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Hello and welcome to She's on the Money, the podcast that makes personal finance fun, especially on Fridays, and every Friday we get the team together to celebrate you our incredible She's on the Money community. Of course, Miss Jessic got Ricci is here sharing all of your money. Wins Beck will be bringing you the best broke tips of
the entire week. We'll be also sharing an insurance related money dilemma that explores what kinds of protection you might need if you're considering taking some time off work, especially if that leave is taken in the interest of your own mental health. And finally, we're hitting the DMS to settle the question for good should you seek financial advice from an unlicensed advisor? Oh I was gonna say about that?
Oh God?
Remember you two can have your money dilemma explored on the pod by leaving us a voice note on our website. Simply tell us what's going on, and you might just hear yourself on a Friday Drinks episode. But more on that later. But first, my friend's a palette cleanser a five star review. There's something extra special, or I think there's something extra special about hearing from you our community directly about all the ways that you are achieving your
financial goals. Not only does it mean that you're learning how to build wealth on your terms, it means that our rants and our resources are actually reaching more people in even more meaningful ways. If our little podcast has helped bring you closer to your money goals, girls, we want to hear it. Please please, please end boys to
be able to stop hear from anybodybody. Please share your reviews and honestly Ego stroking comments on She's on the Money on Apple podcasts, socials, on dms, wherever you want to wax Lyrical, we are open this week's review. It comes from our friend Chantelle. Are you ready?
Hi?
Chantel Chantal says, and she DMed me this and I was like, I'm so grateful. Please post it on Apple. This podcast Victoria has nuinely changed my life. I found She's on the Money feeling completely behind all my money and honestly a little bit embarrassed about it. I ended up doing both the Investing master Class and the Money master Class, and for the first time, money made sense.
I've since started investing, I've felt some savings, and I feel much more confident in the decisions that I've been making. It's not just about money, but it's actually been a mindset shift I didn't even know I needed. I recommend this to literally anyone who will listen. Oh isn't that cute?
So stoked for you? That's amazing.
Also, please keep recommending it to your arista, to your waxa like, imagine getting a leads and being like, have you heard if she's on the money. I think that's the time and the place. Yes, agreed, agreea a time and a place where it's not appropriate. Oh wait, oh wait anyway, yeah, in a funeral will be like I wonder what her life insurance.
Was, Like, Hey, it's never a bad time to talk about finances.
It's never a bad time never. All right, now, my friends, it is time the moment of Friday drinks where you finally get answers to the questions you have been dying to ask, money, work, insurance. It can be literally about anything. And this week's question came to us via our DMS and Sarah would like to know, my friends, what place have you traveled to that was actually really disappointing in real life?
Oh it's a really good question.
I have one which I've mentioned on the show before. I'm pretty sure, and it's Mexico. I will say a little bit on us because I don't think we did enough research. The hotel we were in, it was like us and four other people. One of the restaurants was always close. You could really only eat at one restaurant. It was just a very Tristy area. I think we weren't in Mexico City. We were in Plate or Carmen, and it seems I didn't realize that the only thing to do there is drink, which we were two not
huge drinkers. So how is just not the right choice by us. I would like to go back and see more, because I've heard really good things about Mexico City. So it's not the country city.
You are so optimistic, because I have written that off and said I'm never riding back there.
No, I'm I'm assuming user error. You know what I'm saying. I think every place, every country has something incredible.
I just did the country was.
I know it's my upset a lot of people, but honestly like London, but I was Lire like three days and also probably user error as well, but I like went to I had to go there to do somewhere else, and so I didn't really see all there was.
See.
All I know is I couldn't afford to buy anything because it was so expensive and the conversions killer killer, and also went to I think I went to Big Ben. I don't know. I think I did the clock that was the clock. I was like, okay, well that's kind of cool, but yeah, I had they were just was kind of like, oh, I don't think I really need to be here for that much longer.
You know, London, for whatever reason, gives Melbourne vibes to me. Yeah, maybe it's just not that different for what we like. The architecture is beautiful, like the historical architecture, but I think like the city vibe reminded me a lot of home, which is why so many move over there to live.
Really, that is so true, and also probably why it felt so not that exciting because I was like, Okay, culturally and aesthetically, I'm basically in Melbourne.
Maybe what that feeling is. And when I'm paying a lot more for that experience.
Double the price to be here, Oh yeah.
I feel bad. I feel really bad because I just traveling is a privilege, Like we're so lucky to experience this, and I'm about to poop all over something. And I also know that the location I'm about to disclose someone listening has probably picked it for their like honeymoon or something, and they're like, wait, what Victoria caveat This was like more than ten years ago. This was probably like fifteen nearly twenty years ago, which it's honestly no, not even
twenty maybe fifteen years ago. I'm being dramatic. It's Peepee Island in Thailand. He b Island, Pib Island, and if you google this location, it's stunning, gorgeous, like white crystal, white beaches, jounning like the photos are like next level the water, blue glustening. You just think island time, you think, oh incredible. Anyway, got there and again maybe user experience of the entire island. I was with an ex boyfriend traveling and we did Thailand. Adored Thailand, and they're more like,
we're going to fly to Pep Island. It's more expensive locations, so we're going to spend less time there, and we researched like resorts. He mainly researched the resort that we picked because I would have read every single trip Advisor review. Yeah, we got bed bugs on which was one out of ten. We had to move hotels because I discovered the bed bugs, and then I looked up the reviews on trip Advisor
and everyone reiterated those bed bugs. Turns out there's bed bugs all over the island and basically every hotel had them at that point in time, so we couldn't escape the problem, and we were stuck on an island. And then the beach was just it wasn't pristine. It was full of people, people that were trying to charge me, people that were trying to scam me. It was just so overwhelming, like you couldn't just go for a serene swim because it was full of just people, like back
to back people. And yeah, nothing about it was good. And then I got food poisoning, and I remember being like, I don't think it can get worse.
That would truly just take the place you're in forever.
I fed bugs when you want to lay down, but you have food poisoning. It's not the experience I wei show even my worst enemy. Oh I don't even have a worst enemy. So yeah, that's the place that didn't live up to the hype.
Okay, cool, good to sometimes hear the flip side of things. Yeah, I mean, I feel like most people just want to travel everyhere. I know, I want to travel everywhere, and sometimes it's good to temper, you know, the Instagram with a little bit of reality.
Yeah, I agreed, absolutely. Yeah. All right, well, guys, if you've got a question that you need answered on the pod, please send them through. We love reading your comments and your queries. Honestly, the more unhinged the better. Now, Miss Jessica Ricies, tell me about this week's money Lady.
Firstly, this week I have one from Emily who said I have been I am off a Nation balance bike for baby boys first birthday. Came across one on marketplace for thirty dollars, which is half priced, and she didn't have to pay for shipping. It was only just around the corner, so she walked over to pick it up so it didn't even have to spend money on fuel money in Do you know that's.
Exactly what I've been manifesting on Facebook Marketplace this week. Yeah, but I want the cruisy one.
It's quite a mouthful. What is it.
It's just like a little kid's balance bike, so it's like basically think of a normal bike, shrink it and remove the pedals so they kind of like balance on it, and they're really light, so you can kind of toddler's. Toddlers suck. They say, no, I really want my bike. I really want my bike. Beckall, I have to take my bike and then you get five minutes into the walk and they're like, I want to be carried so
really light bike. So that's an important one. Yeah, to pick up and take places because like, girl, you're going to be carrying the baby and the bike anyway I will for thirty bucks is a good deal, got you okay?
Next, I've got a money in from Orlanda who said she's been taking the kids to the movies and got a family ticket which saved us some money, and she also managed to save by getting a voucher through shop Back using her shop back credits.
Very good.
I feel lots of people are doing movies with the kids on school holidays and things like that, so that's a good ear. Next, I've got a money in from Jane, who said my partner and I were planning on heading to a Kia to buy three chairs for our new office. Wooli's had twenty times points on the Ultimate gift cards, so I bought four hundred dollars worth and got forty bucks straight back in Woolies dollars, which are banked for Christmas.
Then they went in store, they tried the chair and it was so uncomfortable they ended up getting a different one that was a third of the cost. So a twelve hundred dollar shop turned into a seven hundred and sixty dollars shop.
Oh money, I'm so sorry the one that you liked didn't work out.
Yeah.
Happy. I also, yeah, it was a cheap bar that you lacked next time. I've got this from Die who said last week we were gonna have take away for dinner, but realized we'd had it in the past two weekend. So my husband went to the shops on his way home, purchased some chicken for twelve dollars and made wraps from the ingredients we already had. Takeaway normally cost our family fifty to sixty bucks instead of twelve.
It's getting so expensive.
Tell me why going to McDonald's is what once upon a time you would have paid at like your local Mexican restaurant. It's so expensive.
I were into a Burgo restaurant yesterday for our work lunch chess and I was like, oh, yeah, I'll just have that burger and those chips, and they're like, oh, do you want to make it a combat and I was like, no, I don't need the drink and salt. Go thanks for drink. What do when I get back to the office twenty seven dollars. Still it's crazy. Sorry, what I know, Like I remember just looking at it and being like, okay, Like not again. Maybe we should
have like a little fake away series. Like I keep getting in trouble because I suggest things that we should do on the podcast that gives the team more work. But like fake away, But I want fake away meals that I can buy and put in the freezer so they're not like a planned meal, They're just like a freezer meal back up. But I'm like, oh, we can have that fake away. Yeah, every time I tempted.
I'll tell you what, There's nothing quite as if you have like those frozen fish fillids you can have like an air fry and it does feel like you've gotten You've gotten a fake away.
Yeah exactly. But maybe we put together our favorite fake away meal based on things that we can either prep and freeze. And I'm saying that because I know Jess makes her homemade dumplings. Anything just makes this good. So I'm basically like, hey, can we have all your resbees jest me and.
My freezer, my air fryer.
I like this.
Let me tell you all right, next, I've got the money in from c who said when KO put their prices up to sixty dollars a month for premium, she went to cancel, and I offered her a thirty dollars discount a month to stay that price. She said, try canceling your subscriptions. You might get a discount before you actually have to cancel it.
Yes, I agreed.
I do test that even when I don't want to cancel, and what would happen if and then I click it and they're like, oh, we will give you, you know, fifty percent off next month. Thanks, And I was like, okay, bye, I'm just testing you. I was also being a pest the other day. Sorry side note, my phone bill went up and so I got on the chat. I'm like, it's Sunday, I'm breastfeeding a baby girl. I have nothing
but time. I am ready for this conversation. So I'm messaging the phone company I'm with and I was like, I want a better deal, and they were like, cool, we can basically off you ten dollars off a month for the next six months. And I was like nope, I just googled it and you're offering this here, and this here and this for new customers, and they were like, that's a new customer deal and I said, I was like, you know what, this is probably not the right thing
to do. But I was like, so you don't value me as much as you do new customers. And they were like, oh no, we definitely value your ongoing service or whatever. And I said, so give me a better deal. Who all of a sudden, we're like, no worries, We're going to transfer you to the customer retention team. I said, no worries again, I have nothing but time on this bright, sunny, rainy Sunday. And yeah, ended up getting the price of the new customer for the next twelve fronths.
Oh my god, love that.
You just keep pushing. I wasn't rude, but I was like, oh, so you're trying to tell me that you don't value me as much as a brand new customer their heartstrings.
It's so crazy.
And then I quickly googled while I was on chat what other companies were doing, and I was like, oh, well this was doing this. Could you do this? That's clever anyway, We're smarter, not harder. Absolutely, we're not even smarter. Just questioning their morals, Yes, it worked.
When the last fails, go for the heart exactly exact, exactly last of this week, I've got a money lost from Amanda who said their washing machine died. However, she's thankful that passed. Her set up an emergency fund and she was able to go shopping for a new washer without having to dip into savings or use credit, and their budget is still on track. I live in constant
fee out of the day my washing machine dies. The sound that that thing makes, I can't even tell you, guys, it's gonna be a fair, very very bleak day for me. The rocket ship finally leaves for the moon. That's what it sounds like.
Why goods are so expensive?
Maybe I will get a new one. Sorry, like three thousand dollars.
It's actually insect in my head. I promise. I don't need to touch grass. I promise, Like I know how much things cost, but I have in the back of my head how much things should cost. Yeah, and maybe this is from like I don't know, maybe I'm stuck in two thousand and nine or twenty ten when these prices were accurate. In my head, washing machine six hundred dollars.
Fairy is to wash a dryer because I feel people to be.
That's a thousand dollars in my head, Yeah, that's expensive. That's not true. No, that's not true. I promise I don't need to touch grass. I know that's not accurate, but like, I just have the default setting in my head, so immediately when I see the price, I'm offended.
Yeah yeah, so Amanda, proud of your girl.
I just offended myself so easily.
We have a fine one.
There's a market place and this is the thing, guys, you gonna get me in a rant. I got this question machine six or seven years ago, which is a while. I understand.
No use washing machine as lasted forty years. I want the same longevity.
I'm like, when you're paying thousand, thousands of dollars or something, that doesn't feel reasonable. And so I worry that if I get a second hand one. You know, I love something like a second hand item, But I'm like, well, if my brand new one only kind of made it through you know how many years, what's a second hand one? I don't know.
Yeah that makes sense. That actually doesn't make a lot of sense.
But if you do buy a second hand one, yes, call me. I'll teach you how to clean it perfect.
Okay, I'll be yeah, probably not any type. I will wait, I will call you.
Well, I can teach you how to clean your current one.
Amazing.
What have you got as a broke tip this week or even three broke tips that you'd like to share with us this week? Miss Beck say absolutely so.
This first one come from Oh gosh, I'm so sorry. Maybe you're listening to this. You did send me this. You'll know who you are, and I know who you are, but I can't remember your name off the top of my head. But I'm just gonna call you mail for now because I have the reel that you sent me open, but not our chat. So this is a I guess like a mother with a teenage child, and it's like a silly one. It's like if your teenager needs driving hours, but you also really want to get your bread store dash.
Then you smack them together and you save money by not getting delivery. You make your teenage loaner driver take you to the place.
Brilliant.
Yes, you get those hours up. You got those hours up, and you save on I don't know how much. It's like the food itself on Uber eats is like a lot more expensive than when you actually go, so that you save me a lot of money, and also killing two birds with one stone. This actually comes from Eryl, who sent me a reel from Abby Echol, and some people may follow Abby Echole, but basically she's saying, if I wanted to divorce my husband but couldn't for financial reason, and here is exactly.
What I do.
And it's a list of advice for this kind of thing. So it's like, I mean, I fear it won't be applicable to everyone. Some people are in really really die situations and some people are in like you know, financial abuse situations.
So this might be more for but more advice, more better, more, Yes, exactly, and let's just keep talking about different options and one will stick for something exactly exactly.
So I guess like I'll maybe I'll give the real link and you guys can pretty sure just because I guess, like I won't write off tips and tricks. But yes, I think it's it's it's really good and if you just want to go find it, Abby Echo A B B Y E C K E L. I thought it was a great, a great idea because a lot of people are probably in this situation where they just can't financially leave and it's really tricky.
This is going to link back. I did an episode a little while ago, and I'll link that in the show notes as well, with a divorce lawyer, and we talked about how to prepare yourself to go through a divorce, what you should be looking for not only to protect your finances, but to like kind of protect yourself as well. So, yes, that's a good one. What's your bread tip?
Though? So my one my friend Indy.
You guys remember Indian.
I love Indie, she said me. Do a little shout out though, because Indian you have a little podcast Indian New Indian. Yeah, no, you and Indiana have a podcast, yes, called Cheapskates.
It's so funny.
It really You're way any cackle every time you come up on the feed because it is different from She's on the Money. But I'm like, it is so beck like it's so I don't know.
Yeah, honestly, guys, I don't know.
Do you prepare for that episode or does just INDI go let's talk about this and you go, yep, no worries because like the amount of times did I watch that and I'm like, did Indie prepare beck or did she just like spring that on her.
No, she doesn't. She doesn't preay me for anything. And like, so Indie feelsing but also in this way that she just does everything. And then she asked me to like she asked me to come to her house like three o'clock on a random Monday, and then I'll come and then and then before you know it, we're recording things.
That's fun.
I don't even know if you could say it's mine and indies.
I think it's indies.
And then I'm just there.
So I just hang out.
I just hang out. I just hang out. I just hang out. But thank you, that's so nice.
Thank you so much for the shout out.
Another link in the cheap.
And then my one, it's yeah, it's a very very silly barely I guess advice. But this girl says frugal things I did today, and she goes through and she kind of like she'll take the lemon from her I don't know, free water at the pub and take like you know, a little butter cannister whatever they call things from hotels and things like that. And so basically, my my reminder to everyone in the world. Is that. Like, if you go out and if you get like, yeah, let's say free pub water, you can fill up your
bottle of water. That's that's probably eventually going to save you water utility bill and money. And then you can take the free lemon from the free water and put that on a fish that you want to cook later. There are just things the world that there are actually things in the world that we could use them, and we could reuse them, we could recycle them. I just say, even like napkins, sometimes I have napkins from random places' expensive.
My fouse is full of random napkins, and I'm like, just take what is free, Take what is complimentary straws.
Take all the straws, not all of the No, I don't want straws these days.
No paper straws.
No, I cancel that if you offered me a plastic straw, though I do, miss I can't. Don't come at me. Do not come at me about the environment. I don't want to hear it. I know that there are people who love the environment, admit it. Plastic straw is just a superior experience.
The solution is a like have you seen those portable siliconed ones. Like I have a little key chain that rolls up and it's a silicon straw, so it doesn't like disintegrate things. But you can have it like with you because it's small.
That's so good. I wouldn't wash it, so I'm a cleaning expert, but that would die in the bottom of my handbag.
Understood.
Why can't they give us sugar cane ones. The sugar cane straws their eco friendly. There's also bamboo as an option. There are so many good options. I had a grice try to humble me with paper.
It was made out of like the same sort of material as past I wasn't sugarcane, but it was like same concept.
I had a rice one.
Actually, yeah, like what kinds of things you can make them out of?
Yeah?
So true. Donald's waiting to talk because you are ruining my crispy coke experience.
Yeah. Oh, speaking of free ice at those owner if they will have them. You know, you fuel your own posts post mix coke take take take is what I'm saying from the world around you.
You know what, and don't be sorry about it.
Don't be sorry about it?
No, all right, I love that we're going to take a quick break, but when we come back, we're going to be getting into a money dilemma that's also a work dilemma that's all wrapped up into one. So my friends, stay tuned.
Welcome back, everybody. Let's take a listen to this week's money dilemma.
Hi, there, have you got a money dilemma you just solve? The Shees 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, I'm getting in touch because I'm hoping for your thoughts on a bit of a workplace dilemma I have at the moment. I'm in a really stressful role at work, but I have a great team around me and I have been offered to go on stress leave, which I think I would benefit from because my mental health has been struggling a bit lately. That said, I'm very mindful of the implications of taking stress leave, that this can you affect things like insurances in the future.
I suppose I worry about the stigma that can come from that, even working in a field that is quite positive towards you seeking out mental health supports. I have tried to get my insurances done previous, and I have
accidental injury insurance. However, wasn't able to get other insurances due to some other health conditions other than income protection, which is through my super So I suppose I know I'm already not as insurance of protectors as I would like to be, and I'm just trying to navigate whether or not it would be better to take stress leave to kind of protect my earning potential and also just general mental health, or I suppose maybe consider other options
like reduced workload and things like that, which I have been trying but haven't been working great, just to kind of try and preserve my options for the future. Thanks.
I think my main question is what is the difference between stress leave and like annual leave or like sick leave.
It's usually an unpaid leave.
Okay, and so that would and so an insurer or like an underwriter would need to know if you've ever taken stress leave.
They would want to know that and it could potentially impact your mental health. Claims.
Okay, it might be an exclusion at it.
Yeah, it might be an exclusion to be like, gotcha, actually even though you haven't seen a psycholog and like, I'll get into it in a second. I wanted to
shore stress. But to define it, stress leave is something that you would take if you're genuinely stressed, and an insurer might look at it and go, oh, well, we know you're not diagnosed with anything, but you took stress leave because of your mental health, and so we need to look into that, and we're worried that you'll take more extendedly and we'll have to pay for it.
I also, I guess this is for the listener, but I wonder if your work is offering stress leave, but it's not going to change the actual workload, and therefore you come back from stress leave and feel stressed again in like a month. It sounds like you're being overworked, I would say. But even if not, maybe, like a lot of people say, like separate work in life, but like, hey, but the things that sometimes affect you beyond your control that you can't actually keep out of the workplace. Also
we were working twenty four seven. I feel like so sorry. At points you're gonna have to really address things that are going on in your personal life. So it's not a problem if it's not strictly work that's overworking you. But I think that if you feel like this will heal you and will be really really good for your mental health, and you'll come back and work won't be overworking you, and you will genuinely feel less stressed and you can kind of like continue forth feeling good, then
maybe it's worth it. But if you're not sure things are changing at work and you're just taking a big chunk of unpaid leave and you're going to come back to that, I mean, like I would see if I can take annually, you take sickly, you take other types of leave that I have to tell like an insurer about, or even just like maybe I really am curious to
know why the reduce workload isn't working? Is it because it's not really It's like your boss is like here, you can do three days but exact same amount of work. I don't know that I'm curious about. Is there a way where you really can delegate and reduce that workload.
I think it's important to acknowledge that sometimes you're or mental health can be specific to your mental health, it's not. It could be completely separate from work, like when I's diagnosed anxiety and a few other fun branch of disorders from that it is. Sometimes it just is you're dealing with the beast and that then bleeds out into the
rest of your life. And my thought process, based on what our listener has said, is if you're saying you've tried reducing your workload and that's not helping, taking it at face value, to me, that does kind of indicate that it is your mental health that's really overwhelming you. And that is totally okay, totally you hot girls have mental health problems, Not really, but you like the two can be synonymous. Yeah, you know what I'm saying. I think that we as a society have come a really
long way in recognizing that. I also would argue, and this could go one of two ways. It could even make you feel better, it could stress you out, and I'm sorry if it's the latter. But if you're at the point where your workplace is offering you stress, leave people probably can already tell that you're really stressed and struggling.
You.
If I think about again myself, like when I'm having a tough time, it's pretty apparent to the people around me.
Oh what are you talking about?
You know, I think like and for I mean, I don't know your workplace, but just thinking about like a typical classic corporate workplace, It's not the first thing they jump up and offer typically, Like, I think it probably is coming from a place of we think that you need this, We think that it would be beneficial to you, probably beneficial to us, and so I kind of think
that you should take it. If I'm being honest, I think that you know, we say all the time, your mental health is so important and you need to put yourself first. And the fact of the matter is that the way that society is structured is not always conducive to looking after yourself, and especially when you are in one of those mental health holes, sometimes every ounce of your energy is required to pull yourself out and that
is okay. And that might mean that you need to not be working, that you need to be seeking other help, or spending time in a space that makes you feel safe or happy or whatever that like, for whatever you're struggling with and I do want to say that I'm really sorry you're struggling, like that's a really tough spot to be and I think it's amazing that you are in a place where your workplace is offering that as an option. You're brave enough to consider it as an option.
I don't think you should be embarrassed or scared or anything. You deserve to be okay, and you deserve to put yourself first. And I think that that is the most important thing in terms of the insurance. You know, I'm not going to be going to say it. I'm pretty sure We'retory is about to say it, But there are
options available to you. And if you have exclusions that exists already and you can't access all of the other kinds of insurances, in that case, the mental health exclusion wouldn't make a difference anyway, if.
You already couldn't access it. Yeah, yeah, agree, true. And that's where I go. Are you assuming about insurance or has your advisor told you that? Because if you've got that insurance already implemented, well, they can't take backseat once they've given it to you. That's why we're always advocating that you go get your insurance is set up when you don't have pre existing conditions, like your insurance is not going to go, oh well, now you've taken stress leave,
we're not going to cover you. Now you're covered. If you take stress leave, even when you've got the cover, you might not be claiming on it, but they can't use that against you later because it was during a period of coverage. You clearly seem stressed about it, So please go and talk to an insurance advisor about it. Obviously, we work very closely with Sky Wealth and they are who I would talk to about, Hey, is this okay?
Also from an employment perspective, just because I am an employer and if I had a team member that needed to take stress leave, back on what you were saying, yess, there would be a lot of lead up to that. So have you used all your sick days? If so, you're probably looking at unpaid leave. Could you potentially use your annual leave because I don't want you to be
financially not okay? And annual leave it's not just for holidays, like annual leave is a period of time that you do not have to attend work, but still get to work. So from my perspective, yes, it would be nice if we could spend all of those days on a holiday, but sometimes they are so that you can be paid to just stay home in your pajamas, and that's cool, that's fine. The other thing that I think about is why you're taking stress leave. Obviously, if it's personal, it's
very different. But if it's because of work, if it's because you're being bullied, or because of your workload, or because you experienced a traumatic event, work cover and workers compensation exist, and they can often cover paying you while you're off work, or even cover treatment if you need it, and I think that that's important to look into as well.
But yes, I would be talking to your employer, but also an insurance advisor to be like, well, I'm clearly stressed about what this means from my insurances, but I
think you should be putting your mental health first. If it's not just you going, oh, I'm thinking about taking some like some mental health leave or some stress leave, that's very different to someone having suggested you take it, because clearly it's not just you going oh, I need to put myself first, which is very important, But clearly it's bleeding into every other area of your life and something needs to give. Is where I would be.
At sending you lots of love. Yeah, hope you feel better and don't feel bad about whatever journey you have to take. That's totally okay. You're important and valued and special and we love you completely.
It's time for our DM of the week, where you guys slide into our dms with a dilemma that you would like us to group, source and solve. And this week we've got a really good one. And I feel like everyone's going to know what I'm going to say, but I want to know what you guys are going to say. Hi, she's on the money. I have a dilemma and I would love to hear your advice and
thoughts from the community. My partner, his siblings, and his parents have a financial advisor that they all use and has helped to set them up in a shared self managed super fund. Recently, my partner and I have had big conversations around planning our financial future. We decided to meet with their financial advisor to discuss our options. I'm not paying for the advice, as it's been covered under
their family agreement. After doing some research, I have found out that this financial advisor does not currently hold an AFS cell, which is an Australian financial services license. My partner and his family are aware and they don't feel that this is an issue at all. I'm concerned about the implications of receiving financial advice from an unlicensed advisor,
especially free advice. I also am uncomfortable discussing strategies involving us making contributions to an SMSF that I am not a part of.
What would you do? Oh, this is sounding like who the hell is Hamish?
And we had her on the show? Really?
Yeah?
Oh sorry, I should.
Know as in that was a messed up like story, yeah, isn't it?
Yeah?
No, we had her on the show, Tracy, she was an icon, scanned her out of all of her super ill for that in those show notes.
Love.
Yeah, like we went through her story because obviously we know who the hell is Hamish? Yes, Hamish McLaren for those of you who didn't know, absolute scam artist, scammed lots and lots and lots of people, have a true crime.
And I think he was convincing people to set up a self managed super fun Yeah exactly, and he was unlicensed, and so I'm like, this is sounding a bit dodgy, but who knows. Let's say, for the sake of everyone's nervous system that it's not a scam and this is real. God, I guess there's really there's not a lot you could do. I think I would subtly show them who the hell is Hamish podcast? It is quite a I'm sorry for anyone who's listening who's like, I have no idea who
that is all what you're talking about. It's a podcast, but there's a bunch of people, women who were unfortunately scammed out of lots of money, and I think all their super but I don't know, So I would just be, I guess, gently guiding them.
To You're so kind, so gentle. It's just a.
Tricky one because you can't really like especially I think if you're like in the headspace we like, no, this really is like your perception is your reality. And if you think this is the best thing for you, and you are like urgently like, no, this is this is the best way forward, you unfortunately won't listen to other kind of points of view, unless maybe you heard a story that sounded very very similar, very like you know your story adjacent or there are a lot of parallels
between this story and one that goes horribly awry. Only then might you think, oh, this is probably not the best idea. But unfortunately there's just not a lot you can do when if especially like a few people are there, or you know, maybe in an echo chamber of some kind. Yeah, I would say, just gently guiding, it's my thing.
Yeah, so kind of you, Jessica.
I'm just going to put it out there. You actually legally can't call yourself a financial device or if you don't hold a financial advice license in Australia.
The way I'm sitting here holding my child, I.
Trying so hard best see they're not a financial advisor. They could be a retired financial advisor as our queping you.
Advice because I'm retired, I'm not aud It is.
Actually illegal for you to receive personalized advice somebody.
I'm gentle. No we're not gentle, I see, no gentle.
It actually also is illegal for you to receive general advice if you don't hold so we as a show and Victoria as an individual hold a general advice license, so we are licensed to provide you general advice only. That's why we always say nothing we say is personal advice obviously, So this person physically cannot be a financial advisor if they don't hold any kind of AFSL. Beyond that, I would say, it's red flag city exactly. It's a kind of all it's flashing the odd red light. I
would absolutely not be taking advice. The only thing I can think of the only way that I would maybe be a little bit okay with this, but also not really because it's not like again, not on the up and up. Is like if you had a family friend who once upon a time was a financial advisor, and you know they took a look at things for you once in a while they said, look, I can't tell you what I would do, but like, if it was me, maybe I would do these things. Not that anyone would
never do. No, like I could cont say that, but it sounds like there is an official agree there's a family plan in place. You're paying them, or your parents and your partner are paying them for a family plan advice license, which again they can't legally be providing you
if they don't hold an AFSL. So I'm very confused by the whole thing, and I would be just reminding your parents and partner of exactly that, like they actually, like I think, even if the super concept is solid, like let's say they know what they're talking about by the grace of God, like their recommendations are good, they still legally cannot be taking your money for advice.
Yeah.
Like that is literally I keep saying the word illegal. I'd really try to hammer they can't do that.
She said it's free.
No, or something else is free.
Putn't something else is free or that.
The advice is free the advice is free?
Oh okay, sorry, sorry, sorry I'm saying I think our listener was saying the advice is free because she doesn't pay for the plan, but the family I'm assuming you're paying for the family plan. Sorry of course, Okay, because nothing in this life is free. Let's be Yeah. I don't know the whole thing. I just think no. And also I completely agree with what they've what our listener has raised in that I would personally not be contributing to an SMSF that is not mine with my retirement money.
That makes no sense. You need to protect yourself. Dealer M. That's all for me, Thank you.
Very well, said I can see itching to get there.
The button has passed to me. Yes, bestie, I'm going to hold your hand when I say this, and I'm just going to be really direct. This is one of those situations where your gut is telling you exactly what it needs to tell you. Run. If someone is giving financial a device in Australia without holding an AFSL or being authorized under one, it is not a gray area. It is a red crimson flag. And that is not
a different approach, not just like a personality preference. It's a compliance issue and it is illegal, and I can guarantee that the person issuing that advice knows that because you don't talk about financial advice without googling products, without talking about smsfs, without stumbling across the fact that you should be licensed. Like ASK does not look kindly onto these things, and people go to like it's not just just being like, oh, it's illegal, like I said, slap on the wrisk.
You go to jailah whoa.
Like ten plus years forgiving unauthorized advice. That is why I am so scared of it. It is a one million dollar fine and ten years in jail.
It's big illegal.
It's like illegal, like people have done worse things I would argue than give illegal financial advice and gotten less time in jail and less of a fine.
Yeah, oh my god.
And it matters because the license is what's going to protect you. So like it's it's not just like, oh, Victoria needs to be licensed to give advice. It means that I've been given a rule book around how advice is given, what disclosures I need to give you, what conflicts exist, what documentation, and what happens if something goes wrong? How do you sue me? How do you make sure that you're not in a worse off position because I gave you shitty advice?
Yeah?
And if that is important, they were a financial advisors, they would know this, so maybe they weren't ever.
Yeah, and without that, you have no recourse, Like with if you go take this advice and it doesn't work and you end up in a worse off financial position, be Yeah, there's no recourse. So the fact that the advice is free is actually I guess a bonus. You're not spending money on advice that's probably going to lose your money. If anything, I think that should be more of a red flag because good advisors charge for their advice because it's going to make you a lot of money.
Because financial advice. Financial advice is not free, like full stop end of story is just not free. There's usually a structure or an incentive behind it, even if it's not super odd upfront, like be aware, take everything with a grain of like, someone somewhere along that line is going to be making money. Ask yourself, who ask yourself? When the other big red flag for me? SMSF. We know how I personally feel about this, doesn't mean that it is a terrible structure. No, smsfs are real cool
in theory. SMSF is a self managed super fund, and I love the idea of being in control. But with compliance in twenty twenty six, they are really a good option. And when I say really, I mean if you don't have like half a million dollars in your superannuation fund, I probably wouldn't even blink, Like I wouldn't even consider it because the fees, the compliance, the accounting, the audit,
all of that stuff is just too much. And you being asked to contribute to someone else's super Hey, bet, can you put your money in my super I'll share it with you later. Literally why. I know that makes no sense. That's not a financial decision. That's control, that's ownership, that's legal structure, and that's you not having future access to your own money.
I don't like this.
I do not want you to be in a position where your superannuation is tied up in something where you're not a trustee, you're not a beneficiary, you don't have full visibility. But not only do you not have full visibility, you don't have full access. Sorry, what the hell is that? Even if it's well intentioned, because I'm not saying his parents are doing the wrong thing, they might have been swindled by this little scammer. That's me being block. They
are a scammer. That is not okay. Like, even if the family is comfortable for it, even if they've worked so hard and like maybe there's millions in there, I do not care. This is your financial future, not some family group project. But everybody else absolutely not. I'm just no, I want to like smack them and be.
Like get down flicking the head.
Yeah, like flick them in the head. So we ask the community, would you feel comfortable taking advice from an unlie sensed advisor?
Can't imagine many people, but yes, it's.
More than I thought would say yes. I'm like, guys, what the hell are you doing? Eighty four percent said no, but sixteen percent of you said yes.
Oh well, but only again. The only way I can picture people say yes is like that previously mentioned example.
But no, I just think you pressed the wrong button. Yeah, no, no, no. Next question I asked because anyone had experience with family run SMSs, because I was like, is this a thing that I'm not aware of? Ninety three percent of you said no, but then seven percent of you said yes. Okay. I then asked, would you get a second opinion, even if it calls tension? And thank god, ninety eight percent of you said you would.
Oh, good, good good.
Then I said, guys, what's your two cents? It did get spicy, so I'm just going to scrape a whole heap off the top because there was a lot of opinion Okay, girl, no, get out. Yeah. Some of you were dramatic and like same, it's good summary. Both of us were like bestie, no, no, like get down, bad dog, like no. Someone else said, to their decision, it's their money. They're probably happy with the advice. It doesn't mean you need to take it. Someone else said, absolutely not, I
would not be putting my money into that fund. Another person just did as many red flags as fitted in the question box. Someone else said, girl, that's all too close for me. Something similar happened and I had to start from scratch, sorry to hear. Another person said, not every advisor has their own AFSL. Lots trade under a big umbrella, so maybe check that first.
But that would still be if you got onto the directory, it still shows who is yeah, like if you.
Look up the name. So when I was a financial advisor, I never owned my own AFSL. Yes, And the reason I didn't was one they are incredibly expensive and very complex. But usually an AFSL is owned by a really big organization that you then pay as a financial advisor to protect you because they've got their own compliance team, they've got their own legal team. I've got, like, you know, a structure of how that AFSL gives advice and receives advice.
And so I was always licensed under somebody else's AFSL. Having my own would have been a compliance nightmare. I can't afford a compliance team.
But that's still outlined in the directory, right like when ow I'm Solis somewhere and looked up you would say, if you looked up us, we are a latency of money shap RPTIL. She did it.
Yeah, yeah, And if you look up me and you look up my name, it will give you my history. So it won't just say, oh, yeah, Victoria's licensed to give general advice tick box. It will say Victoria's currently licensed to give general advice through this person. You can contact them here. Previously she had this AFSL and was allowed to give this advice between this date and this date. Like, it is very detailed, and it will not only just say, oh,
Victoria is a licensed advisor. It will say in these areas. So it will say Victoria was licensed to give investment advice, superannuation advice, insurance advice, this, that the other. And this is why I'm always like check because some people are only licensed give like budgeting and cash flow advice. Maybe they don't have the extra qualifications to give you know,
direct share advice. Yeah, and that's where if you're getting direct share advice from somebody who's only licensed to give budget and cash flow advice, I'm like, even though they're licensed, they're not licensed enough. So there's like a little bit of nuance to it. A lot of people said run, A lot of people said never do something that you're not comfortable with, listen to your gut. And then someone said,
go along with it. You can always ignore the advice, but maybe collect some information along the way.
Oh okay, look.
I'm on the same team as you. I agree. I don't want that to happen, but I also think it's really important to kind of like feel it out. Like when you say they don't own their own AFSL, do they don't? They same like, look them up, but I would just type their name into the financial advisor look up and if they're not there, they're not there.
Yeah, I dare say, just google them. If they sounding very scamy, maybe someone else has been here.
Done that.
Yeah, that's a good one as well, Kuino.
But mainly all of the comments were people aggressively being like run. Yeah, ye all right. Well that is a wrap for us, my friends. Thank you for joining us for another Friday drinks where we're going to hang out with our little community, and we love you all, so have a good weekend and we'll see you right early on Monday morning for a Money Diaries by guys so.
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