She's On The Money - She's On The Money Radio Recap: 12 November

Episode Date: November 12, 2022

Ring in your Saturday with She's On The Money Radio Show. Victoria gives you more tips to save with Super Saver Saturday, and solves your Money Dilemmas (send your Money Dilemma here).Plus, we ask if we're headed towards a recession AND we're joined by some special guests from Channel 9's The Block!All this and more on today's show!You can catch us live on the KIIS network, or listen to your heart's content via the iHeartRadio app every Saturday from 9am - 10am. See omnystudio.com/listener for privacy information.

On air and iHeartRadio, She's on the Money Radio Show, with Victoria Devine, starts now. Hello and welcome to the She's on the Money Radio Show podcast, the radio show podcast for millennials who want financial freedom. I feel like I'm getting better at that. You are getting better and better as the week's gone by. We've had this for six months and we're still not there, but we are working on it together as a team. Oh, cute.

Victoria. That's Mrs. Victoria to you. Yeah, I was about to say, Mitchie, you went to the bathroom beforehand. You didn't actually see the photos that Victoria showed me of her wedding dress. Number one, amazing. Oh, I've seen the articles. God, I've read the front page of every paper. Well, you can't, mate.

You've got to wait for Vogue. You can't. They haven't come out yet. They haven't come out yet, Mitch. What are you talking about? I get express screenings, you see, like the Oscars Academy. They sent them to me before. It's because he's famous.

I did text him some. I did text him some, so it makes sense. Tell us about it. Oh, my God, best day of my life. I feel like everyone says that. I am also going to say the clichéd, oh, my God, it flew by because it also did. But it was honestly magic. Like, I could not have asked for better weather.

Like, I feel like our weather was so lucky in Melbourne for the entire week before our wedding. It was storming and then it was a perfect day, 22 degrees, sunny, little clouds in the sky. It was a 10 out of 10 from my perspective. I went to a wedding the week before in Perth and Perth is usually amazing weather and literally amazing weather all the way up on the Saturday when they got married, absolutely storming, had to change their wedding venue the day before. Oh my heart, I would have been so stressed. I'm so grateful to have had it at the venue we had it at because everything was in one location.

So we got married where the reception was, where the after party was and where the recovery party was so we didn't even leave that location for the entire weekend. It was the best. What was the one thing that stands out in your mind? Like one little moment you were like, wow, that was cool. Walking down the aisle, 100%. Walking down the aisle with my dad and seeing Steve there crying and our dog being like, hi, mum, at the end. It was so sweet.

It was so, so sweet. Mitchie, if you ever get married. It's so stereotypical. Are you going to cry? Like I cry at other people's weddings. I don't reckon I'll be able to even say my vows. Mitchie, how do you reckon you'd go? Oh, my God.

Trav, I said this on the show this week, which you'll hear. I cried watching The Block finale. Yeah, you're in trouble. I suck. It's really bad. And I cried at the end. I hadn't even started the auctions. We both cried the entire time, which is not what I expected.

I would like to think that I'm a really well-spoken young lady. So I had practised my vows and made sure that I was, like, you know, knowing what was coming because you don't want to stumble. All I did was, like, I was just crying and crying. So was Steve. So, like, kind of made it a little bit wholesome, a little bit lame, but definitely unforgettable. You know that he is a lobster.

Yeah, he is. His best man speech referenced a number of different animals, but we won't go there. We'll keep some things about the wedding private, I think. This week on the show, we got to block, guys, Sarah Jane and Tom. Yeah, that was tragic. So if you missed it, right, Tom and Sarah Jane were the frontrunners the whole season.

Tom was one of the only contestants that had actual tradie experiences. He's got his own plumbing business. Sarah Jane's a social worker. They were great, had a great attitude, and they won a whole bunch of challenges early in the season. So they got a massive cash injection. So sort of objectively, they had the best house, right? They went second.

They got to pick the order of the auctions, and they put themselves second, thinking sell the first one, set them up, and then they'll have to go for above that. Yeah, that's a saying. Third is the one with the golden dress. Yeah, yeah. That's Univite. I do have a gold dress. That's you, Dean.

You're not wrong. Anyway, it didn't work in their favor. They went over their reserve by 20K, which meant the house sold. They made 20K. It was tragic for them, and we chatted to them all about it. Also, Vee and I discover we get an exclusive here. In fact, they're thinking about OnlyFans and seriously thinking about putting photos of themselves online.

And we talk about that, don't we? Yeah, genius, genius. I mean, I don't know how serious they were about it, but there is definitely a market for people who want photos that they're pitching. So, 100%. If a foot gets you off, a foot gets you off. We've all been a bit toey.

Yeah, we've all been there. We've all been there. We've all been there. Of course you said that. And Victoria, you love a good crock, so I feel like you're almost halfway there. I actually have to give my friends at 7-Eleven a call because they do coffee cup crop gibbets.

What? What are they called? I don't know. I want one. Yeah, same. I desperately want one. I actually slid into their DMs. I've never slid into any company's DMs

and asked for anything in my entire life because that gives me the heebie-jeebies. You know when people are like, oh, just ask for it for free because you've got some... Nah, nah. But I did slide into 7-Eleven's DMs. I said, what does it take for me to get a coffee cup gibbets? Amazing.

Let's slide into the show right now. She's On The Money radio show starts right now. Yeah, for your Saturday morning, it's She's On The Money radio show with Australia's number one finance podcaster, Victoria Devine. We've got Mitch Turi as well. But, guys, bad news. The world's about to end financially, V. How many times has that happened in the past, Trav?

I feel like it's happened a million times before. And that's why we're talking about it today, because it shouldn't be something that stresses you out. The economy in general gums in ebbs and flows, And they say that the economy does reset itself every seven years. So it should be expected because it's been a while since we had our last recession. And our biggest last recession was obviously the global financial crisis that happened in 2008, 2009. And I feel like after COVID, we're kind of due for a bit of a financial reset.

We're seeing the cash rates go up. We're seeing our mortgages cost us more. Last week on the show, we talked about how our mortgages, given the seven consecutive rate rises over the last seven months, are now costing you $815 per month more on a $500 mortgage, which is insane. People are finding that their purse strings are a little tighter than they used to be. So we need to talk about these things to, one, normalise what's going on, but two, what's a recession? Do we even know? No, I remember when I was a kid, right, and my parents would throw around GFC. and I'm like, are we getting KFC? And I got so excited. And then as I grew up and realized,

oh no, that's really grim. But I actually have never really grasped the idea of a recession. Like I know the Great Depression, you study it in high school, but I don't really know. Is there a technical term? There's definitely a technical term and it's essentially just a business cycle where there is a very general decline in economic activity. I was talking on my podcast a couple of months ago about a bear and a bull market and people like, what the hell like we've been throwing this term of what a bear market is around recently but essentially a bear market is where our economy declines by 20 percent from a 12 month high so when I say that you go oh that makes sense it just means it's dropping and a bull market means the

exact opposite it's an incline of 20 percent in the economic activity so when we're talking about a recession it kind of makes sense what we've been through here in Australia we went through some bushfires. Then we went through COVID and everything went absolutely south. Literally, we have been through the wars here in Australia, but the same thing has happened internationally and we are all under a lot of pressure. So, it makes sense that there is going to be a pullback in business activity across the board. And that's basically what a recession is. And the important thing to take into consideration here is not that you guys all have businesses and need to be worried about all of that. But across the board, unemployment often rises during recessions and

total employment levels can flatline or completely turn negative. So that is where it begins to impact us and our families and our friends and become something that is a lot harder. Yeah, yeah. But hold on, what can we do on like a micro level to prepare for a potential recession? So the first thing I would do is make sure you have an emergency fund set up. That is going to make sure that if something goes south for you, you're able to afford it. The last thing we want to be doing is getting into debt. I would be considering job financial security. So are you in a role that is going to be financially secure? I feel like it's one of those things where we need to budget, we need to cashflow, make sure that we're on a stable financial platform. And if you

are in debt, have a chat to our friends at the National Debt Helpline if this is sending you into a bit of a spin. They are absolutely fantastic, have some really beautiful resources. You can just give them a buzz, Mitch. They are actual legends doing really cool things. They have access to every single connection under the sun that can help you but then they also have free financial counselling which can help you feel a little bit more secure in a time that is a little bit more tumultuous. Then we've got a couple of special guests on the line right now guys. I'm very excited to talk to these guys actually because I think a lot of people were really disappointed with the outcome for them which I totally get but it's not often the reason they

go on the show so I want to dig deep into why they went on the show in the first place and where they want to go next yeah i cried because tom and sarah jane were incredible they're joining us now hello guys commiserations and welcome to she's on the money thank you i want to know let's take us back all the way to the start why did you apply for the show what were you wanting to get out of this honestly like we were looking to um get a financial game like that was truly our sole purpose honestly for us i had the best 12-week experience in my life and i did it with no regrets and I wouldn't change anything to do it again but we actually did go on the show to try to get ahead on our mortgage a little bit yeah just didn't work out how we thought it did but

we're just glad we had a great time and um if we hadn't had a miserable time and actually not enjoyed the build and the designing and the dinners like it would have felt like a loss because we had an amazing time like that's been a really really kind of big thing that we've been focusing on and it's made us bounce back so quickly oh I love this and you know what I love more i feel like you guys just have your heads screwed on because the amount of times i talk to people that been on the show before they say things like oh i just really wanted a good experience i'm like bro we need a really clear goal out of this reality though i love it people only go on reality shows for one of two reasons a to start an only fans or b for the money and

let's be real you guys for the money well i'm really my only fan yet so oh do you know what That's where the money's going to be. Have you seen every other reality TV star? I feel like you're missing your chance. Do we have an exclusive here, Tom? I've always had really good feet and I feel like this is my moment. Oh, my gosh. You know what?

Let me know how that goes because you could be a money diary on my podcast in the next few months. But I want to know a bit more about what the plan is now. Obviously, the results are a bit disappointing. Your home was absolutely stunning, though. Gorgeous, yeah. So I feel like there's a lot of opportunity coming up. What is next?

We'll still continue to obviously work because we still need to pay all of our bills, but hopefully things do come from it. And if it's something that we actually believe in and something of interest to us, then hopefully, you know, maybe we can make money that way if people want, you know, to hire Tom as their plumber. I think it's a great idea. I think it's genius. I feel like you really should be making hay while the sun is shining. After Victoria's two morning coffees here at the radio show, these toilet plums, like at Kiss FM, they need to be worked on. So, Tom, we could really get you in here and, I mean, let me tell you, those stress poos.

I totally get it. I'm a nervous pooh-er. Did you do a nervous pooh after the auction? Oh, I would have done it before. Yeah, true, actually. Yeah, no, I did it before. I did a drunk pooh afterwards. Yeah, yeah, yeah, fair.

So, Sarah-Jane, what are you thinking? Are you thinking of changing your career direction after the experience that you've had over the last 12 weeks? I really do not know because, like, design sounds really intriguing to me, but I honestly, like, know nothing about the legit rules of it or how it works. Like, Channel 9 just gave me a credit card and I was like,

yeah, well, I want this, I want this, I love this and I'm going to put it all together. I just got a cup of water when I went into Channel 9 the other day. Is that what you got, a credit card? Loser. Spending other people's money was, like, my favourite aspect of the whole show. I hope you find something that really sparks joy

because, honestly, I feel like so many people in our community really resonated with you guys and feel like they want to see more of you. So we can't wait to see what is next, whether it is an OnlyFans for feet or a plumbing business for people who have had a bit too many drinks after the block, we are genuinely so excited to see where you go and know that this is not the last stop on the way.

Thank you. It was so good to have you, Tom and Sarah-Jan. All right, if you are struggling with your cash flow, got yourself in a bit of a situation and need some advice, you can hit us up at She's On The Money on socials. Holly, she wrote in, she wants some advice on investment properties, V, and we're going to get to that next. this is she's on the money radio show we're about to solve somebody's money dilemma victoria divine

we are it is my favorite time of the week where someone from our community has a juicy money question and we get to dish all the goss and give unsolicited advice can i just say traven you can probably attest to this sorry this sounds awful not the one but one of the best benefits of being friends with victoria divine there's many is free financial advice whenever you want i text her all the time and she gives she just writes back essays sometimes unsolicited but uh why wouldn't you want the advice of australia's number one finance podcast though that's right well holly holly wants it right she sent us a voice note she's part of the she's on the money community she's a sugar baby and she asks this i have a small deposit using the government five percent scheme

for a chance of buying a small two-bedroom property with not much savings to back me up do I do that or do I save at the end of next year I would have $60,000 in savings and do I invest that money instead in something else? Look, I feel like this is a really interesting one because when it comes to property, if that's what you've set your heart on, the second you have a deposit amount, you're ready to buy. But that doesn't mean you should do it because I think it's one thing to have the cash there, but it's another thing to completely separate from it. And I am a really big believer in making sure that you have an emergency fund in addition, above and beyond your deposit, so that once you move into the house, if any unexpected costs come up,

you're able to cover them. But then again, what if something happens? And with the cash rate increasing, I just feel like being a little bit more conservative and giving yourself a little bit more breathing room is a really good idea. At the same time, it's completely understanding that the second you get to that amount, you're really stressed because property is going up in price and interest rates are going up and you want to get in sooner, right? But that does not mean it is the best idea for you. And my advice here would genuinely be go and talk to one of our Zella mortgage brokers and say, hey guys, I'm really excited to get into my first property or my next property. Is this actually viable for me? What would this purchase look like? Because the

girls, and do you know what? Your mortgage broker will do this too. They'll run the numbers for you and go, all right, sit down, Mitch. If you're going to buy, this is your deposit. This is how much a solicitor is going to cost. This is how much your building and pest inspection will cost. Here's land taxes, here's stamp duty, here's how much will be left over. But also they might be able to pivot it and go, all right, well, if you had an additional this, that might help. Or you might rock up like a few of our clients have recently and they're like, V, I've saved up my 20%. I want to get into my first home. And we go, yeah, let's do it. Do you know you only need a 5% deposit because we can get you into this scheme or, you know, a 10% deposit because, you know,

this bank is offering this particular scheme and you're going to have more in your emergency fund and everybody needs to be financially secure when making that decision. I just don't think anyone should go into it without, oh, I now have absolutely no money and can't afford to pay bills. I'd probably be a little bit more conservative at this point in time, just because I'm a little bit more conservative as a finance gal, you know? Oh yeah. But when it comes to clothing, my God, ankles out. Conservative when it comes to money, but when it comes to the outfits. Oh, boy. Priorities, mate. That's what it is. But you know what? Let's

save some people some money, Victoria Devine, because we... Got Super Saver Saturday. That's... You took my job, mate. Exactly. And this week, I've got some clickbaity-style savings hacks that, you know what? If I pitch them well enough on the radio show, I think BuzzFeed would even want to pick them up. Amazing. Alright. That is coming up next

on She's On The Money radio show. What a reference, Trav. I love that. Little Barb as well. Guys, let's save some people some money. Super Saver Saturday. Guys, I am so excited for these tips because when I sat down to pull them together, I was like, all right, well, the silly season is coming up. Everyone needs tips before Christmas comes. I'm going to start off with flights. Make sure you book your flights either on or before the first week of November or December 4 to 10, because it turns out, according to Travelo City,

these are when prices are going to be the lowest. And of course, waiting till later in December is going to be super risky because one flights could be full but when they start to get less and less capacity available they're going to get more expensive is that what bumps up the flights v yeah so it's either capacity or it's them knowing that that timing is going to be really expensive so for example if you wanted to fly tomorrow you're probably desperate for something all right what's tip number two all right tip number two is ask for the manager karen no i'm Sorry, I'm sorry. No, Victoria, no, no, no.

She gets married, Trav, and all of a sudden she wants to talk to the manager. She's aged 20 years. So I was in JB Hi-Fi the other day. Of course you were. Very elite establishment because they price match. So if you are Christmas shopping, my best tip I have is if you found the perfect gift item, you might be buying some speakers. Google the product and if the price is cheaper online,

ask for the manager and see if they can price match because sometimes even if it's not displayed they are very likely to not want to lose the sale like just be kind be nice and try and price match there's websites that also compare them and show you where the cheapest is you whip it out you show them the screenshot i've done it before and they will price match on a screenshot i know definitely that they do it at jb hi-fi because they've done it for me a number of times and they're actually really good in there and i always know that i'm going to get the best price and really good service i'm obviously not sponsored by them in any way, shape or form, but I would welcome it to the show in 2023 if people are

interested. But it's just one thing that we always forget to do. Would you like tip three? Yeah, hit me. So tip three is for the people who don't want to ask for a price match. You might be a little less confident. You're not ready. You're going to go to your app store and you're going to download an app called Shop Savvy. So what is Shop Savvy? I hear the crowd scream. Oh, well, it is an app that you download that you scan your potential gifts barcode and it will find it for you for less somewhere on the internet. Oh, that is amazing.

Yep, you just scan the barcode and away it goes and it says, hey, the cheapest price for this exact item, not just Googling it being like, oh, do you reckon these headphones are the same? No, it's the barcode. So it's super easy and I think it's another savvy tip that is going to stay in your back pocket because sometimes, I don't know, you might be in a big department store

getting really terrible service and you can't even find a shop sales assistant so that will come in handy can we do that with a mitch churi as well scan the barcode on his forehead my barcode is in my nether regions and i will have you know i'm one of one baby okay no price matching this but i do also think it's a smart tip for right now because hopefully you guys are as slack as i am and haven't started christmas shopping and so you need these tips in your ears right now instead of later in december when we're like well mate i don't have time to order that on the internet we've got nothing but time right now we've got Nothing to do, Victoria.

We don't, but Mitch Turi does. He sure does. Mitch Turi, you're sticking around, mate, for the Life Uncut radio show. But in the meantime, if you do have a question for us or you need some advice, you can hit us up anytime. Just search She's On The Money on socials. We'll speak to you next week.