk about.
Like, imagine the.
Backing and the like clout that you're going to get if the world or the media finds out that Kim Kardashian's decided to invest in your business, like that media
in PR coverage would be insane. So I'm really interested to see how this goes because private equity, from my perspective, is something that oh, like, I get so envious of people who get to work in this space because they get to work with other founders or you know, founders that align to their goals and their values and partner with them to take them, you know, as I said, to that next level or run that business or you know, I've got a passion which I haven't spoken about very
publicly before, for helping really small, female, independently owned businesses in mentoring and coaching and even sometimes financials to get to the next level. But like, this is on an entirely different level. Often the companies that private equity funds invest in are usually pretty large, and they want to take a stake of that business. So they're not just going, oh, Jessica, Ricky has like some money and you know, give me
a return. They might go have some money. I want to see a return, but I also want a twenty five percent stake in your business. So think Shark Tank, right, I think Shark Tank, And that's kind of like what's going on.
But it's an actual business.
So is the premise of this VD that it's a money making machine for the Cudashians because they need more money. Let's be real, it's not like an altruistic thing. They're not just helping out young female founders for example. It's more more money spinner.
To be honest, it could be both.
Yeah, it's a very time and energy intensive way to make money because obviously, you know, let's use just this business that doesn't exist right now as an example, right, Like, I don't guarantee that it's going to be a return, So the time, energy and effort it might take to do the research and the backing and all of that, it might not be worth it because you know, for every five companies you invest in, maybe only one of them might be successful.
So it's really risky in that aspect. So I would love to think that.
It's a little bit more altruistic than just being a money making machine, especially because on a private equity investing journey, like you know, there's obviously a lot of risk, but there's also a lot of return. But you know, you get to back certain businesses that are aligned to your values and like your goals and what you know, what really resonates with you. So I'm hoping that the reason is because she's just like really passionate about female founded
businesses and like really wants to push women forward. And one of the articles that I read was really just talking about how women comprise of only twelve point seven percent of all senior employees at private equity firms, and like I guess this is a really good step in the right direction.
I mean, if Kim Kardashian can do it, we can do it. We can do it.
I think Kim Kardashian is a lot more intelligent then she gets a rep for in the media. I don't think they could have been a successful hour she's studying law or she has her degree. Now I'm not one hundred percent sure, but it's worth noting that her partner, I think I said, was her former partner my mistake. He was a former partner at Carlisle Group, Inc. Which is a private equity firm. They had three hundred and seventy six billion dollars in assets under management in their firm.
His name is Jay Simmons. I would argue that Kim's probably not going to be sitting down with the female founders or whoever and talking them through it. I think it's pretty safe to bet that it's going to be a pretty significant firm from the get go. He's got experience handling assets of that size. Kim obviously has a lot of experience in running a media business, and they are intending on focusing on consumer products, hospitality, luxury, digital commerce,
and media. So I think it's a nice melding of both of their experiences. How hands on Kim's going to be remains to be seen. It could just be that, you know what I mean, she's the founder, She's definitely got the cash to start something up, and it sounds like Jay has the experience to back it in. So excited to see how it goes. Ultimately, I love seeing a woman doing something that isn't typically done by women,
So I'm all about it. Yeah, And I mean to get into the little nitty gritty on them, because, like we are a money podcast, so I want to know more about the money. Kim Kardashian has come out and said that they're actually seeking to raise for Sky Partners, which is the equity firm, more than a billion dollars to completely debut the fund, which is wild, but let's
do some numbers here. If they typically operate in a model which is called a two and twenty model, which assumes that the company should be making about twenty percent profit, which you know in the investment world, like if you're going to go all the way into private equity, like you want to be making a lot more money than what it would be if you just put your money into shares, right, Like, if you just want to put
your money in the share market. We know that the Australian share market on average has returned about l eleven percent over the last twelve to fourteen years. Obviously different percentages in other areas, but you're going to be chasing higher returns because it's higher risk, right. But if SKY is making a twenty percent profit on the one billion dollars, they're making twenty million dollars a year just operating this fund,
that's worth it to me. That's some big dollars. So I think it's really interesting as well to see what they would do with that profit, like are they reinvesting that into the fund or are they taking that as hash for themselves. Like I just want to see what the plan with the business model is because often when you start a private equity firm, you don't have names
like Kim kardashy in floating around. So raising a billion dollars is really hard, and you usually reinvest every single dollar that that fund makes to grow the fund over time, and there might be an agreeance between the directors of the fund to go all right, well, Jess for the next ten years, we're going to reinvest every single dollar and then from then on in we might then look at taking profit. But I just want to know the business model. Guys, I'm so pervy. I'll report back if
there's any more news. As you know, we love a bit of reality TV.
Maybe very interested to know.
But the interesting thing there, as I said before, they're looking to raise a billion dollars. That's not Kim's money, like, that's not Kim putting a billion dollars in. That's her looking for investors that believe in her fund Sky Partners and want to put money into it and therefore want to see a return.
So interesting world, but juicy, good luck with it.
Let's move on before I go on and on and on, because I could both money dilemma.
All right, I'm ready, I'm ready. What have we got?
Hi?
There? Have you got up money dilemma? You just can't solve that.
She's 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 quick voice recording, and you may just find yourself on the show. Now, let's take a listen to today's money dilemma.
Hi, Victoria, I'm wanting to build an emergency fund. I was wondering would it be better to have it in cash or have it as an ETF or an index fund? Love the show, Thank you?
Oh love you too. That's so nice. Thank you.
I love people when they tell me that they love me, me too. It's always nice to hear. Really needy.
Please keep telling me about my ego needs. This is a really interesting one, and I feel like we've answered it before on the podcast, but obviously not everyone listens to every single podcast.
Who would do that, Jessica, Ricky, not.
Me like a crazy person. But I think it's an interesting question because from a pragmatic point of view, like taking off my finance hat and looking at it, you go, oh my gosh, I hate the idea that my money would just be sitting there not making a return.
But what we actually.
Want to do is look at it properly, like what is the job of your emergency fund? Like your emergency fund purely exists to be accessible.
In any emergency.
It needs to be easily accessible, it needs to be always there, It needs to be that strong dependenceteed that you know might not be doing a whole heap of work, but when they work, they work really hard. It's kind of like the security guard, Like sometimes you see them wandering around not doing all that much, like, yo.
What are they up to? But if the proverbial hits the fan, they're there. They got you. You say, it's not good.
That's exactly what your emergency fund is doing, right, Like It's one of those things that I totally get that you want it to be working hard, but I think we need to acknowledge that your emergency fund is working hard by being in cash.
It is doing exactly what it needs to do.
And it's actually really risky investing it because let's say we use Julie's example and she said, should it be in an ETF? Okay, well, no problems. Let's say you have a ten thousand dollar emergency fund. What if the share market goes down, that ten thousand dollar emergency fund
is now no longer worth ten thousand dollars. We have seen the market become a bear market, which means a drop of twenty percent on average across the market, which means your ten thousand dollars is now worth eight thousand dollars if the proverbial hit the fan during that period of time, which let's be honest and look at the statistics of it.
If your job is going to.
Be at risk or anything is going to happen, unfortunately, it's probably when the share market's not doing that well, you are going to be in a position where you need to access that money. You are now crystallizing a loss, so you've instantly lost twenty percent, which means you've lost
two grand my friends. If you decide to take that money out of the account, but you can't get it today, you have to go onto your share trading platform or call your financial advisor, or transact in the way that you purchased it, go online, submit a claim to sell down your portfolio. So that's day one. Day two, the company that you're with or your share portfolio manager sells down your shares, and then on day three it will
be transferred back to your account. Very likely that it's not within the same banking system, so it's going to take another day. So that's three or four days before that money hits your account. If things go to plan, if you're not loitering around and you know, wondering which shares to sell or making decisions like it could stretch
out to more than a week. And if there's any bumps along the road, like your financial advisor needs you to sign a form or ask a question or do something like that, is time between you and having access to an emergency fund, and the emergency has already happened. Like that, to me is not a good use of it. And I think what we need to do is really see money working in the way that it needs to work. It doesn't always have to be returning the most, but what it has to be doing is doing a job.
And I say this all the time, And when I've talked about like my budget and Cashlow Master Class, I always talk about having a cash hub and then delegating money from that cash hub so that every single dollar you have works as hard for you as you do for it. That does not mean that it is returning the most amount of money. That might mean it is sitting in its emergency fund doing its job of protecting you and making you feel safe. So from my perspective,
we wouldn't ever invest our emergency fund. And that's where I will always you know, be very steadfast. I don't believe in it. My emergency fund is definitely sitting in cash. Interestingly, though, my emergency fund is in a offset account for my mom. I was gonna say, is an offset a good alternative if you have a mortgage, which is a big if. But if you have a mortgage alternative, Yeah, it's not a bad idea. It's offsetting my mortgage, which is good.
But the reason I'm happy with that is the bank doesn't have any say over what that money does or how it works. I can access that because it's basically a savings account. It's just as easy. It just means that that savings account is linked to your moretgage and offsets the interest money win. The same is not true for a redraw account on a mortgage. So I've had the question before, like, oh, V well, I only have redraws.
Should I put my emergency fund in that? And the answer from my perspective would be no, because when you put money onto your mortgage, you're paying off your mortgage, and then you essentially can redraw or loan. Redraw just sounds sexier and it doesn't sound like a loan, but you can loan the money back from your mortgage. However, when financial times become a little bit tumultuous, banks sometimes go, oh, Jess, you might have paid an extra one hundred grand off
your mortgage. We're actually going to cap that. You can't take that money back out and redraw it. We're actually going to cap it at ten grand. And that has happened a heap of times where people's redraws have been decreased because banks are like, oh, we need to keep as much cash as possible in the bank. We don't want people taking it out, whereas they don't have that
same conviction or authority over an offset account. So an offset account is literally a savings account that is linked to your mortgage in a positive way, whereas it redraw offer rates in a very different way. People often see them as like la, like flack or same same and I mean, you do you, but what I want you
to do is be educated. So from my perspective, no, I wouldn't invest in emergency account in an ETF because I want you to have immediate access to that cash in the event of an emergency NOFET.
Sorry I didn't let anybody else be Ah, that was good.
I have nothing else to clear.
Yeah, because you guys have heard that round from me. I'm sorry, I'm sorry.
All right, let's go, let's go grab a drink because we've got to celebrate gking absolutely.
Alrighty guys.
Before we do the boring but important stuff, please remember that the advice shared on She's on the Money is general in nature and does not consider out your individual circumstances.
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