She's On The Money - FRIDAY DRINKS: "Stable" Coins, Crypto Horses and more!

Episode Date: June 30, 2022

Happy Friday...the gang is back together and boy do they have a convo for you! As usual the team celebrate your money wins, recap the week, and this week's Money Dilemma about Finder's Earn really opens up a BIG conversation! Hear the team's thoughts on "stable" coin, deceptive marketing and the nature of a guaranteed investments.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. Victoria Devine and She's On The Money are Authorised Representatives of Infocus Securities Australia Proprietary Limited ABN 47 097 797 049 AFSL - AFSL 236523.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, my friends, is Friday once again, which means it is time to sit back with the girls with a bevy in hand to unpack our favorite moments from this week. And of course, to celebrate you guys, the incredible She's On The Money community. As always, we are going to be sharing our favorite money wins. We're going to be discussing what's making news in the finance world. And we'll be helping to answer our very, like extra, very juicy money question this week about Finder's investing platform that is backed by crypto. So let's get into it. Jessica Ricci, tell us what

happened on our Money Diary Monday. So this week's diarist just really got me in the heart. She was this beautiful single mom who had a really great journey with money. She actually could recall, and I'm not going to give it away, I want people to listen, but she could recall an exact moment in her childhood and a phrase that her grandmother told her around like money and finance and life that just stuck with her. And I found it so fascinating that, you know, that was 2030. I don't remember how old she was. It was ages ago. Yeah. And like that sentence stuck in her mind and resonated with her and really shaped her money story, which I thought was, it just goes back to that thing that you always say that our money stories really shape in our childhood. And it's

so different for everybody. Like after that episode recording, Jess and I ended up having this whole conversation about like things that I might have said or that you've had said to you that were pivotal money related or not that the other person might not have any idea about like I just even at school like someone saying something about like even let's talk about body image right they'd be like oh v x y z and you'd be like wow now I'm so self-conscious of that and they that was just a broad brush comment from them that they probably didn't mean but it's like changed the shape of the way you think and act and feel and behave and I just think that that's you know so important to talk about when it comes to money because you can change someone's

life with a comment and like that's why I think we have to be so careful with our words yeah words have a lot of power she became a single parent at 19 and she now has three kids it was just a really honestly I loved her yeah agreed guys what was the sentence no we're not telling you who do you think we are like we need to plug our own show yeah fair enough we're the best advertisement for our own show. 100%. I mean, probably not, because if you're listening to the show, you probably already listened to the Money Diary episode and we probably should look at some other advertising revenues, but not yet. Before we go to Wednesday, we did also have a bonus episode go up this week on She's Day. Oh my gosh, it's my favourite episode ever, guys.

A whole extra She's on the Money Day. I hope you all enjoyed it. But it was a bonus Q&A with a mortgage broker because we've just had so many, so many questions. And it's like an extra special mortgage broker. We had Kate Bransgrove on the show who, spoiler, is my newest business partner because we have rolled her mortgage broking business into my mortgage broking business. And now we are known as Zella Money as of literally today. Today. Today. Like it's official today, guys. Like we're in business. She's in business. She's brilliant. You guys have heard me talking about on the podcast how I have been through three mortgage brokers before I got to a good one. Spoiler alert, Kate's the good one. Also, spoiler alert, what's the lesson

here, Jess? Is it just maybe take my recommendation the first time? We can move on. We can move on. Really good episode. Great Q&A. It's kind of like having a personal chat with a mortgage broker. She answered so many good questions. And if you do want to chat to her, you actually can do that. jump on the website. We'll allow you to do that. I will share her. Head to the website. You can fill out a form and we can connect you with someone from the Zella team. Yeah, absolutely. Or head to zella.com.au. It's a pretty cute website. Designed it myself, guys. A little bit of background DIY action. I'm a financial advisor, a podcaster, and now a web designer because I didn't want to pay someone. Moving on, Miss Georgia King. Hello. Tell us about Wednesday.

How are you, by the way? I'm good. It's so good to see you guys. You had a little stint. Europe. And you went to a little stint in Nusa. I did a couple of days in Nusa. I wrote about it in the newsletter, in fact, but it was, it was divine. It was no doubt for France. Don't get me wrong, but it was, it was bloody beautiful. Jess is now the biggest fan of Antibes. Oh my gosh. Deceased. We should go one day, Georgia. Yep. Yep. I'll come. Come along. You might get an invite this time, Jay. It'd be good. But what happened on Wednesday's ep? Okay. So Wednesday was all about simplifying tax time. We love. I mean, I love. I don't know about you guys. Well, that's because you're so organized. Oh, I'm really not. That's Jessica Ritchie

making me look organized. Well, compared to me, you're both superstars. Thank you. Thank you. But basically, it was a really good episode for anyone who is like me and they're not as together. We spoke about just how to make it all way more easy because it can be so overwhelming at this time of year. So we went through what you can claim, what you can't claim. We went into detail. And yeah, basically, if you are like me and you're someone who is really overwhelmed at this time of year, then it's the perfect place to start. You can do your tax yourself. I know a lot of people think you can't. I've never had my tax done for me. Really? Never. And like, if you're prepared, it's a lot easier on you for sure. Yeah, that's the catch. How did you learn

how to do your tax yourself though, Jess? I just got on the ATO website and followed the prompts. Yeah, cool. It's actually not that complicated. I feel like we overcomplicate things. We do. Guys, it's 2022. AI is our best friend. It is very self-explanatory, but I do recommend if you have an investment property or, you know, some confusing dual incomes or something that you want help with, I would genuinely reach out to an accountant because they're going to know best. And also money win. One of the things you can claim is your accounting fees from the last year. Money win. All right. Gee, speaking of money wins, it is time to share some of our budget direct money wins. What have you got for us this week? Alrighty, let's do it, ladies. The first win

of the week comes from Rebecca. Money win. We have been pining over an espresso machine for months. We've previously had a pod machine. Still good. Not great. So she's gone on to say we couldn't justify the $2,800. Wait, how do you say that? $2,800. No, that's wrong. We're going to keep that in. You guys knew what we were talking about. Reading numbers is hard. $2,800. That's the one for the model that we wanted, but then I found it on sale at JB for $1,900 and we bought it with gift cards purchased through Shopback. I know it's still really expensive, but I love it and it's worth every cent. Yes, I love that for you. Get it clean. Also, the hack there that was just shared, buying gift cards to spend on yourself because you get money back. Smart. Genius.

That is smart. Love it. Well done to you, Rebecca. All right, next win comes from Julia. I've managed to hustle and save an extra $845 this month. I achieved this by selling goodies on Marketplace, by returning bottles, by doing an air tasker job, by depositing coins and by saving on fuel using the 7-Eleven app. Some hot tips there. Incredible. I feel like that 7-Eleven hot tip app came from Miss Jessica Ritchie

a couple of months ago. We love that. Next. The next one comes from Suze. This is a fun one. I sang BWS Happy Birthday and I won $20. dollars. Bring on a bottle of red in front of the fire. Cheers. Wait, she sang the, okay. She sung? I did a little research. Okay, thank you. You knew we were going to ask. Well, how do we sing?

We can sing. Jess and I are great. It turns out they'll probably shoo you away if you do it at the counter at BWS. Why? So this is beer, wines, and spirits for anyone who's not an alcoholic. Can you tell everybody to do that? Yeah, well, maybe we can. Just do it at the counter. That's how it works. Just do it at the counter. Wink, wink. No, so the real campaign is that you log onto their website and they've got multiple options. It's BWS's birthday. Oh. So you have to film yourself singing happy birthday to BWS

and, like, having a dance and they'll transfer you $20. Everyone? Or is it you win it? No, no, look, this is it. Is this sponsored? Have you been asked to plug this? I'm assuming it's, I'm a salesperson. Oh, my God.

It's a great idea. You get $50 for a dance. It's like you just get paid to do this. Correct. If anybody, I really hope this is a money win for somebody, BWS may wish to hit them up for payment. but if anyone out there sings in a choir go on the website because there's a button that says get a choir to sing us happy birthday in public you get two grand oh my gosh she's on the money

choir i will do it i will do it we should do it if you're in a school or if you sing for surely someone out there is a music teacher please get this and please send us a video because I really hope that you get the two grand. That would be so great. Okay, okay. But stepping down from there, you can get $500 for making a BWS birthday outfit. Like, Jess, you are the queen of outfits on Instagram. Like, you can make a BWS outfit.

Those ones are grayed out, though. I don't know if they're not available. Yeah, maybe they're all done. Maybe someone's done it. I don't know. Film an aerial birthday message. $1,000. What is it?

Is this a competition? I'm assuming it's some kind of like data phishing situation, but it's very legit. I don't think it is. Sue's, you sent us down the rabbit hole. Hold on, guys, I think it's actually just genius marketing from them. It's pretty good. If we think about it, like two grand, you're like, wow,

that's a lot of money to win. But two grand for an ad? Real cheap. Yeah. They're in it for the marketing. We're in it for the money. Everybody wins. Just wait, just wait.

It is the end of financial year. Watch out in 2022-2023 financial year plans for She's On The Money. We've got, like, viral marketing. You'll see us next week. We'll be like, oh, my gosh, sing She's On The Money. Happy birthday for two grand. I'd do it, though. How good.

What else you got? Let's move on to Ashley. Money win. I received a call from our old bank saying they had been trying to reach us since 2019 to give us a check for nearly $500. I mean, I get why you weren't answering the phone to the bank. We'd closed our accounts and had moved house, so the mail never reached us. Now I'm $500 richer just for answering the phone call. I never answer my phone.

Well, you're going to be poor. Maybe I'm secretly rich. Interesting. The next win comes from Denise. I scored Think and Grow Rich from our local op shop for $1 and it looks like it's never been opened. That is a very good book. Didn't we talk about that in our episode?

Yeah, of course we did. A little throwback. If you're interested in finance books, ladies, Bea and I did a little deep dive. So scroll back a couple of weeks. I love a finance book. You guys love being told what's in the finance book so you don't have to read them.

Precisely. The next win comes from Emma Moneywin. I started the $10,000 money hack grid and have ticked off six squares in nine days. I feel like we haven't spoken about those recently. It's been a while. Where do we find them, Bea? What are they?

They're free downloadables on the website. You can print them, you can save them on your phone, you can cross them off and they're like savings hacks. So there's like $1,000 or like $10,000 or whatever you want to save for in 12 months and then there's like 52 boxes and you fill it in and you'll be richer. Yeah, I guarantee it if you actually follow the savings hack.

Yeah, well, Emma said that she sticks it on the fridge and it's a constant reminder to keep on plugging away. We did make them very aesthetic so they look cute on your fridge too. Like, you're welcome, head to the freebies page, that's where they are. Stunning. All right, our final win of the day, ladies, is from Stella. Money win.

My full-time job is literally as far from creative as you can get, but I love doing art in my spare time. I started a side hustle job running painting classes at a local art studio after business hours and earn more hourly than I do at my day job. Oh, my gosh. Money win. Not only does it force me to do what I love each weekend,

but it also adds to my salary every single week. It covers my groceries and my takeaway for the week. Well done, Stella. We love a little side hustle moment. We stand aside hustle. I love that. Is that all you got for us this week? Good work.

Gee, I feel like that was a really good wrap or, like, collection of She's on the Money Wins. And, as always, it has been great celebrating some of your Budget Direct money wins this week. Budget Direct, winner of CanStar's Insurer of the Year Award 2022, Budget Direct, insurance solved. Let's go to a quick break. And after that, we are going to jump into some juicing content. All right, guys, it is end of financial year, Victoria Devine's favorite time of year. And if you came to our She's on the Money birthday event last night, you would have celebrated with us. And if you didn't get to come, we will actually

be uploading the episode from that next week. So keep an ear out. But EOFY this year means something very special for super. I'm super excited about it. Jess, you've changed. Like, imagine you saying this like two years ago, like, oh my gosh, guys, end of financial year. I am so excited. Have you seen the recent super changes? Whereas before this episode, we were like, oh my God, this is sick. Have you seen this? Have you seen that? Jess, what's happening? So you might remember we spoke about this probably this time last year, I would imagine. Seems legit. Story adds up. Yeah. But the changes that were made to superannuation are staggered steps up, if you will. So we were shifting from the original mandatory superannuation rate of 9.5%, stepping

slowly towards the end goal of 12. So last year went from 9.5 to 10. This year, 10 to 10.5. So you're getting more super from me this year, Jessica Ricci. And that's why I'm excited. You're like, yes, make money, make bank. But it's actually really cool. So as you said, we are planning, or I mean the ATO or the Australian Taxation Office is planning to get us to 12% by 2025, but it has to go up in small increments. Otherwise, businesses might get a little bit stunted by that. So small steps in the right direction. If we had time, I would go on a rant about how I don't believe that 12% is enough, but we're not going to do that today. We are

celebrating the small wins and that means more money in your super. But Jess, it wasn't the only change that is going to be happening as of today. What is the other one? The removal of the threshold. But what are you talking about? No one knows what you're talking about. No, let me explain. So previously, if you're a low income earner, maybe you're working one day a week casually, or maybe you're on Centrelink and you could only work a certain number of hours. Yeah. You weren't entitled to super if you were earning less than $450 per month. There you go. Glad she's on it. So if you were earning $450 a month or less, you weren't getting any superannuation, which honestly is just kind of shitty, if you ask me. Yes, I don't like it at all. So from the 1st of July

2022, spoiler, that's today, employees can be eligible for the super guarantee, like that is SG. So on your payslip, it'll say SG. And I feel like I've had that question a lot recently in my DMs. People are like, oh, I was just looking at my payslip. What's SG? I'm like, babe, that's super guarantee. That's really important. We need to pay attention to it. But essentially, you're now going to earn super regardless of how much you earn. And that has been abolished, which I really like because previously if you worked maybe like, I don't know, two days a month because you're at uni, maybe you weren't earning any super at all because you were earning less than $450, which for an employer, they're like, great, money win, don't have to have that cost.

But now everybody is earning super if you're working full time, except, get this, except if you are under 18, in which case you need to work more than 30 hours a week to qualify for it. Is that not cooked? Why have they not cooked? That's always been there. That's not new. I'm just bringing it up now because it seems topical and I knew it would offend you. I find that really counterintuitive, particularly in this instance, because more often than not, if you're going to be working to earn $450, you're A, being paid very little and B, you're probably not working a lot of hours. Those two things together to me, say 18 year old. Can we also just talk about how messed up that is just economically. So like, let's think about it. If you're under the age of 18,

it's very likely that you are in full-time education, right? So like regardless of what you're doing, probably still at school because that's how the system works unless you left early to do like an apprenticeship or whatever it is. But if you're working, you know, 25 hours a week as a 16, 17 year old, it might be because you genuinely need that money because you're already financially compromised. Like you might've had a hard start to life. You might not be in the best position with your family. You might be, you know, living out of home and you're only able to work, you know, 29 hours a week because you've got school full time. And that's still a lot. That's so much. Like that is so much. But there are people out there where that is their reality.

They're not earning super because they're under the age of 18. And that makes no sense to me because they are arguably working harder than I am because they're hustling. It really frustrates me that there is no need for employers to pay superannuation to people under the age of 18 if they work less than 30 hours a week. That's cooked, right? If you start thinking about like, well, what type of person would be under the age of 18 and working, you know, 29, 30 hours a week? Like it exists because they need to put food on their table. Not all of us are in the privileged position to live at home, have food put on our table, be able to get to school and that be a really comfortable existence like that's not everybody's reality to me that's really

disadvantageous to a lot of people and we just sometimes don't contextualize those things in the way that we should it's hard because they're getting shafted on both sides like they're getting shafted with the hours thing because they have to work yeah like working 30 hours a month is a lot of hours when you're already doing something full-time like schooling but then they're also getting shafted in terms of like minimum wage when you're under the age of 18 even under the age of 20. It's cool. I remember when I used to work retail and I'm very blessed that I have never worked for less than $20 per hour. And that was purely by accident. But I remember when I was working retail and I was a little bit older, I would have been like maybe 22, 23. There was a

girl who worked with us who was 16. And I'm pretty sure at the time she made like $9 an hour. And I was like, I genuinely, by the time you pay tax, I mean, she probably wouldn't have been paying a lot of tax, actually, because she would have been a low-income earner. But just by the time, like, I remember she used to have to catch the train. So by the time she pays for five bucks for her train ticket, if she worked a three-hour shift, she basically hadn't earned any money. So I grew up in a pretty high socioeconomic area, you could say, down on the peninsula. And a lot of kids in high school, they would work to kind of gain a decent work ethic and understand the value of money and all of that rather than actually to save a lot. Yeah. I was the same, right? The reason

I got my first job was because my parents were like, you are 14 years and nine months old. Why don't you go and get a job? And my first job was, you know, in an ice cream shop and I earned money. And that money was basically spent on going to the movies. Guys, if you know, you know, you go down to Rosebud, you go to the movies, you walk to McDonald's. That was my existence, right? But that's a very privileged upbringing where the money that I'm earning is, you know, frivolous in a way. Like at that point in time, my dad was trying very hard to teach me the value of money, but I was not listening because I didn't, I'm not going to say I didn't need to, I absolutely did, but I didn't feel like I needed to, right? Like earning that money, not the same. Whereas Jess,

you moved out when you were pretty young and were completely self-sufficient. So it might be a very different story when, you know, when you're actually forced to provide for yourself, right? And as a human, right, at an evolutionary level, it's not actually all that normal to put yourself in somebody else's shoes because it's got nothing to do with fight or flight or survival, right? Like I have no need, literally, if we're talking about psychologically and on an evolutionary level, I have no need to put myself in your shoes, George. Literally none.

It doesn't benefit me at all. Now in 2022, absolutely it does. But, you know, as base, we just don't think that way. So I think it's really important to call those things out and be like, wow, we're so privileged. I'm the same. I grew up in exactly the same area you did, George. But growing up, I also had some friends who were working because their parents weren't supporting them in the way that my parents were supporting me. And they actually were helping to pay the rent. And they were putting food on the table for their families because they just didn't have that level of privilege that I had. And it

It blows my mind. And as we've been talking, I've just looked up the Fair Work Ombudsman guide for, and I've just looked up fast food industry because I feel like that's a really easy, pretty standard as a, you know, 16 year old. If you are a junior, you're a full-timer or a part-timer under the age of 16, your hourly pay rate at a level one, not sure what that is, but level one is $8.71 in 2022. That's crazy. So I wouldn't buy you a meal. So what? No. Then one, there's like different levels, right? So we'll skip to level three. Level three has like a little categorization. It says level three in charge of two or more persons. Your hourly pay rate if you are under the age of 16 is $9.49. So if you're managing people,

you get not even a full extra dollar. Not even a full extra dollar. Like that to me is insane because if you're needing to rely on that income, you just, you're already behind. Like you're literally already behind. Don't worry though. The second you're 16, you're a level one, $10.89. Like that's still so low in comparison to what we call the minimum wage in Australia, which is categorized in this as being quote an adult. So I don't know what this means or how this works, but I just, I think you should be paid for the work that you're doing. And if George is doing exactly the same job as me, does it matter that George is 16 and I'm 25? Like why should a 25-year-old be paid more for exactly the same thing. Yeah, I think it's interesting and to

bring it back around to where we were at with super, I think it's a little bit disappointing to think about because I reflect on when I was younger and same as you, I got a job at 14 and I worked two days a week on the weekends and I worked pretty long days. I think I was doing decent eight or so hour days. I'm not surprised because you're a hustler. You wouldn't have got that from me. I liked the money. 100%. I liked the money. But the thing ultimately is I look back on it and I go, I actually don't know that I would have been earning super. And I think about this sometimes because I look at my super balance and I go, I feel like it's not as high as I would have thought given how long I've been working for. And it's probably two things. It's partially

because I had multiple accounts when I was younger and the fees probably aided away. But also, I guess a really significant chunk of my working life, like what was it, under 18, right? So four years or like three and a bit years of my working life, I wasn't earning super most likely because I wouldn't have been meeting necessarily the threshold for the hours and that's just kind of frustrating because you go you're putting in the time you're working hard you're doing the hours but you're not necessarily getting all of the benefits just because you're a little bit younger but then you're doing such a great thing by going out and getting a job and earning money and I just feel like you should be paid for the work you're doing exactly but kids

aren't going to question that either if you said like what the hell's super when you're 15 like You wouldn't, you'd have no idea. I filled out a new form every time I got a job. Another piece of this puzzle in terms of not paying underage people the super that they certainly deserve is that it kind of sets them up at a very early age to be exploited and kind of expect that from places of authority. It's not okay. And that would also have an impact on your money story, which we talk about all the time

at She's On The Money. And I don't know, I think that's something that really needs to be addressed. I can't believe. Yeah, I've just never thought about it. I didn't know this. And yeah, like it's kind of like when you tick over 18 and now you are earning super because it's not something you've ever had to think about before. You might not necessarily comprehend that it should be there.

And we've seen stories in the Facebook group of people very frequently working at like small local businesses or jobs that, again, you would quite often see younger people working and they're like, oh, my boss hasn't paid me super in three years. Like, can I do something about that? And it's like, yeah, queen, absolutely. You can and you should. But you're right, if you haven't had that expectation and you haven't been taught the value of it because you didn't receive it, how are you to know any different?

That's why She's On The Money exists, quite literally, because not everybody is afforded the same level of financial literacy. And I just think that it should be a base, right? Like we don't get it in school. And if we're not getting it in school, some of us are privileged enough to get it at home. And if we're not getting it at home, maybe we are lucky enough to be surrounded by people in our friendship groups that teach us or that we learn from their parents or whatever it is, or maybe you get a good part-time job and your boss actually goes, hey, Jess, you probably should

be X, Y, Z, or whatever it is. But not all of us are afforded financial literacy, which to me seems wild because as you said, it opens you up for exploitation later down the track. And like, nobody deserves that. Like, if you think about it, like, hey, we're actually putting people and children in a position where they're going to be exploited. Hard no from me. Wow, this conversation really took a turn from where I thought it was going to go. But to summarize, end of financial year is exciting because we're taking steps in the right direction. More superannuation. Make sure you check with your employer. Make sure you watch your super and ensure that that's happening. It is a lot. Like I'm so, I always say wildly passionate,

but I am wildly passionate. Like go check your super. And this opens the conversation up to the conversation I was having earlier today with a friend that I went and had a coffee with. We're doing some financial advice stuff. And they were talking about how one of their friends didn't realize they weren't being paid their super. And they assumed that their super was being paid because it was on their payslip. But you actually have to sign into your super fund to double check that. It's just like kind of a record of bookkeeping your payslip for super, right? Like it doesn't mean it's been paid. And a lot of businesses like my business pay super quarterly. So every quarter or every three months, we do a big super run and we get that done.

But if you haven't been paid super, now end of financial year is a very good time to have a quick check, see what's going on because there would be a super run on June 30. So it would and should be up to date because you're going to do your tax return. So if you haven't checked your super in a while, now's the time to shine, my friend. Log in. I hope you're bored by it. I hope you're like, oh, it's exactly what it should be. Great. But if it's not, you get to follow up on that and then it's not a few years down the track where you're like, hey, I worked for that job. I just, I think I made super, but we're not sure, right? Like if I asked you, Jess, were you always paid super. I'm sure you're like, I don't know. Like I never checked when I was younger because

I'm exactly the same. So I think now's a good time. Check your super, my loves. Good content piece. We should move off it though because all we do is talk. 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, ladies. Love the podcast. I listen to it religiously. I have a very random question about finder.com.au. Don't know if you know this, but they recently came out with an earn

functionality. It's basically a cryptocurrency. You lend them your savings and they help you earn 4.01% per annum in interest. And it's a stable coin, but I just want to know what you guys know about it. Whether you think it sounds dodgy, I feel like no other bank would offer you that amount of returns without a huge amount of risk. So I am so keen to hear your thoughts on this. Thanks, ladies. Bye. Narcissist, not about it. Not about it. Not about it. If you follow me on my personal Instagram account, which it's not a recommendation, you shouldn't because I go rogue. Like that's why Jess literally took the She's On The Money posting ability off me because she was like, you can read the comments, you can talk to people in the DMs.

If you post something though, I will revoke your access to the She's On The Money Instagram because stuff like this frustrates the hell out of me. Did you hear how that question was phrased, guys? Like, do you know where I'm going with this? I'm looking at you two and you're just looking at me blankly. So this has been a really good start to this content. Sablecoin. Yeah, no, no.

she said no bank would offer that so what that listener question has told me is she is comparing mentally this crypto saving investing option to the returns a bank would give you those two are not the same those are not the same asset classes those are not comparable that's like saying hey Jess should I keep my money in a savings account or should I buy a property like those two things are so far from each other in being able to generate interest and return that they should not be compared. And this goes back to the rants I've been on. I don't believe on the podcast as yet because I have tried to bite my tongue, but that is about deceptive marketing. And the thing that I went on a rant about on Instagram, which I'm going to call this, it's not true at all.

I'm hoping it is because I called it out, but it's not. It's because, you know, I think that there have been a lot of people that called it out but finders earn app used to say earn 4.01% on your savings and I got so frustrated at that because that leads you down the garden path of thinking that's quite safe right because like I earn interest on my savings in my bank account or I could just put it in this earn thing like and I earn better money on my savings like no that's an investment to update that they have changed it to on your capital which I much prefer because it is much clearer that it is an investment, but the find to earn thing is an investment. It is not a savings. It should not be compared to your bank account. And now we can talk

about its actual product. I don't want you guys to think that these things are comparable. I have spoken about it on my Instagram again, because it's the only platform where I can go truly rogue without being in trouble these days. But I spoke about Blossom app, which is a app that is an investment app that calls themselves a savings app. And that is absolutely not the case. They are not a savings app. They are an investment app, but their branding and their marketing calls themselves a savings app. You've probably seen their targeted marketing because it is very she's on the money targeted, as in the same demographics, like young millennial women, not that they are targeting she's on the money specifically, but I mean, it would be a good

marketing strategy for them. We've got your audience, but then you've also got me being like, no, that's deceptive marketing. So I don't know how you feel about that. But yeah, I think that the one thing with these different earning apps that are coming out recently is that their marketing is making you feel more confident and more safe because they're using language that makes you think that they're savings apps, when in reality, they're actually investment apps. And to segue straight into what the Finder Earn app is, it's a crypto app. And they're trying really hard. And I'm sure that, you know, they're going to bite my heads off about this. I am literally lighting my ability to ever be sponsored by Finder up in flames right now,

and that is fine by me. But they say, oh, it's stablecoin. Guys, what's stablecoin? It sounds safe. Sounds safe. Yep. But like there was a stablecoin crash recently. So like stablecoin is not actually that stable. It's just a term used to make you feel far more confident in that asset class when it's still crypto. So stablecoin is usually deemed to be more stable because why, Jess? It's essentially a crypto that it tries to attach itself to a stable currency, which I think usually is the

USD or the US dollar. So in theory, if you had a thousand of a certain stablecoin, you can exchange it for a thousand dollars. So it's meant to be kind of like for like. That is a very simplified explanation because, you know, crypto is definitely not my domain. But the idea is that it's, yeah, it's meant to be like the stable, you know, currency that follows along with a standard so that if you were to exchange back and forth, it would be somewhat like for like. Yeah. And a lot of people are a bit more drawn to that if they're interested in cryptocurrencies because they're like, all right, it feels a bit more stable and that's where it's got its name from. But remember a couple of weeks ago, we were doing a Friday drinks episode and one of our, you know, money

wins was actually not a money win. And Jess, you called it out. It was like, Luna, if you know, you know. And that's because Luna was a quote stable coin and people invested in it and felt really confident. They're like, oh my gosh, got into crypto. And it crashed completely off, like off the charts, gone, completely gone. But that was a stable coin. So I feel like we still need to be quite apprehensive of stable coins because at the end of the day, they are a cryptocurrency. Doesn't necessarily mean that cryptocurrency is bad. And I think that you guys are probably picking up the vibe that cryptocurrency isn't my forte. And the reason it's not my forte is not because it's, you know, not been around long enough and Victoria doesn't understand it.

I fully comprehend it, but most cryptocurrencies don't have a backing, right? So if I went and I always use this example and it's not the best example ever, but if I go buy a NAB share, right? NAB is bank. Behind that bank is thousands of employees making those cogs turn and there's marketing division and there's thousands and thousands, if not hundreds of thousands of customers that they look after every single day that are committed, right? So for NAB to go broke would be one, very significant, and there's probably a lot more going on in the economy me if that actually happens. But two, if they start to go down, there's lots of like fail safes and things they could do. And there's some savings in that bank that they could use to pay their

employees and make sure that your share price doesn't completely plummet. There is no backing with cryptocurrencies. There's no employees. There's no business that actually turns and cog that is in the background. It is actually really risky because today it could exist and tomorrow it could completely disappear and well your money's gone like there's nobody to chase there's nobody to follow and for me that's why I'm a little bit more apprehensive of these things I'm very positive on it I want to learn more I want to in the future be like okay cool like this is an investment asset that I can advise on but in Australia right now it is not an asset class that is legislated it is not an asset class that is recognized for financial advisors to even

advise on. So therefore, I'm like, why would I use the She's On The Money platform to promote an asset class that is far riskier than any other asset class that could put you in the best possible position to create wealth? And I think that's the primary difference between, I guess, the bank or the savings app and something that is investing, particularly in stablecoin, because cryptocurrency isn't regulated. And banks are regulated. There are laws in place. And as you said, fail safes, stable coins theoretically aim to back their coins up with hard assets, so dollars or gold or treasuries. But that is a theoretical and there is no regulation or requirement. And we have seen that in the past where influencers or people who

maybe own a cryptocurrency or a cryptocurrency brokerage or something like that have promoted and almost pumped and dumped and they've promoted it. A hundred percent terrifying. Yeah, really elevated the value of that currency and then it, you know, sold theirs, it's crashed out and there's been nothing to back it up and people have been left with nothing. And I think that's probably the biggest thing that I personally would keep in mind is that, you know, Wellfinder is a legitimate company and I'm sure they're doing their due diligence, et cetera, there is no regulation there in Australia as of yet. And that is something that I personally

find very scary. I absolutely agree. And that's the thing that makes me really apprehensive of that asset class because here today, gone tomorrow, like that's not the type of investment I want my community to be making. But it's also interesting, right? Like you see it on money diaries a lot, we'll ask the question like, do you have any investments? If so, what are they? And they'll be like, oh, I'm invested in crypto. And you'd be like, great. How, when, where, what, you know, how does this all work for you? And it's interesting to see that that nowadays is a lot of people's first investment. But then I'll go, what do you think of the share market? And they go, oh, it's too risky. And I go, but where are you getting this information? How does that work?

Because you look at the share market and you're like, yeah, it can feel really overwhelming. It can feel like a lot but why do you feel like cryptocurrency is quote the future and I get that there's a lot of media circus around it but I think that that's it right like a lot of people are feeling like cryptocurrency is a lot more accessible and a lot easier because they're like oh my gosh but I saw it all on Instagram my friends doing it and this is how it's working and that's how it was working and it just it confuses me a lot because I'm like I get that it could be the future but the risk you need to take with your capital or your cash is so significant. Whereas you could go buy blue chip stocks and create a future for yourself that is

arguably far less risky than going, oh, well, I picked up a stable coin. It's much, much less risky than a normal crypto. Like, okay, but like if we get a risk return chart out, down the very bottom left corner is cash and then it, you know, dots up and then there's property and then there's the share market and then it just goes off the chart to where cryptocurrency sits. Like the amount of risk an investor takes on by choosing that asset class is so much more significant than that of the share market. But so many people are more apprehensive of the share market than of crypto. And I have a sneaky suspicion, it's social media. Yeah, that's what I was going to ask. Like, why is that where we're at? Because you do, you have people like my little brother,

he has a crypto horse. I don't know. A crypto horse? I don't really know the details. I haven't asked him about it. Like, he hasn't invested in anything else. Like, he thinks that crypto is as legitimate an investment path as the share market so like what's happening there but then it's not a recognized financial asset in australia so is that not a thing that would make you go alarm bells maybe that's not as legit like i feel like a lot of people as well crypto horses sent me like i am going to do so much research after this next week we'll talk about the crypto horse but i feel like a lot of people have done their quote research and they're just googling it and buying into it and it's topical and it's new and it's really exciting. There's nothing sexy about a

blue chip stock, let's be honest. Like who wants to go buy West Farmers? Except for me. Whereas crypto is quite sexy because of social media. I feel like it's quite bro-ish because it's like it's risky, but the returns are huge. Do you know what I mean? I've definitely seen someone on TikTok saying basically those exact words. Yeah, in that book as well. I think it's probably worth throwing a note in here that we're poking a little bit of fun. We are by no means saying that you shouldn't invest in crypto and we're definitely not saying that it is a bad thing or a negative thing, but we're just trying to highlight the risk that is attached to it without the regulation. I mean, it absolutely could potentially have a place in your portfolio

alongside something that is really well diversified, if that's something that aligns to your values by all means. Jess, 100% exactly what you're saying. I think for me, I actually like summary, TLDR of She's On The Money, Victoria Devine does not care at all what you spend your money on as long as you're spending it in line with your values. Like if you tell me, Navi, I made a decision. I had all the options on the table and I made the decision that felt right for me. You do you, boo. I literally am so happy for you. If you want to go buy a crypto horse, I am genuinely, literally, it's no judgment. I'm talking about these things in what I would deemed to be quite a pragmatic way in that I'm like, okay, cool. Let's look at risk versus return

and how that works. And the thing that from my perspective, as somebody who has a background in psychology, who is a financial advisor, has studied finance and gets to, you know, interact with this beautiful community of money-minded people every single day, I do get quite confused when people are like, yeah, I'm happy to invest in crypto, but I'm not that keen on the share market. I'm like, wow, I'm really, what am I missing? Like what am I missing that is making you feel so much more comfortable with that than me as a financial advisor looking at it going, this is terrifying. And I was at the Financial Advisor Innovation Summit last week, last week? No, like a month ago. Yeah, we've been gone. Time is absolutely flying.

And we did whole segments on what cryptocurrency means in this industry and how it works and how we can integrate it for our clients if they're desperately wanting to have it. There are cryptocurrency ETFs and that blows my mind, but it's one of those things where I have been at these conferences. I am talking to literal industry experts. We talked about these things and I just, it still makes me feel a little bit uneasy because as much as I'm learning as a financial advisor about this asset class, I'm still legally not allowed to provide financial advice on it. Doesn't mean I can't talk about it on a podcast and semantically break it down and talk about stablecoin versus different types of cryptocurrency or Luna or whatever is going on in the market.

But it really does baffle me that people are like, oh, yeah, I'm happy with crypto, but not with the share market. So to swing it back around to this Finder platform specifically. Yes. Sorry for going on another rant. Is what we're saying here, ultimately, be very conscious of what you're investing in, because the comparison that our community member is kind of making this dilemma is just really not apples to apples. It's definitely not apples to apples. And I'm only picking up on the semantics and the way she said, oh, a bank would never give you that type of return. What do you think about it? Well, I think that it looks like a very good platform if that is an asset class that you want

to invest in. Like, it's not something that I'd go, wow, Victoria recommends it. That's not it at all. But I think it's interesting because I've obviously been through the website. Cute website, great branding, makes me feel really comfortable with it. But let's actually look at that underlying asset class, your risk portfolio. We've done an entire episode on what your risk portfolio is and what risk you would be willing to take on and how that works. And I think we really need to go back to that because on the website for Finder, it feels really, is the word palatable or absorbable? I don't know what I'm looking for here. But like, it's cute. Like their app looks really good. They're like, watch your capital grow daily. No fees, this, that, the other. Like it feels

really accessible. And I'm all good with that. I feel like they have updated their language to be very good. Flip side, Blossom has not. One last thing before we wrap, because we've definitely been nattering on today after a couple of weeks apart. The primary difference that I'm kind of picking up here through the marketing, et cetera. And V, let me know if I'm getting the vibe right. They're guaranteeing that it's not a targeted rate. It's a, we will give you this. However, you're getting that because you're taking on significant risk because it is crypto. Yes, absolutely. So it says, and I'm pretty, is the word guarantee? I don't know if they guarantee.

But they've led you down the garden path to feel like that, right? Yes. Yeah. Okay. So I have read the PDS and on the PDS, they, you know, have obviously said it's really important to take into consider your risk profile and rah, rah, rah, very different to a traditional savings account. If Finder Wallet becomes insolvent or subject to hacking or some other cybersecurity event, you may incur partial or total loss of your capital. At the bottom, it says, in Australia, money you deposit into a savings account is protected by the financial claims scheme, the FCS, up to $250,000. Finder Earn is not protected by the FCS. And then it

also says, trading and holding cryptocurrency has a high level of risk. Cryptocurrency is a volatile asset and you can incur losses. Though generally less volatile, stablecoin categories of cryptocurrency carry risk and may lose some or total market value. You should only trade cryptocurrency if you fully understand and agree to the risks. Didn't say that on their stablecoin website? No. So, is this saying you're lending your money to them? Yes. If the value of your money decreases, so let's say there's another significant crash and my $1,000 that I put in is now worth $500, you know, you're getting your 6.1% return per annum. At the end of all of this, do I get my $1,000 back or do I get $500 back? Well, it depends on when you're pulling it out

and how it works. Like, it's all about really understanding it. Like, so with finder earn, you can convert to TAUD, which is the crypto coin that they are purchasing. And then you lend that TAD to them. They take all of the profit. You get back that 6.1, unless, shithead, that's the fan essentially, and you lose all your money. That doesn't seem like a great deal to me. I'm not that sold on it either, but it's all about marketing and really understanding it. And that's why I really implore everybody to actually read the PDS. I know it's boring. I no, it doesn't make sense. DM us if you don't get a PDS because I'll just make an Instagram story set explaining what that part of a PDS means because I guarantee you're not the only one looking at

that particular company. But it all comes down to, as we're saying, marketing. I feel like Finder has done a good job of updating to use the term capital instead of savings. Whereas to compare it back to the other business I was talking about, which I've posted about on Instagram before, Blossom, like if you go to their website, their running headline still says Blossom, where your savings go to grow. Like no, Blossom is an investing app. Like why are we trying to make people feel more comfortable with investing by making it look like savings? It's like a Trojan horse. Like I don't want you investing in something, not saying that Blossom's investing company is bad. I'm saying that the marketing is, but it's about being deceptive and not being

deceptive. I mean, if you go to this Blossom website, like look at this guys, right? So if you go to the Blossom website, it says where your savings go to grow. And then there's a quote of a current user that says, I was sick of getting screwed on my savings. Blossom's 3% return made getting a home deposit easier. They're making you think that this is absolutely comparable to a government-guaranteed savings account when in reality this is actually an investment fund and it's not even a super conservative one at that. Yeah.

I just want people to say what they really mean. Like, I want to buy a box of cereal and it says Coco Pops on the outside and there's Coco Pops on the inside. Like, I just want what I'm paying for. Well, that was a big chat, my girlies. Sorry. It went lots of places, but that's okay. I learned a lot about crypto.

I think it's probably the right time to end today's episode. I think it's time to say goodbye. It's been a long year. It's been a while. All right, boring, but important stuff. Let's go. 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 Devine and She's On The Money are authorised representatives of In Focus Securities Australia, Proprietary Limited, ABN 47097 797 049 AFSL 236 523. See you on Monday, guys. Bye, guys.

Have a good weekend.