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Speaker 1: My name's Sasha 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: nianar Kaka yah y and Binahaka nian Our gay In

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Speaker 1: Nimbini yakarum Jar Dominyamiga Umagahawaka Woman Damon Imlan Bomba ban

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Speaker 1: Gadabomba in and now in wakah ghan On yak rum

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Speaker 1: Jar water Nada. Now Hello, beautiful friends, we gather on

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

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

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Speaker 1: Take pleasure in all the land and respect all that

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Speaker 1: you see. She's on the Money podcast acknowledges culture, country,

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Speaker 1: community and connections, bringing you the tools, knowledge and resources

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Speaker 1: for you to thrive.

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Speaker 2: She's on the Money. She's on the Money.

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Speaker 3: Hello and welcome to She's on the Money, the podcast

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Speaker 3: that makes personal finance fun, especially on a Friday. It's

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Speaker 3: our favorite day of the week because we get our

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Speaker 3: team together to celebrate you, our incredible She's on the

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Speaker 3: Money community. As always, we have Miss Jess Ricci here

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Speaker 3: to share our favorite money wins. Miss becksy Ed is

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Speaker 3: going to be sharing her broke tips, and we're going

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Speaker 3: to be helping to answer a money dilemma, which is

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Speaker 3: all about knowing when to hold.

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Speaker 4: And when to fold when it comes to an investment

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Speaker 4: property and something that you slid into our DMS about

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Speaker 4: this week.

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Speaker 3: Whether it's okay to say you're broke when you actually

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Speaker 3: have savings in your bank.

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Speaker 4: Anyway, I feel like that's going to set some good.

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Speaker 3: Conversation before we get there. Though, Guys, how have your

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Speaker 3: weeks been?

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Speaker 4: Go for it? My week has been eventful.

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Speaker 5: I am just like just coming out of the tail

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Speaker 5: end of what feels like the most insane month of

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Speaker 5: my life. It's been a lot, can I do it?

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Speaker 5: It's made me very grateful to have the people I

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Speaker 5: have around me. I'll say that. You know, it's been

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Speaker 5: We've had some crazy stuff happen at work. There's just

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Speaker 5: been a lot of things out of my control. And

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Speaker 5: you guys know, I like, I like being in control.

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Speaker 4: I am very for me and I'm like, God, it's

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Speaker 4: not that.

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Speaker 5: Deep, yeah, but it's I am so aware that, particularly

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Speaker 5: like with work stuff, there's a flow on effect, right

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Speaker 5: because I'm kind of the in between between external internal

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Speaker 5: and I've got to say thank God for our team,

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Speaker 5: like genuinely everyone just rallied, got shit done. Like I

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Speaker 5: could not be more thankful for the girls, and also

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Speaker 5: the people like my friends and family who have all

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Speaker 5: very much been just needs another hug genuinely, like EI know,

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Speaker 5: it's and it's fine, Like it's not like it nothing

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Speaker 5: bad has happened. It's just you know when you have

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Speaker 5: those period. Yeah, I feel like I've been living in

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Speaker 5: like such a heightened state of stress for a couple

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Speaker 5: of weeks and now just coming off the tail end

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Speaker 5: of but I'm.

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Speaker 3: Like, oh my god, we've booked in facials at locks

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Speaker 3: of time.

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Speaker 4: Oh gorgeous. I was like, this will fix it, this

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Speaker 4: will fix fully. How's your week in? My week has

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Speaker 4: been fantastic.

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Speaker 6: I've had my birthday, had my birthday party, and I

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Speaker 6: am I'm thirty three.

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Speaker 4: That crazy talk about it. I think it feels like like.

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Speaker 3: I just I mean, some people are like, oh my god,

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Speaker 3: it's thirty three, but I'm like, thirty three is a

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Speaker 3: good as the difference, do you know.

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Speaker 4: What I mean? I feel like I'm always me and

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Speaker 4: I don't I don't.

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Speaker 6: Really subscribe to like being at a certain stage at

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Speaker 6: a certain time, and like, I'm just kind of going

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Speaker 6: off script and I think I always will.

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Speaker 4: So thirty three doesn't mean anything. Three feels like a

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Speaker 4: good number.

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Speaker 3: It's a good number, and I think it's sad to

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Speaker 3: leave behind thirty three. It's the double digit.

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Speaker 4: Yeah, I like, yeah, I do. Like I feel like

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Speaker 4: I feel like it resonates with thirty three.

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Speaker 3: Yeah.

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Speaker 6: True, I feel exactly the goddamn say, and I'm enjoying

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Speaker 6: every second.

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Speaker 3: What about you v D reminding me of the thirty

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Speaker 3: three in June. At the end of June turned thirty four,

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Speaker 3: and I was walking with my husband and we're talking about,

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Speaker 3: like me turning thirty four, and I was like, oh, Ill,

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Speaker 3: like next year, I'm thirty.

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Speaker 4: Five and thirty five in my head is half way

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Speaker 4: to forty.

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Speaker 3: And he's like, girl, you're way more than halfway to forty.

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Speaker 3: I meant in terms of being in my thirties, I'm

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Speaker 3: halfway to forty, and he just humbled me. I'm like,

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Speaker 3: I don't know. Aging is a privilege that is denied

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Speaker 3: to so many people. So like getting old absolutely not,

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Speaker 3: Like I'm not saying that like thirty four, thirty five

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Speaker 3: or even forty is a bad thing. It's just like

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Speaker 3: you become acutely aware of how fast time flies, Like

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Speaker 3: you're just like, oh, like wow, like time really is flying.

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Speaker 4: Like I'm an age that I once thought was old.

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Speaker 5: Yeah, and where I thought my life would be at

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Speaker 5: my age at thirty one versus where I.

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Speaker 4: Am two very different there.

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Speaker 3: Yeah, if you'd ask to like baby, be like, oh,

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Speaker 3: even thirty. I feel like thirty for me was like

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Speaker 3: a turning point. I would have already had three kids,

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Speaker 3: I would have been married for years, I would probably

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Speaker 3: have fifty houses. Like that's just not the reality of

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Speaker 3: the situation, right, But yes, I have had a very

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Speaker 3: good week, kind of bau in and out, had a

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Speaker 3: couple of speaking events. I feel like I'm glad it's

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Speaker 3: August because July has been a busy month.

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Speaker 4: Yeah, I completely agree.

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Speaker 3: Would you guys, like, I don't know if you're interested

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Speaker 3: in this, but are like, would you like me to

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Speaker 3: read you a five star review.

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Speaker 4: That we got this week?

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Speaker 3: Yes? Please?

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Speaker 1: All right?

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Speaker 3: Right, so this is from Destiny and she said five stars.

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Speaker 3: I am genuinely so happy I somehow came across this podcast.

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Speaker 4: I absolutely love the.

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Speaker 3: Way things are explained, you girls have honestly made everything

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Speaker 3: so doable and made me excited about making changes with

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Speaker 3: my money habits, although I have no idea what I'm

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Speaker 3: still doing. I have started with Chaisi's and I've started

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Speaker 3: dipping into your super episodes now, as my mum always

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Speaker 3: took from her Super and encouraged me to do the

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Speaker 3: same if I ever needed money. So I feel a

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Speaker 3: little bit behind. Thank you so much, girls. You are

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Speaker 3: truly needed. As we don't speak about these topics enough,

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Speaker 3: isn't I was about to say it's not so pretty.

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Speaker 4: That is really cool.

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Speaker 3: And it's spelt a bit differently as well. It's d

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Speaker 3: E S T I N double e.

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Speaker 4: I like that, Like the double e on the end

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Speaker 4: of her name is very French. And no, no, I

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Speaker 4: love you. I think I don't know. I always call

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Speaker 4: it the strisk thing.

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Speaker 3: Yeah, yeah, above the no, she doesn't say that, maybe

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Speaker 3: she does. It was only on Apple Reviews I pulled

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Speaker 3: that one from, so maybe you can't have the umlau

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Speaker 3: or whatever.

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Speaker 4: We actually call it. Absolutely, but I knew.

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Speaker 3: Where she was going and I just you know, and

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Speaker 3: You're like, I'm not going to correct this situation anyway. Yes,

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Speaker 3: I feel in the community this week looking at the

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Speaker 3: money wins and confessions.

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Speaker 4: What are you bringing to the table already?

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Speaker 5: First of this week, I've got a great money in

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Speaker 5: from Alexis, who said money win. She went if I

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Speaker 5: on the weekend and purchased a pair of jeans from

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Speaker 5: cotton On, thinking that they were marked down to thirty

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Speaker 5: five dollars on sale, only to find out this one

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Speaker 5: all of their jeans have been discounted to five dollars.

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Speaker 4: Oh my goodness, she wriged dollar jeans back. That's so

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Speaker 4: Cheap's crazy.

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Speaker 5: She went back and bought one in each color so

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Speaker 5: that she'd have plenty to choose from, as well as

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Speaker 5: in a size up for the days when she's bloated

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Speaker 5: and feels that's so great.

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Speaker 4: That's actually of jeans thirty dollars.

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Speaker 5: Yeah, I agree, buy jeans a size up so that

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Speaker 5: no matter how you're feeling the shit.

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Speaker 4: I love that. I thought about it a number of times.

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Speaker 4: I'm not gonna lie.

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Speaker 3: I'm wearing a pair of jeans today that are fitting

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Speaker 3: quite snugly because I am a little bit bloated and

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Speaker 3: like it would.

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Speaker 4: Be nice to have a size up.

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Speaker 3: Oh yeah, the jeans I'm wearing weren't five dollars, So like,

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Speaker 3: I'm not buying a size up so that I can

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Speaker 3: be more comfortable.

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Speaker 4: I'm going to sit in my discomfort.

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Speaker 5: Yeah, I forgefo in all of our near futures. Next,

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Speaker 5: I've got money in from Claire who said there's been

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Speaker 5: lots of sales going around recently with Intero Financial Year

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Speaker 5: and all that sort of thing, and so I feel

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Speaker 5: like there's like a sale hangover, Like these guys are

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Speaker 5: trying to flog it. Yeah, they're really stretching it out

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Speaker 5: getting maximum marleage. Claire saying, Okay, I see you. I'll

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Speaker 5: take advantage, and she started buying her Christmas gift. Oh

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Speaker 5: a good idea, very smart, she said. She saved a

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Speaker 5: lot of money, and on top of that, she won't

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Speaker 5: be stressing too much about getting things last minute at

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Speaker 5: Christmas time. She've kept them all in a sealed container,

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Speaker 5: so it's ready to be wrapped to come December.

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Speaker 4: That's actually genius.

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Speaker 3: And if you're not ready to buy, maybe you could

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Speaker 3: be ready to start the list, Like maybe you could

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Speaker 3: start writing what you're going to get Jess for Christmas?

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Speaker 3: You know, like you could work that out now.

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Speaker 4: So that we can start budgeting for it at least.

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Speaker 2: Yeah, I love it.

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Speaker 3: It always gets away from you, right, you go, oh,

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Speaker 3: buy one for my partner, buy one for my sister,

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Speaker 3: I've got my parents, and then all of a sudden

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Speaker 3: you're like, how's that already at five hundred dollars in budgeting?

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Speaker 4: Ah, I work on It'll be here before you know it.

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Speaker 3: Exactly, it's already August. I don't mean to scare you,

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Speaker 3: but that's basically the new year.

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Speaker 5: Yeah, oh my god, tomorrow's years. Next, I've got a

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Speaker 5: money in from Georgia who said she's finally paid off

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Speaker 5: her heck, she said, that's five hundred dollars extra per

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Speaker 5: Fortnite that she will now have for her family.

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Speaker 4: That's so crazy.

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Speaker 5: Congratulations Georsha, that's really exciting. Next one from Jess excellent name,

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Speaker 5: who said money win. My water bottles needed replacing and

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Speaker 5: Frank Green had a warehouse sale, so I managed to

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Speaker 5: replace them, as well as pick up a few as

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Speaker 5: gifts for half of what it would have been for

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Speaker 5: the regular retail price.

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Speaker 4: Don't I saw on social media the lines.

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Speaker 3: Yeah crazy that you guys are willing to line up

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Speaker 3: for drink bottles but they are so expensive.

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Speaker 4: Drink bottles are so expensive, be.

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Speaker 5: So for real, and Frank cree ones are really nice,

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Speaker 5: like I have a couple and they last their gag.

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Speaker 4: Which is great.

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Speaker 5: And then last of this week, I've got money in

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Speaker 5: from Sheridan who said her husband represents her state in

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Speaker 5: softball next month. And they found out that their local

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Speaker 5: council offers a grant for those who represent sport at

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Speaker 5: a state level.

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Speaker 4: Oh okay, I didn't even know things like that existed.

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Speaker 4: Four strange time to re account to help with the

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Speaker 4: fees associated with travel. I'm the biggest check your local council. Yes,

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Speaker 4: I don't know.

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Speaker 5: It's just I've signed up for a sewing course ten

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Speaker 5: weeks for fifty dollars.

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Speaker 4: Like there's all these.

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Speaker 5: Great basically paying you at that point, literally, I can't

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Speaker 5: believe it. So counter websites. The grants I remember I

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Speaker 5: got when I was in high school. I got some.

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Speaker 5: I got it two years in a like one thousand

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Speaker 5: dollars for I don't know, academic excellence or something. I

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Speaker 5: was not particularly academically excellent.

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Speaker 4: I just think my name in the ring one hundred percent.

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Speaker 4: Like there's all kinds of things check you council website.

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Speaker 6: Oh my god, that's so good.

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Speaker 4: That's very funny. All right, love that rap. Thank you, Jess.

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Speaker 3: Miss Beck's yed what tips if you come to collect

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Speaker 3: this week?

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Speaker 6: So this first one comes from Courtney, who says that

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Speaker 6: Aldi meal kits are great for date nights. It's quick, cheap,

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Speaker 6: easy and nice.

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Speaker 4: To make together. Okay, but those Audi meal kits slap.

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Speaker 4: I have never seen that. Yes, you would lovemore.

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Speaker 3: So they have, and Beck, you can correct me if

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Speaker 3: you've got more information. But it's fifteen dollars for the

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Speaker 3: meal kit and you get like the bow buns, you

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Speaker 3: get the slow cooked pork or like a different meat.

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Speaker 3: You get like all of the fillings and the sauces,

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Speaker 3: and between Steve and I there is more than enough food.

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Speaker 3: They also do like a souf lucky one and like

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Speaker 3: a few others I've seen. I've been stalking this on TikTok,

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Speaker 3: so like good one for you to share. I've seen

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Speaker 3: so many people talking about the meal kits, but it

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Speaker 3: seems to vary from state to state what you get

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Speaker 3: in like your Bower button kit. It must just be

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Speaker 3: based on like local availability or something.

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Speaker 4: I've seen a couple and I'm.

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Speaker 3: Like, hey, I don't have access to that one, but

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Speaker 3: I often like, right beside my calls is a audi

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Speaker 3: and I'll often like pop past it just to grab

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Speaker 3: those because they're so easy to have in the bridge.

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Speaker 4: And fifteen dollars for dinner. Yeah, I'm going to need

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Speaker 4: to look that up. I think. Yeah, I did not

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Speaker 4: know this is a thing. Great people, great tip. And

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Speaker 4: also like so cute for a date night, totally, oh

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Speaker 4: my god, cute and cheap basume yep, chief fine dollars. Fantastic.

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Speaker 4: So the next one comes from Michelle who's says that.

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Speaker 6: Apparently YouTube Movies channel has a heap of movies you

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Speaker 6: can watch for free.

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Speaker 4: Oh I had no idea, I know, what the hell?

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Speaker 3: Also money win, because I feel like subscriptions are getting

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Speaker 3: quite expensive. It's like Netflix, what are you doing? And

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Speaker 3: you don't even let me share the account with Jess anymore.

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Speaker 4: It's crazy. I know that pay for our own What

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Speaker 4: is that? Well?

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Speaker 6: I think that how Michelle found this out, it was

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Speaker 6: just like she wants to watch a movie. Sometimes you

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Speaker 6: go to your own like if you have Google TV

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Speaker 6: or something, you'll search it and it's like four ninety

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Speaker 6: nine to rent. I did not know YouTube had. I

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Speaker 6: didn't know that existed either. That is such a money.

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Speaker 5: Wine, like a legit channel, not like one of those

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Speaker 5: ones that bootlegged.

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Speaker 4: Yes, watch all totally. This is legit, and I think,

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Speaker 4: just give it to go. And then my one.

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Speaker 6: I saw this on TikTok and I always kind of

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Speaker 6: mentioned something similar before, but it's about debt when it

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Speaker 6: goes to a dick collector, and.

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Speaker 4: This thing I saw on TikTok.

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Speaker 6: I don't know how true it is, but someone said

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Speaker 6: that there are like legal loopholes where like you don't

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Speaker 6: actually have to pay it all. And I'm not suggesting that,

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Speaker 6: but I'm suggesting I think this is true that when

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Speaker 6: collector buys debt from a big company, they buy it

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Speaker 6: for a certain amount and you have to pay off.

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Speaker 6: Let's say it's one hundred dollars and they've bought it

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Speaker 6: for fifty dollars. They still say, oh, you are one

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Speaker 6: hundred dollars. So that's that's how they kind of make money.

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Speaker 4: I see.

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Speaker 6: But I would argue that you could call up and

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Speaker 6: just see what you can do whatever you have right now.

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Speaker 6: If you're like I have two hundred dollars in my

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Speaker 6: account and iow a thousand dollars, say I will pay

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Speaker 6: two hundred dollars.

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Speaker 4: Right now, just wipe it. I have heard of people

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Speaker 4: negotiating their debts out.

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Speaker 6: Some people do that because if they're like, oh great,

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Speaker 6: like we have, they might have bought it for way

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Speaker 6: less than your offering, so the chances are they might

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Speaker 6: take it, or they're at least open to everything's negotiable.

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Speaker 4: For everything's negotiable.

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Speaker 3: But I think in particular when when it goes to

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Speaker 3: a debt collector, because it's like they haven't paid the

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Speaker 3: exact same amount, they're just buying the debt and they're

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Speaker 3: trying to like see how much they can get.

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Speaker 6: I don't know about the legal loophole part where it's

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Speaker 6: like you don't have to pay it all and so

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Speaker 6: maybe look at research on that research.

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Speaker 4: Should we get advice? If it's free, you don't be

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Speaker 4: any more money. And so that's my one beautiful, my

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Speaker 4: one job. I feel like that's a good collection.

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Speaker 3: Let's go to a really quick break because on the

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Speaker 3: flip side, girls, I cannot wait to get into the

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Speaker 3: money dilemma, which this week is all about knowing when

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Speaker 3: to hold and when to fold when it comes to

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Speaker 3: an investment property and something you slid into our DMS

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Speaker 3: about which I think is going to get a little

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Speaker 3: bit spicy. Is it okay to say that you're broke

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Speaker 3: if you actually have money in your savings? Anyway, guys,

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Speaker 3: don't go anywhere. Welcome back, everybody. Let's take a listen

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Speaker 3: to this week's money dilemma. Hi. There, have you got

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Speaker 3: a money dilemma you just can't solve? The Sheese on

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Speaker 3: the Money team is here to help. Every week, we

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Speaker 3: tackle your dilemmas, both big and small, to answer your

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Speaker 3: most burning money.

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Speaker 4: Career and life questions.

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Speaker 3: To get involved, simply head to our website and leave

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Speaker 3: us a short voice recording and you might just find

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00:14:53,760 --> 00:14:56,480
Speaker 3: yourself on the show. Now, let's take a listen to

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Speaker 3: this week's money dilemma.

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Speaker 7: Hey, money friends, So I'm looking for some advice because

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Speaker 7: I'm really not sure what to do. I'm in the

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Speaker 7: incredibly privileged position that I own an investment property. So

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Speaker 7: I own a two bedroom apartment in Melbourne, and my

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Speaker 7: question is the building is super old, it's had burst

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Speaker 7: pipes and issues for quite a few years, and I

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Speaker 7: want to know what would you do. Would you sell

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Speaker 7: it knowing that apartments are not going for much in

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Speaker 7: the Melbourne market at the moment, or would you hold

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Speaker 7: on to it and let people live there peacefully and

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Speaker 7: happily and just hope that everything works out okay? From

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Speaker 7: an investment perspective, what would you do? Because I'm feeling

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Speaker 7: a bit lost and there's a lot of opinions.

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Speaker 3: Oh, I feel like that's a good one. I have

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Speaker 3: a lot of thoughts, jess, what would you do?

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Speaker 5: To be honest, I don't really know. I don't know

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Speaker 5: much about the world of investment property. It's not really

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Speaker 5: something I've considered myself, and therefore really haven't looked into

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Speaker 5: it too much. I would say, from an investment perspective,

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Speaker 5: in an ideal world, you would want to add a

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Speaker 5: minimum break even. I don't know I would be selling

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Speaker 5: it a loss unless I absolutely had to. But with

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Speaker 5: that being said, any investment property is an investment. It's

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Speaker 5: like anything you take on a level of risk. I

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Speaker 5: think there's a bit of a misconception that investment properties

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Speaker 5: are less risky.

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Speaker 4: Less risky, you will always increase in value.

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Speaker 5: There's been a lot of talk about, you know, build

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Speaker 5: a your portfolio editor like, and everyone do what's right

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Speaker 5: for you. I'm not here to pass judgment, but you

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Speaker 5: know that is the risk that you run is that

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Speaker 5: you may have to sell at a loss or you

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Speaker 5: may have issues where you know you're saying that the

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Speaker 5: apartments aren't selling for much.

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Speaker 4: That may be the case for a while, it may change.

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Speaker 4: We don't know.

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Speaker 5: The property market can be just as volatile as the

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Speaker 5: share market. But yeah, to be totally honest, I really

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Speaker 5: I don't know woman value.

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Speaker 6: I know I'm kind of the same, but also I

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Speaker 6: don't think of the best person to give advice. I

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Speaker 6: was telling my friends that if I had investment property,

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Speaker 6: I would never raise the rent and I would miraculously

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Speaker 6: have all the money to just like give the renters

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Speaker 6: the best life possible. And I just wouldn't be very

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Speaker 6: financially smart, like I would be doing things that would

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Speaker 6: be detrimental to myself. Yeah, and so I guess I'm

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Speaker 6: not even going to think of it as a house.

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Speaker 6: I'm going to think of it as an investment strictly

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Speaker 6: similar to what you're saying.

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Speaker 4: Yess, if it's.

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Speaker 6: Consistently not generating income or being beneficial to you, I would.

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Speaker 4: Get rid of it, but yeah, I think that, Yeah,

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Speaker 4: it really.

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Speaker 6: Depends on like you at such a loss right now

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Speaker 6: that it's like I kind of want it maybe, but

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Speaker 6: then it's like the sunken cost fallacy to keep sinking.

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Speaker 6: You could sink further, but right right now where you

401
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Speaker 6: are is like not too bad, you know. I think

402
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Speaker 6: get rid of the investment property is probably causing stress

403
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Speaker 6: as well, Like stress free lifestyle is priceless.

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Speaker 4: Get rid of it.

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Speaker 3: I love that, but I have so many questions back,

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Speaker 3: collec gol when you send these into me, I just

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Speaker 3: want so many more details. Right so you are correct

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Speaker 3: at the moment, the apartment market in Melbourne is not incredible.

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Speaker 3: But I don't know when you bought this property. I

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Speaker 3: don't know how much mortgage you've got left on it.

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Speaker 3: I don't know how much rental yield you're getting from this.

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Speaker 3: And like historically I have had clients and I still

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Speaker 3: have clients because I run a mortgage breaking business and

414
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Speaker 3: we are buying literally every week, investment properties for clients.

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Speaker 3: Like we have clients who are buying properties with absolutely

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Speaker 3: no intention of that property increasing in value, but over

417
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Speaker 3: time they go, Okay, cool, I'm going to buy this apartment,

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Speaker 3: the rental yield is really good. After twenty five years,

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Speaker 3: it will have paid off the entire mortgage and then

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Speaker 3: I'll have an income stream coming in. And for them

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Speaker 3: it's a relatively low risk way of creating wealth. So

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Speaker 3: I would be looking at the rental yield, how much

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Speaker 3: money is coming in. I also would be looking at

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Speaker 3: the body corporate notes. So you're saying that there's been

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Speaker 3: like burst water pipes and stuff like that, I want

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Speaker 3: you to either attend your body corporate meetings or get

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Speaker 3: hold of all the meeting minutes and read through them

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Speaker 3: like a couple of burst pipes, like maybe it's a

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Speaker 3: really old but very well bund building and like those

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Speaker 3: pipes burst, and you know it didn't actually cost that

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Speaker 3: much to fix. Or you might be in an apartment

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Speaker 3: complex that has a terrible facade that needs doing up

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Speaker 3: and you know there is speculation in the meeting notes

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Speaker 3: that every single apartment owner is going to be up

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Speaker 3: for forty thousand dollars soon to upgrade the facades of

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Speaker 3: the building. Or you might have, like I don't know,

437
00:19:21,200 --> 00:19:24,720
Speaker 3: a lift that needs replacing and therefore another big expense

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Speaker 3: coming up. So we want to be educated and understand, well,

439
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Speaker 3: what's this apartment going to cost us and what's it

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00:19:30,359 --> 00:19:32,840
Speaker 3: going to look like moving forward? But also talk to

441
00:19:32,880 --> 00:19:35,040
Speaker 3: me about take this property out. Why did you buy

442
00:19:35,040 --> 00:19:37,680
Speaker 3: an investment property? Did you think it would just increase

443
00:19:37,720 --> 00:19:40,000
Speaker 3: in value? Are you just looking right now at the

444
00:19:40,040 --> 00:19:42,560
Speaker 3: apartment market and getting a little bit stressed out because

445
00:19:42,600 --> 00:19:44,240
Speaker 3: you forgot to zoom out and look at the bigger

446
00:19:44,240 --> 00:19:46,399
Speaker 3: picture And maybe you've only owned it for three years

447
00:19:46,400 --> 00:19:48,800
Speaker 3: and go of course you won't have seen a lot

448
00:19:48,840 --> 00:19:53,159
Speaker 3: of uptick. Things like compound interest and increases in property

449
00:19:53,240 --> 00:19:56,800
Speaker 3: value really don't start to kick in properly until after

450
00:19:56,920 --> 00:19:59,560
Speaker 3: ten years. I just have a lot of questions about that,

451
00:19:59,640 --> 00:20:02,240
Speaker 3: So be zooming out, I'd be looking at rental yield.

452
00:20:02,480 --> 00:20:04,719
Speaker 3: You know, if you're renting it out and it's covering

453
00:20:04,760 --> 00:20:08,040
Speaker 3: the mortgage and you know you're okay with the ongoing

454
00:20:08,080 --> 00:20:10,920
Speaker 3: maintenance costs, maybe that is a good investment to keep

455
00:20:10,920 --> 00:20:13,639
Speaker 3: hold of, because like, what's the benefit of selling it.

456
00:20:13,720 --> 00:20:15,720
Speaker 3: Like let's say you sell it and you get your

457
00:20:15,720 --> 00:20:19,000
Speaker 3: deposit back and you've got some cash to spend, Well,

458
00:20:19,200 --> 00:20:20,199
Speaker 3: what would you do with that?

459
00:20:20,240 --> 00:20:20,440
Speaker 4: Then?

460
00:20:20,600 --> 00:20:22,760
Speaker 3: Are you going to put it into the share market?

461
00:20:22,880 --> 00:20:24,919
Speaker 3: Because you're like rental properties aren't for me?

462
00:20:25,359 --> 00:20:25,679
Speaker 4: Fine?

463
00:20:26,040 --> 00:20:27,800
Speaker 3: Or are you going to try and buy another property

464
00:20:27,800 --> 00:20:30,280
Speaker 3: and just hope it's quote a better property? Like at

465
00:20:30,280 --> 00:20:33,280
Speaker 3: which point where's the risk going to come in? So

466
00:20:33,320 --> 00:20:35,720
Speaker 3: I just have a lot of questions about like knowing

467
00:20:35,760 --> 00:20:37,399
Speaker 3: when to hold them and when to fold them is

468
00:20:37,440 --> 00:20:40,520
Speaker 3: a very good question, But a lot of it comes

469
00:20:40,560 --> 00:20:43,080
Speaker 3: down to, well, what is the property doing for you

470
00:20:43,160 --> 00:20:45,720
Speaker 3: right now? Stop looking at the market. What's it doing

471
00:20:45,760 --> 00:20:48,280
Speaker 3: for you personally? And what will it do for your

472
00:20:48,320 --> 00:20:51,960
Speaker 3: wealth moving forward? Is probably the questions I'd be asking you.

473
00:20:52,000 --> 00:20:55,119
Speaker 4: Go, should we read the d oh? I can't wait? Okay?

474
00:20:55,119 --> 00:20:55,879
Speaker 4: Are you guys ready?

475
00:20:56,000 --> 00:20:56,240
Speaker 6: Ready?

476
00:20:56,240 --> 00:20:57,760
Speaker 4: Completely strap in?

477
00:20:57,920 --> 00:21:00,080
Speaker 3: So this week we got a DM from someone in

478
00:21:00,080 --> 00:21:02,280
Speaker 3: our community and I put it on the Instagram stories

479
00:21:02,560 --> 00:21:06,240
Speaker 3: he identified of course, they said, hey, she's on the money.

480
00:21:06,280 --> 00:21:09,480
Speaker 3: My friend's been saying she's so broke for a while now,

481
00:21:09,560 --> 00:21:10,040
Speaker 3: so I've.

482
00:21:09,880 --> 00:21:11,200
Speaker 4: Been covering her here and there.

483
00:21:11,680 --> 00:21:14,439
Speaker 3: Nothing huge, but I didn't mind because I thought she

484
00:21:14,520 --> 00:21:17,199
Speaker 3: was genuinely struggling. Now my hours have been caught and

485
00:21:17,320 --> 00:21:20,280
Speaker 3: I'm currently living paycheck to paycheck. I owed her for

486
00:21:20,320 --> 00:21:23,080
Speaker 3: something small and asked if I could pay her next week,

487
00:21:23,200 --> 00:21:25,560
Speaker 3: and she said she was broke true, So I felt

488
00:21:25,600 --> 00:21:28,480
Speaker 3: really bad and I gave him my last thirty dollars. Later,

489
00:21:28,640 --> 00:21:31,120
Speaker 3: I found out her version of broke just means she's

490
00:21:31,160 --> 00:21:33,800
Speaker 3: out of fun money, not out of money in general,

491
00:21:34,240 --> 00:21:37,640
Speaker 3: she's got savings. In my opinion, broke means you don't

492
00:21:37,680 --> 00:21:39,960
Speaker 3: have any money at all. I feel really dumb, and

493
00:21:40,040 --> 00:21:42,639
Speaker 3: I feel kind of betrayed. I helped her when I

494
00:21:42,720 --> 00:21:45,439
Speaker 3: could and when I needed the same. She didn't repay

495
00:21:45,440 --> 00:21:48,080
Speaker 3: the favor and she didn't really need my help.

496
00:21:48,400 --> 00:21:51,000
Speaker 4: What would you guys do? What would you say? Mmm?

497
00:21:51,640 --> 00:21:54,159
Speaker 6: I think for status, like something small, just like some

498
00:21:54,680 --> 00:21:56,960
Speaker 6: of the terminology, I just want to nip in the

499
00:21:56,960 --> 00:22:00,679
Speaker 6: bud really quickly, something small to someone. Like So, if

500
00:22:00,720 --> 00:22:03,720
Speaker 6: someone owned me thirty bucks and it's like sometimes I

501
00:22:03,840 --> 00:22:06,520
Speaker 6: literally not exaggerating, have like forty six cents in my account.

502
00:22:06,520 --> 00:22:08,040
Speaker 6: If they own me thirty dollars and they're like, can

503
00:22:08,040 --> 00:22:09,440
Speaker 6: I pay you next week, obviously I'd be like, that's

504
00:22:09,480 --> 00:22:09,800
Speaker 6: so fine.

505
00:22:09,920 --> 00:22:11,280
Speaker 4: I'm actually gonna work it out. It's fine.

506
00:22:11,359 --> 00:22:13,119
Speaker 6: But if you can pay me thirty dollars right now,

507
00:22:13,400 --> 00:22:15,760
Speaker 6: that will go a long way. I can afford a

508
00:22:15,760 --> 00:22:18,600
Speaker 6: little thing of rice and some stings for tonight, you

509
00:22:18,640 --> 00:22:20,280
Speaker 6: know what I mean, Like it's it's thirty bucks is

510
00:22:20,400 --> 00:22:24,560
Speaker 6: a lot so small, big, subjective and depends on the person.

511
00:22:24,680 --> 00:22:26,919
Speaker 6: But I know that the context of this is that

512
00:22:26,960 --> 00:22:29,480
Speaker 6: she actually does have savings and that was just so

513
00:22:29,520 --> 00:22:32,520
Speaker 6: fun money that she ran out of. So with that knowledge,

514
00:22:32,840 --> 00:22:36,399
Speaker 6: I think that you, I mean, it really depends, but

515
00:22:36,440 --> 00:22:39,719
Speaker 6: I think broke in my mind, it really does mean

516
00:22:39,760 --> 00:22:42,040
Speaker 6: you don't have anything to fall back on. You don't

517
00:22:42,040 --> 00:22:44,600
Speaker 6: have anything fall back on. You are broke, broke, you

518
00:22:44,680 --> 00:22:47,720
Speaker 6: have nothing, which maybe I don't really know what the

519
00:22:47,720 --> 00:22:50,159
Speaker 6: difference is between like poor and broke. Maybe poor is

520
00:22:50,200 --> 00:22:53,119
Speaker 6: like a I don't know, but I think it's not

521
00:22:53,920 --> 00:22:58,200
Speaker 6: crucial that you give up this information when asking for help.

522
00:22:58,680 --> 00:23:00,960
Speaker 6: And it could be the case that, like in I

523
00:23:01,000 --> 00:23:02,760
Speaker 6: don't know, if you guys use up, you can lock

524
00:23:02,760 --> 00:23:04,919
Speaker 6: your bank account, so like it could be the situation

525
00:23:05,000 --> 00:23:06,920
Speaker 6: where like she's locked it and she actually just can't

526
00:23:06,920 --> 00:23:08,879
Speaker 6: get back into it or something. She doesn't access these

527
00:23:08,920 --> 00:23:11,080
Speaker 6: savings and she really does any money. So I think that,

528
00:23:11,400 --> 00:23:14,560
Speaker 6: you know, we can't really say how someone's feeling. And

529
00:23:14,800 --> 00:23:16,800
Speaker 6: you know, my girlfriend, for example, gets very anxious when

530
00:23:16,800 --> 00:23:19,800
Speaker 6: her savings dip below a certain amount, and that is

531
00:23:19,840 --> 00:23:22,879
Speaker 6: the exact same anxiety that I feel when I have

532
00:23:23,160 --> 00:23:26,040
Speaker 6: a million bills to pay and forty six cents in

533
00:23:26,080 --> 00:23:28,800
Speaker 6: my bank account. And so if I had savings at

534
00:23:28,800 --> 00:23:31,960
Speaker 6: all and it dipped below two thousand dollars, I would

535
00:23:31,960 --> 00:23:34,800
Speaker 6: be on cloud night. So the set the anxiety that

536
00:23:34,840 --> 00:23:37,240
Speaker 6: she feels when her savings dip below a certain point

537
00:23:37,400 --> 00:23:41,400
Speaker 6: is the same I feel when I'm literally minus one

538
00:23:41,440 --> 00:23:45,120
Speaker 6: thousand dollars. And so we can't really say that one

539
00:23:45,280 --> 00:23:51,840
Speaker 6: situation generates the same anxieties or like fear responses as another,

540
00:23:51,920 --> 00:23:53,919
Speaker 6: you know what I mean. And we can't assume that

541
00:23:53,960 --> 00:23:56,280
Speaker 6: because we've helped someone, they will do the same. Sometimes

542
00:23:56,359 --> 00:23:57,840
Speaker 6: we just have to help. Well, I think we should

543
00:23:57,840 --> 00:23:59,560
Speaker 6: always just help because we want to, not because we

544
00:23:59,600 --> 00:24:02,600
Speaker 6: expecting thing back. However, in saying that really quickly, last

545
00:24:02,600 --> 00:24:04,840
Speaker 6: point is that I don't think that she should be

546
00:24:04,920 --> 00:24:08,320
Speaker 6: using the term broke because it makes people like us

547
00:24:08,560 --> 00:24:11,360
Speaker 6: when we realize that their version of broke is they

548
00:24:11,359 --> 00:24:13,600
Speaker 6: still have savings, it makes us feel like shit. It

549
00:24:13,640 --> 00:24:16,560
Speaker 6: makes us feel like so far away from the world, like,

550
00:24:16,640 --> 00:24:19,240
Speaker 6: oh my god, here I have been thinking I relate

551
00:24:19,240 --> 00:24:21,760
Speaker 6: to everyone around me, but everyone has savings. Now I

552
00:24:21,800 --> 00:24:26,280
Speaker 6: feel so much worse than I ever thought possible because

553
00:24:26,440 --> 00:24:30,200
Speaker 6: my version of broke is nothing nothing. My version broke

554
00:24:30,320 --> 00:24:33,600
Speaker 6: is not rich parents, no help anywhere, which is so fine.

555
00:24:33,600 --> 00:24:37,080
Speaker 6: We shouldn't be expecting help, no savings, nothing that's broke.

556
00:24:37,320 --> 00:24:38,800
Speaker 6: And so when you hear other people using it, but

557
00:24:38,840 --> 00:24:40,800
Speaker 6: they have savings, maybe they have rich parents, maybe they

558
00:24:40,800 --> 00:24:43,040
Speaker 6: have people that can borrow money from, you're like, Okay,

559
00:24:43,080 --> 00:24:46,320
Speaker 6: I really am so so broke.

560
00:24:46,160 --> 00:24:47,720
Speaker 4: You know what I mean. No, that's what I have

561
00:24:47,880 --> 00:24:49,439
Speaker 4: to say. Just how do you feel about it?

562
00:24:49,520 --> 00:24:49,600
Speaker 7: Well?

563
00:24:49,600 --> 00:24:51,600
Speaker 5: No, I'm feeling quite guilty because I've definitely used the

564
00:24:51,640 --> 00:24:55,200
Speaker 5: term broke to describe myself and I do have it saved.

565
00:24:55,680 --> 00:24:59,600
Speaker 4: I think feel me to tackle broke. Yeah.

566
00:25:00,520 --> 00:25:04,360
Speaker 5: I think for me, the language specifically like our listeners

567
00:25:04,400 --> 00:25:06,720
Speaker 5: asking does broke me in X or Y, I think

568
00:25:06,760 --> 00:25:10,480
Speaker 5: the term broke is very colloquialized, and so it has

569
00:25:10,640 --> 00:25:14,040
Speaker 5: become like I think it's acceptable for me to have

570
00:25:14,160 --> 00:25:16,760
Speaker 5: used it in the context that I have. But you know,

571
00:25:16,880 --> 00:25:18,840
Speaker 5: now I'm more aware of how that may make others

572
00:25:18,880 --> 00:25:20,800
Speaker 5: around me feel, and I think that's something that I

573
00:25:20,840 --> 00:25:22,399
Speaker 5: then need to be conscious of and others need to

574
00:25:22,440 --> 00:25:24,679
Speaker 5: be conscious of. It sounds like you and your friend

575
00:25:24,880 --> 00:25:27,840
Speaker 5: maybe just do have different definitions of what that looks like.

576
00:25:27,920 --> 00:25:29,800
Speaker 5: And so when you've said to her, oh, I'm really broke,

577
00:25:30,359 --> 00:25:34,439
Speaker 5: maybe she hasn't comprehended the vastness of that for you,

578
00:25:34,480 --> 00:25:37,119
Speaker 5: and she's applying her own lens and her own context

579
00:25:37,320 --> 00:25:38,800
Speaker 5: to that. And so when she's like, oh, well, if

580
00:25:38,800 --> 00:25:40,359
Speaker 5: you've got the money and you can pay me, like,

581
00:25:40,400 --> 00:25:42,919
Speaker 5: I'd really appreciate it. So it could be that you

582
00:25:42,960 --> 00:25:46,880
Speaker 5: guys are just coming from two different perspectives on it,

583
00:25:46,960 --> 00:25:48,960
Speaker 5: and that can be I guess, mitigated with a bit

584
00:25:49,000 --> 00:25:52,400
Speaker 5: more conversation. Shockingly, that being said, I do also think

585
00:25:52,480 --> 00:25:55,359
Speaker 5: that I agree with you when you said we should

586
00:25:55,400 --> 00:25:56,760
Speaker 5: do things to help people out of the goodness of

587
00:25:56,800 --> 00:25:58,520
Speaker 5: our heart, which it sounds like is exactly what our

588
00:25:58,560 --> 00:26:02,439
Speaker 5: listener did. I do also think it's it doesn't sound

589
00:26:02,560 --> 00:26:05,119
Speaker 5: like she's being a great friend in expecting you to

590
00:26:05,160 --> 00:26:08,000
Speaker 5: pay her when she maybe doesn't fully need it.

591
00:26:08,000 --> 00:26:10,200
Speaker 3: But again we are missing the context. What we don't

592
00:26:10,200 --> 00:26:12,600
Speaker 3: want to first side, like, we don't know the context.

593
00:26:12,600 --> 00:26:14,879
Speaker 3: Does she know that that was your last thirty dollars?

594
00:26:14,880 --> 00:26:16,000
Speaker 4: Correct? Do you know what I mean?

595
00:26:16,200 --> 00:26:17,760
Speaker 3: If you were like, oh, can I just pay you

596
00:26:17,800 --> 00:26:19,760
Speaker 3: back next week, and she goes, oh, no, I really

597
00:26:19,760 --> 00:26:22,040
Speaker 3: need the cash now, because like, yeah, she might've had savings,

598
00:26:22,040 --> 00:26:23,639
Speaker 3: but she didn't have any fun money, and to her,

599
00:26:23,680 --> 00:26:26,120
Speaker 3: getting that money back was fun money. So she's like, yeah, yeah,

600
00:26:26,160 --> 00:26:28,040
Speaker 3: like if you've got to give it to me, And

601
00:26:28,080 --> 00:26:31,320
Speaker 3: then that was the entire conversation. And so you gave

602
00:26:31,359 --> 00:26:34,119
Speaker 3: her your last thirty dollars. She was like, great, I've

603
00:26:34,160 --> 00:26:36,199
Speaker 3: been paid back. I don't need to chase that next week.

604
00:26:36,440 --> 00:26:38,639
Speaker 3: But what she didn't realize is that that was actually

605
00:26:38,640 --> 00:26:41,200
Speaker 3: your last thirty dollars and there's.

606
00:26:41,000 --> 00:26:42,439
Speaker 4: Some context missing that.

607
00:26:42,880 --> 00:26:45,680
Speaker 3: If it was me and i'd done that, I can

608
00:26:45,680 --> 00:26:47,240
Speaker 3: tell you right now, I would have been skipping down

609
00:26:47,240 --> 00:26:50,280
Speaker 3: the road and like gone, yep, okay, no worries. Yeah,

610
00:26:50,320 --> 00:26:52,199
Speaker 3: but like I didn't go, hold on, is that your

611
00:26:52,280 --> 00:26:54,240
Speaker 3: last thirty dollars? And I also don't know if I

612
00:26:54,240 --> 00:26:57,160
Speaker 3: should be asking you a question like that, Like you know, Jesse,

613
00:26:57,160 --> 00:26:59,560
Speaker 3: if you owe me thirty bucks and you go, oh,

614
00:26:59,560 --> 00:26:59,880
Speaker 3: can I.

615
00:26:59,800 --> 00:27:00,600
Speaker 4: Pay you next week?

616
00:27:00,680 --> 00:27:03,280
Speaker 3: Yeah, but I've got it right now. V go, oh,

617
00:27:03,280 --> 00:27:05,080
Speaker 3: well just give it to me right now. Yeah, I'm

618
00:27:05,080 --> 00:27:08,480
Speaker 3: not actually ever going to go Jess, just checking before

619
00:27:08,560 --> 00:27:11,360
Speaker 3: you pay me back, no, since your last thirty dollars,

620
00:27:11,400 --> 00:27:14,960
Speaker 3: like house your finances in general, Like that's a conversation

621
00:27:15,040 --> 00:27:17,760
Speaker 3: that I wouldn't open up to. But it's a different

622
00:27:17,800 --> 00:27:19,800
Speaker 3: story if you said, oh, I've only got thirty dollars

623
00:27:19,800 --> 00:27:21,640
Speaker 3: in my account, can I just pay you back next

624
00:27:21,680 --> 00:27:24,440
Speaker 3: week and your friends still amount it different story, Yeah, And.

625
00:27:24,440 --> 00:27:26,919
Speaker 5: It's it's hard because the context is key, right, Like

626
00:27:26,920 --> 00:27:29,120
Speaker 5: there's so on both sides, I think, And we don't

627
00:27:29,160 --> 00:27:31,840
Speaker 5: know how open the two of you are about money

628
00:27:31,840 --> 00:27:34,359
Speaker 5: and how comfortable you are having that conversation, but it

629
00:27:34,400 --> 00:27:38,320
Speaker 5: sounds like, you know, I can't imagine any friend taking

630
00:27:38,359 --> 00:27:41,240
Speaker 5: something from someone when they need it so desperately like

631
00:27:41,280 --> 00:27:42,760
Speaker 5: that just it's not to me. That's not what a

632
00:27:42,760 --> 00:27:46,000
Speaker 5: friend would do, And that is making me assume that

633
00:27:46,040 --> 00:27:50,240
Speaker 5: perhaps she wasn't aware of that additional backstory on your side,

634
00:27:50,720 --> 00:27:52,520
Speaker 5: and maybe hopefully it can all just be resolved with

635
00:27:52,560 --> 00:27:54,119
Speaker 5: a bit of a conversation. I think, same with the

636
00:27:54,200 --> 00:27:56,600
Speaker 5: language thing, saying hey, like exactly as Beck just did

637
00:27:56,640 --> 00:27:58,440
Speaker 5: when you say you're broke, but I know you've got

638
00:27:58,720 --> 00:28:00,680
Speaker 5: money and savings, Like it just makes me feel kind

639
00:28:00,680 --> 00:28:03,399
Speaker 5: of shitty. Yeah, because sometimes people don't know these things

640
00:28:03,600 --> 00:28:05,760
Speaker 5: until we tell them, yeah, and until we make them

641
00:28:05,800 --> 00:28:06,359
Speaker 5: aware of it.

642
00:28:06,440 --> 00:28:07,679
Speaker 4: And so it's it is.

643
00:28:07,800 --> 00:28:09,680
Speaker 5: I guess a little bit of a responsibility on two

644
00:28:09,680 --> 00:28:11,840
Speaker 5: people in a friendship, your friends for a reason you

645
00:28:11,880 --> 00:28:14,960
Speaker 5: obviously care and love about each other. Let's like have

646
00:28:15,000 --> 00:28:17,919
Speaker 5: these conversations so that we can support each other in

647
00:28:17,960 --> 00:28:19,480
Speaker 5: the ways that we need to be supported.

648
00:28:19,840 --> 00:28:20,320
Speaker 4: Totally.

649
00:28:20,640 --> 00:28:23,760
Speaker 3: I would agree with Beck and say that I don't

650
00:28:23,800 --> 00:28:26,359
Speaker 3: think that you should be using the terminology. And I

651
00:28:26,480 --> 00:28:30,600
Speaker 3: personally would never say I'm broke because that's not accurate.

652
00:28:30,680 --> 00:28:31,320
Speaker 4: I'm not broke.

653
00:28:31,400 --> 00:28:33,760
Speaker 3: I still have cash, i still have assets, I still

654
00:28:33,800 --> 00:28:37,280
Speaker 3: have stuff, And I think it's just the wrong terminology.

655
00:28:37,400 --> 00:28:38,800
Speaker 4: Same with the word you said, poor.

656
00:28:39,520 --> 00:28:42,040
Speaker 3: I don't think you should use that unless genuinely you

657
00:28:42,120 --> 00:28:45,160
Speaker 3: are in that situation. I think, yeah, it has become

658
00:28:45,280 --> 00:28:48,280
Speaker 3: like quite colloquial. And I know that if Jess said that.

659
00:28:48,400 --> 00:28:50,440
Speaker 3: I know enough about Jess's life that if just said,

660
00:28:50,440 --> 00:28:52,400
Speaker 3: oh my god, I'm so broke this week, I'd be like,

661
00:28:52,440 --> 00:28:55,000
Speaker 3: oh my god, girl feels like I'm going to have

662
00:28:55,040 --> 00:28:57,240
Speaker 3: a conversation with her because I know what she means,

663
00:28:57,240 --> 00:29:00,120
Speaker 3: because I have enough context about her situation and I'm

664
00:29:00,120 --> 00:29:02,400
Speaker 3: not offended by that in any way, shape or form,

665
00:29:02,680 --> 00:29:05,360
Speaker 3: but I can see how that might be misconstrued if

666
00:29:05,360 --> 00:29:08,400
Speaker 3: you don't have that deep level of friendship where we

667
00:29:08,480 --> 00:29:12,000
Speaker 3: both know our financial situations, right Like if I said

668
00:29:12,000 --> 00:29:14,400
Speaker 3: to you, oh my god, beck, I'm so broke, that's

669
00:29:14,560 --> 00:29:16,040
Speaker 3: so rude, or.

670
00:29:16,040 --> 00:29:18,680
Speaker 4: I'm feeling so poor, Like, it's just not accurate.

671
00:29:19,000 --> 00:29:21,120
Speaker 3: I think we should be using terminology around like, oh,

672
00:29:21,120 --> 00:29:21,920
Speaker 3: I just don't have.

673
00:29:21,880 --> 00:29:23,160
Speaker 4: Budget for that anymore.

674
00:29:23,400 --> 00:29:25,840
Speaker 3: Yeah, I've run out of my budget for that this week,

675
00:29:25,960 --> 00:29:27,680
Speaker 3: or I just don't have the cash in the bank

676
00:29:27,840 --> 00:29:31,840
Speaker 3: for that, Like you don't have to justify it to anybody,

677
00:29:31,840 --> 00:29:34,280
Speaker 3: But the word broke is not accurate, and I think

678
00:29:34,320 --> 00:29:37,080
Speaker 3: it should be reserved when people genuinely don't have any

679
00:29:37,080 --> 00:29:40,560
Speaker 3: money at all and are genuinely scraping the boar all Like,

680
00:29:40,760 --> 00:29:41,800
Speaker 3: that's what broke is.

681
00:29:41,920 --> 00:29:43,560
Speaker 4: Let's be quite accurate about that.

682
00:29:44,120 --> 00:29:46,800
Speaker 3: We asked the community, though, and we said, is it

683
00:29:46,880 --> 00:29:49,120
Speaker 3: right to say you're broke if you have savings?

684
00:29:49,720 --> 00:29:52,120
Speaker 4: Sixty nine percent of you said no, savings do.

685
00:29:52,200 --> 00:29:55,760
Speaker 3: Not equal broke, and thirty one percent of you said yes,

686
00:29:55,800 --> 00:29:58,040
Speaker 3: because my savings are off limits.

687
00:29:57,840 --> 00:30:00,240
Speaker 5: Which is I guess kind of the perspective that I've

688
00:30:00,240 --> 00:30:02,120
Speaker 5: await You mean when I would say, oh, I'm so bro,

689
00:30:02,200 --> 00:30:04,360
Speaker 5: you would mean that I've spent all of my budgeted

690
00:30:04,880 --> 00:30:08,880
Speaker 5: income and I do have my emergency funder my house deposit,

691
00:30:08,920 --> 00:30:10,840
Speaker 5: but theoretically I shouldn't be touching that.

692
00:30:11,040 --> 00:30:11,360
Speaker 4: Sure.

693
00:30:11,520 --> 00:30:14,280
Speaker 3: Yeah, yeah, yeah, And I think it's like we need

694
00:30:14,320 --> 00:30:17,080
Speaker 3: to change that narrative to oh, I've run out of

695
00:30:17,120 --> 00:30:20,640
Speaker 3: budget this month, because I think if Beck you said

696
00:30:20,680 --> 00:30:22,760
Speaker 3: I've run out of budget this month, I think to

697
00:30:22,880 --> 00:30:25,480
Speaker 3: me that means that you just don't have allocated funds

698
00:30:25,520 --> 00:30:27,920
Speaker 3: for dining out, or you don't have budget.

699
00:30:27,480 --> 00:30:28,680
Speaker 4: For a specific thing.

700
00:30:28,800 --> 00:30:31,160
Speaker 3: Yeah, you might have budget for something else, you know,

701
00:30:31,360 --> 00:30:33,280
Speaker 3: late you might have budget, said to the side, for

702
00:30:33,320 --> 00:30:34,240
Speaker 3: your electricity bill.

703
00:30:34,360 --> 00:30:34,560
Speaker 2: Yeah.

704
00:30:35,000 --> 00:30:37,080
Speaker 3: The next question we asked was was the friend wrong

705
00:30:37,160 --> 00:30:40,000
Speaker 3: for taking the thirty dollars? I feel like there's so

706
00:30:40,080 --> 00:30:42,640
Speaker 3: much context here, but eighty percent of you said yes,

707
00:30:42,680 --> 00:30:45,640
Speaker 3: her friend was asking for help, and twenty percent said no,

708
00:30:45,720 --> 00:30:48,920
Speaker 3: she was owed the money. We then obviously said, girl,

709
00:30:49,000 --> 00:30:50,640
Speaker 3: what's your two cents?

710
00:30:51,080 --> 00:30:53,200
Speaker 4: First person said this is a sticky one.

711
00:30:53,240 --> 00:30:56,600
Speaker 3: Sounds like they need to separate money from their relationship completely.

712
00:30:57,160 --> 00:30:59,840
Speaker 3: Someone said, my savings aren't for fun. It's not to

713
00:31:00,080 --> 00:31:04,080
Speaker 3: be touched. But I would never cry poor either. Someone

714
00:31:04,080 --> 00:31:07,560
Speaker 3: else said my in quotation marks b Boke friend bought

715
00:31:07,560 --> 00:31:09,960
Speaker 3: a house after I covered her for more than a

716
00:31:10,040 --> 00:31:12,000
Speaker 3: year that ended the fire.

717
00:31:13,440 --> 00:31:15,240
Speaker 4: Again is an additional layer of.

718
00:31:16,760 --> 00:31:20,400
Speaker 3: I mean context again, I run a mortgage broken business.

719
00:31:20,640 --> 00:31:22,959
Speaker 3: I can get you a house for absolutely no deposit

720
00:31:23,000 --> 00:31:25,840
Speaker 3: if your parents guarantee your loan, so you could technically

721
00:31:25,880 --> 00:31:28,400
Speaker 3: be broken, have no money, no savings, no nothing, And

722
00:31:28,400 --> 00:31:30,680
Speaker 3: then your parents could turn around and not justifying this

723
00:31:30,720 --> 00:31:33,560
Speaker 3: at all, your parents could turn around and go, oh, Jess,

724
00:31:33,560 --> 00:31:35,920
Speaker 3: I really want to guarantee your home deposit. And then

725
00:31:35,960 --> 00:31:38,080
Speaker 3: when maam, thank you, ma'am you've got a mortgage. Wow,

726
00:31:39,520 --> 00:31:41,640
Speaker 3: that's nice, isn't it. That's very nice.

727
00:31:41,800 --> 00:31:44,480
Speaker 4: In saone's covering you all the time. You probably shouldn't

728
00:31:44,880 --> 00:31:45,400
Speaker 4: or wouldn't.

729
00:31:45,480 --> 00:31:49,720
Speaker 3: I would expect the financially responsible enough place to have

730
00:31:49,760 --> 00:31:52,600
Speaker 3: a mortgage, which is another question. And like I'm always

731
00:31:52,680 --> 00:31:55,520
Speaker 3: talking to our clients about making sure that you're like

732
00:31:55,840 --> 00:31:58,360
Speaker 3: proving even to yourself that you can pay back that mortgage,

733
00:31:58,360 --> 00:32:00,000
Speaker 3: Like you know, have you got genuine savings?

734
00:32:00,120 --> 00:32:01,400
Speaker 4: Yeah, you might not have the deposits.

735
00:32:01,440 --> 00:32:03,520
Speaker 3: So fantastic that your parents are willing to guarantee it,

736
00:32:03,560 --> 00:32:06,000
Speaker 3: but like, how are you planning on paying off this mortgage?

737
00:32:06,000 --> 00:32:07,280
Speaker 4: What does that look like?

738
00:32:07,280 --> 00:32:07,400
Speaker 5: Like?

739
00:32:08,160 --> 00:32:10,160
Speaker 4: Yeah, so I think there's a bigger conversation.

740
00:32:10,600 --> 00:32:12,520
Speaker 3: The next person said, the friend might assume that the

741
00:32:12,560 --> 00:32:14,840
Speaker 3: OPI had savings too, Like maybe they both are on

742
00:32:14,880 --> 00:32:17,719
Speaker 3: the same page about what broke means in her mind. Yeah,

743
00:32:18,080 --> 00:32:19,960
Speaker 3: because like if you say you're broke back, that means

744
00:32:19,960 --> 00:32:22,120
Speaker 3: something too different than what Jess said. And if you'd

745
00:32:22,120 --> 00:32:24,520
Speaker 3: never conversed about it, maybe you both just assumed you're

746
00:32:24,520 --> 00:32:26,960
Speaker 3: on the same page. Totally thought that Jess had nothing

747
00:32:26,960 --> 00:32:29,600
Speaker 3: and just thought that you had savings. Yeah. Someone else said,

748
00:32:29,640 --> 00:32:32,240
Speaker 3: I use the bucket method, but then I also genuinely

749
00:32:32,240 --> 00:32:33,880
Speaker 3: feel broke often, but I.

750
00:32:33,880 --> 00:32:35,760
Speaker 4: Don't think that's the correct term to use.

751
00:32:36,560 --> 00:32:39,520
Speaker 3: Someone said, I just can't afford it this week equals

752
00:32:39,560 --> 00:32:41,600
Speaker 3: I have savings, but I'm out of fun money, and

753
00:32:41,680 --> 00:32:43,040
Speaker 3: broke means you have no money.

754
00:32:43,840 --> 00:32:44,960
Speaker 4: I'll be true.

755
00:32:44,960 --> 00:32:45,200
Speaker 1: More.

756
00:32:45,720 --> 00:32:48,280
Speaker 3: Next person said, I asked my friend to stop using

757
00:32:48,280 --> 00:32:50,960
Speaker 3: the word broke because it really does have different meanings

758
00:32:50,960 --> 00:32:53,960
Speaker 3: for all of us. And then the last person said, girl,

759
00:32:54,080 --> 00:32:58,440
Speaker 3: that's not your friend, she's using you run. I just

760
00:32:58,480 --> 00:33:00,959
Speaker 3: think there's just so much content next to me, seeing like,

761
00:33:01,040 --> 00:33:03,920
Speaker 3: can we just talk about what broke means? And I

762
00:33:03,920 --> 00:33:07,200
Speaker 3: think that this is where open honest money conversations. They're

763
00:33:07,200 --> 00:33:09,560
Speaker 3: hard to have genuinely, but they are going to put

764
00:33:09,560 --> 00:33:12,920
Speaker 3: you in a more empowered position to have conversation that

765
00:33:13,440 --> 00:33:16,360
Speaker 3: is impactful. It's like, I don't know if you're genuinely friends.

766
00:33:16,960 --> 00:33:19,080
Speaker 3: I maybe just like to see the best in everyone.

767
00:33:19,200 --> 00:33:20,840
Speaker 3: I just think your friend didn't know what was your

768
00:33:20,880 --> 00:33:23,800
Speaker 3: last thirty dollars? Ye, Like she just thought, oh, I'm

769
00:33:23,840 --> 00:33:26,160
Speaker 3: paying you back, and like maybe they were both on

770
00:33:26,200 --> 00:33:28,600
Speaker 3: the same page of brokemant you both have savings you

771
00:33:28,640 --> 00:33:31,240
Speaker 3: didn't want to access and she was like, nah, girl,

772
00:33:31,440 --> 00:33:32,880
Speaker 3: like use your emergency fund.

773
00:33:32,920 --> 00:33:35,320
Speaker 4: I want my cash back. You know sure she didn't

774
00:33:35,360 --> 00:33:38,040
Speaker 4: have that. She just didn't say. I just like to

775
00:33:38,080 --> 00:33:40,960
Speaker 4: assume the best in other Absolutely anyway, just wait to

776
00:33:41,360 --> 00:33:42,080
Speaker 4: end this episode.

777
00:33:42,120 --> 00:33:44,440
Speaker 3: Yeah, well, unfortunately, guys, that is all we have time

778
00:33:44,440 --> 00:33:44,920
Speaker 3: for today.

779
00:33:45,120 --> 00:33:46,080
Speaker 4: So it's been a week.

780
00:33:46,160 --> 00:33:48,200
Speaker 3: I've loved hanging out with you, but we'll see you

781
00:33:48,480 --> 00:33:49,800
Speaker 3: right early on Monday morning.

782
00:33:49,840 --> 00:33:57,680
Speaker 4: For our money Diary by Guys, Bye.

783
00:33:58,080 --> 00:34:00,600
Speaker 3: Did Buy shared on She's on the Money is general

784
00:34:00,640 --> 00:34:04,520
Speaker 3: in nature and does not consider your individual circumstances. She's

785
00:34:04,560 --> 00:34:07,960
Speaker 3: on the Money exists purely for educational purposes and should

786
00:34:08,040 --> 00:34:11,200
Speaker 3: not be relied upon to make an investment or financial decision.

787
00:34:11,600 --> 00:34:13,760
Speaker 4: If you do choose to buy a financial.

788
00:34:13,400 --> 00:34:17,400
Speaker 3: Product, read the PDS TMD and obtain appropriate financial.

789
00:34:17,000 --> 00:34:18,760
Speaker 4: Advice tailored towards your needs.

790
00:34:19,160 --> 00:34:23,080
Speaker 3: Victoria Divine and She's on the Money are authorized representatives

791
00:34:23,120 --> 00:34:27,239
Speaker 3: of Money showper Pty Ltd ABN three two one six

792
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793
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Speaker 3: one two eight nine