She's On The Money - She's On The Money Radio Recap - 15 October

Episode Date: October 15, 2022

Join Victoria Devine and Mitch Churi for another super saver Saturday- where Victoria will give you some sneaky tips on how to keep more bucks in your bank account. Plus we want to know where you are investing your money and how is it working out for you? And this week's Money Dilemma is from Georgia who wants to know what she should do with a rather sizeable inheritance. All this and so much more on She's On the Money Radio!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. Money, money, money. She's on the Money Radio Show. Money, money, money. 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.

That's me, I want financial freedom. You can have it, congratulations. Do you want some, Mitch? Apparently it's been given away. Throw some my way. It's empty. You know what I realise, guys? What's that, Mitchie?

Tell me. We are broadcasting and attracting three different generations here. And I'll tell you how. Oh, are we? How? Victoria's a millennial. Yeah. I'm Gen Z.

Oh, here we go. And my mum listens to the show. Oh, thank God. No, no, no. Trav. Yeah, come on. You've ruined his burn, mate. He's going to say that I'm old.

Victoria, I set you up. All right. So we can laugh at Trav. Guys. You ruin it for me. Here's what we're going to do, all right, because we're going to. My mum's so cool now. No, no.

We're going to do an edit point. She's beautiful. Let's do an edit point here. and when we go live to air, guys, it will sound fantastic. No, Trav, it's not worth it. That's such a Gen Boomer thing to say. Have you seen on TikTok recently, they're talking about the millennial break,

which is that when you're watching video content online, the older generations, which I fall into, and I didn't realise I do this, if they post video content, there's like a half a second before they actually start filming because they're waiting for the camera to turn on. They're like baby Gen Zs. They just go straight into it because they're way better than us and I was attending a webinar the other day

on how to be better at creating video content and they said, edit that breakout. And I was like, oh, I don't have that. What are you talking about? Reviewed all my videos. Definitely have it. So, great. Great, I'm old.

You know, the funny thing is it's when you actually have those glasses just over the point of your nose there and you're like, is the camera on yet? Yeah, that's me. No, no, no, I love that. It's the authentic part of me. I don't usually go on camera with my glasses.

Can you not talk about that? Sorry, mate. I'll tell you, what we can talk about is saving people money, which we did on the show. I feel like this episode was really good. We had some good callers, but all of the money wins that I'm like, hey, here's some Super Saver Saturday tips. They're just basically me telling you how bad I am at money

and giving you three tips that I need to implement. So it's all good. It's all good, but it's very self-deprecating. So anyway, she's on the Money Radio community. If you could please jump online to socials and give us your tips so it's not all about Victoria next week. Fully, I can't be the only one that's getting a little bit lax with their financial goals at the end of the year.

I feel like I'm falling off the train, but so will a lot of people. So it's time to just get back on pre-Christmas. I was going to say the same thing. Yeah, everyone's the same, V. Christmas is only around the corner. Isn't it scary? Yeah, that was one of your tips, though, is, like, getting on the train. No, it wasn't.

It absolutely wasn't. But Junozan came out the other day. They're selling Christmas trees already. Yeah, no doubt. Advent calendars already for sale. Christmas decorations, they're out the front. Dancing Santas, you can pick one up really easily now. See, as soon as Halloween is finished,

then it is all on, like, Donkey Kong. OK, but Halloween is not done. It's not even Halloween yet and the Christmas stuff is out. Is that what's meant to be scary? They're, like, coming to Can You Mind? Here's Christmas stuff and it's Halloween. This is scary as hell. And the funny thing is it's for Christmas 2023, Victoria,

all that stuff is out already. All right, let's get into it, guys. The She's On The Money radio show starts right now, pushing play. Oh, God, that's such a boomy thing to say. Pressing play on my recorder right now. Hey, did you ever tape songs off the radio and then get annoyed when the radio DJs, Mitch, would, like, sing? You're like, stop it, I'm trying to hear this song. Yeah, or they'd, like, watermark their songs.

God, yeah. Also, this is still in the show, right? Our producer just barged in thinking that we were done. Mel, get out of here, mate. Get out, we're trying to do a radio show. Mel, you're not even important, mate. Stop it. Oh, no, she is.

Hey, don't say that. Mel is very important. No, Mum. Oh, God. Thank you, Mel. And you know what, Mel? I'm your witness. I'll agree.

Let's call HR together. What a pity. This just accidentally got edited out. No, it didn't. No, it didn't. Show starts now. I think we're having a very adult conversation now. Oh, we are, actually, aren't we?

Yeah, finance is a very adult conversation. But V was showing us something on her phone in a hidden folder. And, V, I'll let you take it from here because those photos were revealing. Gosh, I wasn't going to tell anybody. In that calculator app, is that not what we're talking about? Sure, mate. If that's what you want to call it. Oh, okay.

So, of course, I have written a book about it. Our mates are doing it. It feels like everyone's doing it. Today we are going to be talking about investing. Obviously, I didn't write a book about cryptocurrency investing, but we're going to talk about it today because it seems like every man, his dog and celebrity is investing in cryptocurrency or being sued for posting cryptocurrency referral programs on the internet.

So it just seems like a spicy topic we should cover. and, I mean, anything to get Kim Kardashian on the show. I guess, like, so many people are out there, they're throwing around, like, oh, you've got to invest in crypto. But Mitchie and I are always trying to press you for, you know, all these investing tips. We say it's for the show, but it's really for us. So what kind of stuff...

Yeah, look, I already knew it was for you because you never ask on air. You're always like, after. You're like, oh, can we pay for your coffee after the show? Yeah, so what is your investment portfolio made up of? Mine's a lot of Yeezy shoes and designer Balenciaga bags. That's a good investment, right? Same, same.

Mine's made of Chanel. We pay for that coffee with money we make from your investing advice, mate. You are so welcome. What are we investing in? What's something that our listeners and our community can actually invest in that's going to make them actual money? You can invest in literally anything. And, I mean, it would be a breach of the ASIC guidelines for me to say,

oh, this is the thing that you can invest in. But it's one of those things that it's different for everybody. It could be you investing in having a good emergency fund because I think that that's my number one rule of life. every single person regardless of who you are or what you do you need an emergency fund what do you mean like like a little wad of cash in case you have a car bingo you get sick yeah a little bit of cashola off to the side and it's kind of like a fund that gets you out of jail it's like the get out of jail free card in monopoly where you know if you find yourself in a little bit of a pickle

you can just whip it out and be like ha ha ha bitch you thought you had me how much it really depends so if you're a uni student you're still at home and you don't have like that many overheads maybe 500 bucks stashed to the side is more than sufficient. But if you're a mum of two and you're currently driving the kids to footy practice and you've got a mortgage and you've got a couple of cars on the road and you're a single income household, well, that's going to look really different, right? But let's get some rules in place because I feel like guidelines are very helpful. And if you don't have an emergency fund or you're wondering, where do I start? I would say with about three months worth of expenses. So when I say three months worth of

expenses, we're not talking about your savings or your investments. We're just talking about What would it cost to keep the roof over your head and all your bills paid and your mortgage on track and everything else in line so that if something did happen, you are covered? And I remember you were telling us a few months ago that it's as easy as taking that extra money every single month or whatever it is from your salary

after your expenses and put that away because that's not free money like Mitch Turi thinks it is. No such thing as free money. We put every single dollar we earn to work. No, no, no, free money. You know when you're driving your car and you go to Macca's and you put your hand in between the seat and, like, the cup holders and you find a $2 coin,

that's free money. That's free money. That is not free money. That was your money. No, it's not. I'm not going to lie. That appeared out of the blue. It's free money, 100%.

Okay, okay. But, like, you know what's more free money? When you download the Macca's app and actually use that to get free food so you didn't have to use the $2 coin to find a cup. Yes, yes, yes. Hashtag not sponsored. It's actually not sponsored. I just love a Macca's Diet Coke, you know.

But it's amazing how investing is so accessible now because I feel like historically there's just been this misconception perception that investing is only for the rich, right? And like 20 years ago, if you wanted to go into like a managed fund or something fancy like that, it might've cost you $20,000 to break into that. But now, I mean, this is a shameless plug for a client I've worked with, but absolutely not a shameless paid plug. Sharesies, right? It is an investment app that you can just download and you can invest in fractions of shares instead of having to buy the whole share, which, you know, might be out of budget or might not be aligned to your values at this point. You can buy like

a fraction of it and you can invest on their platform in heaps of stuff. So it's a share of a share. It's a share of a share. That's why they're called sharesies, go figure. But also you can invest with as little as one cent. So investing nowadays is not unaccessible. Like, in fact, I can't make it more accessible. That's the lowest of the low. All right, let's do this. 131065, what have you invested in that's given you a little bit of a win? We just want to steal some tips for us, let's be honest. But it could be, you know, something that you stumbled onto who like a Sharesies, you know. Is it anything or is it actual investing apps?

Because I bought a dress a while ago. Okay. No? No, good. I like that thing. Well, hold on, hold on, let me finish. I bought it. It was on sale at the shop.

I wore it to my event and then I had every intention of selling it on Facebook Marketplace. But before I did that, I looked up what others were selling it for, sold it for more than what I paid for it. Wow. Got to wear the dress. Fantastic.

So that's a good investment. Like those people that go to yard sales and like scan the little thing and go, oh my God, This is $3, but it's actually $1,500 in real life. Can't be bothered with that. That's me either. But that's the kind of stuff we want to hear. Wins, even losses, even if you've like absolutely...

Just talk to us about your investments. Let's do it. 131065, going to take your calls next. It's She's On The Money radio show with Australia's number one finance podcaster, Mitch Turi. No, it's Victoria. I know, I just wanted to freak you out. Well, Victoria, you know, I did talk about cash.

It was money cash, you know, the gold coins that are chocolate. I did speak about that. So maybe I am a finance podcast. He is. Oh, I'm getting married soon. Maybe that can be the Bombonieri. I just give everybody gold coins. Like, you know, chocolate gold coins.

Anyway. Victoria, no one knows what a Bombonieri is. I was going to say, what the hell is that anyway? Well, they're going to continue not to know because that wasn't in the budget for my wedding. No one's getting anything. Are you smashing plates as well? No. Is there a...

Okay. I'm doing... Like, I'm not even having a wedding cake. What a waste of money. One out of ten. Victoria, instead of a flower girl, are you going to have a little girl with gold coins just throwing them to the crowd? No, actually, hear me out.

I'm having a flower dog. My dog is my flower girl. Of course, Lucy is. Of course you are. I love it. I love it. Hey, if Lucy goes out of control, start smashing stuff up, it's going to be okay because She's On The Money radio show

is brought to you thanks to Budget Direct, winner of Canstar's Insurer of the Year Award, 2022 Budget Direct Insurance Solved. Talking about investment wins and losses here, guys. Yeah, we want to know your investment wins or losses because it can be a tricky thing, right, Victoria? You think it's easy, but there's so many laws involved and you put a lot of money in and there's even bigger losses. So 131065, I think we've got Bec on the line.

You've got a story. Hey, Bec. Okay. My investing story sort of happened about six months into COVID where, like a lot of people, I was worried about my small business and the effects of all the restrictions it was going to have on that. And I did have a bit of savings. I'd sold a property and an opportunity came up to get involved in a sector that I'd never been involved with before, which was a health food store. So I actually invested all of my savings and became a 25% owner in a health food store.

Took a risk and yeah, so far earning about $1,000 a week passive income and in four days time about to open the second one. Look at you go. Wow. What a thing. Oh my gosh. What is this company called so we can give you a little sneaky plug? Well, we're actually based in Queensland and it's the Tweed Health Food Store.

Oh, congrats. That's so sweet. And I love Tweed. Tweed's a great little area. It's near the beach. Yeah, it really is. It really is. It's snapper.

I love that place. All right, so Beth just called to humble brag and get a free plug. That is hustling. She's a genius. You're like, I am bragging here, but no, so far it's definitely a win. No, she's on the buddies all about bragging, and I will brag about you too. I love it.

All right, Russell's given us a call, 131065. Mate, what is your investment, win or loss? Oh, look, I've had an eventful sort of for a few years. It's the end of my career. I think being an AFL player, you sort of get a little bit extra, and I get more now, I might add, than when I was playing. Oh, we're talking about bragging on this show, Just a cash AFL player calling up to let us know that he's an AFL player.

Sorry, mate. What did you invest in apart from your footy career? I was kind of lucky at the end of my career. I had a mate who had a really great idea, a concept for an app. It's called Team App, which was really in the early days an idea around creating a social Facebook type thing for each club, something that they could call their own. That's massive. My partner uses that.

Good old St. Kevin's Old Boys Soccer Club. Yeah, no, they kill it. So you put some of your cash into that, Russell? Yeah, put some money in. And look, it was a risk. It's not small amounts of cash when you're creating something that's kind of decent in the app space. You've got to be willing to throw some money behind it.

We did that and we sold. So a nice little sale. Brilliant. Thanks, Russell. It's nice to know that our community are making some money and probably off of the advice of one Victoria Devine, I'd say. I think that's right. Speaking of making money, though, coming up next,

we've got a money dilemma. George has hit us up at She's On The Money on socials, which you can do as well. She wants to buy an investment property, I believe, and she wants to know all the ins and outs. Victoria, you're up for that? I am always up for that. I love talking about investing in a holiday home

and I want to know more about it. To be honest, I get real pervy when people start talking about property. I'm like, you got the domain link or nah? This is She's On The Money Radio Show. Let's do this. yeah every week what we do is we bring someone's financial story on air a listener or part of the she's on the money community and they get victoria's advice on what they should do so georgia

has sent us a dm about investing on a holiday house and how to go about it which would be a very daunting thing so she says hi v i really want to look into investing in a holiday home the cost of travel is crazy right now and i feel my money will be best used by giving us a place to escape to i'm concerned about this because the inconsistency and interest rate hikes as well as talk of a recession looming is it the right thing to be doing what is a feasible yield on an investment property fancy words and how would you structure the loan like would you do an interest or self-managed super fund lots of questions what do we think well first things first no we would not do a self-managed super fund one out of 10 cannot recommend every accountant driving in their

car right now is furiously shaking their head. Why? Why? Don't put all your money in one investment class. It's also really, really regulated nowadays. But let's get back to the investment property slash holiday home vibe. I feel like so many people are doing that now. But what I would do is all the research first. So, not only have you said, I think my money would be best used there. Okay, no worries. I can't tell you that's not the case because I don't know your personal circumstances. But what I can tell you to do is if you're planning on leasing it out, like if it's a holiday home just for you and your family, look at what those mortgage repayments would be and whether that's actually something you want to outlay. Because obviously with rising rate

increases over time, like that might be more expensive than you're anticipating. I would also talk to a mortgage broker and actually get the numbers because it is actually a different interest rate for whether it is owner occupied, which means you live there or it's an investment property. So obviously subtle plug for Zella Money, obviously the best mortgage brokers in the entire universe. Love those guys. They got me $3 million and I don't even earn any money. That's not even true, but that's okay. If you have the income to support it, I will get you your $3 million. Thank you. But do a little bit of sneaky research. So one thing that I talk to a lot of clients about,

or used to talk to a lot of clients about, is jumping on Airbnb, looking at like vacancy rates and how much they lease for over busy periods. So if you want to be sneaky about it, you could buy this holiday home to use in maybe off periods, but you might end up making bank over like Christmas and New Year's. And I know that might be the period of time that you want to use it, but we also want to pay off that mortgage. So Airbnb might be the place to start when it comes to actually working out, all right, if this is going to be a holiday home that we then lease out and make an actual investment, not just a property that we sit on, you can have a look at the area and what other properties are there because you're kind of having a look at the

competition in a way and if you find out that they're oh my gosh there's a massive saturation of apartments in that area and they all look super swanky but all I can afford is a two-bedroom not renovated place maybe that's not the stream you want to go down because you might not be getting the rental yield that you're expecting it also really depends I mean you did say obviously I feel like my money would be best used by giving us a place to escape to yeah well what does that actually cost and what's the trade-off there because as much as it sounds so romantic and honestly, a little bit sexy to be like, oh, let's go down to the holiday house. Mortgage repayments are a lot. And nowadays with the rising cost of property, average property in Melbourne

and Sydney is a million dollars. Obviously, probably not looking at that much for a holiday house, but mortgage repayments for a million dollars are sitting at about five to seven thousand dollars a month. If you're in that circumstance and you're just paying that off as an investment, is it actually better to just say five to seven thousand dollars and go on a holiday and then put your money into something else that might be a better use of time, energy and effort. Like you really just need to do the cost benefit analysis. And from my perspective, take a bit of the emotion out of it to make the best financial decision for you and your family. So if you are looking though to Airbnb it out though, what kind of money is like a good yield?

Well, it really depends on what your purchase price is, right? So they say that on average, when you're looking at property, you kind of want about 5% yield. That's the old school rules, Obviously, now with interest rates increasing, it's very unlikely that you might get a yield of 5%. But there can be anything. Honestly, it could be a really beautiful home in the sticks that cost you like 300 grand to buy, but because it's not got any other Airbnbs in the area, you're renting it out for 600 bucks a night.

Yeah, yeah, yeah. Like there are so many different ways to get into this and pick a property. But as I said, I'd really use Airbnb to do a bit more research and see one, vacancy rates, Two, what are people charging per night? But also, what are the people who are renting in that area's expectations? Like, are the properties really boring and plain? Or are they like mega mansions and they come with a butler? Like, what are the expectations of the people renting these properties

that would make your property quite attractive to lease? Amazing advice. All right, if you've got a money dilemma, you've got a question for us, just hit us up at She's On The Money on any socials. Super Saver Saturday. All right, every week Victoria tries her best to give us some sneaky tips on how to keep more bucks in your bank account. Quickly, Victoria, I did say before, you know when you put your hand

in between the car seat and the cup holders in your car and you find cash? Yeah, yeah, money win. That's free money and that is a money tip. Sorry, that is it. We're not even going to keep talking about this. Okay, all right. Just download your Macca's app and use that instead. All right, is that a tip or is that just an extra ad lib one?

It's just an extra ad lib one, but also who has cash anymore? Like I cannot remember the last time I had coins that could fall down the car seat. So what are you doing? Do you just get your envelopes out each week and pop all your money in there? Nah, no, I don't. Give us some tips, some real tips. Look, this week I really racked my brain, but I feel like I've been really naughty. And it's not even this week.

It's over the last few months I've been slipping a little bit. So the tips I've got are just like gentle reminders for the one and only me. But also I feel like if I share them on the show, I'm making myself accountable. but then also maybe you guys need a little sneaky reminder too. So the first thing, my first tip is Victoria Divine, use public transport or ride your bike. I don't have a bike, but ride your scooter or whatever you've got because parking, now that COVID is done and dusted

and everyone seems to be driving, it's been going up. Like I drove into the city the other day and like if I'm here, there and everywhere and I'm, you know, needing to drive to meetings, I do have to pay city parking. Usually that's like $20 to $25, which is an absolute stooge to begin with where my office is located. They've gone up. Do you know how much it is to park beside my office now?

$30. Nope, it is $38. See, what's the point? I actually just don't understand. Anyway, so I'm going to have to start using public transport. It's kind of hard to take the dog to work when you're on the train. But the next tip, this is all about me today. I do apologise.

It's your show. I've been so naughty on Uber Eats. All right, Mitch, cheerie. Oh, I feel like, yeah, I feel like when we started this radio show, it was, oh, my gosh, Mitch, sure you spent, what was it, Mitch? I haven't forgotten, $17,000 on Uber Eats. Per week. In a year.

And I just feel like it really starts to creep up on you. Hey, like, it just is one of those things. I've got a lot going on, so I'm just, like, trying to make this sound better. I've got work, I've got life, I'm planning a wedding, I'm about to, you know, all of that means that sometimes I'm like, oh, Steve, do you just want to get a cheeky luxer? And we do, and I just feel a bit guilty at the moment.

And so this is my reminder to get a few more freezer meals or fridge meals in the fridge so I can actually keep on top of that. Yeah, this is not a cheeky plug at all. Definitely not sponsored, but during COVID, because I didn't want to go down to the supermarkets, I got Dinnerly. Oh, yeah, yeah, yeah. Real cheap, that one.

And the thing is they take 20 minutes to cook, so you know what you're having for dinner every single day, and you're kind of forced to have it because it's going to go off otherwise. So, yeah. Oh, can I do a cheeky plug? I'm actually working with Marley Spoon at the moment, which I'm super stoked about because obviously they're great, but I used to be their biggest fan.

Like I looked at their social stuff. I've been tagging them in my masterpieces since 2017, and it's only now that I've got a radio show that they reply. Oh, classic Marley Spoon. Honestly, they're giving my community, they're going to love this plug, $195 off their first four boxes by using the code VICTORIA, 10 out of 10 if you want to try Marley Spoon. Get it.

Give you nearly $200 off your grocery bill. What a money win. Not just giving us money. You're actually giving us food, Victoria. Honestly, that's not a paid plug. Again, our radio show is not big enough for that many paid plugs. I just share things I love. And to be honest, that is why I agreed to it so quickly.

I was like, you know what? I need to get back on the Marley train because I have not been cooking at home enough. And this kind of forces you down there with food you actually want to cook. You know what I got for this afternoon? What have you got? A little chicken cashew. Oh, you're so fancy. I'm just going to eat more Freddo frogs.

Because honestly, and then the next tip, I've been making sure that I'm putting my health first and I've been going to the doctor. With the Freddo Frogs, good one, mate. Oh, look, balance, Trav. But I have been going to the doctor recently just to, like, do check-ups, make sure I'm A-OK, pick up some new scripts, bulk billing. Yeah, my GP bulk bills.

Oh, he's fantastic and he's one of those old-school GPs that still has jelly beans behind his desk. Oh, what? I just want to say, and I'm not copying Victoria, but if you go to this local GP and, quote, Mitch, you'll get 10% off your vaccinations. And also a free jelly bean. You get a free jelly bean.

Are you getting paid in jelly beans, Mitch Turi? Is that what's going on here? Let's go, guys. It's been a great show. Time to wrap up. If you've got a tip, you can hit us up anytime. Just search She's On The Money on socials. Yes, we are going to get out of here.

Mitch, you've got to stick around. You were doing the Life Uncut radio show with Laura Fern, I think her name is. Every week. It's Laura Byrne, Brittany Hockley. I love them. Not as much as I love you too, though. It's been a great week. It's been really good to be back, guys.

And on all socials, at Mitch Turi. Slide into the DMs and let me know how much you miss me. Thank you so much. Victoria's just tuned out. She's checking her phone right now. She has. That is coming up next. This has been She's On The Money radio show for you Saturday morning.