She's On The Money - FRIDAY DRINKS: 'Twas the night before Christmas

Episode Date: December 23, 2021

We can't believe it's literally CHRISTMAS EVE, and at a time like this we are reminded of just how grateful we are for you. Thanks for supporting us, being part of the community and being all round legends - we genuinely can't articulate just how much it means to us. Join us for this xmas eve ep, where we chat money, life and all the epic things SOTM has done this year.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 Australia Pacific Funds Management Proprietary Limited ABN 34 132 463 257 - AFSL 339151.See omnystudio.com/listener for privacy information.

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 one of our Friday drinks episodes where we celebrate the money wins from our She's On The Money community. There are so many great money wins and confessions that are shared in our Facebook group each and every single week. And we spend a very big part of our days and weeks talking about the things that you guys share in our office. This week, we are celebrating you and celebrating the festive season. But before we get there,

we are going to recap the week that was. Jessica Ricci, happy festive season. Happy Christmas Eve. Oh my gosh, it is Christmas Eve. Santa's coming tomorrow. Yeah, that is very true. I cannot wait for Santa to come, but do you know what else I can't wait for? You to tell me what happened on this week's money diaries. So this week we spoke to a beautiful human who has been working her little tush off and has saved 70% of her income, purchased a house all by herself at the age of 26. We love to see it. But then on top of that, she was really lovely and shared a little bit of insight into how she's handling money with her brand new relationship. Because obviously,

she's bought this house by herself. She's an independent woman, but she has this blossoming love that obviously complicates things a little bit. So, it was really interesting to hear how she's approaching that, having those conversations and what that kind of looks like for her. I thought it was really powerful and, I mean, quite relatable. And I know some people are going to be like, Victoria, owning a house young is not relatable. But it totally is if you're in the situation where you hustled as hard as she is. But those conversations, regardless of whether you own property or you don't, need to be had early in a relationship. So, it was kind of nice to be like, you talked about it yet? And see what she said. George, what happened on this

week's Wednesday Deep Dive? This week, V, we prepped for, what will it be? I guess it'll be Sunday, Boxing Day. We spoke about how we can make the most of the sales. And as everyone who listens to the podcast regularly would know, we're pretty anti-sales here at She's On The Money, unless we're using them to our advantage and buying things that we were going to be buying anyway for that better price. So, you know, it was loaded with those hot tips. We are anti-impulse spending, Georgia. Yeah, well, and that's it. That's it. I confirmed that I most definitely will not be heading to the stores on Boxing Day because it's just way too chaotic. What are you guys going to do? Will you be hitting the shops? Not in person. I'm going to be hitting the beach.

Ooh, gorge. That's a more affordable option. I absolutely am not going to hit the shops. In fact, it is now Christmas Eve. And so, I am done Christmas shopping, guys. I was a few days ago, but the anxiety I was feeling about even going out Christmas shopping, it was kind of like a game. I was like, I'm not going to get COVID before Christmas. Oh my gosh. I felt exactly the same way. So, I'll be doing a little bit of shopping, but probably online where I can shop around really easily and think about what I'm doing. a lot of those sales have already started as well so I'm already like considering those purchases which makes me just feel good you know oh my gosh I know and for me I was literally like I don't want

to go to the shops but surely there are going to be a lot of online sales and if there's nothing that I can think of off the top of my head without checking my emails guarantee you I don't need it I don't need anything so I'm going to try and just avoid my phone on boxing day I think you'll find that's such a good idea also just your friendly reminder to anyone who is planning on going to the sales please be kind to the staff it's been a really rough year um in general but it is not a good time to be a retail worker at christmas so if it's really crazy or they don't have the shoes in your size don't take it out on them it's really not their fault it's not their fault at all do you know what that's one thing i don't like people who are rude to sales people or anybody who works in

hospitality like oh it says a lot about a person yes exactly g king so to segue away from that before i go on a rant about how we should all be kind to one another g king let us know what happened in the facebook group this week what money wins was shared tell us just straight into it ah you know there were there were many as as always so i guess oh no this won't be our last one for the year will it we've got one more episode no we have one more and it is going to be right before the new year so it's our last one before christmas g okay cool well that yeah that's cool to know it doesn't really mean much uh in the context of this but that's okay you're like but you know what i have i have the thread and i have picked my favorites it doesn't matter about timing

precisely okay so our first winner here is from trinity she sadly just had to go to the hospital for an appointment actually i don't know if it was sad it might have just been neutral whatever might have been a job interview Georgia could have been it anyway parking at the hospital it's expensive rudely so I would say no one's really at the hospital because they want to be people are going through like a traumatic experience like you're going to see a loved one or you're going to get a surgery or something like that they're like you know what you need to do pay $50 for parking exactly it's audacious it's actually taking the mickey in my opinion I just that's one thing that you're like you know what I know we have a really great health care system

and we're so looked after. But come on, you don't need to kick us while we're down. A hundred percent. But the good news for Trinity was that the ticket machine was out of order when she went there. So, it was, you know, it was a good result. I really like that. That is karma in the best way. Precisely. So, our next win here, ladies, is from Annie. So, she usually makes dried oranges coated in chocolate or just makes them dried. And you know how you pop them in your little drinks, a little bit fancy. That's so fancy. And do you know what? They're so expensive. They are so expensive to purchase on their own, but you can dry them out on your own. That would actually be a great Christmas present. I mean, I can't be out here suggesting things on

Christmas Eve and expecting you to keep them, but maybe for next year, guys. Exactly. It does take a few hours. So, Annie has been drying oranges and she's taken them to work and she's charging her colleagues for them who are loving it. And they've all bought little, little baggies of oranges. How good's that? That is so sweet. She's a genius. She is a hustler. Annie, you're a smart woman. That's a good DIY one, V. You know how we were talking about that and we were like, oh, what's a good DIY? Where were you, Annie, when we had to write that episode? Precisely. We needed Annie. And are you selling those bags at the hospital where you worked paper parking by chance our next win here guys is from sonia so a neighbor of hers was

throwing out a persian style rug as they were moving oh my gosh i'm sorry i thought you were about to say a persian cash what is this show this show has gone loose because we're all really tired guys no so it's not quite that wild but persian rugs they're as exciting as cats some they are arguably more expensive than purchasing a cat so she she took the rug which was lovely took it to the rug cleaner which charged her five hundred dollars so not cheap but this rug is worth five thousand dollars it's pure silk it's hand knotted and now she's made a lovely friend at the the rug repair shop and everything's come out aces i'm not gonna lie george that money win has sent jess like jess jess looks like she is nearly gonna pass out on zoom it's not

the money win it's the delivery it definitely was the delivery but do you know what i learned i just learned that rug cleaning really expensive and i didn't even know rugs could be made out of silk what in the rich is that there's like there's different kinds of silks you know it's not just like a slippery little delightful situation it's I'm assuming it's um you know just like a regular rug a regular rug made of silk that cost five hundred dollars to clean I'm just imagining standing on the rug I couldn't bring like knowing that it was silk I just don't think that I could do it you guys know what we need we need a photo of this from Sonia we need to see what it actually looks like because I feel like it's going to be stunning and it'll all make sense I mean I did

just google silk Persian rug and I got a pretty good picture of what that looks like I think I was just more interested that it costs $500 to clean a rug I mean it's a big surface area if you think about it makes sense they charge you like $80 to clean a blazer and a rug is arguably like at least 10 blazers stacked on top of each other that's a good measurement but I have seen on TikTok people taking their rugs to the car wash. So, maybe that could be a money win. You just peg it up like you do the floor mats and give it a little spray-a-roo and you're all good to go. That could be a money win. Please don't do that to your silk Persian rugs. We cannot be responsible for the outcome of that. Do you know what? Let's move on from this. George, what else have you got

to bring to the table today? Our next little win here is from Josie. So, she created a Christmas fund this year. She wrote a list of who she was buying for, including what she was buying and where from. And she managed to buy everything and had a few little extras. And it all came in at $200 under budget. Oh, what? $200 under budget? That's an epic money win. A little bit of organization goes a long way. Obviously. I love that for you. I hope that's gone straight back into savings or into the Christmas fund for next year. Love that. Next win here is from Ashley. so her partner and her made some homemade strawberry jam for all of the people they would normally buy gifts for delicious wholesome wholesome yes they went to the local farmer's

market for fresh strawberries and bought cute little matching jars from silly sullies which i feel like i don't really know what that is i think this girl is from queensland so maybe like a reject shop kind of like you know yeah when you think about it who names their shop the reject shop that does not inspire consumer confidence in what i'm purchasing there but it's like a discount shop but like the whole point is stuff yeah it's like the stuff that got rejected isn't it and if it's not the reject shop are gonna come for us and they're gonna be like we are a legitimate institution jessica ricky that's i've we i'm so sorry to everybody listening guys guys i actually applied for a job at the reject shop the year after school and did you get rejected yeah i did

i didn't want to get the job so and that's the story of how she ended up on she's on money um oh yeah the win of that story guys was that she ended up with gifts for eight people and it cost them 45 so yes thanks amazing incredible incredible and heartfelt and wholesome and delicious to be honest i would adore getting jam from somebody and then being like i made this I'd be like, oh, I love this. Like, that's just, it's so nice. I feel like you can just tell, like if someone gives you a homemade jam, you're like, wow, you put a lot of time into that gift, right? I feel like it's really special. I feel like it's really undervalued and you're right. It's so wholesome, but it's also one of those things where it's not a gift that you're going

to put on the shelf and be like, oh my gosh, it's such a homemade gift that I just don't know what to do with like you consume it and it's good and you could probably reuse that jar if she's gone and bought nice jars from somewhere it's like i don't know does it do you guys keep jars like when you get a jar of pesto do you keep the jar do you throw the jar keep the jar my mom had a stockpile of jars when i lived at home i know like how do you guys make salad dressings if you don't have hoarded jars i don't know it's a good point it's a good point uh our final win my voice then was so weird i was like this whole episode is weird georgia king we are all like it's the end of the year party we're all drunk okay so our last we haven't been drinking i've got water in front

of me we've just lost it yep uh okay so claire is our final money win for the day she had some extra end of year income and instead of splurging on a christmas present for herself she put it to good use and paid off her zip pay accounts her credit card and the remaining balance on her hex it must have been quite a little portion wow what did you get paid well done claire that's so exciting yeah oh my gosh i love hearing when people are treating themselves in a different way like historically going out buying an expensive dress or a pair of shoes or something that you really wanted for Christmas was the way that we treated ourselves. Whereas now people are like, ah, I'm going to treat myself by getting out of debt, or I'm going to treat myself by setting

up an emergency fund. And I just think it's so special that we are slowly seeing our community reframe what treat yourself looks like. And we're now treating ourselves with lots of respect and caring about future us. And it just, it makes me so excited to think that we might've played a very small part in that journey. And that's just cool, guys. Welcome back to the second part of this wild, wild episode that you probably didn't expect to have this level of energy. Jess, this week, speaking of wild things that I didn't know existed, you introduced me to an idea. I think it's more of a product or a service. It's not really a news article, but you just thought it was really cool and you wanted to share it with the She's On The Money fam. What is it? Pitch it to us. Tell us

what you have found that you find so interesting. So, it is, I did see an article about this, but it's also something that I've seen a couple of brands that I know and follow introducing. So, we all love investing in this office. We think it's great. We're all about it. We talk about it all the time. A couple of different companies have started offering the option where you can purchase shares as a gift. And so, we have spoken on the podcast before about, you know, setting up your kids potentially with shares, you know, for their future or something like that. But this is, I guess, a service where it's like buying a gift card. So, we've seen Sharesies, our friends at Sharesies have just recently introduced this. But the article that

I was reading was actually specifically by a business called Upstreet. And the whole purpose of it is to gift the equivalent of like, let's call it a gift card in the same way that you'd send an e-gift card to like Colesmire or something like that. And you can choose from, there's like 20 top performing Australian brand shares on the ASX. So, there's Woolworths and Marley Spoon and a few different things like that, as well as a selection of ETFs. So, obviously it's a limited selection that you can choose from. I don't think it's super holistic, but you have the option to send that share gift card, I suppose, straight to somebody's email as their Christmas gift or birthday gift. How cool is that? We are now gifting shares for Christmas.

I thought it was super interesting because, I mean, I could imagine a lot of people, me included, going, oh, well, I'm super into empowering myself and future me. I want to do that for someone else instead of buying them a gift that they're going to use for maybe a couple of months and then it's going to go in the back of the closet. Why not gift them shares? And so, that's what I wanted to ask you, Victoria. Why not? Is there a catch-22 here? Look, I don't think that there's a catch-22. I think it's really fun. Shares used to be completely out of reach. Like it used to be something where it had a really high hurdle to get into and these platforms and our friends Sharesies, I believe, are doing this as well, Jess.

But on Upstreet, it starts at $10. Like that's probably what you were going to spend anyway on a Christmas present. We're not saying, oh, you now need to go buy this really expensive Christmas present. You do have to keep in mind that with shares, so say you go and buy a Tesla share, any income that you derive from owning that share does need to be declared as income because it is taxable. But that is okay. You just need to do the right thing when it comes to doing your tax return. And at the end of the day, you're only going to be taxed on money that you are earning from that share. So it's all okay. We just need to be aware that when we gift someone a share, you are actually gifting them the need to declare that on their tax as well. So it's not just like

gifting them a jar of strawberry jam that they pop in the cupboard and forget about. It is definitely something that they need to maintain and make sure that they look after. And I'm sure that there is a pretty arduous registration process for the person you gift it to. So while you might find it really easy to jump on board and purchase a share and send it off and you've got this beautiful gift card. I'm assuming that there is a registration process where your family member or friend or whoever you're gifting it to is going to need to then verify their identity and all of that, because that would be in line with Australian law of owning shares. So I think that that's just worth keeping in mind. I don't think it's a deterrent by any stretch of the

imagination. I'm just excited that we can gift people shares. Yes, Georgia King. You don't need to raise your hand. So I'm just wondering who this would make a good gift for, because I feel like you would need to have some understanding of how shares work to make the most of this, right? And if you just gave that to like your sister, Janine, who, you know, is not good with money, but you're like, here sis, this will help you out. And it'll just kind of go to waste slash, I don't know, maybe be a bit patronizing. Who do you think is the right market for this gift? I feel like she's on the money listeners would be into it. Yeah, look, I think that she's on the money listeners would be totally into it. But I also

think it's really important to just remember the tax implications and remember that if you're planning on purchasing shares for children, yes, it sounds really, really good. But children under the age of 18 cannot legally buy or wholly own shares. So it might be possible to open a minor account with these. I haven't looked into it, but it would need to be registered under an adult's name until they're old enough. And then when that minor turns 18, you can then transfer ownership solely to them. Because you're not officially transferring ownership, you shouldn't have to pay like capital gains tax when you do, but the most important thing there would be to get some tax advice. So yes, I think that's actually a really good question when you say, who is this

for? Because I think a lot of people would do potentially what I did. And the first thing that I thought was, oh my gosh, how cool would it be to gift this to my nieces and nephews? Like that's epic, but that's actually not going to be as feasible as you think it is. And you might want to go the long way around and have a listen to our episode about investing for children, because this is probably not that appropriate. But I would say people over the age of 18, it is a solid present. And I think it's a very exciting thing that we have access to. An interesting point there. My partner actually has never invested himself. However, his, I think it was potentially an aunt or an uncle or maybe his grandparents did purchase him a number of

shares when he was born. And so, I believe they were held by his parents and transferred when he turned 18 from memory, don't quote me. But what you said, George, about it potentially going to waste, I think, I mean, obviously, it's going to depend on the fees that are associated with wherever it's hosted. But for him, he never added to that. He's just held these shares for 18 years by the time he got it. And it wasn't a huge amount of money that was put in, but it had still increased. It had just ticked away in the background. Obviously, there was enough in there that either it wasn't being hit with fees or it was very nominal. And there was more there than when they purchased it, which I would consider a win. And obviously, not every share is going to

do that we can't predict it but if it just sits there there is the potential right that it will just kind of accumulate a little bit of compounding interest yeah of course and that's the point of investing over the long term right like you're not gifting someone a share so you can be like hey here's a piece of tesla it's literally so that you give them long term a asset that will increase in value and hopefully pay them over the long term and i think that's the beauty of long-term investing but I guess it's also important to say well yes you can still invest for kids I'm not saying it's not impossible there are actually you know I'm going on a bit of a tangent here only because I know people are going to be like well Victoria how do we invest for children there are

two ways to invest on behalf of kids who are under the age of 18 which is actually all kids because anyone over the age of 18 is actually an adult so I don't know where I'm going with that but either a parent or a relative is the client they actually have the investment portfolio held legally in their name, or in a more complicated way, you could actually use a family trust and set up a discretionary family trust where the child is the beneficiary and then the trust invests via a certain platform. It's a little bit more complicated, but talk to your financial advisor or talk to an accountant about that. I think it's really important to know your options if that's your plan, but unfortunately, I don't think gifting shares

is going to be the best thing to do for kids. I also don't want to be too negative about it because it sounds really exciting and it's really potentially a good way to get kids really interested in shares as well. So I'm not saying don't do it, but you know, as I said before, there are a fair few implications, but also if you're purchasing a share gift card and then these kids have to wait until they're 18, are you still going to have that gift card? Are they actually going to keep track of it or would it have been better to potentially do that in a parent's name to be transferred over? I don't know. Really good point. That's such a good point. Just a lot to be taken into consideration. Yeah, like I would have lost it. Like I've

been given multiple gift cards over my lifetime and I don't know if I've even used them all. While we're on the hot topic of investing, my ladies, let's hear from this week's listener question. Hi guys, I've got two questions. One is what are franking credits? And the other is when I'm looking at buying shares, what should I be researching and what should I be looking into to make sure that I'm getting the best shares. Okay, take it away, VD. Franking what now? What's a franking credit? Franking credits are arguably one of the sexiest things in the entire investment world. Talk to me. Yes, are you ready? Frank, come on over. If you've been dabbling in the investment world, it is very likely that you have come across the word franked or unfranked dividends.

so a franked dividend is one that carries a franking credit so that sounds very complex but I promise you it's not it's also called an imputation credit not really that sounds even more complex yeah okay so essentially it's a tax credit so it is a tax credit that exists to prevent double taxation over the long term a franked credit means that a company has paid tax on that share already, and that is a money win. So double taxation is kind of like getting two pieces out of one pie. And as the name suggests, it usually occurs when the same income or asset is subject to tax twice. And typically this happens when corporate and personal profits intersect, as is the case when you have a dividend. So a dividend is the profit

that you are paid for owning that share. So I use the example of Tesla before. So we'll say Tesla made $100 profit last year and they had 100 investors. So they divided that $100 between that 100 investors and you made $1 in dividends, which is the profit you made for holding that share. Because as a shareholder, you're a minor owner in that company, which actually entitles you to part of the profit of that company. So when you get a dividend paid to you, it could be franked or unfranked. And when you get paid to this dividend, it's really important to know the difference because no one wants to be double taxed. So, under this system, the ATO recognizes that corporate tax has already been paid on the profits, which means that you only have to pay

the difference in tax. Say you own a share and it pays you a dividend of $70. Let's use the example of somebody, her name is Brittany and Brittany earns $30,000 each and every single year and that puts her taxable income at $0.19 for every dollar over $18,200 that she earns each and every single year. So, let's say she earns a fully franked dividend of $70. Then, because it is a fully franked dividend, she gets given a franking credit. And that franking credit on $70 based on her personal tax rate will be $30. So, her total dividend income is actually going to be $100, dollars, meaning that her personal tax on dividend income is going to be $19. Then you take away that franking credit, which means that the total tax refund that Brittany receives for her dividend

will actually be $11. So essentially she's going to end up with a refund. So businesses are usually taxed at 30%, but because this person's marginal tax rate is actually 19%, they're going to end up with a refund because they're not earning the same amount of tax that the corporate entity is paying. So, they actually get a refund on that amount. Therefore, they make more money. And if you kind of like extrapolate that out, that example was on one share. If you extrapolate that out, franking credits are actually really, really powerful because one, it means you don't get double taxed. But two, think about this, guys. Obviously, not everybody earns under $45,000 to have 19 cents for every dollar over $18,200 to pay each and every single year.

But where do we pay less tax, guys? The answer's in superannuation as you look at me like dull-eyed like what the hell is she trying to get at? I know the answer. It's superannuation. Oh my gosh, Jess, you genius. But yes, so our superannuation tax environment is taxed at 15% instead of our marginal tax rate, which for a lot of people on an average salary is about $0.32 for every dollar over $45,000. So that's reasonable. But if our marginal tax rate is about $0.32 and then businesses are paying $0.30-ish per dollar on tax, and then in our superannuation environment, we're only taxed at 15%. Do you know what that means? A sweet, sweet 15 cent refund on every dividend that was taxed, which means that you're making more money

in superannuation by holding an asset that is franked there, which is why in the superannuation environment, franked shares are very, very sexy because they provide a number of benefits above and beyond just holding them outside of super. Because as you can probably understand, Jess, for example, average salary, normal salary, I would say very, very good salary. I'm your boss, what a legend, very well paid. But 32 cents in the dollar, that would then mean that you're not really going to be able to benefit from a refund because you actually pay more tax personally than that business did. So, Frank, not very helpful for you. But in superannuation, very helpful because you are taxed at a lower amount. So, I'm really excited about this because I think it's

really important for us to understand that it's not just about how much we get paid in dividend each and every single year. And it's not just how much our share increases in price, but there are other things that play into this like franking. So, hopefully that answered the question. I reckon you did, doll. That was- Did I do a good job or did I just get too complicated? But I'm very excited about it. But essentially, if you earn fully franked credits, it means that the shareholder is getting a lot more bang for their buck in terms of dividends and investment returns. So if you take any from that, fully franked credits are very, very sexy. You're welcome. Okay. That's

the takeaway. Thank you for coming to my TED Talk. What about the second part of her question? Oh, I was going to avoid that because I can't give personal advice at the end of the day. As we've said before, start by listening to our podcast and reading my book and understanding what investment is. It's not about picking the perfect company. It's actually about understanding what your goals are, what your values are, how long you're planning on holding those shares, what your ethics are, what values are you going to overarch onto your share portfolio? How are you going to get a well-diversified portfolio? Because it's not just about going and picking up one share. It's about going and picking up a basket of shares that work for you

over the long term. And this is often why our community really values and turns to things like ETFs and managed funds because they don't have to make these decisions on purchasing a direct share or picking the shares themselves. They get to essentially pick a fund manager that makes those decisions for them and they put their trust in that. It's also why I'm so passionate about my partnership with Sixpack because they do that hard work for you and picking shares is really hard and it's not about picking one and then having it forever. You've got to know when should I sell this share? Is this share still serving me? Are the board papers correct? Have you read their annual reports? Do you fully understand them? Is my portfolio performing

the way it should? So there's, look, there's lots of questions when it comes to how do I pick the right company? And to be honest, the way you pick the right company for Victoria Divine is very different to how you would pick it for Georgia and how you would pick it for Jess because we are all different people. So unfortunately, I can't answer the question of how do you pick a share? but the best place for you to start is researching and understanding your own values and why you're investing and what your investment timeframe is, as well as really understanding your investment risk tolerance. So really understanding what that looks like for you, because you might be super conservative, in which case a Tesla share is probably not the one for you. Or you might be

a really high growth investor, in which case a completely different portfolio is going to exist. So it's more about understanding you and doing some research about what aligns to your values. If people do want to have a squeeze at those annual reports, which kind of detail what the company's done in terms of product development and performance and finances, they're very long for anyone who's never seen one. Where can people look to find those? You can find them on the company's website. So, if they're an ASX listed company, they will be a publicly listed company, which means all of their records public for you to go and view. So, you just head to their website. And if you scroll down to the bottom of most

websites you'll have either shareholder information or investor information some places have investor portals and all of that information will be there amazing with that rant i think it is time to wrap guys but before that have the best day tomorrow enjoy christmas we cannot believe that we have been lucky enough to spend another is it another year hanging out with you guys festive episodes are literally my favorite because we're all very excited as you guys could probably tell from the start of this episode we're a little bit loopy we've lost it a little bit we're all very excited but enjoy the festive season be kind to one another and most importantly be kind to yourself but as always just before we head off 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 respect to elders past and present and we share our friendship and our kindness. And remember guys that 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 is an authorised representative of Australia Pacific Funds Management, Proprietary Limited, ABN 34132463257, AFSL 339151.

See you next week, guys. Merry Christmas. Merry Christmas. Merry Christmas.