She's On The Money - FRIDAY DRINKS: Financial break-ups

Episode Date: October 7, 2021

Happy Friday! TGIF, amirite?! Today V, G, Jess and Toni are chatting about Zuckerberg and how our finances affect our relationships.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. Victoria Devine is an Authorised Representative of Australia Pacific Funds Management Proprietary Limited ABN 34 132 463 257 - AFSL 339151.See omnystudio.com/listener for privacy information.

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. Welcome back to another one of our Friday Drinks episodes, where as always, we celebrate the wins from our She's On The Money community. We all know there are so many great money wins and confessions that are shared in our group every single week, free of judgment. And the team and I, and this week, the team includes Georgia, spent a very big part of our days talking about these things in the office.

So it makes sense to share that all with you. So moving on from that, let's recap quickly what happened during the week. Toni, what happened on our Money Diary Monday? Our Money Diarist talked about quite a colorful background she's had and growing up with money and then kind of losing it all and talked about her very in-depth baby budget that she set up. So she actually announced her pregnancy on our podcast, which is very exciting and going to be interesting, you know, when her friends and family listen and go, oh, I had no idea, but that's fine. That's for her to figure out. She made that decision. Exactly. But yeah, she talked about in-depth baby budgeting, which was probably a really good listen for some of our community that might be expecting or trying to get

pregnant at the moment. If that's something that relates to you, maybe give it a listen. i really liked it it was actually a heap of fun she was really young and really switched on and i just like hearing stories about people that i definitely never was at that age like there's no way i was that put together when i was her age so absolutely not me either inspirational slightly regretful for me and over to you georgia welcome back to friday drinks it's been a whole minute my friend it has been a while how are we all oh we're so good thanks for joining hi guys i just want to let you know that the people have been missing you we've had some dms saying where's georgia what's going on and i had to say don't worry we haven't fired her she's just too busy

for us so sorry to leave everyone hanging no one cares but here we are we're back yeah they do care thank you so much georgia for gracing us with your presence uh it is good to be here but do we want to know what happened on wednesday's show is that is that still what's happening can you tell us what happened on wednesday i certainly can so it was our big mat leave episode which feeds in nicely with the monday episode i feel with the baby budgeting it does um yeah so we went real deep on all things mat leave which is actually called paternity leave not maternity leave fun fact um and i i learned a lot from it including that you are legally allowed two years of mat leave yeah up to 24 months of time off without any pay um the other cool thing that happened

on that episode was that we spoke about um miscarriage leave it was bereavement leave so that you can take leave for up to two days for a miscarriage if you go through one but gee we're talking about it i don't think that's enough time no definitely not and we were saying it's like a step in the right direction but two days certainly isn't enough time to move on from something like that i think what i liked about it is that we're now recognizing that we do need leave for things like this and it's a step in the right direction in that aspect but i just feel really disappointed that it's only two days and they've put a limit on that whereas you know if you had a cold you could literally take the week off with a doctor's certificate so i think for me

it's just not good enough and if we're going to move towards having equality for women like there's just so much conversation to have around that situation because if you think about it a little bit more deeply i mentioned this on wednesday as well if you're going through a miscarriage most miscarriages happen before 12 weeks and society tells us you shouldn't tell anybody that you're pregnant before 12 weeks, which I don't agree with. So more often than not, we're going through these things in silence and your workplace doesn't know. So, you know, if one of you guys are pregnant, you might not want to bring it up with your work because you were like, they didn't even know I was pregnant. I don't really want to tell them that that was

the case. Cause like, I'm not ready or I don't want that conversational. Maybe you just don't want to talk about it. So I think it's just more, maybe we need more flexible time to have bereavement leave but also sick leave and do we build that together to mean that if you need to take time off regardless of what that is like do you actually need to tell your employer about your personal life i don't know yeah it's really hard one of my good friends has unfortunately gone through this very recently um and she is also studying at uni and she was stressing because she had this really big assignment due and she like mentioned she popped it in our group chat and one of the girls was like just email them like email them and let them know that it's extenuating circumstances but

even the pressure of that especially with a uni lecturer where you're like it's not really someone that you know super intimately especially in covid when you're not going there um and it was just a really hard conversation to have so it's really unfortunate that there isn't some process in place to kind of simplify that process for anybody who has lost a child who is obviously dealing with their own internal emotions and feelings to then have to also explain it and justify it to people i think is really hard so i guess yeah to wrap this little segment guys we need to be talking about it more often and normalizing these things that you know they suck and it's the worst and there's nothing that i can do in this situation to help but i think that if we can just talk about

these things and normalize them and make you feel a little bit more comfortable whether it's you going through it or a friend that's going through it like you can be a little bit more supportive because yeah i don't know just understanding that process means that we can just genuinely be more supportive moving on from that tony i believe you have a number of money wins from the community that you deem worthy enough for the podcast this week worthy and i mean they're all very good but here's a couple of my faves that i found on jess's post um so if you're not familiar jess will pop in a post every single week for you to put in the week's money wins or losses that you've experienced and we love to read out a couple um so i can i share my faves with you guys now please this is

literally what i come for every single week sometimes i ruin this segment for myself by trawling through all of it so when you start talking about i'm like oh yeah i totally knew that like yeah i've heard that one don't tell me it was jess's i've heard that one i've seen it i've liked it um but like what have you got tony please surprise us so live says money win i went to buy a hot water bottle not only for keeping herself warm but keeps the heating down which is its own money win i think it's genius um but both the cover and the hot water bottle separately scanned at two dollars each and was advertised for 20 so she brought another two so she saved 54 dollars she's stocked up on hot water bottles like that luckily we're coming into summer

good on you Liv. Tegan says money win changed my car insurance provider and saved $300 a year I think that one's a really good one and a little bit of a kick up the bottom for anyone who hasn't reviewed that one recently because it comes up quickly but you've just got to make the call like we always say you're not calling Mr Insurance Man you know you're talking to real people who want to help you so you might be able to call them and just go hey I've been with you guys for a couple of years could I get a cheeky discount they might do it you never know yeah I don't know why we don't ask for these things because to be honest if you call up and you got this dapper attitude you probably brighten their day as well they'll be like I'm gonna give George

a discount she sounds like a stellar human if I had something to sell and someone called me they were like can I have a better price I'd be like yeah I'll give it to you but then if you were like rude to me I like wouldn't offer the discount I'd be like and then later on group chat to my friends i'd be like i had a great day someone was rude to me and i didn't give them the discount that they could have had um grace says money win i volunteered to go with my dad on a four-hour each way trip to move some furniture and help them move house while i was there found a whole bunch of beautiful trees and plants in their yard that they didn't care about so i ended up with nine plants out of the garden and five potted plants sitting pretty in my house for free and

plants get expensive plants very good money win um shalini says i've been budgeting and tracking our finances like a boss like a boss we actually have money in our everyday account a week before payday which had never happened before and haven't dipped into our savings so that's so cool good on you shalini i love that it's the best feeling it's the best feeling and tony you've been through this recently where you were like oh my gosh we've got our budget together and you've just you just feel excited about it and like knowing that that stress isn't there because you've just got it together feels very satisfying it is very you feel like you're finally like your mom and dad if they asked you about your finances you'd be like yep all sorted like oh yeah like actually i have

insurance take that yeah and i called them and got a discount um karen says paid off my car loan calculated more than i needed so i was able to pay off the remaining amount and topped up my emergency fund and she officially has no more debt to her name oh my gosh yes that is also the best feeling um and very lucky last cody says that their husband purchased a pizza oven for 400 after a few too many beers uh when it came the stone was cracked and looked them up online and it was going to be 30 to replace it so she jumped on the phone talked to the company and they said that they would replace the broken stone for free but then they sent out a whole new pizza oven instead huge does that mean she has two pizza ovens she has two pizza ovens but only one stone

i replied to her on the thing and said she should just replace it and then sell the other one because and then that is what you would do jess or or spend the 30 dollars now to replace it and sell a fully functional one that doesn't have a broken plate and you'll make money Oh, that's what I thought you meant, Jess. That's what I meant, yeah. Okay. Oh, welcome, Victoria. So good to have you here on the podcast.

See myself out. All right, guys. I have two things that I want to discuss with you on this episode. Both are arguably as exciting as each other. The first is about Zuckerberg's net worth and how it dropped recently, which, I mean, I get a sick level of satisfaction out of. but I'll get to that in a hot second. And then the second one is the one reason why one in eight people here in Australia have been dumped. So jumping right in earlier this week, I think we

all felt it when we woke up on Tuesday morning and tried to scroll on Instagram and Facebook to realize it was down. Very stressful. I messaged Jess straight away and was like, I can't get into the Facebook group. How am I going to do my job? She was like, take the day off. I think that was really reasonable of Jess to just automatically assume that that was what you guys were doing it seemed like the reasonable solution really yeah I thought so I thought that was really reasonable but turns out at about 2 45 a.m our time Facebook Instagram WhatsApp they were all just unable to open like it completely went down how dare they oh my gosh I know I can't believe it like what if I woke up at 3am and needed to mindlessly scroll Instagram to get

back to sleep that would be a global outage though right so like 3am our time is probably normal time somewhere else somewhere else that has Facebook I'm not good at world times but it feels like middle of the day for America maybe I'm sure that's the case and I'm assuming that's where that went but I mean to make this financially related obviously for it to be out Facebook makes a lot of money. We know Facebook makes a lot of money. It makes it off advertising and people paying to be on the platform to get different features. And that's why Zuckerberg is one of the richest people in the entire world, which is kind of cool to think about. Because if I remember back, I literally remember people being like, are you on Facebook? And I'd be like, I'm not on

Facebook. I don't need to be on Facebook. I've got my space. And now my entire business is on Facebook in my own face. Anyway, turns out that during that period of time, the stock price of Facebook completely plummeted. It went down 5%, which you go, oh, it's only 5%. But that equates to a net loss of about $9.6 billion Australian for Zuckerberg in his share prices. And like, that's like five percent guys i wish that was five percent of my worth was i know i know but to make this a little bit more juicy and obviously like zuckerberg losing money juicy but to make it more juicy in america overnight like as in the night before it went down cbs news which is one of their platforms like our channel 7 or channel 9 or channel 10 had 60 minutes which we know very

well they also have that in the u.s they aired a segment in which facebook whistleblower francis haugen alleged that the social media giant knew that its products were fueling hate and harming the mental health of children but they were allowing it to go on and she essentially said that facebook would always prioritize revenue over mental health so that i think i saw something about that it came from instagram hq or something and it was like an internal comms like an email or something where they were discussing it and I think like it's really like you understand that as a business like you have to prioritize revenue but it's really hard because those conversations around mental health and the impact that social media and filters and you know the impact that

it has on body dysmorphia and people's confidence levels and suicide rates and like all of those things which are literally detrimental to some people's lives it's scary to think that you know in that situation, they're able to put revenue before, you know, the duty of care that they have to their users. Yeah. Which seems insane. This isn't the first time this topic has come up for Facebook. And obviously as She's On The Money, we are massive advocates of positive mental health and only surrounding yourself with things that nourish you. And Georgia, you're not even on Instagram at the moment. You seldom ever jump on Facebook unless you're in our community. And it's one of those things where we know internally what the impacts of that are. And

I think it's worthy of note that if you feel like you're absorbing too much negativity via social media, that you actually just need to do a bit of a call or a reset or a detox from social media, which we are big fans of. But I guess when we go back to the financial side of things, this has been going on for a while. In fact, at the beginning of September, Zuckerberg's Facebook stock had already lost about 15% of its value because of those whistleblowing claims, which I think is wild which essentially means that zuckerberg's chairs have gone down 20 in the last two weeks zuckerberg has now dropped below bill gates to number five on the rich list interesting because that would have all kind of been off the back of um that netflix doco that

came out as well wasn't it that was like a year ago now yeah the social dilemma yeah which like obviously kind of caused ripples through people i mean it changed for a week and then everyone goes back to normal but you kind of change your habits you go oh my god i don't want to be so addicted to the phone and I know that this isn't strictly finance related but you don't really think about the impacts that that kind of thing has on you know stock prices and people's like net worth and I would have never even thought about how that would have affected revenue you know the the blackout that we had on Tuesday yeah affected the share market yeah and I think that that's why I wanted to bring it up because it's like I don't know saying it's funny is funny

talking about it is one thing to be like oh my gosh did you see that it could be a little bit coincidental because obviously CBS did that 60 minutes thing. And then all of a sudden Facebook was down, but I really doubt that a company that makes hundreds of millions of dollars per hour is going to put themselves in a position where they're like 60 minutes said some mean things. We're going to have a blackout and stop revenue. Like that is not how that would have worked. And like, I did see lots of Tik TOKs floating around the internet this week about that conspiracy. And I just want to debunk it, but I think it's more interesting when we start talking about what's happening in the media and happening in the world. And then ultimately how that impacts

the share market and what that means. And, and if you think that you are immune to that and you're like, Oh my gosh, no, I just use micro investing platforms here in Australia, like raise and spaceship. Cool. Your own Facebook, like that is part of your portfolio. And that is what is driving your share returns. And that is what is driving your portfolio returns. And it's also why we diversify so much because we don't want to put all our eggs in one basket. So for example, if you only owned stock in Facebook, your share price over the last month would have decreased by 20%. That is a really big fluctuation in price that I wouldn't feel comfortable with. But in an ETF that holds it, that risk is kind of like diluted over all of them. So you never feel

a 20% decrease. Anyway, I won't get too complex on that because I did promise to talk about how people are breaking up, but I just think it's really important to talk about these things in a little bit more of a finance context and be like, hey, cool. So yeah, it's funny to think that Zuckerberg lost some money. He's a billionaire, but also how does this impact us? With the rise of TikTok and other social media platforms, will Facebook and Instagram lose value on the stock market? Is that like anticipated or are they still going to stay as strong as ever? I think that they've stayed pretty strong over the last while because they still hold such value with the communities that are already using them, but it's definitely worthy of consideration. I

don't think that TikTok will replace these things because they are quite literally different product offerings. Like TikTok is very video based, which I think has pushed Instagram into becoming a little bit more competitive with video. And it was only a month or two ago that Instagram came out and said, we are now a video based priority platform, which means they've gone from being a photo sharing platform, which they came out as to now really driving video. So they are obviously trying to compete. But I think when you look at Facebook as a whole, Facebook actually owns Instagram and it owns WhatsApp and a plethora of other companies. It's completely different. Yes, other competitors coming into the market is always going to impact share price and value of that

company. I mean, look what happened to MySpace because they didn't stay afloat in the same way that Facebook did when it came to being competitive. So, it's worth considering, but it doesn't mean the newest thing is always the best or it will replace it. It's just interesting to be educated and interesting to know what's going on. Moving on though, turns out that one in eight Australians have been dumped due to having poor finances like that is a lot higher than i would have thought i think yeah so finder did some research and it revealed that 13 of australians have been through a breakup due to their financial situation so the survey outlined that it was essentially due to having no savings unpaid debts or the one that worried me the most poor financial knowledge

they were being marked as main reasons for breakups that is a lot of people I think to have been broken up with and the fact that they literally said poor financial knowledge it wasn't just debt it wasn't just not have savings it wasn't you know gambling or anything like that it was poor financial knowledge like who does that oh you don't listen to she's on the money you're out is that what we say that's what I do that's like that's pretty savage if someone was like gee you're a lovely lady but poor financial knowledge it's I'm done I feel like it's broader than that though because thinking about the posts that we sometimes see in the community you can be like someone can be raised without you know a lot of financial literacy there's a lot of

things that factor into that there's not necessarily a great standardized curriculum around finances in a lot of schools if your family you know if it's not something that's spoken about in your family like all of those things factor in but I think like and it's hard without like seeing the actual research but for example if you were dating someone and your financial goals didn't align or if you had a shared financial goal and one of you was working towards it and one of you wasn't or didn't have that education and also weren't prepared to educate yourself like I could absolutely see that being a problem because if you're not on the same page and you're not able to work towards the same things? Like, how do you actually feel like it's an equal standing

within that partnership? I found it really pervy, I guess, because I'm obviously into finances and understanding them and how they make people tick, but they actually broke it down even further. So before I said 13%, so of that 6% of people were dumped because they had a low income. like what anyway then four percent of people said that their level of debt had become too big of an issue for their significant other which I can completely see as something that is a big issue in relationships we see it in the she's on the money community I get it but that means the remaining three percent which guys quick maths because I'm really good at quick maths equates to 582 000 people nationally were dumped because they had poor understanding of personal finances

the debt one is a big one i guess if it's not shared debt then you would be like i actually can't take on the stress of your debt that you have accumulated without me or um yeah you know that's that is a lot to take on i wonder if that last statistic around lack of financial literacy to go back to that I wonder if as well that has to do with like the mental load within a household so if one person is more financially literate than the other and the responsibility of like managing those finances is just on one person you know that also would be a really stressful situation to find yourself in and again you know when you're in a relationship it's a partnership and you want to try and work together and help educate someone if you can but if there is that

you know mindset of oh i don't understand it that's a you problem again i could kind of see where if that was me in my relationship i actually wouldn't be super comfortable with that yeah yeah and i can completely see how that works i mean to sort of make light of this negative situation though i don't know if this is positive but i think it'll get a laugh the research also showed that men were four times more likely to be dumped because of their financial situation than women so clearly it's women being like nah honey out isn't that interesting that we will put up with less but also that like historically you would think you know that men are more educated in the finance space and like that's part of why this podcast exists is because you know that information

wasn't necessarily as inherently available to females as it was to males and so i feel like that's a really nice sign of the times are changing and maybe women are stepping up and going, Hey, like I've educated myself and actually like, this is what I'm prepared to put up with in a relationship. And this is what I'm not. I hope that that is it. I really hope that as women, we are now saying, nah, actually my standards are here and I can put my foot down and have these expectations and we'll put up with less. That is, yeah, that is just so interesting. And I feel like I know that we love doing like a fun little Friday thread. Can I pop in the facebook group today what financial reason did you break up with your partner you know is it is

like is this actually happening because i feel like there's 180 000 people in our community um surely some of them fit into that statistic i want to hear it and sometimes people slip into our dms and have the juiciest of stories so if you're willing go comment on jess's post as to why you broke up with your partner if it's finance related i don't i don't want to hear if they're just cheating like that's not juicy enough all right guys i think that that is all we have time for today but as always just before we head off we'd like to acknowledge and pay respect to australia's aboriginal and torres strait islander peoples they're the traditional custodians of the lands the waterways and the skies all across australia we thank you for sharing and for

caring for the land on which we are able to learn we pay our respects to elders past and present and we share our friendship and our kindness 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 a financial decision and we promise victoria divine is an authorized representative of australia pacific funds Management, Proprietary Limited, ABN 34132463257, AFSL 339151. See you next Friday. Bye guys.