She's On The Money - FRIDAY DRINKS: Discussing the Dollars Behind TikTok!

Episode Date: November 10, 2022

Happy Friday! This week we talk financial red flags in relationships, recap our amazing Money Diarist, celebrate your money wins AND solve a Money Dilemma about paying down a current mortgage for a home, versus purchasing additional investment properties. Send through your Money Dilemma here.And in finance news the gals talk Khaby Lame the TikTok creator who makes up to 1.1 million dollars per post!! They dive into the numbers and the mind ABSOLUTELY boggles!Acknowledgement of Country By Natarsha Bamblett aka Queen Acknowledgements.The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708, AFSL - 451289.See omnystudio.com/listener for privacy information.

Hello, my name is Natasha Nabanunga-Bamblett. I'm a proud Yorta Yorta, Kernai, Wolperi and Awadjeri 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 Awadjeri country, acknowledging the elders, the ancestors and the next generation coming through. As this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow. Let's get into it. She's on the money. She's on the money.

Hello and welcome to She's On The Money, the podcast for millennials who want financial freedom. Today, guys, it is Friday, which means it is time to sit back with the girls with a bevy in hand to unpack our favorite moments of the week. And of course, to celebrate you, our incredible She's On The Money community. As always, we're going to be sharing our favorite money wins. We're going to be discussing what's making news in the finance world. And this week, we are going to be helping to answer a juicy money question, which is actually about property. But before we get there, as always, it is time to recap the week that was Miss Jessica Ricci. What happened on Monday? This week's diarist was honestly so incredible.

One of my favorite ones. I mean, they're all big favorites of mine, but our diarist was really candid with us. She's a first-gen immigrant from Sri Lanka and her life has always revolved really heavily around finance, like a lot of immigrant or first-gen kids experience because she's carrying a lot of weight and a lot of responsibility for her family. The majority of her family are still back in Sri Lanka. She's here with her sister and her mum. And she spoke to us about firstly, what that burden, I don't know if burden's the right word because it's a privilege and she absolutely said that, to be in a position to look after her family. But there's a lot of responsibility, I think, on her shoulders, knowing that they want to be helping out.

And then layered over the top of all that, there's obviously a lot of unrest over in Sri Lanka right now that is really complicating the matters for her family in terms of, you know, access to resources and personal safety and all of these absolutely tragic, awful things. And it was just so incredible to hear how she reconciled all of that, because that is a lot to be on the shoulders of a 22 year old. And it really just made me go, wow, like you're incredible. And that story is actually probably not super unique. There's a lot of people that are in the same position. And so I I was so grateful that she was really open with us about her journey and her mental health and that of her family as well. As well, we did also make sure that we put some really good places that

you could donate money if you do want to help out with the economic crisis in Sri Lanka in the show notes of that episode too. And straight over to you, Miss Georgia King, what happened on Wednesday? On Wednesday, it was a super interesting episode that the two of you did together. and it was all about recognising financial red flags in relationships. So a super important topic. We spoke about the red flags for someone who just isn't right for you and then we contrasted that with someone who might be showing signs of financial abuse, which is a really important delineation. Yep, exactly. You guys also went through the list of things that we should be mindful of that count as red flags. So things like not letting you spend your own money,

borrowing copious amounts from you and not really telling you what it's for, secret debt, credit card issues, all of that kind of stuff. So if you are maybe worried that your partner might have issues or even that you might, then I think this episode is a really good place to start. Yeah. And I think it was a good place to start as well when it's like, here are the red flags, but also everyone has a different money story. So we need to be able to decipher what's a red flag and maybe what's just an indication that they have some money trauma. And that's a really hard thing to do sometimes because, you know, you might go, oh my gosh, they're really hesitant

around money. That means that they're hiding something and it might actually just be their underlying anxiety. So it's really important to see, I guess, things from both sides of the coin while also having a really good level of empathy. It was a good episode. I mean, Jess and I did it together because you were in Bali. I was. Kind of rude, but all right. Getting my tan on. Do you have a fun time? We'll talk about it later. Yeah, we'll talk about it later. I like it. I like it. All right, Georgia King, it's time for our budget direct money wins and confessions of the week. what have you got for us? Some crackers this week, as always, my girls. So the first one comes from Hayley Moneywin. I attended my first market since starting my small business last month

and I sold over $300 worth of earrings. How cute. Very cute. It was only a small market that went until lunchtime, but I was so happy with how it went. I'm nearly breaking even and will start making a profit soon. Just a little shout out to Hayley. Her business is called Handmade by Hayley, so search it up and support our girl. Well done to you, Hayley. The next win of the week comes from Steph. I filled out a survey for my super company and I got sent a $25 visa voucher as a thank you. Money win. I was able to get a couple of staple pieces on clearance from Kmart for building my capsule wardrobe. Well done to you, Steph. I love that. Oh, I planned this poorly. the next win comes from Steph as well. Are they still the same? No, differently. Yeah,

there you go. Yeah, well, I mean, if this was an actual visual podcast, we'd know that, but it's not. True. So it comes from Stephanie. Money win. I baked my partner a birthday cake instead of paying over $60 on chocolate cake. Cake is insane. That's why I didn't have one at my wedding. Boycott the cake. Bye. You're a big fan of a Coles cake, aren't you, being like putting M&Ms on top? Yeah, yeah, yeah. Go get your chocolate mud cake. Decorate that up. low-key, don't tell my best friend, that's what I made her engagement cake out of. She's got three Coles mug cakes, some Betty Crocker icing, put them all together, put some fresh flowers on the top. Hey, presto, looks like a $100 cake. Cost me less than 20 at

Coles. Watch a YouTube video though, because anyone who follows me on Instagram might remember Kate Gate from earlier this year. What happened? Working on some She's on the Money content. Oh, yeah. Like, even the Coles mud cake cannot be successful for some people. Yeah, so just watch her YouTube video is all I would say. The next win comes from Caitlin. Money win.

I scored five Pilates classes for $50. That's good value. Is that pretty good? That's good value. Pilates class is like $30 a class. I've started doing a lot of Pilates at home using my Kick app, not sponsored, just good. Ah, the Kick girls.

Purely because my local Pilates studio gone up $27 a class, George King. What? Yeah, no from me. So I'm just doing it in my lounge room. $5 for $50 is a good deal. Well done, Caitlin. The next win comes from Amelina.

Money win. I finally got my permanent resident visa after being in Australia for 14 years. Congrats. Welcome to our family. Yay. This means my finances will need an overhaul since I can get Medicare, cheaper private health insurance, a home loan and all of that good stuff. 14 years.

That's a long time. Well done, Amelina. I said welcome to the family, but she's been here the whole time. She'd been here the whole time. It's like that cousin that you're waiting to get married. Like they've got that really nice girlfriend that's come to Christmas every time and she's waiting for the ring. You just know.

Yeah. We locked you down. We locked you down finally. The final win of today comes from Lauren. Money win. I attended a wedding and my friend organized a shuttle to take us to the venue and take us back to our Airbnb. The Airbnb host offered to drop us off at the venue in the afternoon as it was just

down the road. And then when the shuttle bus didn't pick us up at 11.30pm, the wedding coordinator offered to drop us back at the Airbnb on the way home. I never heard from the shuttle and it was a good thing that we hadn't paid yet. What wholesome, lovely people there are out there. Oh, that's very nice. That's a cute way to end it. Yeah, that is a sweet way to end it.

All right, G, as always, it has been fantastic celebrating some of your Budget Direct money wins. Budget Direct winner of CanStar's Insurer of the Year Award 2022. Budget Direct insurance solved. Good one, Georgia King. Thanks so much. Let's go to a really quick break. And when we get back, we're going to talk about property.

And we're going to talk about the TikTok influencer who is making $1 million each post they make. Don't go anywhere. All right, gals. A quick one, but just a kind of fun, interesting little article that I saw. TikToker Carby Lame or Lame, not sure which it is. There was an article about him recently because he makes as much as a million dollars per TikTok post, which is wild to me because I've never heard of him and maybe that just means that I'm living under a rock.

You've totally seen him. You know that dude that, like, jumps in and, like, not mansplains but basically explains things straight after, like, another person's video? You know when, like, Kendall was cutting the cucumber, like, backwards and it just looked really complicated? He, like, drops in and he, like, shakes his little fingers like, no, no, no, and then shows you how to do it really simply. Oh, okay, yeah.

So funny you mentioned Kendall, actually, because you think of, but I've seen similar articles about Kylie Jenner making similarly crazy amounts of money per post. And it was just really interesting to me because, I mean, he has a lot of followers. He has 149.5 million followers at the time the article was written, which is so many people.

That's insane amount of people. But also it's a mind-boggling amount of money as well. And it just kind of blew my tiny mind. It blows my mind as well. So in a profile that I found with Fortune, it was revealed that he earns up to $1.12 million per clip that he makes on TikTok. And he has reported to also make about $597,000 for brand collaborations. And that doesn't mention anything about his in real life brand partnerships. Like what?

That's so much money. So where's the 1 million coming from? Is that from TikTok because he's generating a lot of eyeballs and people are coming to the app? That's what people are paying him to make content for them. So the brands that he's working with are paying up to that. And recently, I've got some actual name deals. He recently earned $672,000 American for a partnership with Hugo Boss, who he walked the runway for at the Milan Fashion Week show. And he recently shared that he signed a deal for over a million dollars for a single clip in collaboration with a major Hollywood studio. Like what? That is so much money. He's become the number one TikTok user. Wow.

I hate to be an arsehole, but can't I be lame? A little bit lame. Not that funny. Oh, you don't like his content. So I'm not on TikTok. I don't get it. But I just watched a few vids to be like, who is this? Who's this guy?

What's he up to? But I would say Froome's content, for example, is way better. We love Froome's. Froome's once gave me an award, like when we won the podcast awards. Like she was the presenter and I was like, can we be best friends? If you're listening, sign into my names. She's not listening. He must have just really found his niche and it is paying off working for him. I think it's a good sign if you've ever been nervous. We hear a lot in the business Bible

community from small business people who are anxious about showing up on social media. It can be very profitable. And while we're all not going to be Carby Lames or Lamaze, I'm really sorry. I don't know how to pronounce your name. There is profit to be had and businesses more than ever are putting money and advertising spend behind these everyday normal people where once upon a time it would have just been for celebrities. So on that, guys, you are both influencers to a point. Can you not?

That's so weird. VD more than me for sure. But when you guys started, what was it like doing your very first video or your very first Instagram story or whatever it was and being vulnerable in front of the camera, knowing that people are going to be like, oh, God, Jess is trying to be an influencer. What's Victoria trying to do?

like how do you block that out for people that are starting small businesses and they want to put themselves out there how do you push away that kind of self-doubt that's really hard because I had so much self-doubt at the start of my journey in fact the whole reason I started a podcast was because I didn't want to be in front of the camera and it was just all too overwhelming to create YouTube videos like Jess like for those of you who don't know she has like more than 50,000 bloody subscribers on YouTube like she's a big dog in the YouTube world but it's one of those things that I was really overwhelmed but then I guess the more you do it the more comfortable you get with it and I think that I at the very start maybe assumed that people wanted something that wasn't me and

you'd have to like curate this people just want to see what you're up to and like I just think that if you're following me you probably have something in common with me we're probably the type of people that are going to be friends I would hope you're not just following to laugh at me but the people that follow you genuinely want to see your content and want to see what you're enjoying and want to see what you're sharing. And so that to me makes it a little bit easier. I always find it a lot more overwhelming when I'm creating content that I know the brand is going to use. Whereas if it's my audience, I'm always like, oh, this is just for my friends. Like, and that's the way I approach it. Cause I'm like, well, if I'd be embarrassed that my

friends saw it, then I'm not going to post it. So I think it's just more dial it back a little bit. Jess, how do you approach that? You're just so much better at it. Jess always tells me what to do. Not at all. It's a really interesting dichotomy because on one hand, people follow, and I'm not putting myself in this category at all. I'm a very, very micro influencer on the platforms that I'm on. But she's an influencer. But I don't even like the word. I think that it's really interesting because on one hand, people always want more content. They want more videos, more photos, more whatever from you. And even on She's On The Money, we see this as well. but people really hate sponsored content. And I understand on some level that people don't want

things pushed down their throats, but it's something that I really struggle with because I mean, for myself personally, for She's All The Money, for Victoria as well, we're so incredibly selective with what we do take on. We only take on things that resonate or products that we use or products that we genuinely like. And it's hard because in order to give people what they want if people want more content you require more time you need to pay for that somehow she's on the money employees how many full-time staff we need to pay those bills like unfortunately my salary doesn't just appear out of thin air I have doesn't it we gotta earn it we gotta talk you know how we do that with ads and so I find it really interesting because people I

think who aren't as familiar with the advertising space and more often they're not the ones that have their back up a little bit about it and I struggle because I go like I get that you don't want to be oversold to like I get that you don't want me to be like here's this bitcoin thing because that doesn't a lot like that would be gross coming from me because I don't could become infomercials you know the ones that you see like after 11 p.m on tv yeah like if something doesn't seem genuine I get why you wouldn't want to see that but influencers like have to put food on the table like it is a job in this day and age and you know for us it's something that's kind of an aside to she's on the money which I guess is kind of an influencing thing in and of itself sometimes but

you know for people I don't understand why people's reaction isn't to support it because whenever I see people put stuff out that I like I'm like save it like it comment on it send it to a friend like doing everything I can to get that engagement up because I'm like yes queen get that bag you worked hard I know that you love that brand and I'm so proud of you for getting this job because it's a job and I don't think people view it that way and we've copped it on shoes on the money we've both copped it personally where people don't like it sponsor posts tank and then you get self-conscious because you're like, oh, like I was really proud of this. Like I worked really hard on it and I was really excited for someone like me who is just a little

tiny fish. I'm like, I'm so proud that I've done this thing. Good comment on all Jess's stuff. Oh, thanks. If it's sponsored, like two comments. But it's really interesting that people have the opposite reaction. And I think it is just a mind frame thing. It's because they don't get it, babe. It's because they literally don't understand the time, energy and effort that goes into it. I think that, you know, influencing seems really glamorous because that's what influencers are making their lives look super glamorous because that's why they exist right but I think that the important thing to remember is it's time it's energy it's effort like the amount of back and forth with the brand and understanding their brief and then going how do you want this filmed like

because there's so many semantics that come into it like if you think you're just watching an organic skincare video and that brand hasn't said use this one then this one and then use this one and say this about the like that happens all the time and I mean I've never taken instruction from a brand like that because it goes against everything in my body like I just can't do it I have tried to work with brands that I'm like oh I'll give you a product to crack if it's not something that I genuinely would use I have to say no purely because I'm just too transparent I can't get up there and be like oh Jess I love this you should buy it too it makes me ick but I think that people don't understand the work that goes into it and the amount of time

energy and effort that went into all of those posts to get to the first paid post like it's genuinely a lot of work, but I do see the dynamic around influencers and people's and the community's expectation of them changing completely. Before it was like the rise of the influencer and influencers could talk about anything and then they became full-time influencers and I now think that full-time influencers have existed for a while that people are bored with them. They're like, no, no, no, you're not relatable anymore. You're just like this full-time influencer. I want to go follow Georgia King, who's a journalist and also does some posts or I want to follow Jess, who we know works full time for She's On The Money and is a

hustler in her own right, but also runs this like little side thing of doing her own influencer work. And I think that that is the type of influence or influencers that people want to follow now because they have, I don't want to say more substance, but they kind of have more interest in the backstory of their lives. And, you know, they're the types of influencers I want to follow. Like I want to follow business owners. I want to follow people who have full time careers and share that journey and also do

sponsored content on the side. I don't want to just follow someone who's hot. Like I'm not a dude on TikTok or Instagram. I don't need to see bikini pics. I really don't mind. So I think that this dynamic is changing, but I think people get so hyped about it. And this is why it's been sent to me so many times in the last couple of weeks is because a million dollars for one post seems astronomical. Yeah. Like to be clear, we're not even scratching the surface of that. Just so everyone knows. No, we have to do like 50 million posts just to like pay one of Jess's salaries.

But I think it's interesting because when it gets to that point, you're like, that is stupid money. The reason people are willing to pay it is two things, right? Conversion and exposure. So conversion would be the amount of clients that they might get for that or sales they might get for that post. But then too, you look at this guy and he has what, more than 150 million TikTok followers. He is the biggest platform on TikTok. You are basically guaranteed exposure to your product by working with this person. There's not a lot of places left like TV, radio advertising, billboards that I could guarantee that type of exposure. Like you go and buy a billboard, you can't get 150 million eyes on that. Like in as much as not every single one of his audience

would see it, really nice chunk of them will. And when it comes to advertising, it's usually measured by how many people will see it, hear it or digest it as to how they cost for it. So as much as that might seem astronomical, it's just how the metrics might've come out. As someone who works in traditional media, I think it's really interesting to see how all of this money is being reallocated to social media because it is more effective. It is more trackable. You can see the results that you're having as a brand. So yeah, it's just fascinating. And you know, credit to Carby Lame doing great work. I think it's making all the best. Good on you, mate. On you, Carby. Yeah, exactly. All right. Let's do a listener question. What have we got

this week. Hi there. Have you got a money dilemma you just can't solve? The She's on the Money team is here to help. Every week, we tackle your dilemmas, both big and small, to answer your most burning money, career and life questions. To get involved, simply head to our website and leave us a quick voice recording and you may just find yourself on the show. Now, let's take a listen to today's money dilemma. Hi, She's on the Money. I have a question about property. With the increase and cost of houses, I want to put us in the best position to purchase a house in a few years' time. We purchased my first property, which was my partner's second property, in 2020. But my question is, would it be best to keep paying down the current mortgages or with the equity

in our current property that's gone up about $130,000 in two years, do we look to buy an investment property now and have three assets gaining value? My concern is the amount of debt would be taken on. But two of these properties would be investments and one we currently reside in. Thanks. When it comes to advice, obviously I can't answer this directly, being really brutally honest. Like that is far too specific. I don't know the semantics of your financial situation or your goals or your values or literally anything. For me to do that, I need to do an entire statement of advice, which would involve an entire fact find. We need to do a risk profile. We need to do a goal setting session. Like there would be so much to it, right? So unfortunately,

I can't do that but I think that this is actually one of those circumstances where the value of financial advice really shines through like you clearly are in a good financial circumstance like financial advice can be a little bit inaccessible due to the cost right like for a financial plan you're paying anywhere between three and probably seven thousand dollars depending on what financial advisor you go and see but in saying that this community member has just told us that she's made $130,000 in two years on her property, I would see it as a very good investment for them to go and get some genuine personalized financial advice. Because not only is it going to answer the question you're looking for, and I'm sorry it's going to cost you money, but your inner

circumstance, you've just explained it, where a financial advisor is going to be able to turbo charge your wealth. They are going to be able to sit down and be like, all right, sit down. How are we going to do this, Bea? What does this look like? How are we going to work this out? what are your goals? What are your values? They're going to create a financial plan that only means that for the next few years you are, you know, making bank on your investments, but you make the right decisions along the way. It's very impressive that you've gotten this far without advice, but I would really push towards getting advice now because it's quite a cushy and great position to be in where you're like, I don't know if I should pay off my mortgage or do

this. And like, I mean, if you don't want to go and get advice, I would sit down and do your own budget and your own cash flow and have a look at what your mortgage rate is versus what the rate of the share market is versus what the rate of other investments you're planning to make is and make a decision that is in line with that. But genuinely, I think this is the perfect example of somebody who should go and talk to a financial advisor. Obviously, I am the biggest advocate for the financial advice industry. Like I used to be a financial advisor and I adored my job and I'm still a little bit begrudging that I'm not doing that, but it just makes sense to focus on she's on the money. But there are people that, to be honest, I don't believe benefit as much as they

could from financial advice because they're just not in the financial circumstances to afford it, but then also have the most power. But this is one of those circumstances where you go, if you're making that much money on a property, you have that much equity, you've got good cash flow, you've got good savings, and you don't have enough direction, honestly, this is when I am quite point blank. Go see a financial advisor. If you don't have one, head to my website, at shesonthemoney.com.au and I will match you with one of our preferred partners. And those are people that I work with directly each and every single week to put the She's On The Money community in the best possible position. Like it's why we do what we do. Yeah, I think as someone who

kind of was advisor adjacent for a very long time. A fly on the wall of my life. Yeah, there's a lot of value to be had by seeing someone if you are in the right position to do so. And if you have something that's super basic that you can figure out yourself, as you said, maybe it's not worth it. but for someone like our listener where they've got all of these assets and all of this money at play, I can see how that would be super valuable for them. 100%. And it's not just the wealthy people who need financial advice. I mean, we have insurance only advisors and people who will just talk to you about investment in shares and people who could help you with your superannuation. Like there are advisors for all stages, but in this particular case, I'd really be steering you

further towards a holistic financial advisor that can look at absolutely everything. And that is on the, I guess, pricier side of the financial advice realm. But from my perspective, that's an investment in itself. Like the one thing that I think that financial advisors are really bad at is selling themselves and saying, hey, gee, if you get financial advice, this is the position you'll be in. They want to do it. But if you spend five grand, you're going to get that back in dividends over the rest of your financial life. And I just think that financial advisors need to be better at that because that's exactly what they do. Take the plunge, Bea. Before we go to the boring but important stuff, Georgia King.

Hello. Is this your second last episode of Friday Drinks? I think it is. Oh, stop. We're going to cry again. Let's not bring out the waterworks again. No, but it's been a pleasure. Last week's your last.

We'll have to have a party, all right? Yeah. We'll do something fun. We'll bring in cupcakes or something. We'll bring in a cold mud cake. Yeah. Let's go out there. All right, all right, all right.

See you next week, guys. Bye. the advice shared on she's on the money is general in nature and does not consider your individual circumstances she's on the money exists purely for educational purposes and should not be relied upon to make an investment or financial decision if you do choose to buy a financial product read the pds tmd and obtain appropriate financial advice tailored towards your needs victoria divine and she's on the money are authorized representatives of money Sherpa PTY LTD ABN 321 649 27708 AFSL 451 289.