Speaker 1: I want the fairy tale. I want the prince charming.
Speaker 2: She how do I put this? Isn't a fan of
Speaker 2: my kissing style?
Speaker 1: Boyfriend and girlfriend from about twelve hours.
Speaker 2: He's in a trash bin.
Speaker 1: He's non recyclable, catching her.
Speaker 2: Mut I love being love. I love love.
Speaker 1: On today's episode of Where's Your Head At, we are
Speaker 1: sitting down with Julian Morrow, founder and CEO of Morrow
Speaker 1: Accountants to chat all things finance, tax and when to
Speaker 1: talk money with your partner.
Speaker 3: Look, money certainly does play a part in relationships, so
Speaker 3: we can't wait to ask Julian the hard hitting questions
Speaker 3: such as when to start talking money with your partner.
Speaker 1: He will also share his best tax tips and how
Speaker 1: to handle debt.
Speaker 2: Stay tuned.
Speaker 1: Where's Your Head At is a podcast that talks all
Speaker 1: things relationships, breakups, reality TV, trending shows, and everything in between.
Speaker 3: This is your new go to destination for laughs, gossip,
Speaker 3: intimate details, advice, and much more.
Speaker 1: Hey Julian, Welcome to the podcast.
Speaker 4: Hey guys, thanks so much for having me.
Speaker 2: Good morning and welcome.
Speaker 1: We know that this is your busiest time of year,
Speaker 1: so we are very grateful to have you on to
Speaker 1: give everyone all of the all of the money tips,
Speaker 1: and I'm not the best with my finances, as you know,
Speaker 1: being my accountant, Matt, would you say you're good with finances?
Speaker 3: I have gotten better in recent years. I was very
Speaker 3: poor in my early twenties, like I sucked.
Speaker 4: And I'm going to say that you've gotten better over
Speaker 4: the years or still a learning process?
Speaker 2: What would you say?
Speaker 4: There's a lot of inside jokes. Yeah, no, no, look,
Speaker 4: you're getting better. But like everyone, it is a learning thing.
Speaker 4: It's on something you learn in school, so naturally that's
Speaker 4: why it makes sense to talk about, especially at this
Speaker 4: time of the year where it's at everyone's forefront of
Speaker 4: the mind as well.
Speaker 3: Yeah, I'm not gonna lie. I feel that Anna would
Speaker 3: be pretty terrible and it would be really as an accountant.
Speaker 1: There would bet I'm like an accountant's worst nightmare. And
Speaker 1: I totally hold my hands up and admit that. And
Speaker 1: if you're listening to this episode and you also feel
Speaker 1: that you're not good with finances, this is the episode
Speaker 1: to listen to because Julian just really simplifies things. He
Speaker 1: makes it easy, he makes it fun, and I mean.
Speaker 3: Anna called me a couple of weeks ago and was like, hey,
Speaker 3: do you remember when we bought the new phones?
Speaker 2: And I was like, what do you remember that? You
Speaker 2: were trying to figure out the date because.
Speaker 4: It was asking me what I was Probably I would
Speaker 4: have been for some kind of record keeping that that
Speaker 4: wasn't done properly. But I'm sure we got there at
Speaker 4: the end, didn't we Anna?
Speaker 2: Yeah?
Speaker 1: But you know what's interesting is like once I buy something,
Speaker 1: it just does not like it doesn't cross my mind
Speaker 1: ever again, Like I was asking that, like what did
Speaker 1: I buy at this time of year?
Speaker 2: And you were like, we bought an iPhone?
Speaker 1: And I was like, did I? How would we? How
Speaker 1: would how would you remember that?
Speaker 2: I remember because I remember that story. So let's jump in.
Speaker 1: What are some good top tips for the end of
Speaker 1: financial year? Julian.
Speaker 4: Funnily enough, I almost reckon it's like it gets in
Speaker 4: the financial year, so it's almost planning for the new
Speaker 4: financial Yet, as weird as that sounds, so people always
Speaker 4: thinking backwards, so maybe it's like what did it work
Speaker 4: this year? Right, because like you said, you're already behind
Speaker 4: the eight ball, so it's like what can I do
Speaker 4: differently for the next year? I like, and as boring
Speaker 4: as it sounds. A lot of it is the record keeping,
Speaker 4: so finding a system that works, whether it's the Ato
Speaker 4: deductions app, whether it's like a drop box where you
Speaker 4: just chuck receipts as you go, could be something more fancy,
Speaker 4: like you know your accounting programs zero all that could
Speaker 4: be as basic as a spreadsheet. But I think it's
Speaker 4: really just having something because that's the basis of everything
Speaker 4: that goes to the accountant. So without that, you're already
Speaker 4: kind of like chasing your tail a little bit.
Speaker 3: I put on my receipts and just as ziplocked back,
Speaker 3: just put them in a fit of my wardrobe.
Speaker 2: That's my account.
Speaker 1: When I was moving house, like very recently, I actually
Speaker 1: found this box that my dad told me to keep
Speaker 1: the accounts. But they're like from two thousand, like nineteen.
Speaker 4: I'm surprised the ink is still actually visible, if at all.
Speaker 4: I don't know if you've went through that.
Speaker 1: Process on the receipt I was just going to say, so,
Speaker 1: obviously I still have a hex stet, and a lot
Speaker 1: of people around Australia still have a hex stet. What
Speaker 1: are your thoughts on the increase in the indexation rates?
Speaker 4: That was a bit rough wasn't it the hike? And
Speaker 4: I can see it from both perspectives. So I read
Speaker 4: an interesting article the other day and the way that
Speaker 4: they worded it, and this is on the side of
Speaker 4: the government for example, right, I'm on the fence eyes
Speaker 4: where it is. But they pretty much said, let's just
Speaker 4: say you've got a ten grand hex stet and you
Speaker 4: know it takes you whatever ten years to pay it back.
Speaker 4: And by the time you pay it back, that ten grand,
Speaker 4: right because of inflation, is only worth eight thousand dollars. Right,
Speaker 4: So there's a two thousand dollars gap that the government
Speaker 4: wants to still collect on their money. So what they
Speaker 4: would usually do is, if they don't do this indexation
Speaker 4: thing for inflation, they'd probably try and get that money through,
Speaker 4: say increasing taxes. So indirectly, it's going to come back
Speaker 4: to us as the tax payers to kind of put
Speaker 4: that short little bit of the heck stet. So that's
Speaker 4: kind of you know, bringing it forward in terms of
Speaker 4: it doesn't make sense, like yes, based on you know
Speaker 4: what inflation is and all of that, do we like it?
Speaker 4: Definitely not? And can we do anything about it? Not? Really?
Speaker 4: So what are your thoughts on it?
Speaker 1: I was pissed, like I was kind of like I
Speaker 1: meant number one.
Speaker 2: I didn't even want to go to UNI.
Speaker 1: I was basically forced into it by teachers, parents and
Speaker 1: all of the above. Didn't had no idea what I
Speaker 1: wanted to do. Basically did like a two year couse.
Speaker 2: Did you stay there for two years?
Speaker 1: Yeah, I have like a fuller ex set props.
Speaker 4: It's a solid, solid time for someone that didn't want
Speaker 4: to do it in the first place.
Speaker 1: Well, do you know what's interesting though, I kind of
Speaker 1: use all of the Like I started with media communications,
Speaker 1: which I technically use everything I did for that. Then
Speaker 1: I moved into pr still use that, so I mean
Speaker 1: it technically.
Speaker 2: Didn't go to waste.
Speaker 1: I do use it in my everyday life, but also
Speaker 1: still annoying. And I think the bigger the hex step,
Speaker 1: the more it really like implicated you. For instance, like
Speaker 1: a friend of mine, he was about to buy a
Speaker 1: house and because he had such a huge lump sum,
Speaker 1: it was going up like dramatically, and he then couldn't
Speaker 1: buy a house because he was like, I need to
Speaker 1: put the money into paying off the hex sets.
Speaker 4: So I don't get like, you know, it's it's kind
Speaker 4: of a catch twenty two. So you want to pay
Speaker 4: it off, but you want that money for a house
Speaker 4: deposit with the hex stet the bank you know, he
Speaker 4: has a lower borrowing power, so because you've got this
Speaker 4: tex step, they won't give you as much of a loan.
Speaker 4: So you know, it's all so just like constantly there
Speaker 4: to deal with. But yeah, the more you make you
Speaker 4: start to learn that they really law that money back
Speaker 4: real quick once you're on.
Speaker 3: Yeah, for someone who hates talking about finances, like maybe
Speaker 3: grew up in a house where you know, talking about
Speaker 3: money was a bit, you know, a taboo topic, and
Speaker 3: then what are some ways for them to deal with
Speaker 3: their finances and maybe be more better with an account
Speaker 3: and something like that and get on top of it.
Speaker 4: Yeah, Well, I find a lot of our clients that
Speaker 4: actually come to us because it is a younger demographic,
Speaker 4: do come from that background. So they're bury the head
Speaker 4: in this end. They don't want to deal with it,
Speaker 4: and it's quite frightening. So I think it's it's one
Speaker 4: probably finding a professional that you can relate with. I
Speaker 4: suppose accountants, financial plan is mortgage brokers. Generally, it can
Speaker 4: be quite daunting and intimidating. Nowadays, there are younger practitioners
Speaker 4: out there, so maybe why it's just aligning with someone
Speaker 4: that you can listen to and not feel intimidated by it.
Speaker 4: And then maybe it's even doing your own research initially,
Speaker 4: so you know, you feel like you're going into the
Speaker 4: conversation with something. There's so many podcasts out there, there's
Speaker 4: reading you can do online, There's endless amounts of information. So,
Speaker 4: like anything, I think knowledge is power. You know, empower yourself,
Speaker 4: learn some things, and then align yourself with the right people,
Speaker 4: which I think, you know, it's like anything in life.
Speaker 4: You can't avoid tax. You can't avoid a lot of
Speaker 4: this fine and stuff as you grow up. So the
Speaker 4: quickly you get a handle on it and get some
Speaker 4: level of comfort, I think the better it is for everyone.
Speaker 1: Yeah. I used to definitely put my head in the
Speaker 1: sand with all things money and tax. I just didn't
Speaker 1: want to deal with it. I was like, that's a
Speaker 1: future me problem. But then I was like, nope, still.
Speaker 2: There, still there.
Speaker 3: I thought I would think about it and then get
Speaker 3: like anxious, and then I talked to my account and
Speaker 3: then should tell me a bunch of stuff and it
Speaker 3: would just go in one it sounds like you know
Speaker 3: what you're talking about.
Speaker 1: Solly, what Julian said is completely accurate. Like I think
Speaker 1: because you're younger, it kind of makes me feel a
Speaker 1: bit more comfortable. It's just like, you know, roughly around
Speaker 1: the same age. I can just have like a normal
Speaker 1: chat with Julie. And I think if you don't want
Speaker 1: to deal with tax having a good accountant is key
Speaker 1: really because then it's like, Okay, you can help me
Speaker 1: sort all of this thing that I just don't get.
Speaker 4: And as much as you know, I love that that
Speaker 4: method the whole like handball to the accountant and will know.
Speaker 4: I try and like drill a bit of education into
Speaker 4: clients so they are still at least learning as they
Speaker 4: go and getting better where the professionals will draw the
Speaker 4: nitty greedy, but at least you know, over time you
Speaker 4: understand what's going on, because I think that's a missing
Speaker 4: piece of the equation as well. People just pay people
Speaker 4: to do things, but it's like, hey, let's understand what's
Speaker 4: going on at the same.
Speaker 2: Time, absolutely make your job easier as well.
Speaker 4: I'll assume correct it has many times I don't and
Speaker 4: I store this journey. It's all we're still at the
Speaker 4: start of our journey three years in.
Speaker 1: What are some like handy tips for someone who's maybe
Speaker 1: in debt and they don't know how to kind of
Speaker 1: claw their way out of it, or maybe they feel
Speaker 1: embarrassed to grow to an accountant or you know, there's
Speaker 1: no judgment.
Speaker 4: Right, No, not at all. So I suppose when you
Speaker 4: talk about debt, it's like, you know, is it ato debt?
Speaker 4: Is a credit card debt and all that kind of stuff.
Speaker 4: So I think anything ATO related people kind of freak out.
Speaker 4: But I always prefense it with if you've got something
Speaker 4: to pay, the aho really aren't scary. They're open to
Speaker 4: payment plans like they do two three years, no questions asked,
Speaker 4: and they can do longer than that as well. So
Speaker 4: I think it's just being open, being realistic in terms
Speaker 4: of other debts, I think that's a more kind of
Speaker 4: holistic thing to look at. So, you know, can you
Speaker 4: consolidate debts, can you get lower interest rates? Do you
Speaker 4: have a credit card? Do you actually need a credit card?
Speaker 4: Like all these little things, even though small in nature,
Speaker 4: have to pay credit cards, Carlo and text debts. After
Speaker 4: a while, it can feel quite overwhelming when you've got
Speaker 4: all these things lingering over it, So I think it's
Speaker 4: kind of yeah, getting it all together, trying to make
Speaker 4: a little plan.
Speaker 3: Yeah, what I did with my credit card, I am
Speaker 3: obviously like a lot of kids when you went when
Speaker 3: you were younger overseas, you got a credit card to
Speaker 3: like help you through it. I eventually ended up just
Speaker 3: like cutting it up and putting it away so I
Speaker 3: couldn't use it.
Speaker 2: When I got back, I found myself.
Speaker 4: I did not trust yourself.
Speaker 3: Yeah, every time I make a payment on it, and
Speaker 3: you know, you go through like I'm cold for your
Speaker 3: grocery shop, and like I have my money on my
Speaker 3: actual account. But for some reason, I was like, I'll
Speaker 3: use my credit card because there's less of a chance
Speaker 3: of it like declining with this cute girl, so I
Speaker 3: would attack that then.
Speaker 2: Yeah, So eventually I was like, nah, I got rid
Speaker 2: of it, and just yeah.
Speaker 4: I think that's also like after pay, you know what
Speaker 4: I mean. You might actually have the money, but because
Speaker 4: you're presented with the option of after pay, you're just like,
Speaker 4: why would I pay my money. I'll use their money
Speaker 4: and pay it off slowly, which I don't necessarily agree with.
Speaker 4: Sometimes I feel like, if you if you've got the money,
Speaker 4: you know, use it. If you don't have the money
Speaker 4: why you're buying it, maybe you wait out a little
Speaker 4: bit longer. Yeah.
Speaker 1: There's like two types of people though, in the world,
Speaker 1: right there's people who love a credit card, and then
Speaker 1: there's people like me who I've never had a credit
Speaker 1: card in my life. I'm scared of it. My parents
Speaker 1: have like drilled it into me, like, never get a
Speaker 1: credit card, you'll be in debt. But I've now somehow
Speaker 1: realized I think through TikTok, maybe through Julian, that actually
Speaker 1: credit cards can be beneficial. Can you explain to us
Speaker 1: how credit cards are beneficial?
Speaker 4: Yeah, it's funny that you say that, because it really
Speaker 4: must be TikTok, or maybe it's just like something that's
Speaker 4: gone on, because all of a sudden, I am seeing
Speaker 4: everyone talking about credit cards, and I'm like, what's happened recently?
Speaker 4: But in short, I think the thing that excites people
Speaker 4: is about the rewards points, whether that's like when you
Speaker 4: sign on to a credit card, I give you a
Speaker 4: bunch of points, or when you spend you get kind
Speaker 4: of credit card points. You can eventually use the flights
Speaker 4: and you know, vouchers and things like that. So in
Speaker 4: its simplest form, as long as you're paying the credit
Speaker 4: card off ye straightaway or you're not forgetting to you're
Speaker 4: not disadvantaged by using their credit card, and you get
Speaker 4: the points as an extra little reward or so to speak.
Speaker 4: Sometimes people get a bit carried away with that, and
Speaker 4: you've got to kind of remember that you do also
Speaker 4: pay your credit card fees and all that kind of stuff.
Speaker 4: But there are definitely bargains out there to be had
Speaker 4: by joining up to a credit card. They give you
Speaker 4: a bunch of sign on points. And as long as
Speaker 4: you're good with your money and you remember to make
Speaker 4: the payments to the credit card and you're not actually
Speaker 4: using it to live on your me it's like Matt said,
Speaker 4: then you can actually get ahead from that point side
Speaker 4: of things.
Speaker 1: Speaking of points, because we talked about this on the
Speaker 1: podcast the other day, and do you want to ask Julian,
Speaker 1: this is your time to.
Speaker 3: Well, yeah, what's the best credit card for the best
Speaker 3: points system?
Speaker 4: Yeah?
Speaker 2: Yeah, well, I my credit you tell me the one I.
Speaker 3: Was telling you about before my bank ended up sending
Speaker 3: me an email saying I had X amount of points
Speaker 3: to use from when I used to use my credit card,
Speaker 3: but I was told you about before, and I went
Speaker 3: on to like the link and I followed the link
Speaker 3: ended up only being a ten dollars Amazon gift, Like, oh.
Speaker 4: Well, okay, naturally, I feel like you're bank sending going
Speaker 4: to promote their product, which is fair. I almost feel
Speaker 4: like you need a degree in credit cards because there
Speaker 4: are so many things to consider, So it's like, what's
Speaker 4: the annual fee, what's the sign on bonus? How many
Speaker 4: points do you get per dollar you spend? And they're
Speaker 4: all constantly running promotions and competing against each other, so
Speaker 4: it's almost suggests going to like those compare websites, putting
Speaker 4: in how much you're going to spend, what's applicable, and
Speaker 4: it'll just spit out kind of who's got the best
Speaker 4: sign on promotion, who's got the cheapest rates, how many
Speaker 4: how many points do you get? And go with that,
Speaker 4: because I don't think there's one kind of like this
Speaker 4: card is the is the goat and then you go
Speaker 4: with that.
Speaker 3: When I was younger, or when I was growing up,
Speaker 3: my parents would say get a credit card, pay like
Speaker 3: a bill on it, and then paid off straight away.
Speaker 3: So your credit score is why is there any truth
Speaker 3: in that? Or is that an urban legend?
Speaker 4: No, No, the parents are onto something. It's the credit
Speaker 4: card is an interesting one. So people think like they
Speaker 4: should get one purely because they need a credit score,
Speaker 4: like they won't to eventually buy a home, and without
Speaker 4: a credit card it won't work. So we've done homelans
Speaker 4: for clients and they've never had any form of debt
Speaker 4: at all, and they just got the home loan.
Speaker 2: Right, Sorry, there are you to say.
Speaker 1: We've done homelands for people who don't have a credit card.
Speaker 2: And I was like me and then he said debt.
Speaker 4: And I was like, oh not me, got some other
Speaker 4: debts over here. Yeah, So you don't necessarily need those
Speaker 4: things to you know, be able to get home loans
Speaker 4: and all that kind of stuff. But it can just
Speaker 4: build a bit of street credit in the bank world
Speaker 4: to show that you've got some repayment history, like there's
Speaker 4: something that's lodged on your file. But obviously it works
Speaker 4: on the flip side. If you stuff up and have
Speaker 4: late repayments, then they're like, you know, they see that
Speaker 4: when you go for home loans, and then you've just
Speaker 4: got to explain it, So as long as you're on
Speaker 4: top of it, it can help you, but you can
Speaker 4: also get ahead without it as well.
Speaker 2: What's what I've seen? What's a good credit score?
Speaker 4: Mate? To be honest, the credit scores. I don't like
Speaker 4: do credit score. So when we do a home loan, right,
Speaker 4: the banks kind of had their system, so I think
Speaker 4: from memory it's like a thousand to maybe twelve hundred,
Speaker 4: depending on what system you go with in terms like
Speaker 4: the best. But yeah, you'll I just.
Speaker 2: Checked mine the other day, so I thought I might
Speaker 2: as well.
Speaker 1: What did you get?
Speaker 4: Is that? Is that worth disclosing on?
Speaker 2: End?
Speaker 1: Yeah?
Speaker 3: What did you get out of one thousand and I
Speaker 3: got eight hundred and ninety eight?
Speaker 4: Now that's good. Yeah, that's like that's like a very
Speaker 4: good to excellent kind of range, mate, I'd be pretty happy.
Speaker 3: Yeah, banks listening, I'm ready for a mortgage.
Speaker 2: He's ready.
Speaker 1: Obviously, inflation is such a big topic at the moment.
Speaker 1: How do people save when inflation is just feels like
Speaker 1: it's going up and up and up.
Speaker 4: Yeah, it's a good question, and I think you know,
Speaker 4: with savings, it's kind of like increasing income or decrease expenses.
Speaker 4: That's that's how I look at, you know, when I'm
Speaker 4: talking to businesses, and increase profit, like they're the two options.
Speaker 4: So obviously, increasing income is hard when you're with an
Speaker 4: employee and you can't get a pay rise and all
Speaker 4: those types of things, So I do you know, I'm
Speaker 4: sure you guys see it more often these days, see
Speaker 4: people doing the side gigs, doing little online jobs, contracting,
Speaker 4: gig economy, selling clothing, all that kind of stuff. So
Speaker 4: I feel like just tapping into any kind of passive
Speaker 4: source of income is definitely going to help. Two, it's
Speaker 4: probably the boring side of it, which is kind of
Speaker 4: prioritizing and almost just like being more accountable. So even
Speaker 4: though that sounds really kind of like I can't say,
Speaker 4: because my income's not going up, maybe there's still room
Speaker 4: for you to maximize your spending. So once a month,
Speaker 4: sit down, have a SaaS C where you're spending on.
Speaker 4: You might have subscriptions that you're paying for that you
Speaker 4: don't actually use anymore. Electricity is all gone up from
Speaker 4: the first of July, and maybe you're not on the
Speaker 4: best package anymore. Health insurance, car insurance, just like so
Speaker 4: many things that we just subscribe to and just like
Speaker 4: set and forget. It's probably liked a review of everything,
Speaker 4: and see where there's room to say.
Speaker 1: I reckon getting rid of Ubery's. I would save so
Speaker 1: much money, you would use.
Speaker 2: It so much. I don't. I refuse to pay the livery.
Speaker 1: Julian has seen how much. I don't know if you
Speaker 1: would remember, because you've probably done everyone's tax I've my
Speaker 1: Uber eats is out of control.
Speaker 2: Yeah, I just refuse.
Speaker 4: I am like an independent. I can't react when I
Speaker 4: see people's bank accounts. But every now and then I'm like,
Speaker 4: it's a lot of bats.
Speaker 1: Well I spoke, it's something I really want to like
Speaker 1: cut out, Yeah, right now, do it right now.
Speaker 4: But the way it works with the adduritudy, you re installed,
Speaker 4: like it's got all your history there. They make it
Speaker 4: really easy for you just to jump back on board,
Speaker 4: you know what. I like.
Speaker 1: They give me discounts except when I haven't ordered, like dinner,
Speaker 1: they like at dinner time, at like five o'clock, just
Speaker 1: before they send me a little notification to remind me
Speaker 1: they're there.
Speaker 4: I'm like, yeah, you must be like a previous and
Speaker 4: that can't be a good thing.
Speaker 1: I've got like the what is it?
Speaker 2: The Uber.
Speaker 1: Rewards thing or something where you spend ten dollars and
Speaker 1: then it gives you discounts and then you actually end
Speaker 1: up saving.
Speaker 2: It's bad. I'm a sucker for a program on that.
Speaker 3: I was speaking to my Max, mostly looking at getting
Speaker 3: the property market as Anna recently did, and I was like,
Speaker 3: he owns three properties, and I was like, how, like,
Speaker 3: what do you give me some advice? And he just
Speaker 3: said the best thing I can say is just go without.
Speaker 3: He was like, you need, you know, like make sacrifices, like.
Speaker 4: When you prioritize. Yeah. Correct. I think, like anything, whether
Speaker 4: it's business, property work, Like I think we see online
Speaker 4: all these success stories like zero to one hundred people
Speaker 4: just buying properties, but there usually is like a real
Speaker 4: hustle behind it. So in the instance of what we're
Speaker 4: saying inflation and you're like I can't get any more income,
Speaker 4: It's like, yeah, go without prioritize what don't you need
Speaker 4: so you can get into something like the property market
Speaker 4: and yeah, enjoy that space. Ye.
Speaker 3: Advice I have now is coffees. That's the only thing
Speaker 3: that I am. I'm not coming it out lata. So
Speaker 3: I was like, you know, going random trips to the
Speaker 3: shops and buying clothes.
Speaker 2: Cut that out.
Speaker 4: You know how many coffees a day?
Speaker 2: How many I'd have between four or five?
Speaker 4: Okay, so I had four bucks at four bucks a pop.
Speaker 2: Well I got soy milk a medium, so.
Speaker 4: That's about that's about eight fifty in Melbourne.
Speaker 2: Yeah literally. Yeah, So that's a big vice.
Speaker 4: That's a big vice, it is.
Speaker 3: But you know it's better than buying, Like I usually
Speaker 3: go to the shops every weekend.
Speaker 1: And but I told you should get the statchels.
Speaker 2: Yeah you did. I should probably do that.
Speaker 3: But like I said, I'd go to the shops buying
Speaker 3: you like routh Ren or Tommy shirt like one hundred
Speaker 3: and fifty, then go to the bar and spend god confidence.
Speaker 2: Amount of money. Yeah, I'm just you know, saving my coin.
Speaker 4: Just buying coffee saving coin.
Speaker 2: Ye, my coffee saving coin change. You can take anything
Speaker 2: from me, but not my coffee. Put that on a
Speaker 2: T shirt. That's a great little slogan.
Speaker 1: What age are you seeing people now getting into the
Speaker 1: property market. There's been a real shift in people buying
Speaker 1: houses just because it's so so expensive.
Speaker 4: I look, to be honest, I think thirty or early
Speaker 4: thirties is kind of what I'm seeing, and it's not
Speaker 4: like no one's shocked about it, no one's embarrassed about it.
Speaker 4: It's kind of the normal. I still deal with people
Speaker 4: that are buying in their mid to early twenty late twenties. Sorry,
Speaker 4: but once again, it could just be you know, the
Speaker 4: deposit is usually the hardest part of a homeland. So
Speaker 4: people could be in a good job by the time
Speaker 4: they're late in late twenties, but they haven't saved the deposits.
Speaker 4: So you get people that have kind of family guarantels
Speaker 4: or inheritances which are always going to kind of get
Speaker 4: them there earlier. But otherwise for people that are paying
Speaker 4: rent and you know, still living their life, traveling and
Speaker 4: all that kind of stuff, I feel like you're prioritizing
Speaker 4: all you're savings. So, you know, thirty is kind of
Speaker 4: what I've seen, and there's just still so like a
Speaker 4: lot of uncertainty out there, interest rates, house prices, and
Speaker 4: it all contributes to people's going to appetite for it
Speaker 4: as well.
Speaker 1: Yeah, Matt's like, Matt has a deposit, but he's worried
Speaker 1: about the repayments. Do you have any advice from that?
Speaker 4: What are you actually worried about.
Speaker 3: That, just in terms of like, yeah, like I went
Speaker 3: and looked online the other day at real estate and
Speaker 3: I was looking and it gives you, like, you know,
Speaker 3: the calculated amount, and I was just like, yeah, you know,
Speaker 3: looking through that and I was like, well, it was
Speaker 3: only a couple of hundred bucks more than when I
Speaker 3: was paying rent.
Speaker 4: Yeah for sure.
Speaker 3: Yeah, so I thought I can do it, but I
Speaker 3: don't know a commitment sort of gives me the.
Speaker 4: It's just what I tell people is the bank isn't
Speaker 4: going to lend someone the money if they can't afford it,
Speaker 4: because people will be able to afford it, So the
Speaker 4: bank's aren't going to give you what you can afford anyway,
Speaker 4: and they already build in a buffer like to to
Speaker 4: reduce what you're paying. So if the bank's comfortable doing it,
Speaker 4: it's then just a bit of a mentality thing. And
Speaker 4: I think until you get the home loan and in
Speaker 4: that mindset, you're always not going to be one hundred
Speaker 4: percent ready for it. But once you're in, I think
Speaker 4: you just kind of to learn to deal and you
Speaker 4: just kind of it's just really adulting. One oh one.
Speaker 4: I think it's just scary having that loan over your head.
Speaker 4: But yeah, it's like.
Speaker 3: It's like, well, do I want to do that or
Speaker 3: do I want to you know, take off to Europe
Speaker 3: and not come back pretty extended amount of time, and
Speaker 3: you know, yeah, so it's sort of like what do
Speaker 3: I do? But yeah, if something, if something I like
Speaker 3: comes along, I'll definitely look into it.
Speaker 1: Okay, Well, we've got some great advice from Julian. We
Speaker 1: are going to come back in a moment and talk
Speaker 1: all things money in relationships. Okay, Julian, So when is
Speaker 1: the best time to start talking about money with your partner?
Speaker 1: Because this one is like an icky one. People get
Speaker 1: a bit weird about this one.
Speaker 2: Obviously, not first date.
Speaker 4: I mean it'd be a good story, you know, the
Speaker 4: track if it worked out. What did you guys talk about?
Speaker 4: Don't think there's a role or right. I also feel
Speaker 4: like there's like little milestones that'll force you to talk
Speaker 4: about it even if you don't want to. So you know,
Speaker 4: for example, it's like, do you want to start ranting together,
Speaker 4: moving together? Are going on a trip? Is it serious?
Speaker 4: You know, to the point where you're talking about buying
Speaker 4: a house together, and naturally you just can't not talk
Speaker 4: about it, so I feel like it's fine. Initially you know,
Speaker 4: like hey, what do you make? What do you do?
Speaker 4: That's a bit weird. But eventually, like as you guys
Speaker 4: start to do things as a unit, I feel like
Speaker 4: it's going to all start start coming up. I mean,
Speaker 4: what did you like in prior dating? On what side
Speaker 4: of the fence were you open? Pretty hesitant?
Speaker 2: I'm pretty open.
Speaker 1: I never talked about it ever.
Speaker 2: Yeah, I'd be pretty open. I'd have nothing to really hide.
Speaker 3: A lot of each one of my exes have Actually,
Speaker 3: how do I say, like not helps me financially, but
Speaker 3: helps me mentally get better saving and it helps me
Speaker 3: like like my most recent X, she was very like
Speaker 3: she like gotaby savvy, got me onto like a new
Speaker 3: bank to say, put my money in the one before
Speaker 3: that helped me pay off my debts and like, you know,
Speaker 3: save up a bit of coin.
Speaker 4: It's not all doom and gloom, you know. I think
Speaker 4: we always speak in the bad side, like I'm opening
Speaker 4: myself up. I'm vulnerable, you know, with my finances. But
Speaker 4: the flip side is they come in from a different perspective,
Speaker 4: have their own situation that can help you as well.
Speaker 1: Yeah, It's interesting though, like I kind of roughly knew
Speaker 1: what Michael was making, but it wasn't until we got
Speaker 1: the home loan that I actually saw everything laid out
Speaker 1: like it was. It's the first time I've ever seen
Speaker 1: that from any of my ex boyfriends, I mean, any partner.
Speaker 1: So I was like, oh, this is interesting, Like this
Speaker 1: is like I felt like I was kind of like
Speaker 1: intruding on his privacy a little bit.
Speaker 4: Yeah. I think when you go down the path of
Speaker 4: the home loan, everything's on the table because the banks
Speaker 4: will pull out everything. So and also that could be
Speaker 4: like the cause of some arguments amongst cup like for example,
Speaker 4: if you have debts that they didn't know about and
Speaker 4: that's an added stress on the relationship and then it
Speaker 4: all kind of comes out at that point in time.
Speaker 4: So then it raises a question like when you should
Speaker 4: I actually tell them about it as well.
Speaker 1: Yeah, because I've seen a lot of things like that,
Speaker 1: saying like a lot of the times the reason why
Speaker 1: couples break up is due to finances.
Speaker 4: Yeah, I think it's financial stress and even just like
Speaker 4: the trust element of it. So if you think about it,
Speaker 4: if one person in the relationship is making big purchases
Speaker 4: without talent the other one, Well, that's going to be
Speaker 4: a huge show if they've got account or debts that
Speaker 4: they're not disclosing with the other person. Once again, it
Speaker 4: becomes like a trust thing. So I feel like it's
Speaker 4: really heavy in relationships. And then obviously just like financial stress,
Speaker 4: and is there an imbalance in the relationship as well
Speaker 4: from a financial perspective, even though you don't want that
Speaker 4: to be, you know, part of the relationship, at the
Speaker 4: end of the day, it's forced upon you. So you've
Speaker 4: got scenarios where one person earning a lot, one person
Speaker 4: might not be earning as much, Like what does that
Speaker 4: do for the couple's dynamics? How do they kind of
Speaker 4: balance that out and make sure no one feels guilty? Like,
Speaker 4: it's pretty complex.
Speaker 1: What do you think, Like, let's just say, if you're
Speaker 1: renting with your partner and one person's earning like double
Speaker 1: the other person, how does that go with like rent paying?
Speaker 1: Should the person who's earning double be paying more rent?
Speaker 1: Like how do you think it kind of works? Or
Speaker 1: should it all be fifty to fifty?
Speaker 4: Yeah, that's good, that's a good question, is what I mean.
Speaker 4: So I feel like you can't force the person's making
Speaker 4: more to pay more. Yeah, I think you're you're almost
Speaker 4: going to have the conversation before you move into the place,
Speaker 4: because otherwise I could lead to disaster because if they
Speaker 4: don't agree, you can't. It's just assume. But if you
Speaker 4: want it to be like accounting and be like, let's
Speaker 4: do it as a proportion of what you earn. That
Speaker 4: makes sense on paper, but relationship and personally what you know,
Speaker 4: it could be a different scenario. So yeah, I think, yeah,
Speaker 4: everything has to presume fifty fifty unless you have the
Speaker 4: chat to be like they comfortable pay more because they
Speaker 4: make more.
Speaker 1: I prefer to pay fifty to fifty, I think, just
Speaker 1: because I would feel a bit like uncomfortable even if
Speaker 1: my partner was earning more to be like making I.
Speaker 3: Agree as well. I think that it saves any not resentment,
Speaker 3: but like yeah, or like control over the like you
Speaker 3: know you're not financially clential control everything.
Speaker 2: It just keeps it very like do you know what
Speaker 2: I mean? Down the line? Yeah, no gray area on
Speaker 2: that though.
Speaker 3: First dates who pays men or girl?
Speaker 4: So what you do is you pulat your pace, lifts
Speaker 4: at the table and you look at it.
Speaker 2: I agree. I agree this week.
Speaker 4: Yeah, I think I reckon you go down just the
Speaker 4: path of whoever organizes it. I reckon they can run
Speaker 4: with doing the first date. Yeah, but obviously, like I
Speaker 4: think everyone's pretty mature these is. Actually I don't know
Speaker 4: daily world, but after a few days, I think it's
Speaker 4: like an open chat, like it's fine if you split it.
Speaker 4: It's fine. If someone gets one, you get the next one.
Speaker 4: It's that kind of thing. But yeah, for the first one,
Speaker 4: I reckon ever organizes it just sort of.
Speaker 2: Out and then someone picks up.
Speaker 1: That's why I never organized the first day.
Speaker 3: I think, Yeah, I agree, and I agree whoever pays
Speaker 3: the main bill, the other person picks up, you know,
Speaker 3: drink afterwards or.
Speaker 4: Yeah yeah yeah, and you still do you know, you
Speaker 4: still offer to pay. I still think that's nice. You
Speaker 4: don't go in with like the expectation. Yeah, yeah, I'm
Speaker 4: over that.
Speaker 2: Don't even bother with that for me. No, you have
Speaker 2: to do stretch.
Speaker 1: You need to stretch for the wallet.
Speaker 2: Otherwise they're like, you're.
Speaker 3: Like, oh, you know, like I can get it in
Speaker 3: their arms like this.
Speaker 4: Yeah.
Speaker 1: Yeah. Do you think it's wise to keep bank accounts separate?
Speaker 1: When you're in a relationship or is there a time
Speaker 1: that comes where you should merge.
Speaker 4: I think you could have the best of both. I
Speaker 4: think you can still have joint accounts, so like you
Speaker 4: have joint goals, savings, et cetera. But then you've still
Speaker 4: got kind of your personal accounts that you live through
Speaker 4: to some extent. So I think it's pretty complex in
Speaker 4: terms of like what you're both spending on. It could
Speaker 4: be like you've got a and this is kind of
Speaker 4: getting more into like not really a relationship, more like
Speaker 4: a marriage or something quite serious, where you've got, you know,
Speaker 4: you work out your savings goal and then you've both
Speaker 4: got a discretionary spend per week and then maybe that's
Speaker 4: what goes through your personal accounts. But like anything, I
Speaker 4: think it's just communication. You're both on the same page.
Speaker 4: There's no wrong or right. But definitely you can still
Speaker 4: have personal bank accounts. Everything doesn't have to be joint
Speaker 4: from the get GOA.
Speaker 3: Ideally you'd want a savings account that you have like
Speaker 3: holiday savings, and you have a bills one, then you
Speaker 3: have the one that you pay the mortgage in and
Speaker 3: you transfer to that, and then whatever you have left
Speaker 3: you have a great amount you both trans for whatever's
Speaker 3: left over.
Speaker 2: Free game is yours free game? Yeah, if you want
Speaker 2: to get.
Speaker 4: That, I reckon that. I reckon that works unless you
Speaker 4: get into that situation, Matt, where one person's earning double
Speaker 4: so then they've got this massive excess. It's like, well
Speaker 4: this is this is good to spend, isn't it, Because
Speaker 4: that's the issue.
Speaker 3: Yeah, well then you'd you'd go back and reflect on
Speaker 3: a percentage of your pace.
Speaker 4: You're good.
Speaker 1: What issues can arise if you do share a bank account,
Speaker 1: like let's just say you split up. How does that
Speaker 1: all kind of unravel?
Speaker 4: Look, I don't know, Like from a legal perspective, I
Speaker 4: think that is like a law question. But I think
Speaker 4: if it's in a bank account, there is still somewhat
Speaker 4: of an accountability like that you can see who's pulled
Speaker 4: the money out, like if there's debts, like you're both
Speaker 4: liable for them. It doesn't just fall into one person's
Speaker 4: you know lap. But in short, I haven't seen that
Speaker 4: too much, so I don't actually know. It's a little
Speaker 4: bit scary, Like you hear about horror stories and people
Speaker 4: take all the money or just like financial blackmail and
Speaker 4: all that kind of stuff.
Speaker 2: So it's a very legal question.
Speaker 1: Like financial control is such a scary thing in a relationship,
Speaker 1: and I think like it, like you do see it
Speaker 1: like a little bit around.
Speaker 3: Have you from my ex used to like, you know,
Speaker 3: for everything, and then she's like, give me her card
Speaker 3: and it would notify her. And then if I go
Speaker 3: into the shops and I pay for my money, why
Speaker 3: don't use my card?
Speaker 1: I should get annoyed.
Speaker 2: That's right.
Speaker 1: I mean, I would say that's called like living the highlighte.
Speaker 2: What's that.
Speaker 1: For me?
Speaker 4: Don't be bad when you break up? But while he
Speaker 4: was in it.
Speaker 2: Yeah, I don't know.
Speaker 1: I don't know when he gets out of the relationship,
Speaker 1: but he's like, I was financially controlled.
Speaker 2: She made her money against my will. I've saved all
Speaker 2: this money, but she Maybe.
Speaker 1: What about if let's just say this is not I'm
Speaker 1: not asking this personally, but I just thought it would
Speaker 1: be an interesting question. If you buy a house with
Speaker 1: someone and then you break up, how does that work?
Speaker 4: Is that a legal question as well?
Speaker 2: Maybe?
Speaker 4: So let me just grab that lawyer in the other room.
Speaker 4: You're both on the title and you've got joint ownership. Obviously,
Speaker 4: the legal parties kind of when you sell it, how
Speaker 4: do you sell it? All that kind of stuff, making
Speaker 4: sure it's an independent kind of sale. But at the
Speaker 4: end of the day, the mortgage has to be cleared,
Speaker 4: you know, agents need to be paid. Whatever's left theoretically
Speaker 4: gets paid fifty fifty to you. I think it's probably
Speaker 4: just more complex in terms of what stage of the
Speaker 4: relationship are they. Is it a divorce, what's the divorce settlement?
Speaker 4: He's a fifty to fifty. That's why I'm like, is
Speaker 4: it a legal question? But in the simplest form, it's like,
Speaker 4: if it's all shared, then it makes sense that it
Speaker 4: gets a clear get.
Speaker 1: Your cash fitty fitty. I'm not planning on breaking up
Speaker 1: anytime soon, so.
Speaker 4: No, yeah, get into the property first.
Speaker 1: What are some ways that you can make better money
Speaker 1: choices just on the daily? Would you say, obviously, maybe
Speaker 1: five coffees a day is probably not the best money
Speaker 1: choice by Matt.
Speaker 3: What about that app that you pay through and then
Speaker 3: if it's five dollars thirty it rounds it off to
Speaker 3: six dollars. What's that I can't remember the name of it,
Speaker 3: and then it gives you the seventy cents into a
Speaker 3: savings account.
Speaker 4: Yeah, yeah, yeah, there is something like that. I mean,
Speaker 4: that's that's good. I feel like that's kind of what's
Speaker 4: two questions Is one it's like we want to save more,
Speaker 4: and then like little apps like that can help. And
Speaker 4: then two itch is kind of like are we are
Speaker 4: we spending more? So I think it's a mixture of one.
Speaker 4: I mean, setting some goals without a goal, I feel
Speaker 4: like it's hard to make anything actionable because you kind
Speaker 4: of think to yourself, what's five bucks, what's fifty bucks,
Speaker 4: what's one hundred bucks? One doesn't say say five grand
Speaker 4: for the end of the year for a trip, right,
Speaker 4: makes you accountable? Two then it just comes down to
Speaker 4: actually going through and seeing where you're at, being accountable,
Speaker 4: staying on top of the spending. So day to day
Speaker 4: you don't need to look at it, but at the
Speaker 4: end of a month, reassess and see where you're at. Otherwise,
Speaker 4: you know, three months, six months slips and you've done
Speaker 4: all this spending and you're not on top of it.
Speaker 4: And then maybe just yet find the system that works
Speaker 4: to track it easy. So whether it is like I
Speaker 4: said earlier, like an app or just putting aside half
Speaker 4: an hour a month to go through your spending. I
Speaker 4: think that's the stuff that's going to make you accountable
Speaker 4: and actually help you just get a little bit ahead
Speaker 4: and not bury your head in the sand. Do the
Speaker 4: whole thing.
Speaker 2: Yeah.
Speaker 3: Yeah, my mum once said, look after the hundreds and
Speaker 3: the thousands will.
Speaker 4: Come, it all ends up. Is Yeah, that's what I'm saying.
Speaker 3: You might think, oh, it's just a hundred bucks, you know,
Speaker 3: buy that at that dress, and then you're like, you
Speaker 3: know what, that's a hundred bucks.
Speaker 2: So still bus Yeah, still can saving.
Speaker 1: Yeah, well, Juliane, we better let you go because it
Speaker 1: is tax time and we know that you are very,
Speaker 1: very busy. So thank you so much for making the
Speaker 1: time for this. I'm also going to need to send
Speaker 1: my tax about to say, filtering for your receipts that
Speaker 1: you're thinking.
Speaker 4: I will continue make so much guys.
Speaker 2: Thank you so much.
Speaker 4: Thanks, I appreciate it. Chat s