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Speaker 1: My name's Tatasha Bamblet. I'm a proud First Nations woman

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Speaker 1: and I'm here to acknowledge country t Glenn Young Ganya

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Speaker 1: Niana Kaka yah y and beIN ah Waka Nian our

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Speaker 1: gay In Mbina, yakarum jar Dominyama, Domagahawakaman, damon Imlan Bomber

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Speaker 1: bang Gadabomba in and now in wakah ghana on yak

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Speaker 1: rum jar Watnadaa. Hello, beautiful friends, we gather on the

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Speaker 1: lands of the Aboriginal people. We thank acknowledge and respect

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Speaker 1: the Abiginal people's land that we're gathering on today. Take

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Speaker 1: pleasure in all the land and respect all that you see.

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Speaker 1: She's on the Money podcast acknowledges culture, country, community and connections,

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Speaker 1: bringing you the tools, knowledge and resources for you to thrive.

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Speaker 2: She's on the Money.

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Speaker 3: She's on the Money.

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Speaker 4: Hello, and welcome to She's on the Money, the podcast

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Speaker 4: that lets you be really pervy about other people's money

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Speaker 4: habits educational purposes of course. Welcome back to another one

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Speaker 4: of our money diaries where I get the absolute privilege

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Speaker 4: of talking with one of our incredible She's on the

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Speaker 4: Money community members all about their journey. Let's jump straight

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Speaker 4: into it, because this week I got an email and

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Speaker 4: it sounded exactly like this, Dear, she's on the money.

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Speaker 4: I've proudly been listening to your show since day one,

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Speaker 4: and before the podcast, I had no financial literacy at all.

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Speaker 4: I've been through redundancy working in the disability space and

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Speaker 4: had to move back home during COVID. After that, on

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Speaker 4: the advice from my mentor, I made a career pivot

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Speaker 4: into people consulting. I also own one third of an

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Speaker 4: apartment with my brothers because it was the only way

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Speaker 4: I could get into the market at the time. It's

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Speaker 4: not always easy, but I'm glad I did it. Fast

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Speaker 4: forward to today, live in New York after transferring with

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Speaker 4: an American company. This means my finances are a bit

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Speaker 4: all over the place. Five bank accounts, A for U,

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Speaker 4: one K Ozzie super A, mortgage back home, and tax

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Speaker 4: in both countries. Money, Darrist, Welcome to the show. This

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Speaker 4: is actually going to be so fun.

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Speaker 2: Thanks for having me.

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Speaker 4: I'm very excited. New York is so fancy. How long

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Speaker 4: have you been there?

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Speaker 5: Yeah, so, I've been in New York for three years now,

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Speaker 5: just over three years.

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Speaker 4: Oh, that's so exciting. And I mean, you did say

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Speaker 4: that your finances might be a little bit all over

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Speaker 4: the place. If I asked you to give yourself a

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Speaker 4: money grade from A through to F, what grade would

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Speaker 4: you give yourself?

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Speaker 5: I think I give myself a BUS. I've learned a

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Speaker 5: lot over the last few years. I've learnt a lot

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Speaker 5: from listening to the podcast. I'm pretty proud of what

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Speaker 5: I've done, but I still think there's a lot to

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Speaker 5: learn and grow from. And I think that I'd like

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Speaker 5: to clean up my finances a little bit.

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Speaker 4: Love love, love love. Tell me a bit more about

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Speaker 4: your money story and your money journey, because you've gone

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Speaker 4: from like being in Australia to now in the US

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Speaker 4: for the last three years. Tell me about all of that.

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Speaker 4: And I need to know, like what's the future going

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Speaker 4: to hold?

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Speaker 5: Yeah, so I think, you know, just to go back

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Speaker 5: to how I was raised and brought up.

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Speaker 2: I grew up with, you know, very middle class family.

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Speaker 5: My mother has always been so intensely you know, money savvy.

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Speaker 5: She's been a scrimper and a saver her whole life.

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Speaker 5: My dad, on the other hand, is a fairly risky

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Speaker 5: person with money. I think he's always had his own business,

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Speaker 5: maybe not had that much of a security mentality towards money.

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Speaker 5: He grew up a little wealthier than she did, and

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Speaker 5: so I don't think he cared or thought as much about,

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Speaker 5: you know, what life would look like if he didn't

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Speaker 5: have any money. And I think I definitely more take

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Speaker 5: after my mum. I think that I'm more kind of

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Speaker 5: more risk averse with money. I'm definitely a scrimper and

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Speaker 5: a saver. I always have been. I would save my

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Speaker 5: pocket money. I saved you know, money from birthday presents

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Speaker 5: for my whole life, and so I think I definitely

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Speaker 5: had that mentality, and that's kind of the way I've

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Speaker 5: been brought up up. I think the thing that made

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Speaker 5: it hard for me was I'm quite a kind of

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Speaker 5: structured type aid person, and when I was made redundant,

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Speaker 5: not once, but twice in three years, it definitely kind

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Speaker 5: of made me feel like I was never going to

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Speaker 5: achieve my money goals. I've moved for jobs twice in

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Speaker 5: my life. I moved from Sydney to Melbourne. I moved

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Speaker 5: from from Sydney to New York for work. It was

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Speaker 5: a massive concern for me in moving here that that

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Speaker 5: would be a really scary thing to do, and that

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Speaker 5: I wouldn't necessarily be able to be able to afford it.

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Speaker 5: I don't have any security for my family. I fully

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Speaker 5: financially am responsible for myself, and so yeah, I mean,

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Speaker 5: I think my attitude towards money now is that this

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Speaker 5: podcast more generally, and listening to this podcast as well

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Speaker 5: as some other kind of financial literacy that I've learned

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Speaker 5: over the last kind of seven years, has really taught

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Speaker 5: me how powerful it is to be financially independent and

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Speaker 5: how good I feel when I save money, when I

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Speaker 5: I'm able to travel, I'm able to contribute to you know,

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Speaker 5: I live with my partner, I'm able to contribute to

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Speaker 5: our rent in our life, and that we can go

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Speaker 5: on holidays and we can do everything that we want

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Speaker 5: to do and we can still save for kind of

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Speaker 5: our big money goals. So I think I've come a

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Speaker 5: long way from when I first started in my career

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Speaker 5: and when I first started saving money to now where

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Speaker 5: you know, I'm pretty comfortable. I know, I'm comfortable, I'm happy. Yeah,

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Speaker 5: I guess that's kind of my attitude towards money.

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Speaker 4: I love that I feel like that's such a big

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Speaker 4: goal for so many people to just be like, look,

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Speaker 4: I'm comfortable and I'm happy, like that is iconic, especially

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Speaker 4: right now when everything is so damn expensive. It's so

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Speaker 4: expensive here in Australia, but I can't imagine what it's

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Speaker 4: like in the US. I remember when I was in

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Speaker 4: New York. I just found everything astronomical. Like I was

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Speaker 4: consistently being like, sorry, what, Like, my goodness.

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Speaker 2: It's crazy.

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Speaker 5: Like I could not even my friends at home when

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Speaker 5: I tell them, you know how much rent we pay,

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Speaker 5: or even going out grocery bills, whether it's buying a

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Speaker 5: cocktail in a bar or going grocery shopping or getting

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Speaker 5: an uber it's like double the price of Australia.

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Speaker 2: I don't convert anymore.

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Speaker 5: It just like pains me and it hits my heart

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Speaker 5: so hard when I try to convert back to Australian dollars.

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Speaker 4: Yeah, you're just blocking it out. You're like, oh, my goodness.

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Speaker 5: Yeah, but I was recently calculating how much rent I

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Speaker 5: pay and what mortgage we could afford to pay in

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Speaker 5: Australia and that made me sick to my stomach.

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Speaker 4: Yeah, and like it's so hard, but you're also we

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Speaker 4: had someone on the show a couple of weeks ago actually,

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Speaker 4: who was based in San Francisco, And I know you

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Speaker 4: listened to that because we're just talking about it off

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Speaker 4: air and she was saying the same thing, just like

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Speaker 4: it's so expensive, i'd no longer convert. But you're also

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Speaker 4: like kind of paying for a lifestyle and paying for

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Speaker 4: the experience, Like you wouldn't want to or I don't

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Speaker 4: think you would want to take that away, because yes,

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Speaker 4: you could come back to Australia and pay a different mortgage,

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Speaker 4: but like, look at the life experience you're getting. Look

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Speaker 4: at like the things that you're doing. I just I'm

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Speaker 4: in such or of people who are able to do

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Speaker 4: this because I'm such a conservative person. Like as much

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Speaker 4: as you know I've started businesses and done all of this,

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Speaker 4: I've always done it, like I would say, while feeling

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Speaker 4: relatively secure in the country I grew up in, Like

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Speaker 4: going to the US is a completely different ballgame. I

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Speaker 4: want to know you mentioned before, like being made redundant

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Speaker 4: twice in three years. That's rude. Like I think that's

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Speaker 4: quite rude. I feel like you should be getting like

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Speaker 4: a hall pass or something where someone's like, oh, sorry, no,

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Speaker 4: we can't make her redundant. She actually got made redundant

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Speaker 4: once before, Like that wouldn't be very nice for her ego,

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Speaker 4: So we shouldn't be doing that. Talk to me about

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Speaker 4: like not just rebuilding from that, because I feel like

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Speaker 4: you get a bit of a financial hit because obviously

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Speaker 4: you're out of work, you're trying to find a new job,

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Speaker 4: but like the ego hit and just feeling like is

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Speaker 4: this me, Like did that hit your confidence in the

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Speaker 4: way that I assume it might have.

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Speaker 2: Oh, my gosh, totally, I think.

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Speaker 5: You know, the first time it happened, it was my

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Speaker 5: first job, when I was six months into that job,

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Speaker 5: and the organization it was a disability organization, and they

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Speaker 5: just didn't have the money and they didn't have really

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Speaker 5: that they weren't mature enough to be able to have

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Speaker 5: me on staff full time. I was their first kind

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Speaker 5: of full time employee. And the first time that happened,

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Speaker 5: I was like, I'm never going to get another job,

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Speaker 5: I'm never going to be able to afford what I want.

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Speaker 5: I'm going to have to move home, you know, like completely,

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Speaker 5: just a horrible feeling. And then for that to happen

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Speaker 5: kind of two years later, right when I start my

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Speaker 5: third job in my career. I was like, is it

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Speaker 5: something what's wrong with me?

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Speaker 2: Is it me? Yeah?

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Speaker 5: And what am I doing wrong that's making this happen.

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Speaker 5: I've always thought I was a good worker. I've always

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Speaker 5: thought i'd work hard. I always go kind of above

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Speaker 5: and beyond. I'm never just someone who like clocks off

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Speaker 5: at five and leaves.

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Speaker 2: And it was the worst feeling ever.

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Speaker 5: Hilariously, the company that made me redundant the second time

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Speaker 5: I now work for in.

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Speaker 4: New York, You're like, bet you didn't see me coming back.

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Speaker 5: They essentially like helped me relocate to New York and

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Speaker 5: they paid my relocation.

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Speaker 4: They moved me here, my goodness.

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Speaker 5: So it kind of makes me think that, you know,

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Speaker 5: everything happens for a reason, you know, it doesn't feel

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Speaker 5: that way, And I hate when it happened.

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Speaker 2: I hated everyone that would say that to me.

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Speaker 5: I hated everyone that would be like, it doesn't happen

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Speaker 5: for a reason, you know, like I have no money,

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Speaker 5: I'm gonna have to move back to my parents' house,

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Speaker 5: like I have nothing. But now years past that, I

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Speaker 5: think business is business, right, and it's not personal, and

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Speaker 5: it's not your fault and you're going to find another

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Speaker 5: job where you're going to find a different career path.

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Speaker 5: And had those things not happen to me, I wouldn't

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Speaker 5: have been where I am today. I wouldn't be sitting

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Speaker 5: here in New York with my partner who's American, living

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Speaker 5: this life literally looking out onto the city. I would

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Speaker 5: just probably be in a really different place with my life.

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Speaker 5: Not saying that, Like money is the bell on it

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Speaker 5: all and gives you everything, but I think it's afforded

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Speaker 5: me a lot of It's your freedom.

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Speaker 4: It gives you a lot of freedom and choice and

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Speaker 4: ability to I don't know. I get quite frustrated when

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Speaker 4: people say things like, oh, money doesn't buy happiness, and

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Speaker 4: I'm like, yeah, but like it does create unhappiness when

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Speaker 4: you don't have enough of it, And like we all

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Speaker 4: know the research says, like there's a cap of a

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Speaker 4: certain amount of money where you don't get happier the

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Speaker 4: more you earn. And that's fine, but like when you're

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Speaker 4: in financial distress, when you're being made redundant, when you

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Speaker 4: think that you're not going to have an income or

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Speaker 4: you're going to be able to achieve any financial goals, Yeah,

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Speaker 4: I'm sorry. Money makes me really happy, Like money makes

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Speaker 4: me feel really secure, and being secure is actually a

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Speaker 4: good thing.

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Speaker 2: And I feel that way.

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Speaker 5: I mean, I think about the people that can't afford

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Speaker 5: to go buy groceries, and I think, you know, yeah,

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Speaker 5: that is a terrible feeling. I've been in that position before,

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Speaker 5: a lot of people have been in that position before,

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Speaker 5: and it feels horrible and that is a really unhappy place.

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Speaker 5: So to even have the luxury of being able to

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Speaker 5: go and buy groceries every week and not feel like

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Speaker 5: you can't put food on the table for you or

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Speaker 5: your family, you know, that gives somewhat of happiness. How

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Speaker 5: you get from there to like being extraordinarily wealthy. I

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Speaker 5: don't think that much happiness carries.

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Speaker 2: Along with it.

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Speaker 4: No, absolutely not. It's kind of like I would actually

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Speaker 4: like us older just have the bare minimum, Like can

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Speaker 4: we all just be able to put food on the table,

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Speaker 4: not go into debt to do that, and feel like

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Speaker 4: we can be safe and happy and have a roof

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Speaker 4: over our head and pay for our electricity. Like I

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Speaker 4: just feel like that's the bare minimum and we should

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Speaker 4: be working towards that. Talk to me about work. So

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Speaker 4: you've moved over to America, it's is so fancy you

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Speaker 4: transferred with and did you say it was American company?

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Speaker 2: Yes?

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Speaker 4: Like it was the company you worked for over here,

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Speaker 4: got made redundant from and have gone back to. So

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Speaker 4: talk me through that. What do you do for work?

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Speaker 4: How much do you earn? How on earth do you

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Speaker 4: get someone who's like, you know what money DRIs will

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Speaker 4: pay for you to travel to the other side of

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Speaker 4: the world. Like that's cool.

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Speaker 5: Yeah, well it probably makes sense to start with how

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Speaker 5: I was made redundant from this company as an American company,

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Speaker 5: they have a very small presence in Australia. I work

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Speaker 5: as an executive search consultant. So basically what we do

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Speaker 5: is essentially help companies. Some people call it a headhunter.

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Speaker 5: Basically hire executives like CEOs for big companies around the world.

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Speaker 5: We also kind of do another bit of work, which

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Speaker 5: is leadership and consulting services to businesses. So when you think,

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Speaker 5: you know, the culture of a company is really bad,

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Speaker 5: we might come in and build a better culture for

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Speaker 5: the business or create a plan for CEO succession. I

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Speaker 5: was major redundant from that job. I then moved to

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Speaker 5: a different company and I was there for three years.

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Speaker 5: While I was at that other company, A previous company

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Speaker 5: kept calling me saying, hey, we'd love you to come back.

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Speaker 2: I think you should come back. We've got a job

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Speaker 2: opening for you.

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Speaker 4: And you're like, but you did me a dirty the

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Speaker 4: first time. I would have been really apprehensive.

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Speaker 2: And eventually I was like, can I come back? But

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Speaker 2: in New York?

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Speaker 5: And they saw it as this long term The industry

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Speaker 5: is very small in Australia, so they saw it as

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Speaker 5: this long term you know, we bring you back, maybe

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Speaker 5: you'll come back to it Australia down the track.

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Speaker 4: Ha ha ha. Smart from them, but also strategic from you.

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Speaker 2: Yeah.

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Speaker 5: And so they introduced me to the business in New

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Speaker 5: York and essentially I ended up moving over with the

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Speaker 5: business three years after I was made redundant from that

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Speaker 5: same company.

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Speaker 4: Wow. And so what do you get paid if you're

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Speaker 4: in executive search?

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Speaker 2: So it's funny.

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Speaker 5: When I moved over from Australia to New York, my

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Speaker 5: salary did not change one bit.

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Speaker 2: It was the same.

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Speaker 5: It was one hundred and thirty thousand Australian dollars to

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Speaker 5: one hundred and thirty thousand US dollars.

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Speaker 4: Excuse me, just.

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Speaker 5: The same amount. And now I've been promoted over the

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Speaker 5: last three years.

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Speaker 4: Wait. Sorry, so you went from one hundred and thirty

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Speaker 4: Australian dollars to one hundred and thirty American dollars. Does

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Speaker 4: that mean you kind of basically doubled almost double dur income.

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Speaker 2: Yeah.

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Speaker 4: So at the time, we're just like skimming across the

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Speaker 4: fact that there's currency conversion here.

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Speaker 2: Guys.

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Speaker 4: Yeah, I was like, hold on, hold on, that's like

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Speaker 4: a really good deal.

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Speaker 5: I ignore currency conversion because everything costs the exact same

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Speaker 5: in the US in US dollars as it does in Australia.

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Speaker 5: So at the time, when I got that pay and

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Speaker 5: I was like, I'm going to earn one hundred and

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Speaker 5: thirty thousand base and then we get kind of a

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Speaker 5: cash bonus, I thought I'd like made it. I was like,

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Speaker 5: this is amazing, this is the best thing that could

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Speaker 5: ever happen to me, and it is. It's incredible. But

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Speaker 5: then you move here and everything costs the same, if

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Speaker 5: not more, in US dollars in New York, and you think,

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Speaker 5: actually it was kind of ends up being less money

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Speaker 5: at the end of the day that you kind of

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Speaker 5: come homework.

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Speaker 4: Yeah, that's crazy because you've basically gone from having one

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Speaker 4: hundred and thirty grand Australian to two hundred thousand Australian,

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Speaker 4: which is like the currency conversion there, which is fine,

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Speaker 4: but like having experienced it, having you know, done lots

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Speaker 4: of research into this space, like everything is astronomically more expensive.

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Speaker 4: I remember one of my favorite things when I travel

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Speaker 4: money Durst is to go to the groceries store close

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Speaker 4: to like where we're staying and just like have a

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Speaker 4: bit of a wonder round see what the prices on

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Speaker 4: things are. And obviously, like I don't know, when you

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Speaker 4: move to a you probably did this. American grocery stores

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Speaker 4: are so fun. It's like a wonderland. They have so

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Speaker 4: much more stuff than you could ever imagine. Like why

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Speaker 4: are there pop tarts? Why is there a whole? I

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Speaker 4: al feel like pop tart? What are you talking about? Anyway,

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Speaker 4: I had it. That's fun, but it was insane how

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Speaker 4: much things were. Like I thought we were crazy in

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Speaker 4: Australia in America, unhinged.

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Speaker 2: It's crazy. Actually, it's so funny.

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Speaker 5: We came back to Australia recently for a visit and

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Speaker 5: my partner both of us were like, it's really it

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Speaker 5: feels quite cheap here for us, Like everything was discounted,

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Speaker 5: everything about like forty percent off the price just because

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Speaker 5: of the US dollar.

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Speaker 2: But I know that's not the case.

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Speaker 5: Like my family's still there, and I know people are

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Speaker 5: really struggling, So I'm not coming from a place without

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Speaker 5: that perception.

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Speaker 4: No, But it's just our experience. I think that's the

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Speaker 4: beauty of money diaries, right, Like we get the opportunity

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Speaker 4: to share your experience so that other people can learn

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Speaker 4: from it, because it's so beautiful to be like, oh,

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Speaker 4: my goodness, like you're on the other side of the

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Speaker 4: world and you're sharing all of your like money secrets

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Speaker 4: basically with us. It's not because you don't get it.

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Speaker 4: It's just we're all in different situations and that, to

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Speaker 4: me is really cool.

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Speaker 5: And I should say I was promoted last year, so

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Speaker 5: my total package now I have a base salary of

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Speaker 5: one hundred and fifty thousand US dollars and then I

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Speaker 5: earn this bonus, which is a cash bonus annually. It's

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Speaker 5: very weirdly calculated. I have no clue how they decide

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Speaker 5: how much it is. Last year it was fifty thousand dollars,

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Speaker 5: so just one time a year, you get fifty thousand

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Speaker 5: dollars in your bank account.

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Speaker 2: Why, it's a bit crazy.

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Speaker 4: And what does tax on that look like?

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Speaker 2: Oh like fifty percent?

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Speaker 4: Fifty percent, jeez, Louise. So now you're earning like two

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Speaker 4: hundred USD which is about three hundred thousand Australian dollars.

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Speaker 4: That's crazy. But also you're probably like Victoria to live

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Speaker 4: in New York. That's a bare minimum.

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Speaker 2: Yeah.

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Speaker 5: And then on top of that, which is kind of

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Speaker 5: an interesting piece that they do in the US, they

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Speaker 5: don't in Australia, but it's something called profit sharing. So

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Speaker 5: if the company performs well and profits, then the employees

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Speaker 5: get a small portion of those profits based on how

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Speaker 5: much they earn. So it's based on a base salary.

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Speaker 5: It's a percentage of the profits. So I think last

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Speaker 5: year that added up to about fifteen percent on top

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Speaker 5: of my base salary. That goes straight into the equivalent

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Speaker 5: of my superannuation.

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Speaker 2: So my fourah one k.

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Speaker 5: Yeah, crazy, which is a great system. It's a private company,

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Speaker 5: so they can kind of do whatever they want.

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Speaker 4: So talk to me about having gone from the Australian

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Speaker 4: system where we have superannuation to having a four oh

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Speaker 4: one case. So for those of you falling along at

383
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Speaker 4: home in Australia, superannuation is government mandated in Australia, but

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Speaker 4: there's no system like that in America. It's kind of

385
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Speaker 4: would you say, it's like voluntary. So some companies engage

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Speaker 4: with it. You can contribute to it, like it's a

387
00:17:52,520 --> 00:17:55,639
Speaker 4: good idea, but it's not something that they absolutely have

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Speaker 4: to pay like they do in Australia.

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Speaker 2: Yeah, that's totally right. I actually the system.

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Speaker 5: I think it's a terrible system, and I think it's

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Speaker 5: really disadvantages people that are living paycheck to paycheck.

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Speaker 2: And I wish it wasn't the case.

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Speaker 5: I really struggled when I moved here with figuring out

394
00:18:13,720 --> 00:18:15,439
Speaker 5: the tax on a four oh one K if I

395
00:18:15,440 --> 00:18:17,720
Speaker 5: wanted to take it back to Australia. I was deciding

396
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Speaker 5: whether it would even be worth me having a four

397
00:18:19,520 --> 00:18:22,680
Speaker 5: oh one K, or if I should just continually contribute

398
00:18:22,720 --> 00:18:25,879
Speaker 5: to my own superannuation in Australia. But a lot of

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Speaker 5: companies do a process called matching, so if you put

400
00:18:30,720 --> 00:18:34,960
Speaker 5: in three percent of your pay, they'll put in three percent.

401
00:18:35,480 --> 00:18:40,240
Speaker 5: My company, actually, I don't think has the best matching program.

402
00:18:40,640 --> 00:18:44,520
Speaker 5: You put in six percent and they will match three percent,

403
00:18:44,920 --> 00:18:47,920
Speaker 5: so they'll match half of the six percent, right, Yeah,

404
00:18:47,920 --> 00:18:49,960
Speaker 5: it's really strange. So in totally if you put in

405
00:18:50,000 --> 00:18:53,080
Speaker 5: six percent, they'll add three percent and that takes it

406
00:18:53,080 --> 00:18:57,200
Speaker 5: to nine percent. But because they do that profit sharing,

407
00:18:57,880 --> 00:19:00,880
Speaker 5: my company ends up giving me more in my four

408
00:19:00,920 --> 00:19:03,399
Speaker 5: oh one K then I would get in my super

409
00:19:03,400 --> 00:19:06,600
Speaker 5: in Australia because they add I think it's like last

410
00:19:06,680 --> 00:19:09,399
Speaker 5: year was fifteen percent profit sharing into my four o

411
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Speaker 5: one K at the end of the year.

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Speaker 4: Yeah, and I think it's interesting. And if you are

413
00:19:13,600 --> 00:19:16,000
Speaker 4: about to ask you about this actually, but if you

414
00:19:16,040 --> 00:19:18,760
Speaker 4: ever do booth back to Australia, something that I would

415
00:19:18,760 --> 00:19:22,520
Speaker 4: recommend is talking to an expat financial advisor, so someone

416
00:19:22,560 --> 00:19:27,439
Speaker 4: who really specializes in Americans or Australian citizens who have

417
00:19:27,560 --> 00:19:30,199
Speaker 4: lived abroad who are coming back. And I've got a

418
00:19:30,200 --> 00:19:33,880
Speaker 4: great recommendation if anybody needs one. But it's so important

419
00:19:33,920 --> 00:19:35,800
Speaker 4: to work out what that looks like because there are

420
00:19:35,840 --> 00:19:39,400
Speaker 4: a lot of like us and then Australian tax implications,

421
00:19:39,400 --> 00:19:42,440
Speaker 4: because the Australian tax system doesn't recognize the four oh

422
00:19:42,480 --> 00:19:46,800
Speaker 4: one K as a tax advantaged account, but obviously in

423
00:19:46,840 --> 00:19:50,399
Speaker 4: America it is, and there's like lots of different strategies

424
00:19:50,840 --> 00:19:53,600
Speaker 4: and how to get it back into Australia basically, but

425
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Speaker 4: the ATO sometimes and I'm not an accountant so I

426
00:19:56,440 --> 00:19:58,560
Speaker 4: can't give advice on these. Is just interesting to know.

427
00:19:59,040 --> 00:20:02,040
Speaker 4: Sometimes the ATO might actually look at you pulling money

428
00:20:02,080 --> 00:20:05,000
Speaker 4: out of your for a one k's income and then

429
00:20:05,119 --> 00:20:08,080
Speaker 4: try and tax it at your marginal tax rate, which

430
00:20:08,119 --> 00:20:09,960
Speaker 4: you go, well, hold on like it was taxed on

431
00:20:10,000 --> 00:20:12,359
Speaker 4: the way in. But that was the US system, not

432
00:20:12,400 --> 00:20:16,399
Speaker 4: the Australian system. So I have seen situations where people

433
00:20:16,560 --> 00:20:18,920
Speaker 4: move back to Australia still have their for a one

434
00:20:19,000 --> 00:20:21,879
Speaker 4: ks for life and then just have withdrawals over time.

435
00:20:22,320 --> 00:20:25,119
Speaker 4: I've also seen people completely extinguish them and bring them

436
00:20:25,160 --> 00:20:28,119
Speaker 4: all back into Australia and put them into their subernuation system.

437
00:20:28,160 --> 00:20:31,600
Speaker 4: So it's completely up to you. But that's one hundred

438
00:20:31,640 --> 00:20:35,800
Speaker 4: percent something I would be getting very specialized advice on, because,

439
00:20:35,800 --> 00:20:38,320
Speaker 4: as you said before, it's a lot of money. But

440
00:20:38,359 --> 00:20:42,359
Speaker 4: then also the tax implications. Tax rates are so high

441
00:20:42,400 --> 00:20:44,919
Speaker 4: in the US but also so high in Australia that

442
00:20:44,960 --> 00:20:46,280
Speaker 4: you just don't want to make the wrong move.

443
00:20:46,560 --> 00:20:49,600
Speaker 5: Yeah, it's crazy, And actually I got advice before I

444
00:20:49,760 --> 00:20:52,199
Speaker 5: left and the advice that I got this was not

445
00:20:52,280 --> 00:20:55,080
Speaker 5: formal advice. This was from a friend and he said,

446
00:20:55,200 --> 00:20:57,399
Speaker 5: don't put any money into your fur A one k

447
00:20:57,480 --> 00:20:59,600
Speaker 5: if you can avoid it, because it's such a headache.

448
00:20:59,600 --> 00:21:01,159
Speaker 5: You'll get to tacks a huge amount when you bring

449
00:21:01,200 --> 00:21:04,439
Speaker 5: it back to Australia. But then I couldn't part with

450
00:21:04,480 --> 00:21:07,760
Speaker 5: the idea that my company would then be not contributing

451
00:21:07,880 --> 00:21:09,200
Speaker 5: anything exactly.

452
00:21:09,240 --> 00:21:11,479
Speaker 4: And it's like, well, they're going to give me free money.

453
00:21:11,560 --> 00:21:13,440
Speaker 4: I can work this out later down the track. And

454
00:21:13,480 --> 00:21:15,320
Speaker 4: there's definitely a way to work it out, I promise.

455
00:21:15,520 --> 00:21:19,080
Speaker 4: It's just more complex, unfortunately, and it might be about

456
00:21:19,280 --> 00:21:24,080
Speaker 4: drawing down certain amounts or even maybe holding American investments

457
00:21:24,240 --> 00:21:25,920
Speaker 4: for the rest of your life. Like there's a lot

458
00:21:25,960 --> 00:21:27,879
Speaker 4: of ways around it. And I think that it sounds

459
00:21:27,920 --> 00:21:31,240
Speaker 4: a lot more intimidating than the reality of it, because

460
00:21:31,240 --> 00:21:34,760
Speaker 4: even if you live in Australia, having American assets is

461
00:21:34,800 --> 00:21:36,680
Speaker 4: not the end of the world. We've got the Internet.

462
00:21:36,720 --> 00:21:38,480
Speaker 4: It's almost like you and I are hanging out on

463
00:21:38,520 --> 00:21:41,440
Speaker 4: the Internet truly right now in different countries and having

464
00:21:41,480 --> 00:21:43,960
Speaker 4: a chat. So like, I feel like sometimes it feels

465
00:21:44,000 --> 00:21:47,400
Speaker 4: more complex than it actually ends up being. So tell

466
00:21:47,440 --> 00:21:49,479
Speaker 4: me about the future, Like, are you ever coming back

467
00:21:49,520 --> 00:21:51,760
Speaker 4: to Australia, you said before, and they need to know

468
00:21:51,800 --> 00:21:54,480
Speaker 4: how you met that, Like you said before, My American

469
00:21:54,640 --> 00:21:58,840
Speaker 4: partner and I live together, So how's that going to work?

470
00:21:59,040 --> 00:22:01,760
Speaker 5: Well, it's so funny. He came to Australia for the

471
00:22:01,760 --> 00:22:05,360
Speaker 5: first time maybe a few months ago. He is in

472
00:22:05,400 --> 00:22:08,840
Speaker 5: love with Australia. He loves it. He wants to move tomorrow.

473
00:22:09,000 --> 00:22:11,200
Speaker 5: If it was up to him, we'd be moving tomorrow.

474
00:22:11,359 --> 00:22:12,280
Speaker 2: Oh my heart.

475
00:22:12,400 --> 00:22:14,639
Speaker 4: I kind of love that because you're like in the

476
00:22:14,680 --> 00:22:17,800
Speaker 4: good position where you're like, I'm living, loving, loving in

477
00:22:17,840 --> 00:22:19,400
Speaker 4: New York. But if I ever want to move home,

478
00:22:19,400 --> 00:22:20,600
Speaker 4: that's not going to be an issue.

479
00:22:20,840 --> 00:22:23,000
Speaker 5: Yeah, And I guess I was worried about that. I've

480
00:22:23,000 --> 00:22:24,719
Speaker 5: always been very clear with people I was dating when

481
00:22:24,760 --> 00:22:27,320
Speaker 5: I moved here about the fact that I'm going to

482
00:22:27,320 --> 00:22:30,280
Speaker 5: move back at some point. That's always been clear. I'm

483
00:22:30,280 --> 00:22:33,639
Speaker 5: not having a family. I cannot raise a family in

484
00:22:33,640 --> 00:22:37,320
Speaker 5: the US away from my family. My brother just had

485
00:22:37,320 --> 00:22:40,120
Speaker 5: a baby, and thinking about having a family and raising

486
00:22:40,160 --> 00:22:43,719
Speaker 5: them away from my cousins or their cousins is not

487
00:22:43,760 --> 00:22:44,679
Speaker 5: really an option for me.

488
00:22:44,760 --> 00:22:48,400
Speaker 4: It becomes so important, right It's such a funny conversation actually,

489
00:22:48,440 --> 00:22:51,760
Speaker 4: and I interviewed and you listen to it, and probably

490
00:22:51,760 --> 00:22:54,280
Speaker 4: everyone listening to this episode of Money Dari's heard our

491
00:22:54,320 --> 00:22:56,880
Speaker 4: interview with the woman who moved over for her husband's

492
00:22:56,960 --> 00:22:59,600
Speaker 4: job in tech in San Francisco, and so I went home.

493
00:23:00,000 --> 00:23:02,160
Speaker 4: It was funny because my husband has a very similar

494
00:23:02,200 --> 00:23:05,119
Speaker 4: career path to hers, and I say, oh, my gosh, Steve, like,

495
00:23:05,160 --> 00:23:07,840
Speaker 4: you could move to San Francisco and you could do

496
00:23:07,920 --> 00:23:09,679
Speaker 4: all of this stuff, and he was like, no, I

497
00:23:09,680 --> 00:23:12,119
Speaker 4: would never have my kids in the US, like I

498
00:23:12,160 --> 00:23:13,639
Speaker 4: don't want to bring kids up in the US. I

499
00:23:13,640 --> 00:23:15,520
Speaker 4: don't want to bring kids up away from my family.

500
00:23:15,520 --> 00:23:17,040
Speaker 4: And I was kind of like, oh, that was just

501
00:23:17,040 --> 00:23:19,240
Speaker 4: like a fun thing to discuss because it was, you know,

502
00:23:19,359 --> 00:23:21,600
Speaker 4: similar to your career. And then I was like, hold on,

503
00:23:21,680 --> 00:23:24,879
Speaker 4: that must be a massive consideration. What was it like

504
00:23:24,920 --> 00:23:26,800
Speaker 4: when your brother had a baby and you're just not

505
00:23:26,920 --> 00:23:27,680
Speaker 4: in the country.

506
00:23:27,840 --> 00:23:28,960
Speaker 2: It's been really tough.

507
00:23:29,440 --> 00:23:32,400
Speaker 5: So when my brother had a baby, I was thinking,

508
00:23:32,640 --> 00:23:35,040
Speaker 5: oh my gosh, how could I possibly be so far

509
00:23:35,080 --> 00:23:39,919
Speaker 5: away from my niece. And then I thought about, you know,

510
00:23:39,960 --> 00:23:42,120
Speaker 5: when my other sibling has a baby, what that might

511
00:23:42,160 --> 00:23:45,520
Speaker 5: look like, and thinking about those cousins growing up together

512
00:23:45,640 --> 00:23:48,280
Speaker 5: around the corner from each other, and me being so

513
00:23:48,440 --> 00:23:51,120
Speaker 5: far away and my kids potentially growing up so far

514
00:23:51,160 --> 00:23:53,960
Speaker 5: away just didn't really feel like a possibility for me.

515
00:23:54,359 --> 00:23:55,080
Speaker 4: Yep, totally.

516
00:23:55,400 --> 00:23:58,720
Speaker 5: And then thinking about that, my partner's family is all

517
00:23:58,760 --> 00:24:03,280
Speaker 5: pretty disperse around the country. Americans all, I guess Americans

518
00:24:03,320 --> 00:24:04,600
Speaker 5: are probably better than Australian.

519
00:24:04,680 --> 00:24:07,000
Speaker 4: They're wild, are they. They just live in different states

520
00:24:07,000 --> 00:24:09,160
Speaker 4: and think it's easy, And so there's.

521
00:24:08,960 --> 00:24:12,239
Speaker 5: Not one central sort of home for his family. And

522
00:24:12,320 --> 00:24:14,680
Speaker 5: so because of that, I think they're all more open

523
00:24:14,800 --> 00:24:17,040
Speaker 5: to kind of moving to different cities in the US.

524
00:24:17,240 --> 00:24:20,000
Speaker 5: And then he came to Australia. He loved how much

525
00:24:20,080 --> 00:24:23,359
Speaker 5: nature there was, he loved how outdoors we were, he

526
00:24:23,440 --> 00:24:26,359
Speaker 5: loved my family, and I think that kind of made

527
00:24:26,520 --> 00:24:30,720
Speaker 5: things a little bit easier for him on actually potentially moving.

528
00:24:30,920 --> 00:24:33,480
Speaker 5: And so he's like, now he's looking for jobs in Australia,

529
00:24:33,520 --> 00:24:36,080
Speaker 5: he wants to move. Now I'm the one that's thinking,

530
00:24:36,200 --> 00:24:38,080
Speaker 5: kind of career wise, it probably makes sense for me

531
00:24:38,119 --> 00:24:40,359
Speaker 5: to stay a few more years, get a few more promotions,

532
00:24:40,400 --> 00:24:41,840
Speaker 5: and then and then go back.

533
00:24:41,920 --> 00:24:44,439
Speaker 4: Yeah, one hundred percent, because I'm assuming that your space

534
00:24:44,480 --> 00:24:48,600
Speaker 4: you said before is relatively niche, like executive search in Australia,

535
00:24:48,640 --> 00:24:51,600
Speaker 4: I would assume is not as large as it is

536
00:24:51,640 --> 00:24:53,560
Speaker 4: in the US. So what could that mean for your

537
00:24:53,600 --> 00:24:54,639
Speaker 4: career down the track.

538
00:24:54,840 --> 00:24:58,359
Speaker 5: I think it's certainly there is options in Australia, there's

539
00:24:58,440 --> 00:24:58,960
Speaker 5: just a.

540
00:24:58,920 --> 00:24:59,840
Speaker 2: Lot less option.

541
00:25:00,520 --> 00:25:02,440
Speaker 5: So it'd be better for me to kind of stay

542
00:25:02,480 --> 00:25:05,560
Speaker 5: here and get promoted and then eventually move back to

543
00:25:05,640 --> 00:25:08,679
Speaker 5: Australia in a more senior role because it's so small

544
00:25:08,720 --> 00:25:11,360
Speaker 5: in Australia, there just isn't a lot of room for promotion.

545
00:25:11,480 --> 00:25:13,920
Speaker 5: There's not a lot of room for growth. And when

546
00:25:13,960 --> 00:25:16,560
Speaker 5: you think about it, if you just think practically, most

547
00:25:16,600 --> 00:25:20,320
Speaker 5: of my clients are like ASX one hundred equivalent companies

548
00:25:20,359 --> 00:25:24,639
Speaker 5: like NASDAQ one hundred, big companies, and they just aren't

549
00:25:24,640 --> 00:25:26,880
Speaker 5: as many of them in Australia. And so when you're

550
00:25:26,880 --> 00:25:28,680
Speaker 5: working with smaller companies.

551
00:25:28,320 --> 00:25:31,720
Speaker 2: It's smaller roles. It's not that it's not important, it's

552
00:25:31,760 --> 00:25:34,160
Speaker 2: just not as much what we do in our job.

553
00:25:34,280 --> 00:25:37,120
Speaker 4: Yeah, one hundred percent, I'm assuming that your type of role.

554
00:25:37,160 --> 00:25:40,440
Speaker 4: When you find somebody through executive search, there's a whole

555
00:25:40,440 --> 00:25:42,840
Speaker 4: pr release about who's going to be the new head

556
00:25:42,880 --> 00:25:45,080
Speaker 4: of this company, and then it's like, yes, there are

557
00:25:45,160 --> 00:25:48,479
Speaker 4: lots of CEO roles in Australia, but they're not you know,

558
00:25:48,720 --> 00:25:52,280
Speaker 4: listed companies that are always chopping and changing. There's just

559
00:25:52,359 --> 00:25:54,679
Speaker 4: so much more business that happens in the US.

560
00:25:54,960 --> 00:25:55,280
Speaker 2: Yeah.

561
00:25:55,440 --> 00:25:57,960
Speaker 5: And also when you think about what we do, a

562
00:25:58,000 --> 00:26:01,080
Speaker 5: lot of the time a company would hire us to

563
00:26:01,119 --> 00:26:04,720
Speaker 5: do that work because they owe it to their shareholders

564
00:26:05,520 --> 00:26:08,920
Speaker 5: that they are not just finding one person that could

565
00:26:08,960 --> 00:26:11,879
Speaker 5: do the job, but they are being diligent enough to

566
00:26:11,920 --> 00:26:15,000
Speaker 5: look at every market, every sector, every industry in the

567
00:26:15,040 --> 00:26:17,760
Speaker 5: world and find the best possible person in the world

568
00:26:17,840 --> 00:26:20,879
Speaker 5: that could do that job. And just internally, they can't

569
00:26:20,880 --> 00:26:23,119
Speaker 5: do it themselves, they need to hire us to do that.

570
00:26:23,400 --> 00:26:25,239
Speaker 4: No, and you do that day in, day out, So

571
00:26:25,280 --> 00:26:27,320
Speaker 4: it makes sense to go to the professionals for that.

572
00:26:27,440 --> 00:26:30,040
Speaker 4: And I mean looking at the way that a board

573
00:26:30,080 --> 00:26:32,680
Speaker 4: would look at that as well. Having somebody who's an

574
00:26:32,720 --> 00:26:36,120
Speaker 4: external feels a lot more secure than you know, being

575
00:26:36,160 --> 00:26:39,760
Speaker 4: accused of something happening inside or a friend being promoted

576
00:26:39,880 --> 00:26:42,479
Speaker 4: or whatnot. It just makes a lot more sense when

577
00:26:42,480 --> 00:26:43,560
Speaker 4: there's a lot more at stake.

578
00:26:43,760 --> 00:26:45,959
Speaker 2: Yeah, absolutely, absolutely.

579
00:26:45,640 --> 00:26:48,560
Speaker 4: So tell me about this idea of moving home with

580
00:26:48,600 --> 00:26:50,639
Speaker 4: your partner one, How did you meet your partner? Like,

581
00:26:50,680 --> 00:26:52,800
Speaker 4: did you meet in New York? Did you meet before

582
00:26:52,880 --> 00:26:54,800
Speaker 4: you moved? Did you meet at work? Like I need

583
00:26:54,840 --> 00:26:55,720
Speaker 4: to know the boss.

584
00:26:56,720 --> 00:26:57,840
Speaker 2: Actually, it's so funny.

585
00:26:57,920 --> 00:27:01,960
Speaker 5: So one of my friends that I met in Australia,

586
00:27:02,119 --> 00:27:05,400
Speaker 5: he had been on exchange in Australia and we lived

587
00:27:05,400 --> 00:27:07,000
Speaker 5: in dorms next to each other when we were at

588
00:27:07,119 --> 00:27:10,720
Speaker 5: UNI together. He moved back, he's American, moved back to

589
00:27:10,720 --> 00:27:12,920
Speaker 5: the US and he invited me to come to a

590
00:27:12,960 --> 00:27:15,320
Speaker 5: brunch one day and he said, my friend is visiting

591
00:27:15,359 --> 00:27:18,320
Speaker 5: from out of town, and I come to that brunch.

592
00:27:18,359 --> 00:27:20,600
Speaker 5: It's just me my friend, And that's how I met

593
00:27:20,600 --> 00:27:23,040
Speaker 5: my partner. He was the other person at the brunch.

594
00:27:23,240 --> 00:27:24,680
Speaker 4: Was he just matchmaking you?

595
00:27:24,920 --> 00:27:27,119
Speaker 2: Actually, I don't know if he was matchmaking me.

596
00:27:27,720 --> 00:27:30,440
Speaker 4: Maybe he was, but it was just like unintentionally worked.

597
00:27:30,480 --> 00:27:31,560
Speaker 4: He became the third wheel.

598
00:27:32,119 --> 00:27:34,040
Speaker 5: And he didn't live in New York at the time,

599
00:27:34,280 --> 00:27:37,040
Speaker 5: so we dated long distance for a year and then

600
00:27:37,200 --> 00:27:38,000
Speaker 5: eventually I.

601
00:27:37,960 --> 00:27:39,360
Speaker 2: Convinced him to move to New York.

602
00:27:39,440 --> 00:27:42,120
Speaker 5: That certainly hasn't been a dream of his to live here,

603
00:27:42,800 --> 00:27:45,400
Speaker 5: but he's really happy in nol and so he moved

604
00:27:45,400 --> 00:27:46,959
Speaker 5: to New York about a year ago and we've been

605
00:27:47,000 --> 00:27:47,960
Speaker 5: living together for a year.

606
00:27:48,040 --> 00:27:51,120
Speaker 4: That's so sweet. I love asking people about their love stories.

607
00:27:51,160 --> 00:27:52,879
Speaker 4: I know it's a money podcast, but I'm always like, so,

608
00:27:52,960 --> 00:27:55,359
Speaker 4: how did you meet? What's going on? Like that is

609
00:27:55,440 --> 00:27:58,240
Speaker 4: so sweet? All right, tell me what are your big

610
00:27:58,359 --> 00:28:00,720
Speaker 4: money goals? Like you were mentioning before for like, life's

611
00:28:00,760 --> 00:28:02,919
Speaker 4: really expensive, but you do have a pretty good income.

612
00:28:03,000 --> 00:28:05,320
Speaker 4: So what are you saving for? What are we working towards?

613
00:28:05,480 --> 00:28:07,640
Speaker 5: So I think that you know, there's smaller money goals

614
00:28:07,680 --> 00:28:11,720
Speaker 5: like holidays, visits back home, things like that, and then

615
00:28:12,080 --> 00:28:15,280
Speaker 5: I think our big money goal is eventually my partner

616
00:28:15,320 --> 00:28:18,480
Speaker 5: and I would want to move back to Australia, and

617
00:28:18,840 --> 00:28:21,840
Speaker 5: like everyone would love to buy a house. A house

618
00:28:21,920 --> 00:28:25,560
Speaker 5: might be ambitious in Sydney. It feels pretty far away

619
00:28:25,600 --> 00:28:28,199
Speaker 5: to actually be able to do that right now. So

620
00:28:28,240 --> 00:28:30,960
Speaker 5: we're trying to kind of save as much USD as

621
00:28:31,000 --> 00:28:33,320
Speaker 5: we possibly can because I think the exchange rate would

622
00:28:33,320 --> 00:28:34,120
Speaker 5: really help us out.

623
00:28:34,200 --> 00:28:36,480
Speaker 4: The exchange rate is going to definitely help you out.

624
00:28:36,560 --> 00:28:41,000
Speaker 5: I'm envious, like I'd said earlier, Like ironically, I was

625
00:28:41,000 --> 00:28:43,320
Speaker 5: looking at kind of what the mortgage repayments would be

626
00:28:43,400 --> 00:28:46,000
Speaker 5: on a one point five million dollar property in Sydney.

627
00:28:46,160 --> 00:28:47,440
Speaker 4: It would have been less than your rent.

628
00:28:47,520 --> 00:28:49,120
Speaker 2: That's less than what we're paying in rent.

629
00:28:49,240 --> 00:28:52,760
Speaker 4: Yeah, yeah, you'd be fine, You'll be absolutely fine. It's astronomical.

630
00:28:52,840 --> 00:28:54,640
Speaker 4: You're going to live large when you move home.

631
00:28:55,160 --> 00:28:57,200
Speaker 2: Yeah, we just have to save because otherwise than you're

632
00:28:57,200 --> 00:28:58,800
Speaker 2: not living large. Because if we don't.

633
00:28:58,640 --> 00:29:00,880
Speaker 5: Save money now, then you know we're going to be

634
00:29:00,920 --> 00:29:02,840
Speaker 5: paid in Australian dollars, that we're going to be paid

635
00:29:02,840 --> 00:29:06,240
Speaker 5: accordingly in Australian dollars. So it's thinking about kind of

636
00:29:06,400 --> 00:29:09,560
Speaker 5: how do we maximize the time we have and live

637
00:29:09,600 --> 00:29:12,840
Speaker 5: here rather than move back straight away. And the best

638
00:29:12,840 --> 00:29:15,280
Speaker 5: way to maximize that is save us dollars as much

639
00:29:15,320 --> 00:29:15,760
Speaker 5: as we can.

640
00:29:15,920 --> 00:29:18,280
Speaker 4: Yeah, absolutely, it is money dice. Let's go to a

641
00:29:18,320 --> 00:29:20,239
Speaker 4: really quick break because on the flip side, I'm going

642
00:29:20,280 --> 00:29:22,200
Speaker 4: to ask a little bit more about your four oh

643
00:29:22,280 --> 00:29:24,840
Speaker 4: one K and I want to talk about investments and

644
00:29:24,920 --> 00:29:27,480
Speaker 4: best and worse money habits. So guys don't go anywhere,

645
00:29:31,280 --> 00:29:33,680
Speaker 4: all right, money dis We are back and we were

646
00:29:33,680 --> 00:29:36,840
Speaker 4: talking about your four oh one k before, but we

647
00:29:36,880 --> 00:29:40,120
Speaker 4: didn't dive further into maybe what you hold inside your

648
00:29:40,160 --> 00:29:42,520
Speaker 4: four oh one k. Talk to me about investment. Are

649
00:29:42,560 --> 00:29:46,160
Speaker 4: you investing, If so, in what how are you making

650
00:29:46,200 --> 00:29:47,840
Speaker 4: decisions around your four oh one K?

651
00:29:48,240 --> 00:29:51,800
Speaker 2: So, yes, I'm investing. I have a four oh one K.

652
00:29:52,200 --> 00:29:55,200
Speaker 5: There's about sixty thousand US dollars in it at the moment,

653
00:29:55,640 --> 00:29:57,040
Speaker 5: which actually feels quite significant.

654
00:29:57,040 --> 00:29:58,800
Speaker 2: If I've only been here three years.

655
00:29:58,520 --> 00:30:03,440
Speaker 5: That's honestly impressive, so impressive, And honestly, I have only

656
00:30:03,480 --> 00:30:06,080
Speaker 5: been putting the minimum myself. I only put in six

657
00:30:06,080 --> 00:30:09,880
Speaker 5: percent myself. It's just the extra that's added from the company. Honestly,

658
00:30:09,920 --> 00:30:11,720
Speaker 5: I don't really know how it works. It seems to

659
00:30:11,720 --> 00:30:14,120
Speaker 5: be way more than I expect in there. Some of

660
00:30:14,120 --> 00:30:16,520
Speaker 5: it is unvested, so that means that I have to

661
00:30:16,640 --> 00:30:18,360
Speaker 5: work here for a number of more years before the

662
00:30:18,360 --> 00:30:21,280
Speaker 5: money can pay out, but only a small portion I think.

663
00:30:21,320 --> 00:30:24,440
Speaker 5: I look today, it's like fifty thousand is vested and

664
00:30:24,720 --> 00:30:26,400
Speaker 5: sixty thousand is the total amount.

665
00:30:26,480 --> 00:30:27,040
Speaker 2: Yeah. Cool.

666
00:30:27,280 --> 00:30:29,280
Speaker 4: That makes you feel a little bit more secure because

667
00:30:29,280 --> 00:30:31,960
Speaker 4: you're not feeling like you're I guess, hamstrung to a company.

668
00:30:32,000 --> 00:30:33,920
Speaker 4: In case you're like, oh, I decided one day that

669
00:30:34,000 --> 00:30:35,920
Speaker 4: this isn't for me anymore, but I have to stay

670
00:30:35,920 --> 00:30:38,000
Speaker 4: because like one hundred thousand dollars is in the lurch

671
00:30:38,240 --> 00:30:41,040
Speaker 4: like ten grand. Yes, it's a lot of money, but

672
00:30:41,240 --> 00:30:43,680
Speaker 4: like if push came to shove, it's not the end

673
00:30:43,760 --> 00:30:44,360
Speaker 4: of the world.

674
00:30:44,560 --> 00:30:46,479
Speaker 2: Yeah, and then I have a super.

675
00:30:46,720 --> 00:30:49,440
Speaker 5: My life, my investments are very complicated, So.

676
00:30:51,120 --> 00:30:52,959
Speaker 2: I have a super in Australia.

677
00:30:53,360 --> 00:30:55,720
Speaker 5: I think there's about fifty thousand dollars in it, which

678
00:30:55,720 --> 00:30:58,600
Speaker 5: actually probably doesn't seem like as much given how long

679
00:30:58,640 --> 00:30:59,280
Speaker 5: I've been working.

680
00:30:59,600 --> 00:31:02,080
Speaker 2: It's not as high as it could be. So it's

681
00:31:02,160 --> 00:31:03,200
Speaker 2: nice to have the four o one K.

682
00:31:03,320 --> 00:31:05,360
Speaker 4: Yeah, one hundred percent. And so when you get your

683
00:31:05,400 --> 00:31:07,480
Speaker 4: four oh one k, a four oh one K works,

684
00:31:07,760 --> 00:31:10,720
Speaker 4: let's just for simplicity's sake, A four oh one K

685
00:31:10,840 --> 00:31:15,520
Speaker 4: works very similarly to a superannuation fund, so it's basically

686
00:31:15,720 --> 00:31:19,440
Speaker 4: a tax structure. And then inside your fro one k

687
00:31:19,560 --> 00:31:22,720
Speaker 4: you would pick investments. Have you gotten a company to

688
00:31:22,760 --> 00:31:24,480
Speaker 4: do that for you or have you just gone and

689
00:31:24,520 --> 00:31:25,840
Speaker 4: been like, all right, I'm just going to pick like

690
00:31:25,880 --> 00:31:27,880
Speaker 4: an index fund and all my money goes in there,

691
00:31:27,880 --> 00:31:28,720
Speaker 4: Like what are you doing?

692
00:31:29,080 --> 00:31:32,880
Speaker 2: From that side of things? So I think in the US, actually.

693
00:31:32,680 --> 00:31:36,640
Speaker 5: It's the company picks which company they use. So my

694
00:31:36,800 --> 00:31:40,160
Speaker 5: company picks which company they use. To monitor it, and

695
00:31:40,200 --> 00:31:43,960
Speaker 5: then I can decide on how the investments are run.

696
00:31:44,480 --> 00:31:45,920
Speaker 2: So I have kind of.

697
00:31:45,880 --> 00:31:50,320
Speaker 5: Forty percent in a Vanguard Targeted Returns, I have twenty

698
00:31:50,360 --> 00:31:54,000
Speaker 5: one percent in a Vanguard MidCap Growth. I have twenty

699
00:31:54,000 --> 00:31:56,960
Speaker 5: percent in JP Morgan large cap, and then nineteen percent

700
00:31:57,000 --> 00:32:01,480
Speaker 5: in the Russell thousand index. So I picked how those

701
00:32:01,480 --> 00:32:02,960
Speaker 5: were positioned.

702
00:32:02,720 --> 00:32:03,719
Speaker 2: Which is kind of similar.

703
00:32:03,720 --> 00:32:06,160
Speaker 5: I know in superannuation, I also could pick whether I

704
00:32:06,160 --> 00:32:10,120
Speaker 5: wanted high growth, low risk, what sort of profile, whether

705
00:32:10,160 --> 00:32:14,520
Speaker 5: I wanted sustainable investments. So it's kind of similar, but

706
00:32:14,600 --> 00:32:16,760
Speaker 5: you don't get to pick which company use. The firm

707
00:32:16,840 --> 00:32:18,120
Speaker 5: picked twitch company I use.

708
00:32:18,280 --> 00:32:21,480
Speaker 4: Yeah, And I find that so interesting because it's always

709
00:32:21,560 --> 00:32:24,160
Speaker 4: like you want full control, but then you also still

710
00:32:24,200 --> 00:32:27,160
Speaker 4: don't have full control. It's all very convoluted over there.

711
00:32:27,520 --> 00:32:30,320
Speaker 4: Tell me a bit more. Are you investing outside of

712
00:32:30,360 --> 00:32:32,280
Speaker 4: your four one K and your super or is that

713
00:32:32,360 --> 00:32:34,000
Speaker 4: not something that you're doing at the moment, Like what

714
00:32:34,040 --> 00:32:34,719
Speaker 4: are your thoughts?

715
00:32:35,000 --> 00:32:38,160
Speaker 5: Yeah, so I invest, I invest. This is another My

716
00:32:38,200 --> 00:32:41,960
Speaker 5: life is very complicated. But essentially, when I first moved here,

717
00:32:42,000 --> 00:32:44,960
Speaker 5: I thought maybe I could invest in the US. It

718
00:32:45,040 --> 00:32:47,880
Speaker 5: turns out that I cannot do that because I am

719
00:32:47,880 --> 00:32:50,360
Speaker 5: not a permanent resident. I'm on an E three visa,

720
00:32:50,400 --> 00:32:52,920
Speaker 5: which is an Australian specific visa for the US, which

721
00:32:52,960 --> 00:32:55,160
Speaker 5: means you are not a permanent resident and you don't

722
00:32:55,160 --> 00:32:59,200
Speaker 5: wish to be a permanent resident. So I initially started

723
00:32:59,200 --> 00:33:01,200
Speaker 5: investing in the USA and then realized I could not

724
00:33:01,280 --> 00:33:01,600
Speaker 5: do that.

725
00:33:01,800 --> 00:33:02,600
Speaker 4: Naughty, naughty.

726
00:33:04,280 --> 00:33:05,360
Speaker 2: So now all of.

727
00:33:05,320 --> 00:33:08,440
Speaker 5: My investments I have to transfer any savings back to

728
00:33:08,480 --> 00:33:11,960
Speaker 5: Australia in Australian dollars, and I use my Australian investment account,

729
00:33:12,720 --> 00:33:15,960
Speaker 5: so I invest in Australia. I have about seventy five

730
00:33:16,040 --> 00:33:18,480
Speaker 5: thousand dollars in that investment account in Australia.

731
00:33:18,520 --> 00:33:19,440
Speaker 2: Oh look at you go?

732
00:33:19,920 --> 00:33:22,720
Speaker 4: And how did you decide on what investments to pick

733
00:33:22,800 --> 00:33:25,200
Speaker 4: in Australia? Like that kind of makes sense, and I

734
00:33:25,280 --> 00:33:28,160
Speaker 4: kind of if I put my ex financial advice I on.

735
00:33:28,200 --> 00:33:30,200
Speaker 4: That makes me quite happy because I know you've got

736
00:33:30,280 --> 00:33:32,720
Speaker 4: like a good nest egg coming home too, right, And

737
00:33:32,760 --> 00:33:34,280
Speaker 4: we don't have to worry about the tax on that

738
00:33:34,320 --> 00:33:36,720
Speaker 4: because all of that's sorted. How did you pick the

739
00:33:36,800 --> 00:33:38,000
Speaker 4: investments inside that?

740
00:33:38,280 --> 00:33:43,480
Speaker 5: Honestly, my brother is really interested in this, and so

741
00:33:43,520 --> 00:33:44,960
Speaker 5: I do what he tells me to do.

742
00:33:45,320 --> 00:33:47,480
Speaker 4: Very sexy. That's exactly how my sister works.

743
00:33:49,040 --> 00:33:51,320
Speaker 5: So he tells me I should have about half my

744
00:33:51,440 --> 00:33:54,480
Speaker 5: money in Australian companies and then the other half in

745
00:33:54,600 --> 00:33:57,959
Speaker 5: US companies to kind of diversify my portfolios. So I

746
00:33:58,040 --> 00:34:02,120
Speaker 5: have half of Minor Australian Index or ETFs, the other

747
00:34:02,160 --> 00:34:06,120
Speaker 5: half of US ETF or international or Global ETFs.

748
00:34:06,680 --> 00:34:08,760
Speaker 2: I also have a very stupid.

749
00:34:08,400 --> 00:34:12,400
Speaker 5: Investment in this fintech that I thought would go to

750
00:34:12,440 --> 00:34:12,840
Speaker 5: the moon.

751
00:34:13,239 --> 00:34:14,400
Speaker 4: That's okay, that's fun.

752
00:34:16,239 --> 00:34:18,279
Speaker 5: It's been about five years that I've had that and

753
00:34:18,400 --> 00:34:20,160
Speaker 5: they have not gone to the moon. And I don't

754
00:34:20,200 --> 00:34:22,080
Speaker 5: want to sell until I've at least made the money

755
00:34:22,080 --> 00:34:23,040
Speaker 5: back that I've lost.

756
00:34:23,320 --> 00:34:26,280
Speaker 4: That's a bit like me. There was this biopharmaceutical company

757
00:34:26,280 --> 00:34:28,760
Speaker 4: that I got so excited about and I'm still holding

758
00:34:28,880 --> 00:34:31,680
Speaker 4: on hope. Like my husband sometimes goes, how's that going,

759
00:34:31,719 --> 00:34:33,120
Speaker 4: and I go, I don't want to talk about it,

760
00:34:33,440 --> 00:34:35,799
Speaker 4: but I will not sell those shares until I at

761
00:34:35,880 --> 00:34:38,919
Speaker 4: least break even. But it's coming up Millhouse, like it's

762
00:34:38,920 --> 00:34:41,600
Speaker 4: coming up one day. It's going to blow your boots

763
00:34:41,640 --> 00:34:43,360
Speaker 4: out of the water, like it's going to go to

764
00:34:43,400 --> 00:34:46,000
Speaker 4: the moon. A promise, but I won't tell anybody what

765
00:34:46,080 --> 00:34:49,080
Speaker 4: it is now, because I'm so embarrassed that I invested

766
00:34:49,120 --> 00:34:51,719
Speaker 4: money in this. I'm always like, bah, what a coincidence.

767
00:34:51,800 --> 00:34:54,920
Speaker 4: I forgot the ticker code I log in.

768
00:34:54,960 --> 00:34:56,040
Speaker 2: It's so funny. I log in.

769
00:34:56,440 --> 00:35:01,120
Speaker 5: Recently it had actually surpassed what I paid for it,

770
00:35:01,920 --> 00:35:03,560
Speaker 5: and I still couldn't sell them.

771
00:35:03,640 --> 00:35:04,040
Speaker 2: I don't know.

772
00:35:04,080 --> 00:35:06,680
Speaker 5: Maybe it's just like gambling energy in me. I was like,

773
00:35:07,080 --> 00:35:07,960
Speaker 5: they're going to go to the moon.

774
00:35:08,000 --> 00:35:09,120
Speaker 2: They're going to go to the moon. I'm going to

775
00:35:09,160 --> 00:35:11,120
Speaker 2: make way more money they have not.

776
00:35:11,520 --> 00:35:14,360
Speaker 4: So yeah, look I'm in that situation. I actually, just

777
00:35:14,400 --> 00:35:17,600
Speaker 4: as were talking, I googled the company and I bought

778
00:35:17,680 --> 00:35:19,879
Speaker 4: in at two dollars a year, which I was like, oh,

779
00:35:19,920 --> 00:35:21,920
Speaker 4: that's pretty good. It's two dollars a year. They're currently

780
00:35:21,960 --> 00:35:24,640
Speaker 4: sitting at thirty cents a share, so like, we're not

781
00:35:24,800 --> 00:35:27,279
Speaker 4: doing well, but you know what, I believe in them

782
00:35:27,320 --> 00:35:27,799
Speaker 4: for the lull.

783
00:35:29,160 --> 00:35:31,000
Speaker 2: I'm actually just looking at mine as well.

784
00:35:31,239 --> 00:35:33,520
Speaker 5: And I think when I bought them, I bought them

785
00:35:33,680 --> 00:35:37,839
Speaker 5: just after they IPO, and I bought them for a

786
00:35:37,880 --> 00:35:41,320
Speaker 5: dollar twenty five and I am now in the profit.

787
00:35:41,360 --> 00:35:43,560
Speaker 2: They're at a dollar forty two today.

788
00:35:43,560 --> 00:35:46,080
Speaker 4: So okay, look at you you're doing much better than me,

789
00:35:46,120 --> 00:35:49,200
Speaker 4: who's literally an ex financial advisor. This is why now

790
00:35:49,320 --> 00:35:52,000
Speaker 4: all of my money just goes into my ETFs, Like

791
00:35:52,080 --> 00:35:54,399
Speaker 4: I don't even think about it anymore. Like I used

792
00:35:54,440 --> 00:35:57,160
Speaker 4: to have direct share portfolio, which did well but was

793
00:35:57,239 --> 00:36:00,839
Speaker 4: too much work. And now I just play with this poor,

794
00:36:00,880 --> 00:36:03,360
Speaker 4: poor share and my ETFs and we're just going to

795
00:36:03,400 --> 00:36:03,960
Speaker 4: call it a day.

796
00:36:03,960 --> 00:36:05,600
Speaker 2: I reckon, Yeah, me too.

797
00:36:05,719 --> 00:36:08,200
Speaker 5: I don't have the time or capacity, and it's never

798
00:36:08,200 --> 00:36:11,160
Speaker 5: going to be my full time job. So it's ETFs

799
00:36:11,200 --> 00:36:12,759
Speaker 5: about it to focus on for me.

800
00:36:13,000 --> 00:36:16,480
Speaker 4: Agreed, Now talk to me because debt is something I

801
00:36:16,520 --> 00:36:20,279
Speaker 4: want to discuss. You actually own an apartment with your

802
00:36:20,320 --> 00:36:23,160
Speaker 4: siblings back home, because only way that you could get

803
00:36:23,200 --> 00:36:25,319
Speaker 4: into the market. What kind of debt are you in

804
00:36:25,360 --> 00:36:25,600
Speaker 4: for that?

805
00:36:26,080 --> 00:36:28,200
Speaker 2: So for that apartment?

806
00:36:29,040 --> 00:36:32,600
Speaker 5: Believe the apartment was just under a million dollars, so

807
00:36:33,239 --> 00:36:35,360
Speaker 5: together and we put a twenty percent deposit down, so

808
00:36:35,360 --> 00:36:37,320
Speaker 5: I think together right now we're at about six hundred

809
00:36:37,320 --> 00:36:40,719
Speaker 5: and fifty thousand. There's three of us individually just under

810
00:36:40,719 --> 00:36:42,560
Speaker 5: three hundred I think two fifty each.

811
00:36:42,800 --> 00:36:45,440
Speaker 4: And what do you think that that apartment is valued

812
00:36:45,480 --> 00:36:45,839
Speaker 4: at now?

813
00:36:45,920 --> 00:36:46,000
Speaker 2: Like?

814
00:36:46,040 --> 00:36:48,640
Speaker 4: Are we doing well? And tell me, like how do

815
00:36:48,680 --> 00:36:51,080
Speaker 4: you own an apartment with siblings without fighting?

816
00:36:51,400 --> 00:36:54,200
Speaker 5: That's a really great question. It's certainly not without fighting.

817
00:36:54,880 --> 00:36:58,960
Speaker 5: And we all definitely do not have the same money

818
00:36:59,000 --> 00:37:02,320
Speaker 5: goals and the same kind of money values in life,

819
00:37:02,719 --> 00:37:04,560
Speaker 5: and I think that's been really challenging.

820
00:37:05,160 --> 00:37:07,319
Speaker 2: I think the idea of owning an.

821
00:37:07,280 --> 00:37:10,200
Speaker 5: Apartment with your siblings is like my mum's dream, right,

822
00:37:10,360 --> 00:37:11,080
Speaker 5: I'll look at my.

823
00:37:11,000 --> 00:37:14,160
Speaker 2: Three children all owning an apartment.

824
00:37:13,719 --> 00:37:16,200
Speaker 4: Together, so cute aspirational.

825
00:37:17,000 --> 00:37:19,480
Speaker 5: It's certainly not been without its challenges. I think it

826
00:37:19,520 --> 00:37:23,480
Speaker 5: was challenging. Recently. We had a fixed three year interest

827
00:37:23,560 --> 00:37:26,440
Speaker 5: rate and it recently just changed to variable about a

828
00:37:26,520 --> 00:37:29,440
Speaker 5: year ago, and that went up from you know, our

829
00:37:29,520 --> 00:37:34,759
Speaker 5: mortgage repayments doubled and our tenant. We're not going to be,

830
00:37:35,040 --> 00:37:37,880
Speaker 5: you know, slimy landlords. I think all of us have

831
00:37:38,000 --> 00:37:40,680
Speaker 5: all been in our fair share of really terrible rental

832
00:37:40,719 --> 00:37:44,080
Speaker 5: living situations, so we really try to be more conscious

833
00:37:44,120 --> 00:37:46,640
Speaker 5: of you know, we had a letter from these two

834
00:37:46,680 --> 00:37:49,400
Speaker 5: lovely twenty year old nurses who wanted to rent the

835
00:37:49,400 --> 00:37:52,040
Speaker 5: place out, and we had an older couple who definitely

836
00:37:52,040 --> 00:37:54,920
Speaker 5: had more money, and we picked the two nurses cute

837
00:37:55,160 --> 00:37:56,759
Speaker 5: because we thought, you know, we've all been in our

838
00:37:56,800 --> 00:37:59,160
Speaker 5: twenties and not been able to find a rental property.

839
00:37:59,760 --> 00:38:01,799
Speaker 5: But we're not upping their rent in the way that

840
00:38:01,920 --> 00:38:05,440
Speaker 5: maybe other people are purely out of I couldn't do

841
00:38:05,520 --> 00:38:08,040
Speaker 5: that so purely out of the art, And I think

842
00:38:08,280 --> 00:38:10,319
Speaker 5: it's certainly not without its challenges because we're all in

843
00:38:10,440 --> 00:38:11,760
Speaker 5: very different stages in our.

844
00:38:11,600 --> 00:38:13,400
Speaker 2: Careers in our money goals.

845
00:38:14,000 --> 00:38:17,600
Speaker 5: One of my siblings is back at university. My other brother,

846
00:38:17,719 --> 00:38:19,920
Speaker 5: you know, earns quite a significant amount of money, and

847
00:38:20,000 --> 00:38:22,920
Speaker 5: so sitting in between that, we're certainly not in the

848
00:38:22,960 --> 00:38:26,840
Speaker 5: same values of money. We will never pay off this

849
00:38:27,080 --> 00:38:31,360
Speaker 5: loan at any rate bar the bare minimum principle and interest.

850
00:38:31,800 --> 00:38:33,279
Speaker 5: This is not going to be something that we're going

851
00:38:33,320 --> 00:38:35,520
Speaker 5: to be throwing money art. This is just a stable,

852
00:38:35,640 --> 00:38:38,680
Speaker 5: long term, thirty year investment that will just be paying.

853
00:38:38,760 --> 00:38:40,560
Speaker 4: Yes, So the plan is to kind of like hold

854
00:38:40,600 --> 00:38:43,080
Speaker 4: it for the next thirty years. It's not to like

855
00:38:43,600 --> 00:38:45,840
Speaker 4: wait until it increases and then sell and use the

856
00:38:45,840 --> 00:38:48,120
Speaker 4: profits for your own home deposits or something like that.

857
00:38:48,280 --> 00:38:50,279
Speaker 2: That certainly could be an option something we haven't talked about.

858
00:38:50,440 --> 00:38:53,600
Speaker 5: What actually the dream is. It's one of four apartments

859
00:38:53,640 --> 00:38:55,279
Speaker 5: in an art deco.

860
00:38:55,280 --> 00:38:56,320
Speaker 2: Oh, cute.

861
00:38:56,480 --> 00:38:59,880
Speaker 4: Yeah, I actually love those as in an investment because

862
00:39:00,040 --> 00:39:03,680
Speaker 4: the rooms are bigger, usually tall ceilings, really sturdy brick,

863
00:39:03,840 --> 00:39:06,839
Speaker 4: so like not a lot of like maintenance, and who

864
00:39:06,840 --> 00:39:09,320
Speaker 4: doesn't want to live in an apartment in a small block.

865
00:39:09,520 --> 00:39:11,520
Speaker 5: Yeah, so it's only four in the block. I think

866
00:39:11,560 --> 00:39:13,799
Speaker 5: our secret dream would be buy out all the other

867
00:39:13,920 --> 00:39:17,400
Speaker 5: three owners, who are all investment owners. Then you've got

868
00:39:17,440 --> 00:39:21,160
Speaker 5: a whole giant block of land in Sydney. But who

869
00:39:21,160 --> 00:39:22,080
Speaker 5: knows what's going to happen.

870
00:39:22,239 --> 00:39:27,080
Speaker 4: We can manifest, we can dream, and.

871
00:39:27,040 --> 00:39:29,120
Speaker 5: That would require all of us to have again another

872
00:39:29,160 --> 00:39:32,279
Speaker 5: deposit for another million dollar apartment, three more times in

873
00:39:32,320 --> 00:39:33,160
Speaker 5: the next thirty years.

874
00:39:33,200 --> 00:39:34,560
Speaker 2: So you know, we could dream.

875
00:39:34,960 --> 00:39:37,400
Speaker 4: Hey, I mean, if you've got a million dollar apartment

876
00:39:37,480 --> 00:39:39,279
Speaker 4: and you give it another five years, it's going to

877
00:39:39,320 --> 00:39:41,279
Speaker 4: increase in value. And then what we could do is

878
00:39:41,480 --> 00:39:44,200
Speaker 4: use the equity in your previous apartment to buy the

879
00:39:44,200 --> 00:39:46,120
Speaker 4: next apartment, and then we don't even need a deposit

880
00:39:46,200 --> 00:39:48,200
Speaker 4: ever again, and we just hop from one to the

881
00:39:48,200 --> 00:39:50,120
Speaker 4: next to the next, and we just use the equity

882
00:39:50,160 --> 00:39:52,920
Speaker 4: in each and then in what we do, we demolish

883
00:39:53,120 --> 00:39:56,480
Speaker 4: the apartments because that's obviously very ethical when it comes

884
00:39:56,520 --> 00:39:58,799
Speaker 4: to landlord's stuff, but we demolish it and then we

885
00:39:58,840 --> 00:40:01,880
Speaker 4: sell the land flex seven times what it's worth to

886
00:40:01,920 --> 00:40:03,840
Speaker 4: a developer who's going to put irise on it, and

887
00:40:03,880 --> 00:40:05,080
Speaker 4: then we're retiring.

888
00:40:05,160 --> 00:40:07,600
Speaker 2: See this is why I needed to be on the podcast.

889
00:40:07,160 --> 00:40:13,280
Speaker 4: Right exactly, because you're a property mogul. Watch out, guys.

890
00:40:13,280 --> 00:40:15,440
Speaker 4: We'll have her on the show in twelve months and

891
00:40:15,480 --> 00:40:18,160
Speaker 4: she'll be demoing apartments and developing.

892
00:40:18,280 --> 00:40:20,600
Speaker 2: I'll be a flip person or whatever they call them.

893
00:40:21,360 --> 00:40:24,200
Speaker 4: Honestly, I cannot think of anything worse. My husband and

894
00:40:24,239 --> 00:40:26,040
Speaker 4: I are talking at the moment like what's our next

895
00:40:26,080 --> 00:40:28,279
Speaker 4: property move, Like, you know, what do we want to do?

896
00:40:28,360 --> 00:40:31,799
Speaker 4: And I think we've both agreed like renovating probably not

897
00:40:31,920 --> 00:40:35,200
Speaker 4: for us. Like at the moment in this economy, every

898
00:40:35,320 --> 00:40:38,480
Speaker 4: person that we know, their renovation is either being pushed

899
00:40:38,480 --> 00:40:41,719
Speaker 4: out astronomically or it's going way over budget, and people

900
00:40:41,719 --> 00:40:44,840
Speaker 4: who are building from scratcher getting astronomical quotes. I'm like,

901
00:40:44,960 --> 00:40:46,439
Speaker 4: do you know what? We just need to find something

902
00:40:46,480 --> 00:40:48,000
Speaker 4: that's already built and call her today.

903
00:40:48,200 --> 00:40:50,360
Speaker 5: Also, I guess my theory is like why is it

904
00:40:50,560 --> 00:40:54,560
Speaker 5: so ingrained in Australians that they need to buy property.

905
00:40:54,200 --> 00:40:55,439
Speaker 4: The great Australian dream.

906
00:40:55,640 --> 00:40:56,879
Speaker 2: Why is that the Australian dream?

907
00:40:57,160 --> 00:40:59,120
Speaker 5: Now that I live in New York, I question it

908
00:40:59,160 --> 00:41:02,200
Speaker 5: every day because people spend their entire lives renting.

909
00:41:02,280 --> 00:41:03,960
Speaker 2: They never have a care in the world about wanting

910
00:41:03,960 --> 00:41:04,360
Speaker 2: to buy.

911
00:41:04,719 --> 00:41:06,080
Speaker 4: I mean, we can do a little bit of a

912
00:41:06,160 --> 00:41:08,400
Speaker 4: history lesson and maybe I'll chat with my producer and

913
00:41:08,440 --> 00:41:11,080
Speaker 4: do a whole episode on the aspect. It's because Australia

914
00:41:11,160 --> 00:41:15,799
Speaker 4: is a relatively new colonized country, right, So like technically

915
00:41:15,880 --> 00:41:18,640
Speaker 4: White Australia has only been around for two hundred years,

916
00:41:18,640 --> 00:41:21,759
Speaker 4: and therefore property was always something that was completely accessible

917
00:41:21,760 --> 00:41:23,520
Speaker 4: to us because of the amount of space that we

918
00:41:23,600 --> 00:41:27,040
Speaker 4: had versus the population that we had. And so like

919
00:41:27,080 --> 00:41:30,000
Speaker 4: you go back to like the US, you've always had

920
00:41:30,080 --> 00:41:33,960
Speaker 4: massive populations in small amount of spaces, so the ability

921
00:41:34,000 --> 00:41:36,880
Speaker 4: for people to own property is actually not within reach,

922
00:41:37,120 --> 00:41:40,360
Speaker 4: whereas historically, like we're hearing about our parents buying land

923
00:41:40,480 --> 00:41:44,440
Speaker 4: for like six thousand dollars, unheard of but actually within

924
00:41:44,520 --> 00:41:47,799
Speaker 4: reach for them. And now our population has increased so

925
00:41:47,920 --> 00:41:51,560
Speaker 4: much and the space is now the issue. Land is

926
00:41:51,640 --> 00:41:54,120
Speaker 4: not available in the way that it was historically, and

927
00:41:54,200 --> 00:41:57,040
Speaker 4: we actually need to be reframing what the great Australian

928
00:41:57,080 --> 00:41:59,480
Speaker 4: dream looks like because to own a property, is it

929
00:41:59,480 --> 00:42:02,000
Speaker 4: actually the Australian dream to die in debt for a

930
00:42:02,040 --> 00:42:04,680
Speaker 4: property that you never pay off, because that's the reality

931
00:42:04,719 --> 00:42:06,920
Speaker 4: for lots of people, and like it is really depressing

932
00:42:06,960 --> 00:42:08,719
Speaker 4: when you start talking about it. But I think we

933
00:42:08,800 --> 00:42:12,600
Speaker 4: do genuinely need to reframe what our goals are because

934
00:42:12,719 --> 00:42:14,680
Speaker 4: I would much prefer people to go, you know what,

935
00:42:14,920 --> 00:42:17,640
Speaker 4: property is not my thing the I actually just want

936
00:42:17,680 --> 00:42:20,520
Speaker 4: to be financially secure. I have some good investments, live

937
00:42:20,560 --> 00:42:23,280
Speaker 4: a good long life. I can rent the whole time.

938
00:42:23,480 --> 00:42:26,960
Speaker 4: But I also think that that means that our rental

939
00:42:27,080 --> 00:42:29,759
Speaker 4: process and our rental policies need to change as well,

940
00:42:29,800 --> 00:42:32,320
Speaker 4: because you're in the US right now, and I'm assuming

941
00:42:32,680 --> 00:42:35,960
Speaker 4: that you're finding your rental a lot more flexible than

942
00:42:36,000 --> 00:42:38,600
Speaker 4: the rentals in Australia. Like in Australia, you still can't

943
00:42:38,600 --> 00:42:40,880
Speaker 4: put things on walls. We need to apply to have

944
00:42:40,960 --> 00:42:43,360
Speaker 4: pets and all of that stuff is given. In fact,

945
00:42:43,600 --> 00:42:46,520
Speaker 4: in the US it's really normal to have like fixed

946
00:42:46,600 --> 00:42:49,960
Speaker 4: rate rent for ten years, and like that's not something

947
00:42:50,000 --> 00:42:53,440
Speaker 4: that exists here anyway. That's my little property rent No totally.

948
00:42:53,480 --> 00:42:55,400
Speaker 5: I mean I'm looking around my apartment, there's stuff all

949
00:42:55,400 --> 00:42:58,439
Speaker 5: over the walls. We've got, you know, and that would

950
00:42:58,520 --> 00:43:01,200
Speaker 5: just not be possible in Australia and it's your home.

951
00:43:01,560 --> 00:43:03,080
Speaker 5: And on top of that, you know, I live in

952
00:43:03,120 --> 00:43:07,480
Speaker 5: an apartment. The apartment building has a dorman, a package room,

953
00:43:08,040 --> 00:43:14,279
Speaker 5: a elevator, you know, kids play area, gym and I

954
00:43:14,280 --> 00:43:16,839
Speaker 5: could see myself raising a family in this apartment. In fact,

955
00:43:16,840 --> 00:43:18,480
Speaker 5: it'd be a lot easier to do that when you

956
00:43:18,560 --> 00:43:22,160
Speaker 5: have those options, and it's not that much more expensive

957
00:43:22,239 --> 00:43:24,040
Speaker 5: than places that don't have that.

958
00:43:25,000 --> 00:43:25,799
Speaker 2: It's so much easier.

959
00:43:25,840 --> 00:43:27,880
Speaker 5: Imagine being able to go away on holidays and shut

960
00:43:27,880 --> 00:43:30,080
Speaker 5: your door and not be worried about gardening or any

961
00:43:30,080 --> 00:43:33,120
Speaker 5: of that. But that's just not They don't have properties

962
00:43:33,239 --> 00:43:35,040
Speaker 5: like that. They don't have as many options like that

963
00:43:35,080 --> 00:43:35,719
Speaker 5: in Australia.

964
00:43:36,120 --> 00:43:38,640
Speaker 4: Yeah, and that's where we really need to reframe it, right,

965
00:43:38,680 --> 00:43:39,040
Speaker 4: And they.

966
00:43:38,920 --> 00:43:41,680
Speaker 5: Don't think about like apartment living as a family.

967
00:43:42,040 --> 00:43:45,040
Speaker 4: Yeah, one hundred percent. So money diarist, talk to me,

968
00:43:45,520 --> 00:43:48,640
Speaker 4: you've now, I guess said to us, I'm a B minus,

969
00:43:48,840 --> 00:43:51,000
Speaker 4: but I wasn't always. What do you think now is

970
00:43:51,040 --> 00:43:52,200
Speaker 4: your best money habit?

971
00:43:52,400 --> 00:43:55,000
Speaker 5: I don't know if you've heard of rent the Runway, Yes,

972
00:43:55,040 --> 00:43:58,520
Speaker 5: I have so. Rent the Runway is essentially a clothing

973
00:43:58,600 --> 00:43:59,480
Speaker 5: rental business.

974
00:44:00,000 --> 00:44:02,800
Speaker 4: You have something similar here is called like glam Corner.

975
00:44:03,280 --> 00:44:06,080
Speaker 5: Yeah, but I think glam Corner is only like one

976
00:44:06,160 --> 00:44:08,920
Speaker 5: off items, right that you rent for a wedding or

977
00:44:09,160 --> 00:44:09,719
Speaker 5: something like that.

978
00:44:09,840 --> 00:44:11,920
Speaker 4: Yeah, rent the wrong way like America is better, I

979
00:44:11,960 --> 00:44:13,799
Speaker 4: get it, but like kind of similar. Oh no, you

980
00:44:13,800 --> 00:44:16,120
Speaker 4: can do like your corporate wardrobe and stuff from them

981
00:44:16,160 --> 00:44:18,200
Speaker 4: now too, Like you can pick like a bunch of

982
00:44:18,239 --> 00:44:20,680
Speaker 4: items for like a month or something, which is kind

983
00:44:20,680 --> 00:44:21,040
Speaker 4: of cool.

984
00:44:21,120 --> 00:44:22,560
Speaker 2: Okay, So that's exactly what it is.

985
00:44:22,600 --> 00:44:25,040
Speaker 5: So I would say my best and probably worst buddy

986
00:44:25,040 --> 00:44:27,600
Speaker 5: habit is that I am addicted to shopping.

987
00:44:27,960 --> 00:44:29,400
Speaker 2: I love shopping, I love clothes.

988
00:44:30,080 --> 00:44:35,160
Speaker 5: And something that's really curbed my habit now is that

989
00:44:35,239 --> 00:44:38,520
Speaker 5: I do this monthly subscription. I get five items twice

990
00:44:38,560 --> 00:44:40,239
Speaker 5: a month, so you can have five items in your

991
00:44:40,239 --> 00:44:41,240
Speaker 5: wardrobe at once.

992
00:44:41,080 --> 00:44:42,720
Speaker 4: Every two weeks, I'm getting new clothes.

993
00:44:42,800 --> 00:44:44,960
Speaker 5: Yeah, and they pick them up from my door and

994
00:44:45,000 --> 00:44:46,600
Speaker 5: they drop them off at my door.

995
00:44:47,000 --> 00:44:49,480
Speaker 4: Stop it. See that would never happen in Australia in

996
00:44:49,520 --> 00:44:51,200
Speaker 4: the same way I'm talking like these things are like

997
00:44:51,200 --> 00:44:53,280
Speaker 4: five hundred and six hundred dollars an item.

998
00:44:53,880 --> 00:44:56,600
Speaker 5: I have five in my possession at all times. I

999
00:44:56,600 --> 00:44:59,680
Speaker 5: pay a monthly subscription fee, and it's the best thing

1000
00:44:59,680 --> 00:45:02,360
Speaker 5: that ever happen to my shopping habits because shopping is

1001
00:45:02,400 --> 00:45:05,400
Speaker 5: also so expensive here in the US. Now, I literally

1002
00:45:05,440 --> 00:45:08,200
Speaker 5: don't buy any clothes except basic clothes, and I just

1003
00:45:08,320 --> 00:45:11,440
Speaker 5: rent five items twice a month. It was amazing because

1004
00:45:11,480 --> 00:45:14,080
Speaker 5: in winter, obviously I don't own any coats.

1005
00:45:14,239 --> 00:45:16,440
Speaker 4: You just rent some coats and have some really on

1006
00:45:16,480 --> 00:45:18,800
Speaker 4: trend ones. What does that cost you per month?

1007
00:45:19,040 --> 00:45:21,040
Speaker 5: So I think it's one hundred and fifty US dollars

1008
00:45:21,080 --> 00:45:23,360
Speaker 5: a month, which is a lot of money when you

1009
00:45:23,400 --> 00:45:24,400
Speaker 5: don't own the clothes.

1010
00:45:25,000 --> 00:45:27,000
Speaker 2: But they give you a discount if you want to

1011
00:45:27,040 --> 00:45:27,480
Speaker 2: buy them.

1012
00:45:27,719 --> 00:45:29,320
Speaker 4: Oh do they? I f You're like, oh my goodness,

1013
00:45:29,400 --> 00:45:31,040
Speaker 4: I need to keep this in my wardrobe. You can

1014
00:45:31,200 --> 00:45:32,600
Speaker 4: keep it because I think I'd fall in love with

1015
00:45:32,680 --> 00:45:33,840
Speaker 4: so much stuff.

1016
00:45:33,680 --> 00:45:36,040
Speaker 5: Yeah, which I do sometimes, but I have to really

1017
00:45:36,040 --> 00:45:38,160
Speaker 5: love something, and it gives you an option to, I guess,

1018
00:45:38,239 --> 00:45:38,759
Speaker 5: trial it.

1019
00:45:38,960 --> 00:45:40,680
Speaker 2: See if you like the clothes before.

1020
00:45:40,800 --> 00:45:42,520
Speaker 4: Yeah, that's kind of cool, and like do you get

1021
00:45:42,520 --> 00:45:45,120
Speaker 4: to try out lots of different styles and stuff like

1022
00:45:45,160 --> 00:45:46,640
Speaker 4: that as well? That maybe you were like, oh, I

1023
00:45:46,680 --> 00:45:48,080
Speaker 4: don't know, does this work?

1024
00:45:48,320 --> 00:45:48,600
Speaker 2: Yeah?

1025
00:45:48,640 --> 00:45:51,120
Speaker 5: Absolutely. I actually tried on a dress today. I wore

1026
00:45:51,120 --> 00:45:53,480
Speaker 5: it to the office and everyone was like, you never

1027
00:45:53,480 --> 00:45:55,880
Speaker 5: wear things like that. But it felt like in a

1028
00:45:55,920 --> 00:45:57,839
Speaker 5: way of you'd ever wear things like that. Don't wear

1029
00:45:57,880 --> 00:45:58,480
Speaker 5: something like.

1030
00:45:58,880 --> 00:46:01,360
Speaker 4: Oh, okay, yeah, I wouldn't like that. We're not putting

1031
00:46:01,360 --> 00:46:03,160
Speaker 4: that back on there, go straight back to the shop.

1032
00:46:03,640 --> 00:46:05,600
Speaker 4: Ten out of ten. All right, tell me what do

1033
00:46:05,640 --> 00:46:07,560
Speaker 4: you think your worst money habit is that? Also the

1034
00:46:07,600 --> 00:46:09,719
Speaker 4: rent in the runway, or like, is there something else?

1035
00:46:10,000 --> 00:46:10,760
Speaker 2: I have a few.

1036
00:46:11,040 --> 00:46:13,560
Speaker 5: I guess we've been speaking a lot in this conversation

1037
00:46:13,800 --> 00:46:16,520
Speaker 5: about how I have so many bank accounts. I literally

1038
00:46:16,560 --> 00:46:18,680
Speaker 5: have five bank accounts. I have two in the US,

1039
00:46:18,719 --> 00:46:20,720
Speaker 5: I have two savings in Australia. I have a mortgage.

1040
00:46:20,719 --> 00:46:22,840
Speaker 5: I have a mortgage offset account, I have superannuation. I

1041
00:46:22,880 --> 00:46:25,920
Speaker 5: have four oh one k I'm saving money in both countries.

1042
00:46:26,440 --> 00:46:28,879
Speaker 5: My life is very complex. So I would say that's

1043
00:46:28,880 --> 00:46:32,600
Speaker 5: a bad money habit, but it's kind of unavoidable at

1044
00:46:32,600 --> 00:46:33,040
Speaker 5: this point.

1045
00:46:33,200 --> 00:46:34,960
Speaker 4: That's okay, we can clean it up.

1046
00:46:35,160 --> 00:46:38,239
Speaker 5: The other one is Amazon shopping in the US is

1047
00:46:38,480 --> 00:46:40,320
Speaker 5: so convenient and quick.

1048
00:46:40,600 --> 00:46:44,120
Speaker 4: Amazon shopping in Australia now, Like I am counting down

1049
00:46:44,160 --> 00:46:46,879
Speaker 4: the days until they let us know when prime day

1050
00:46:47,000 --> 00:46:49,160
Speaker 4: is because like I'm just live love laughing for that.

1051
00:46:49,400 --> 00:46:51,560
Speaker 5: I just the problem is it's so easy. You go

1052
00:46:51,640 --> 00:46:53,800
Speaker 5: on the app and you you know, click click click.

1053
00:46:54,239 --> 00:46:56,279
Speaker 5: All of a sudden, I've spent five hundred dollars on

1054
00:46:56,360 --> 00:46:58,600
Speaker 5: things I didn't need and they arrive on your doorstep

1055
00:46:58,640 --> 00:46:59,120
Speaker 5: the next day.

1056
00:46:59,400 --> 00:47:02,080
Speaker 4: Not good, but also kind of cool, right, Like, let's

1057
00:47:02,160 --> 00:47:06,120
Speaker 4: reframe that. That's awesome accessibility or something. I feel like

1058
00:47:06,200 --> 00:47:08,160
Speaker 4: you are doing better than you think you are, Like

1059
00:47:08,239 --> 00:47:11,640
Speaker 4: we've had this great chat. You own property with your brothers,

1060
00:47:11,719 --> 00:47:14,879
Speaker 4: which is really cool. You also, I don't know, having

1061
00:47:14,960 --> 00:47:16,920
Speaker 4: learned a bit about how you grew up, you're like

1062
00:47:16,960 --> 00:47:20,000
Speaker 4: I always saved money from my birthday presence growing up,

1063
00:47:20,000 --> 00:47:22,560
Speaker 4: Like that's really sweet but also such a good money

1064
00:47:22,640 --> 00:47:25,759
Speaker 4: memory all the way through to being made redundant, which

1065
00:47:25,760 --> 00:47:28,319
Speaker 4: absolutely would have kicked your ego, which sucks. But then

1066
00:47:28,880 --> 00:47:31,320
Speaker 4: also moving to the US, like you're on a banging

1067
00:47:31,360 --> 00:47:33,840
Speaker 4: salary like that is so cool, and your plan is

1068
00:47:33,840 --> 00:47:35,839
Speaker 4: to kind of like work up and then move home. Girl,

1069
00:47:35,920 --> 00:47:38,399
Speaker 4: You've got so much planning, so much strategy, like I'm

1070
00:47:38,440 --> 00:47:40,799
Speaker 4: so I just can't wait to check in with you

1071
00:47:40,840 --> 00:47:43,360
Speaker 4: in like twelve months, two years see where you're at.

1072
00:47:43,600 --> 00:47:45,960
Speaker 4: Do you actually think that B minus is right or

1073
00:47:46,000 --> 00:47:47,360
Speaker 4: what do you think it would take for you to

1074
00:47:47,440 --> 00:47:48,200
Speaker 4: maybe get to an A?

1075
00:47:48,719 --> 00:47:51,560
Speaker 5: I think B minus probably sounds a little harsh. I

1076
00:47:51,560 --> 00:47:55,560
Speaker 5: feel like I am definitely someone who won't speak highly

1077
00:47:55,600 --> 00:47:58,600
Speaker 5: of the things that I've done. I think I'm very

1078
00:47:58,640 --> 00:47:59,960
Speaker 5: proud of where I am today.

1079
00:48:00,239 --> 00:48:01,240
Speaker 2: Probably be a B plus.

1080
00:48:01,280 --> 00:48:03,879
Speaker 5: There's certainly room for improvement, a lot of cleaning up,

1081
00:48:04,280 --> 00:48:07,239
Speaker 5: less complexity in my life, but I'm very proud of

1082
00:48:07,239 --> 00:48:08,799
Speaker 5: where I've cut from and where I'm going.

1083
00:48:08,880 --> 00:48:11,319
Speaker 4: I feel like you're on the right path, like you're

1084
00:48:11,360 --> 00:48:14,160
Speaker 4: absolutely killing it, and I'm very excited for you. I've

1085
00:48:14,239 --> 00:48:16,120
Speaker 4: adored this. I feel like if you were back in

1086
00:48:16,160 --> 00:48:18,719
Speaker 4: Australia we would be best friends. So you let me

1087
00:48:18,760 --> 00:48:21,200
Speaker 4: know when you move home and we can organize drinks

1088
00:48:21,280 --> 00:48:24,319
Speaker 4: and talk about how much Starbucks is in America and

1089
00:48:24,360 --> 00:48:28,399
Speaker 4: how that's an absolute raught. But unfortunately we've run out

1090
00:48:28,440 --> 00:48:30,839
Speaker 4: of time. So thank you so much for joining us.

1091
00:48:30,880 --> 00:48:32,560
Speaker 4: I just know that the community is going to love

1092
00:48:32,600 --> 00:48:34,919
Speaker 4: this like I've loved this, and I just know they're

1093
00:48:34,920 --> 00:48:37,080
Speaker 4: going to love learning about you and learning about what's

1094
00:48:37,120 --> 00:48:39,440
Speaker 4: going on over the other side of the world, and

1095
00:48:39,520 --> 00:48:41,840
Speaker 4: just it's such a privilege to be let into people's

1096
00:48:41,840 --> 00:48:44,200
Speaker 4: money lives on such a regular basis, so I really

1097
00:48:44,239 --> 00:48:44,880
Speaker 4: appreciate it.

1098
00:48:44,920 --> 00:48:45,359
Speaker 2: Thank you.

1099
00:48:52,040 --> 00:48:54,560
Speaker 4: If I shared on She's on the Money is generally

1100
00:48:54,719 --> 00:48:58,520
Speaker 4: nature and does not consider your individual circumstances. She's on

1101
00:48:58,560 --> 00:49:02,040
Speaker 4: the Money exists pure for educational purposes and should not

1102
00:49:02,120 --> 00:49:05,080
Speaker 4: be relied upon to make an investment or financial decision.

1103
00:49:05,480 --> 00:49:07,920
Speaker 4: If you do choose to buy a financial product, read

1104
00:49:07,960 --> 00:49:12,120
Speaker 4: the PDS TMD and obtain appropriate financial advice tailored towards

1105
00:49:12,120 --> 00:49:15,440
Speaker 4: your needs. Victoria Divine and Sheese on the Money are

1106
00:49:15,480 --> 00:49:19,080
Speaker 4: authorized representatives of Money sherper p t y lt D

1107
00:49:19,320 --> 00:49:22,040
Speaker 4: A b N three two one six four nine two

1108
00:49:22,160 --> 00:49:26,040
Speaker 4: seven seven zero eight AFSL four five one two eight

1109
00:49:26,160 --> 00:49:32,160
Speaker 4: nine