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 on the Money, the podcast for millennials who want financial freedom. Today, my friends, is Friday once again, which means it is time to sit back with the girls with a bevy in hand, to unpack our favorite moments from this week and of course, to celebrate you, guys, the incredible She's on the Money community. As always, we are going to be sharing our favorite
money wins. We're going to be discussing what's making news in the finance world, and we'll be helping to answer a very like extra very juicy money question this week about Finders investing platform that is backed by Crypto. So let's get into it. Jessicurci tell us what happened on our Money Diary Monday. So this week's diarist just really got me in the heart. She was this beautiful single
mum who had a really great journey with money. She actually could recall and I'm not going to give it away, I want people to listen, but she could recall an.
Exact moment it was like, well pivotal.
Yeah in her childhood and a phrase that her grandmother told her abound like money and finance in life that just stuck with her. And I found it so fascinating that you know, that was twenty thirty. I don't remember how old she was while it was a yeah, and it like that sentence stuck in her mind and resonated with her and really shaped her money story, which I thought was it just goes back to that thing that you always say that our money stories really shape in our childhood.
And it's so different for everybody. Like after that episode recording, Jess and I ended up having this whole conversation about like things that I might have said or that you've had said to you that were pivotal money related or not that the other person might not have any idea about.
Like I just even at school, like someone saying something about like even let's talk about body image, right, they'd be like, oh, v X y Z, And you'd be like, wow, now I'm so self conscious of that, and they that was just a broad brush comment from them that they probably didn't mean. But it's like changed the shape of the way you think and act and feel and behave. And I just think that that's, you know, so important to talk about when it comes to money, because you
can change someone's life with a comment. And like, that's why I think we have to be so careful with our words.
Yeah, we to have a lot of power.
She became a single parent at nineteen and she now has three kids.
It was just a really it was I who love story? Yeah, agreed?
Guys, what was the sentence, No, we're not telling you.
Who do you think we are?
Like we need to plug our own shot fair enough with the best advertisement for our own show one hundred. I mean probably not, because if you're listening to the show, you probably already listened to the Money Diary episode and we probably should look at some other advertising revenues.
But not yet before we go to Wednesday. We did also have a bonus episode go up with this week on Tuesday.
All my favorite episode ever, guys.
A whole extra She's on the Money day. I hope you'll enjoyed it. But it was a bonus Q and A with a mortgage broker because we've just had so many, so many questions and.
It's like an extra special mortgage broker. We had Kate Bransgrove on the show, who spoiler is my newest business partner because we have rolled her mortgage broking business into my mortgage broking business and now we are known as Zela Money as of literally today today, like it's official today, guys, Like we're in business. She's in business.
She's brilliant. You guys have heard me talking about on the podcast how I have been through three mortgage brokers before I got to a good one. As spoiler alert, Kate's the good ones.
So also spoiler alert, what's the lesson here, Jess? Is it just maybe take my recommendation of the pop stop.
We do move on.
We can move on.
Really good episode, great Q and A. It's kind of like having a personal chat with a mortgage broker. She answered so many good questions and if you do want to chat to her, you actually can do that.
Jump on the website will allow you to do that.
I will share her head to the website, you can fill out a form and we can connect you with someone from the seller team.
Yeah, absolutely all Headzela dot com dot a you. It's pretty cute website. Designed it myself, guys. Little bit of background diy action. I'm a financial advisor, a podcaster, and now a web designer because I didn't want to pay someone. Moving on, Miss Georgia King, Hello, tell us about Wednesday. How are you? By the way, You just good. It's so good to see you. Guys had a little and you went to a little stint in news.
I did a couple of days in NUSA, wrote about it in the newsletter. In fact, but it was it was divine. It was non fence, don't get me wrong, but it was it was body.
Oh my gosh, deceased. We should go one day jeye.
Yeah, yeah, okay, come along. You might get an invite this time. O.
They good.
But what happened on Wednesday's okay? So Wednesday was all about simplifying tax time.
We love, I love.
I don't know about you, guys, because you're so organized, I'm really not. That's Jessic making me look organized, well compared to me. You're both superstars. Thank you.
But basically it was a really good episode for anyone who is like me and they're not as together. We spoke about just how to make it all way more easy because it can be so overwhelming at this time of year. So we went through what you can claim, what you can't claim. You went into detail, and yeah, basically, if you are like me and you're someone who is really overwhelmed at this time of year, then it's the perfect place to start.
You can do your tax yourself. I know a lot of people think you can't. I've never had my tax done for me, really never, And like, if you're prepared.
It's a lot easier on you, for sure.
Yeah, that's that's the count. How did you learn how to do you tax yourself?
Though?
Jess I just got on the ATY website and followed the prompts. Yeah, cool, it's actually not that complicated. I feel like we over complicate things, guys. It's twenty twenty two. AI is our best friend. It is very self explanatory, but I do recommend if you have an investment, property, or you know, some confusing duel incomes or something that you want help with, I would genuinely reach out to an accountant because they're going to know best. And also
money win one of the things you can claim. It's your accounting fees from the last year. Correct money whin? All right, gee, speaking of money wins, it is time to share some of that budget direct money wins.
What have you got for us this way?
Already?
Let's do it, ladies.
The first one the week comes from Rebecca money In. We have been pining over an espresso machine film months. We've previously had a pod machine still good, not great. So she's gone on to say we couldn't justify it the two thousand dollars eight hundred.
How do you say that to.
Hundred dollar? No, start's wrong. We're going to keep that in. You guys knew what we were talking reading numbers is twenty eight hundred dollars.
The one for the model that we wanted. But then I found it on sale at JB for nineteen hundred dollars and we bought it with gift cards purchased through shot back. I know it's still really expensive, but I love it and it's worth every cent.
Yes, I love that for you get it queen. Also the hack there that was just shared buying gift cards to spend on yourself because you get money back. Smart. That is smart. Love it.
Well done to you, Rebecca, all right. Next week it comes from Julia. I've managed to hustle and save an extra eight hundred and forty five dollars this month. I achieved this by selling goodies on marketplace, by returning bottles, by doing an e task a job, by depositing coins, and by saving on fuel using the seven eleven app.
Some hot tips there. I feel like that seven eleven hot tip app came from Miss Jessic. She a color we love that.
Next week comes from sus This is a fun one. I sang BWS happy birthday, and I won twenty dollars.
Bring on a bottle of red in front of the fire cheers way, she wrote.
She sang the Okay, so I did a little research.
Thank you you. We were going to ah, well, how do we see?
We can see just great?
It turns out they'll probably show you away if you do it at the counter at BWS. So is beer, wines and spirits for anyone who's not an alcoholic.
Can you tell everybody to do that?
Yeah, well maybe we can just do it just counter. No, So the real campaign is that you log onto their website and they've got multiple options. It's bws's birthday, so you have to film yourself singing happy birthday to b WS, like having a dance and they'll transfer you to twenty.
To everyone like, or is it you win it?
No? No, look is this a sponsored this.
Dance? It's like you just get paid to do this?
Correct?
If anybody visit, I really hope this is a money in for somebody bus and may we should hit them uth payment. But if anyone out there sings in a choir, go on the website because there's a button that says get a choir to sing us Happy Birthday in public.
You get two grand.
It's almost there.
I will do it.
I will do it.
We should do it.
If you're in a school or if you sing, for surely there is a music teacher years get this and please send us a video because I really hope that you get the true grand.
Okay, okay, but stepping down from there, you can get five hundred dollars for making a BWUS birthday outfit like Jess, you are the queen of outfits on Instagram, Like you can make a b w US outfit.
You can do that grade out though I.
Don't know what that maybe the we're all done. Maybe someone's done it at a Norman Aerial birthday message one thousand dollars.
What is it?
Is this a competition, assuming.
It's some kind of like data fishing situation, but it's very legit.
I don't think it is just down the rabbit hole.
Hold on, guys, I think it's actually just genius marketing. From that, if we think about it, like two grand, you're like, wow, that's a lot of money to win, but two grand for an ad real cheap.
They're in it for the marketing. We're in it for the money.
Everybody, Just wait, just wait. It is the end of financial year. Watch out in twenty twenty two, twenty twenty three financial year plans for she's on the money, We've.
Got vil marketing.
You'll see us next week. We'll be like, oh my gosh, seeing she's on the money. Birthday.
How do it go? How good you got?
Let's move on to Ashley money Win. I received a call from our old bank saying they had been trying to reach us since twenty nineteen to give us a check for nearly five hundred dollars.
I mean, I get why you weren't answering the phone to the bank.
We'd closed our accounts and had moved house, so the mail never reached us. Now I'm five hundred dollars rich just for answering the phone call. I never answered my phone.
Maybe rich.
Interesting.
The next win comes from Denise. I scored Think and Grow Rich from our local up shop for one dollar and it looks like it's never been opened.
That is a very good book.
Didn't we talk about that now?
Episo?
We did get a little throwback if you're interested in finance books, ladies, be and I did a little deep dive, so we rob that.
In a couple of weeks. I love a finance book, and you guys love being told what's in the finance book, so you don't have to read the emercisely.
The next win comes from Emma money Win. I started the ten thousand dollar money hack grid and have ticked off six squares in nine days.
I feel like we haven't spoken about those recently.
In a while.
Where do we find them be? What are they? They're free downloadables on the website. You can print them, you can save them on your phone, you can cross them off. And they're like savings hacked. So there's like one thousand dollars or like ten thousand dollars or whatever you want to save for in twelve months, and then there's like fifty two boxes and you fill it in and you'll be richer. I guarantee it if you actually follow the savings hack. Yeah.
Well, Emma said that she sticks on the fridge and it's a constant reminder to keep on plugging away.
We did make them very esthetic, so they look cute on your fridge too, Like you're welcome.
Head to the freebies page. That's where they are stunning, all right.
Our final win of the day, Ladies is from Stella Money Win. My full time job is literally as far from creative as you can get, but I love doing art in my spare time. I started a side hustle job running painting classes at a local arts studio after business hours and earned more hourly than I do at.
My day job.
Gosh moundy weir.
Not only does it force me to do what I love each weekend, but it also adds to my salary every single week. It covers my groceries and my takeaway for the week.
Well done, Stella wesle we stand a side hustle.
I love that?
Is that all you got? Fast? Good work?
Gee?
I feel like that was a really good rap or like collection of She's on the Money wins And as always, it has been great celebrating some of your budget Direct money wins this week budget Direct winner of can Stars Insurer of the Year Award twenty twenty two Budget Direct Insurance Solved. Let's go to a quick breaking after that, we are going to jump into some juicing content.
All right, guys, it is end of financial year, Victoria Devine's favorite time of year and if you came to our Ses on the Money Birthday event last night, you would have celebrated with us. And if you didn't get to come, we will actually be unlading p episode from that next week, so keep an ear out. But ef y, this yar means something very special for super I'm super excited about.
Yes, you've changed, Like imagine you saying this like two years ago, like, oh my gosh, guys and the financial year. I am so excited. Have you seen the recent super changes? Whereas before this episode we were like, oh my god, this is sick. Have you seen this? Have you seen that?
Jess, what's happening?
So you might remember we spoke about this probably this time last year, I would imagine.
Seems legit at our story adds up.
Yeah, but the changes that were made to superannuation are staggered steps up, if you will. So we were shifting from the original mandatory superannuation rate of nine point five percent yep, stepping slowly towards the end goal of twelve So last year went from nine point five to ten yesha, ten to ten point five.
So you're getting more super from me this year. Jesse agreed.
Sha, That's why I'm excited.
You're like, yes, make money, make bank, but it's actually really cool. So, as you said, we are planning, or I mean the ATO or the Australian Taxation Office is planning to get us to twelve percent by twenty twenty five, but it has to go up in small increments, otherwise businesses might get you know, a little bit stunted by that, So small steps in the right direction. If we had time, I would go on around about how I don't believe that twelve percent is enough, But we're not going to
do that today. We are celebrating the small wins and that means more money in your super. But Jess, it wasn't the only change that is going to be happening as of today. What is the other one?
The removal of the threshold.
But what are you talking about? No one knows what you're talking about. No, let me explain.
So Previously, if you're a low income earner, maybe you're one day a week casually, or maybe you're on Central Link and you could only work a cetin number of hours. Yeah, you weren't entitled super if you were earning less than.
Four hundred and fifty dollars per month.
There you go, glad, she's on it.
So if you're earning four hundred fifty dollars a month less, you ain't getting any superannuation, which honestly is just kind of shitty. If you ask me, yes, I don't like it at all. So from the first of July twenty twenty.
Two, spoiler that's today employees can be eligible for the super Guarantee, Like that is SG, So on your pay sleep it'll say SG. And I feel like I've had that question a lot recently. On my DMS. People are like, oh, I was just looking at my payslip, what's SG. I'm like, babe, that's super guarantee. That's really important. We need to pay
attention to it. But essentially, you're now going to earn SUPER regardless of how much you earn, and that has been abolished, which I really like because previously, if you worked maybe like I don't know, two days a month because you're at UNI, maybe you weren't earning any SUPER at all because you were earning less than four hundred and fifty dollars, which for an employer, they're like, great money, win,
don't have to have that cost. But now everybody is earning SUPER if you're working full time, except get this, except if you are under eighteen, in which case you need to work more than thirty hours a week to qualify for it. Is that not cool much? Because that's always been there, that's not new. I'm just bringing it up now because it seems topical and I knew where it offend you, so that.
I find that really counterintuitive, particularly in this instance, because more often than not, if you're going to be working to earn four hundred and fifty dollars, you're a being paid very little and b you're probably not working a lot of hours. Those two things together to me, say, eighteen year old.
Can we also just talk about how messed up that is just economically, So, like, let's think about it. If you're under the age of eighteen, it's very likely that you are in full time education, right, So, like, regardless of what you're doing, probably still at school because that's how the system works, unless you left early to do
like an apprenticeship or whatever it is. But if you're working, you know, twenty five hours a week as a sixteen seventeen year old, it might be because you genuinely need that money, because you're already financially compromised, Like you might have had a hard start to life. You might not be in the best position with your family. You might be you know, living out of home and you're only able to work, you know, twenty nine hours a week because you've got school full time and.
You're not feel a lot. That's twenty so much, Like that.
Is so much, But there are people out there where that is their reality. They're not earning super because they're under the age of eighteen, and that makes no sense to me because they are arguably working harder than I
am because they're hustling. It really frustrates me that there is no need for employers to pay superannuation to people under the age of eighteen if they work less than thirty hours a week, that's cool, right if you start thinking about, like, well, what type of person would be under the age of eighteen and working, you know, twenty nine thirty hours a week, like it exists because they
need to put food on their table. Not all of us are in the privileged position to live at home, have food put on our table, be able to get to school and that be a really comfortable existence. Like that's not everybody's reality. To me, that's really disadvantageous to a lot of people, and we just sometimes don't contextualize those things in the way that we should.
It's hard because they're getting shafted on both sides. Like they're getting shafted with the hours thing because they're working after work. Yeah, like working thirty hours a month is a lot of hours when you're already doing something full time like schooling. But then they're also getting shafted in terms of like minimum wage when you're under the age of eighteen, even under the age of twenty.
It's cook really.
I remember when I used to work retail, and I'm very blessed that I have never worked for less than twenty dollars per hour, and that was purely by accident. But I remember when I was working retail and I was a little bit older, I would have been like
maybe twenty two, twenty three. There was a girl who worked with us who was sixteen, and I'm pretty sure at the time she made like nine dollars an hour, and I was like, I genuinely, by the time you pay tax, I mean, she probably wouldn't have been paying
a lot of tax. Actually, she would be a work incomeenter but just by the time I remember, she used to have to catch the train, so by the time she pays for five bucks for her train ticket if she worked a three hour shift, she basically hadn't earned any money.
So I grew up in a pretty high socioeconomic area, you could say, down on the Peninsula, and a lot of kids in high school. They would work to kind of gain a decent work ethic and understand that rather than actually to save a lot.
Yeah, I was the same, right. The reason I got my first job was because my parents were like, you are fourteen years and nine months old, why don't you go and get a job. And my first job was, you know, in an ice cream shop, and I earned money, and that money was basically spent on going to the movies. Guys, if you know, you know, you go down to Rosebud,
you go to the movies, you walk to McDonald's. That was my existence, right, But that's a very privileged upbringing where the money that I'm earning is you know, frivolous in a way. Like at that point in time, my dad was trying very hard to teach me the value of money, but I was not listening because I didn't I'm not going to say I didn't need to. I
absolutely did, but I didn't feel like I needed to. Right, Like, earning that money not the same whereas Jess, you moved out when you were pretty young and were completely self sufficient, so it might be a very different story when you know, when you're actually forced to provide for yourself right and
as a human right. At an evolutionary level, it's not actually all that normal to put yourself in somebody else's shoes because it's got nothing to do with fight or flight or survival, right, Like I have no need, literally, if we're talking about psychologically and on an evolutionary level, I have no need to put myself in your shoes, George, literally none. It doesn't benefit me at all. Now in twenty twenty three, absolutely it does. But you know, Aspace,
we just don't think that way. So I think it's really important to call those things out and be like, wow, like we're so privileged. Like I'm the same I grew up in exactly the same area you did, George, But growing up I also had some friends who were working because their parents weren't supporting them in the way that my parents were supporting me. And they actually were helping to pay the rent and they were putting food on the table for their families because they just didn't have
that level of privilege that I had. And I just it blows my mind. And as we've been talking, I've just looked up the Fairwork Omensman Guide for and I've just looked up fast food industry because I feel like that's a really pretty easy, it's pretty standard as a you know, sixteen year old. If you are a junior, you're a full timer or a part timer. Under the age of sixteen, your hourly pay rate at a level one. Not sure what that is, but level one is eight
dollars seventy one in twenty twenty two. That's crazy someone to buy you a meal. So what No, then one, there's like different levels, right, so we'll skip to level three. Level three has like a little categorization. It says level three in charge of two or more persons, your hourly pay rate if you are under the age of sixteen is nine dollars forty nine.
So if you're managing people, you get not even a full extra dollar, not even a.
Full extra dollar.
Like that to me is insane because if you're needing to rely on that income, you're just you're already behind, Like you're literally already behind. Don't worry though, the second to sixteen you're a level one ten dollars eighty nine. Like that's still so low in comparison to what we call the minimum wage in Australia, which is categorized in this as being quote an adult. So I don't know what this means or how this works, but I just I think you should be paid for the work that
you're doing. And if George is doing exactly the same job as me, does it matter that George's sixteen and I'm twenty five, Like, why should a twenty five year old be paid more for exactly the same thing.
Yeah, I think it's interesting to bring it back around to where we were at with Super. I think it's a little bit disappointing to think about because I reflect on when I was younger and same as you. I got a job at fourteen and nine months, and I worked two days a week on the weekends, and I worked pretty long days, Like I think I was doing like decent, like eight or so hour Dawn.
I'm not surprised because you're a hustler.
You wouldn't like that money from me one hundred percent.
I liked the money, But like the thing ultimately is, I look back on it and I go, I actually don't know that I would have been earning super. And I think about this sometimes because I look at my super balance and I go, I feel like it's not as high as I would have thought, given how long I've been working for And it's probably two things. It's partially because I had multiple accounts when I was younger,
and the fees probably aided away. But also I guess a really significant chunk of my working life, like what was it under eighteen? Right, Yeah, so four years or like three and a bit years of my working life I wasn't earning super most likely because I wouldn't have
been meeting necessarily the threshold for the hours. And that's just kind of frustrating because you go, you're putting in the time, you're working hard, you're doing the hours, but you're not necessarily getting all of the benefits just because you're a little bit younger. But then you're doing such a great thing by going out and getting a job and earning money.
And I just feel like it's not to be paid for the work you're doing exactly. But kids aren't going to question that either if you said no, like what the hell's super when you're fifteen, like you wouldn't you know?
No, I filed out a new form every time I got a job.
Another piece of this puzzle in terms of not paying underage people the super that they certainly deserve. Is that it kind of sets them up at a very early age to be exploited and kind of expect that from places of authority. It's not okay. And that would also have an impact on your money story, which we talk about all the time. And she's on the money and I don't know, I think that's something that really needs to be addressed.
I can't believe. Yeah, I've just never thinking about it.
I didn't know this and yeah, like it's kind of like when you tick over eighteen and now you are eating super. Yeah, because it's not something you've ever had to think about before, you might not necessarily comprehended that it should be there. And we've seen stories in the Facebook group of people very frequently working at like small local businesses or jobs that again you would quite often see younger people working and they're like, oh, my boss
hasn't paid me super in three years? Like can I do something about that? And it's like, yeah, Queen, absolutely you can, and you should. But you're right, if you haven't had that expectation and you haven't been taught the value of it because you didn't receive it, how are you to know any difference exactly.
That's why she's on the money exists quite literally, because not everybody is afforded the same level of financial literacy. And I just think that it should be a base, right, Like we don't get it in school, and if we're not getting it in school, some of us are privileged enough to get it at home. And if we're not getting at home, maybe we are lucky enough to be surrounded by people in our friendship groups that teach us or that we learn from their parents or whatever it is.
Or maybe you get a good part time job and your boss actually goes, hey, Jess, you probably should be xiz or whatever it is. But not all of us are afforded financial literacy, which to me seems wild because, as you said, it opens you up for exploitation later down the track, and like nobody deserves that, Like if you think about it, like, hey, we're actually putting people and children in a position where they're going to be
exploited hard no from me. Wow, this conversation really took a turn from where I thought it was going to go. But to summarize and of financial year is exciting because we're taking steps in the right direction. More superhation, make sure you check with your employer, make sure you watch you're super, and ensure that that's happening. It is a lot like I'm so I always say wildly passionate, but
I am wildly passionate, like go check your super. And this opens the conversation up to the conversation I was having earlier today with a friend that I went and had a coffee with. We're doing some financial advice stuff, and they were talking about how one of their friends didn't realize they weren't being paid their SUPER, and they assumed that their super was being paid because it was on their pay slip. But you actually have to sign
into your super fun to double check that. It's just like kind of a record of bookkeeping your pay slip for super, right like, it doesn't mean it's been paid. And a lot of businesses, like my business, pays super quarterly, so every quarter or every three months, we do a
big super run and we get that done. But if you haven't been paid super now, end of financial year is a very good time to have a quick check see what's going on, because there would be a super run on June thirty, so it would and should be up to date, because because you're going to do your tax return. So if you haven't checked your super in a while, now's the time to shine. My friend log in. I hope you're bored by it. I hope you're like, oh, it's exactly what it should be.
Great.
But if it's not, you get to follow up on that, and then it's not a few years down the track where you're like, hey, I worked for that job.
I just do.
I think I made super, but we're not sure, right, Like, if I asked you, Jess, you always paid super. I'm sure you're like, well, I don't know, Like I never checked when I was younger, because I'm exactly the same. So I think now's a good time check your super. My loves good content piece. We should move off it, though, because all we do is talk. 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 quick voice recording, and you may just find yourself on the show. Now let's take a listen to today's Money Dilemma.
High ladies love the podcast, listen to it religiously. I have a very random question about Finder dot com dot AU. Don't know if you know this. What there recently came out with an earned functionality. It's basically a cryptocurrency. You lend them your savings and they look, you earn four point one percent in interest and it's a stable coin. But I just want to know what you guys know about it, whether you think it's sounds dodgy. I feel like no other bank would offer you that amount of
returns without a huge amount of risk. So I am so keen to hear your thoughts on this. Thanks, ladies, Bye Nasis.
Not about it, Not about it, not about it. If you follow me on my personal Instagram account, which is not a recommendation, you shouldn't because I go rogue. That's why Jess literally took that She's on the Money posting ability off me, because she was like, you can read the comments, you can talk to people in the DMS. If you post something, though, I will revoke your access to She's on the Money Instagram because stuff like these frustrates the hell out of me. Did you hear how
that question was phrased? Guys like, do you know where I'm going with this? I'm looking at you two and you're just looking at me blankly. So this has been a really good start to this content. Save a coin Yet no, no, she said no bank would offer that. So what that listener question has told me is she is comparing mentally this crypto saving investing option to the returns a bank would give you. Those two are not the same, those are not the same asset classes, those
are not comparable. That's like saying, hey, Jess, should I keep my money in a savings account or should I buy property? Like those two things are so far from each other in being able to generate interest and return that they should not be compared. And this goes back to the rants I've been on. I don't believe on the podcast as yet because I have tried to bite
my tongue. But that is about deceptive marketing and the thing that I went on a rand about on in Instagram, which I'm gonna call this it's not true at all. I'm hoping it is because I called it out, but it's not. It's because you know, I think there have
been a lot of people that called it out. But Finders Earn app used to say earn four point oh one percent on your savings, and I got so frustrated at that because that leads you down the garden path and thinking that's quite safe, right because I earn interest on my savings in my bank account, or I could just put it in this earn thing like and I earn better money or my savings like, No, that's an investment.
To update that, they have changed it to on your capital, which I much prefer because it is much clearer that it is an investment. But the find to Earn thing is an investment. It is not a savings It should not be compared to your bank account. And now we can talk about its actual product. I don't want you guys to think that these things are comparable. I have spoken about it on my Instagram again because it's the only platform where I can go truly wrote without being
in trouble these days. But I spoke about Blossom app, which is a app that is an investment app that calls themselves as savings app, and that is absolutely not the case. They are not a savings app. They are an investment app. But they're branding and they're marketing calls themselves a savings app. You've probably seen their targeted marketing because it is very she's on the money targeted as
in the same demographics like young millennial women. Not that they are targeting she's on the money specifically, but I mean it would be a good marketing strategy for them. Right, we've got your audience, But then you've also got me
being like, no, that's deceptive marketing. So I don't know how you feel about that, but yeah, I think that the one thing with these different earning apps that are coming out recently is that their marketing is making you feel more confident and more safe because they're using language that makes you think that they're savings apps when in reality they're actually investment apps. And to segue straight into what the find to Earn app is, it's crypto app
and they're trying really hard. And I'm sure that you know they're gonna bite my heads off about this. I'm literally lighting my ability to ever be sponsored by a finder up in flames right now, and that is fine by me. But they say, oh, stable coin, guys, what's stable coin like? Sounds safe, sound safe, yep, But like there was a stable coin crash recently, so like, stable coin is not actually that stable. It's just a term used to make you feel far more confident in that
asset class when it's still crypto. So stable coin is usually deemed to be more stable because why yes.
It's essentially a crypto that it tries to attach itself to a stable currency, which I think usually is the usd or the US dollar.
Yep.
So in theory, if you had a thousand of a certain stable coin, you can exchange it for one thousand dollars, So it's meant to be kind of lack for Like that is a very simplified explanation because you know, crypto is definitely not my domain. But the idea is that, yeah, it's meant to be like the stable you know, currency that follows along with a standard, so that if you were to exchange back and forth, it would be somewhat likeful light.
Yeah, and a lot of people are a bit more drawn to that if they're interested in cryptocurrencies, because they're like, all right, it feels a bit more stable, and that's where it's got its name from. But remember a couple of weeks ago, we're doing Friday Drinks episode and one of our you know, money wins was actually not a money win, and Jess you called it out. It was like Luna if you know, you know, And that's because Luna was a quote stable coin, and people invested in
it and felt really confident. They're like, oh my gosh, got into crypto and it crashed completely off the chart's gone, completely gone. But that was a stable coin. So I feel like we still need to be quite apprehensive of stable coins because at the end of the day, they are a cryptocurrency. Doesn't necessarily mean that cryptocurrency is bad. And I think that you guys are probably picking up
the vibe that cryptocurrency isn't my forte. And the reason it's not my forte is not because it's not been around long enough and Victoria doesn't understand it. I fully comprehend it. But most cryptocurrencies don't have a backing right, so if I win, and I always use this example and it's not the best example ever, but if I
go by and NAB share, right, Nab is bank. Behind that bank is thousands of employees making those cogs turn, and there's marketing division and there's thousands and thousands, if not hundreds of thousands of customers that they look after every single day that are committed right, So for NAB to go broke would be one very significant and there's probably a lot more going on in the economy if
that actually happens. But two, if they start to go down, there's lots of like fail safes and things they could do, and there's some savings in that bank that they could use to pay their employees and make sure that your share price doesn't completely plummet. There is no backing with cryptocurrencies, there's no employees, there's no business that actually turns and
cogs that is in the background. It is actually really risky because today it could exist and tomorrow it could completely disappear and well your money's gone, Like there's nobody to chase, there's nobody to follow. And for me, that's why I'm a little bit more apprehensive of these things. I'm very positive on it. I want to learn more. I want to in the future be like, okay, cool, Like this is an investment asset that I can advise on.
But in Australia right now, it is not an asset class that is legislated, is not an asset class that is recognized for financial advisors to even advise on. So therefore, I'm like, why would I use the shehese on the money platform to promote an asset class that is far riskier than any other asset class that could put you in the best possible position to create wealth.
And I think that's the primary difference between I guess that you know the bank or the savings app and something that is investing, particularly in stable coin, because cryptocurrency isn't regulated and banks are regulated. There are laws in place, and as you said, fail safes, stable coins theoretically aim to back their coins up with hard assets, so dollars or gold or treasuries. But that is a theoretical and
there is no regulation or requirement. And we have seen that in the past where influencers or people who maybe own a cryptocurrency or a cryptocurrency brokerage or something like that have promoted and almost pumped and dumped, and they've promoted.
It one hundred percents terrifying.
Yeah, really elevated the value of that currency, and then it sold theirs. It's crashed out and there's been nothing to back it up and people have been left with nothing. And I think that's probably the biggest thing that I personally would keep in mind is that you know, well Finder is a legitimate company and I'm sure they're doing their due diligence, et cetera, et cetera. There is no regulation there in Australia as of yet, and that is something that I person you find very scary.
I absolutely agree, And that's the thing that makes me really apprehensive of that asset class because here today, gone tomorrow, Like, that's not the type of investment I want my community to be making. But it's also interesting, right like you see it on money diaries. A lot we'll ask the question like do you have any investments? If so, what are they And they'll be like, oh, I'm invested in crypto and you'll be like, great, how when, where?
What?
You know?
How does this all work for you? And it's interesting to see that that nowadays is a lot of people's first investment. But then I'll go what do you think of the share market? And they go, oh, it's too risky, and I go, but where are you getting this information? How does that work? Because you look at the share market and you're like, yeah, it can feel really overwhelmeding, It can feel like a lot, But why do you
feel like cryptocurrency is quote the future? And I get that there's a lot of media circus around it, but I think that that's it, right, Like a lot of people are feeling like cryptocurrency is a lot more accessible and a lot easier because they're like, oh my gosh,
but I saw it all on Instagram. My friend's doing it, and this is how it's working, and that's how it's working, and it just it confuses me a lot because I'm like, I get that it could be the future, but the risk you need to take with your capital or your cash is so significant, Whereas you could go buy blue chip stocks and create a future for yourself that is arguably far less risky than going, oh, well, I picked up a stable coin. It's much much less risky than
a normal crypto. Like okay, But like, if we get a risk return chart out down, the very bottom left corner is cash, and then it you know, dots up, and then there's property, and then there's the share market, and then it just goes off the chart to where crypto currency sits, Like the amount of risk and investor takes on by choosing that asset class is so much more significant than that of the share market. But so many people are more apprehensive of the share market than
of crypto. And I have a sneaky submission. It's social media.
Yeah, that's what I was gonna ask, like, why is that where we're at? Because you do you have people like my little brother he has a crypto horse. I don't know a crypto I don't really know the details. I haven't asked him about it, like if he hasn't invested in anything else, Like he thinks that crypto is as legitimate an investment path as the share market, so like what's happening there?
But then it's not a recognized financial asset in Australia. So is that not a thing that would make you go alarm bells? Maybe that's not as legit. Like I feel like a lot of people know about crypto horses sent me like, I an't going to do so much research after this next week we'll talk about the crypto horse. But I feel like a lot of people have done their quote research and they're just googling it and buying into it, and it's topical and it's new and it's
really exciting. It's nothing sexy about a blue chip stock, Let's be honest, Like, who wants to go buy West Farmers except for me?
Whereas crypto is quite sexy because of social media, I feel like it's quite broish because it's like it's risky but.
The return is huge.
I've definitely seen someone on TikTok saying basically this.
Yeah in that foot Well, I think it's probably worth throwing a note in here that we're poking a little bit of fun.
We are, by no means saying that you.
Shouldn't invest in crypto, and we're definitely not saying that it is a bad thing or a negative thing. We're just trying to highlight the risk that is attached to it without the regulation. I mean, it absolutely could potentially have a place in your portfolio alongside something that is really well diversified, if that's something that aligns to your values by all means.
Just one hundred percent exactly what you're saying. I think for me, I actually like summary TLDR of shoes on the Money. Victoria Devine does not care at all what you spend your money on, as long as you're spending it in line with your values. Like if you tell me nave I made a decision. I had all the options on the table, and I made the decision that felt right for me. You do you boo? I literally am so happy for you if you want to go buy a crypto horse. I am genuinely literally it's no judgment.
I'm talking about these things in what I would deem to be quite a pragmatic way in that I'm like, Okay, cool, let's look at risk versus return and how that works. And the thing that from my perspective as somebody who has a background in psychology, who is a financial advisor, has studied finance and gets to, you know, interact with this beautiful community of money minded people every single day, I do get quite confused when people are like, yeah, I'm happy to invest in crypto, but I'm not that
keen on the shed market. I'm like, wow, I'm really what am I missing?
Like?
What am I missing? That is making you feel so much more comfortable with that than me as a financial advisor looking at it, going this is terrifying. And I was at the Financial Advisor Innovation Summit last week. Last week, no like a month ago. Time is absolutely flying. And we did hold segments on what cryptocurrency means in this industry and how it works and how we can integrate it for our clients if they are desperately wanting to
have it. There are cryptocurrency ETFs and that blows my mind. But it's one of those things where I have been at these conferences, I am talking to literal industry experts. We talked about these things, and I just it still makes me feel a little bit uneasy because as much as I'm learning as a financial advisor about this asset class, I'm still legally not allowed to provide financial advice on it.
Does I mean, I can't talk about it on a podcast and semantically break it down and talk about you know, stable coin versus different types of cryptocurrency or lunar or you know, whatever is going on in the market. But it really does baffle me that people like, oh, yeah, I'm happy with crypto, but not with the share market.
So to swing it back around to this finder platform specifically.
Yes, sorry for going on another rant.
Is what we're saying here.
Ultimately, be very conscious of what you're investing in because the comparison that our community member is kind of making this dilemma is just really not apples to apples.
It's definitely not apples to apples. And I'm only picking up on the semantics and the way she said, Oh, bank would never give you that type of return. What do you think about it? Well, I think that it looks like a very good platform if that is an asset class that you want to invest in. Like, it's not something that i'd go, wow, Victoria recommends it. That's not it at all. But I think it's interesting because like obviously been through the website, cute website, great branding,
makes me feel really comfortable with it. But let's actually look at that underlying asset class, your risk portfolio. We've done an entire episode on what your risk portfolio is and what risk you would be willing to take on and how that works, and I think we really need to go back to that because on the website for Finder, it feels really is the word palatable or absorbable. I don't know what I'm looking for here, but like it's cute, Like their app looks really good. They're like, what's your
capital grow daily? No fees that the other like, it feels really accessible and I'm all good with that. I feel like they have updated their language to be very good. Flips Blossom has not.
One last thing before we wrap, because we've definitely been nashering on today after a couple of weeks apart. The primary difference that I'm kind of picking up here through the marketing, etc. And the let me know if I am getting the vibe right, they're guaranteeing that it's not a targeted rate, it's we will give you this. However, you're getting that because you're taking on significant risk because it is crypto.
Yes, absolutely so, it says, and I'm pretty is the word guarantee. I don't know if they guarantee, but they've led you down the garden path to feel like that, right, Yes, okay, So I have read the pds, and on the PDS they you know, have obviously said it's really important to take in to consider your risk profile and roh rah.
Very different to a traditional savings account. If find a wallet becomes insolvent or subject to hacking or some other cybersecurity event, you may incur partial or total loss of your capital. At the bottom, it says in Australia. Money you deposit into a savings account is protected by the Financial Claims. A scheme CS up to two hundred and fifty thousand dollars find to earn is not protected by the FCS. And then it also says trading and holding
cryptocurrency has a high level of risk. Cryptocurrency is a volatile asset and you can incur losses. Though generally less volatile stable coin categories of cryptocurrency carry risk and may lose some or total market value. You should only trade cryptocurrency if you fully understand and agree to the risks. Didn't see that on their stable coin website.
No, So is this saying you're lending your money to them, Yes, if the value of your money decreases. So let's say there's another significant crash and my thousand dollars that I put in is now with five hundred. You know you're getting your six point one percent return per annum. At the end of all of this, do I get my thousand dollars back or do I get five hundred dollars back?
Well, it depends on when you're pulling it out and how it works. Like it's all about really understanding it like so with Finder Earn, you can convert to tud, which is the crypto coin that they are purchasing, and then you lend that thad to them. They take all of the profit you get back that six point one unless shit hit that's the fan essentially, and you lose all your money.
That doesn't seem like a great deal to me.
I'm not that sold on it either, But it's all about marketing and really understanding it, and that's why I really implore everybody to actually read the PDS. I know it's boring, I know it doesn't make sense dm us if you don't get a PDS, because I'll just make an Instagram story set explaining what that part of a PDS means, because I guarantee you're not the only one looking at that particular company. But it all comes down to,
as we're saying, marketing. I feel like Finder has done a good job of updating to use the term capital instead of savings, whereas to compare it back to the other business I was talking about, which I've posted about on Instagram before, Blossom, Like if you go to their website, their running headline still says Blossom where your savings go to grow, Like, no, Blossom is an investing app, Like why are we trying to make people feel more comfortable
with investing by making it look like savings. It's like a trojan horse, Like I don't want you investing in something. Not saying that Blossom's investing company is bad, I'm saying that the marketing is. But it's about being deceptive and not being deceptive. I mean, if you go to this Blossom website, like, look at this, guys, right, So if you go to the Blossom website, it says where your savings go to grow, and then there's a quote of a current user that says, I was sick of getting
screwed on my savings. Blossoms three percent return made getting a home deposit easier. They're making you think that this is absolutely comparable to a government guaranteed savings account, when in reality, this is actually an investment fund, and it's not even a super conservative one at that. Yeah, I just want people to say what they really mean, Like I want to buy a box of cereal and it says Coco Pops on the outside and there's coc He Pops on the inside, Like I just want what I'm
paying for well, that was a big charity. It went lots of places. But that's okay. I learned a lot about crypto. I think it's probably the right time to end. I think it's time to see money. It's been a while. All right, boring but important stuff. Let's go.
The advice sheet 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 and She's on the Money are authorized representatives in Focused Securities. Australia Proprietary Limited ABN four seven zero nine seven seven nine seven zero on nine APHAICEL two three six five two three See.
You on Monday, guys. Bye, guys, it's on the weekend.