Cousins and best mates Brett and Justin Joffe were both brought up in a family that encouraged financial independence, but ironically, they would go on to both quit their high-paying white collar jobs.
Justin worked in strategy consulting for PricewaterhouseCoopers, while Brett worked in corporate banking for Commonwealth Bank, and later in funds management for IFM Investors.
But after four years in their respective jobs, the cousins decided they needed a change, and rallied their university mate and software engineer, Gus Hoirisch, to start What the Flux, a podcast aimed at educating young millennials on their finances.
“We knew a lot about finance broadly through theory, but didn’t really understand how it applies to the business world,” Justin told Yahoo Finance.
“Then, when we became financially independent without full-time jobs, we didn’t know how much money to save, what is salary sacrificing, what to do with our tax...So that was really the genesis of Flux.”
The cousins and Hoirisch launched their podcast in January this year largely as an experiment, and to see if they could make business news digestible.
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Shortly after, they quit their jobs, which they admit was “terrifying”.
“There was a lot of consideration behind it,” the Joffes said.
“We really just felt the pull, because three quarters of young Aussies struggle with financial literacy...we really needed to provide an outlet for young Aussies as an entry point for them to engage with their money.”
And Hoirisch, who worked as a software engineer at MYOB, felt that the boys owed it to themselves to see what else was out there in terms of work.
“We thought we could do better than what the corporate world offered,” he said. “Just in terms of quality of life, we thought our jobs were not as satisfying as they could be, and taking a crack at something we were all passionate about was way more rewarding.”
Break down the finance wall
The idea behind the podcast was simple. The trio wanted to break down one central obstacle: “Finance has always been hidden behind the finance wall – you need to go to a ‘finance’ [platform] to find it.”
But a podcast breaks down that wall. “When you go to Spotify to listen to music, you can also listen to a little bit of news.”
They’re also using memes to make finance fun.
“The world is changing - particularly the way young people and how they relate to money is changing,” Justin said.
“It might have been ridiculous a few years ago, but now we’re using memes as a way to engage with money.”
If you still can’t wrap your head around that, the trio said it truly is much more profound than it seems.
“Based on the experience we've had with our community and the use of our app, memes actually trigger really positive thoughts around money, and help people take a step towards thinking a little more seriously about it.”
The Joffes and Hoirisch draw inspiration from finance popstar Mrs Dow Jones and Aussie millennial money podcaster Glen James for their own podcast, but they’re also taking it one step further.
“We’re really focused on identifying spaces within the financial sector that we feel like are underserved,” Justin said.
“So, that’s the younger generation, but it’s also in the tools space.”
Along with What the Flux, the three friends started the Flux Finance app, which gives users snackable financial information via entertaining content. They’ve even built a credit score app aimed at young Aussies.
“There are a range of people who already provide it [credit scores] but they're not providing it for a specific demographic and breaking it down really really simply,” Joffe said.
Are you a millennial or Gen Z-er interested in joining a community where you can learn how to take control of your money? Join us at The Broke Millennials Club on Facebook!