She's On The Money - FRIDAY DRINKS: One More Sleep!

Episode Date: November 3, 2022

It's not just your average Friday, it's the eve of Victoria's wedding! SO you'd better believe the gals talk about the big day ahead for VD. And as usual the team wrap the week that was, share your money wins and losses, and answer a interesting Money Dilemma about talking to your employer when you're getting asked to do work outside of your responsibilities. Submit your Money Dilemma here.Plus the girls discuss the news that billionaire founder of Patagonia, Yvon Chouinard has given away his company to a trust that will use the profits to used to combat climate change and protect undeveloped land around the globe.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 brides who want financial freedom Today is Friday, which means it is time to sit back with the girls with a bev in hand to celebrate Victoria's upcoming wedding, but also to unpack our favourite moments of the week. And of course, to celebrate you, me, my wedding, but also you guys, our incredible She's On The Money community. As always, we're going to be sharing our favourite money wins, we're going to discuss what's making news in the finance world, and we're going to be helping answer a juicy money question, which this week isn't about money, it's about employment. we're going to be talking about how to approach your employer when it comes to difficult conversations about salary and job description. But first, as always, it is time to recap the week that was. Miss Jasgrici, what have you got for us? This week's Dyrus was an absolute powerhouse and I think her childhood had a little bit to do or a lot to do with her money story. She said she

grew up with a single mum who worked really hard to give her the things that she needed and she ended up going out and buying her first property all by herself, which she now rents to her grandparents, which is very, very wholesome. She leveraged the equity from that property to get into a second home. And she really just worked super hard to build everything up for herself. She's just started her investment journey, which we love to see. And it was really fun because she was telling us about her partner, who is a financial advisor as well. And she was saying that her partner was so impressed with how much she knows. And she learned it all in a pod, which was just the sweetest thing ever. And we thought we'd spice your Sunday up this week with

a very special bonus episode, which was all about the psychology of saving. Victoria had a special guest, Dr. Lily Sussman, join her. Lily's actually a social scientist and the chief strategy officer at Wiser. Her PhD research at Harvard was on decision-making, behavioral economics, and psychology in foreign policy decision-making. So she's very smart and very legitimate. And it was a super interesting chat all about the kind of taboo topic of financial stress and the disconnect between the intention and action, as well as the importance of self-love and how to make meaningful change. It was such a good episode. And that meant that you got five episodes this week, including radio. How crazy is that? And straight over to you on the other side

of the table, Miss Georgia King, what did we talk about on our Wednesday episode? Hello, VD. We spoke all about passive investing. So we've spoken about that briefly in contrast to active investing fairly recently, a few months ago, maybe. But this time we really honed in on exactly what passive investing is. We learned that it's very much a long-term strategy. It's lower risk than a more active approach and that it primarily uses index funds. But have a listen if you want to know more because there's plenty more to know. I love that. One of my favorite topics, to be honest, hot girl stuff is definitely passive investing. 10 out of 10 gives you more time for other stuff that you might want to get done. All right, Georgia King, it's time for our

budget direct money wins and confessions of the week. What have you got for us? All righty, girlies. So the first win of the week comes from Carolyn. I've been looking for affordable matcha powder everywhere. I was shopping at Aldi today and it was only $7.99 for 130 grams. That was down from $9.99. Do we like that? Is that cool? As if that wasn't already cheap enough. I don't drink matcha, so I have no idea. Matcha, matcha, matcha, I don't know. Have you guys been to Matcha Maiden? No, but it used to be owned by my friend Sarah Holloway.

Oh, not anymore. Or Sarah Davidson, sorry. That's right. She's gotten married. Spoonful of Sarah. Congratulations to Sarah. Yeah, she sold it. What a baller.

Imagine being an owner of a business and you're like, I sold the business. Absolutely. Still don't know how much matcha costs, but moving on. Carry on. The next win comes from Sammy. I did my groceries online for the first time, which means I only bought what we actually needed. Weird flex. It cost me half as much as what it usually does if I go into the store.

Do you guys ever shop online? We do click and collect sometimes, but I don't like that you don't get to pick your produce or your meat. And I normally will try and get things that are like not very ripe so that I have lots of time to use them. Whereas I feel like sometimes if they've got a clear stuff out, that goes into the click and collect orders. Yeah, yeah. So I don't love that. Can you leave a note and be like, hey, I want unripe bananas? And they'll be like, okay, yes, no worries.

I think that could be a solution. Yeah. Yeah. Okay. All right. Well done, Sammy. The next win comes from Lena. Money win. I've been the only one at my gym's group class lately, which means I'm getting a private session for free. That's actually so smart. You're not even paying for a group session. You're just going to the gym and getting free PT. Exactly. Not bad. Next win comes from Courtney. Money win. My family are always extremely generous when it comes to birthdays and Christmases. And I have a habit of stashing these cards away with money inside for a rainy day. Anyway, I decided it was finally time to clean up my office today

and inside an old birthday card was a cheeky $250. Oh, she wasn't joking when she said they were generous. Very generous. I think I've only ever seen the red notes. Oh, yeah, same. Orange, no pineapples for you. No pineapples for me. The next win comes from Leanne.

Money win. I got a bigger yearly bonus from my employer, which wasn't expected. That's paid for my brand new lounge. Oh my gosh, that must have been a good bonus. On Julianne, we love. Good work. The next one is a loss. It comes from Dee Dee.

Money loss. I had to replace my car windshield, which was $550. That's a lot of money. It's a big piece of glass though. It is a big piece of glass. But then Dee Dee wrote, it wasn't as bad as I just started an emergency fund for things exactly like this. And the relief of having that there made a stressful situation really manageable. I love that. The final win of today, ladies, comes from Katie, and it's a really good idea.

Money win. Last year, my partner and I were gifted a super snazzy coffee machine for our engagement party. I decided to set myself a challenge, and every time I made a coffee at home, I would transfer the $5 that I would have spent at the cafe into my brokerage account for investing. Oh, smart. I just hit the one year mark of the challenge and I've crunched the numbers and there's now $1,205 in there that I've been able to save and invest on top of what I already put aside weekly. How good is that? And you didn't even miss it, did you? She didn't even miss it because she had that snazzy coffee machine. Well done, Katie. But a good idea for all of us. I love it. Also, what kind of person gets engaged and gets a bougie coffee machine? Those things are

close to two grand. A lucky person. That's a lot. That's a good present. 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. All right, we're going to go to a really quick break. And after that, we're going to be talking about Patagonia when it comes to finance news. And we've got a good question about employment and how to discuss tricky topics with your boss. Don't go anywhere. All righty, guys. I want to talk about Patagonia, which, for people who aren't familiar,

cute little outdoorsy brand they do. Little. Bold. Well, yeah. Cute, huge outdoorsy brand. They do clothes. They do hiking gear. They're very climate-focused, which is important.

Their founder, whose name we were playing on Google before to try and get it correctly. Yeah, yeah, yeah. Put your mic on it. Stand by. Yvon Chouinard. Yeah, him. I think it did pretty well.

Cool. Yvonne Schroeder. We're going to call him Yvonne. Yvonne. Yvonne. Yvonne. Sorry. We're on the same page. Yvonne recently announced that he's given away almost all of the company's ownership,

so that's Patagonia, to a non-profit which is dedicated to fighting climate change, which is freaking incredible. It's flipping amazing. Like literally, he's a billionaire and he's like, have all my company. That's all good. I'm just trying to save the planet over here. What are you doing, Elon Musk? Yeah, so he's pretty much dedicated. Excess profits from the company will now go towards

fighting the environmental crisis and defending nature instead of going into the pockets of somebody or sitting in a bank account or an investment or goodness knows where. Since 1985, the company's actually pledged 1% of its annual sale to preserve and restore the natural environment. Which is big when it comes to a business. Yeah. Because it is hard to make profit at the best of times, but to have pledged for so long 1%, then flipping around being like, jokes have it all. Yeah. In 2018, they actually changed their purpose statement to we're in business to save our home planet. So it's been something that's been really strongly aligned

to their brand for a long time. We've spoken before about greenwashing and how brands often try to capitalize on the climate crisis and use it for their own benefit. This is such a good case of someone talking the talk and walking the walk in such an incredible way. So the company is now owned by the Patagonia Purpose Trust and the environmental non-profit, the Holdfast Collective. So the Holdfast Collective now own 98% of the company, but they won't have any decision-making authority. So firstly, really interesting to know that you can kind of divvy up and compartmentalize those things. Like the profit goes here, but the decision-making stays here. With a business, Jess, you can have shareholders in the business. Like for example, I'm a

shareholder in She's On The Money, but I'm also the director. And if I had another shareholder, I might just be like, oh, you can come into business with me, but you can't be a director, so you can't make any decisions. You just own the company. Kind of like when you list a business on the ASX or on any stock exchange, really, you just get to buy in, but you don't have any rights over how the company functions. Whereas sometimes people will come in and be like, well, if I'm buying such a big piece, I want to have a say. It just really depends on, I guess, what you want and how you want your business to function. So obviously they've gone that way and they still maintain that 2% share because they need to have some authority so that the business can continue

to run. However, I just think it's really interesting. I think it's so cool. So do we know if this now makes them like a non-for-profit? No. So they're still operating as a for-profit business. They're just obviously donating that 98% margin. And additionally, they're still going to donate that 1% of their annual sales to grassroots environmental non-profits as well. So they're basically just saying, take it all, like take all of the skim off the top. Obviously, they'll maintain a very small amount that will go to the family in terms of profit. They're paying their salaries, all of that stuff as normal. But they're donating what I would imagine to be a huge amount of money.

Well, the business is worth $3 billion. And get this, G, real wholesome. He said when he announced it, he was like, I am declaring that Earth will be the sole shareholder of my $3 billion company effective immediately. Oh my God, I love him. What a wholesome story though. And I know it happened a few weeks ago,

but I keep getting DMs about it, which is why we're bringing it up. And I just think it's a really cool story, especially because I feel like there's so many negative stories around at the moment and a lot of us are following the Twitter saga with Elon Musk and to be honest there's just not that many good news stories around I think this one is just a really wholesome one that we should highlight especially not about billionaires yeah you love to see it we love to see it if you do need some outdoorsy gear I would suggest Patagonia is the best they have really genuinely good stuff and I think knowing that your money is going somewhere good is just the icing on the cake absolutely

Steve loves Patagonia. Like, him and his mates like hiking, so they're really into it. I've never given it a second thought. Go to now, though. Yeah. Go to now. Anya Yvonne? Yvonne?

Sorry. Yvonne. You tried. It was worth it. You know what? I think you'll be happy with whatever. He doesn't really need the coverage from a small podcast in Australia. It's true.

He's probably not listening. All right, let's move on. Georgia King, what time is it? It is money dilemma time. All right, let's hear it. 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. Hey guys, I just wanted to know how you might approach an employer and tell them in a polite way that the tasks or roles they are asking you to do or expecting you to do are not within your job description. And they're quite frankly, not paying you enough money to do those things. I guess I'll just dip out of this because we have one of the most enthusiastic employment, not lawyers in the house, Jessica Grinchy. Giving you the angry eyes from across the table. Sorry, sorry, sorry. I'll sit down. Well, firstly, I love that she's like,

I want to just politely say, girl, you're polite, Jess. I like your old talk though, but every time we've ever had a conversation, you're like very, very poised, very presentable, very kind, very well researched. I like to think so. I think the big thing here is firstly, good on you, Queen, for recognising that you're being taken advantage of because I think it's important to recognise that that is exactly what's happening. Like things are being loaded onto your plate. And to an extent, I think there's reasonable expansion of a role or reasonable growth because you would always hope that your business is moving forward and adjusting. However, if your salary is not adjusting in line with that, or if your hours are not adjusting in line with that, that is a red

flag. It is a crimson flag, as Victoria Devine would say. So I think it's really important to have a conversation directly because more often than not, unfortunately, it's very rare for an employer to flag this with you. It's going to be you having the conversation. And I think it's about walking into that conversation prepared AF. Be prepared. Be prepared. Or prepare to fail. Prepare to fight. That's actually quite dramatic. I'm just going to tap out. Yeah, bye. But I would say the best place to start with something like this is tracking your hours. Now, some businesses and industries do this already. If you work in law, it's super common to track your billable hours. And a lot of professional services are the same. But there are apps that

you can get for free that'll help you track your time. You can write it in Microsoft Word. You can put it in an Excel spreadsheet, whatever works for you. Or put it in a little notebook that you just keep on your desk. Like it doesn't even have to be official. No, anything that works, but you have to get yourself in the habit, I think, of tracking your time and tracking how much time you're spending on certain tasks. Because I think it's really important that when you have these conversations, you can come through with empirical data. It's one thing to say, I feel like I'm being really overworked or I feel like I'm really exhausted, which is a valid thing to say, but it's much harder to kind of put a value on as opposed to saying, I am spending 15 hours a week

on something that wasn't even a part of my original role description. And that is a very different conversation to have. And from there, I guess it's about reflecting on whether do you want to hand those tasks off to somebody else? Do you want your compensation to adjust? Do you need to look at splitting your role into two roles? There are all of these different avenues that you can take. And I think having clarity on that before you have the conversation with your employer means that you can go into the room and be really focused and say, this is what I'm doing, this is the problem, this is the outcome that I would like to see. And hopefully, if they're a good employer, they will be open to having that conversation with you because if you are overworked

or underpaid or unhappy, that's going to be a problem for them ultimately. 100%. And it impacts their productivity. And if they're trying to get too many things from you, they're going to get subpar of everything. So it's not a good idea. From an employer's perspective, like I would love to think that I'm attuned to this but like who knows I might be living under a rock I think the important thing is to approach these situations assuming that they don't know what's happening because if you approach it and go Georgia King you're taking advantage of me and doing this this and this it's quite accusatory you're gonna get their backup you're not gonna leave that conversation in a positive space whereas if you sit down and be like hey I'd

really love to discuss my role priorities and what's going on everything's been changing and like I'm so here for it but you know some things are falling to the wayside because of it that's going to be a far more constructive way to bring up the conversation and in that conversation you can be quite direct but we need to make sure that we step back from being accusatory unless your boss or manager or employer is actually taking the mickey in which case like slay him queen yeah but I think it's really important to also go all right like what's the best way to approach this to get the outcome I desire. Because the last thing you want to do is get your boss offside or not come prepared or put yourself in a position where you're not getting what you want. So I think going to the

conversation and being like, look, hey, I'd love to have a conversation about what you want me to prioritize. Because unfortunately, we're at a point where I can't prioritize everything. So what's my number one priority? And they might actually turn around and be like, oh, your number one priority is this. And you go, yes, but that's not how I'm feeling the team is feeling. Like my priority when it comes to working every day seems to be this because that's what's being put on my plate the most. That seems to be falling to the wayside. How can we work towards making this my priority again? And they are going to be far more receptive because you're showing quite a lot of initiative in that conversation. So I think from my perspective, that's where I would come from.

But G, how would you approach this situation? Well, what I wanted to ask before I tell you how I'd approach it, which is probably the same way that Jess said, gather your evidence, know what you want to say, be direct, be polite, go about it that way. But how long do you guys think is appropriate before you should bring up the conversation with your boss? So if someone's like, George, I know it's not in your job description, but Janine's just left, we need someone to write this extra copy that's usually outside of the realm of what I'm doing, but they just need me to pick up the slack a little bit for a few weeks, whatever it may be. How do you know is it if that then continues on to like months or is it just completely personal it's kind of

divisive I don't know what Jess is going to say which is why I'm going first because if Jess went first I'd be like yeah totally same like and not give my opinion yeah I'm finding that there's a lot of TikTok content in the moment about this and it's about being really aggressive with your employer and really pushing back and being like no if Janine's leaving you need to pay me for Janine's role and I just I feel like there's some kind of balance when it comes to stuff like that like yeah cool it's not fair to expect you to go above and beyond to work above and beyond your actual capacity for a sustained period of time but I also think that if I'm like oh gee could you just write this Janine's like yeah no worries like there is usually in an employment contract

some level of flexibility like in every employment contract I've got it's obviously got your role description and then it says and any other tasks deemed appropriate by the director which means if I tell you to do it can you please give me a hand and in a small business that is really important because it's kind of like, well, I don't have all hands on deck. And I know that people who work for small businesses are usually a bit different to people who really want to work in corporate. And that's fine. You do what feels right to you. But I think if you feel like you're having the mickey taken out of you, I would be questioning it or even going, hey, no worries. I can take Janine's work. What would you like me to push off my plate so that I can fit that on?

So it might not be a, no, I'm not doing it. It might be a, no worries, Jill, I will do that. but that will mean that something else needs to be yeeted. What is it going to be? And then they might go, oh, well, George, I can't. And you go, well, I just don't have capacity. Is that okay? And I think it's an ongoing conversation, but also I think you need to just use your initiative.

Like if you're like, yeah, no worries. But also if I knew that they weren't planning on replacing Janine and they're like, oh, just take it for a few weeks, and you're like, okay, this isn't going to be a few weeks, I would be having a bigger conversation. Jess, make me look like a bad person. No, not at all. I think the soft touch that you're saying about, like,

having an initial gentle conversation is super relevant. The other thing that I would flag for our listener is if you are going into bat for this big combo, I would say set up a time specifically to do it. Don't be having this conversation when you're going to run an errand. You're at the tea room or something. Yeah, this is a specific dedicated conversation. I think for me, you can't really put a timeframe on it because there's a big difference, as you said, VD, between something has changed and we need to be reactive and that does require a level of flexibility as opposed to something is becoming an ongoing addition to your role and that's when it's problematic. For me, I would say personally, anything above and beyond kind of four to six

weeks, I think that's when you're kind of seeing habit. Four to six weeks in my mind is generally enough time that if something has happened, I think that's a reasonable amount of time for your management or your company or whatever the case may be to have had the problem come to them, sit with it for a little bit and work towards a resolution. And at the very least, you would hope that a conversation had been had around, we know Janine's left, we've just started the hiring process. So just so you know, we should have someone in in the next two to three weeks. In which case I go, okay, stick it out if you can have those conversations around what can I drop from my workload to prioritize other things. If it's been four to six weeks and things have just

been added and added and then not addressed and it's been like, oh, well, you're fine. You're coping. You're coping. Why would we get Janine back? Yeah. We don't need to fill a role. Look how well G's doing. That's when I would be looking at booking in a conversation, having a soft touch point first and saying, hey, like I'm feeling really overwhelmed or I really think it's important that we split this back out because it's a completely different department. I'm, you know, a content person and I'm doing law or like probably not, you know, like you've got something. This is what happens when you put Jess under pressure. She just like spits out stuff that It makes no sense.

I'm doing content and I'm doing accounting. But Jeremy, like something that's outside of your realm of work, like having that initial conversation and then if you're really not seeing change or if you're really feeling the pressure, booking in a meeting, sitting down and having that conversation I think is important. Perfect. Oh, she's polished it off. I don't think I have anything to add to that.

I certainly don't. Oh, okay. Well, I guess we're done with this episode then. Perfect. I'm going to get married tomorrow so I'm ready to go. Yay. Congratulations. How are you feeling?

Nervous? not yet not yet not yet I'm very excited very very excited good that's all I've got no no I'm really excited and I think it'll be really fun I just um you know last minute stressing obviously this is being recorded a couple of days before so maybe like by the time Thursday Friday actually comes I'm going to be stressed out of my brain but I'm very lucky and I actually I'm excited to get married guys but I'm also really excited to create wedding content because I wanted to wait until after the wedding so I could be like oh well these were my budgets that I blew or these are the budgets that didn't work because it's silly for me to share budgeting content prior

because that's all like nice to have is right and I've already blown a few budgets and I've already been really frustrated by the process so like let's make this real content not aspirational content because one thing I have learned very quickly is even me being Victoria she's on the money who you would expect to be able to stick to a budget I wasn't able to it got way too emotional and there were just, like, too many things that Steve wanted and then I wanted and then coming to a compromise, like, it just blew out in certain areas, which we've come to terms with, but I just didn't expect it.

I did genuinely expect more from myself when it came to bungee jumping as well. Yeah, very excited. So I'm a bit ashamed. Got my tail between my legs, but you know what? Hopefully I will be on the next episode saying it was the best day of my entire life. You will, my girl.

It'll be fantastic. See you after the wedding. Bye. 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.