She's On The Money - FRIDAY DRINKS: Playing god with the stock market

Episode Date: April 14, 2022

A very good Fri-yay to you angels! We are extra pumped on this ultralong weekend edition of Friday Drinks and as usual, share your money wins, answer a listener question about setting up Legacy Funds and give our wrap of the week. Also Elon has been busy buying up Twitter shares and you'd better BELIEVE that the girls have thoughts about this!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 Infocus Securities Australia Proprietary Limited ABN 47 097 797 049 AFSL - AFSL 236523.See omnystudio.com/listener for privacy information.

Just before we get started, 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. 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. This is our Friday drinks episode where we celebrate the money wins from our she's on the money community. There are always, always, always so many great money wins and

confessions that are shared every single week in our Facebook group because Jess asks for them in a post that is posted every Monday saying, what's your biggest money win or confession, which I guess it makes sense you keep sharing it because Jess keeps asking. But we then spend a very big part of our week pouring over that thread, celebrating you, talking about your wins, talking about your confessions, and usually they're super relatable things. But this week, Once again, we are celebrating you and we have Jess and George here on the decks joining us. The decks.

On the decks. Am I cool? We're good. We're good. I wish other people could have seen that. Are the cameras on in the studio? Please, I wish they were. If they're, you know what, I'll make her.

Jay Rick in the house. She's lost it. Wiki, wiki, wiki. We've got G King, Jay Rick, and Vicky D. Oh, God. The negative reviews are going to come pouring. DJ Tiger Lily, move over, Dara. We are coming for your job. But let's move forward. Today is Friday and we are celebrating our community as always. And we want to have more positive and constructive

conversations around money. So let's kick off the show with a quick recap of the week that was Miss Jessica Ricci or J. Ricci. In the house. What happened on this week's Money Diaries? So our money diarist took a leave of absence. She had what was on paper, I guess, a dream role. She was earning great money, doing something she loved in the field that she studied for. And she ultimately realized that she needed to reevaluate. She took a leave of absence that resulted in her stepping away from that job and taking up something new. And it was really interesting because we see these conversations a lot where people say, I know that I'm earning good money, but I'm not fulfilled. The work-life balance is poor or the environment is toxic. And

it can be really hard to assess, I guess, those typically positive things or those milestones that you've worked so hard to achieve against things that are less tangible, like mental health or satisfaction. And it was really interesting to hear from her how she kind of evaluated what she was feeling. And she gave like a really clear step-by-step of the analysis that she took, which I found super helpful. It was so interesting. Yeah. And she worked in organizational psychology, so she had a really good insight I guess into that space and if anyone is in the same boat I would really recommend listening it because the steps and questions that she had asked herself are ones that you could do the same for you if you're in a similar boat yeah I loved it I felt

like it was a really constructive episode I loved that she now basically has her dream job and everything worked out for her and the fact that she was in a position where she could do that so many of us aren't in that position and can't just go oh I'm gonna take a leave of absence like because at the end of the day, as much as I'm so proud of her, that's a very privileged thing to be able to do. But I think those steps could be done for anybody, regardless of whether you can step away from your job or not, just to re-evaluate where you're at in life and what you want from life. And I think that that's, I guess, the big takeaway from me for that episode. Really inspiring.

Moving over to DJ J. King. Yo, Wigger Wigger. What is it? DJ J. King. It's not. DJ G. King. G. King. G. King. G. King on tour. How are we, ladies? Good to be here. On Wednesday, we spoke about guilt and spending, which is something that I've struggled with over the journey. And I think we have seen it bubble up in the community as people's relationship with

finance improves. They're like, God, I'm amazing at saving, but now I feel really guilty when I spend. So we kind of dove deep into that. I have some quick stats I want to share with you guys. We love it. We bought stats, girl. She's here. know, drinks it. So we learned that 72% of Australians had felt guilty at some point when spending and that females were three times as likely as males to feel guilty about their spending habits. What is with us always being on the back foot? As I say, is anyone surprised? Absolutely. No. Yeah, exactly. So rude, honestly. But if that is something you guys struggle with, then yeah, definitely give that episode a listen. I felt like it was a really good episode because

I think we all struggle with it, especially when you're trying to, you know, tighten the reins and become a budget and cash flow queen. You just end up feeling guilty anytime money leaves your account for something that wasn't scheduled or something that wasn't in budget. And you just kind of freak out and go, oh my gosh, is this to my demise? And that's not the case at all. But we need to be a little bit kinder to ourselves, which is something we definitely learned from that episode.

That guilt is equally unhealthy, like just in the sense that like, oh, make it rain, buy everything you want is super unhealthy. Restricting yourself overly tightly can also definitely be unhealthy. 100%. It's kind of like, and I don't want to akin it to eating disorders, but it's kind of like that restrictive mentality where sometimes you just go too far and there's like both ends of the spectrum and you need to have a healthy balanced diet. Sometimes we do eat things that are a little bit cheeky, but it's okay because we'll get back on track tomorrow. And I think that that is the same mentality we should carry through for our money and for making sure that sometimes you can treat yourself, but we need to also have a look at the bigger picture

and make sure that in the grand scheme of things, everything's adding up and being okay. Totally. Everything in moderation. I like it. Eat more chocolate. Done. That's all I got out of that series. All right. Moving on. Jigging on tour. Wiki wiki. What have you got? I'm going to give up the DJ vibes. I just can't cut it. We should get Dara, who is DJ Tiger Lily back on the show because I feel like I really liked that episode and she just has much more of a vibe than we do. She can give us some DJing lessons. But in the interim, how about you tell us what happened in the Facebook group this week? What are our fave money wins and confessions? So before I dive into it, I just wanted to say that some of them are money wins as per, but also there are a few

money losses slash confessions in there that double as a life win. So the first win of the week comes from Diana. My husband and I have been having a break from alcohol. So over the past week, we've saved at least $100. Oh my gosh, how good is that? I need to do that. I probably need to do that. Yeah, yeah. You got all thank you too. The next win of the week, ladies, comes from Brittany. I've hated my job for a while now and started looking for something new last week. I was offered a job today. That's really quick a week. Anyway, continue. And was very nervous when I gave my salary expectations. I knew it was a little bit higher than they told the recruiter, but I made it really clear the values that I would bring to the small company and they agreed to the salary I

asked for. I was so scared backing myself, but now I'll be out of a horrible job soon and getting paid seven grand more in this new job. Oh my gosh, money win. Also, is a week that long? I know some recruitment things can take a really long time, but some are just like snap decisions. That's quick. You heard me on the phone just before this episode. I met someone on Instagram last Friday. I messaged them and said, I really want to have a chat with you. I think you create awesome content and would be a great mortgage broker on my team. And they were like, ah, wasn't looking for a new job. Let's grab a quick Zoom coffee because they're interstate. So we did that yesterday. This morning, she's like, I'd love the job. And I was like, great,

no problem. So I'll get you a contract by the end of today. That's a two-day turnaround. Jeez Louise, headhunted. Yeah, I did. I was like, I'm sorry. I have looked at every single post on your Instagram and I also stalked you on LinkedIn and also I've looked you up and I think you're really good. And she was like, wow. Okay. And I was like, you're crazy. Let's move on. What else have you got, Jiki? The next one is a money loss slash life win. It comes from Danny. I went to the Australian Grand Prix this weekend, along with the rest of the state and spent ridiculous amounts on food and merchandise. Doesn't everybody going there? That's the point. It's a money making machine.

Exactly. But the happy part is he had the best time and was so glad to be back because it's been a long time since the AusGP was on. That's actually a really good point. That's one of the biggest events that kind of fell to the wayside during COVID. So if you're in that sphere, it would have been one of the biggest events to come back and have been able to dress up and go out for. Oh my gosh. I love that. I hadn't thought about that. I just actively avoided it. They had one of the best turnouts I've ever had, apparently. Oh, I love that for them. $450,000 or something.

What? Crazy. Close to that, yeah. Insane. Insane. Anyway, zoom, zoom. The next win. Oh, no. It's a loss. It comes from Lily. Zoom, zoom.

Money loss but a huge mental health win. Yes, queen. I made the decision to work part-time instead of full-time as I realised I've been on a path to burnout for several years. I have psychologist appointments, fitness coaching and other health appointments booked in and I'm looking forward to giving myself the time and the space to be calm.

So that kind of ties into what you were talking about before, J-Rick. Okay, I liked this one. This one's from Joe. this week we got a pretty cool housemate who eats out, showers at work, and sleeps during the day because they work nights, plus they go home every weekend. They're a serial killer. They're a serial killer. Absolutely. That doesn't exist. It's not a serial killer. That's the dream housemate. As ladies, they don't exist. Something is wrong. So they're contributing to the rent slash the mortgage. I'm not sure what the situation is here, but they don't even have to worry about

this person. Incredible. They're making that up. They're just making that up to make other people go, oh, that doesn't exist. Housemates are a hard one. It's hard to find good housemates. I've had a couple of good housemate experiences. I lived with my best friend. We did have our trying times, but the housemate two before that was a crazy vegan. How the tables have turned. But one weekend I came back from my parents' house and she had thrown, I used to go to Costco, by the way, because I was trying to be a budget queen because like uni life didn't have that much money. She'd thrown every piece of meat that was frozen in the freezer out because apparently she woke up at 3am and was like, no, there's dead animals in my house and threw out all of the

meat. It was hundreds of dollars worth of meat. And as a poor uni student, I hit the wall. That's heavy. She also used to borrow undies, but let's move on. Okay. The next is a money win and it comes from Rachel. Money win. I found a $1,000 camera tripod on sale for $20 at Vinny's. No. Why? $1,000 for a tripod? It was overpriced to begin with, but that's still a bargain. Yeah, incredible. Oh, people are buying not Kmart ones?

Weird. The final one, guys, I'm ending on a money loss, but it made me laugh. It's from Candice. My partner broke the washing machine by doing something I told him not to do. Oof. But it's not really my loss because we keep our finances separate, so it's his loss, $300. He will need to be contributing to that one.

I love that. Maybe you should have listened. Yes, that's all for the week, ladies. Let's talk about some spicy Elon Musk content right after this break. All right, Jess, we are back. And this week, for some unknown reason, you want to talk about Elon Musk. It's not your crush on him. It's actually his acquisition of Twitter, isn't it?

Yeah, well, ironically, Twitter is all a flutter because Elon Musk, if you haven't seen it. How long were you thinking about that? I really am quite proud of that one. If you haven't seen it, Elon Musk purchased a majority share in Twitter. And it was very widely spoken about because when he did so, his 9% stake pushed the shares up 27%. Unbelievable. That's so much money. It would have been a great day to be a Twitter shareholder.

It would have been a great day to be a Twitter shareholder if you had sold your stock on that day. Because remember, they didn't make money that day. They only had an asset that was valued at more that day. But I find it so interesting how the market reacts to things because was Twitter genuinely more valuable because a shareholder who technically shouldn't have that much of a say over the business operations joined the team? Yeah. It's worth a staggering $2.89 billion. So I don't know, maybe they're more confident that someone with that much money thinks it's valuable. But Elon Musk has done that before when he's tweeted about certain shares and the value's

gone up. And I think we have actually spoken about it. Yeah, we've spoken about that. And remember when Trump was president? Haha, lol, what a joke. But he used to tweet about things and the market would go crazy as well. And it's crazy to think that there are these men out there with such power or just people in general, it's not about their gender, that have so much power that they have basically the ability to play God with the stock market. Yeah. That's cool, but crazy there's been a lot of memes coming out of there because now that he has that nine percent stake he is the majority shareholder which means that he could take a seat on a board he said he was going to then he was like lol joke don't want it anymore so he's going back and forth and then

he just went fully rogue and started basically going what can i do to this app he's like you want an edit button i'll give you an edit button you want this i'll give you that like it's like he's sitting there with his hand hovering over the big red button just going what can i do No, I wouldn't. Yeah. Yeah, but I should. No, but I shouldn't. It's really funny to see all of the discourse on Twitter

and all of the conversations and how that's having like the bigger flow on effect. And I guess that that leans into the conversation we had a couple of weeks ago around. About Warren Buffett's house. No, I was going to link it back to that. I thought we were talking about tech because another update in the tech space is four days ago, based on our recording date,

that was last week, last Thursday or Friday, Warren Buffett actually continued buying more HP shares and so he now owns about five billion dollars worth of HP which is interestingly the first tech company he's ever bought he's always been really conservative and bought really I guess blue chip stocks and watched them grow but this is his first tech acquisition and I find that really interesting because the same thing happened when he bought that HP shares flew up and it's just like there are these powerful people that we clearly respect their investing decisions so much. I find it really interesting that these people are literally making share prices more expensive because they own them. Like Kia's now more

expensive. J. Rick has one. Mazda's way more expensive because the G King on tour drives one. Could you imagine? Like that is crazy to think about one person having that kind of power. Like you own something, so it's more expensive because you own it. Yeah. I mean, I guess that's influencer culture really, isn't it though? Like someone, And, you know, Sofa Dofa wears the blue corset and all of a sudden every bloody glasses in the country sells out. The blue corset wasn't even that cute. I didn't get it.

Yeah. And it's like you see someone with something and you go, oh, well, it must be good. And then it almost takes on a life of its own and it becomes this frenzy where you want it because other people have it. Yeah, it's like FOMO, but I'm already old on TikTok. And when that was going crazy, I was like, I literally don't get it. And my sister was like, that's because you're old. So, OK, noted, understood.

but it's kind of like we're talking about it was it last week we're talking about influencers but it's kind of like that right like we respect people in the social media sphere and I guess Warren and Elon they're not really in the social media sphere but they are definitely influencers in their own right I wouldn't say they're social media influencers by any stretch of the imagination but they influence your purchasing they influence your decision making and what is going on and it goes back to you know this week I spoke live on national tv which was terrifying because I wasn't wearing any makeup because turns out being late means you don't get to go into makeup. Who would have thought? But I spoke on finfluences and how important I think it

is for them to be regulated at the same time as thinking they're incredibly important to have in our sphere because they increase financial literacy. And it's like, well, how do you find the balance? How do we draw the line of going, all right, well, Elon bought Twitter. Should I by Twitter? Probably not. Because if Elon just bought Twitter, the share price increased significantly because of his acquisition. Does that mean that the business changed functionally in any way? Like, is that now a good purchase because it's now overvalued? Probably not, because it might, might dwindle back down to where it was before, because that's just investor confidence going, oh my God, well, if he has it, it must be good. I'll buy more stocks or it's

valued it more. And the same thing happens in the social media space with a blue corset or a Frank Green drink bottle or literally anything. If you see it enough times and you feel it and you get a connection with it, you're far more likely to buy into it. And I find that to be quite dangerous because how do you know that the person selling it to you is a Frank Green rep? How do you know? Well, someone DM'd us this week and said, hey, would the She's On The Money team ever do an episode talking us through what shares each of you specifically own? Because we all invent well yeah that was the that was the short answer sorry sorry you were going to get there yeah and I well essentially I just said hey we actually can't because it would be I mean one it

would definitely go against asset regulations but two it would be I guess a way of encouraging people they would particularly look at UV maybe not so much me and George and be like you know what you're talking about like I'll just replicate what you're doing and that seems like a good strategy I'd love to tell you and I've sat down and I've taken you through it Jess because I know that you know what that means. You literally work in a finance business now and you've worked out what's good for you and what's not. And I've done your literal financial advice. You're welcome for all that insurance. But anyone listening who's going, oh, I've been meaning to get into stocks, but I'm overwhelmed by picking and I just don't know where to go or what it looks like. I just

feel like it would be really irresponsible of me going, all right, well, you know, six or seven years ago when I started my investment portfolio, this is what I put in it. Like if you go and buy that today. That doesn't necessarily mean it's the best decision for you because those shares have performed for me really well and done the things that they were meant to do. But that doesn't mean that today, if I was putting a brand new portfolio together, I'd put the same things in it. And I actually think that regardless of whether I would pick that or not pick that, me sharing my direct assets with you puts you in a position where you're going to be influenced to, you know, this is me having a few tickets on myself, but you're going to be influenced to

think that those are maybe safer or better because you know Victoria is a financial advisor. She has been investing. I know she's done well in the share market over the last 10 years. I know that she is relatively conservative. That seems like a good idea. I'm not going to put you in that position ever. If we ever talk about anything on this podcast, it's really, oh, here's some top performing shares. This is why, this is how. It's based on past performance, not current performance. It's just an informational, educational episode. Whereas I think that that's a line that I don't want to cross with she's on the money. Not because I'm embarrassed or don't want to share it. I think it's, you know, it's real pervy. That's why we have money diaries.

But that's the reason I don't think I could ever do a money diary is because I would be terrified that people would make financial decisions based on having seen my financial life. Well, people really want a cheat code, don't they? Like that would be the benefit of knowing exactly what you have in your share. Okay, so Rosebud, you type in, like, Control-Alt-Delete on the Sims, type in Rosebud. The Sims! Yeah, and you get money.

Yeah, yeah. Imagine if that was. If that was a thing in real life, oh. Wouldn't that be? Yeah, but then it would all be meaningless. You can keep doing it. Well, it's like that thing you can't print more money because then the money's not worth anything.

Exactly. I've seen a couple of TikToks. You know that one that was trending a little while ago of the, like, space and it would, Butterfly in the sky. And it would, like, the space would float behind you And people are like me, not comprehending why they just can't print more money. And I'm like, oh, this is a whole episode.

Maybe we should do an entire episode on why you can't print more money. One of my friends asked me that once. Like, George, why can't they just print more and then all the world's issues would be solved? I'm like, sis, that's not how it works. That's not how it works. But to be fair, I couldn't really answer her why not. But you just knew it wasn't what V would say. You're like, oh, I'll get myself in some hot water here with Victoria.

Well, have you ever seen the social experiments they did with creating like a free economy, essentially, where all of your basic needs were met there at no cost to you? They did a social experiment a few years ago and it basically just fell apart. I don't even know why. Yeah. There's this concept of a universal base income as well, which has been floated and it's relatively radical. I spoke about it with Glenn a couple of weeks ago when he interviewed me for his podcast, which I think is coming out in a couple of weeks still. We'll post about it on our stories. But someone had written in and we answered the question of like, what would you do if you were a prime minister? And I asked Glenn, like, would you do a universal base income? And

both of us basically said no, because it does put you in that position where everything just falls to the wayside. Yeah. And everything just inflates to cover the, like you go, oh great, everyone now has what, $50,000 a year? Just kidding. To live is going to cost you. Yeah, exactly. And I totally agree. Universal base income, I think, plays into a lot of talking about welfare and things like that. I think we should be doubling welfare at the end of the day, but that is another spicy conversation for another spicy time. But universal base income is very interesting because not many people have heard of it, but the people who have heard of it are either fully for it or fully against it. There's not that many people that just sit on the fence and go, I don't know. It's a no

from me sis interesting that conversation went so many different places i really did that but i do think it's really interesting when we talk about would you share your assets because obviously people like warren and elon there's a public knowledge so you can find them but then there's me going oh i wouldn't share it i think i have does that mean just having too many tickets on myself well i barely also live in another country so i live by a different set of rules like you literally couldn't do it because it's illegal yeah quite literally and i'm not going to do it That's not me questioning whether I should or not. It seemed like a good idea.

I don't know if you know this, but if I did the wrong thing on the She's On The Money podcast, which is why we have such great producer and compliance and all of these things, and you get to listen to Jessica always read out that very exciting disclaimer, but like, I could go to jail, like not just like, oh, V, you got a little fine. I could go to jail and I could also be fined a million dollars. I've quite literally never seen a million dollars in my account. So I don't know where that's coming from. It's interesting because quite a few of the news articles and, like, the tweets just from, you know, everyday people were saying, is Elon even, does he really want this or is he just trolling?

Because he's known for being a bit of a troll. And the crazy thing is, is the man has so much money that he actually could just afford to buy something for a couple billion dollars just for shits and geeks, which. I can't even buy something for a couple of hundred dollars for shits and geeks. No, exactly right. So it's really interesting because they would, you would assume that these multi-billionaires are acutely aware of the fact that there are people who just track what they do. There are people who are tracking their investments and their, you know, their big expenditures, like the finance world keeps an eye on these things.

And I wonder how many of their decisions are influenced by that because they would be making their choices knowing that everyone was watching, right? And they know they're kind of like so powerful and that might play into the ego of who they are. that's such an interesting question because I also look at it and go oh like it makes me uncomfortable that they are public about that because there are so many wealthy people that want to keep their images private and you know historically I've been incredibly lucky to work in that philanthropy space and be involved in people who do have a lot of money and the ones

that I know that I really rate and also really respect are usually incredibly private about their money and don't like showing things and maybe don't want a profile and don't want their name on things and you kind of go where's the balance like why are you guys being so I don't know up and about about it because Elon doesn't need to make more money he doesn't need to invest more so that he can grow and imagine if instead of investing in Twitter he had invested in helping to solve world hunger or climate change like it's interesting the lives of the very rich and famous, isn't there? We need to do real pervy money diaries. Do you reckon we should do money diaries? If anybody's listening. Get Elon on the pod. No, where we, yeah, all right. You reach out

to his people and have his people talk to my people. But maybe we do money diaries, but we don't get them on the pod. We just research them and present it to the community and be like, all right, sit down. We're going to pretend to be Elon. It could be you, G. I would honestly love that. I put my hand up for the role. You'd be good at it too. We'll interview you later in the week, but I reckon we do some money diaries where we don't have a diarist. We just do a deep dive on someone really rich and tell you how they got rich, what they own, what they owe, what they spend. I reckon we could find that. I'm willing to do the dirt. I'm a research kind of gal. Come on, stats girl, pick up your game. I think that's enough smack talk. Is that what we call it?

Smack talk. CJ talk. Okay. So I don't know if you know this yet. I wasn't the cool sibling growing if it wasn't obvious enough already but before we head off we actually have a listener question that i would love to answer on the show so let's have a listen hey she's on the money i've got a question about creating legacy funds i don't plan on having children but i would love to create something to put away now for my nieces and nephews so when they turn 20 25 what's the best way about creating a legacy fund for children that are not your own oh my god what a question I don't think we've spoken about this on the pod before, V. I feel like I might have mentioned in passing that leaving a legacy is something that I

believe is really important. Clearly, it's not that important to Elon because he's just buying Twitter instead of setting up trust funds for his family. But it really depends on what you're planning on leaving behind and how you want it structured. But also, what legacy means to you? Like, are you just leaving them some funds behind because you want some good wills and estate planning and you want them to buy a house or a car with it? or are you leaving it behind to create a future impact? And if so, what does that impact mean to

you? And why are we supporting this cause and how does that work? So it's really hard to answer that without getting too specific, but let's just assume she has a really swanky income and she just wants to leave aside some money for nieces and nephews. There's a few ways to go about this. You can allocate it in your will and make sure that you've got a good estate planning lawyer. If you don't have one, please find one. It is one of the most important things you would do for your family, but setting it up that way so it gets divided between them. The thing I find really cool about estate planning and wills is actually you're in complete control of these. We did an episode a little while ago about wills and estate planning, which is obviously

incredibly enthralling content. So the thing I find really cool about wills and estate planning is that you are in control of all of it. So I could leave all my money to Jess, but every year she has to donate a certain amount of it to Lost Dogs Home or I could leave it directly to the Lost Dogs Home or I could leave it in the investment and have my investment income be donated on an annual basis and that's actually a really cool way of establishing legacy is by instead of giving people a lump sum it's about going all right well I'm going to create this investment portfolio and upon my death I would like the proceeds of that you know I never want it's sold down, but I want whatever income that portfolio creates to go to Jess. And I want her

to have an income stream for life. You can also structure it that you go, do you know what? I've had these kids because I don't have kids now. It's very good to make fun of them, but I have kids. And if I pass away, I want my income stream to go to them. But if they have any addiction issues, they don't get anything. Who owns that portfolio? So the state would own that portfolio, but it would be technically owned by them but it would have a number of rules and regulations around it on getting that money back and you would have somebody like a solicitor who would manage that for you. So you can have the power of attorney be a financial advisor or a lawyer or somebody that can manage that to make sure that my future child would only get it if they meet

certain criteria. I've also, if we're going to get a little bit pervy, worked in the private family wealth space before. And this is where we're talking about families who are worth billions or if not more than billions of dollars. And they would have what's called a family constitution. And they literally have basically, let's call it an employment contract of things that you need to meet to get your trust fund or get your income from your trust fund on a yearly basis. And I remember sitting down and doing one of them with a family and, you know, I was just a consultant. I was definitely not running the show at this point. And one of the criteria was that they had to come to Christmas every 24 months.

Like they could not skip two Christmases in a row and if you did, you wouldn't get that year's income. I was going to say like lunch with grandma every Sunday. No, like Christmas was like this big thing and I remember being like, I'm so excited about Christmas because I want to see my family and I cannot wait for my mum to cook and like do all of that stuff. Like Christmas to me means so much.

But imagine approaching Christmas like, oh, god damn, Steve, we've got to go to Christmas otherwise we won't have money next year. Like what? does it change it feels like money changes the dynamic of a family so significantly I was just gonna say that I feel like if if you have found yourself in a place where that's a rule that you're implementing there is a whole backstory there and then I feel like that would build up like almost resent right like if you're not wanting yeah that's quite literally you don't want to go but you're there for this reason it's kind of like we're watching succession on binge

at the moment. Oh my God, how good is it? You've been telling me for ages that I would love it and I'm obsessed and more than obsessed is Steve. Like he's always like, do you want to watch Succession? I'm like, I'm not finished cooking dinner yet. Don't put it on because I won't be able to hear it. But I love Succession if you haven't watched it, really good. But it's all about like, I guess the dynamics that money or a lot of money brings into a family. And I guess this wasn't the question, but it is very interesting to talk about because it does change the dynamics and that's what you've got to think about when it comes to legacy like what type of legacy are you leaving and what kind of responsibility are you putting on the person

receiving it and you know coming to Christmas I don't think that's that bad these guys were getting given a pretty hefty income each and every single year so like I would go to Christmas I'd be like I'll be there bells on no problems but what type of responsibilities are you putting on these people and ultimately let's stop thinking about your nieces and nephews in the immediate sense and go, what type of legacy are you personally leaving behind? What does it mean to you? Why do you want to do this? Not necessarily just, oh, I've got a niece and a nephew and I want to leave it to them. I get that. That's wills and estate planning. But if we're talking about legacy, to me, that is another layer above and beyond that, where it's about ultimate impact and what

does that mean to you and making the world a better place. And I want to have more of those conversations, but it is very different to, oh, Jess can have my stuff if I pass away. All right. Well, VD, let's chat after the show because I could definitely do with a little planning set aside for me. Are you plotting my death? If someone wakes up in Victoria mysteriously died from poisoned coffee, that's very dramatic.

I hate that I ever said that. That's a lie. Have you already planned this? I feel like you've already planned this. You're a creep. I'm not giving you anything now. Out of the will. George, you're 100% in.

We are done this week. George, wrap it before Jess gets thrown further under a bus. All right, here we go. This is nice lamination. I know. We've laminated our disclaimer, guys. Okay, the advice shared on She's on the Money is general in nature and does not consider your individual circumstances.

Wow. She's on the Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. And we promise Victoria Devine is an authorised representative of InFocus Securities Australia, Pty Ltd, ABN 47097797049, AFSL 236523. We will see you on Monday. That was so nice, George.

Have a good weekend, guys. Bye. Thank you.