WEBVTT - WHEN TO TALK MONEY WITH YOUR PARTNER 0:00:00.240 --> 0:00:02.759 I want the fairy tale. I want the prince charming. 0:00:03.160 --> 0:00:06.040 She how do I put this? Isn't a fan of 0:00:06.080 --> 0:00:07.040 my kissing style? 0:00:08.400 --> 0:00:10.639 Boyfriend and girlfriend from about twelve hours. 0:00:10.760 --> 0:00:11.760 He's in a trash bin. 0:00:11.800 --> 0:00:13.760 He's non recyclable, catching her. 0:00:13.720 --> 0:00:17.279 Mut I love being love. I love love. 0:00:17.840 --> 0:00:20.440 On today's episode of Where's Your Head At, we are 0:00:20.480 --> 0:00:24.239 sitting down with Julian Morrow, founder and CEO of Morrow 0:00:24.320 --> 0:00:27.560 Accountants to chat all things finance, tax and when to 0:00:27.640 --> 0:00:29.200 talk money with your partner. 0:00:29.560 --> 0:00:32.640 Look, money certainly does play a part in relationships, so 0:00:32.680 --> 0:00:35.159 we can't wait to ask Julian the hard hitting questions 0:00:35.200 --> 0:00:37.640 such as when to start talking money with your partner. 0:00:37.720 --> 0:00:40.520 He will also share his best tax tips and how 0:00:40.560 --> 0:00:41.720 to handle debt. 0:00:42.080 --> 0:00:42.760 Stay tuned. 0:00:47.640 --> 0:00:50.040 Where's Your Head At is a podcast that talks all 0:00:50.120 --> 0:00:55.440 things relationships, breakups, reality TV, trending shows, and everything in between. 0:00:55.720 --> 0:00:58.440 This is your new go to destination for laughs, gossip, 0:00:58.600 --> 0:01:00.720 intimate details, advice, and much more. 0:01:06.000 --> 0:01:08.200 Hey Julian, Welcome to the podcast. 0:01:09.080 --> 0:01:10.640 Hey guys, thanks so much for having me. 0:01:10.680 --> 0:01:11.760 Good morning and welcome. 0:01:12.280 --> 0:01:14.840 We know that this is your busiest time of year, 0:01:15.000 --> 0:01:17.240 so we are very grateful to have you on to 0:01:17.240 --> 0:01:20.120 give everyone all of the all of the money tips, 0:01:20.240 --> 0:01:24.000 and I'm not the best with my finances, as you know, 0:01:24.120 --> 0:01:27.600 being my accountant, Matt, would you say you're good with finances? 0:01:28.360 --> 0:01:32.039 I have gotten better in recent years. I was very 0:01:32.080 --> 0:01:35.559 poor in my early twenties, like I sucked. 0:01:35.680 --> 0:01:37.840 And I'm going to say that you've gotten better over 0:01:38.520 --> 0:01:41.240 the years or still a learning process? 0:01:42.640 --> 0:01:43.559 What would you say? 0:01:44.280 --> 0:01:46.520 There's a lot of inside jokes. Yeah, no, no, look, 0:01:46.800 --> 0:01:49.920 you're getting better. But like everyone, it is a learning thing. 0:01:50.000 --> 0:01:52.800 It's on something you learn in school, so naturally that's 0:01:52.800 --> 0:01:55.000 why it makes sense to talk about, especially at this 0:01:55.080 --> 0:01:57.320 time of the year where it's at everyone's forefront of 0:01:57.320 --> 0:01:58.040 the mind as well. 0:01:58.520 --> 0:02:00.920 Yeah, I'm not gonna lie. I feel that Anna would 0:02:00.960 --> 0:02:04.680 be pretty terrible and it would be really as an accountant. 0:02:04.040 --> 0:02:07.120 There would bet I'm like an accountant's worst nightmare. And 0:02:07.160 --> 0:02:09.320 I totally hold my hands up and admit that. And 0:02:09.360 --> 0:02:12.400 if you're listening to this episode and you also feel 0:02:12.400 --> 0:02:15.120 that you're not good with finances, this is the episode 0:02:15.120 --> 0:02:17.960 to listen to because Julian just really simplifies things. He 0:02:18.040 --> 0:02:21.840 makes it easy, he makes it fun, and I mean. 0:02:21.960 --> 0:02:24.919 Anna called me a couple of weeks ago and was like, hey, 0:02:25.000 --> 0:02:27.400 do you remember when we bought the new phones? 0:02:27.600 --> 0:02:29.320 And I was like, what do you remember that? You 0:02:29.320 --> 0:02:30.919 were trying to figure out the date because. 0:02:31.160 --> 0:02:34.560 It was asking me what I was Probably I would 0:02:34.600 --> 0:02:37.280 have been for some kind of record keeping that that 0:02:37.480 --> 0:02:40.040 wasn't done properly. But I'm sure we got there at 0:02:40.040 --> 0:02:40.840 the end, didn't we Anna? 0:02:41.040 --> 0:02:41.400 Yeah? 0:02:41.600 --> 0:02:44.520 But you know what's interesting is like once I buy something, 0:02:44.600 --> 0:02:46.840 it just does not like it doesn't cross my mind 0:02:46.919 --> 0:02:50.320 ever again, Like I was asking that, like what did 0:02:50.360 --> 0:02:52.280 I buy at this time of year? 0:02:52.280 --> 0:02:53.679 And you were like, we bought an iPhone? 0:02:53.720 --> 0:02:55.640 And I was like, did I? How would we? How 0:02:55.680 --> 0:02:57.040 would how would you remember that? 0:02:57.480 --> 0:03:01.240 I remember because I remember that story. So let's jump in. 0:03:01.360 --> 0:03:05.440 What are some good top tips for the end of 0:03:05.560 --> 0:03:07.080 financial year? Julian. 0:03:07.320 --> 0:03:10.080 Funnily enough, I almost reckon it's like it gets in 0:03:10.160 --> 0:03:12.839 the financial year, so it's almost planning for the new 0:03:12.880 --> 0:03:15.960 financial Yet, as weird as that sounds, so people always 0:03:15.960 --> 0:03:19.320 thinking backwards, so maybe it's like what did it work 0:03:19.360 --> 0:03:22.560 this year? Right, because like you said, you're already behind 0:03:22.560 --> 0:03:24.000 the eight ball, so it's like what can I do 0:03:24.040 --> 0:03:27.720 differently for the next year? I like, and as boring 0:03:27.760 --> 0:03:30.560 as it sounds. A lot of it is the record keeping, 0:03:30.680 --> 0:03:34.040 so finding a system that works, whether it's the Ato 0:03:34.280 --> 0:03:36.840 deductions app, whether it's like a drop box where you 0:03:36.920 --> 0:03:40.440 just chuck receipts as you go, could be something more fancy, 0:03:40.520 --> 0:03:43.440 like you know your accounting programs zero all that could 0:03:43.480 --> 0:03:45.640 be as basic as a spreadsheet. But I think it's 0:03:45.640 --> 0:03:49.160 really just having something because that's the basis of everything 0:03:49.200 --> 0:03:51.560 that goes to the accountant. So without that, you're already 0:03:51.640 --> 0:03:53.440 kind of like chasing your tail a little bit. 0:03:53.600 --> 0:03:55.720 I put on my receipts and just as ziplocked back, 0:03:56.000 --> 0:03:58.119 just put them in a fit of my wardrobe. 0:03:58.840 --> 0:04:01.200 That's my account. 0:04:00.560 --> 0:04:05.280 When I was moving house, like very recently, I actually 0:04:05.280 --> 0:04:07.960 found this box that my dad told me to keep 0:04:07.960 --> 0:04:10.920 the accounts. But they're like from two thousand, like nineteen. 0:04:12.520 --> 0:04:15.320 I'm surprised the ink is still actually visible, if at all. 0:04:15.360 --> 0:04:16.359 I don't know if you've went through that. 0:04:16.400 --> 0:04:19.640 Process on the receipt I was just going to say, so, 0:04:19.680 --> 0:04:21.920 obviously I still have a hex stet, and a lot 0:04:21.960 --> 0:04:25.040 of people around Australia still have a hex stet. What 0:04:25.120 --> 0:04:29.800 are your thoughts on the increase in the indexation rates? 0:04:30.080 --> 0:04:33.599 That was a bit rough wasn't it the hike? And 0:04:34.240 --> 0:04:36.520 I can see it from both perspectives. So I read 0:04:36.720 --> 0:04:39.000 an interesting article the other day and the way that 0:04:39.040 --> 0:04:41.400 they worded it, and this is on the side of 0:04:41.440 --> 0:04:43.640 the government for example, right, I'm on the fence eyes 0:04:43.640 --> 0:04:46.159 where it is. But they pretty much said, let's just 0:04:46.200 --> 0:04:49.039 say you've got a ten grand hex stet and you 0:04:49.040 --> 0:04:51.680 know it takes you whatever ten years to pay it back. 0:04:52.240 --> 0:04:55.320 And by the time you pay it back, that ten grand, 0:04:55.600 --> 0:04:59.640 right because of inflation, is only worth eight thousand dollars. Right, 0:05:00.040 --> 0:05:02.040 So there's a two thousand dollars gap that the government 0:05:02.080 --> 0:05:05.400 wants to still collect on their money. So what they 0:05:05.440 --> 0:05:08.120 would usually do is, if they don't do this indexation 0:05:08.320 --> 0:05:11.559 thing for inflation, they'd probably try and get that money through, 0:05:11.760 --> 0:05:15.920 say increasing taxes. So indirectly, it's going to come back 0:05:15.960 --> 0:05:18.960 to us as the tax payers to kind of put 0:05:18.680 --> 0:05:23.080 that short little bit of the heck stet. So that's 0:05:23.160 --> 0:05:26.000 kind of you know, bringing it forward in terms of 0:05:26.040 --> 0:05:29.880 it doesn't make sense, like yes, based on you know 0:05:30.080 --> 0:05:32.920 what inflation is and all of that, do we like it? 0:05:32.960 --> 0:05:36.640 Definitely not? And can we do anything about it? Not? Really? 0:05:37.240 --> 0:05:39.840 So what are your thoughts on it? 0:05:40.520 --> 0:05:43.480 I was pissed, like I was kind of like I 0:05:43.480 --> 0:05:44.400 meant number one. 0:05:44.520 --> 0:05:46.320 I didn't even want to go to UNI. 0:05:46.360 --> 0:05:49.080 I was basically forced into it by teachers, parents and 0:05:49.200 --> 0:05:52.120 all of the above. Didn't had no idea what I 0:05:52.160 --> 0:05:57.560 wanted to do. Basically did like a two year couse. 0:05:58.000 --> 0:05:59.320 Did you stay there for two years? 0:05:59.480 --> 0:06:03.080 Yeah, I have like a fuller ex set props. 0:06:03.640 --> 0:06:05.840 It's a solid, solid time for someone that didn't want 0:06:05.839 --> 0:06:06.839 to do it in the first place. 0:06:06.960 --> 0:06:09.480 Well, do you know what's interesting though, I kind of 0:06:09.600 --> 0:06:12.720 use all of the Like I started with media communications, 0:06:12.720 --> 0:06:14.800 which I technically use everything I did for that. Then 0:06:14.839 --> 0:06:18.480 I moved into pr still use that, so I mean 0:06:18.640 --> 0:06:19.760 it technically. 0:06:19.440 --> 0:06:20.359 Didn't go to waste. 0:06:20.480 --> 0:06:23.040 I do use it in my everyday life, but also 0:06:23.560 --> 0:06:27.080 still annoying. And I think the bigger the hex step, 0:06:27.160 --> 0:06:29.800 the more it really like implicated you. For instance, like 0:06:30.080 --> 0:06:32.120 a friend of mine, he was about to buy a 0:06:32.200 --> 0:06:35.040 house and because he had such a huge lump sum, 0:06:35.080 --> 0:06:38.360 it was going up like dramatically, and he then couldn't 0:06:38.360 --> 0:06:39.719 buy a house because he was like, I need to 0:06:39.720 --> 0:06:42.039 put the money into paying off the hex sets. 0:06:42.040 --> 0:06:44.920 So I don't get like, you know, it's it's kind 0:06:44.920 --> 0:06:48.080 of a catch twenty two. So you want to pay 0:06:48.120 --> 0:06:50.520 it off, but you want that money for a house 0:06:50.560 --> 0:06:53.839 deposit with the hex stet the bank you know, he 0:06:54.080 --> 0:06:56.240 has a lower borrowing power, so because you've got this 0:06:56.320 --> 0:06:58.400 tex step, they won't give you as much of a loan. 0:06:58.920 --> 0:07:02.040 So you know, it's all so just like constantly there 0:07:02.120 --> 0:07:05.680 to deal with. But yeah, the more you make you 0:07:05.720 --> 0:07:08.160 start to learn that they really law that money back 0:07:08.360 --> 0:07:10.320 real quick once you're on. 0:07:10.800 --> 0:07:15.200 Yeah, for someone who hates talking about finances, like maybe 0:07:15.240 --> 0:07:17.960 grew up in a house where you know, talking about 0:07:18.000 --> 0:07:20.560 money was a bit, you know, a taboo topic, and 0:07:20.600 --> 0:07:23.480 then what are some ways for them to deal with 0:07:23.480 --> 0:07:26.640 their finances and maybe be more better with an account 0:07:26.680 --> 0:07:28.160 and something like that and get on top of it. 0:07:29.120 --> 0:07:31.680 Yeah, Well, I find a lot of our clients that 0:07:31.720 --> 0:07:33.920 actually come to us because it is a younger demographic, 0:07:34.240 --> 0:07:37.160 do come from that background. So they're bury the head 0:07:37.160 --> 0:07:38.440 in this end. They don't want to deal with it, 0:07:38.440 --> 0:07:41.400 and it's quite frightening. So I think it's it's one 0:07:41.440 --> 0:07:45.400 probably finding a professional that you can relate with. I 0:07:45.440 --> 0:07:49.240 suppose accountants, financial plan is mortgage brokers. Generally, it can 0:07:49.280 --> 0:07:54.320 be quite daunting and intimidating. Nowadays, there are younger practitioners 0:07:54.320 --> 0:07:56.360 out there, so maybe why it's just aligning with someone 0:07:56.400 --> 0:07:59.040 that you can listen to and not feel intimidated by it. 0:07:59.440 --> 0:08:02.320 And then maybe it's even doing your own research initially, 0:08:02.680 --> 0:08:04.880 so you know, you feel like you're going into the 0:08:04.880 --> 0:08:08.320 conversation with something. There's so many podcasts out there, there's 0:08:08.800 --> 0:08:12.280 reading you can do online, There's endless amounts of information. So, 0:08:12.400 --> 0:08:15.800 like anything, I think knowledge is power. You know, empower yourself, 0:08:15.960 --> 0:08:19.040 learn some things, and then align yourself with the right people, 0:08:19.120 --> 0:08:21.480 which I think, you know, it's like anything in life. 0:08:21.840 --> 0:08:24.800 You can't avoid tax. You can't avoid a lot of 0:08:24.800 --> 0:08:26.560 this fine and stuff as you grow up. So the 0:08:26.640 --> 0:08:29.120 quickly you get a handle on it and get some 0:08:29.440 --> 0:08:31.920 level of comfort, I think the better it is for everyone. 0:08:32.320 --> 0:08:34.120 Yeah. I used to definitely put my head in the 0:08:34.200 --> 0:08:36.920 sand with all things money and tax. I just didn't 0:08:36.920 --> 0:08:38.080 want to deal with it. I was like, that's a 0:08:38.120 --> 0:08:40.960 future me problem. But then I was like, nope, still. 0:08:40.760 --> 0:08:42.560 There, still there. 0:08:42.840 --> 0:08:45.160 I thought I would think about it and then get 0:08:45.280 --> 0:08:47.120 like anxious, and then I talked to my account and 0:08:47.160 --> 0:08:48.760 then should tell me a bunch of stuff and it 0:08:48.800 --> 0:08:52.320 would just go in one it sounds like you know 0:08:52.320 --> 0:08:53.360 what you're talking about. 0:08:53.240 --> 0:08:58.600 Solly, what Julian said is completely accurate. Like I think 0:08:58.640 --> 0:09:01.000 because you're younger, it kind of makes me feel a 0:09:01.000 --> 0:09:04.120 bit more comfortable. It's just like, you know, roughly around 0:09:04.160 --> 0:09:06.199 the same age. I can just have like a normal 0:09:06.280 --> 0:09:08.959 chat with Julie. And I think if you don't want 0:09:08.960 --> 0:09:11.320 to deal with tax having a good accountant is key 0:09:11.400 --> 0:09:14.240 really because then it's like, Okay, you can help me 0:09:14.360 --> 0:09:17.720 sort all of this thing that I just don't get. 0:09:18.720 --> 0:09:21.040 And as much as you know, I love that that 0:09:21.160 --> 0:09:23.920 method the whole like handball to the accountant and will know. 0:09:24.160 --> 0:09:26.440 I try and like drill a bit of education into 0:09:26.480 --> 0:09:29.280 clients so they are still at least learning as they 0:09:29.360 --> 0:09:31.920 go and getting better where the professionals will draw the 0:09:31.960 --> 0:09:34.040 nitty greedy, but at least you know, over time you 0:09:34.200 --> 0:09:37.080 understand what's going on, because I think that's a missing 0:09:37.400 --> 0:09:39.280 piece of the equation as well. People just pay people 0:09:39.280 --> 0:09:41.680 to do things, but it's like, hey, let's understand what's 0:09:41.720 --> 0:09:42.720 going on at the same. 0:09:42.559 --> 0:09:44.800 Time, absolutely make your job easier as well. 0:09:44.840 --> 0:09:49.319 I'll assume correct it has many times I don't and 0:09:49.360 --> 0:09:52.640 I store this journey. It's all we're still at the 0:09:52.679 --> 0:09:55.720 start of our journey three years in. 0:09:57.360 --> 0:10:01.480 What are some like handy tips for someone who's maybe 0:10:02.160 --> 0:10:04.360 in debt and they don't know how to kind of 0:10:04.440 --> 0:10:06.360 claw their way out of it, or maybe they feel 0:10:06.360 --> 0:10:09.480 embarrassed to grow to an accountant or you know, there's 0:10:09.480 --> 0:10:10.600 no judgment. 0:10:10.240 --> 0:10:12.560 Right, No, not at all. So I suppose when you 0:10:12.600 --> 0:10:15.160 talk about debt, it's like, you know, is it ato debt? 0:10:15.240 --> 0:10:17.000 Is a credit card debt and all that kind of stuff. 0:10:17.000 --> 0:10:20.120 So I think anything ATO related people kind of freak out. 0:10:20.480 --> 0:10:22.920 But I always prefense it with if you've got something 0:10:22.960 --> 0:10:25.920 to pay, the aho really aren't scary. They're open to 0:10:25.960 --> 0:10:29.360 payment plans like they do two three years, no questions asked, 0:10:29.360 --> 0:10:31.600 and they can do longer than that as well. So 0:10:31.800 --> 0:10:35.720 I think it's just being open, being realistic in terms 0:10:35.760 --> 0:10:38.080 of other debts, I think that's a more kind of 0:10:38.400 --> 0:10:40.560 holistic thing to look at. So, you know, can you 0:10:41.000 --> 0:10:45.040 consolidate debts, can you get lower interest rates? Do you 0:10:45.040 --> 0:10:47.240 have a credit card? Do you actually need a credit card? 0:10:47.320 --> 0:10:50.280 Like all these little things, even though small in nature, 0:10:50.440 --> 0:10:53.160 have to pay credit cards, Carlo and text debts. After 0:10:53.240 --> 0:10:55.800 a while, it can feel quite overwhelming when you've got 0:10:55.840 --> 0:10:58.199 all these things lingering over it, So I think it's 0:10:58.280 --> 0:11:00.560 kind of yeah, getting it all together, trying to make 0:11:00.600 --> 0:11:01.200 a little plan. 0:11:01.800 --> 0:11:04.080 Yeah, what I did with my credit card, I am 0:11:04.440 --> 0:11:06.120 obviously like a lot of kids when you went when 0:11:06.120 --> 0:11:08.920 you were younger overseas, you got a credit card to 0:11:09.040 --> 0:11:11.560 like help you through it. I eventually ended up just 0:11:11.559 --> 0:11:13.319 like cutting it up and putting it away so I 0:11:13.520 --> 0:11:14.079 couldn't use it. 0:11:14.080 --> 0:11:16.160 When I got back, I found myself. 0:11:15.880 --> 0:11:17.720 I did not trust yourself. 0:11:17.880 --> 0:11:19.360 Yeah, every time I make a payment on it, and 0:11:19.440 --> 0:11:21.199 you know, you go through like I'm cold for your 0:11:21.280 --> 0:11:23.080 grocery shop, and like I have my money on my 0:11:23.120 --> 0:11:25.679 actual account. But for some reason, I was like, I'll 0:11:25.760 --> 0:11:27.640 use my credit card because there's less of a chance 0:11:27.640 --> 0:11:30.679 of it like declining with this cute girl, so I 0:11:30.679 --> 0:11:32.440 would attack that then. 0:11:32.559 --> 0:11:34.160 Yeah, So eventually I was like, nah, I got rid 0:11:34.200 --> 0:11:36.760 of it, and just yeah. 0:11:35.920 --> 0:11:38.319 I think that's also like after pay, you know what 0:11:38.360 --> 0:11:40.320 I mean. You might actually have the money, but because 0:11:40.360 --> 0:11:42.880 you're presented with the option of after pay, you're just like, 0:11:43.320 --> 0:11:46.040 why would I pay my money. I'll use their money 0:11:46.040 --> 0:11:50.040 and pay it off slowly, which I don't necessarily agree with. 0:11:50.160 --> 0:11:52.400 Sometimes I feel like, if you if you've got the money, 0:11:52.960 --> 0:11:54.720 you know, use it. If you don't have the money 0:11:54.720 --> 0:11:56.840 why you're buying it, maybe you wait out a little 0:11:56.840 --> 0:11:59.520 bit longer. Yeah. 0:12:00.160 --> 0:12:02.160 There's like two types of people though, in the world, 0:12:02.280 --> 0:12:05.040 right there's people who love a credit card, and then 0:12:05.040 --> 0:12:07.960 there's people like me who I've never had a credit 0:12:07.960 --> 0:12:10.120 card in my life. I'm scared of it. My parents 0:12:10.200 --> 0:12:12.520 have like drilled it into me, like, never get a 0:12:12.520 --> 0:12:16.200 credit card, you'll be in debt. But I've now somehow 0:12:16.320 --> 0:12:20.520 realized I think through TikTok, maybe through Julian, that actually 0:12:20.559 --> 0:12:24.040 credit cards can be beneficial. Can you explain to us 0:12:24.080 --> 0:12:25.760 how credit cards are beneficial? 0:12:26.040 --> 0:12:27.800 Yeah, it's funny that you say that, because it really 0:12:27.840 --> 0:12:30.079 must be TikTok, or maybe it's just like something that's 0:12:30.120 --> 0:12:31.960 gone on, because all of a sudden, I am seeing 0:12:31.960 --> 0:12:35.199 everyone talking about credit cards, and I'm like, what's happened recently? 0:12:35.320 --> 0:12:38.240 But in short, I think the thing that excites people 0:12:38.360 --> 0:12:41.200 is about the rewards points, whether that's like when you 0:12:41.200 --> 0:12:42.560 sign on to a credit card, I give you a 0:12:42.559 --> 0:12:45.120 bunch of points, or when you spend you get kind 0:12:45.120 --> 0:12:47.840 of credit card points. You can eventually use the flights 0:12:47.880 --> 0:12:50.720 and you know, vouchers and things like that. So in 0:12:50.760 --> 0:12:53.199 its simplest form, as long as you're paying the credit 0:12:53.200 --> 0:12:55.960 card off ye straightaway or you're not forgetting to you're 0:12:55.960 --> 0:12:58.920 not disadvantaged by using their credit card, and you get 0:12:58.920 --> 0:13:02.400 the points as an extra little reward or so to speak. 0:13:03.120 --> 0:13:05.920 Sometimes people get a bit carried away with that, and 0:13:05.920 --> 0:13:08.000 you've got to kind of remember that you do also 0:13:08.040 --> 0:13:11.040 pay your credit card fees and all that kind of stuff. 0:13:11.160 --> 0:13:13.600 But there are definitely bargains out there to be had 0:13:13.920 --> 0:13:15.679 by joining up to a credit card. They give you 0:13:15.720 --> 0:13:17.720 a bunch of sign on points. And as long as 0:13:17.720 --> 0:13:19.920 you're good with your money and you remember to make 0:13:19.960 --> 0:13:21.959 the payments to the credit card and you're not actually 0:13:22.120 --> 0:13:24.520 using it to live on your me it's like Matt said, 0:13:24.960 --> 0:13:27.920 then you can actually get ahead from that point side 0:13:27.920 --> 0:13:28.360 of things. 0:13:28.800 --> 0:13:31.280 Speaking of points, because we talked about this on the 0:13:31.320 --> 0:13:33.280 podcast the other day, and do you want to ask Julian, 0:13:33.360 --> 0:13:34.400 this is your time to. 0:13:34.679 --> 0:13:36.640 Well, yeah, what's the best credit card for the best 0:13:36.760 --> 0:13:37.480 points system? 0:13:37.760 --> 0:13:38.000 Yeah? 0:13:38.240 --> 0:13:42.360 Yeah, well, I my credit you tell me the one I. 0:13:42.280 --> 0:13:45.320 Was telling you about before my bank ended up sending 0:13:45.320 --> 0:13:48.440 me an email saying I had X amount of points 0:13:48.440 --> 0:13:50.760 to use from when I used to use my credit card, 0:13:51.040 --> 0:13:52.520 but I was told you about before, and I went 0:13:52.520 --> 0:13:54.520 on to like the link and I followed the link 0:13:54.880 --> 0:14:00.640 ended up only being a ten dollars Amazon gift, Like, oh. 0:14:00.440 --> 0:14:04.680 Well, okay, naturally, I feel like you're bank sending going 0:14:04.720 --> 0:14:08.800 to promote their product, which is fair. I almost feel 0:14:08.800 --> 0:14:11.040 like you need a degree in credit cards because there 0:14:11.040 --> 0:14:13.240 are so many things to consider, So it's like, what's 0:14:13.280 --> 0:14:16.199 the annual fee, what's the sign on bonus? How many 0:14:16.240 --> 0:14:18.480 points do you get per dollar you spend? And they're 0:14:18.520 --> 0:14:22.520 all constantly running promotions and competing against each other, so 0:14:22.920 --> 0:14:26.800 it's almost suggests going to like those compare websites, putting 0:14:26.800 --> 0:14:28.960 in how much you're going to spend, what's applicable, and 0:14:29.040 --> 0:14:31.200 it'll just spit out kind of who's got the best 0:14:31.560 --> 0:14:34.400 sign on promotion, who's got the cheapest rates, how many 0:14:34.400 --> 0:14:36.680 how many points do you get? And go with that, 0:14:36.760 --> 0:14:38.920 because I don't think there's one kind of like this 0:14:39.080 --> 0:14:41.280 card is the is the goat and then you go 0:14:41.320 --> 0:14:41.680 with that. 0:14:41.760 --> 0:14:44.120 When I was younger, or when I was growing up, 0:14:43.960 --> 0:14:47.200 my parents would say get a credit card, pay like 0:14:47.280 --> 0:14:49.200 a bill on it, and then paid off straight away. 0:14:49.240 --> 0:14:52.600 So your credit score is why is there any truth 0:14:52.680 --> 0:14:54.440 in that? Or is that an urban legend? 0:14:55.440 --> 0:14:58.760 No, No, the parents are onto something. It's the credit 0:14:58.840 --> 0:15:01.120 card is an interesting one. So people think like they 0:15:01.120 --> 0:15:03.920 should get one purely because they need a credit score, 0:15:04.040 --> 0:15:06.040 like they won't to eventually buy a home, and without 0:15:06.080 --> 0:15:08.840 a credit card it won't work. So we've done homelans 0:15:08.840 --> 0:15:10.920 for clients and they've never had any form of debt 0:15:11.120 --> 0:15:12.800 at all, and they just got the home loan. 0:15:14.840 --> 0:15:16.240 Right, Sorry, there are you to say. 0:15:16.560 --> 0:15:19.400 We've done homelands for people who don't have a credit card. 0:15:19.240 --> 0:15:20.560 And I was like me and then he said debt. 0:15:20.440 --> 0:15:23.280 And I was like, oh not me, got some other 0:15:23.360 --> 0:15:27.840 debts over here. Yeah, So you don't necessarily need those 0:15:27.880 --> 0:15:30.240 things to you know, be able to get home loans 0:15:30.280 --> 0:15:32.160 and all that kind of stuff. But it can just 0:15:32.200 --> 0:15:34.760 build a bit of street credit in the bank world 0:15:35.040 --> 0:15:37.800 to show that you've got some repayment history, like there's 0:15:37.840 --> 0:15:40.640 something that's lodged on your file. But obviously it works 0:15:40.640 --> 0:15:42.760 on the flip side. If you stuff up and have 0:15:42.880 --> 0:15:45.600 late repayments, then they're like, you know, they see that 0:15:45.640 --> 0:15:47.400 when you go for home loans, and then you've just 0:15:47.440 --> 0:15:49.720 got to explain it, So as long as you're on 0:15:49.760 --> 0:15:51.480 top of it, it can help you, but you can 0:15:51.520 --> 0:15:53.320 also get ahead without it as well. 0:15:53.440 --> 0:15:55.960 What's what I've seen? What's a good credit score? 0:15:56.400 --> 0:15:59.280 Mate? To be honest, the credit scores. I don't like 0:15:59.800 --> 0:16:03.240 do credit score. So when we do a home loan, right, 0:16:03.320 --> 0:16:05.840 the banks kind of had their system, so I think 0:16:06.000 --> 0:16:08.520 from memory it's like a thousand to maybe twelve hundred, 0:16:08.520 --> 0:16:10.720 depending on what system you go with in terms like 0:16:10.840 --> 0:16:14.000 the best. But yeah, you'll I just. 0:16:14.040 --> 0:16:15.760 Checked mine the other day, so I thought I might 0:16:15.800 --> 0:16:16.120 as well. 0:16:16.280 --> 0:16:16.960 What did you get? 0:16:17.280 --> 0:16:18.560 Is that? Is that worth disclosing on? 0:16:19.400 --> 0:16:19.520 End? 0:16:20.080 --> 0:16:20.280 Yeah? 0:16:20.280 --> 0:16:22.520 What did you get out of one thousand and I 0:16:22.600 --> 0:16:24.000 got eight hundred and ninety eight? 0:16:24.960 --> 0:16:28.160 Now that's good. Yeah, that's like that's like a very 0:16:28.200 --> 0:16:31.160 good to excellent kind of range, mate, I'd be pretty happy. 0:16:31.560 --> 0:16:36.320 Yeah, banks listening, I'm ready for a mortgage. 0:16:38.600 --> 0:16:39.200 He's ready. 0:16:39.760 --> 0:16:43.280 Obviously, inflation is such a big topic at the moment. 0:16:43.880 --> 0:16:48.240 How do people save when inflation is just feels like 0:16:48.280 --> 0:16:49.520 it's going up and up and up. 0:16:50.280 --> 0:16:52.720 Yeah, it's a good question, and I think you know, 0:16:52.760 --> 0:16:56.760 with savings, it's kind of like increasing income or decrease expenses. 0:16:56.800 --> 0:16:58.640 That's that's how I look at, you know, when I'm 0:16:58.760 --> 0:17:01.960 talking to businesses, and increase profit, like they're the two options. 0:17:02.000 --> 0:17:05.359 So obviously, increasing income is hard when you're with an 0:17:05.359 --> 0:17:06.959 employee and you can't get a pay rise and all 0:17:06.960 --> 0:17:09.440 those types of things, So I do you know, I'm 0:17:09.440 --> 0:17:11.800 sure you guys see it more often these days, see 0:17:11.800 --> 0:17:15.800 people doing the side gigs, doing little online jobs, contracting, 0:17:16.160 --> 0:17:20.199 gig economy, selling clothing, all that kind of stuff. So 0:17:20.280 --> 0:17:22.600 I feel like just tapping into any kind of passive 0:17:22.640 --> 0:17:26.640 source of income is definitely going to help. Two, it's 0:17:26.640 --> 0:17:29.919 probably the boring side of it, which is kind of 0:17:30.359 --> 0:17:33.800 prioritizing and almost just like being more accountable. So even 0:17:33.800 --> 0:17:36.160 though that sounds really kind of like I can't say, 0:17:36.280 --> 0:17:39.560 because my income's not going up, maybe there's still room 0:17:39.680 --> 0:17:42.960 for you to maximize your spending. So once a month, 0:17:43.000 --> 0:17:45.600 sit down, have a SaaS C where you're spending on. 0:17:46.200 --> 0:17:48.119 You might have subscriptions that you're paying for that you 0:17:48.160 --> 0:17:51.560 don't actually use anymore. Electricity is all gone up from 0:17:51.600 --> 0:17:53.000 the first of July, and maybe you're not on the 0:17:53.040 --> 0:17:56.679 best package anymore. Health insurance, car insurance, just like so 0:17:56.680 --> 0:17:58.679 many things that we just subscribe to and just like 0:17:58.920 --> 0:18:01.720 set and forget. It's probably liked a review of everything, 0:18:01.760 --> 0:18:03.680 and see where there's room to say. 0:18:03.840 --> 0:18:06.600 I reckon getting rid of Ubery's. I would save so 0:18:06.720 --> 0:18:08.560 much money, you would use. 0:18:08.440 --> 0:18:11.240 It so much. I don't. I refuse to pay the livery. 0:18:11.640 --> 0:18:13.680