She's On The Money - FRIDAY DRINKS: For the Love of Gambling Limits!

Episode Date: October 27, 2022

Happy Friday! The gals are back in studio with GK and they wrap the week in the SOTM-sphere, and celebrate your money wins. Plus, with Tasmania announcing gambling reforms that place a cap on how much someone can loose on the pokies, the girls chat the ins and outs, implications and the nature of the industry.This week's Money Dilemma is all about the international versatility of Victoria's Budget And Cash Flow Masterclass .Submit your Money Dilemma hereAcknowledgement 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, is Friday. Surprise! It is time to sit back with the girls with a bev 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 discuss what's making news in the finance world. And we're going to help answer a money question, which this week is all about whether our online course is applicable internationally. But first, as always, it is time to recap the week that was. And Miss Jessica Ricci, I usually let you do this one, but this time I'm going to do it on Monday's Money Diary.

My favorite part about it was really highlighting the importance of the NDIS and just how important the work that everybody in that space does. It's one of those things that I don't think we talk enough about, and I hope that in the future we get a whole heap more Money Diarists on the show that can showcase all the different facets that you can work in. All right, Georgia King, it is time to let you have your turn to shine. What happened on Wednesday? On Wednesday, you and the glorious Jessica Ricci spoke all about financial self-care. Oh, one of my favourite topics.

Yeah, well, it's not something that we've really spoken about that much on the pod. I speak a lot about on Insta about it. Do you? Yeah, but you never go on Insta. That's true. That was a genuine do you, not a plan to do. do you? No, almost like a, do you? Yeah, no, I do because it's actually really important, but you wouldn't know that. So it might've been the first time you heard the topic.

Well, it was, and it was super interesting, super wholesome. And I think really good for people who are particularly harsh on themselves when it comes to finance as well, right? Absolutely. And I think it's a really important topic to cover because sometimes we don't give ourselves enough leniency in the finance space because we think it always has to be perfect when that is not necessarily the case. 100% really resonated with me as someone who, you know, has a bit of a reputation as a tight ass, or I did back in the day. I didn't say that, you did. You literally were just bagging me for not having a $70 bloody self-care water bottle or whatever they're called. All right, no one was bagging you. The thing we were getting spicy about is

George King is that single-use plastic in front of you. Don't throw me under the bus. Are you using single-use plastic all the time? Oh, you've used it more than one time, but it will go to landfill. You just need a drink bottle. You don't need one of the fancy gal Frank Green ones. You don't need an emotional support water bottle. You just need one that can be used more than one time without leaking BPA into your body. But that's all right. Let's move on because I want to hear, Georgia King, some positive things from you today. Nothing about single-use plastic. I want to hear your budget direct money wins. What have you got today? Okay. So the first win of the week is actually a loss, but it's wholesome. It comes from Kate.

money loss. I went part-time at my primary workplace last year for a better work-life balance. And I picked up a second job for the off days, which has made me so much happier. That's an act of financial self-care. The next win comes from Naomi. Money win. I thought as a casual nurse, I would miss out on the bonus payment from New South Wales Health. I woke up this morning to find $1,775 had been paid into my account. That's a lot of money. I only got taxed $50 as well. What? I then remembered that I was a permanent worker at the start of the pandemic for 10 months before stepping down as a casual, and I still worked full-time hours. So I'm super stoked to have these extra savings. Here's the wholesome part, girlies. I also sent

my mom $300 of my payment because she's a nurse too, but she was excluded because she works in a different kind of system, but she's feeling really grateful. That is very wholesome. What a good thing to come from the panini. Right. Exactly right. The next win comes from Shelly, money win. I paid off a $24,000 credit card debt left over from my divorce. Yes, queen. I feel so free. I love that. Incredible. The next win comes from Danielle. I did a clear out of things laying around the house on Marketplace. I got rid of footrests, an old TV cabinet, a coffee table, some clothes and various baskets slash planters. I managed to scrape together over $300. That's so good. I need someone to come do that in my house. Do you know what? That would be a good

side hustle. Like advertise your services. You just take a clip of it. Maybe I'll take 20%. Go around your house. Sell all your stuff. Probably should be more hands-on with that process. Otherwise, I'll come home with nothing in my house. But that's all right. That's all right. What else have you got today? The next one comes from Victoria. Great name. Great name. I saved myself around $4,000 last year and here's how. I switched to prepaid mobile. I cancelled my monthly Beauty Box subscription. Is that Mecca? Beauty box? Probably like a Bella box or one of those.

Yeah, not the Beauty Loop. Those are free. All you have to do is spend a lot of money. Victoria also cancelled one of her two streaming subscriptions, started making coffee at home instead of buying takeaway. The next on her list is to tackle her grocery budget and make lunches for work instead of purchasing them out. That's a huge saving.

So clearly wasn't me. No. Yeah, okay. you finally read one of mine out no the final win of today guys is very wholesome again it comes from tara money win after discovering she's on the money during lockdowns in melbourne i completely changed my money story yes queen after believing for years i couldn't buy a house on my own so why even bother saving this week i got the keys to my first ever home and i did it all by myself with the investment in a buyer's agent. Interesting. All of my moving and new home costs

were saved for it. So it's been completely stress free. I cannot thank the She's On The Money team enough. I have goosebumps. How sweet is that? That's so wholesome. I literally love that. It makes me so happy hearing you guys kill it. Absolutely. Is that all you've got? That was a very good place to leave it. I love it. It has, as always, been fantastic. Celebrating your BudgetDirect money wins. BudgetDirect winner of CanStar's Insurer of the Year Award 2022. BudgetDirect insurance solved. All right, we are going to go to a really quick break. And when we get back, we're going to talk about the She's on the Money, Budget and Cashflow Masterclass. A bit self-serving, but someone asked. So we've got to answer people's questions, Georgia King. Don't

look at me like that. And in finance news, we're going to talk about some changes being made in Tasmania to gambling law. Don't go anywhere. okay guys i have a really cool update to share george you actually shared this with me and i was like this is incredible i want to see it everywhere so of course i want to talk about it with the community our friends across the ditch is that what we call them in tassie or is that new zealand there's a little ditch there's a small i think it is new zealand but a smaller ditch basically the same thing our friends in Tasmania have implemented a new law which caps losses on gambling or will cap losses on gambling I should say by 2024 so they have announced they will implement new rules

to minimize harm from electronic gambling machines which will include a cap on how much a person can lose it'll be implemented in hotels clubs and casinos so I guess everywhere that you can gamble although not online maybe that would be harder to police I don't think you can police it because obviously you can gamble internationally if you really wanted to. But they're going to implement a system which would make sense as to why it won't really work for online. So it'll be a card-based system which will make the gambling machines cashless. Cards will hold limits on the amount that can be lost by the gambler. So the default limits will be $100 a day, $500 a month and $5,000 a year. You bloody love to see it. That is great. I think a lot of people might be salty about it

because obviously it's their decision and whatnot. But like that's just responsible. We did an episode a little while ago all about gambling, and we've had a money diarist on before also who spoke about the impacts that chronic gambling had on her family. I think it was one of her parents. The system is essentially meant to stop people from losing more than they can afford, which, as we know, is like the big downfall of gambling is the addictive nature. It sets off all of these hormones in your brain and you just can't stop

and people are gambling away life savings before they know about it. The limits on these cards can be lowered at any time and within certain parameters will be able to be increased if a player can prove that they can afford it. I would be interested to know, and because obviously this legislation hasn't fully come into play yet, we don't have all of the information, but I would hope that there would be an overarching cap.

Like even if you're a millionaire, let's not let someone lose a million dollars. Do you know what I mean? I'd be interested to know how they measure that as well because, Jess, as you know, going through a pre-approval process with a mortgage, you have to like give them your budget and your cash flow and work all of that out and they tell you what you can afford.

What, are they going to do that now with gambling? like I don't know how I feel about that I think the across the board rules are kind of good I liked the idea of that too it's really interesting though because the Tasmanian Hospitality Association called the government's decision a slap in the face to hotel and pub customers and hard-working small and family businesses in Tasmania and is it I don't want to be a dick so if you own a small family business that has a gambling machine in it please don't take this the wrong way but the businesses in my mind that are going to be most impacted by these are the big conglomerates. It's your local casinos. It's your local tab. There's one in my area and there are people that you see

sitting there. It's right next to a party shop that I frequent regularly, which is why I know so much about it. But you see people sitting there and I'll go in and I'll come out four hours later and some people still haven't moved. Like there are rules that you can't gamble for 24 hours straight. It was only recently, I think it was like a couple of weeks ago that Sydney's Star casino. It was like all through the news. They could lose their license after they were found to be unfit to operate because they were allowing people to gamble for like 24 hours straight and giving them free drinks and giving them free food so they never have to leave. And I just thought that was so wild because to be honest, I hadn't even thought about it recently. But you

know, I think these introductions are actually a step in the right direction because gambling, you don't get anything good out of it. I view the industry personally as very predatory and that's my opinion. I know for some people, maybe grand final was a couple of weeks ago. Maybe you want to back your team, put a little bit of money on it. Like I get that. I personally have actually never gambled and that's a personal choice that I made. But I think as an industry, it really capitalizes on people who are more often than not in a vulnerable position. And so for me, this regulation seems like an amazing thing. And I really wanted to bring it up because I want us and anyone who agrees with it to be vocal about supporting it, because I would love

to see this implemented Australia-wide. Yeah, I think it's a really good step in the right direction because it's just, it's too detrimental to too many people. Speaking of how detrimental VD, in the 2017 to 2018 financial year, Australians lost $24 billion on gambling. This is no small problem. It's crazy. Which makes me wonder because obviously, what rules the world? It's not girls. Girls don't rule the world. Girls. Girls. We run this No, it's rich people. It's money. So I'd be really interested to see how the families who own these companies, because they're not government run companies like Crown Casino, obviously massive, how they're going to respond, because that would be a majority of their revenue

would be coming from gambling. So how are they going to be trying to fight back on this and how many people, you know, I'm not saying they will pay people off, but how much money is going to exchange hands in the background to make sure that this, you know, takes as long as possible. On your Tasmania, I will be personally very loud and proud in supporting this because I'm all about it. I heard it produces the best podcasters too. There you go. Something good in the water.

Nice, nice. The water there easily. Yeah, let's move on though. George, what is it time for? It's time for a Money Dilemma. 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, I wanted to know if this master course works for people living within Canada and in terms of like the resources, like how complicated are they to understand? Like if you have a very basic understanding of things or if like you're a student, for

instance because I'm a student right now and I went through something quite difficult like my my mom recently passed so I'm having a lot of trouble with finances and figuring things out in that sense would this course help me be able to manage my money better I mean TLDR yes would you like the long version though guys please lay it on us well I actually think this is probably a really good time to flip it around. I'm quite biased. I actually created the Budget and Cash Flow Masterclass and I did create it with an international audience in mind, which is why we don't talk about anything when it comes to superannuation or Australian tax rates. You have to use your after-tax income to put into the Budget and Cash Flow Masterclass just to make

sure that as many people as possible can use it around the world. But Jess, you use this pretty religiously, which makes me so happy. It strokes my ego every time. You're like, oh, I've dead my budget. I'm like, which one though? And then you told me it was mine and I love it. But Jess, talk to me about what it kind of does for you and why you like it above and beyond just keeping your own spreadsheet. I think I just like that. I mean, firstly, I'm not good at Excel. I'm pretty sure I told you that when you interviewed me for my job. I was like, I can do a lot of things. I didn't even ask. I didn't even ask. Excel is not one of them. I didn't even say to Jess, oh, what are your weaknesses? She was like, all right, just before we go, I just want to be really clear. I know

you're really good at spreadsheets. I am not. I will not be good at that. I was like, I like the transparency. Roll on through. But yeah, I like that. Firstly, it's on another level to anything that I ever could put together myself. It's aesthetically pleasing, which is not the most important thing. But for someone who's visual like me, it's really helpful because it breaks things down. The functionality of it, I don't even know how you, again, don't know anything about Excel, but I can input. You're like, I don't even know how you did this. I'm like, it is a secret. Maybe I'm not the good person to explain this. Just as why I sell it. I'm not tell you how I made it. It's my secret sauce. Coding, a lot of coding, a lot of macros,

a lot of background stuff that it's too hard to worry, don't try. But I can input whatever I'm earning or whatever I'm spending. It automatically figures out if I put in my salary, which is paid monthly, but I pay this bill fortnightly, there's just a little dropdown box that I click. It does the maths for me. And as someone who's not a maths gal, I can't tell you how helpful that is. I don't have to worry about figuring it out or going, oh, this is fortnightly and this is monthly and this one comes out weekly. I can just figure it all out. I plug it in. There's heaps of pages and then you get to the end and it tells you exactly what's coming in, exactly what's going out. It does that nice little diagram where if you follow the bank account method that you recommend,

like it tells you exactly what to put where. And it is just so helpful for someone who has never been great at that kind of thing to have it taken off your hands and automated is amazing. And then I don't have to call you every five seconds and be like, how do I calculate this? Because it just does it for me. I think that that was my main priority when making it because I felt like everyone kind of has a control or an idea of a budget, right? George, I know you don't use it because I've given it to you and you haven't opened the email. But I know that a lot of people might be good at creating their own budgets, right? You might sit down and you might do it on paper or you might get a spreadsheet or you might get a Word document or you might go buy a

fancy Kiki K journal. Like, I don't know. Everyone's good at writing down. I'm not saying you're doing it because too many people need to actually pull their heads out of the sand and actually do this, but you might be good at writing down how much you're spending, but I guarantee you're not actually taking that next step and putting cash flow into the component because budgeting, yeah, it's great, but budgeting is not about being restrictive. It's actually about understanding how many dollars come in, how many dollars go out, where they're going to make sure that you're comfortable with where they're going, but then overlaying a cash flow system to go, okay, George, I need to make sure that every dollar that comes into your account is working

as hard as you do for it. And it's about having a cash flow system that works for you. And obviously having been a financial advisor for umpteen years and working with people day in, day out on either their budgeting cash flow or, you know, their investing journey, the biggest pain point was like, oh, V, I've done a budget, but I don't know what the next step is. I don't know which bank account I need to put it in or how to capture it or this savings goal I have set I'm actually achieving. So I think for me, it's about taking that next step. But yes, it is internationally focused and you can use whatever currency you want. So say you're in yen, you can use yen. That is absolutely fine because the calculations on the back end are identical,

regardless of if it is pounds or if it is dollars. The only thing you need to do is make sure that you're consistent with the currency. So say you were earning money in pounds and also in Australian dollars you'd need to make sure that you're using only one of those because if you put in one pound it wouldn't convert it because it's working on one currency at a time. Unfortunately that was where my skill betrayed me. You can use any currency you want so it is very internationally focused and it's just a budgeting cash flow system it doesn't matter what country you're in it's going to make sure that you are on top of your finances my friends. Which just to circle back to the... You waving a tiny toothbrush at me George? A little tiny toothbrush? Like a wand?

This is different. Just on a more serious note, though, ladies, Naomi, who asked that question, she mentioned that her mum had just passed away. So just wanted to send a lot of love on behalf of the team. And it sounds like the course would be a really good thing if you are stressed about your money at this difficult time. It's also a good time to be really reflecting on money stories and where those came from and making sure that you're, you know, making the most of where you're at. So I definitely recommend it. And Jess, pretty sure you have a little sneaky discount if anyone is keen after that sales pitch to join the club. Absolutely. We had a few people take us up on this last time. So I'll pop it up once again. If you want to get yourself the Budget

and Cashflow Masterclass, I'll put in a discount code. Use the code POD50 and you'll save $50 off. Just make sure you turn that on when this episode goes live because it'd be real awkward if people were trying to use it and it didn't work. I will absolutely remember. Thanks so much. All right. Well, with that in mind, I think that's all we have time for today. See you next week, guys. 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 321 649 27708 AFSL 451 289.