She's On The Money - FRIDAY DRINKS: Talking the Twitter Takeover!

Episode Date: April 28, 2022

Welcome to Friday honeys! On this episode recap the week, like what is an axo-De facto anyway? And of course we celebrate your Money Wins. We also answer a Money Dilemma about saving vs investing. Meanwhile, we have a shiny new way for you to send us YOUR Money Dilemmas, check it out here!And it wouldn't be Friday without the gals have a good old vent, and with Elon Musk taking over Twitter you'd better believe there are feelings to be had!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.

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. Welcome back to another one of our Friday Drinks episodes where we celebrate the money wins from our special She's on the Money community. There are always so many great money

wins and confessions shared each and every single week in our Facebook group. And Jess, George and I spend a very big part of our week. In fact, it's becoming an even larger part of our week, given we try to get even better and better content. Yeah, we'll talk about that off there. But we spend a very big part of our week talking about the things that you guys share with us in the office. So now is the time to grab a drink, throw back your hair and relax and get straight into the week that was with Miss Jessica Ricci up first to let us know what happened on Money Diaries this week. Hello. This week, we chatted to someone who found herself in a position that many a person has. She was living off of Centrelink, which, you know, multitude of reasons that can

happen. We've said before that that can be a really tough spot to find yourself in. She didn't want to be in that position. She got herself out of it. She now runs a six-figure hospitality business and she has another freelance business. She's got it all going on. But it was truly, really incredible to hear and I think you know for a lot of people you can find yourself stuck in a cycle and it can be really hard to get yourself out of that but she really showed that with a little bit of tenacity and a lot of willpower you can definitely do it. I loved her me too and I like snooped her business later I'm not sharing it with you bye okay next Georgia King what did we do on a deep dive this week my love? Hello we spoke about protecting your financial

assets within a relationship, specifically de facto relationships, ladies. Which was super interesting because as we found through talking to the community, a lot of people don't really even know what de facto is. And that you can accidentally be de facto. Yeah, exactly. De facto, I think we coined. And you don't think about all of the things that it can impact as well, which I have unfortunately found out over the past year. Turns out having a boyfriend has cost this lady who wants to buy a house a little bit of serviceability it's so rude james straight to the bin love is the worst we also have a wedding podcast coming up so keep an eye out for that one george did we learn anything else interesting on that show no i think they're

the main things to remember v but i guess also like just knowing that you have rights within a de facto relationship and that there are financial implications that you may not be aware of. Yeah. And I feel like so many people say things like, oh, but we weren't married. It's like, no, no, no, no, sir. Sit down. It actually doesn't make that big of a difference. It doesn't make that much of a difference. I'm sure in the 60s, it made a massive difference as to whether you were a married woman or not. But nowadays it doesn't actually matter as to what your rights are. And I think that too many times we undervalue our contributions in a relationship. And I think that was another one of our building that up podcasts. So I really enjoyed it, but I also

really like talking about estate planning and assets and wealth creation. So for me, that was a good episode, but maybe a little bit dry. I promise we've got some really exciting content coming up very soon. Some absolute corkers, can confirm. Yeah. Like we literally just recorded one. So I reckon that's pretty good. Tickets on ourselves. You know who else I have tickets on? The community. No, my ability to segue. Could you think of a segue to get into Money Wins this week? Well, I was going to say, you know, what else is a corker? Because I think I said corker earlier. Yeah, good.

Nice. All right. Both of those we'll use. All right. Let's go. Okay. The first money win of the week, ladies, it comes from Ruby. Hi, Ruby.

I will claim this as a money win. I was shopping at Country Road and realized I could fit into kid sizing, which is half the price of adults. Oh, my gosh. Yes. Brilliant. Yes. Yes.

Ruby, you're a genius. The Kids Ranger Country Road is stunning. Okay. But like Ruby and I, same page this week. I have been pining over this very fancy puffer jacket, but in the adult sizes, too expensive. Looked at the measurements, adult size 8, same as 14-year-old kid, money win, it's less than half the price.

So anyway, still an expensive jacket, but I've justified it to myself and I would like to hear another money win before you guys question my money decisions. Brilliant. The next one comes from Jess. Money win for charity. I raise over $20,000. What?

Yeah, for Make-A-Wish and Donate Life over Easter. by running a national car event with my husband. A national car event. What a honey. The event bank account stayed in the green during organising. Always a good feeling. So apart from a couple of last cleaning bills I have to pay, that is all above board and, yeah, we're done.

Oh, my gosh. Who does that? That's so special. I know. 20 grand. 20 big ones. That's actually, do you know what, kudos to you because raising money for charity is so hard

because people aren't like, oh, Jess, here's $1,000. They're like $5 here, $10 there. It's like all the small things that add up and it usually takes so much work. So I'm impressed. I'm very impressed. We love. What an angel.

What an angel. Onto a slightly lower brow money win, but they all count. Did you just call someone's money win low brow? Well, have a listen. Wow, okay. It comes from Laura. I got two plant-based burgers. Laura low brow.

I got two plant-based burgers from Grilled on Monday for the price of one. Oh, that is a money win. And plus with the rewards program, I got a free small chips too. Can we just talk about how expensive plant-based burgers at Grilled are? I'm not across it, are they? I am because that's what I eat. If you get the vegan garden goodness, which has the, it's like the unreal meat,

like it's the fake meat burger. And then you obviously, you're just like me, so you get the gluten-free bun. And then you also add grilled pineapple, which you can't miss. Like grilled pineapple on any burger, 10 out of 10. It's like $23. What the hell? It's grilled. Grilled? Grilled's meant to be takeaway.

More expensive, I'm assuming, than a normal grilled burger? Yeah, like $14 or $15. Isn't that interesting? I saw a really interesting breakdown a little while ago. Insane. This is wildly off topic. But how much money it saves when somebody eats a plant-based diet. And it's like the cost.

Not for me personally. Well, clearly not. But the cost of raising, I suppose, animals, you know, that whole process, the water, the food, et cetera, versus, I guess, the water and fertilizer, maybe, for like the plant-based products. It's like a really significant. So we're paying more money for them to save more money. Yeah, it seems like a bit of a rip-off.

And also the environmental impact would be substantial there. Look, I could also eat the veggie burger. They have like a very good veggie burger that's much more reasonably priced, but I'm not going to do that. I want the fancy ones. Two for one on Mondays in January. I grilled. Come at me.

Come at me. Our next win comes from Sarah. I received my first ever dividends payout. It was only about $30. Who cares? But it feels great even in these difficult times in the stock markets. Oh, my gosh. Love that.

Oh, I love that. We love it. Your first dividend. Yeah. So sweet. The next one comes from Nicole. Money win. I had to get my puppy some tick and wormer tablets,

so I bit the bullet and ordered them over the Easter weekend. Come the Tuesday, I got a flashy message about a sale on exactly what I had ordered, and tick and wormer apparently is not cheap. Thanks to this group, I contacted the company and they refunded the difference straight away. Oh, my gosh. I'm so glad I found She's On The Money.

Oh, what a legend. I love that. The next win comes from Megan. Money win. I noticed the price was different to the price label on a package of $25 steak at Coles. I took it to the checkout and scored it free through their price scanning promise. What is that? This was gold in grocery money.

I have no idea. I think it's, I'm not 100% positive, but I think it's if it's marked wrong, you get it for free or something. That's what it sounds like anyway. That is what it sounds like. What a money win. Holy shit, we're 100% sure. And steak's so expensive, but apparently not as expensive as plant-based alternatives. The final one for the week, guys, it comes from Piera.

Money win. I scored a $900 Zimmerman dress for $70 at an op shop. Money win. That is a very good money win. We love Zimmerman in this office. That stuff is going to make sure that I don't meet any of my financial goals this year. That's what that stuff does to us. That's it for the week, guys?

Yeah. I love that. All good money wins this week. I want to hear people's confessions because I've been a little bit naughty with my spending recently so maybe we do a call out next week and be like confession come on yeah confession specifically I hear your money wins we'll keep that thread I want a confession thread I might just even go broke and ask for one myself thanks for coming to my TED talk let's go to a quick break and then we're going to have a chat apparently you're going to bring up our friend

Elon Musk again and we have a listener question so stick around all righty guys last week we spoke about old mate Elon Musk and him going a little bit You're bringing him back, aren't you? I'm bringing him back because there's been a development. So remember how I said he bought the majority share? He was going, oh, should I go on the board? I'm going to go on the board. Just kidding.

No, I'm not going to go on the board. It was a lot of fun. Board, no board. Imagine having the money to joke about that, about Twitter. I know. Well, Twitter has just announced that it has agreed to a full takeover by Elon Musk. He's spending a crisp $44 billion, with a B, $44 billion to become the owner of the platform. How does Trump change?

Oh, yeah. Well, clearly it's been approved and now he's just subject to a shareholder vote, which they're saying is very likely to go through at the time that we're recording this, which means that everybody who owns a slice of that pie, sorry, but see you later. Yeah, but also they are getting paid out quite handsomely for their shares. So they're going to get paid $54.20 for every share that they have, which is above market price. And if you're thinking like, well, why did Twitter let that happen? It's kind of because Elon made sure that it did happen. Like it was going to come. I think a lot of people like, oh,

it'll never happen. But like looking at it and the way businesses in America function, if Twitter didn't actually accept Elon's offer, they would have been down as bad directors because it wouldn't have been in the quote best interest of the shareholder and the best interest of the shareholder is getting them the best return possible on their investment so they've done quote the right thing but like that seems wild to me that it's now going to go private and I would really wonder what that means for communication because like Twitter has always been I don't know if you guys see it the same way it's kind of been like the wild west yeah like so there are you know obviously some great people on Twitter but there are also some people that you just don't have a

lot of respect for. I mean, the fact that Twitter allowed Donald Trump to be so vocal and have allowed a lot of politicians to have their say on there when maybe they shouldn't. And historically, there has been a lot of misinformation shared on Twitter. I'd be really interested or I am super interested to see where this, I guess, medium of communication goes and what Elon's plan is because now he just don't Twitter. Like what? Yeah, pretty crazy. He did say free speech is the bedrock of a functioning democracy and Twitter is the digital town square where matters vital to the future of humanity are debated. I also want to make Twitter better than ever by enhancing the product with new features. So he's obviously thinking about it. And there was a lot

of discourse when he bought the majority share where people were beginning to worry about this happening. Because as you said, it's definitely kind of been an open forum for people to voice their opinions, good or bad. You know, freedom of speech is something that we're all entitled to, and that has very much taken place on Twitter as a platform. So there were a lot of concerns that censorship in some way, shape or form is going to come about. So it's really interesting to see what's going to happen. And I have seen a few people talking online, ironically, some of them on Twitter. Do you go on Twitter often? Yeah, I do actually have a scroll through. It's a good way for like world news. I follow a few

like internet people, I guess, that I really like, but I also find it's a really interesting space to gauge like general consensus. So true. Read the mood of the room. Yeah. See opinions that might differ from mine. Sometimes I fall down a bit of a hole, but a lot of people discussing, and this is a real throwback for my internet peeps from back in the day, but when Tumblr was purchased by Yahoo, I don't know if any of my other fellow ladies were Tumblr gals. $1.1 billion. You remember, yeah. I can't remember what year, but it was a while ago and I was heartbroken because Tumblr was my teenage emo dream. I just had a lot going on. There's a reason I deleted my entire Tumblr and scrubbed it from the internet before starting

this podcast. Bye. Didn't we all? But when Yahoo purchased Tumblr, they made a lot of significant platform changes and people essentially boycotted the platform and it died a very quick death. The people yeeted. They yeeted indeed. And they're saying that maybe that's something that will happen for Twitter if all of these changes come in. People are talking about, hey, like vote with, you know, what you use and if you're not using the platform, it's actually no value to him. He's going to lose a lot of money and people just don't like Elon Musk as well. So I'm really interested. There's a lot of colourful opinions on him, which I can completely understand, but it's

Interesting that people would literally boycott their day-to-day functionality and the way they function on the internet because they just don't like someone. Yeah. I think it just opens potentially the place for a new platform to emerge. 100%. I'd be so interested to see what happens or even how other social media platforms adapt to this. Like how is Facebook and Instagram and TikTok, how are they going to respond to, you know, I guess enticing people away from that platform like a Facebook status is coming back like probably not but like I don't know maybe does anyone else get that on this day 10 years ago you were communicating with wall posts yeah I've never been more embarrassed of a person and that person is me 10 years ago

on Facebook honestly like who thought that was a good idea unpopular opinion maybe I don't know but I'm kind of I really have my fingers crossed you just want to see a train wreck I want to see I want to see Twitter burn. Twitter sucks. Why do you want this? I've never heard you, like, wish anything terrible on anyone and now you want someone's billions to burn. Well, no, nothing against Elon.

Great guy. By all reports. But Twitter, I think. Is he? Because that's not what all reports say. Okay, well, he's not my mate. But I just think Twitter, of all of the social media platforms, is the one that is rife with the most disgusting, vile behaviour.

And I think if we can eradicate the platform by this giant taking it over and hopefully ruining it and having people abandon ship because of who he is, I think that would be fantastic. You're like, it's a win for everybody. George is like, over and out. A point poorly made. But, yeah, I don't know. I'm excited to see what happens.

You just want to see a train wreck. I'm on to you. I'm excited to see what happens just because I like watching the markets and how that's impacting, you know, other social media platforms. I wouldn't be surprised if other billionaires come out of the woodwork and decide that they too want to have some level of, I guess, control of different social media platforms. And it would be interesting to see why and when and what Elon's actually planning. Because as much as you want to see it fall from grace because of his reputation, like

a lot of people might be happy with it because obviously Elon said that freedom of speech was really important so maybe he's not going to censor that platform at all. It's like who knows what's going to happen or how it's going to be taken up. I'd be interested to see if it kind of goes a bit more down a Reddit rabbit hole where it's a bit more niche and not so mainstream. I don't know. I wonder if a part of it as well is him kind of taking it to Zuckerberg as well as a fellow bajillionaire. My Porsche is better than your Porsche. My social media platform is better than your platform. I bought mine. I didn't even have to work to build it. Must be nice. Before we move along, I just wanted to ask, I wouldn't be surprised if people in our community, if some

of them hold Twitter shares, and obviously we always talk about, you know, you're investing for the long term, you're purchasing stocks with that in mind. What if someone's purchased the stock, you know, in the last few years and then all of a sudden it's basically been sold out from under them. Do they need to be concerned, V, or is it going to be okay? Look, all's fair in love and war. It's how the market works. Like if you are being bought out, you just have to look for another asset that is going to, you know, have the same risk and yield and I guess values that you had. And don't forget once that money hits your account, you will be liable, most likely to have to pay capital gains. Well, it depends. So you'll have to pay capital gains absolutely if you've

made a profit. If you have held it for less than a year and you're living in Australia, there are higher capital gains taxes to be paid than if you've held it for more than 12 months. But the best thing, honestly, is to either check with your share trading platform because they're probably going to announce some kind of like info sheet on it because it is so big and it is going to impact so many people or come June 30, just touch base with your accountant to make sure that you're doing all of the right things. All right. Well, enough about Twitter. We're probably still going to mention it in episodes to come because I think it is kind of interesting to see how the market is changing and see what happens in the market. Because you might have spent ages looking at what

you want to hold in your portfolio. You might have picked Twitter and then been like, what do you mean I can't have that anymore? What do you mean it's being taken off me? And that's just what's going to happen. And there's probably a lot of ETFs out there as well that are holding Twitter that are now going to have to process that and rebalance the portfolio and find an alternative technology company to invest in. I'd be really interested to see genuinely and I'm probably going to, yeah, like what are the brokers picking up? And I have these conversations every single week with the stockbrokers in my business to understand, well, how does that work? And what are you guys seeing? And how are you thinking? I want to know who they're planning on replacing

Twitter with in people's portfolios. None of my clients own it, so I don't get to be in on it, but I want to know the information, you know, just want to see what's going on. I'm a little bit pervy. If anyone's doing it themselves, let us know. We'd be curious. Who are you picking instead and why? Tell me. I want to see your investment mandate. Tell me. Anyway, moving on, we have a really interesting money question from one of our She's On The Money listeners that I feel like is going to be a question that a lot of people in this community have been asking. Hello, long-time listener, first-time caller. My name's Jay. I am just wondering, I've saved quite a bit of money over the last couple of years over COVID and I've got split evenly between an index fund and

savings. So there's about 30K split evenly, half to index fund, half to savings. And I'm just wondering if I should put more of that savings money into investments rather than just sitting on it where it's not making a lot of money from interest. I am a bit worried about putting all my money to investments in case I want to spend it, but I'm also thinking I have too much money sitting in savings. What's a good split? Thanks. All right, Jay, my friend, what you are asking for there is personal advice. And unfortunately, we can't give that. But I can articulate, I suppose, a little bit of like thinking on that question process, right? Because you're looking at it and you're going, look, I'm saving, but I'm also investing. Like what split should this be?

And the only person who can actually answer that is you. So at the moment, I have no idea of your personal circumstances or what you want to achieve or how you're doing it or why you're saving. Like are you saving for your first home? In which case that should be a priority to you. Are you actually not saving at all and the priority is investing? In which case your priority split is going to be different. I think to work out how much you should be saving and investing, you actually need to sit down and really write out your own goals and what you want to achieve. So what do you want to achieve for an emergency fund? What does that actually look like for you? And the thing about emergency funds is they're so different for everybody.

like at the moment my emergency fund and I'm going to take a wild stab in the dark is probably higher than yours Jess and yours George purely because I've got a mortgage I've got a partner I've got three pets there's like a lot of financial responsibilities in my life compared to you Jess who you know you've got your savings that you're planning on buying a house with but you're not financially responsible for any other humans or a partner and then George you'd be in a very similar position so we all have different personal circumstances and I have no idea what Jay's is. Is Jay single? Who knows? That's a weird question to ask on this podcast. But it's one of those things where I don't know what that looks like for you and you need to sit

down and go, all right, I need to know what my emergency fund should be and work towards that. I need to think about why I'm investing in the first place. What am I actually doing? Am I investing just because it's fun or am I investing because I want to create an early retirement? And if that's the case, are you investing enough to achieve that goal or have you not actually sat down and worked that out. Because a lot of what we've said when we talk about goal setting is working backwards. Because if you're planning on retiring with a specific income at a specific age, you've then got to work backwards as to how much money you need to save or invest each and every single month, week or fortnight or however often you get paid. And I can't tell you that

unless I was your financial advisor and I literally looked at everything that I'm telling you to look at right now. So it's very frustrating because we also had someone in my DMs this week, Jess going hey V like I'm just wondering I finally got to the point where I can buy property really excited my partner and I trying to work out though do we buy an investment do we buy a family home do we buy land do we build I'm like I can't answer that one legally because I could literally go to jail for five years and have a million dollar fine but two yeah thank you Asik but also I fully respect that but two I don't know you from a bar of soap if you're in my DMs like your profile picture's cute you've spoken to me really nicely so I'm assuming you're a nice lady but how am I

meant to know your financial responsibilities and what would be better for you because just because something's better on paper like we could look at the different asset classes right and go asset class A outperforms every other asset class that does not mean that it is the best option for you so I think it's really interesting when people ask questions that are so like which bucket should I be putting stuff in? I'm like, do you know what? Even if you went to a financial advisor, they're going to sit down and be like, all right, Jess, tell me about your goals. What do you want to achieve? And that's a process you can go through on your own. It's really interesting. I think a lot of people think that way. I mean, one, because it definitely simplifies the process.

Like if one person could say, oh my gosh, everybody should have 50% here and 50% there, it would make your life easier. But there are other platforms, if anyone's like me and has read The Barefoot Investor, who will straight up say, you should be allocating X amount of your income to here. And as you say, one, that doesn't work for everyone, but it's also important to recognize that that can shift. Like I'm saving for a home currently. Yeah. So you're going to be real aggressive with that, right? Like I am still investing, but the amount that I'm investing has dropped off significantly to allow me to prioritize my primary goals. And you did get financial advice. So that makes sense. Yeah. But I think as well, like it doesn't necessarily mean that

you have to do one or the other. Like he doesn't have to just be saving or just be investing. Like it's going to depend on which one is his priority and we can't answer that for him. Yeah. And if both are a priority and you want them both to grow alongside each other, like you can do both. But like if you're planning on, you know, not even looking at that particular circumstance, but like take your circumstance, Jess, you want a house so bad and like I cannot wait until you get one. But hypothetically, if you just split it 50-50, home ownership for you would be another 18 months off because of the way you were previously investing and the way that you were previously structuring your savings, you were like, no, I need to turbocharge this goal for

the short term so I can achieve that. And then I'll work out my financial situation after that. Like things change and shift. And I guess it's very hard also because like, who knows, is Jay earning $80,000 a year or is he earning $800,000 a year? Because like that is going to be very different. So it's, yeah, unfortunately, I hope that's given a little bit of insight. Goal setting is the most important thing that you can do for your future financial self. Sit down, work out what you want life to look like. It could start as like a little vision board or something really nice where you go, I don't know how much it's going to cost, but like this is the type of life I want and this is what I want to create for myself. And I think that vision boarding for me,

it sounds fluffy, but like Jess, you vision board as well, don't you? I love it. We should do a little team day where we just build our little vision boards. Are these physical vision boards? Yeah, yeah. I actually have like a cork board from Kiki K. It's white, obviously very aesthetic and I cut things out of magazines or like write things on post-it notes and stick them to my vision board about achieving the goals. Actually, we were in the office the other day talking with Jasmine who works for Zella about this and she has one and she was like, oh V, like I manifested

my job with you at Zella because I put it on my vision board. Like I put she's on the money on the vision board and said one day I'll work with Jess in Victoria. That is very specific. But yeah, but she showed us all these other things on her vision board that she was either already achieving or had done. And I was just like, get it. Like, I just feel like if you visualize it and you can see it, you're more likely to achieve it. And it also, mine's on my wall behind my desk. So if I'm like, you know, just bored and looking around and not doing my work, I kind of see that and I get a little bit more motivation to keep working because I'm like, oh no, I've got so many things that I want to achieve or like do. Yeah, it's kind of cute.

And I think a really good vibe, if you're not ready to sit down and do the financial side of things, vision boarding can be really powerful to go, this is the direction I want to go in. I have no idea what I can afford or what it looks like yet. But like, do that. It's cute. It's fun. I'm going to make that a thread.

It's going to go up today in the Facebook group. If you are a fellow vision boarder, show us your vision board. Oh my God, yeah, show us your vision board. Mine's covered in wedding stuff at the moment. Of course it is. All right, guys, I think that is all we have time for today. Georgia, can you please wrap the boring but important stuff? Of course I can.

Alrighty, guys, please remember 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. Or a vision boarding decision. And we promise Victoria Devine is an authorised representative of InFocus Securities Australia, Proprietary Limited, ABN 47097797049, AFSL 236523.

We will see you on Monday, guys. See you next week, guys. Bye.