She's On The Money - FRIDAY DRINKS: We talk the latest "Credit Card"/Influencer combo with Glen James

Episode Date: April 7, 2022

Happy Friday! This week it's the gang plus 1 as we're joined by our friend Glen James from My Millennial Money for hot takes on this week's episodes, your money wins and to answer a listener question. Plus, have you heard about the latest influencer/"credit card" combo?! Well, we definitely have thoughts and feelings about this spicy situation, so don't miss it!The advice shared on She’s on The Money is general in nature and does not consider your individual circumstances. She’s on The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. Victoria Devine is an Authorised Representative of Infocus Securities Australia Proprietary Limited ABN 47 097 797 049 AFSL - AFSL 236523.See omnystudio.com/listener for privacy information.

Just before we get started, we'd like to acknowledge and pay respect to Australia's Aboriginal and Torres Strait Islander peoples. They're the traditional custodians of the lands, the waterways and the skies all across Australia. We thank you for sharing and for caring for the land on which we are able to learn. We pay our respects to elders past and present and we share our friendship and our kindness. She's on the money. She's on the money. Hello and welcome to She's On The Money, the podcast for millennials who want financial freedom. Guys, today is Friday, which means it is time to sit back with the girls and Glenn James, with a bev in hand to unpack our favourite moments of the week, and of course,

to celebrate you, the incredible She's On The Money community. As always, we're going to be sharing our favourite money wins, we're going to be discussing what's making news in the finance world, and we're going to be helping with a hand from our friend Glenn James. Hi, Glenn. Welcome to the show. Hello. We're going to be answering some juicy money questions, which this week, we have no idea what they're about. Annalisa's just going to drop them in and surprise us with them. So before we get there, first, let's recap the week that was. Miss Jessica Ricci, who looks wildly underprepared because she thought I wouldn't be so speedy with this intro. What happened this week on Money Diaries? This week's Money Diaries and a little content

warning here, we're going to talk about assault. It was a little heavy one, but I think it was really important and we got some great feedback because our diarist was unfortunately the victim of a crime, which is really, really horrible. But she spoke about some resources that are available and some financial aid that is available to people who do undergo crimes and assaults and things like that to help you get your life back on track. So I think she said she used it in the interim. She was at uni and working. And obviously, when you go through a trauma, you can't just kind of pick up your life and go about as is. No, you need that.

No, you need time and you need to be able to look after yourself. So she spoke about that resource. And we had a DM from a girl this morning, actually, who said, I didn't know that was a thing. And I have recently been a victim. Thank you so much because I'm going to go look into that. That was so worth it, even for just her. And that's the thing, like it was so powerful. It was something that I didn't know existed either.

So I'm so grateful to her for being so open and willing to share about something that would have been incredibly difficult to share. Yeah, it was really kind. The trust she had in our community to share such, I guess, an intimate story. That's just really special. Yeah. And it's already had an impact on someone. So she can feel good knowing that she did that, which is amazing. Week off to a very good start, Jess. It's funny because I knew that I was going to come in and have the Friday drinks. I'm like,

oh, maybe I should listen to the money diarist. That would have been a really good research. Yeah, that's right. Because I'm very prepared. But I saw the topic and I saw the warning and I actually didn't listen to it, but I would say for someone to share around that topic publicly, that's just amazing because for me personally, it really affects me and I don't know why, but I can't just, I don't know. Consume that content in an easy way. So all that to say, and I'm getting weird talking about that,

like I think you're a champion for coming in and sharing that story And if it does encourage other people to, you know, speak out or whatever, yeah, it's just wild. That's so important. It's also why we always like to make sure we're super clear with our content and trigger warnings because money diaries can get really deep really quickly because we're asking, well, what's your money story? What's your background?

Tell us about you. Share your story and your journey. And when we organized this money diary, we found ourselves in a position where we didn't actually know that was part of her money story until we started talking to her and learning a bit about her. And we were talking about debt and how she got out of that debt. And she was like, oh, well, actually, and it was really nice that she was so open and honest. And we obviously go back and add the warnings, but there are heaps of people like you who are like, oh, look, I really know that this is important. I so support it. But right now I'm on my commute to work. I don't have

the capacity to carry that load right now. And I think that's totally okay. Yeah. So good on you, money diarist. But let's move on. That was a very good start to the week, Miss Jessica Ricci. G King on tour, who's, I guess, on tour, you're coming in remote from COVID central. This is so weird. I'm in isolation because Harps has COVID again, twice in three months. Be careful out there, everyone. Unlucky. He should go buy a lotto ticket, not financial advice. I mean, it might not go well. Georgia King, what happened on our Wednesday deep dive? so on Wednesday V we went deep into ethical investing so we spoke about what it is how to do

it and why like what is ethical to one person isn't necessarily ethical to another so we have done an episode on this before so it was it was nice to go back into it because we still had so many questions and hopefully in this episode we answered them we will continue to vlog the dead horse which is ethical investing I'm not going to get off that high horse either dead horse high horse. I think I meant something different. We're going to move on. But Glenn James, you've joined us to hang out on the Friday Drinks episode because you're in Melbourne and we're like, well, we're recording our pod. You may as well come and hang out. For those of you who don't know Glenn James, he runs My Millennial Money, an equally good questionable money podcast. But Glenn,

when it comes to ethical investing, what's your stance? Yeah, I think, Georgia, you said it perfect. I'm looking at her and she's not looking at me, but whatever. It's really important to understand, and this is the trouble I have with our group of people, what is ethical to you might not be ethical to somebody else. And would you rather invest in a coal mining company or a bank or a big social network that mines data with a blue logo? I mean, you've just got to make that choice based on your own values. But I will say, you know, the more you screen, the less options you'll end up having. So there's got to be this tipping point. And actually, I should introduce you. We had a guest on our show, Kate Howard from Fidelity, and they took a different view with this

whole thing. And they were talking about this impact investing, and they had the view that, look, we represent a lot of money. So we want to actually lean into these companies and have a seat at the boardroom table to say, no, we still want to invest with your company. You need to make these changes or we'll take our money elsewhere. So I think it's a really good view that, yeah, we just need to be more understanding about what it is. I used to think mining equals bad equals unethical, but no, you need to mine stuff to make steel to put in wind turbines, for example. So yes, fossil fuel burning equals bad, but mining doesn't necessarily equal bad. Yeah. So I think it's all about education and understanding it. Yes, I would, by the way,

love an introduction. We'll get them on the show and have a chat about that because that episode had so much feedback and just so much chatter surrounding it of people having further questions. And I just think it's not a conversation we're done having. Ethical is a really big umbrella term as well. And you guys broke down on that podcast, ethical versus sustainable versus impact, because I think people often confuse the three and think that ethical investing just covers all of it when actually it's like a facet of, you know, the different ways that you can structure your portfolio in line with your values.

So well worth the listen. I found that one really interesting personally. And Glenn, I know you didn't listen to it because you don't need to listen to our episodes, but we also spoke about like greenwashing and you know how spicy that can be. and Glenn and I, we have lots of offline conversations, sending screenshots back and forth of different companies who are saying things that we're like, oh, that's a little bit off, but whatever. Greenwashing is such a massive thing in that space. And what I said on the podcast was that it's not like the organic sticker where you go into the supermarket and

there's a little organic sticker on the apple and you know that it's GMO certified and all of these other things because it's met the criteria in Australia to be an organic apple. Whereas with ethical platform. It's like they can use whatever words they want. There's actually no criteria that globally they need to meet unless you're looking at things that are ESG. And ESG is a completely different ballgame again. So ethical is your personal point of view, whereas ESG is a genuine form of investing where they have to meet criteria. But most investors just don't know that. Yeah. And I think it's important to understand that as time goes on, greenwashing will become less and less because we, the people, will just see right through it.

And it goes to all facets of marketing, right? Like I was at the supermarket the other day and I saw like some sausages and it's just like gluten-free. It's like, well, no, they're all gluten-free anyway. No, they're not because they're made with breadcrumbs. Sausages. Yes. What part of the sausages?

Like in the meat. Okay, well, I talked to the butcher and he said all our sausages we make are gluten-free by default. Unless they have gluten in them and somebody who has a celiac in the family and usually eats gluten-free, I promise I'm not even buying sausages. I'm a little, I don't eat meat. I know. So I don't know why I'm thinking of this conversation.

I tap out. It'd be like seeing an advertisement on a bottle of water to say it's vegan. Like it gets to the point where it's like taken as red. It's getting exhausting. It's taken as red that water is vegan and gluten-free. They're just trying to appeal to people because they know that people are now prioritising global issues and they're trying to appeal to that consumer are they taking advantage of that then yeah but this is like all right georgia hello just

to bring you back in this is the thing where like the marketing team and hello to all the marketers you do wonderful things as he points at me like this is where like the marketing team could get involved with something to sell it externally and maybe not represent what's actually going on Spicy. I don't know. Yeah. And so you take something like the bottle of water that we know is inherently vegan, well, the marketing team might get involved and go, let's market this water as vegan.

But to their credit, that's genius. Like until tighter regulations are put down on this stuff, like go for your life, I think. And we just have to use our kind of consumer knowledge and nows to kind of pick through the bullshit. Next week on She's On The Money, we're going to be sponsored by Georgia's new water brand, Vegan Water. So, for example, we know categorically if you've got the B Corp certification, like you've done a lot of work in the background. Yeah.

So I think it is knowing those trusted certifications that aren't rubbish. Yeah, absolutely. Absolutely. Let's move on from here, though, because I don't want to get too deep because I do have a really big content piece that I want to discuss, which has been going. very well online recently. I feel like people are up in arms. In fact, someone DM'd me this morning about it and they were like, I just need to tell my finance mom about this. And I was like, girl, if you tell me, I hold a grudge. Like you can't tell your finance mom something and then

have them forget about it later. Don't come back to me and say that you like this person now. She's been written off. That's how it works when you tell your mom things. But moving on to the community again, Georgia King, we would love to know what are the top money wins that you've pulled from the group this week? All right, we've got a few this week, guys. I'm very excited that Glenn James is here for this part of the show as well. I'm a bit worried about what his feedback on your money wins might be, guys. What if it's bad? I actually did see in the list of money wins someone received Glenn James's book, but I was like, don't put that in George. He's the enemy. He's the competition. It's a bit awkward now. All right, let's get into it, guys. The first

win of the week is from Jonah. I was looking into buying tiles to update the kitchen and bathrooms in my investment property. However, coincidentally, my neighbor was giving away heaps of boxes of tiles for free on her nature strip. The tiles are the style I was looking for and in the exact quantity I needed. How perfect is that? Manifested it, Jess. We all know how Glenn James feels about that. I will fight you. Do you want to go there? You sit down, sir. Sit down. All right. Sit down. Don't stand up.

Name me an item. I will find it. I will manifest it on Defensible Marketplace. Okay. We'll mark this right now that I will have a manifesting debate with Jessica Ritchie. You name a time and a place. You have to say it properly.

Jessica Ritchie. The next swing, guys, comes from Angie. Today I ticked over $60,000 in my house deposit funds, which I've been saving on my own. Since I got more serious about saving after divorcing my ex, I've managed to save $35,000 in the last two and a half years. With my current projections, by the end of next year, I'll have $80,000 for a house deposit and can join forces

with my partner to hopefully buy my first home and his second. Good on you, Angie. Yes, Queen. I love that. I also love that she's like, I kicked my ex to the curb and now I am flourishing. Yes. The next one is from Kiara.

I found an old birthday card from my 21st which was three years ago and I didn't realize at the time but hidden behind a few photos of my friend and I was actually a $50 bras and things gift voucher which doesn't expire until November this year money actual win guys we love bras are so expensive don't you think Glenn I do think and I do actually know oh let's not go I don't want any more information please george i keep going i'm relevant it's all good thanks though the next one is from olivia i resigned from my job of three and a half years for various reasons including not feeling valued i started training my replacement and four days into that training she decided the role wasn't for her rough i had three days left of my notice period and four

weeks until I started my new job. So I offered to still assist in my old role and train the next replacement me. In doing so, I negotiated a pay rate of double my usual rate for any work I do within business hours and triple my old rate outside of business hours. I'll keep on doing this work until I start my new role. Yes. That makes sense. It was convoluted. No, it made sense. It made sense. And I've actually had this conversation recently with someone who was asked to work for their old employer. I was like, okay, cool. But they don't just get to divide your annual past income and pay you that rate. Like go find what a freelancer who would do that rate would look like and charge that because you're freelancing. Like this is how it works. You

shouldn't be just paid your old stuff. You absolutely should have argued that. And I, I think that's primo. Very clever from Olivia. Well done, girl. The next win is from Carlos. whilst religiously investing over the past year i'm getting paid a few hundred dollars in dividends this month v that's what we talked about last week does that feel we love it the money that your money made yes our final win for today guys is from rachel massive money win i discovered by accident that i was eligible for the higher rate of child care subsidy for my youngest who is at daycare five days a week we are now saving 120 a week and i'm adding the savings to paying off my personal loan. That's $480 extra a month to put towards the loan. I love that. That's so much

money. If I knew how to check that, I would tell you guys. But if you do have childcare, I'd be looking into whether you are paying the right amount or not, because that sounds like a massive money win. 100%. That's all I've got for you this week, guys. Exciting. Well, let's throw to a really quick break because it turns out we do need to get paid. And when we come back, we are going to be talking about a spicy credit card an influencer has decided to make for us. All right, we are back. Jessica, you have brought to the table this week the content that we would like to talk about. That's what we're here for. We are here for the content. We are here for the drama. And this week it was announced that what I would say is a scandal-ridden influencer has

decided to partner with a credit card company. Is that right? What have you got for us? So Danielle Bernstein, who is a blogger or an influencer, she originally had a blog called WeWallWhat, very, very popular. She's moved on and done a whole bunch of collaborations. I believe she has her own clothing line now. And the headline reads, Daniel Bernstein is launching a WeWallWhat credit card. So we of course saw this and were like, excuse me? My DMs have been absolutely blowing up about these articles about this credit card and on face value, because usually I read my Instagram messages when I'm on the go. Like I was reading them on the tram and I was trying to work out what they were. I didn't have time to read the full articles. And I was like,

oh my gosh, an influencer launching a credit card. How irresponsible. This is wild. So we did a bit of digging before we posted about it on our own socials because you don't want to jump to too many conclusions. And Jess, it's not a credit card, is it? It's not. So it is through Visa, which obviously do have credit cards, but it's actually a prepaid card. So kind of like a gift card? Nope. Can I correct you and you can edit this out? Please feel free. So Visa do not actually have credit cards. They are the payment gateway in the payment service that facilitates credit cards. Excellent correction. That can stay in there. That's not a bad thing. Visa and MasterCard are the payment terminals and then you can have a Visa credit card, but it would be hosted by

somebody else. Yeah. So you can have credit cards with Visa, which I think is where all of these headlines kind of came from. But people are assuming as well, I think it's a lack of financial literacy in a way for people to just be like, card, credit card, ding, ding, ding. That's the answer. And I mean, it's arguably the headline that's going to sell, you know, the newspapers, not that anyone buys newspapers. No one's going to like pick it up and be like, influencer launches financially responsible charge card. That's not going to happen. Like this card, we've looked into it. You can only spend what you've loaded the card with. Yeah. So it's prepaid and the whole idea is that there will be a bunch of perks available to users that wouldn't be available

otherwise and that's the incentive but it's a really interesting crossover to see because this is obviously a really large corporation in the finance space testing the waters to see how much influence an influencer has and we were just saying before you know 2.8 million followers like she is arguably a real full-blown influencer yeah she's legit according to glenn james yeah if you've got the glenn james tick of approval that's better than the ig one yeah i rate this chick she's got like a philanthropy thing well before you say that she has um spicy she's spicy she's riddled in scandal she's controversial i wouldn't go that far but she has come under fire in the past i said before she has a clothing brand and she's been called out for copying smaller businesses and

ripping off their designs which we do not stand no we do not stand to be clear we haven't looked too far into that side of things. I did a little bit of research before and there are a few things where there's like prints side by side and they're almost identical. And I also found the content where a lot of TikTokers were comparing her stuff to small businesses on Etsy. And yeah, it was, I would say, pretty identical. Is she Aussie? No, she's from New York City. There's so much money being poured into this and I would be interested to know what they're kind of looking for? Are they looking for her to convert new people to this card or are they looking to retain people? So I looked into it and there's obviously always an ulterior motive when it comes to

anything in business, right? Monet. Yeah, Monet. It's art. It's French and it's art. But that's it, right? Like someone somewhere somehow has to be making money. Otherwise, what's the point of the collaboration? There's a lot behind it and that makes sense. Everybody should get paid. I don't think that's a bad thing, but I think we should be transparent about that. So Imprint, who is the company who are facilitating that card. So as Glenn was saying before, Visa are the payment terminal. Imprint is the company issuing the card or issuing the Visa card. And they have said things like, no, the card can't affect your credit score or put any of the users in debt, which I really like because it is a, basically it's a debit card. It's an American

debit card. So you put money on it, you can spend your own money, which is quite responsible and you still get all of those benefits, which could be really nice, especially if you really align to her brand. However, Danielle has come out recently, especially after getting a whole heap of backlash about her quote, super cool card. Danielle's come out and said, I don't make money from the card directly, but I will make a profit quote, based on the product sales that the WeWallWhat Visa card facilitates. So that could be massive. So is that like saying I might get like 1% or it's probably way, way, way less than 1%, 1% of every sale that happens on one of those cards? So this is how I read it, right? So headline is, hey everyone, I've got a prepaid gift card with

my brand on it. Now, number two, so like it's no different than Westfield having a prepaid gift card, right? So it's their brand on it. She's obviously gone, like, cause she could go to MasterCard, right? Or Visa and say, Hey, we've got this distribution. We can use this card. Cause I think it's important to understand how it all works in the background. So if you go and use your tap and go card with Visa or MasterCard, the merchant fee, so Visa or MasterCard will charge the merchant a fee. It's quite small. We know Amex is a big fee because they charge people extra, right? Yeah. And that's why so many places will say, no, Amex, it's not because they can't process it. It's because it costs that business so much

to process that payment method. So, I would just imagine there would be a percentage, 20, 30% of the Visa merchant fee that Visa get, that they'll be passing on to her. Which I think is kind of fair. Like, it's quite transparent. It's like, well, if this doesn't work, you don't get paid if people aren't using their cards. additional cost to the consumer. Which is the main point here. Like you can have this card with the benefits. It's probably not going to cost you any more than having a regular imprint card. But I think the spicy part and why people have basically jumped down her throat so quickly is her rocky past. Like the fact that she hasn't been the most upfront when it

comes to, you know, business previously. Like she's obviously breached a couple of trademark things and gone about copyright infringement in a not so good way. And a lot of people are jumping up and down and they're like, oh, she's a scammer. She's not a good person. We shouldn't trust her with our financial information. But I think the important thing there, and I obviously haven't read their PDS, but I would make a grand assumption that there's no way that she, she's like the face of the card. She's like the model on the front. There's no way she would be given your financial information. That would stay with imprint and visa. Like I really doubt that that would go further and be supplied unless it's some kind of like, oh, if they sign up, you get their

email to add to their marketing list, which would be a really good way of working out who to market to, et cetera. But I do think it's quite spicy, but it's definitely not as spicy as all of the headlines are telling us it is. Yeah. I'm just looking at the Instagram ad. They've got a heap of brands promoted. I would imagine, so for example, if she brought somebody in her audience with that Visa card or that prepaid card to a certain brand, they would probably be able to track that you used this payment method to buy this pair of shoes, for example.

She may get a commission. It's like how the shop backs and all that work, right? So we're bringing people, a.k.a. buying power, to your brand. We want to benefit to bring those people. And that makes sense. Three million followers. this is big business, everyone. Make no mistake. It's not little. Even though she's getting all this backlash, it could be a really good thing for her. And in their press statement, it actually

says, to further your point, Glenn, WeWallWatt customers benefit from, quote, best in class rewards by offering cardholders 10% back when they shop with WeWallWatt, because she obviously has her own shopping facility online. Then if it's a brand partner, they get 5% back and you'll get 1% back if it's everywhere else. So it's not unlike a shop back where they're getting it back, but I would be interested to see if above and beyond that merchant fee, if she's getting part of that, what type of partner benefit is she getting? Like, are they splitting that referral fee? Because they're saying rewards are immediately available and are redeemed interchangeably across brand partners. Kind of cool. But that must mean that there's another facility over the top of that

to track that reward system. Yeah, and this is it. Convoluted. She's not doing it for free. As nice as she is, and maybe she does offset some of this stuff by having the philanthropy. I can't say that word, philanthropy. For someone who's such a philanthropist,

I'm very surprised that you can't articulate yourself. I'm just a giver. Just a giver. Yeah, nice. Very nice. No one does anything out of the goodness of their heart. Like I do a podcast that's free to listen to. Yes, it is out of the goodness of my heart,

but I wouldn't be doing it for too long falls and getting paid. Yeah, because it's unsustainable. Like I started mine and I was like, you know what, this is going to be 12 episodes of quality content because I want to put it out there for the best. I don't have time or capacity because I need to save for a house and I need to do all these other things. It's great that it's now commercialized, but yeah, it's not, I've got to pay Jess. I've got to pay George. Let me know if you guys are changing that though. slippery slope with this, is it encouraging people to spend more on stuff they technically wouldn't need otherwise? Because that's the whole-

I don't know. I reckon that that's the slippery slope that they are going down because you'd want to be buying things online. But if you already frequent those places and it's your own money, I'm kind of like, well, maybe, who knows? I don't even know if there's a sign up fee. I didn't know anything about this influencer until I walked in here 10 minutes ago. But I think probably looking at it more, it probably is more of a buying power play, like the shop back and the cash rewards vibe, as opposed to the visa merchant split. But we just don't know. It does inspire me though, to look into ways we could get a she's on the money card to inspire people to be smarter with their money. How cool would that be? You're like at the checkout and

you see someone whip out a peachy little card. It'd be like 2010 and everyone's like, oh my God, are you with ING? Do you remember? I used to see people with their little stickers that would say splurge or spend. Yeah. All those people who get those covers for their cards with Terry Crews on it being like, don't spend money. But I think ultimately it's going to be in how this card is marketed because, you know, she could just say, here's a thing. If you shop online and you want to access some extra awards, it's an option that's available to you. Or it could fall into that area of the more, you know, misleading, pushy marketing where they're saying, oh my God, got no money, but want to do X, Y, Z, or thinking about doing this and spend, spend, spend. And it's

that, I think it's going to be how they encourage people to use the card rather than the product itself, which is so often where we see businesses being problematic. The item itself after pay is not a problematic product, but the way that they market it. But it's a slippery slope. Like what is next for them? Like say this is wildly successful. Do they go into buy now, pay later? How does that work? I think for me, I'm not too concerned because it is basically a debit card. It's not anything more than that. A debit card with some rewards. Yes, at the end of the day, you're probably being promoted to spend more because you want more rewards. And I'd be really wary of that. But it's also not available in Australia. So glad we spent so much time on this

piece of content. All right. So I think we have a few minutes left to answer some listener questions. are you guys ready let's do it hi she's on the money team I just need some advice about work expenses so with my job I get to have my work car which is under the business but I don't have a fuel card or an f-post card so with that unfortunately I have to pay for quite a few things under my personal finances I do get this paid back once I do all the paperwork but the next day i have to pay that all again as you know i have to pay for fuel i have to pay for clients etc so i have asked my boss for an f-post card and he flat out refuses and says no as he says it's a liability i just need to ask if this is ethical or if there's other ways that i can convince him

to get an f-post card thank you um i used to do this with one of my old jobs because corporate cards were only reserved for the senior consultants. And so whenever I traveled to Sydney for work, I would have to put the deposit on my card personally to check into the hotel, which is in a way I could understand why it was all about risk that the business was carrying. But as a 20 something year old who didn't have all that much cash, that was a lot to foot and a lot of financial responsibility that I didn't think I should have taken on. So that really used to frustrate me, but we've got Glenn James here. So like, why are we listening to me? Glenn, speak now or forever hold your peace. It's just ridiculous telling me to get

stuffed. I mean, if you're employing someone and they're out in a role that requires expenses, you need to furnish a card. Like it's just actually ridiculous that you should cash flow someone else's business and then be reimbursed. That's the summary of it. You shouldn't have to cash flow somebody else's business. Like my team, JP, my team, she's the one who does most of the traveling. We've got a card in terms of the liability. We started with a prepaid post office card and I just said, yep, I'll put a thousand dollars on it. When it gets low, let me know, I'll transfer over. I don't expect any of my staff to cashflow my business. No, because you don't know what their financial situation is and it's not their responsibility

at the end of the day. That's a really good idea, Glenn. I really like the post office idea, but then you can also always get like a credit card that has a $500 limit like it doesn't have to be massive but as a business you're incurring this cost anyway and if you get a business credit card you could be racking up some sweet sweet points by owning that as well well because it also puts the user at a disadvantage let's say she's spending she's saying for fuel primarily let's say you're spending 200 bucks a week on fuel which which is so expensive at the moment I was going to say he's being conservative given current petrol prices that's what let's call it $800 a month. If your business or if the business that employs her is reconciling their accounts

monthly, which most businesses do, and she spent $800 out of her pocket, that's $800 that she's not accruing interest on for the duration of that month. So if he's insisting on you bankrolling it, I would be raising that and saying, hey, I'm actually missing out on interest. You need to pay me a percentage on top of what I'm spending. Oh, I wouldn't even go that far. I'd just say it's not my job to bankroll your business. I'd be pretty blunt about that one. In saying that, it's a really hard situation to navigate. I would assume if you're saying to your boss directly, like, oh, hey, I asked Glenn for a bank card and he didn't let me, that's, I'm making grand assumptions here. I'm assuming it's a small business. I'm assuming he hasn't thought too

much about it because there's no way a bigger corporate would do that anymore. Like I'm talking about when I was working in like 2011, 2012. We're not, you know, not 2022. I feel like that's really outdated to go, oh, we'll reimburse you for your expenses. Like, I think it's reasonable to be reimbursed for your expenses if you're like, oh my gosh, I incurred this one parking thing this week. It was 22 bucks and you submit your ticket and you get your money back. Not if it's a consistent expectation. Like, oh, I went to training in the city, so I had to park and I I did this and I did that. Like that's reasonable reimbursement. But if it's a consistent part of your job. If it's all the time, get stuffed basically. I'll call him. Let me know. Let me

know. So if, if it is a small business and maybe you're like worried about your position within that business, if it's really tight and tiny, how do you bring it up? Like if there's no HR department, if you're someone that's nervous and hates confrontation, like it's all well and good to say oh stuff you like but how do you actually have that conversation you know what I mean no that's a really good question because 2010 Victoria definitely wouldn't have just been like oh stuff you in fact 2010 Victoria was you know just still reimbursing still putting my receipts in still like putting them in a little folder in my handbag and taking them to work and scanning them in and going oh I don't really want to mention it because it makes me feel uncomfortable

and I also didn't want people to think I didn't have enough money to be able to do that because I was being judged and all the senior consultants were really rich. Like it wasn't, yeah, I totally get that. And I think that's about bringing up like, hey, it's actually putting a lot of financial stress on me at the moment. And I looked into it and I think best practice is either this, getting a debit card or suggesting something ulterior, like Glenn was saying, a prepaid visa card that you just get at the post office. Like I'm not asking you to open a bank account for me. I just want you to give me access to company funds so I can spend company funds on things that you're telling me I need to. It's not my responsibility. I think turning around and just

going, oh, hey, I've had a really good think about this. I'm under a little bit of stress at the moment because of this. Like I'm trying to save for a house and it's, you know, I honestly, with the cost of fuel at the moment, I just don't feel like I can afford to fund this and maybe give a couple of really good suggestions, like what Glenn came up with. And I think that could be a really good starting point. But if your boss isn't respecting you either, I think there's a deeper conversation to be had. Like if your boss is genuinely not caring about your financial situation and not caring about the way that they treat you in their business, I would be really questioning why you still work there. Yeah, I fully agree. I mean, I understand as a small

business, it's hard to take on, you know, those things, but ultimately you're going to have to pay for it anyway and it's not fair to expect an employee to bankroll your business. No, I would really want to ask them, like, why do you think that's acceptable? Like, I get it if you just hadn't put more thought into it. It's like, oh, Jess, I'll pay you back though. Yeah, like it's not like they're wearing the cost. Yeah, I don't think that it's malicious from the start, but I think once you give them a bit of context and let them know that you're not comfortable with it, it's your employer's job to make sure that you're in the best possible position in that aspect. But guys, I think that is, as always, all we have time for today. You've got some spicy

non-credit card content we talked about everything we usually talk about and we discussed how to push back on your employer when they make you pay for stuff you shouldn't have to pay for capital basis what a good episode glenn thanks for joining us thanks guys really appreciate you i was gonna say can we make glenn read the afsl with all my god yes of course we can so guys we are done for the day but as always let's listen to our very exciting disclaimer before i do this georgia You're really good at reading and when you read stuff, because I'm not good at reading as you'll hear, anyway, 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 investment or financial decisions. Victoria Devine is an authorised representative of Infocus Securities Australia, Proprietary Limited, ABN 470 977 97049 AFSL 236523

You are officially fired from reading the disclaimer. JJ out. See you. Bye. Bye. Thank you.