1
00:00:00,680 --> 00:00:04,920
Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr

2
00:00:04,960 --> 00:00:08,680
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before

3
00:00:08,680 --> 00:00:11,160
Speaker 1: we get started on She's on the Money podcast, I

4
00:00:11,160 --> 00:00:14,319
Speaker 1: would like to acknowledge the traditional custodians of the land

5
00:00:14,400 --> 00:00:17,680
Speaker 1: of which this podcast is recorded on a wondery country,

6
00:00:18,120 --> 00:00:22,240
Speaker 1: acknowledging the elders, the ancestors and the next generation coming

7
00:00:22,320 --> 00:00:26,960
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing

8
00:00:27,080 --> 00:00:30,120
Speaker 1: and the storytelling of you to make a difference for

9
00:00:30,240 --> 00:00:32,640
Speaker 1: today and lasting impact for tomorrow.

10
00:00:33,320 --> 00:00:37,120
Speaker 2: Let's get into it. She's on the Money, She's on

11
00:00:37,159 --> 00:00:39,000
Speaker 2: the Money.

12
00:00:57,840 --> 00:01:01,000
Speaker 3: Hello, and welcome to She's on the the podcast for

13
00:01:01,080 --> 00:01:05,039
Speaker 3: millennials who want financial freedom. Welcome back to another one

14
00:01:05,080 --> 00:01:07,200
Speaker 3: of our money diaries where we get to talk to

15
00:01:07,240 --> 00:01:10,400
Speaker 3: one of our incredible Shees on the Money community members

16
00:01:10,480 --> 00:01:13,960
Speaker 3: all about their finance journey. Let's jump straight into it

17
00:01:14,040 --> 00:01:16,360
Speaker 3: because I got a message this week and it went

18
00:01:16,440 --> 00:01:20,720
Speaker 3: a little bit like this. Hi, Victoria, your recent podcast

19
00:01:20,800 --> 00:01:23,400
Speaker 3: got me thinking that I should share my story after

20
00:01:23,440 --> 00:01:26,600
Speaker 3: my husband passed away in twenty twenty. We have two

21
00:01:26,760 --> 00:01:30,679
Speaker 3: kids and he had two from previous relationships. In twenty

22
00:01:30,720 --> 00:01:33,880
Speaker 3: twenty two, we also had one of these two pass away.

23
00:01:34,480 --> 00:01:37,520
Speaker 3: Having seen both sides of having a will and super

24
00:01:37,720 --> 00:01:40,240
Speaker 3: versus not, I thought it might be interesting to share

25
00:01:40,240 --> 00:01:41,080
Speaker 3: with the community.

26
00:01:41,480 --> 00:01:43,959
Speaker 2: Money Diarist, what a story.

27
00:01:44,400 --> 00:01:46,640
Speaker 3: I feel so privileged that you want to share this

28
00:01:46,760 --> 00:01:49,960
Speaker 3: with me, Like, that's a wild journey.

29
00:01:50,360 --> 00:01:51,000
Speaker 2: How are you.

30
00:01:51,120 --> 00:01:54,080
Speaker 4: It's been pretty crazy few years.

31
00:01:54,280 --> 00:01:56,840
Speaker 2: Oh my gosh, it sounds like it. Are you okay

32
00:01:57,040 --> 00:01:57,680
Speaker 2: at the moment?

33
00:01:58,320 --> 00:01:58,600
Speaker 4: Yeah?

34
00:01:59,120 --> 00:01:59,920
Speaker 2: Oh my god.

35
00:02:00,720 --> 00:02:02,480
Speaker 3: I feel like that knocked me for six. When I

36
00:02:02,520 --> 00:02:04,640
Speaker 3: read it, I was like, oh, I feel like every

37
00:02:04,680 --> 00:02:06,960
Speaker 3: time I read these people don't understand that I am

38
00:02:07,000 --> 00:02:08,800
Speaker 3: actually reading it for the very first time. And I

39
00:02:08,840 --> 00:02:10,760
Speaker 3: read the first part and I was like, oh, far out.

40
00:02:10,800 --> 00:02:12,160
Speaker 3: And then I read the second part and I was like,

41
00:02:12,160 --> 00:02:15,080
Speaker 3: oh my gosh. I feel like this story is going

42
00:02:15,120 --> 00:02:17,920
Speaker 3: to be a super powerful one for the community because

43
00:02:17,919 --> 00:02:20,840
Speaker 3: you're right. I think seeing other side of having a

44
00:02:20,840 --> 00:02:23,680
Speaker 3: will and superversus not is actually going to be so

45
00:02:23,960 --> 00:02:27,480
Speaker 3: good to talk to the community about. So let's dive

46
00:02:27,560 --> 00:02:31,200
Speaker 3: straight in. Before we ask about your money story, I

47
00:02:31,240 --> 00:02:33,680
Speaker 3: want to know a bit more about you. So if

48
00:02:33,680 --> 00:02:35,960
Speaker 3: I was to ask you to grade your money habits

49
00:02:36,000 --> 00:02:39,800
Speaker 3: from A through F, what would you give your money habits.

50
00:02:39,639 --> 00:02:43,040
Speaker 2: A C to a D, A C to a D.

51
00:02:43,840 --> 00:02:47,840
Speaker 3: All right, interesting, let's learn a little bit more about it, money, direst.

52
00:02:47,960 --> 00:02:51,440
Speaker 3: My favorite question of the entire episode is always this one.

53
00:02:51,880 --> 00:02:54,120
Speaker 3: Can you tell me a little bit more about your

54
00:02:54,120 --> 00:02:54,880
Speaker 3: money story.

55
00:02:55,200 --> 00:02:57,440
Speaker 4: So I grew up in a family where we've always

56
00:02:57,520 --> 00:03:01,840
Speaker 4: had a family business. We did talk about money in

57
00:03:01,919 --> 00:03:05,320
Speaker 4: the house, but we weren't very open about what who

58
00:03:05,400 --> 00:03:08,320
Speaker 4: went what, or how much things actually cost. It was

59
00:03:08,440 --> 00:03:12,000
Speaker 4: very secretive, but it was a bit under the table,

60
00:03:12,080 --> 00:03:15,160
Speaker 4: if you want to put it that way. I was

61
00:03:15,160 --> 00:03:17,040
Speaker 4: always encouraged to have a job before I got a

62
00:03:17,080 --> 00:03:22,360
Speaker 4: mobile phone, which these days sounds crazy, but back you know,

63
00:03:22,480 --> 00:03:23,959
Speaker 4: ten fifteen years ago.

64
00:03:24,080 --> 00:03:27,120
Speaker 3: My friend, I'm in that age bracket too, I get it. Yeah,

65
00:03:27,160 --> 00:03:29,760
Speaker 3: my Nokia thirty three ten was my pride and joy.

66
00:03:29,880 --> 00:03:32,160
Speaker 4: Yeah, I've still got my pink Motorola.

67
00:03:32,440 --> 00:03:34,680
Speaker 2: Oh, the Raiser was elite.

68
00:03:35,000 --> 00:03:37,560
Speaker 3: I saved up for so long to get one of

69
00:03:37,600 --> 00:03:40,680
Speaker 3: those that was like my third phone, because that was like, way,

70
00:03:40,800 --> 00:03:42,800
Speaker 3: way too progressive. I think I only ended up with

71
00:03:42,840 --> 00:03:44,560
Speaker 3: one of those in like grade ten or eleven. So

72
00:03:44,760 --> 00:03:47,960
Speaker 3: sit down, guys, So what about money when you were

73
00:03:48,000 --> 00:03:48,640
Speaker 3: an adult?

74
00:03:49,000 --> 00:03:54,720
Speaker 4: When I turned eighteen, I got my first job full time,

75
00:03:55,440 --> 00:03:58,640
Speaker 4: and I wasn't responsible with the money at all, a

76
00:03:58,720 --> 00:04:02,360
Speaker 4: lot of partying, lot of late nights out. I didn't

77
00:04:02,440 --> 00:04:05,920
Speaker 4: have any sort of goals or anything. And that all

78
00:04:05,960 --> 00:04:10,400
Speaker 4: sort of changed when I met my husband and we

79
00:04:10,520 --> 00:04:13,120
Speaker 4: decided that we wanted to start a family and get married,

80
00:04:13,240 --> 00:04:16,400
Speaker 4: have kids and all that sort of stuff. And we

81
00:04:16,480 --> 00:04:20,120
Speaker 4: still weren't the best financially together, but we made do

82
00:04:20,360 --> 00:04:22,920
Speaker 4: and we got the job done.

83
00:04:23,040 --> 00:04:25,520
Speaker 2: Tell me a little bit more about your husband.

84
00:04:25,880 --> 00:04:31,240
Speaker 4: So my husband was an entertainer, so in the nightclub industry,

85
00:04:31,440 --> 00:04:35,000
Speaker 4: so he worked nights and I worked today, so we

86
00:04:35,080 --> 00:04:37,559
Speaker 4: pretty much were ships in the night most of the time.

87
00:04:38,440 --> 00:04:43,840
Speaker 4: He ended up going into entertainment management, managing venues and

88
00:04:44,000 --> 00:04:47,480
Speaker 4: getting the people that come in the acts.

89
00:04:47,600 --> 00:04:48,640
Speaker 2: Oh yeah, yeah, yeah yeah.

90
00:04:48,839 --> 00:04:50,880
Speaker 4: He ended up getting all the acts to come in

91
00:04:51,240 --> 00:04:54,280
Speaker 4: and organizing those And when COVID hit, he took that

92
00:04:54,320 --> 00:04:57,880
Speaker 4: really hard. He obviously all the entertainment industry shut down

93
00:04:57,920 --> 00:05:01,560
Speaker 4: because there was no nightclubs. Yeah, he was terrible with.

94
00:05:01,480 --> 00:05:05,760
Speaker 3: Money, And how did you negotiate that in a relationship.

95
00:05:05,760 --> 00:05:08,320
Speaker 3: I feel like, if one's terrible with money and one

96
00:05:08,320 --> 00:05:10,480
Speaker 3: grew up in a family where you weren't super open

97
00:05:10,520 --> 00:05:13,280
Speaker 3: about money, but it wasn't like a bit hidden. That

98
00:05:13,360 --> 00:05:15,719
Speaker 3: might be a little bit of a recipe for disaster,

99
00:05:16,279 --> 00:05:17,560
Speaker 3: Am I reading into that?

100
00:05:18,120 --> 00:05:20,840
Speaker 4: Yeah, No, that's true. I ended up taking over. I

101
00:05:20,880 --> 00:05:23,800
Speaker 4: was the financial controller in the house, so I did

102
00:05:23,839 --> 00:05:27,039
Speaker 4: all of the bills. I paid everything. We weren't left

103
00:05:27,120 --> 00:05:28,680
Speaker 4: with much at the end of the day. We were

104
00:05:28,720 --> 00:05:31,920
Speaker 4: still rental tenants. And not that that's a terrible thing.

105
00:05:32,000 --> 00:05:34,919
Speaker 4: It's great to have a roof over your head, but

106
00:05:35,080 --> 00:05:37,320
Speaker 4: we didn't have much to play with at the end

107
00:05:37,360 --> 00:05:37,800
Speaker 4: of the day.

108
00:05:38,040 --> 00:05:38,320
Speaker 2: Yeah.

109
00:05:38,360 --> 00:05:41,320
Speaker 3: Absolutely. And what happened when you guys had kids? How

110
00:05:41,320 --> 00:05:44,279
Speaker 3: did your money conversations change in that aspect?

111
00:05:44,960 --> 00:05:48,160
Speaker 4: He didn't stop working because he worked nights. It just

112
00:05:48,279 --> 00:05:51,240
Speaker 4: sort of fell into place really well. So he would

113
00:05:51,279 --> 00:05:53,680
Speaker 4: work two or three nights a week, and on those

114
00:05:53,760 --> 00:05:56,159
Speaker 4: nights i'd have, you know, forty eight hours where I

115
00:05:56,200 --> 00:05:58,880
Speaker 4: wasn't asleep because the kids would keep me up or something.

116
00:06:00,160 --> 00:06:02,559
Speaker 4: Where he was home, he was up all night because

117
00:06:02,560 --> 00:06:05,040
Speaker 4: he's so used to it. So it worked out really

118
00:06:05,040 --> 00:06:09,719
Speaker 4: well that he could continue to work while we started

119
00:06:09,920 --> 00:06:10,440
Speaker 4: a family.

120
00:06:10,720 --> 00:06:13,560
Speaker 3: Yeah, that's actually really cool. I've spoken about it so

121
00:06:13,720 --> 00:06:16,760
Speaker 3: much recently. Just the cost of daycare, the cost of,

122
00:06:16,880 --> 00:06:19,560
Speaker 3: you know, actually having to get back to work, and

123
00:06:19,640 --> 00:06:22,280
Speaker 3: knowing that that was a bit more flexible. I feel

124
00:06:22,279 --> 00:06:23,880
Speaker 3: like that would have been one of the draw cards

125
00:06:23,960 --> 00:06:26,159
Speaker 3: right to that type of industry, because I feel like

126
00:06:26,200 --> 00:06:29,640
Speaker 3: when you work in entertainment sometimes it's just always draining.

127
00:06:29,800 --> 00:06:31,960
Speaker 3: Like before you said we were ships in the night.

128
00:06:32,320 --> 00:06:36,240
Speaker 3: Did you ever feel like that led to any animosity

129
00:06:36,360 --> 00:06:38,680
Speaker 3: or feeling like, oh my gosh, he's not around or

130
00:06:38,720 --> 00:06:41,039
Speaker 3: he's not contributing as much as he could, or is

131
00:06:41,080 --> 00:06:43,559
Speaker 3: that something where you're like, go out earn the money,

132
00:06:43,600 --> 00:06:44,560
Speaker 3: that's what you have to do.

133
00:06:45,400 --> 00:06:48,240
Speaker 4: I guess in the last few years my opinion has changed. Yes,

134
00:06:48,279 --> 00:06:50,680
Speaker 4: there was animosity. I did want him around, and I

135
00:06:50,800 --> 00:06:53,640
Speaker 4: was in time that he was never there. But now,

136
00:06:53,680 --> 00:06:57,359
Speaker 4: having ridden solo, I guess for two years I would

137
00:06:57,360 --> 00:06:59,919
Speaker 4: be quite happy to do it by myself. Obviously, the

138
00:07:00,040 --> 00:07:02,040
Speaker 4: kids are older now, so it's a bit different. But

139
00:07:02,320 --> 00:07:04,919
Speaker 4: when they're babies, you want someone around to just just

140
00:07:04,960 --> 00:07:07,400
Speaker 4: take this baby from me. It's crying. I can't deal

141
00:07:07,440 --> 00:07:07,760
Speaker 4: with it.

142
00:07:08,440 --> 00:07:09,960
Speaker 2: Yeah, that's so fair.

143
00:07:10,560 --> 00:07:12,600
Speaker 3: Talk to me a bit more about that transition of

144
00:07:12,680 --> 00:07:15,000
Speaker 3: being married with a husband who goes to work and

145
00:07:15,000 --> 00:07:18,400
Speaker 3: who has an income to finding yourself being a single

146
00:07:18,480 --> 00:07:20,320
Speaker 3: mum back in twenty twenty.

147
00:07:20,520 --> 00:07:23,760
Speaker 4: I might need to let you in. We actually broke

148
00:07:23,880 --> 00:07:25,360
Speaker 4: up in twenty sixteen, so.

149
00:07:25,760 --> 00:07:28,240
Speaker 3: Oh, there you go, There you go. That's a little

150
00:07:28,240 --> 00:07:29,720
Speaker 3: bit of a twist in the story.

151
00:07:30,720 --> 00:07:33,840
Speaker 4: So we split in twenty sixteen, so I had already

152
00:07:34,680 --> 00:07:38,560
Speaker 4: figured out my own finances and things before then, but

153
00:07:38,640 --> 00:07:40,560
Speaker 4: we never got divorced, so he was still my husband

154
00:07:40,680 --> 00:07:41,559
Speaker 4: when he passed away.

155
00:07:42,000 --> 00:07:44,560
Speaker 2: Yeah, fair, fair, So what was that like?

156
00:07:44,640 --> 00:07:47,080
Speaker 3: I suppose going let's like go all the way back

157
00:07:47,080 --> 00:07:49,920
Speaker 3: to twenty sixteen then, because that's just as much of

158
00:07:49,960 --> 00:07:53,400
Speaker 3: a financial adjustment, right, So talk to me about that

159
00:07:53,480 --> 00:07:55,360
Speaker 3: period of time in your life where you were going

160
00:07:55,400 --> 00:07:58,400
Speaker 3: from being married all the way through to being I

161
00:07:58,440 --> 00:07:59,680
Speaker 3: guess a single mum.

162
00:08:00,080 --> 00:08:02,240
Speaker 4: Working for a family business at the time. So I

163
00:08:02,240 --> 00:08:04,680
Speaker 4: had to juggle a lot between trying to get the

164
00:08:04,760 --> 00:08:07,560
Speaker 4: kids from A to B, making sure that we had

165
00:08:07,640 --> 00:08:13,160
Speaker 4: daycare cofees covered, running my own finances from having joint

166
00:08:13,160 --> 00:08:15,840
Speaker 4: finances and having a secondary income to going to a

167
00:08:15,920 --> 00:08:20,240
Speaker 4: single income and trying to figure out something simple as

168
00:08:20,440 --> 00:08:22,840
Speaker 4: how much we needed for groceries because I would buy

169
00:08:22,920 --> 00:08:24,960
Speaker 4: for a family of six and now I was buying

170
00:08:24,960 --> 00:08:27,680
Speaker 4: for myself on one week and then three on the next.

171
00:08:28,200 --> 00:08:33,200
Speaker 4: So it was very interesting to try and reorganize everything

172
00:08:33,440 --> 00:08:34,319
Speaker 4: that's of budgets.

173
00:08:34,720 --> 00:08:38,000
Speaker 3: Yeah, it must have been really challenging. And budgets are

174
00:08:38,000 --> 00:08:39,000
Speaker 3: the way forward.

175
00:08:39,040 --> 00:08:39,400
Speaker 2: I think.

176
00:08:39,480 --> 00:08:42,560
Speaker 3: I feel like they make you feel most in control. Right,

177
00:08:42,920 --> 00:08:45,120
Speaker 3: they give you the most amount of power in that

178
00:08:45,200 --> 00:08:47,880
Speaker 3: circumstance because they think if you don't budget, you get

179
00:08:47,960 --> 00:08:49,040
Speaker 3: even more anxious.

180
00:08:49,760 --> 00:08:50,880
Speaker 2: What about on your.

181
00:08:50,760 --> 00:08:53,360
Speaker 3: Partner's flip side, you said you were the financial controller

182
00:08:53,400 --> 00:08:57,000
Speaker 3: in that relationship, and when you broke up, that probably

183
00:08:57,000 --> 00:08:59,720
Speaker 3: put a lot of weight on him to, I guess,

184
00:09:00,080 --> 00:09:02,160
Speaker 3: now take charge of his own financial future.

185
00:09:02,280 --> 00:09:04,200
Speaker 2: What did that look like? How did that work?

186
00:09:04,559 --> 00:09:07,440
Speaker 4: I got a lot of messages, how was this paid?

187
00:09:07,720 --> 00:09:12,520
Speaker 4: When was this due? Things like that. He wasn't great

188
00:09:12,559 --> 00:09:14,800
Speaker 4: at doing it when it came down to the end

189
00:09:14,840 --> 00:09:16,920
Speaker 4: of it. One of the saving graces that we had

190
00:09:17,080 --> 00:09:20,720
Speaker 4: was that he did have income protection and super protection

191
00:09:22,160 --> 00:09:26,199
Speaker 4: and TPD. So that's the only reason that the kids

192
00:09:26,240 --> 00:09:28,880
Speaker 4: got anything out of it, because he didn't save any money.

193
00:09:29,080 --> 00:09:29,320
Speaker 2: Yeah.

194
00:09:29,360 --> 00:09:33,000
Speaker 3: Wow, So from twenty sixteen when you broke up to

195
00:09:33,120 --> 00:09:36,360
Speaker 3: twenty twenty when he passed away, He wasn't like trying

196
00:09:36,360 --> 00:09:38,040
Speaker 3: to get on top of the finances.

197
00:09:38,080 --> 00:09:39,920
Speaker 2: He was kind of just getting through.

198
00:09:40,360 --> 00:09:43,720
Speaker 4: He was just getting through. He had an inheritance and

199
00:09:43,800 --> 00:09:45,760
Speaker 4: he bought a car and then he crashed the car

200
00:09:45,960 --> 00:09:49,319
Speaker 4: and then like he just never followed up and never

201
00:09:49,360 --> 00:09:51,360
Speaker 4: got the car back, so he lost all of the

202
00:09:51,360 --> 00:09:54,600
Speaker 4: inheritance that he put into this car. So he was Yeah,

203
00:09:54,760 --> 00:09:55,400
Speaker 4: pretty terrible.

204
00:09:56,120 --> 00:09:58,080
Speaker 2: Oh my gosh, how stressful.

205
00:09:58,360 --> 00:10:00,880
Speaker 3: So talk to me about how you teach kids about money.

206
00:10:00,960 --> 00:10:03,400
Speaker 3: When I guess from your perspective, you're like, yep, cool,

207
00:10:03,400 --> 00:10:05,200
Speaker 3: I'm on top of the budgeting, I'm doing this, I'm

208
00:10:05,200 --> 00:10:06,679
Speaker 3: doing that. And then on the flip side, you've got

209
00:10:06,720 --> 00:10:09,679
Speaker 3: dad and he's blowing an inheritance and maybe not having

210
00:10:09,720 --> 00:10:12,840
Speaker 3: the same shared money values. When I'm assuming there was

211
00:10:12,880 --> 00:10:15,800
Speaker 3: some level of joint parenting involved there, what did that

212
00:10:15,840 --> 00:10:16,240
Speaker 3: look like?

213
00:10:16,320 --> 00:10:18,280
Speaker 2: How did that all work? Ah?

214
00:10:18,320 --> 00:10:22,720
Speaker 4: My kids were four and five roughly at the time,

215
00:10:23,240 --> 00:10:29,560
Speaker 4: so we weren't really focused on money and instilling any

216
00:10:29,600 --> 00:10:32,760
Speaker 4: sort of rules or anything. It was mostly just trying

217
00:10:32,800 --> 00:10:35,400
Speaker 4: to get through. It's definitely ramped up in the last

218
00:10:35,400 --> 00:10:39,319
Speaker 4: two years since we've had inheritance come through and things

219
00:10:39,360 --> 00:10:39,720
Speaker 4: like that.

220
00:10:40,200 --> 00:10:43,080
Speaker 3: Yeah, it's kind of. And I won't say a blessing.

221
00:10:43,200 --> 00:10:45,760
Speaker 3: But when they're that young, they're not that privy. They're

222
00:10:45,800 --> 00:10:48,240
Speaker 3: like not asking that many questions. They're not in school,

223
00:10:48,320 --> 00:10:51,959
Speaker 3: so they're not as inquisitive about the workings of the world.

224
00:10:52,000 --> 00:10:54,520
Speaker 3: They haven't really played shop just yet. It's not like

225
00:10:54,600 --> 00:10:56,840
Speaker 3: having a teenager. That's why I asked. I was like,

226
00:10:56,880 --> 00:10:59,000
Speaker 3: how did that work? What did that look like? I mean,

227
00:10:59,040 --> 00:11:00,320
Speaker 3: that's probably a good thing.

228
00:11:00,480 --> 00:11:03,319
Speaker 4: There was definitely no asking for squish mellows or pokemons

229
00:11:03,400 --> 00:11:04,200
Speaker 4: or anything back there.

230
00:11:04,280 --> 00:11:06,480
Speaker 2: No, no, not yet, not yet. Is that a part of

231
00:11:06,520 --> 00:11:09,559
Speaker 2: the money story? Now? Oh yeah, I'm all across.

232
00:11:09,600 --> 00:11:11,440
Speaker 3: I don't have kids yet, but I am all across

233
00:11:11,480 --> 00:11:14,040
Speaker 3: the squish mellows, Like I have hunted high and low

234
00:11:14,120 --> 00:11:17,400
Speaker 3: for specific squish mellows, four nieces and nephews, and I

235
00:11:17,520 --> 00:11:22,080
Speaker 3: never thought I would say something like that, money diarist.

236
00:11:22,120 --> 00:11:24,360
Speaker 2: I want to know. Let's be a little bit pervy here.

237
00:11:24,440 --> 00:11:28,199
Speaker 3: Your ex partner passed away in twenty twenty, and one

238
00:11:28,200 --> 00:11:30,400
Speaker 3: of the reasons why you wrote in was because you're like, look,

239
00:11:30,400 --> 00:11:32,560
Speaker 3: I really want to talk about seeing both sides of

240
00:11:32,600 --> 00:11:35,920
Speaker 3: having a will and super versus not. Can you talk

241
00:11:36,000 --> 00:11:39,520
Speaker 3: me through that? Process, because it's obviously a ridiculously traumatic

242
00:11:39,600 --> 00:11:42,600
Speaker 3: process to go through to begin with. But then I'm

243
00:11:42,640 --> 00:11:46,199
Speaker 3: assuming you were lumped because you were still technically married,

244
00:11:46,679 --> 00:11:49,280
Speaker 3: with a lot of the administration, a lot of the process,

245
00:11:49,280 --> 00:11:51,440
Speaker 3: a lot of the planning because you also had kids.

246
00:11:51,480 --> 00:11:54,520
Speaker 3: Can you talk us through that process in a way

247
00:11:54,600 --> 00:11:55,960
Speaker 3: that you're comfortable with?

248
00:11:56,200 --> 00:12:00,080
Speaker 4: Yeah. So I was the executor of the will. He

249
00:12:00,160 --> 00:12:04,000
Speaker 4: gave me power of attorney and the executor role before

250
00:12:04,040 --> 00:12:07,839
Speaker 4: he passed away, So I hold the money for all

251
00:12:07,880 --> 00:12:12,720
Speaker 4: four children, and I went through all of his assets

252
00:12:12,760 --> 00:12:16,160
Speaker 4: and his debts and contacted all the companies and closed

253
00:12:16,200 --> 00:12:19,040
Speaker 4: his eBay account, closed his PayPal count did all of

254
00:12:19,080 --> 00:12:20,880
Speaker 4: the things that you wouldn't think to do.

255
00:12:21,280 --> 00:12:23,640
Speaker 2: I hadn't even thought about an eBay account.

256
00:12:24,520 --> 00:12:26,520
Speaker 4: I just had his email, and I just went through

257
00:12:26,600 --> 00:12:29,760
Speaker 4: one by one and went close clothes clothes. I did

258
00:12:29,840 --> 00:12:33,200
Speaker 4: have a lawyer help with it all because we had

259
00:12:33,360 --> 00:12:34,960
Speaker 4: a large summer of money, so it needed to go

260
00:12:35,000 --> 00:12:38,640
Speaker 4: through probate. But in regards to the division and the

261
00:12:38,679 --> 00:12:41,199
Speaker 4: holding of it, I still hold all of the money

262
00:12:41,280 --> 00:12:43,240
Speaker 4: until the kids are twenty five, because that's what he

263
00:12:43,320 --> 00:12:47,160
Speaker 4: specified in the will. Unfortunately, one of them did pass

264
00:12:47,200 --> 00:12:49,680
Speaker 4: away last year, so he did not reach twenty five.

265
00:12:49,760 --> 00:12:52,200
Speaker 4: So now I need to split that between three kids,

266
00:12:52,720 --> 00:12:54,679
Speaker 4: So I'm doing a bit of juggling now with that.

267
00:12:55,360 --> 00:12:56,480
Speaker 2: Yeah, that's awful.

268
00:12:56,600 --> 00:13:00,400
Speaker 3: I am so sorry to hear when you say your

269
00:13:00,400 --> 00:13:02,960
Speaker 3: partner or your ex partner made you the executor of

270
00:13:03,000 --> 00:13:05,520
Speaker 3: the will. That's a really big step that obviously on

271
00:13:05,640 --> 00:13:07,520
Speaker 3: she's on the money. I talk about the importance of

272
00:13:07,559 --> 00:13:09,319
Speaker 3: all the time, like it's important to have that, it's

273
00:13:09,360 --> 00:13:12,200
Speaker 3: important to have it up to date, but often people

274
00:13:12,280 --> 00:13:15,560
Speaker 3: don't actually start that process or even think it's important

275
00:13:15,600 --> 00:13:18,280
Speaker 3: because you're young, right, Like you're thirty two, so you

276
00:13:18,320 --> 00:13:21,000
Speaker 3: are literally my age, and this is something that people

277
00:13:21,000 --> 00:13:22,960
Speaker 3: that are my age just let slip by, like we

278
00:13:23,000 --> 00:13:26,280
Speaker 3: don't even think about it. How did that conversation go

279
00:13:26,760 --> 00:13:29,600
Speaker 3: with you becoming the executor of the will and being

280
00:13:29,640 --> 00:13:32,600
Speaker 3: responsible for all the children? Like, was this something where

281
00:13:32,920 --> 00:13:34,760
Speaker 3: you know, I know, I don't want to be too pervy,

282
00:13:34,800 --> 00:13:38,120
Speaker 3: it's you know, only within what you're comfortable with. But

283
00:13:38,760 --> 00:13:42,200
Speaker 3: was he in a circumstance where he knew something was

284
00:13:42,240 --> 00:13:44,120
Speaker 3: going to happen and he needed to kind of clean

285
00:13:44,200 --> 00:13:45,880
Speaker 3: up his affairs or was this something that you guys

286
00:13:45,920 --> 00:13:47,400
Speaker 3: were just really progressive.

287
00:13:46,960 --> 00:13:49,559
Speaker 4: About Oh, I suppose I haven't actually mentioned. So he

288
00:13:49,800 --> 00:13:53,720
Speaker 4: was diagnosed with stage three cancer, ourself with dual cancer

289
00:13:53,800 --> 00:13:56,360
Speaker 4: in April of twenty twenty so, and then then he

290
00:13:56,400 --> 00:13:58,160
Speaker 4: passed away in November, so we had a bit of

291
00:13:58,200 --> 00:14:01,320
Speaker 4: time to organize everything, make sure that everything was in

292
00:14:01,400 --> 00:14:05,120
Speaker 4: place because he was diagnosed with cancer. We did go

293
00:14:05,240 --> 00:14:08,439
Speaker 4: through the channels and get the will done for free

294
00:14:09,040 --> 00:14:12,000
Speaker 4: through one of the lawyers in the city that does deal.

295
00:14:12,880 --> 00:14:15,200
Speaker 4: I forget the name of the company. Sorry, I'm trying

296
00:14:15,200 --> 00:14:16,400
Speaker 4: to wrack my brain as I talk.

297
00:14:16,559 --> 00:14:18,880
Speaker 2: That's okay, That's absolutely fine.

298
00:14:19,240 --> 00:14:21,920
Speaker 3: I hate asking those questions because I want to be like, hey,

299
00:14:21,960 --> 00:14:23,600
Speaker 3: can you tell me a little bit more about this,

300
00:14:23,680 --> 00:14:27,360
Speaker 3: while still respecting the boundaries that you have, because obviously

301
00:14:27,360 --> 00:14:29,560
Speaker 3: with some people they don't really want to talk about

302
00:14:29,640 --> 00:14:32,800
Speaker 3: the way their partner or ex partner passed away. And

303
00:14:32,880 --> 00:14:34,760
Speaker 3: I'm always like, oh, we need to know a little

304
00:14:34,800 --> 00:14:37,760
Speaker 3: bit more about this, only because, as I said before,

305
00:14:38,040 --> 00:14:40,480
Speaker 3: sometimes you're only forced to get your affairs in order

306
00:14:40,560 --> 00:14:42,920
Speaker 3: once there is a big life event that's going to happen.

307
00:14:42,960 --> 00:14:45,400
Speaker 3: And it sounds like that was the circumstance you were in.

308
00:14:45,680 --> 00:14:49,080
Speaker 3: But obviously if this was an emergency like previous money diarists,

309
00:14:49,600 --> 00:14:52,920
Speaker 3: we don't have that foresight because it only happens to

310
00:14:52,960 --> 00:14:57,920
Speaker 3: other people, right, How did those conversations go? Like, I'm sorry,

311
00:14:57,920 --> 00:15:00,200
Speaker 3: but that sounds like a really shitty process to go

312
00:15:00,280 --> 00:15:02,960
Speaker 3: through finding out that your ex partner, the father to

313
00:15:03,000 --> 00:15:06,040
Speaker 3: your children is maybe not going to be around anymore.

314
00:15:06,440 --> 00:15:09,040
Speaker 3: How do you have those conversations that I think the

315
00:15:09,120 --> 00:15:11,920
Speaker 3: general public would deem relatively morbid.

316
00:15:12,200 --> 00:15:15,360
Speaker 4: I'm a crisis person, so I'm good in a crisis,

317
00:15:15,920 --> 00:15:18,800
Speaker 4: So I was very okay with everything. I made sure

318
00:15:18,840 --> 00:15:21,080
Speaker 4: all of the boxes were ticked. You have to sort

319
00:15:21,080 --> 00:15:23,200
Speaker 4: of have your head about you when you go through

320
00:15:23,400 --> 00:15:28,120
Speaker 4: something like that, when you get more emotional about it,

321
00:15:28,160 --> 00:15:30,120
Speaker 4: you have to compartmentalize silly.

322
00:15:30,600 --> 00:15:35,360
Speaker 3: Yeah, No, absolutely, it's something that's really challenging to go through.

323
00:15:35,360 --> 00:15:37,560
Speaker 3: But it sounds like you were in good hands.

324
00:15:38,240 --> 00:15:38,760
Speaker 2: How do you.

325
00:15:38,800 --> 00:15:43,080
Speaker 3: Communicate that with the kids? So obviously talking to your

326
00:15:43,120 --> 00:15:45,800
Speaker 3: smaller children, it's probably not even a conversation you have

327
00:15:46,000 --> 00:15:50,040
Speaker 3: now because from my perspective, having worked as a financial advisor,

328
00:15:50,160 --> 00:15:52,440
Speaker 3: I can't think of talking to a ten year old

329
00:15:52,520 --> 00:15:55,320
Speaker 3: and an eight year old about, you know, inheritance and

330
00:15:55,360 --> 00:15:58,720
Speaker 3: what that means. But with his other children, how is

331
00:15:58,760 --> 00:16:01,960
Speaker 3: that communicated? Did they expect an immediate inheritance or did

332
00:16:02,000 --> 00:16:04,520
Speaker 3: they understand that there was an age of twenty five

333
00:16:04,600 --> 00:16:07,280
Speaker 3: that they needed to reach or what did that communication

334
00:16:07,440 --> 00:16:08,280
Speaker 3: process look like.

335
00:16:09,080 --> 00:16:13,320
Speaker 4: So the older one who passed away, he was aware

336
00:16:13,360 --> 00:16:16,080
Speaker 4: of the age limit of twenty five, being that he

337
00:16:16,280 --> 00:16:18,960
Speaker 4: was twenty four when he passed away.

338
00:16:19,440 --> 00:16:22,040
Speaker 2: He was just a baby, I know who was just

339
00:16:22,080 --> 00:16:22,560
Speaker 2: a baby.

340
00:16:23,560 --> 00:16:26,760
Speaker 4: He knew that there was money coming in. He did

341
00:16:26,960 --> 00:16:30,000
Speaker 4: ask for it at some point, but because of the

342
00:16:30,120 --> 00:16:33,720
Speaker 4: rulings between the will and me being the executor, I

343
00:16:33,840 --> 00:16:35,960
Speaker 4: had to put the foot down and say no, like

344
00:16:36,080 --> 00:16:38,040
Speaker 4: Dad didn't want you to have it before this age.

345
00:16:38,920 --> 00:16:43,640
Speaker 4: There's certain things. The other one, he is thirteen. He

346
00:16:43,880 --> 00:16:48,440
Speaker 4: is not aware that there is an inheritance. His mother

347
00:16:49,280 --> 00:16:52,560
Speaker 4: and I communicate. We're very good communicators, we always have been.

348
00:16:52,960 --> 00:16:55,760
Speaker 4: She knows that there's something there. She's got a copy

349
00:16:55,760 --> 00:16:59,479
Speaker 4: of the will, she's seen everything. Like it's very transparent

350
00:16:59,640 --> 00:17:02,800
Speaker 4: because I don't want to have any arguments later on.

351
00:17:03,080 --> 00:17:03,880
Speaker 2: No, absolutely not.

352
00:17:04,000 --> 00:17:07,840
Speaker 4: Yeah, And anything I do with his portion of the money,

353
00:17:07,920 --> 00:17:10,720
Speaker 4: I do contact her and say I'm doing this just

354
00:17:10,760 --> 00:17:14,320
Speaker 4: so you know, because I don't want one day for

355
00:17:14,400 --> 00:17:16,040
Speaker 4: her to say I haven't done the right thing. And

356
00:17:16,400 --> 00:17:19,879
Speaker 4: with investing in inheritance, it is not advised that you

357
00:17:19,920 --> 00:17:23,240
Speaker 4: put it into any sort of share portfolio because of

358
00:17:23,280 --> 00:17:26,840
Speaker 4: the legal repercussions. If there is a massive loss, you

359
00:17:27,440 --> 00:17:29,480
Speaker 4: as the executor, are liable.

360
00:17:29,840 --> 00:17:33,280
Speaker 3: Yes, And that's something that a lot of people don't understand.

361
00:17:33,359 --> 00:17:37,280
Speaker 3: And that's why I often deep financial advice is necessary

362
00:17:37,359 --> 00:17:39,320
Speaker 3: because obviously you would have done the pros and cons

363
00:17:39,320 --> 00:17:40,480
Speaker 3: of this and made a decision that.

364
00:17:40,480 --> 00:17:41,800
Speaker 2: Works for you in your family.

365
00:17:41,880 --> 00:17:44,800
Speaker 3: But it's one of those things where as we know,

366
00:17:45,119 --> 00:17:47,560
Speaker 3: the power of investing in the power of money is

367
00:17:47,600 --> 00:17:50,440
Speaker 3: over time and compounding, and you kind of miss out

368
00:17:50,480 --> 00:17:54,000
Speaker 3: on that. And that's okay as long as it's an

369
00:17:54,119 --> 00:17:57,320
Speaker 3: educated decision and you're making sure that everything is good

370
00:17:57,320 --> 00:17:59,840
Speaker 3: to go. And I think you, as you mentioned before,

371
00:18:00,119 --> 00:18:02,320
Speaker 3: you're the executor. You're the only one that's going to

372
00:18:02,359 --> 00:18:05,240
Speaker 3: see all sides of that story. I want to ask

373
00:18:05,320 --> 00:18:09,359
Speaker 3: another perfect question, why are you the executor of the

374
00:18:09,400 --> 00:18:12,359
Speaker 3: will as opposed to obviously his other ex partner that

375
00:18:12,440 --> 00:18:14,680
Speaker 3: he has other children with, Like, how did that come

376
00:18:14,720 --> 00:18:18,480
Speaker 3: to fruition? Was that a okay, you're the most trusted

377
00:18:18,520 --> 00:18:21,760
Speaker 3: person in this circumstance, or you're just better with money, Like,

378
00:18:22,000 --> 00:18:24,840
Speaker 3: was there a conversation about how he picked you?

379
00:18:25,160 --> 00:18:27,560
Speaker 4: There wasn't really a conversation of how he picked me.

380
00:18:27,880 --> 00:18:31,040
Speaker 4: But I was the only one that he'd been with

381
00:18:31,160 --> 00:18:35,919
Speaker 4: that was most financially responsible. Having the two youngest kids,

382
00:18:35,960 --> 00:18:37,720
Speaker 4: I'm going to be the person that holds the money

383
00:18:37,760 --> 00:18:39,600
Speaker 4: for longest. So he didn't want to give it to

384
00:18:39,640 --> 00:18:42,280
Speaker 4: anyone else. Yeah, that was the main thing.

385
00:18:42,440 --> 00:18:45,840
Speaker 3: No, that makes absolute sense. Can I ask now? I

386
00:18:45,840 --> 00:18:48,040
Speaker 3: want to know a little bit more about you as

387
00:18:48,080 --> 00:18:51,560
Speaker 3: a person. So obviously that is a circumstance that I

388
00:18:51,560 --> 00:18:53,080
Speaker 3: don't wish upon anybody.

389
00:18:53,119 --> 00:18:54,840
Speaker 2: And we really need.

390
00:18:54,640 --> 00:18:57,600
Speaker 3: To be having conversations like this more often, because unfortunately

391
00:18:57,680 --> 00:19:00,960
Speaker 3: it happens more often than we would like to think

392
00:19:01,000 --> 00:19:03,600
Speaker 3: it does. But I want to know what you do,

393
00:19:03,760 --> 00:19:05,480
Speaker 3: what do you do with yourself, what do you do

394
00:19:05,560 --> 00:19:07,560
Speaker 3: for work? And how much money do you now earn?

395
00:19:07,760 --> 00:19:11,240
Speaker 4: So I both of our kids are actually special needs,

396
00:19:11,600 --> 00:19:14,720
Speaker 4: so we've got autism and ADHD. So I actually only

397
00:19:14,760 --> 00:19:17,320
Speaker 4: work part time, not that that's a bad thing. Again,

398
00:19:17,560 --> 00:19:22,399
Speaker 4: it's good. I'm still working. I am a banking consultant

399
00:19:22,920 --> 00:19:27,400
Speaker 4: and during work, I am at work, but when I'm

400
00:19:27,440 --> 00:19:33,040
Speaker 4: at home, I am the homemaker, organizer, I am everything.

401
00:19:33,800 --> 00:19:37,000
Speaker 3: Yeah, of course you are your mom aunt, mom's superwoman.

402
00:19:37,240 --> 00:19:39,920
Speaker 2: Yeah, yeah, exactly, exactly.

403
00:19:40,400 --> 00:19:43,560
Speaker 3: So tell me a little bit more about your personal situation.

404
00:19:43,800 --> 00:19:46,560
Speaker 3: Do you have a partner now? Are you currently still

405
00:19:46,600 --> 00:19:47,359
Speaker 3: a single mom?

406
00:19:47,600 --> 00:19:47,679
Speaker 1: Like?

407
00:19:47,840 --> 00:19:49,280
Speaker 2: What is your circumstance.

408
00:19:49,960 --> 00:19:53,440
Speaker 4: I do have a partner now. He is a truck driver,

409
00:19:54,160 --> 00:19:57,320
Speaker 4: so he is not home very often because he goes

410
00:19:57,320 --> 00:20:00,920
Speaker 4: into state all the time. He's actually just left yesterday

411
00:20:01,000 --> 00:20:02,240
Speaker 4: for a month, so he'll be back.

412
00:20:02,280 --> 00:20:03,280
Speaker 2: Oh my gosh, a month.

413
00:20:03,359 --> 00:20:07,919
Speaker 4: Yeah, during that time. Side note, we're building a house.

414
00:20:08,560 --> 00:20:09,840
Speaker 2: That's very exciting.

415
00:20:10,600 --> 00:20:12,720
Speaker 4: So we're building a house. We haven't got a handover

416
00:20:12,800 --> 00:20:16,800
Speaker 4: date yet, but the rental lease expires at the end

417
00:20:16,800 --> 00:20:19,080
Speaker 4: of April, so I am going to be packing while

418
00:20:19,119 --> 00:20:22,280
Speaker 4: he is gone, and he's going to come back and

419
00:20:22,320 --> 00:20:23,880
Speaker 4: help move everything.

420
00:20:23,960 --> 00:20:24,600
Speaker 2: Yeah.

421
00:20:24,680 --> 00:20:27,159
Speaker 3: Well, I'm glad that you're doing that, and I'm not

422
00:20:27,280 --> 00:20:32,320
Speaker 3: I'm really sorry, but that sounds awful. All right, tell

423
00:20:32,320 --> 00:20:35,280
Speaker 3: me a little bit more about I guess money. You've

424
00:20:35,280 --> 00:20:38,240
Speaker 3: got a new partner, You've obviously got a good job

425
00:20:38,280 --> 00:20:41,239
Speaker 3: when you are working part time. What is currently your

426
00:20:41,280 --> 00:20:43,840
Speaker 3: big money goal? What are you working towards You're obviously

427
00:20:43,840 --> 00:20:46,760
Speaker 3: building a house, so you're ticking that off. Yeah, I

428
00:20:46,800 --> 00:20:50,879
Speaker 3: would love to pay off. We've taken out a landlan

429
00:20:50,960 --> 00:20:55,280
Speaker 3: separate to our home loan. We've bought a hectare of land,

430
00:20:55,320 --> 00:20:56,199
Speaker 3: so we've got quite a bit of.

431
00:20:56,480 --> 00:20:58,080
Speaker 2: Oh my gosh, how exciting.

432
00:20:59,040 --> 00:21:00,760
Speaker 4: We've got quite a bit of guard and things to

433
00:21:00,800 --> 00:21:02,960
Speaker 4: do when we do move in. So I do want

434
00:21:02,960 --> 00:21:04,960
Speaker 4: to pay off the land loan we're is sitting at

435
00:21:05,000 --> 00:21:08,520
Speaker 4: one ninety five. That's probably the biggest goal, and then

436
00:21:08,560 --> 00:21:11,040
Speaker 4: paying off the actual build loan, but we haven't fully

437
00:21:11,080 --> 00:21:16,199
Speaker 4: drawn that down yet, so that's still in the works.

438
00:21:15,560 --> 00:21:18,160
Speaker 2: Still TBC, Well, that is so exciting.

439
00:21:18,359 --> 00:21:20,639
Speaker 3: With a hectare, you can actually get a lot of

440
00:21:20,680 --> 00:21:24,800
Speaker 3: miniature donkeys, So I'm very excited about this prospect for you.

441
00:21:24,960 --> 00:21:27,080
Speaker 4: We were looking at miniature goats.

442
00:21:26,920 --> 00:21:29,720
Speaker 3: Okay, we can get both. Get some donkeys, get some goats.

443
00:21:29,760 --> 00:21:32,200
Speaker 3: Like I am the biggest pet person in the entire world.

444
00:21:32,280 --> 00:21:34,400
Speaker 3: I have been on the side of TikTok where everybody

445
00:21:34,400 --> 00:21:37,240
Speaker 3: has miniature donkeys, and I just they are so cute

446
00:21:37,280 --> 00:21:37,919
Speaker 3: it kills me.

447
00:21:38,119 --> 00:21:39,959
Speaker 4: Yeah, as long as it fits in with a Bernese

448
00:21:40,000 --> 00:21:41,000
Speaker 4: mountain dog, it's fine.

449
00:21:41,080 --> 00:21:42,760
Speaker 2: Ten out of ten can recommend.

450
00:21:42,840 --> 00:21:44,640
Speaker 3: I'm going to go to a really quick break because

451
00:21:44,640 --> 00:21:46,320
Speaker 3: I think we need to reset because all I'll do

452
00:21:46,400 --> 00:21:49,040
Speaker 3: now is talk about pets, So guys don't go anywhere.

453
00:21:53,080 --> 00:21:55,760
Speaker 3: All right, money Diarist, we are back. It sounds like

454
00:21:55,880 --> 00:22:00,280
Speaker 3: you are absolutely thriving. You've got two children with special needs,

455
00:22:00,320 --> 00:22:03,520
Speaker 3: which you are looking after, working part time. You've gone

456
00:22:03,600 --> 00:22:06,919
Speaker 3: through a fair bit in your thirty two short years.

457
00:22:07,240 --> 00:22:10,000
Speaker 3: I want to know do you invest, If so, how

458
00:22:10,080 --> 00:22:11,639
Speaker 3: and what does that look like for you.

459
00:22:11,920 --> 00:22:15,880
Speaker 4: I do have a smaller investment portfolio. I do have

460
00:22:16,000 --> 00:22:20,360
Speaker 4: five and a half invested in Diverse shares. I started

461
00:22:20,440 --> 00:22:25,520
Speaker 4: investing twenty nineteen and I've held those shares since and

462
00:22:25,560 --> 00:22:28,080
Speaker 4: they're like my biggest profit ones, which.

463
00:22:27,880 --> 00:22:29,400
Speaker 2: Is great, how exciting.

464
00:22:29,720 --> 00:22:31,600
Speaker 4: Every time I get a paarcel of five hundred dollars,

465
00:22:31,640 --> 00:22:33,760
Speaker 4: I do invest it sort of like a miniature version

466
00:22:33,800 --> 00:22:35,600
Speaker 4: of a thousand dollar project, a little.

467
00:22:35,359 --> 00:22:38,000
Speaker 3: Bit more accessible. One thousand dollars I feel like takes

468
00:22:38,040 --> 00:22:38,800
Speaker 3: ages to save.

469
00:22:39,119 --> 00:22:44,560
Speaker 4: Yeah, and I do reinvest the dividends, so anytime I

470
00:22:44,560 --> 00:22:46,959
Speaker 4: get a dividend payment, it either goes into the account

471
00:22:47,000 --> 00:22:49,320
Speaker 4: so I can get the five hundred dollars or automatically

472
00:22:49,320 --> 00:22:50,359
Speaker 4: reinvest with the plan.

473
00:22:50,480 --> 00:22:53,440
Speaker 3: So yeah, cool, I love that. Are there any other

474
00:22:53,480 --> 00:22:55,320
Speaker 3: investment things that you play around with? What does your

475
00:22:55,320 --> 00:22:56,439
Speaker 3: superannuation look like?

476
00:22:56,560 --> 00:23:00,399
Speaker 4: My friend my Stuport is sitting at sixty k oh.

477
00:23:00,440 --> 00:23:02,359
Speaker 2: That's a nice amount for your age.

478
00:23:03,000 --> 00:23:05,800
Speaker 4: Yeah. I feel like working part time, that's pretty good.

479
00:23:06,080 --> 00:23:09,959
Speaker 4: I do do the voluntary contribution so that you can

480
00:23:10,040 --> 00:23:12,280
Speaker 4: get the co contribution from the government to sort of

481
00:23:12,320 --> 00:23:15,920
Speaker 4: boost it up every year. I feel like as a minimum,

482
00:23:15,960 --> 00:23:19,080
Speaker 4: because I'm working part time, I should That's a priority

483
00:23:19,080 --> 00:23:21,119
Speaker 4: of mine to always put in the five hundred dollars.

484
00:23:21,240 --> 00:23:21,840
Speaker 2: I love that.

485
00:23:21,880 --> 00:23:24,879
Speaker 3: I feel like, given everything you've been through and everything

486
00:23:24,920 --> 00:23:27,159
Speaker 3: you're doing, and all of your financial goals, and the

487
00:23:27,160 --> 00:23:29,399
Speaker 3: fact that you are about to serve as a building

488
00:23:29,400 --> 00:23:31,720
Speaker 3: loan and have bought land, like that makes sense that

489
00:23:31,720 --> 00:23:33,320
Speaker 3: that is your investment journey.

490
00:23:33,960 --> 00:23:34,920
Speaker 2: Let's flip it though.

491
00:23:35,000 --> 00:23:37,080
Speaker 3: You told us about your one hundred and ninety five

492
00:23:37,119 --> 00:23:39,639
Speaker 3: thousand dollars land loan and then a building loan.

493
00:23:39,960 --> 00:23:42,040
Speaker 2: Do you have any other debts? If so, what do

494
00:23:42,119 --> 00:23:42,760
Speaker 2: they look like.

495
00:23:43,080 --> 00:23:45,680
Speaker 4: I have a two thousand dollars credit card and that's it.

496
00:23:45,840 --> 00:23:48,160
Speaker 3: And how do you use your credit card. I feel

497
00:23:48,160 --> 00:23:52,919
Speaker 3: like people think I absolutely crucify credit cards, but I don't.

498
00:23:53,160 --> 00:23:55,320
Speaker 2: I crucify using them inefficiently.

499
00:23:55,520 --> 00:23:57,920
Speaker 4: Ah yeah, I a one hundred percent use it inefficiently.

500
00:23:58,119 --> 00:24:00,439
Speaker 2: Okay, well we maybe need to talk about that, my friend.

501
00:24:02,040 --> 00:24:05,439
Speaker 4: So I cannot get the limit down, so I have

502
00:24:05,520 --> 00:24:07,920
Speaker 4: actually just blocked the card now, so nothing can come

503
00:24:07,920 --> 00:24:11,400
Speaker 4: out other than my insurance. So I've got health insurance

504
00:24:11,520 --> 00:24:14,520
Speaker 4: and home contents insurance that comes out of that, and

505
00:24:14,720 --> 00:24:17,119
Speaker 4: that's that's all that I'm going to be allowing that

506
00:24:17,200 --> 00:24:17,879
Speaker 4: to come out of.

507
00:24:18,320 --> 00:24:20,320
Speaker 3: So tell me a bit more about that mindset, because

508
00:24:20,359 --> 00:24:21,960
Speaker 3: for you to go all right, well I'm not using

509
00:24:22,000 --> 00:24:24,440
Speaker 3: it efficiently, how does that work? How did you come

510
00:24:24,480 --> 00:24:26,600
Speaker 3: to the conclusion that maybe a credit card wasn't the

511
00:24:26,600 --> 00:24:27,920
Speaker 3: best for your personality.

512
00:24:28,119 --> 00:24:30,680
Speaker 4: I've had it for a fair few years. I did

513
00:24:30,880 --> 00:24:34,480
Speaker 4: regularly pay it down when I used it because we're

514
00:24:34,480 --> 00:24:37,439
Speaker 4: building though a lot of our finances are going to

515
00:24:38,840 --> 00:24:42,479
Speaker 4: building a shed, growing the grass, like building a fence,

516
00:24:42,960 --> 00:24:44,879
Speaker 4: all this sort of stuff. So any sort of like

517
00:24:44,960 --> 00:24:47,440
Speaker 4: grocery expenses and things were going on the credit card

518
00:24:47,920 --> 00:24:51,440
Speaker 4: and that needed to stop, so I just blocked it.

519
00:24:52,000 --> 00:24:55,040
Speaker 3: That is very fair, and I think It's very thoughtful

520
00:24:55,119 --> 00:24:56,560
Speaker 3: of you to do that, because I feel like too

521
00:24:56,560 --> 00:24:59,399
Speaker 3: many times people just become so dependent on them. So

522
00:24:59,600 --> 00:25:02,680
Speaker 3: it's obvious to me your level of financial literacy is

523
00:25:02,760 --> 00:25:06,480
Speaker 3: relatively high in comparison to the level of financial literacy

524
00:25:06,520 --> 00:25:09,720
Speaker 3: of people who abuse credit cards regularly.

525
00:25:10,520 --> 00:25:12,040
Speaker 2: Let's talk about good money habits.

526
00:25:12,040 --> 00:25:13,680
Speaker 3: I feel like that was a really good one where

527
00:25:13,680 --> 00:25:16,000
Speaker 3: you like kind of put yourself back in control and go, nope,

528
00:25:16,040 --> 00:25:18,199
Speaker 3: I'm going to block that credit card. What do you

529
00:25:18,240 --> 00:25:21,200
Speaker 3: think your best money habit is being.

530
00:25:21,000 --> 00:25:25,760
Speaker 4: A banking consultant. I'm always talking about rates with people. Yes, Queen,

531
00:25:26,359 --> 00:25:31,879
Speaker 4: So I have got high interest savings accounts where I

532
00:25:31,960 --> 00:25:35,439
Speaker 4: work I do with the kids money. I always make

533
00:25:35,480 --> 00:25:38,080
Speaker 4: sure that it's invested in the highest amount, rolling over,

534
00:25:38,200 --> 00:25:40,880
Speaker 4: making sure that we're getting the bonus interest if there

535
00:25:40,920 --> 00:25:45,320
Speaker 4: is any. And I was luckily enough to fix the

536
00:25:45,560 --> 00:25:48,760
Speaker 4: one ninety five k at three point five percent.

537
00:25:48,520 --> 00:25:50,959
Speaker 2: So oh money, ween, I know.

538
00:25:52,040 --> 00:25:53,520
Speaker 4: So that's until twenty twenty five.

539
00:25:53,680 --> 00:25:54,800
Speaker 2: Twenty twenty five.

540
00:25:55,440 --> 00:25:59,160
Speaker 3: I think that's the sexiest thing anyone's told me this week. Oh,

541
00:26:00,119 --> 00:26:03,360
Speaker 3: very very envious and obviously have a very boring life.

542
00:26:03,640 --> 00:26:06,159
Speaker 4: No, no, for me, it's exciting, like I talk to

543
00:26:06,160 --> 00:26:08,199
Speaker 4: people all day about this when I'm at work, so

544
00:26:08,800 --> 00:26:10,960
Speaker 4: for me to be able to say it, because I

545
00:26:11,000 --> 00:26:13,200
Speaker 4: can't say that loud to other people because they don't

546
00:26:13,240 --> 00:26:13,520
Speaker 4: get that.

547
00:26:13,680 --> 00:26:13,880
Speaker 1: Now.

548
00:26:14,200 --> 00:26:16,600
Speaker 4: No sing that the rates have gone up and up

549
00:26:16,640 --> 00:26:17,320
Speaker 4: and up. Yeah.

550
00:26:17,440 --> 00:26:20,600
Speaker 3: No, As somebody who has a mortgage, I'm very envious

551
00:26:20,640 --> 00:26:23,320
Speaker 3: of that because I looked at my statement the other

552
00:26:23,400 --> 00:26:27,399
Speaker 3: day and we are now above five percent, and that

553
00:26:27,600 --> 00:26:29,440
Speaker 3: just makes me feel a little bit sick.

554
00:26:29,560 --> 00:26:32,400
Speaker 4: My friends, our build loan has not fully drawn yet,

555
00:26:32,440 --> 00:26:37,320
Speaker 4: so we're still unvariable until it draws down, so I'm

556
00:26:37,359 --> 00:26:39,440
Speaker 4: stuck with that one at a higher rate. Unfortunately.

557
00:26:39,760 --> 00:26:41,719
Speaker 2: Well, you know what, you win some, you lose some.

558
00:26:42,160 --> 00:26:45,440
Speaker 3: Speaking about losing some, I need to flip the narrative here,

559
00:26:45,480 --> 00:26:47,359
Speaker 3: what is your worst money habit?

560
00:26:47,720 --> 00:26:51,600
Speaker 4: I am a sticker hunter and.

561
00:26:51,680 --> 00:26:55,840
Speaker 2: Acker hunter shopper? What's a sticker hunter like?

562
00:26:56,000 --> 00:26:56,960
Speaker 4: Markdown stickers?

563
00:26:56,960 --> 00:26:59,600
Speaker 2: So if I that's a good thing, it is.

564
00:26:59,600 --> 00:27:02,720
Speaker 4: A good thing. But I will buy things that we

565
00:27:02,840 --> 00:27:07,040
Speaker 4: don't use, all right, so it can work out in

566
00:27:07,080 --> 00:27:09,680
Speaker 4: my favor. But sometimes I'll buy things I'll be like, yeah,

567
00:27:09,680 --> 00:27:13,600
Speaker 4: the kids will like that. Not not with sensory needs

568
00:27:13,600 --> 00:27:15,800
Speaker 4: and things. I should just stick to what we've got,

569
00:27:16,320 --> 00:27:20,600
Speaker 4: but most of our fridge freezer is stickered, marked down

570
00:27:20,720 --> 00:27:22,840
Speaker 4: sort of things, especially with the cost of groceries now.

571
00:27:23,080 --> 00:27:25,440
Speaker 4: But op shopping is probably the worst thing. Like, if

572
00:27:25,480 --> 00:27:27,960
Speaker 4: I'm having a down day and I've got free time,

573
00:27:28,800 --> 00:27:31,840
Speaker 4: I will go out and opshop and I won't need anything,

574
00:27:32,320 --> 00:27:33,800
Speaker 4: but I will find something.

575
00:27:34,240 --> 00:27:37,480
Speaker 2: Hey, that's resourceful. I'm going to allow you to have that.

576
00:27:38,119 --> 00:27:40,840
Speaker 3: I feel like that's much better than saying, ah, I

577
00:27:40,920 --> 00:27:43,720
Speaker 3: go to Chadsten and I shop to my heart's content.

578
00:27:44,400 --> 00:27:47,760
Speaker 3: Like op shopping, let's just see it as you're supporting

579
00:27:47,800 --> 00:27:52,119
Speaker 3: the local community. You're you know, repurposing some old clothing.

580
00:27:52,480 --> 00:27:53,400
Speaker 2: Like I'm all about that.

581
00:27:53,840 --> 00:27:56,479
Speaker 3: I mean, I probably should do it smartly, but like

582
00:27:56,760 --> 00:27:59,359
Speaker 3: you know, I can reframe anything if you want me to.

583
00:27:59,560 --> 00:28:03,439
Speaker 3: Let's be honest, money Diarist, I feel like I've learned

584
00:28:03,520 --> 00:28:05,840
Speaker 3: so much about you, and I'm so grateful that you've

585
00:28:05,920 --> 00:28:08,960
Speaker 3: kind of shared your journey. Obviously you've seen both sides

586
00:28:09,000 --> 00:28:11,719
Speaker 3: of I guess having a will and having super and

587
00:28:11,800 --> 00:28:15,000
Speaker 3: being in the best possible position. We've spoken about, you know,

588
00:28:15,040 --> 00:28:17,919
Speaker 3: you being an executor, which is a massive responsibility and

589
00:28:18,000 --> 00:28:20,879
Speaker 3: it will continue to be a responsibility until your youngest

590
00:28:20,960 --> 00:28:23,800
Speaker 3: child reaches the age of twenty five, and even at

591
00:28:23,800 --> 00:28:26,000
Speaker 3: that point, they're probably still going to have questions about

592
00:28:26,000 --> 00:28:29,600
Speaker 3: how things work. Like, it's not a responsibility that's put

593
00:28:29,640 --> 00:28:32,880
Speaker 3: on someone lightly where you know, someone unfortunately passes away

594
00:28:32,920 --> 00:28:35,840
Speaker 3: and then that's a job for six months. It's often

595
00:28:35,880 --> 00:28:39,280
Speaker 3: a lifelong job. And I think that, whilst it is

596
00:28:39,320 --> 00:28:42,800
Speaker 3: really important, it's also, as I said, a massive responsibility.

597
00:28:43,240 --> 00:28:45,760
Speaker 3: But it sounds like you are kind of killing it

598
00:28:45,840 --> 00:28:48,200
Speaker 3: as well. And I want to reflect on the start

599
00:28:48,240 --> 00:28:50,920
Speaker 3: of this conversation before we even had those chats, and

600
00:28:50,920 --> 00:28:53,040
Speaker 3: you said, I think I'm like a C or a D.

601
00:28:53,360 --> 00:28:54,000
Speaker 2: And then we've.

602
00:28:53,920 --> 00:28:57,040
Speaker 3: Learned that you were basically the financial control of your family.

603
00:28:57,160 --> 00:28:59,560
Speaker 3: You are financially responsible enough to have been put in

604
00:28:59,640 --> 00:29:03,960
Speaker 3: charge of a whole heap of people's inheritance. You genuinely

605
00:29:04,040 --> 00:29:06,680
Speaker 3: are really good in crisis. You've got savings, you have

606
00:29:06,760 --> 00:29:09,360
Speaker 3: bought a house, you are currently building, you lock in

607
00:29:09,400 --> 00:29:11,920
Speaker 3: your rates, Like, do you really think that you're a

608
00:29:11,960 --> 00:29:14,520
Speaker 3: C to a D, my friend, because I feel like

609
00:29:15,080 --> 00:29:16,720
Speaker 3: I might be a little higher than that.

610
00:29:17,320 --> 00:29:19,720
Speaker 4: I think that I am a C to a D

611
00:29:20,280 --> 00:29:25,400
Speaker 4: because of our excessive spending building Right now, I think

612
00:29:26,160 --> 00:29:28,160
Speaker 4: it's situational C to.

613
00:29:28,160 --> 00:29:31,240
Speaker 3: D right, it's what you think you are, not maybe

614
00:29:31,320 --> 00:29:33,480
Speaker 3: what you think you are in comparison to others, which

615
00:29:33,520 --> 00:29:35,040
Speaker 3: actually is the best way to.

616
00:29:35,080 --> 00:29:37,760
Speaker 2: Put it, right. Yeah, all right, well I allow you

617
00:29:37,800 --> 00:29:38,160
Speaker 2: to have it.

618
00:29:38,240 --> 00:29:40,120
Speaker 4: I think that we're spending an awful lot at the

619
00:29:40,200 --> 00:29:45,040
Speaker 4: moment with the build and everything. That that's why I

620
00:29:45,080 --> 00:29:48,880
Speaker 4: put it so low, because we are just, you know,

621
00:29:48,960 --> 00:29:50,720
Speaker 4: fucking out the money.

622
00:29:50,800 --> 00:29:53,280
Speaker 2: It's so stressful though, when that happens.

623
00:29:53,320 --> 00:29:55,960
Speaker 3: As somebody who's just gone through a renovation, I feel

624
00:29:56,000 --> 00:29:58,760
Speaker 3: like it's cost on cost on cost, and the quote

625
00:29:58,760 --> 00:30:02,160
Speaker 3: that they gave you double it even maybe consider tripling

626
00:30:02,200 --> 00:30:04,680
Speaker 3: it because it is going to bite you in the bottom.

627
00:30:04,760 --> 00:30:08,080
Speaker 3: So I can understand that feeling of I guess, bleeding money.

628
00:30:08,160 --> 00:30:11,239
Speaker 3: You could say, it's not a fun feeling. Especially when

629
00:30:11,280 --> 00:30:14,360
Speaker 3: you see your actual savings account go completely down. You're like,

630
00:30:14,400 --> 00:30:16,080
Speaker 3: this is not what I plan for, this is not

631
00:30:16,120 --> 00:30:17,080
Speaker 3: what I expected.

632
00:30:17,640 --> 00:30:19,560
Speaker 4: Well, yeah, I'd rather see the money sitting in the

633
00:30:19,600 --> 00:30:23,920
Speaker 4: offset offsetting the variable build loan than spending it.

634
00:30:23,760 --> 00:30:25,280
Speaker 2: One hundred percent.

635
00:30:26,120 --> 00:30:28,800
Speaker 3: Well money, diresty, It has been beautiful getting to know

636
00:30:28,920 --> 00:30:31,600
Speaker 3: you and learning a little bit more about your journey.

637
00:30:31,720 --> 00:30:34,680
Speaker 3: Are there any passing or lasting words of wisdom that

638
00:30:34,760 --> 00:30:36,800
Speaker 3: you want to share with the community before we wrap

639
00:30:36,840 --> 00:30:37,560
Speaker 3: all of this up.

640
00:30:37,680 --> 00:30:42,960
Speaker 4: Get your will done, yes, Sexy, Yes absolutely, I got

641
00:30:42,960 --> 00:30:46,480
Speaker 4: mine done obviously having kids and being the executor and

642
00:30:46,520 --> 00:30:49,120
Speaker 4: the controller. I got mine done after my husband passed away.

643
00:30:49,640 --> 00:30:53,200
Speaker 4: But I advise everyone to get one done, even if

644
00:30:53,240 --> 00:30:56,600
Speaker 4: it sits in a cupboard for twenty years. You don't

645
00:30:56,640 --> 00:30:58,680
Speaker 4: want to think about it because it is morbid, and

646
00:30:58,720 --> 00:31:00,320
Speaker 4: you don't want to think about what happens when you're

647
00:31:00,320 --> 00:31:04,480
Speaker 4: not here anymore, but it needs to happen. And make

648
00:31:04,520 --> 00:31:07,360
Speaker 4: sure that you have two executors.

649
00:31:07,720 --> 00:31:11,760
Speaker 2: Two executors, yes, why obviously I know why, but this

650
00:31:11,920 --> 00:31:12,360
Speaker 2: is not for.

651
00:31:12,360 --> 00:31:16,719
Speaker 4: Me because if one passes away, then you've got a second. Yeah.

652
00:31:16,760 --> 00:31:19,240
Speaker 3: Absolutely, And I think that having a backup plan is

653
00:31:19,240 --> 00:31:22,400
Speaker 3: always really important. And as you said, like these conversations

654
00:31:22,440 --> 00:31:25,360
Speaker 3: aren't easy. They are quite challenging to have, but there's

655
00:31:25,400 --> 00:31:28,920
Speaker 3: some of the most important conversations, and once someone's gone,

656
00:31:29,000 --> 00:31:31,320
Speaker 3: you can't go back to clarify with them. Oh, well,

657
00:31:31,320 --> 00:31:33,480
Speaker 3: what did you actually want or how did we want

658
00:31:33,520 --> 00:31:35,680
Speaker 3: to do that? So I think we need to ask

659
00:31:35,760 --> 00:31:39,680
Speaker 3: while we have the opportunity. Money Dirist it has been beautiful.

660
00:31:39,760 --> 00:31:42,320
Speaker 3: Thank you so much for sharing your story with us.

661
00:31:42,400 --> 00:31:45,160
Speaker 3: I know that the community is going to get genuinely

662
00:31:45,240 --> 00:31:46,240
Speaker 3: so much out of it.

663
00:31:46,280 --> 00:31:46,960
Speaker 4: Thanks.

664
00:31:53,120 --> 00:31:55,760
Speaker 3: The advice shared on She's on the Money is generally

665
00:31:55,880 --> 00:31:59,640
Speaker 3: nature and does not consider your individual circumstances. She's on

666
00:31:59,680 --> 00:32:03,200
Speaker 3: the Money exists purely for educational purposes and should not

667
00:32:03,280 --> 00:32:06,280
Speaker 3: be relied upon to make an investment or financial decision.

668
00:32:06,640 --> 00:32:09,120
Speaker 3: If you do choose to buy a financial product, read

669
00:32:09,120 --> 00:32:12,520
Speaker 3: the PDS TMD and obtain appropriate financial.

670
00:32:12,040 --> 00:32:13,840
Speaker 2: Advice tailored towards your needs.

671
00:32:14,200 --> 00:32:18,120
Speaker 3: Victoria Divine and She's on the Money are authorized representatives

672
00:32:18,160 --> 00:32:18,600
Speaker 3: of Money.

673
00:32:18,600 --> 00:32:20,640
Speaker 2: Sheper Pty Ltd a

674
00:32:20,640 --> 00:32:23,960
Speaker 3: BN three two one six four nine two seven seven

675
00:32:24,080 --> 00:32:29,680
Speaker 3: zero eight AFSL four five one two eight nine